# EDGAR Filing Document

**Accession Number:** 0000745463
**File Stem:** 0001193125-25-336994
**Filing Date:** 2025-12
**Character Count:** 6247116
**Document Hash:** d6b35d04522328d77bd5fcbfd09359b6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-336994.hdr.sgml**: 20251230

**ACCESSION NUMBER**: 0001193125-25-336994

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 140

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251230

**DATE AS OF CHANGE**: 20251230

**EFFECTIVENESS DATE**: 20251230

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Eaton Vance Mutual Funds Trust
- **CENTRAL INDEX KEY:** 0000745463

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04015
- **FILM NUMBER:** 251614087

**BUSINESS ADDRESS:**
- **STREET 1:** ONE POST OFFICE SQUARE
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02109
- **BUSINESS PHONE:** 617-482-8260

**MAIL ADDRESS:**
- **STREET 1:** ONE POST OFFICE SQUARE
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02109

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** EATON VANCE MUTUAL FUNDS TRUST
- **DATE OF NAME CHANGE:** 19950711

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** EATON VANCE GOVERNMENT OBLIGATIONS TRUST
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### Eaton Vance Tax-Managed Multi-Cap Growth Fund (Series ID: S000005281)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000014425 | Eaton Vance Tax-Managed Multi-Cap Growth Fund Class A | EACPX           |
| C000014427 | Eaton Vance Tax-Managed Multi-Cap Growth Fund Class C | ECCPX           |

### Eaton Vance Tax-Managed Small-Cap Fund (Series ID: S000005283)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000014431 | Eaton Vance Tax-Managed Small-Cap Fund Class A | EXMGX           |
| C000014433 | Eaton Vance Tax-Managed Small-Cap Fund Class C |  |
| C000081633 | Eaton Vance Tax-Managed Small-Cap Fund Class I | EIMGX           |

### Eaton Vance Tax-Managed Value Fund (Series ID: S000005285)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000014437 | Eaton Vance Tax-Managed Value Fund Class A | EATVX           |
| C000014439 | Eaton Vance Tax-Managed Value Fund Class C | ECTVX           |
| C000058335 | Eaton Vance Tax-Managed Value Fund Class I | EITVX           |

### Eaton Vance Floating-Rate Fund (Series ID: S000005286)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000014440 | Eaton Vance Floating-Rate Fund Advisers Class | EABLX           |
| C000014441 | Eaton Vance Floating-Rate Fund Class A        | EVBLX           |
| C000014443 | Eaton Vance Floating-Rate Fund Class C        | ECBLX           |
| C000014444 | Eaton Vance Floating-Rate Fund Class I        | EIBLX           |
| C000177290 | Eaton Vance Floating-Rate Fund Class R6       | ESBLX           |

### Eaton Vance Floating-Rate & High Income Fund (Series ID: S000005287)

| Class ID   | Class Name                                                  | Ticker Symbol   |
|:---|:---|:---|
| C000014445 | Eaton Vance Floating-Rate & High Income Fund Advisers Class | EAFHX           |
| C000014446 | Eaton Vance Floating-Rate & High Income Fund Class A        | EVFHX           |
| C000014448 | Eaton Vance Floating-Rate & High Income Fund Class C        | ECFHX           |
| C000014449 | Eaton Vance Floating-Rate & High Income Fund Class I        | EIFHX           |
| C000171616 | Eaton Vance Floating-Rate & High Income Fund Class R6       | ESFHX           |

### Eaton Vance Government Opportunities Fund (Series ID: S000005288)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000014450 | Eaton Vance Government Opportunities Fund Class R | ERGOX           |
| C000014451 | Eaton Vance Government Opportunities Fund Class A | EVGOX           |
| C000014453 | Eaton Vance Government Opportunities Fund Class C | ECGOX           |
| C000077399 | Eaton Vance Government Opportunities Fund Class I | EIGOX           |

### Eaton Vance High Income Opportunities Fund (Series ID: S000005289)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000014454 | Eaton Vance High Income Opportunities Fund Class A  | ETHIX           |
| C000014456 | Eaton Vance High Income Opportunities Fund Class C  | ECHIX           |
| C000081635 | Eaton Vance High Income Opportunities Fund Class I  | EIHIX           |
| C000243418 | Eaton Vance High Income Opportunities Fund Class R6 | ERHIX           |

### Eaton Vance Short Duration Government Income Fund (Series ID: S000005290)

| Class ID   | Class Name                                                       | Ticker Symbol   |
|:---|:---|:---|
| C000014457 | Eaton Vance Short Duration Government Income Fund Class A        | EALDX           |
| C000014459 | Eaton Vance Short Duration Government Income Fund Class C        | ECLDX           |
| C000078260 | Eaton Vance Short Duration Government Income Fund Class I        | EILDX           |
| C000227652 | Eaton Vance Short Duration Government Income Fund Advisers Class |  |

### Eaton Vance Global Equity Income Fund (Series ID: S000005291)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000014460 | Eaton Vance Global Equity Income Fund Class A | EADIX           |
| C000014462 | Eaton Vance Global Equity Income Fund Class C | ECDIX           |
| C000054103 | Eaton Vance Global Equity Income Fund Class I | EIDIX           |

### Eaton Vance Tax-Managed Equity Asset Allocation Fund (Series ID: S000005292)

| Class ID   | Class Name                                                   | Ticker Symbol   |
|:---|:---|:---|
| C000014463 | Eaton Vance Tax-Managed Equity Asset Allocation Fund Class A | EAEAX           |
| C000014465 | Eaton Vance Tax-Managed Equity Asset Allocation Fund Class C | ECEAX           |
| C000162692 | Eaton Vance Tax-Managed Equity Asset Allocation Fund Class I | EIEAX           |

### Eaton Vance Strategic Income Fund (Series ID: S000005301)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000014479 | Eaton Vance Strategic Income Fund Class A | ETSIX           |
| C000014481 | Eaton Vance Strategic Income Fund Class C | ECSIX           |
| C000077400 | Eaton Vance Strategic Income Fund Class I | ESIIX           |
| C000080481 | Eaton Vance Strategic Income Fund Class R | ERSIX           |

### Eaton Vance Global Income Builder Fund (Series ID: S000008473)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000023227 | Eaton Vance Global Income Builder Fund Class A | EDIAX           |
| C000023228 | Eaton Vance Global Income Builder Fund Class C | EDICX           |
| C000023229 | Eaton Vance Global Income Builder Fund Class R | EDIRX           |
| C000023230 | Eaton Vance Global Income Builder Fund Class I | EDIIX           |

### Eaton Vance Global Macro Absolute Return Fund (Series ID: S000017966)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000049802 | Eaton Vance Global Macro Absolute Return Fund Class A  | EAGMX           |
| C000049803 | Eaton Vance Global Macro Absolute Return Fund Class I  | EIGMX           |
| C000081636 | Eaton Vance Global Macro Absolute Return Fund Class C  | ECGMX           |
| C000089783 | Eaton Vance Global Macro Absolute Return Fund Class R  | ERGMX           |
| C000191155 | Eaton Vance Global Macro Absolute Return Fund Class R6 | EGMSX           |

### Eaton Vance Diversified Currency Income Fund (Series ID: S000017967)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000049804 | Eaton Vance Diversified Currency Income Fund Class A | EAIIX           |
| C000100401 | Eaton Vance Diversified Currency Income Fund Class C | ECIMX           |
| C000100402 | Eaton Vance Diversified Currency Income Fund Class I | EIIMX           |

### Eaton Vance Emerging Markets Local Income Fund (Series ID: S000017968)

| Class ID   | Class Name                                                    | Ticker Symbol   |
|:---|:---|:---|
| C000049805 | Eaton Vance Emerging Markets Local Income Fund Class A        | EEIAX           |
| C000084543 | Eaton Vance Emerging Markets Local Income Fund Class I Shares | EEIIX           |
| C000092670 | Eaton Vance Emerging Markets Local Income Fund Class C        | EEICX           |

### Eaton Vance Floating-Rate Advantage Fund (Series ID: S000019373)

| Class ID   | Class Name                                              | Ticker Symbol   |
|:---|:---|:---|
| C000053808 | Eaton Vance Floating-Rate Advantage Fund Advisers Class | EVFAX           |
| C000053809 | Eaton Vance Floating-Rate Advantage Fund Class A        | EAFAX           |
| C000053811 | Eaton Vance Floating-Rate Advantage Fund Class C        | ECFAX           |
| C000053812 | Eaton Vance Floating-Rate Advantage Fund Class I        | EIFAX           |
| C000213855 | Eaton Vance Floating-Rate Advantage Fund Class R6       |  |

### Eaton Vance Global Macro Absolute Return Advantage Fund (Series ID: S000029759)

| Class ID   | Class Name                                                       | Ticker Symbol   |
|:---|:---|:---|
| C000091467 | Eaton Vance Global Macro Absolute Return Advantage Fund Class A  | EGRAX           |
| C000091468 | Eaton Vance Global Macro Absolute Return Advantage Fund Class C  | EGRCX           |
| C000091469 | Eaton Vance Global Macro Absolute Return Advantage Fund Class I  | EGRIX           |
| C000096923 | Eaton Vance Global Macro Absolute Return Advantage Fund Class R  | EGRRX           |
| C000191156 | Eaton Vance Global Macro Absolute Return Advantage Fund Class R6 | EGRSX           |

### Eaton Vance Multi-Asset Credit Fund (Series ID: S000033949)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000104668 | Eaton Vance Multi-Asset Credit Fund Class A  | EAAMX           |
| C000104670 | Eaton Vance Multi-Asset Credit Fund Class I  | EIAMX           |
| C000104757 | Eaton Vance Multi-Asset Credit Fund Class C  | ECAMX           |
| C000215014 | Eaton Vance Multi-Asset Credit Fund Class R6 |  |

### Eaton Vance Short Duration High Income Fund (Series ID: S000042789)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000132340 | Eaton Vance Short Duration High Income Fund Class A | ESHAX           |
| C000132342 | Eaton Vance Short Duration High Income Fund Class I | ESHIX           |

### Eaton Vance Emerging and Frontier Countries Equity Fund (Series ID: S000047244)

| Class ID   | Class Name                                                      | Ticker Symbol   |
|:---|:---|:---|
| C000148037 | Eaton Vance Emerging and Frontier Countries Equity Fund Class A | EACOX           |
| C000148039 | Eaton Vance Emerging and Frontier Countries Equity Fund Class I | EICOX           |

?xml version='1.0' encoding='ASCII'? Eaton Vance Mutual Funds Trust

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### Form N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act File Number: 811-04015

## Eaton Vance Mutual Funds Trust

#### (Exact Name of Registrant as Specified in Charter)

#### One Post Office Square, Boston, Massachusetts 02109

#### (Address of Principal Executive Offices)

#### Deidre E. Walsh

#### One Post Office Square, Boston, Massachusetts 02109

#### (Name and Address of Agent for Services)
(617) 482-8260

#### (Registrant's Telephone Number)

#### October 31

#### Date of Fiscal Year End

#### October 31, 2025

#### Date of Reporting Period

------

#### Item 1. Reports to Stockholders
(a) # Eaton Vance Diversified Currency Income Fund (formerly, Eaton Vance Global Sovereign Opportunities Fund)
![Image](g35982g69v41.jpg)

# Class A EAIIX

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about the Eaton Vance Diversified Currency Income Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the last year?<sup>**Footnote Reference \***</sup>
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $116 | 1.10% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Expenses in the table reflect the expenses of both the Fund and International Income Portfolio, the Portfolio in which it invests. |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the J.P. Morgan Emerging Markets Index Plus (the Index):

↑ An out-of-Index allocation to Egyptian local currency bonds contributed to relative performance due to policy improvements and regional support

↑ An overweight to the South African rand also contributed as the currency rallied along with most Emerging Markets currencies aided by U.S. dollar weakness

↑ An out-of-index allocation to Icelandic krona contributed to performance as the currency rallied and growth expectations were strong

↓ Underweight allocations to the Malaysian ringgit and Chinese yuan detracted as the currencies rallied along with broader Emerging Markets currencies

↓ An overweight to the New Zealand dollar detracted from performance in part due to added pressure from multiple rate cuts during the period

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g35982g65k88.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class A with Maximum Sales Charge** | **J.P. Morgan Government Bond Index: Emerging Markets (JPM GBI-EM) Global Diversified (Unhedged)** | **Blended Index** | **FTSE World Government Bond Index (WGBI)** | **J.P. Morgan Emerging Markets Index Plus** |
| **10/15** | $10000 | $10000 | $10000 | $10000 | $10000 |
| **11/15** | $9699 | $9784 | $9790 | $9792 | $9863 |
| **12/15** | $9714 | $9566 | $9818 | $9881 | $9753 |
| **1/16** | $9642 | $9599 | $9932 | $10016 | $9640 |
| **2/16** | $9643 | $9738 | $10192 | $10308 | $9696 |
| **3/16** | $9844 | $10619 | $10594 | $10582 | $10285 |
| **4/16** | $9890 | $10893 | $10755 | $10715 | $10376 |
| **5/16** | $9806 | $10300 | $10508 | $10553 | $10065 |
| **6/16** | $9853 | $10907 | $10942 | $10943 | $10320 |
| **7/16** | $9846 | $10972 | $11001 | $11001 | $10358 |
| **8/16** | $9940 | $10977 | $10925 | $10905 | $10381 |
| **9/16** | $9989 | $11199 | $11026 | $10976 | $10474 |
| **10/16** | $9960 | $11104 | $10705 | $10599 | $10393 |
| **11/16** | $9851 | $10323 | $10158 | $10108 | $10049 |
| **12/16** | $9923 | $10517 | $10141 | $10039 | $10098 |
| **1/17** | $10020 | $10754 | $10269 | $10141 | $10284 |
| **2/17** | $10162 | $10947 | $10337 | $10180 | $10455 |
| **3/17** | $10709 | $11200 | $10397 | $10195 | $10621 |
| **4/17** | $10713 | $11331 | $10530 | $10327 | $10656 |
| **5/17** | $10787 | $11553 | $10715 | $10504 | $10821 |
| **6/17** | $10768 | $11606 | $10713 | $10490 | $10826 |
| **7/17** | $10796 | $11847 | $10917 | $10685 | $11001 |
| **8/17** | $10859 | $12059 | $11058 | $10810 | $11112 |
| **9/17** | $10829 | $12019 | $10945 | $10680 | $11043 |
| **10/17** | $10845 | $11680 | $10836 | $10623 | $10981 |
| **11/17** | $10897 | $11877 | $10996 | $10774 | $11162 |
| **12/17** | $10973 | $12117 | $11054 | $10791 | $11264 |
| **1/18** | $11121 | $12659 | $11298 | $10968 | $11589 |
| **2/18** | $11090 | $12527 | $11213 | $10893 | $11467 |
| **3/18** | $11142 | $12655 | $11374 | $11061 | $11546 |
| **4/18** | $11038 | $12281 | $11135 | $10852 | $11330 |
| **5/18** | $10885 | $11670 | $10916 | $10720 | $11061 |
| **6/18** | $10792 | $11336 | $10828 | $10690 | $10880 |
| **7/18** | $10858 | $11551 | $10834 | $10646 | $10974 |
| **8/18** | $10605 | $10848 | $10685 | $10625 | $10643 |
| **9/18** | $10585 | $11129 | $10653 | $10516 | $10759 |
| **10/18** | $10565 | $10911 | $10518 | $10401 | $10636 |
| **11/18** | $10645 | $11218 | $10617 | $10451 | $10815 |
| **12/18** | $10680 | $11364 | $10848 | $10701 | $10888 |
| **1/19** | $10878 | $11984 | $11088 | $10851 | $11184 |
| **2/19** | $10863 | $11853 | $10982 | $10751 | $11129 |
| **3/19** | $10824 | $11696 | $11065 | $10887 | $11049 |
| **4/19** | $10873 | $11675 | $11017 | $10833 | $11057 |
| **5/19** | $10910 | $11710 | $11174 | $11019 | $10984 |
| **6/19** | $11082 | $12355 | $11506 | $11276 | $11277 |
| **7/19** | $11152 | $12470 | $11484 | $11223 | $11278 |
| **8/19** | $11017 | $12140 | $11668 | $11522 | $10917 |
| **9/19** | $11101 | $12257 | $11569 | $11372 | $11042 |
| **10/19** | $11159 | $12612 | $11686 | $11433 | $11268 |
| **11/19** | $11166 | $12383 | $11535 | $11300 | $11197 |
| **12/19** | $11330 | $12895 | $11656 | $11332 | $11454 |
| **1/20** | $11324 | $12729 | $11777 | $11515 | $11304 |
| **2/20** | $11357 | $12295 | $11790 | $11630 | $11057 |
| **3/20** | $10962 | $10933 | $11471 | $11559 | $10483 |
| **4/20** | $11076 | $11362 | $11671 | $11696 | $10602 |
| **5/20** | $11218 | $11950 | $11810 | $11719 | $10757 |
| **6/20** | $11361 | $12007 | $11882 | $11794 | $10842 |
| **7/20** | $11751 | $12369 | $12299 | $12223 | $11039 |
| **8/20** | $11826 | $12329 | $12246 | $12168 | $11108 |
| **9/20** | $11750 | $12080 | $12175 | $12141 | $10997 |
| **10/20** | $11798 | $12131 | $12168 | $12119 | $11043 |
| **11/20** | $12112 | $12797 | $12455 | $12310 | $11416 |
| **12/20** | $12386 | $13242 | $12677 | $12477 | $11653 |
| **1/21** | $12336 | $13100 | $12520 | $12317 | $11585 |
| **2/21** | $12158 | $12749 | $12211 | $12020 | $11517 |
| **3/21** | $11922 | $12358 | $11932 | $11769 | $11353 |
| **4/21** | $12101 | $12637 | $12096 | $11904 | $11538 |
| **5/21** | $12204 | $12953 | $12243 | $12011 | $11724 |
| **6/21** | $12011 | $12795 | $12109 | $11884 | $11582 |
| **7/21** | $12030 | $12741 | $12257 | $12077 | $11523 |
| **8/21** | $12074 | $12839 | $12219 | $12008 | $11608 |
| **9/21** | $11862 | $12398 | $11915 | $11737 | $11400 |
| **10/21** | $11753 | $12234 | $11844 | $11688 | $11436 |
| **11/21** | $11613 | $11899 | $11772 | $11680 | $11137 |
| **12/21** | $11679 | $12084 | $11750 | $11607 | $11292 |
| **1/22** | $11538 | $12083 | $11552 | $11363 | $11307 |
| **2/22** | $11278 | $11479 | $11338 | $11242 | $11096 |
| **3/22** | $11031 | $11303 | $10993 | $10858 | $10668 |
| **4/22** | $10618 | $10622 | $10344 | $10219 | $10347 |
| **5/22** | $10611 | $10809 | $10375 | $10212 | $10442 |
| **6/22** | $10135 | $10328 | $10021 | $9891 | $10181 |
| **7/22** | $10159 | $10358 | $10169 | $10067 | $10098 |
| **8/22** | $9969 | $10344 | $9813 | $9629 | $10083 |
| **9/22** | $9473 | $9840 | $9317 | $9138 | $9776 |
| **10/22** | $9527 | $9753 | $9262 | $9090 | $9830 |
| **11/22** | $10229 | $10446 | $9730 | $9503 | $10278 |
| **12/22** | $10361 | $10672 | $9759 | $9487 | $10486 |
| **1/23** | $10742 | $11130 | $10092 | $9790 | $10797 |
| **2/23** | $10361 | $10778 | $9758 | $9463 | $10598 |
| **3/23** | $10713 | $11223 | $10134 | $9821 | $10815 |
| **4/23** | $10753 | $11319 | $10184 | $9861 | $10861 |
| **5/23** | $10604 | $11141 | $9975 | $9646 | $10770 |
| **6/23** | $10675 | $11504 | $10039 | $9645 | $10901 |
| **7/23** | $10764 | $11835 | $10123 | $9677 | $11105 |
| **8/23** | $10645 | $11517 | $9956 | $9543 | $10944 |
| **9/23** | $10254 | $11129 | $9631 | $9233 | $10801 |
| **10/23** | $10151 | $11070 | $9536 | $9132 | $10808 |
| **11/23** | $10660 | $11654 | $10009 | $9577 | $11181 |
| **12/23** | $11236 | $12027 | $10409 | $9979 | $11371 |
| **1/24** | $11067 | $11844 | $10248 | $9824 | $11208 |
| **2/24** | $10847 | $11776 | $10130 | $9696 | $11246 |
| **3/24** | $10905 | $11773 | $10164 | $9738 | $11244 |
| **4/24** | $10487 | $11521 | $9910 | $9485 | $11171 |
| **5/24** | $10810 | $11707 | $10027 | $9587 | $11311 |
| **6/24** | $10753 | $11581 | $10002 | $9584 | $11214 |
| **7/24** | $11162 | $11844 | $10277 | $9858 | $11313 |
| **8/24** | $11338 | $12208 | $10529 | $10085 | $11572 |
| **9/24** | $11633 | $12622 | $10739 | $10251 | $11801 |
| **10/24** | $11070 | $12040 | $10342 | $9896 | $11509 |
| **11/24** | $11181 | $11972 | $10351 | $9920 | $11413 |
| **12/24** | $10919 | $11741 | $10122 | $9693 | $11248 |
| **1/25** | $11031 | $11982 | $10201 | $9738 | $11422 |
| **2/25** | $11194 | $12061 | $10329 | $9875 | $11460 |
| **3/25** | $11290 | $12247 | $10417 | $9942 | $11600 |
| **4/25** | $11817 | $12645 | $10763 | $10274 | $11937 |
| **5/25** | $11757 | $12823 | $10737 | $10207 | $12142 |
| **6/25** | $11991 | $13181 | $10957 | $10397 | $12422 |
| **7/25** | $11894 | $13082 | $10784 | $10211 | $12262 |
| **8/25** | $12060 | $13364 | $10948 | $10351 | $12417 |
| **9/25** | $12191 | $13550 | $11032 | $10414 | $12513 |
| **10/25** | $12238 | $13613 | $11018 | $10386 | $12497 |

---

## Average Annual Total Returns (%)<sup>**Footnote Reference 1**,</sup><sup>**Footnote Reference 2**</sup>

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class A | 10.52% | 0.73% | 2.37% |
| Class A with 3.25% Maximum Sales Charge | 6.93% | 0.07% | 2.04% |
| J.P. Morgan Government Bond Index: Emerging Markets (JPM GBI-EM) Global Diversified (Unhedged) | 13.06% | 2.33% | 3.13% |
| Blended Index<sup>Footnote Reference3</sup> | 6.53% | (1.96)% | 0.97% |
| FTSE World Government Bond Index (WGBI) | 4.95% | (3.04)% | 0.38% |
| J.P. Morgan Emerging Markets Index Plus | 8.58% | 2.50% | 2.25% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Effective August 12, 2025, the Fund changed its primary prospectus benchmark from the FTSE World Government Bond Index (WGBI) to the J.P. Morgan Government Bond Index: Emerging Markets (JPM GBI-EM) Global Diversified (Unhedged) to comply with the regulation that requires the Fund's primary benchmark to represent the overall applicable market. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Performance prior to August 12, 2025 reflects the Fund's performance under its former principal investment strategies. Please see the Fund's prospectus for further information. |
| &nbsp;&nbsp;Footnote<sup>3</sup> | &nbsp;&nbsp;Index consists of 80% FTSE World Government Bond Index and 20% J.P. Morgan Government Bond Index: Emerging Markets Global Diversified, rebalanced monthly. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $39823579 |
| # of Portfolio Holdings (including derivatives) (for International Income Portfolio) | 312 |
| Portfolio Turnover Rate (for International Income Portfolio) | 209% |
| Total Advisory Fees Paid (net of waiver) | $0 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

References to the Fund's investments are to the Fund's pro rata share of the investments of International Income Portfolio, an affiliated investment company in which the Fund invests substantially all of its assets.

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](g35982g32u67.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference†</sup> | 1.7% |
| Sovereign Government Bonds | 32.7% |
| Short-Term Investments | 65.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Investment types less than 1% each |

---

### Foreign Currency Exposure (% of net assets)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Egypt | 6.5% |
| Kazakhstan | 5.3% |
| Uzbekistan | 5.0% |
| Vietnam | 4.8% |
| India | 4.6% |
| Turkey | 4.2% |
| Nigeria | 4.1% |
| Iceland | 3.8% |
| Paraguay | 3.4% |
| Sweden | 3.1% |
| Other | 58.1% |
| Total Long Exposure | 102.9% |

---

---

| | |
|:---|:---|
| Hungary | (0.1)% |
| United Kingdom | (0.2)% |
| Total Short Exposure | (0.3)% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Currency exposures include all foreign exchange denominated assets and currency derivatives. |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 1, 2026 at www.eatonvance.com/open-end-mutual-fund-documents.php or upon request by contacting us at 1-800-262-1122.

Effective August 12, 2025, the name of the Fund was changed from Eaton Vance Global Sovereign Opportunities Fund. In connection with the name change, the Fund's principal investment strategy changed.

Effective December 31, 2024, the investment sub-adviser of the Fund is Morgan Stanley Investment Management Limited.

The net expense ratio decreased from the prior fiscal year primarily due to a decrease in expenses related to financing activities.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g35982g49w49.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report October 31, 2025

# EAIIX-TSR-AR

# Eaton Vance Diversified Currency Income Fund (formerly, Eaton Vance Global Sovereign Opportunities Fund)
![Image](g35982g69v41.jpg)

# Class C ECIMX

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about the Eaton Vance Diversified Currency Income Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the last year?<sup>**Footnote Reference \***</sup>
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $194 | 1.85% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Expenses in the table reflect the expenses of both the Fund and International Income Portfolio, the Portfolio in which it invests. |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the J.P. Morgan Emerging Markets Index Plus (the Index):

↑ An out-of-Index allocation to Egyptian local currency bonds contributed to relative performance due to policy improvements and regional support

↑ An overweight to the South African rand also contributed as the currency rallied along with most Emerging Markets currencies aided by U.S. dollar weakness

↑ An out-of-index allocation to Icelandic krona contributed to performance as the currency rallied and growth expectations were strong

↓ Underweight allocations to the Malaysian ringgit and Chinese yuan detracted as the currencies rallied along with broader Emerging Markets currencies

↓ An overweight to the New Zealand dollar detracted from performance in part due to added pressure from multiple rate cuts during the period

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g35982g66a20.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class C** | **J.P. Morgan Government Bond Index: Emerging Markets (JPM GBI-EM) Global Diversified (Unhedged)** | **Blended Index** | **FTSE World Government Bond Index (WGBI)** | **J.P. Morgan Emerging Markets Index Plus** |
| **10/15** | $10000 | $10000 | $10000 | $10000 | $10000 |
| **11/15** | $10017 | $9784 | $9790 | $9792 | $9863 |
| **12/15** | $10025 | $9566 | $9818 | $9881 | $9753 |
| **1/16** | $9943 | $9599 | $9932 | $10016 | $9640 |
| **2/16** | $9948 | $9738 | $10192 | $10308 | $9696 |
| **3/16** | $10148 | $10619 | $10594 | $10582 | $10285 |
| **4/16** | $10189 | $10893 | $10755 | $10715 | $10376 |
| **5/16** | $10094 | $10300 | $10508 | $10553 | $10065 |
| **6/16** | $10135 | $10907 | $10942 | $10943 | $10320 |
| **7/16** | $10120 | $10972 | $11001 | $11001 | $10358 |
| **8/16** | $10209 | $10977 | $10925 | $10905 | $10381 |
| **9/16** | $10253 | $11199 | $11026 | $10976 | $10474 |
| **10/16** | $10217 | $11104 | $10705 | $10599 | $10393 |
| **11/16** | $10099 | $10323 | $10158 | $10108 | $10049 |
| **12/16** | $10168 | $10517 | $10141 | $10039 | $10098 |
| **1/17** | $10261 | $10754 | $10269 | $10141 | $10284 |
| **2/17** | $10400 | $10947 | $10337 | $10180 | $10455 |
| **3/17** | $10953 | $11200 | $10397 | $10195 | $10621 |
| **4/17** | $10951 | $11331 | $10530 | $10327 | $10656 |
| **5/17** | $11021 | $11553 | $10715 | $10504 | $10821 |
| **6/17** | $10995 | $11606 | $10713 | $10490 | $10826 |
| **7/17** | $11017 | $11847 | $10917 | $10685 | $11001 |
| **8/17** | $11075 | $12059 | $11058 | $10810 | $11112 |
| **9/17** | $11037 | $12019 | $10945 | $10680 | $11043 |
| **10/17** | $11047 | $11680 | $10836 | $10623 | $10981 |
| **11/17** | $11094 | $11877 | $10996 | $10774 | $11162 |
| **12/17** | $11165 | $12117 | $11054 | $10791 | $11264 |
| **1/18** | $11309 | $12659 | $11298 | $10968 | $11589 |
| **2/18** | $11270 | $12527 | $11213 | $10893 | $11467 |
| **3/18** | $11317 | $12655 | $11374 | $11061 | $11546 |
| **4/18** | $11205 | $12281 | $11135 | $10852 | $11330 |
| **5/18** | $11043 | $11670 | $10916 | $10720 | $11061 |
| **6/18** | $10942 | $11336 | $10828 | $10690 | $10880 |
| **7/18** | $11003 | $11551 | $10834 | $10646 | $10974 |
| **8/18** | $10740 | $10848 | $10685 | $10625 | $10643 |
| **9/18** | $10714 | $11129 | $10653 | $10516 | $10759 |
| **10/18** | $10687 | $10911 | $10518 | $10401 | $10636 |
| **11/18** | $10762 | $11218 | $10617 | $10451 | $10815 |
| **12/18** | $10790 | $11364 | $10848 | $10701 | $10888 |
| **1/19** | $10984 | $11984 | $11088 | $10851 | $11184 |
| **2/19** | $10963 | $11853 | $10982 | $10751 | $11129 |
| **3/19** | $10917 | $11696 | $11065 | $10887 | $11049 |
| **4/19** | $10960 | $11675 | $11017 | $10833 | $11057 |
| **5/19** | $10991 | $11710 | $11174 | $11019 | $10984 |
| **6/19** | $11158 | $12355 | $11506 | $11276 | $11277 |
| **7/19** | $11222 | $12470 | $11484 | $11223 | $11278 |
| **8/19** | $11079 | $12140 | $11668 | $11522 | $10917 |
| **9/19** | $11157 | $12257 | $11569 | $11372 | $11042 |
| **10/19** | $11209 | $12612 | $11686 | $11433 | $11268 |
| **11/19** | $11196 | $12383 | $11535 | $11300 | $11197 |
| **12/19** | $11367 | $12895 | $11656 | $11332 | $11454 |
| **1/20** | $11354 | $12729 | $11777 | $11515 | $11304 |
| **2/20** | $11381 | $12295 | $11790 | $11630 | $11057 |
| **3/20** | $10978 | $10933 | $11471 | $11559 | $10483 |
| **4/20** | $11087 | $11362 | $11671 | $11696 | $10602 |
| **5/20** | $11222 | $11950 | $11810 | $11719 | $10757 |
| **6/20** | $11358 | $12007 | $11882 | $11794 | $10842 |
| **7/20** | $11741 | $12369 | $12299 | $12223 | $11039 |
| **8/20** | $11810 | $12329 | $12246 | $12168 | $11108 |
| **9/20** | $11727 | $12080 | $12175 | $12141 | $10997 |
| **10/20** | $11768 | $12131 | $12168 | $12119 | $11043 |
| **11/20** | $12074 | $12797 | $12455 | $12310 | $11416 |
| **12/20** | $12340 | $13242 | $12677 | $12477 | $11653 |
| **1/21** | $12283 | $13100 | $12520 | $12317 | $11585 |
| **2/21** | $12098 | $12749 | $12211 | $12020 | $11517 |
| **3/21** | $11857 | $12358 | $11932 | $11769 | $11353 |
| **4/21** | $12027 | $12637 | $12096 | $11904 | $11538 |
| **5/21** | $12122 | $12953 | $12243 | $12011 | $11724 |
| **6/21** | $11924 | $12795 | $12109 | $11884 | $11582 |
| **7/21** | $11936 | $12741 | $12257 | $12077 | $11523 |
| **8/21** | $11972 | $12839 | $12219 | $12008 | $11608 |
| **9/21** | $11755 | $12398 | $11915 | $11737 | $11400 |
| **10/21** | $11640 | $12234 | $11844 | $11688 | $11436 |
| **11/21** | $11494 | $11899 | $11772 | $11680 | $11137 |
| **12/21** | $11554 | $12084 | $11750 | $11607 | $11292 |
| **1/22** | $11393 | $12083 | $11552 | $11363 | $11307 |
| **2/22** | $11143 | $11479 | $11338 | $11242 | $11096 |
| **3/22** | $10893 | $11303 | $10993 | $10858 | $10668 |
| **4/22** | $10480 | $10622 | $10344 | $10219 | $10347 |
| **5/22** | $10466 | $10809 | $10375 | $10212 | $10442 |
| **6/22** | $9991 | $10328 | $10021 | $9891 | $10181 |
| **7/22** | $10009 | $10358 | $10169 | $10067 | $10098 |
| **8/22** | $9816 | $10344 | $9813 | $9629 | $10083 |
| **9/22** | $9322 | $9840 | $9317 | $9138 | $9776 |
| **10/22** | $9370 | $9753 | $9262 | $9090 | $9830 |
| **11/22** | $10054 | $10446 | $9730 | $9503 | $10278 |
| **12/22** | $10178 | $10672 | $9759 | $9487 | $10486 |
| **1/23** | $10546 | $11130 | $10092 | $9790 | $10797 |
| **2/23** | $10166 | $10778 | $9758 | $9463 | $10598 |
| **3/23** | $10506 | $11223 | $10134 | $9821 | $10815 |
| **4/23** | $10538 | $11319 | $10184 | $9861 | $10861 |
| **5/23** | $10386 | $11141 | $9975 | $9646 | $10770 |
| **6/23** | $10450 | $11504 | $10039 | $9645 | $10901 |
| **7/23** | $10530 | $11835 | $10123 | $9677 | $11105 |
| **8/23** | $10408 | $11517 | $9956 | $9543 | $10944 |
| **9/23** | $10019 | $11129 | $9631 | $9233 | $10801 |
| **10/23** | $9912 | $11070 | $9536 | $9132 | $10808 |
| **11/23** | $10402 | $11654 | $10009 | $9577 | $11181 |
| **12/23** | $10958 | $12027 | $10409 | $9979 | $11371 |
| **1/24** | $10786 | $11844 | $10248 | $9824 | $11208 |
| **2/24** | $10565 | $11776 | $10130 | $9696 | $11246 |
| **3/24** | $10615 | $11773 | $10164 | $9738 | $11244 |
| **4/24** | $10201 | $11521 | $9910 | $9485 | $11171 |
| **5/24** | $10509 | $11707 | $10027 | $9587 | $11311 |
| **6/24** | $10447 | $11581 | $10002 | $9584 | $11214 |
| **7/24** | $10838 | $11844 | $10277 | $9858 | $11313 |
| **8/24** | $11002 | $12208 | $10529 | $10085 | $11572 |
| **9/24** | $11281 | $12622 | $10739 | $10251 | $11801 |
| **10/24** | $10728 | $12040 | $10342 | $9896 | $11509 |
| **11/24** | $10845 | $11972 | $10351 | $9920 | $11413 |
| **12/24** | $10569 | $11741 | $10122 | $9693 | $11248 |
| **1/25** | $10670 | $11982 | $10201 | $9738 | $11422 |
| **2/25** | $10822 | $12061 | $10329 | $9875 | $11460 |
| **3/25** | $10907 | $12247 | $10417 | $9942 | $11600 |
| **4/25** | $11409 | $12645 | $10763 | $10274 | $11937 |
| **5/25** | $11344 | $12823 | $10737 | $10207 | $12142 |
| **6/25** | $11563 | $13181 | $10957 | $10397 | $12422 |
| **7/25** | $11462 | $13082 | $10784 | $10211 | $12262 |
| **8/25** | $11614 | $13364 | $10948 | $10351 | $12417 |
| **9/25** | $11734 | $13550 | $11032 | $10414 | $12513 |
| **10/25** | $11946 | $13613 | $11018 | $10386 | $12497 |

---

## Average Annual Total Returns (%)<sup>**Footnote Reference 1**,</sup><sup>**Footnote Reference 2**</sup>

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class C, with conversion to Class A after 8 years | 9.69% | 0.00%<sup>Footnote Reference\*</sup> | 1.79% |
| Class C, with 1% Maximum Contingent Deferred Sales Charge and conversion to Class A after 8 years | 8.69% | 0.00%<sup>Footnote Reference\*</sup> | 1.79% |
| J.P. Morgan Government Bond Index: Emerging Markets (JPM GBI-EM) Global Diversified (Unhedged) | 13.06% | 2.33% | 3.13% |
| Blended Index<sup>Footnote Reference3</sup> | 6.53% | (1.96)% | 0.97% |
| FTSE World Government Bond Index (WGBI) | 4.95% | (3.04)% | 0.38% |
| J.P. Morgan Emerging Markets Index Plus | 8.58% | 2.50% | 2.25% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Effective August 12, 2025, the Fund changed its primary prospectus benchmark from the FTSE World Government Bond Index (WGBI) to the J.P. Morgan Government Bond Index: Emerging Markets (JPM GBI-EM) Global Diversified (Unhedged) to comply with the regulation that requires the Fund's primary benchmark to represent the overall applicable market. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Performance prior to August 12, 2025 reflects the Fund's performance under its former principal investment strategies. Please see the Fund's prospectus for further information. |
| &nbsp;&nbsp;Footnote<sup>3</sup> | &nbsp;&nbsp;Index consists of 80% FTSE World Government Bond Index and 20% J.P. Morgan Government Bond Index: Emerging Markets Global Diversified, rebalanced monthly. |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Amount is less than 0.005% or (0.005)%, as applicable. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $39823579 |
| # of Portfolio Holdings (including derivatives) (for International Income Portfolio) | 312 |
| Portfolio Turnover Rate (for International Income Portfolio) | 209% |
| Total Advisory Fees Paid (net of waiver) | $0 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

References to the Fund's investments are to the Fund's pro rata share of the investments of International Income Portfolio, an affiliated investment company in which the Fund invests substantially all of its assets.

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](g35982g32u67.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference†</sup> | 1.7% |
| Sovereign Government Bonds | 32.7% |
| Short-Term Investments | 65.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Investment types less than 1% each |

---

### Foreign Currency Exposure (% of net assets)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Egypt | 6.5% |
| Kazakhstan | 5.3% |
| Uzbekistan | 5.0% |
| Vietnam | 4.8% |
| India | 4.6% |
| Turkey | 4.2% |
| Nigeria | 4.1% |
| Iceland | 3.8% |
| Paraguay | 3.4% |
| Sweden | 3.1% |
| Other | 58.1% |
| Total Long Exposure | 102.9% |

---

---

| | |
|:---|:---|
| Hungary | (0.1)% |
| United Kingdom | (0.2)% |
| Total Short Exposure | (0.3)% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Currency exposures include all foreign exchange denominated assets and currency derivatives. |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 1, 2026 at www.eatonvance.com/open-end-mutual-fund-documents.php or upon request by contacting us at 1-800-262-1122.

Effective August 12, 2025, the name of the Fund was changed from Eaton Vance Global Sovereign Opportunities Fund. In connection with the name change, the Fund's principal investment strategy changed.

Effective December 31, 2024, the investment sub-adviser of the Fund is Morgan Stanley Investment Management Limited.

The net expense ratio decreased from the prior fiscal year primarily due to a decrease in expenses related to financing activities.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g35982g49w49.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report October 31, 2025

# ECIMX-TSR-AR

# Eaton Vance Diversified Currency Income Fund (formerly, Eaton Vance Global Sovereign Opportunities Fund)
![Image](g35982g69v41.jpg)

# Class I EIIMX

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about the Eaton Vance Diversified Currency Income Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the last year?<sup>**Footnote Reference \***</sup>
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $90 | 0.85% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Expenses in the table reflect the expenses of both the Fund and International Income Portfolio, the Portfolio in which it invests. |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the J.P. Morgan Emerging Markets Index Plus (the Index):

↑ An out-of-Index allocation to Egyptian local currency bonds contributed to relative performance due to policy improvements and regional support

↑ An overweight to the South African rand also contributed as the currency rallied along with most Emerging Markets currencies aided by U.S. dollar weakness

↑ An out-of-index allocation to Icelandic krona contributed to performance as the currency rallied and growth expectations were strong

↓ Underweight allocations to the Malaysian ringgit and Chinese yuan detracted as the currencies rallied along with broader Emerging Markets currencies

↓ An overweight to the New Zealand dollar detracted from performance in part due to added pressure from multiple rate cuts during the period

## Fund Performance
Comparison of the change in value of a $1,000,000 investment for the period indicated.

![Growth of 10K Chart](g35982g47t02.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class I** | **J.P. Morgan Government Bond Index: Emerging Markets (JPM GBI-EM) Global Diversified (Unhedged)** | **Blended Index** | **FTSE World Government Bond Index (WGBI)** | **J.P. Morgan Emerging Markets Index Plus** |
| **10/15** | $1000000 | $1000000 | $1000000 | $1000000 | $1000000 |
| **11/15** | $1001672 | $978376 | $979032 | $979196 | $986293 |
| **12/15** | $1003526 | $956575 | $981816 | $988131 | $975277 |
| **1/16** | $996421 | $959898 | $993209 | $1001605 | $964023 |
| **2/16** | $996827 | $973757 | $1019235 | $1030798 | $969617 |
| **3/16** | $1018000 | $1061944 | $1059358 | $1058183 | $1028485 |
| **4/16** | $1023148 | $1089263 | $1075459 | $1071481 | $1037627 |
| **5/16** | $1014732 | $1030040 | $1050775 | $1055304 | $1006542 |
| **6/16** | $1019926 | $1090684 | $1094206 | $1094294 | $1031976 |
| **7/16** | $1019545 | $1097248 | $1100144 | $1100071 | $1035828 |
| **8/16** | $1029624 | $1097689 | $1092545 | $1090462 | $1038094 |
| **9/16** | $1035011 | $1119898 | $1102648 | $1097551 | $1047447 |
| **10/16** | $1032196 | $1110429 | $1070545 | $1059928 | $1039256 |
| **11/16** | $1019933 | $1032348 | $1015757 | $1010755 | $1004908 |
| **12/16** | $1027746 | $1051670 | $1014085 | $1003946 | $1009838 |
| **1/17** | $1037981 | $1075352 | $1026861 | $1014104 | $1028399 |
| **2/17** | $1053031 | $1094729 | $1033736 | $1018022 | $1045451 |
| **3/17** | $1110130 | $1120047 | $1039746 | $1019535 | $1062145 |
| **4/17** | $1110852 | $1133129 | $1052956 | $1032749 | $1065637 |
| **5/17** | $1118835 | $1155343 | $1071510 | $1050436 | $1082140 |
| **6/17** | $1117145 | $1160631 | $1071317 | $1048997 | $1082611 |
| **7/17** | $1120313 | $1184702 | $1091661 | $1068459 | $1100145 |
| **8/17** | $1127172 | $1205945 | $1105846 | $1081023 | $1111236 |
| **9/17** | $1125448 | $1201850 | $1094464 | $1068032 | $1104289 |
| **10/17** | $1126187 | $1167972 | $1083606 | $1062314 | $1098076 |
| **11/17** | $1131875 | $1187650 | $1099564 | $1077396 | $1116208 |
| **12/17** | $1140080 | $1211661 | $1105429 | $1079133 | $1126355 |
| **1/18** | $1155802 | $1265930 | $1129839 | $1096837 | $1158850 |
| **2/18** | $1152792 | $1252712 | $1121293 | $1089329 | $1146727 |
| **3/18** | $1158584 | $1265505 | $1137365 | $1106066 | $1154637 |
| **4/18** | $1147983 | $1228083 | $1113475 | $1085201 | $1133013 |
| **5/18** | $1132266 | $1166961 | $1091575 | $1072025 | $1106064 |
| **6/18** | $1122852 | $1133617 | $1082848 | $1068969 | $1088000 |
| **7/18** | $1130000 | $1155099 | $1083384 | $1064566 | $1097438 |
| **8/18** | $1103840 | $1084798 | $1068476 | $1062453 | $1064333 |
| **9/18** | $1102025 | $1112927 | $1065313 | $1051634 | $1075893 |
| **10/18** | $1101514 | $1091121 | $1051781 | $1040087 | $1063599 |
| **11/18** | $1108793 | $1121755 | $1061739 | $1045095 | $1081500 |
| **12/18** | $1112685 | $1136403 | $1084801 | $1070060 | $1088829 |
| **1/19** | $1133657 | $1198420 | $1108843 | $1085105 | $1118381 |
| **2/19** | $1132365 | $1185321 | $1098247 | $1075108 | $1112943 |
| **3/19** | $1128555 | $1169593 | $1106455 | $1088719 | $1104893 |
| **4/19** | $1133986 | $1167542 | $1101654 | $1083291 | $1105745 |
| **5/19** | $1138111 | $1170993 | $1117446 | $1101901 | $1098428 |
| **6/19** | $1156407 | $1235509 | $1150597 | $1127586 | $1127720 |
| **7/19** | $1164030 | $1246967 | $1148397 | $1122277 | $1127828 |
| **8/19** | $1150085 | $1214047 | $1166799 | $1152163 | $1091748 |
| **9/19** | $1159159 | $1225719 | $1156892 | $1137166 | $1104220 |
| **10/19** | $1165579 | $1261234 | $1168554 | $1143257 | $1126825 |
| **11/19** | $1166529 | $1238311 | $1153489 | $1130028 | $1119680 |
| **12/19** | $1185451 | $1289503 | $1165591 | $1133170 | $1145431 |
| **1/20** | $1183632 | $1272910 | $1177680 | $1151505 | $1130417 |
| **2/20** | $1188814 | $1229507 | $1179013 | $1162950 | $1105657 |
| **3/20** | $1146200 | $1093342 | $1147142 | $1155853 | $1048328 |
| **4/20** | $1158483 | $1136206 | $1167054 | $1169604 | $1060152 |
| **5/20** | $1175102 | $1195038 | $1180998 | $1171932 | $1075680 |
| **6/20** | $1188948 | $1200662 | $1188163 | $1179440 | $1084217 |
| **7/20** | $1230141 | $1236916 | $1229856 | $1222271 | $1103902 |
| **8/20** | $1238344 | $1232857 | $1224610 | $1216756 | $1110840 |
| **9/20** | $1230620 | $1208001 | $1217533 | $1214100 | $1099654 |
| **10/20** | $1235990 | $1213146 | $1216795 | $1211887 | $1104273 |
| **11/20** | $1269314 | $1279723 | $1245474 | $1230964 | $1141628 |
| **12/20** | $1298387 | $1324239 | $1267696 | $1247712 | $1165251 |
| **1/21** | $1293455 | $1310042 | $1251994 | $1231739 | $1158549 |
| **2/21** | $1274996 | $1274941 | $1221086 | $1201979 | $1151711 |
| **3/21** | $1250488 | $1235803 | $1193184 | $1176872 | $1135309 |
| **4/21** | $1269604 | $1263725 | $1209583 | $1190443 | $1153781 |
| **5/21** | $1282224 | $1295256 | $1224267 | $1201082 | $1172439 |
| **6/21** | $1260671 | $1279521 | $1210948 | $1188396 | $1158212 |
| **7/21** | $1262989 | $1274053 | $1225675 | $1207733 | $1152311 |
| **8/21** | $1267884 | $1283872 | $1221937 | $1200801 | $1160780 |
| **9/21** | $1245918 | $1239817 | $1191473 | $1173681 | $1139999 |
| **10/21** | $1234642 | $1223352 | $1184359 | $1168818 | $1143581 |
| **11/21** | $1220163 | $1189890 | $1177208 | $1167988 | $1113737 |
| **12/21** | $1229063 | $1208403 | $1175013 | $1160724 | $1129195 |
| **1/22** | $1212923 | $1208340 | $1155193 | $1136265 | $1130675 |
| **2/22** | $1185674 | $1147917 | $1133835 | $1124210 | $1109582 |
| **3/22** | $1161485 | $1130336 | $1099345 | $1085768 | $1066768 |
| **4/22** | $1118223 | $1062219 | $1034393 | $1021939 | $1034746 |
| **5/22** | $1116133 | $1080946 | $1037479 | $1021245 | $1044154 |
| **6/22** | $1067742 | $1032814 | $1002097 | $989078 | $1018065 |
| **7/22** | $1070484 | $1035838 | $1016941 | $1006667 | $1009821 |
| **8/22** | $1050661 | $1034384 | $981250 | $962858 | $1008287 |
| **9/22** | $998443 | $984007 | $931694 | $913797 | $977648 |
| **10/22** | $1004412 | $975325 | $926166 | $909036 | $982975 |
| **11/22** | $1078945 | $1044638 | $973003 | $950348 | $1027770 |
| **12/22** | $1093186 | $1067200 | $975887 | $948738 | $1048624 |
| **1/23** | $1132136 | $1113012 | $1009154 | $978983 | $1079677 |
| **2/23** | $1093667 | $1077792 | $975845 | $946337 | $1059775 |
| **3/23** | $1131265 | $1122251 | $1013375 | $982072 | $1081455 |
| **4/23** | $1135741 | $1131926 | $1018408 | $986052 | $1086120 |
| **5/23** | $1120198 | $1114053 | $997479 | $964615 | $1077030 |
| **6/23** | $1126392 | $1150371 | $1003875 | $964485 | $1090142 |
| **7/23** | $1135973 | $1183471 | $1012305 | $967671 | $1110529 |
| **8/23** | $1123622 | $1151672 | $995643 | $954261 | $1094416 |
| **9/23** | $1082375 | $1112899 | $963096 | $923300 | $1080065 |
| **10/23** | $1073317 | $1107040 | $953624 | $913164 | $1080762 |
| **11/23** | $1125818 | $1165371 | $1000911 | $957737 | $1118113 |
| **12/23** | $1187149 | $1202746 | $1040935 | $997931 | $1137123 |
| **1/24** | $1171119 | $1184429 | $1024833 | $982434 | $1120758 |
| **2/24** | $1148067 | $1177635 | $1012986 | $969646 | $1124616 |
| **3/24** | $1154479 | $1177302 | $1016403 | $973803 | $1124369 |
| **4/24** | $1108483 | $1152145 | $990952 | $948525 | $1117092 |
| **5/24** | $1144786 | $1170732 | $1002676 | $958727 | $1131148 |
| **6/24** | $1137195 | $1158086 | $1000235 | $958398 | $1121387 |
| **7/24** | $1180890 | $1184429 | $1027666 | $985803 | $1131288 |
| **8/24** | $1201635 | $1220795 | $1052902 | $1008496 | $1157223 |
| **9/24** | $1231377 | $1262238 | $1073880 | $1025053 | $1180147 |
| **10/24** | $1173541 | $1203990 | $1034242 | $989585 | $1150920 |
| **11/24** | $1185594 | $1197159 | $1035125 | $992044 | $1141264 |
| **12/24** | $1156154 | $1174100 | $1012156 | $969305 | $1124801 |
| **1/25** | $1170082 | $1198186 | $1020066 | $973802 | $1142226 |
| **2/25** | $1185903 | $1206070 | $1032868 | $987477 | $1146009 |
| **3/25** | $1198127 | $1224712 | $1041711 | $994229 | $1160002 |
| **4/25** | $1252602 | $1264465 | $1076284 | $1027408 | $1193749 |
| **5/25** | $1246498 | $1282341 | $1073725 | $1020723 | $1214237 |
| **6/25** | $1273491 | $1318061 | $1095715 | $1039746 | $1242194 |
| **7/25** | $1261546 | $1308173 | $1078391 | $1021148 | $1226230 |
| **8/25** | $1281319 | $1336353 | $1094790 | $1035059 | $1241743 |
| **9/25** | $1295580 | $1355028 | $1103188 | $1041367 | $1251336 |
| **10/25** | $1300463 | $1361274 | $1101827 | $1038561 | $1249674 |

---

## Average Annual Total Returns (%)<sup>**Footnote Reference 1**,</sup><sup>**Footnote Reference 2**</sup>

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class I | 10.82% | 1.02% | 2.66% |
| J.P. Morgan Government Bond Index: Emerging Markets (JPM GBI-EM) Global Diversified (Unhedged) | 13.06% | 2.33% | 3.13% |
| Blended Index<sup>Footnote Reference3</sup> | 6.53% | (1.96)% | 0.97% |
| FTSE World Government Bond Index (WGBI) | 4.95% | (3.04)% | 0.38% |
| J.P. Morgan Emerging Markets Index Plus | 8.58% | 2.50% | 2.25% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Effective August 12, 2025, the Fund changed its primary prospectus benchmark from the FTSE World Government Bond Index (WGBI) to the J.P. Morgan Government Bond Index: Emerging Markets (JPM GBI-EM) Global Diversified (Unhedged) to comply with the regulation that requires the Fund's primary benchmark to represent the overall applicable market. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Performance prior to August 12, 2025 reflects the Fund's performance under its former principal investment strategies. Please see the Fund's prospectus for further information. |
| &nbsp;&nbsp;Footnote<sup>3</sup> | &nbsp;&nbsp;Index consists of 80% FTSE World Government Bond Index and 20% J.P. Morgan Government Bond Index: Emerging Markets Global Diversified, rebalanced monthly. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $39823579 |
| # of Portfolio Holdings (including derivatives) (for International Income Portfolio) | 312 |
| Portfolio Turnover Rate (for International Income Portfolio) | 209% |
| Total Advisory Fees Paid (net of waiver) | $0 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

References to the Fund's investments are to the Fund's pro rata share of the investments of International Income Portfolio, an affiliated investment company in which the Fund invests substantially all of its assets.

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](g35982g32u67.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference†</sup> | 1.7% |
| Sovereign Government Bonds | 32.7% |
| Short-Term Investments | 65.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Investment types less than 1% each |

---

### Foreign Currency Exposure (% of net assets)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Egypt | 6.5% |
| Kazakhstan | 5.3% |
| Uzbekistan | 5.0% |
| Vietnam | 4.8% |
| India | 4.6% |
| Turkey | 4.2% |
| Nigeria | 4.1% |
| Iceland | 3.8% |
| Paraguay | 3.4% |
| Sweden | 3.1% |
| Other | 58.1% |
| Total Long Exposure | 102.9% |

---

---

| | |
|:---|:---|
| Hungary | (0.1)% |
| United Kingdom | (0.2)% |
| Total Short Exposure | (0.3)% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Currency exposures include all foreign exchange denominated assets and currency derivatives. |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 1, 2026 at www.eatonvance.com/open-end-mutual-fund-documents.php or upon request by contacting us at 1-800-262-1122.

Effective August 12, 2025, the name of the Fund was changed from Eaton Vance Global Sovereign Opportunities Fund. In connection with the name change, the Fund's principal investment strategy changed.

Effective December 31, 2024, the investment sub-adviser of the Fund is Morgan Stanley Investment Management Limited.

The net expense ratio decreased from the prior fiscal year primarily due to a decrease in expenses related to financing activities.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g35982g49w49.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report October 31, 2025

# EIIMX-TSR-AR

# Eaton Vance Floating-Rate & High Income Fund
![Image](g35982g51m36.jpg)

# Advisers Class EAFHX

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about the Eaton Vance Floating-Rate & High Income Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last year?<sup>**Footnote Reference \***</sup>
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Advisers Class | $111 | 1.08% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Expenses in the table reflect the expenses of both the Fund and Eaton Vance Floating Rate Portfolio and High Income Opportunities Portfolio, the Portfolios in which it invests. |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Morningstar<sup><sup>®</sup></sup> LSTA<sup><sup>®</sup></sup> US Leveraged Loan Index<sup>SM</sup> (the Index):

↓ Loan selection in the energy equipment & services, professional services, and machinery industries detracted most from Index-relative returns

↓ Loan selection and an underweight in the single B credit tier generally weighed on Index-relative returns

↓ The largest loan detractor from performance was an overweight to a contract production and packaging of beverages that completed an out-of-court restructuring

↑ The Fund's allocation to high-yield bonds aided returns as these fixed-rate bonds benefited from the interest-rate environment and generally outpaced the Index

↑ The Fund's allocation to debt tranches of collateralized loan obligations (CLOs) helped returns, as CLO debt rated BBB and BB generally outperformed the Index

↑ Loan selection was positive in automobile components. The Fund's top loan contributor was an underweight to a defaulted auto components company

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g35982g40e34.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Advisers Class** | **Bloomberg U.S. Universal Index** | **Morningstar<sup>®</sup> LSTA<sup>®</sup> US Leveraged Loan Index℠** |
| **10/15** | $10000 | $10000 | $10000 |
| **11/15** | $9859 | $9964 | $9912 |
| **12/15** | $9732 | $9914 | $9808 |
| **1/16** | $9661 | $10023 | $9744 |
| **2/16** | $9637 | $10094 | $9693 |
| **3/16** | $9947 | $10218 | $9960 |
| **4/16** | $10185 | $10288 | $10158 |
| **5/16** | $10258 | $10296 | $10248 |
| **6/16** | $10259 | $10477 | $10250 |
| **7/16** | $10403 | $10563 | $10397 |
| **8/16** | $10490 | $10575 | $10475 |
| **9/16** | $10587 | $10577 | $10566 |
| **10/16** | $10672 | $10507 | $10653 |
| **11/16** | $10681 | $10271 | $10681 |
| **12/16** | $10830 | $10301 | $10805 |
| **1/17** | $10902 | $10338 | $10865 |
| **2/17** | $10970 | $10418 | $10920 |
| **3/17** | $10991 | $10414 | $10928 |
| **4/17** | $11063 | $10500 | $10976 |
| **5/17** | $11112 | $10581 | $11016 |
| **6/17** | $11110 | $10573 | $11011 |
| **7/17** | $11184 | $10625 | $11087 |
| **8/17** | $11170 | $10717 | $11082 |
| **9/17** | $11219 | $10679 | $11126 |
| **10/17** | $11269 | $10692 | $11192 |
| **11/17** | $11292 | $10676 | $11205 |
| **12/17** | $11316 | $10723 | $11250 |
| **1/18** | $11419 | $10620 | $11358 |
| **2/18** | $11416 | $10519 | $11380 |
| **3/18** | $11443 | $10572 | $11412 |
| **4/18** | $11494 | $10501 | $11460 |
| **5/18** | $11510 | $10559 | $11479 |
| **6/18** | $11524 | $10543 | $11492 |
| **7/18** | $11618 | $10565 | $11577 |
| **8/18** | $11672 | $10618 | $11624 |
| **9/18** | $11738 | $10572 | $11704 |
| **10/18** | $11703 | $10484 | $11700 |
| **11/18** | $11587 | $10531 | $11594 |
| **12/18** | $11300 | $10696 | $11299 |
| **1/19** | $11601 | $10843 | $11587 |
| **2/19** | $11751 | $10855 | $11771 |
| **3/19** | $11747 | $11051 | $11751 |
| **4/19** | $11901 | $11066 | $11945 |
| **5/19** | $11840 | $11236 | $11919 |
| **6/19** | $11899 | $11395 | $11948 |
| **7/19** | $11968 | $11429 | $12044 |
| **8/19** | $11947 | $11687 | $12011 |
| **9/19** | $11990 | $11637 | $12067 |
| **10/19** | $11935 | $11674 | $12012 |
| **11/19** | $12004 | $11672 | $12083 |
| **12/19** | $12195 | $11689 | $12276 |
| **1/20** | $12237 | $11899 | $12344 |
| **2/20** | $12079 | $12077 | $12181 |
| **3/20** | $10682 | $11841 | $10674 |
| **4/20** | $11072 | $12078 | $11155 |
| **5/20** | $11447 | $12191 | $11578 |
| **6/20** | $11595 | $12293 | $11710 |
| **7/20** | $11815 | $12509 | $11939 |
| **8/20** | $11981 | $12437 | $12118 |
| **9/20** | $12001 | $12414 | $12194 |
| **10/20** | $12024 | $12370 | $12219 |
| **11/20** | $12349 | $12531 | $12491 |
| **12/20** | $12505 | $12575 | $12659 |
| **1/21** | $12627 | $12496 | $12810 |
| **2/21** | $12674 | $12334 | $12885 |
| **3/21** | $12666 | $12191 | $12885 |
| **4/21** | $12732 | $12293 | $12951 |
| **5/21** | $12781 | $12340 | $13026 |
| **6/21** | $12873 | $12430 | $13074 |
| **7/21** | $12864 | $12555 | $13073 |
| **8/21** | $12943 | $12547 | $13135 |
| **9/21** | $13006 | $12440 | $13219 |
| **10/21** | $13011 | $12429 | $13254 |
| **11/21** | $12955 | $12444 | $13233 |
| **12/21** | $13065 | $12436 | $13318 |
| **1/22** | $12994 | $12163 | $13366 |
| **2/22** | $12966 | $11998 | $13298 |
| **3/22** | $12942 | $11676 | $13304 |
| **4/22** | $12859 | $11240 | $13333 |
| **5/22** | $12596 | $11302 | $12992 |
| **6/22** | $12198 | $11076 | $12710 |
| **7/22** | $12536 | $11355 | $12981 |
| **8/22** | $12622 | $11060 | $13177 |
| **9/22** | $12263 | $10583 | $12877 |
| **10/22** | $12418 | $10467 | $13005 |
| **11/22** | $12628 | $10857 | $13161 |
| **12/22** | $12623 | $10820 | $13215 |
| **1/23** | $12983 | $11156 | $13568 |
| **2/23** | $13009 | $10882 | $13646 |
| **3/23** | $13009 | $11137 | $13642 |
| **4/23** | $13137 | $11205 | $13785 |
| **5/23** | $13107 | $11089 | $13760 |
| **6/23** | $13321 | $11072 | $14071 |
| **7/23** | $13491 | $11083 | $14252 |
| **8/23** | $13634 | $11016 | $14419 |
| **9/23** | $13653 | $10753 | $14558 |
| **10/23** | $13578 | $10592 | $14555 |
| **11/23** | $13840 | $11068 | $14733 |
| **12/23** | $14105 | $11488 | $14976 |
| **1/24** | $14183 | $11461 | $15077 |
| **2/24** | $14290 | $11323 | $15214 |
| **3/24** | $14421 | $11435 | $15343 |
| **4/24** | $14445 | $11167 | $15436 |
| **5/24** | $14560 | $11352 | $15581 |
| **6/24** | $14619 | $11456 | $15635 |
| **7/24** | $14735 | $11716 | $15742 |
| **8/24** | $14848 | $11889 | $15842 |
| **9/24** | $14942 | $12052 | $15955 |
| **10/24** | $15016 | $11778 | $16092 |
| **11/24** | $15142 | $11902 | $16225 |
| **12/24** | $15198 | $11722 | $16317 |
| **1/25** | $15289 | $11793 | $16429 |
| **2/25** | $15335 | $12037 | $16447 |
| **3/25** | $15206 | $12034 | $16395 |
| **4/25** | $15205 | $12077 | $16386 |
| **5/25** | $15408 | $12015 | $16641 |
| **6/25** | $15535 | $12203 | $16775 |
| **7/25** | $15608 | $12185 | $16922 |
| **8/25** | $15660 | $12331 | $16997 |
| **9/25** | $15745 | $12462 | $17072 |
| **10/25** | $15775 | $12544 | $17109 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Advisers Class | 5.05% | 5.58% | 4.66% |
| Bloomberg U.S. Universal Index | 6.51% | 0.28% | 2.29% |
| Morningstar<sup>®</sup>LSTA<sup>®</sup> US Leveraged Loan Index℠ | 6.32% | 6.96% | 5.51% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $711155791 |
| # of Portfolio Holdings (for Eaton Vance Floating Rate Portfolio and High Income Opportunities Portfolio) | 1063 |
| Portfolio Turnover Rate | 5% |
| Total Advisory Fees Paid | $3970600 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

References to the Fund's investments are to the Fund's pro rata share of the investments of Eaton Vance Floating Rate Portfolio and High Income Opportunities Portfolio, affiliated investment companies in which the Fund invests substantially all of its assets.

### Asset Allocation (% of net assets)
![Group By Asset Type Chart](g35982g44v76.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Net Assets<sup>Footnote Reference‡</sup> | 1.6% |
| Common Stocks | 1.5% |
| Asset-Backed Securities | 2.4% |
| Short-Term Investments | 4.3% |
| Corporate Bonds | 16.3% |
| Senior Floating-Rate Loans<sup>Footnote Reference\*</sup> | 73.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>‡</sup>  | &nbsp;&nbsp;Other Net Assets represents other assets less liabilities and includes any investment type less than 1% of net assets. |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Net of unfunded loan commitments. |

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Credit Rating Chart](g35982g28m91.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 4.4% |
| CCC or Lower | 5.6% |
| B | 60.5% |
| BB | 25.6% |
| BBB | 3.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excludes short-term investments, and equities for Eaton Vance Floating Rate Portfolio (FRP). FRP: Ratings are based on S&P Global Ratings ("S&P"); High Income Opportunities Portfolio: Ratings are based on Moody's Investors Service, Inc. ("Moody's"), S&P or Fitch Ratings ("Fitch"). This breakdown assigns a numeric equivalent to the ratings from the aforementioned agencies and the mean is rounded to the nearest integer and converted to an equivalent S&P rating ranging from AAA, being the highest, to D, being the lowest. Ratings of BBB or higher are considered to be investment-grade quality. Holdings designated as "Not Rated" (if any) are not rated by the national ratings agencies stated above. |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g35982g49w49.jpg)

## Additional Information
If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report October 31, 2025

# EAFHX-TSR-AR

# Eaton Vance Floating-Rate & High Income Fund
![Image](g35982g51m36.jpg)

# Class A EVFHX

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about the Eaton Vance Floating-Rate & High Income Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last year?<sup>**Footnote Reference \***</sup>
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $111 | 1.08% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Expenses in the table reflect the expenses of both the Fund and Eaton Vance Floating Rate Portfolio and High Income Opportunities Portfolio, the Portfolios in which it invests. |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Morningstar<sup><sup>®</sup></sup> LSTA<sup><sup>®</sup></sup> US Leveraged Loan Index<sup>SM</sup> (the Index):

↓ Loan selection in the energy equipment & services, professional services, and machinery industries detracted most from Index-relative returns

↓ Loan selection and an underweight in the single B credit tier generally weighed on Index-relative returns

↓ The largest loan detractor from performance was an overweight to a contract production and packaging of beverages that completed an out-of-court restructuring

↑ The Fund's allocation to high-yield bonds aided returns as these fixed-rate bonds benefited from the interest-rate environment and generally outpaced the Index

↑ The Fund's allocation to debt tranches of collateralized loan obligations (CLOs) helped returns, as CLO debt rated BBB and BB generally outperformed the Index

↑ Loan selection was positive in automobile components. The Fund's top loan contributor was an underweight to a defaulted auto components company

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g35982g43z56.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with Maximum Sales Charge** | **Bloomberg U.S. Universal Index** | **Morningstar<sup>®</sup> LSTA<sup>®</sup> US Leveraged Loan Index℠** |
| **10/15** | $10000 | $10000 | $10000 |
| **11/15** | $9549 | $9964 | $9912 |
| **12/15** | $9424 | $9914 | $9808 |
| **1/16** | $9351 | $10023 | $9744 |
| **2/16** | $9331 | $10094 | $9693 |
| **3/16** | $9626 | $10218 | $9960 |
| **4/16** | $9856 | $10288 | $10158 |
| **5/16** | $9925 | $10296 | $10248 |
| **6/16** | $9927 | $10477 | $10250 |
| **7/16** | $10072 | $10563 | $10397 |
| **8/16** | $10153 | $10575 | $10475 |
| **9/16** | $10244 | $10577 | $10566 |
| **10/16** | $10335 | $10507 | $10653 |
| **11/16** | $10344 | $10271 | $10681 |
| **12/16** | $10493 | $10301 | $10805 |
| **1/17** | $10561 | $10338 | $10865 |
| **2/17** | $10624 | $10418 | $10920 |
| **3/17** | $10646 | $10414 | $10928 |
| **4/17** | $10702 | $10500 | $10976 |
| **5/17** | $10748 | $10581 | $11016 |
| **6/17** | $10760 | $10573 | $11011 |
| **7/17** | $10818 | $10625 | $11087 |
| **8/17** | $10808 | $10717 | $11082 |
| **9/17** | $10854 | $10679 | $11126 |
| **10/17** | $10913 | $10692 | $11192 |
| **11/17** | $10925 | $10676 | $11205 |
| **12/17** | $10949 | $10723 | $11250 |
| **1/18** | $11045 | $10620 | $11358 |
| **2/18** | $11045 | $10519 | $11380 |
| **3/18** | $11071 | $10572 | $11412 |
| **4/18** | $11131 | $10501 | $11460 |
| **5/18** | $11136 | $10559 | $11479 |
| **6/18** | $11152 | $10543 | $11492 |
| **7/18** | $11239 | $10565 | $11577 |
| **8/18** | $11303 | $10618 | $11624 |
| **9/18** | $11354 | $10572 | $11704 |
| **10/18** | $11324 | $10484 | $11700 |
| **11/18** | $11221 | $10531 | $11594 |
| **12/18** | $10939 | $10696 | $11299 |
| **1/19** | $11227 | $10843 | $11587 |
| **2/19** | $11378 | $10855 | $11771 |
| **3/19** | $11366 | $11051 | $11751 |
| **4/19** | $11521 | $11066 | $11945 |
| **5/19** | $11467 | $11236 | $11919 |
| **6/19** | $11511 | $11395 | $11948 |
| **7/19** | $11578 | $11429 | $12044 |
| **8/19** | $11561 | $11687 | $12011 |
| **9/19** | $11603 | $11637 | $12067 |
| **10/19** | $11555 | $11674 | $12012 |
| **11/19** | $11620 | $11672 | $12083 |
| **12/19** | $11809 | $11689 | $12276 |
| **1/20** | $11837 | $11899 | $12344 |
| **2/20** | $11683 | $12077 | $12181 |
| **3/20** | $10338 | $11841 | $10674 |
| **4/20** | $10720 | $12078 | $11155 |
| **5/20** | $11077 | $12191 | $11578 |
| **6/20** | $11226 | $12293 | $11710 |
| **7/20** | $11428 | $12509 | $11939 |
| **8/20** | $11594 | $12437 | $12118 |
| **9/20** | $11614 | $12414 | $12194 |
| **10/20** | $11651 | $12370 | $12219 |
| **11/20** | $11961 | $12531 | $12491 |
| **12/20** | $12105 | $12575 | $12659 |
| **1/21** | $12218 | $12496 | $12810 |
| **2/21** | $12277 | $12334 | $12885 |
| **3/21** | $12258 | $12191 | $12885 |
| **4/21** | $12321 | $12293 | $12951 |
| **5/21** | $12380 | $12340 | $13026 |
| **6/21** | $12453 | $12430 | $13074 |
| **7/21** | $12459 | $12555 | $13073 |
| **8/21** | $12534 | $12547 | $13135 |
| **9/21** | $12593 | $12440 | $13219 |
| **10/21** | $12599 | $12429 | $13254 |
| **11/21** | $12537 | $12444 | $13233 |
| **12/21** | $12639 | $12436 | $13318 |
| **1/22** | $12590 | $12163 | $13366 |
| **2/22** | $12553 | $11998 | $13298 |
| **3/22** | $12533 | $11676 | $13304 |
| **4/22** | $12446 | $11240 | $13333 |
| **5/22** | $12195 | $11302 | $12992 |
| **6/22** | $11807 | $11076 | $12710 |
| **7/22** | $12133 | $11355 | $12981 |
| **8/22** | $12211 | $11060 | $13177 |
| **9/22** | $11869 | $10583 | $12877 |
| **10/22** | $12020 | $10467 | $13005 |
| **11/22** | $12230 | $10857 | $13161 |
| **12/22** | $12215 | $10820 | $13215 |
| **1/23** | $12561 | $11156 | $13568 |
| **2/23** | $12589 | $10882 | $13646 |
| **3/23** | $12594 | $11137 | $13642 |
| **4/23** | $12715 | $11205 | $13785 |
| **5/23** | $12678 | $11089 | $13760 |
| **6/23** | $12893 | $11072 | $14071 |
| **7/23** | $13067 | $11083 | $14252 |
| **8/23** | $13188 | $11016 | $14419 |
| **9/23** | $13210 | $10753 | $14558 |
| **10/23** | $13147 | $10592 | $14555 |
| **11/23** | $13406 | $11068 | $14733 |
| **12/23** | $13653 | $11488 | $14976 |
| **1/24** | $13730 | $11461 | $15077 |
| **2/24** | $13832 | $11323 | $15214 |
| **3/24** | $13956 | $11435 | $15343 |
| **4/24** | $13984 | $11167 | $15436 |
| **5/24** | $14094 | $11352 | $15581 |
| **6/24** | $14154 | $11456 | $15635 |
| **7/24** | $14264 | $11716 | $15742 |
| **8/24** | $14373 | $11889 | $15842 |
| **9/24** | $14448 | $12052 | $15955 |
| **10/24** | $14537 | $11778 | $16092 |
| **11/24** | $14657 | $11902 | $16225 |
| **12/24** | $14713 | $11722 | $16317 |
| **1/25** | $14801 | $11793 | $16429 |
| **2/25** | $14831 | $12037 | $16447 |
| **3/25** | $14719 | $12034 | $16395 |
| **4/25** | $14707 | $12077 | $16386 |
| **5/25** | $14931 | $12015 | $16641 |
| **6/25** | $15034 | $12203 | $16775 |
| **7/25** | $15105 | $12185 | $16922 |
| **8/25** | $15158 | $12331 | $16997 |
| **9/25** | $15241 | $12462 | $17072 |
| **10/25** | $15266 | $12544 | $17109 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class A | 5.06% | 5.56% | 4.67% |
| Class A with 3.25% Maximum Sales Charge | 1.61% | 4.86% | 4.32% |
| Bloomberg U.S. Universal Index | 6.51% | 0.28% | 2.29% |
| Morningstar<sup>®</sup>LSTA<sup>®</sup> US Leveraged Loan Index℠ | 6.32% | 6.96% | 5.51% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $711155791 |
| # of Portfolio Holdings (for Eaton Vance Floating Rate Portfolio and High Income Opportunities Portfolio) | 1063 |
| Portfolio Turnover Rate | 5% |
| Total Advisory Fees Paid | $3970600 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

References to the Fund's investments are to the Fund's pro rata share of the investments of Eaton Vance Floating Rate Portfolio and High Income Opportunities Portfolio, affiliated investment companies in which the Fund invests substantially all of its assets.

### Asset Allocation (% of net assets)
![Group By Asset Type Chart](g35982g44v76.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Net Assets<sup>Footnote Reference‡</sup> | 1.6% |
| Common Stocks | 1.5% |
| Asset-Backed Securities | 2.4% |
| Short-Term Investments | 4.3% |
| Corporate Bonds | 16.3% |
| Senior Floating-Rate Loans<sup>Footnote Reference\*</sup> | 73.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>‡</sup>  | &nbsp;&nbsp;Other Net Assets represents other assets less liabilities and includes any investment type less than 1% of net assets. |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Net of unfunded loan commitments. |

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Credit Rating Chart](g35982g28m91.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 4.4% |
| CCC or Lower | 5.6% |
| B | 60.5% |
| BB | 25.6% |
| BBB | 3.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excludes short-term investments, and equities for Eaton Vance Floating Rate Portfolio (FRP). FRP: Ratings are based on S&P Global Ratings ("S&P"); High Income Opportunities Portfolio: Ratings are based on Moody's Investors Service, Inc. ("Moody's"), S&P or Fitch Ratings ("Fitch"). This breakdown assigns a numeric equivalent to the ratings from the aforementioned agencies and the mean is rounded to the nearest integer and converted to an equivalent S&P rating ranging from AAA, being the highest, to D, being the lowest. Ratings of BBB or higher are considered to be investment-grade quality. Holdings designated as "Not Rated" (if any) are not rated by the national ratings agencies stated above. |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g35982g49w49.jpg)

## Additional Information
If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report October 31, 2025

# EVFHX-TSR-AR

# Eaton Vance Floating-Rate & High Income Fund
![Image](g35982g51m36.jpg)

# Class C ECFHX

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about the Eaton Vance Floating-Rate & High Income Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last year?<sup>**Footnote Reference \***</sup>
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $187 | 1.83% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Expenses in the table reflect the expenses of both the Fund and Eaton Vance Floating Rate Portfolio and High Income Opportunities Portfolio, the Portfolios in which it invests. |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Morningstar<sup><sup>®</sup></sup> LSTA<sup><sup>®</sup></sup> US Leveraged Loan Index<sup>SM</sup> (the Index):

↓ Loan selection in the energy equipment & services, professional services, and machinery industries detracted most from Index-relative returns

↓ Loan selection and an underweight in the single B credit tier generally weighed on Index-relative returns

↓ The largest loan detractor from performance was an overweight to a contract production and packaging of beverages that completed an out-of-court restructuring

↑ The Fund's allocation to high-yield bonds aided returns as these fixed-rate bonds benefited from the interest-rate environment and generally outpaced the Index

↑ The Fund's allocation to debt tranches of collateralized loan obligations (CLOs) helped returns, as CLO debt rated BBB and BB generally outperformed the Index

↑ Loan selection was positive in automobile components. The Fund's top loan contributor was an underweight to a defaulted auto components company

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g35982g03k99.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C** | **Bloomberg U.S. Universal Index** | **Morningstar<sup>®</sup> LSTA<sup>®</sup> US Leveraged Loan Index℠** |
| **10/15** | $10000 | $10000 | $10000 |
| **11/15** | $9864 | $9964 | $9912 |
| **12/15** | $9731 | $9914 | $9808 |
| **1/16** | $9641 | $10023 | $9744 |
| **2/16** | $9623 | $10094 | $9693 |
| **3/16** | $9915 | $10218 | $9960 |
| **4/16** | $10147 | $10288 | $10158 |
| **5/16** | $10214 | $10296 | $10248 |
| **6/16** | $10208 | $10477 | $10250 |
| **7/16** | $10346 | $10563 | $10397 |
| **8/16** | $10425 | $10575 | $10475 |
| **9/16** | $10516 | $10577 | $10566 |
| **10/16** | $10594 | $10507 | $10653 |
| **11/16** | $10596 | $10271 | $10681 |
| **12/16** | $10749 | $10301 | $10805 |
| **1/17** | $10814 | $10338 | $10865 |
| **2/17** | $10862 | $10418 | $10920 |
| **3/17** | $10889 | $10414 | $10928 |
| **4/17** | $10941 | $10500 | $10976 |
| **5/17** | $10982 | $10581 | $11016 |
| **6/17** | $10973 | $10573 | $11011 |
| **7/17** | $11040 | $10625 | $11087 |
| **8/17** | $11019 | $10717 | $11082 |
| **9/17** | $11060 | $10679 | $11126 |
| **10/17** | $11115 | $10692 | $11192 |
| **11/17** | $11119 | $10676 | $11205 |
| **12/17** | $11136 | $10723 | $11250 |
| **1/18** | $11229 | $10620 | $11358 |
| **2/18** | $11221 | $10519 | $11380 |
| **3/18** | $11239 | $10572 | $11412 |
| **4/18** | $11283 | $10501 | $11460 |
| **5/18** | $11291 | $10559 | $11479 |
| **6/18** | $11298 | $10543 | $11492 |
| **7/18** | $11383 | $10565 | $11577 |
| **8/18** | $11429 | $10618 | $11624 |
| **9/18** | $11487 | $10572 | $11704 |
| **10/18** | $11445 | $10484 | $11700 |
| **11/18** | $11324 | $10531 | $11594 |
| **12/18** | $11049 | $10696 | $11299 |
| **1/19** | $11322 | $10843 | $11587 |
| **2/19** | $11463 | $10855 | $11771 |
| **3/19** | $11452 | $11051 | $11751 |
| **4/19** | $11595 | $11066 | $11945 |
| **5/19** | $11541 | $11236 | $11919 |
| **6/19** | $11578 | $11395 | $11948 |
| **7/19** | $11638 | $11429 | $12044 |
| **8/19** | $11609 | $11687 | $12011 |
| **9/19** | $11645 | $11637 | $12067 |
| **10/19** | $11597 | $11674 | $12012 |
| **11/19** | $11643 | $11672 | $12083 |
| **12/19** | $11821 | $11689 | $12276 |
| **1/20** | $11855 | $11899 | $12344 |
| **2/20** | $11694 | $12077 | $12181 |
| **3/20** | $10332 | $11841 | $10674 |
| **4/20** | $10717 | $12078 | $11155 |
| **5/20** | $11060 | $12191 | $11578 |
| **6/20** | $11196 | $12293 | $11710 |
| **7/20** | $11402 | $12509 | $11939 |
| **8/20** | $11555 | $12437 | $12118 |
| **9/20** | $11567 | $12414 | $12194 |
| **10/20** | $11597 | $12370 | $12219 |
| **11/20** | $11903 | $12531 | $12491 |
| **12/20** | $12032 | $12575 | $12659 |
| **1/21** | $12142 | $12496 | $12810 |
| **2/21** | $12194 | $12334 | $12885 |
| **3/21** | $12165 | $12191 | $12885 |
| **4/21** | $12221 | $12293 | $12951 |
| **5/21** | $12273 | $12340 | $13026 |
| **6/21** | $12341 | $12430 | $13074 |
| **7/21** | $12338 | $12555 | $13073 |
| **8/21** | $12406 | $12547 | $13135 |
| **9/21** | $12445 | $12440 | $13219 |
| **10/21** | $12455 | $12429 | $13254 |
| **11/21** | $12394 | $12444 | $13233 |
| **12/21** | $12478 | $12436 | $13318 |
| **1/22** | $12416 | $12163 | $13366 |
| **2/22** | $12367 | $11998 | $13298 |
| **3/22** | $12351 | $11676 | $13304 |
| **4/22** | $12250 | $11240 | $13333 |
| **5/22** | $12005 | $11302 | $12992 |
| **6/22** | $11603 | $11076 | $12710 |
| **7/22** | $11933 | $11355 | $12981 |
| **8/22** | $11990 | $11060 | $13177 |
| **9/22** | $11651 | $10583 | $12877 |
| **10/22** | $11782 | $10467 | $13005 |
| **11/22** | $11990 | $10857 | $13161 |
| **12/22** | $11963 | $10820 | $13215 |
| **1/23** | $12297 | $11156 | $13568 |
| **2/23** | $12314 | $10882 | $13646 |
| **3/23** | $12322 | $11137 | $13642 |
| **4/23** | $12420 | $11205 | $13785 |
| **5/23** | $12384 | $11089 | $13760 |
| **6/23** | $12594 | $11072 | $14071 |
| **7/23** | $12747 | $11083 | $14252 |
| **8/23** | $12858 | $11016 | $14419 |
| **9/23** | $12868 | $10753 | $14558 |
| **10/23** | $12805 | $10592 | $14555 |
| **11/23** | $13044 | $11068 | $14733 |
| **12/23** | $13285 | $11488 | $14976 |
| **1/24** | $13351 | $11461 | $15077 |
| **2/24** | $13427 | $11323 | $15214 |
| **3/24** | $13541 | $11435 | $15343 |
| **4/24** | $13556 | $11167 | $15436 |
| **5/24** | $13655 | $11352 | $15581 |
| **6/24** | $13702 | $11456 | $15635 |
| **7/24** | $13801 | $11716 | $15742 |
| **8/24** | $13899 | $11889 | $15842 |
| **9/24** | $13978 | $12052 | $15955 |
| **10/24** | $14056 | $11778 | $16092 |
| **11/24** | $14149 | $11902 | $16225 |
| **12/24** | $14192 | $11722 | $16317 |
| **1/25** | $14285 | $11793 | $16429 |
| **2/25** | $14303 | $12037 | $16447 |
| **3/25** | $14173 | $12034 | $16395 |
| **4/25** | $14163 | $12077 | $16386 |
| **5/25** | $14361 | $12015 | $16641 |
| **6/25** | $14470 | $12203 | $16775 |
| **7/25** | $14511 | $12185 | $16922 |
| **8/25** | $14568 | $12331 | $16997 |
| **9/25** | $14638 | $12462 | $17072 |
| **10/25** | $14875 | $12544 | $17109 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class C, with conversion to Class A after 8 years | 4.14% | 4.77% | 4.05% |
| Class C, with 1% Maximum Contingent Deferred Sales Charge and conversion to Class A after 8 years | 3.17% | 4.77% | 4.05% |
| Bloomberg U.S. Universal Index | 6.51% | 0.28% | 2.29% |
| Morningstar<sup>®</sup>LSTA<sup>®</sup> US Leveraged Loan Index℠ | 6.32% | 6.96% | 5.51% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $711155791 |
| # of Portfolio Holdings (for Eaton Vance Floating Rate Portfolio and High Income Opportunities Portfolio) | 1063 |
| Portfolio Turnover Rate | 5% |
| Total Advisory Fees Paid | $3970600 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

References to the Fund's investments are to the Fund's pro rata share of the investments of Eaton Vance Floating Rate Portfolio and High Income Opportunities Portfolio, affiliated investment companies in which the Fund invests substantially all of its assets.

### Asset Allocation (% of net assets)
![Group By Asset Type Chart](g35982g44v76.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Net Assets<sup>Footnote Reference‡</sup> | 1.6% |
| Common Stocks | 1.5% |
| Asset-Backed Securities | 2.4% |
| Short-Term Investments | 4.3% |
| Corporate Bonds | 16.3% |
| Senior Floating-Rate Loans<sup>Footnote Reference\*</sup> | 73.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>‡</sup>  | &nbsp;&nbsp;Other Net Assets represents other assets less liabilities and includes any investment type less than 1% of net assets. |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Net of unfunded loan commitments. |

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Credit Rating Chart](g35982g28m91.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 4.4% |
| CCC or Lower | 5.6% |
| B | 60.5% |
| BB | 25.6% |
| BBB | 3.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excludes short-term investments, and equities for Eaton Vance Floating Rate Portfolio (FRP). FRP: Ratings are based on S&P Global Ratings ("S&P"); High Income Opportunities Portfolio: Ratings are based on Moody's Investors Service, Inc. ("Moody's"), S&P or Fitch Ratings ("Fitch"). This breakdown assigns a numeric equivalent to the ratings from the aforementioned agencies and the mean is rounded to the nearest integer and converted to an equivalent S&P rating ranging from AAA, being the highest, to D, being the lowest. Ratings of BBB or higher are considered to be investment-grade quality. Holdings designated as "Not Rated" (if any) are not rated by the national ratings agencies stated above. |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g35982g49w49.jpg)

## Additional Information
If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report October 31, 2025

# ECFHX-TSR-AR

# Eaton Vance Floating-Rate & High Income Fund
![Image](g35982g51m36.jpg)

# Class I EIFHX

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about the Eaton Vance Floating-Rate & High Income Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last year?<sup>**Footnote Reference \***</sup>
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $85 | 0.83% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Expenses in the table reflect the expenses of both the Fund and Eaton Vance Floating Rate Portfolio and High Income Opportunities Portfolio, the Portfolios in which it invests. |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Morningstar<sup><sup>®</sup></sup> LSTA<sup><sup>®</sup></sup> US Leveraged Loan Index<sup>SM</sup> (the Index):

↓ Loan selection in the energy equipment & services, professional services, and machinery industries detracted most from Index-relative returns

↓ Loan selection and an underweight in the single B credit tier generally weighed on Index-relative returns

↓ The largest loan detractor from performance was an overweight to a contract production and packaging of beverages that completed an out-of-court restructuring

↑ The Fund's allocation to high-yield bonds aided returns as these fixed-rate bonds benefited from the interest-rate environment and generally outpaced the Index

↑ The Fund's allocation to debt tranches of collateralized loan obligations (CLOs) helped returns, as CLO debt rated BBB and BB generally outperformed the Index

↑ Loan selection was positive in automobile components. The Fund's top loan contributor was an underweight to a defaulted auto components company

## Fund Performance
Comparison of the change in value of a $1,000,000 investment for the period indicated.

![Growth of 10K Chart](g35982g89s72.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Bloomberg U.S. Universal Index** | **Morningstar<sup>®</sup> LSTA<sup>®</sup> US Leveraged Loan Index℠** |
| **10/15** | $1000000 | $1000000 | $1000000 |
| **11/15** | $987293 | $996353 | $991240 |
| **12/15** | $974756 | $991376 | $980832 |
| **1/16** | $966672 | $1002320 | $974428 |
| **2/16** | $965637 | $1009440 | $969293 |
| **3/16** | $995705 | $1021811 | $996005 |
| **4/16** | $1019768 | $1028772 | $1015777 |
| **5/16** | $1027303 | $1029576 | $1024833 |
| **6/16** | $1027551 | $1047701 | $1025049 |
| **7/16** | $1042285 | $1056335 | $1039713 |
| **8/16** | $1052389 | $1057474 | $1047520 |
| **9/16** | $1061144 | $1057726 | $1056570 |
| **10/16** | $1069903 | $1050709 | $1065291 |
| **11/16** | $1072203 | $1027092 | $1068111 |
| **12/16** | $1087387 | $1030143 | $1080461 |
| **1/17** | $1094816 | $1033777 | $1086507 |
| **2/17** | $1100607 | $1041753 | $1091959 |
| **3/17** | $1104230 | $1041404 | $1092837 |
| **4/17** | $1110445 | $1050045 | $1097608 |
| **5/17** | $1115553 | $1058147 | $1101621 |
| **6/17** | $1116817 | $1057250 | $1101149 |
| **7/17** | $1123249 | $1062516 | $1108725 |
| **8/17** | $1122148 | $1071683 | $1108237 |
| **9/17** | $1127235 | $1067911 | $1112569 |
| **10/17** | $1133763 | $1069193 | $1119224 |
| **11/17** | $1135065 | $1067575 | $1120522 |
| **12/17** | $1137749 | $1072282 | $1124960 |
| **1/18** | $1148285 | $1061963 | $1135787 |
| **2/18** | $1148275 | $1051894 | $1138043 |
| **3/18** | $1151155 | $1057199 | $1141249 |
| **4/18** | $1157855 | $1050145 | $1145965 |
| **5/18** | $1158386 | $1055872 | $1147897 |
| **6/18** | $1160055 | $1054340 | $1149221 |
| **7/18** | $1169749 | $1056547 | $1157714 |
| **8/18** | $1175479 | $1061752 | $1162359 |
| **9/18** | $1182381 | $1057203 | $1170351 |
| **10/18** | $1179096 | $1048359 | $1169987 |
| **11/18** | $1167641 | $1053074 | $1159432 |
| **12/18** | $1140339 | $1069550 | $1129926 |
| **1/19** | $1169486 | $1084296 | $1158701 |
| **2/19** | $1184904 | $1085478 | $1177144 |
| **3/19** | $1184775 | $1105079 | $1175090 |
| **4/19** | $1201901 | $1106626 | $1194497 |
| **5/19** | $1195968 | $1123578 | $1191907 |
| **6/19** | $1200779 | $1139470 | $1194795 |
| **7/19** | $1208073 | $1142862 | $1204372 |
| **8/19** | $1206137 | $1168722 | $1201062 |
| **9/19** | $1210800 | $1163659 | $1206665 |
| **10/19** | $1206860 | $1167418 | $1201237 |
| **11/19** | $1212643 | $1167185 | $1208295 |
| **12/19** | $1233636 | $1168924 | $1227572 |
| **1/20** | $1236752 | $1189904 | $1234431 |
| **2/20** | $1221048 | $1207721 | $1218117 |
| **3/20** | $1080099 | $1184130 | $1067434 |
| **4/20** | $1121110 | $1207849 | $1115486 |
| **5/20** | $1157921 | $1219130 | $1157825 |
| **6/20** | $1173087 | $1229303 | $1171004 |
| **7/20** | $1195581 | $1250897 | $1193922 |
| **8/20** | $1212712 | $1243684 | $1211755 |
| **9/20** | $1214937 | $1241442 | $1219439 |
| **10/20** | $1219061 | $1237005 | $1221919 |
| **11/20** | $1252158 | $1253147 | $1249119 |
| **12/20** | $1266742 | $1257475 | $1265928 |
| **1/21** | $1279371 | $1249571 | $1280980 |
| **2/21** | $1285899 | $1233448 | $1288507 |
| **3/21** | $1283886 | $1219093 | $1288475 |
| **4/21** | $1290829 | $1229345 | $1295097 |
| **5/21** | $1297521 | $1234034 | $1302619 |
| **6/21** | $1305701 | $1243030 | $1307444 |
| **7/21** | $1306490 | $1255512 | $1307271 |
| **8/21** | $1314822 | $1254673 | $1313479 |
| **9/21** | $1320029 | $1243959 | $1321918 |
| **10/21** | $1322261 | $1242942 | $1325443 |
| **11/21** | $1316854 | $1244444 | $1323329 |
| **12/21** | $1326813 | $1243605 | $1331786 |
| **1/22** | $1321441 | $1216340 | $1336629 |
| **2/22** | $1318796 | $1199756 | $1329766 |
| **3/22** | $1316661 | $1167568 | $1330401 |
| **4/22** | $1308485 | $1124021 | $1333289 |
| **5/22** | $1282014 | $1130205 | $1299180 |
| **6/22** | $1240247 | $1107621 | $1271039 |
| **7/22** | $1276535 | $1135469 | $1298143 |
| **8/22** | $1283976 | $1105951 | $1317747 |
| **9/22** | $1249257 | $1058302 | $1287733 |
| **10/22** | $1263686 | $1046690 | $1300529 |
| **11/22** | $1286980 | $1085718 | $1316107 |
| **12/22** | $1285111 | $1082030 | $1321517 |
| **1/23** | $1322023 | $1115595 | $1356766 |
| **2/23** | $1324939 | $1088183 | $1364593 |
| **3/23** | $1326905 | $1113711 | $1364164 |
| **4/23** | $1338584 | $1120515 | $1378512 |
| **5/23** | $1335827 | $1108897 | $1375980 |
| **6/23** | $1359564 | $1107174 | $1407134 |
| **7/23** | $1377189 | $1108275 | $1425220 |
| **8/23** | $1390384 | $1101601 | $1441918 |
| **9/23** | $1392610 | $1075333 | $1455796 |
| **10/23** | $1386980 | $1059162 | $1455531 |
| **11/23** | $1413992 | $1106829 | $1473284 |
| **12/23** | $1441331 | $1148827 | $1497560 |
| **1/24** | $1449624 | $1146078 | $1507669 |
| **2/24** | $1459063 | $1132337 | $1521378 |
| **3/24** | $1472698 | $1143455 | $1534339 |
| **4/24** | $1477315 | $1116734 | $1543570 |
| **5/24** | $1487578 | $1135245 | $1558065 |
| **6/24** | $1493918 | $1145623 | $1563507 |
| **7/24** | $1507821 | $1171626 | $1574170 |
| **8/24** | $1517951 | $1188874 | $1584158 |
| **9/24** | $1527862 | $1205180 | $1595460 |
| **10/24** | $1537630 | $1177807 | $1609188 |
| **11/24** | $1549006 | $1190224 | $1622490 |
| **12/24** | $1555025 | $1172248 | $1631665 |
| **1/25** | $1566552 | $1179312 | $1642939 |
| **2/25** | $1569703 | $1203695 | $1644677 |
| **3/25** | $1558747 | $1203408 | $1639523 |
| **4/25** | $1557039 | $1207658 | $1638644 |
| **5/25** | $1580104 | $1201533 | $1664096 |
| **6/25** | $1593384 | $1220252 | $1677481 |
| **7/25** | $1599231 | $1218511 | $1692161 |
| **8/25** | $1606857 | $1233147 | $1699725 |
| **9/25** | $1615950 | $1246212 | $1707156 |
| **10/25** | $1617414 | $1254442 | $1710926 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class I | 5.19% | 5.81% | 4.92% |
| Bloomberg U.S. Universal Index | 6.51% | 0.28% | 2.29% |
| Morningstar<sup>®</sup>LSTA<sup>®</sup> US Leveraged Loan Index℠ | 6.32% | 6.96% | 5.51% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $711155791 |
| # of Portfolio Holdings (for Eaton Vance Floating Rate Portfolio and High Income Opportunities Portfolio) | 1063 |
| Portfolio Turnover Rate | 5% |
| Total Advisory Fees Paid | $3970600 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

References to the Fund's investments are to the Fund's pro rata share of the investments of Eaton Vance Floating Rate Portfolio and High Income Opportunities Portfolio, affiliated investment companies in which the Fund invests substantially all of its assets.

### Asset Allocation (% of net assets)
![Group By Asset Type Chart](g35982g44v76.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Net Assets<sup>Footnote Reference‡</sup> | 1.6% |
| Common Stocks | 1.5% |
| Asset-Backed Securities | 2.4% |
| Short-Term Investments | 4.3% |
| Corporate Bonds | 16.3% |
| Senior Floating-Rate Loans<sup>Footnote Reference\*</sup> | 73.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>‡</sup>  | &nbsp;&nbsp;Other Net Assets represents other assets less liabilities and includes any investment type less than 1% of net assets. |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Net of unfunded loan commitments. |

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Credit Rating Chart](g35982g28m91.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 4.4% |
| CCC or Lower | 5.6% |
| B | 60.5% |
| BB | 25.6% |
| BBB | 3.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excludes short-term investments, and equities for Eaton Vance Floating Rate Portfolio (FRP). FRP: Ratings are based on S&P Global Ratings ("S&P"); High Income Opportunities Portfolio: Ratings are based on Moody's Investors Service, Inc. ("Moody's"), S&P or Fitch Ratings ("Fitch"). This breakdown assigns a numeric equivalent to the ratings from the aforementioned agencies and the mean is rounded to the nearest integer and converted to an equivalent S&P rating ranging from AAA, being the highest, to D, being the lowest. Ratings of BBB or higher are considered to be investment-grade quality. Holdings designated as "Not Rated" (if any) are not rated by the national ratings agencies stated above. |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g35982g49w49.jpg)

## Additional Information
If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report October 31, 2025

# EIFHX-TSR-AR

# Eaton Vance Floating-Rate & High Income Fund
![Image](g35982g51m36.jpg)

# Class R6 ESFHX

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about the Eaton Vance Floating-Rate & High Income Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last year?<sup>**Footnote Reference \***</sup>
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $79 | 0.77% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Expenses in the table reflect the expenses of both the Fund and Eaton Vance Floating Rate Portfolio and High Income Opportunities Portfolio, the Portfolios in which it invests. |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Morningstar<sup><sup>®</sup></sup> LSTA<sup><sup>®</sup></sup> US Leveraged Loan Index<sup>SM</sup> (the Index):

↓ Loan selection in the energy equipment & services, professional services, and machinery industries detracted most from Index-relative returns

↓ Loan selection and an underweight in the single B credit tier generally weighed on Index-relative returns

↓ The largest loan detractor from performance was an overweight to a contract production and packaging of beverages that completed an out-of-court restructuring

↑ The Fund's allocation to high-yield bonds aided returns as these fixed-rate bonds benefited from the interest-rate environment and generally outpaced the Index

↑ The Fund's allocation to debt tranches of collateralized loan obligations (CLOs) helped returns, as CLO debt rated BBB and BB generally outperformed the Index

↑ Loan selection was positive in automobile components. The Fund's top loan contributor was an underweight to a defaulted auto components company

## Fund Performance
Comparison of the change in value of a $5,000,000 investment for the period indicated.

![Growth of 10K Chart](g35982g88h82.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Bloomberg U.S. Universal Index** | **Morningstar<sup>®</sup> LSTA<sup>®</sup> US Leveraged Loan Index℠** |
| **10/15** | $5000000 | $5000000 | $5000000 |
| **11/15** | $4936464 | $4981766 | $4956200 |
| **12/15** | $4873781 | $4956879 | $4904160 |
| **1/16** | $4833361 | $5011598 | $4872138 |
| **2/16** | $4828186 | $5047198 | $4846467 |
| **3/16** | $4978525 | $5109053 | $4980025 |
| **4/16** | $5098839 | $5143862 | $5078886 |
| **5/16** | $5136516 | $5147880 | $5124163 |
| **6/16** | $5137894 | $5238507 | $5125247 |
| **7/16** | $5212308 | $5281675 | $5198563 |
| **8/16** | $5257225 | $5287372 | $5237601 |
| **9/16** | $5307703 | $5288629 | $5282850 |
| **10/16** | $5354459 | $5253543 | $5326456 |
| **11/16** | $5359287 | $5135458 | $5340555 |
| **12/16** | $5435124 | $5150713 | $5402306 |
| **1/17** | $5478695 | $5168885 | $5432535 |
| **2/17** | $5506639 | $5208767 | $5459794 |
| **3/17** | $5524983 | $5207022 | $5464185 |
| **4/17** | $5556299 | $5250226 | $5488038 |
| **5/17** | $5582075 | $5290734 | $5508103 |
| **6/17** | $5582226 | $5286248 | $5505744 |
| **7/17** | $5620907 | $5312578 | $5543626 |
| **8/17** | $5615588 | $5358413 | $5541183 |
| **9/17** | $5641241 | $5339555 | $5562847 |
| **10/17** | $5674136 | $5345966 | $5596118 |
| **11/17** | $5680850 | $5337876 | $5602611 |
| **12/17** | $5694485 | $5361408 | $5624799 |
| **1/18** | $5747419 | $5309816 | $5678937 |
| **2/18** | $5747565 | $5259468 | $5690213 |
| **3/18** | $5762187 | $5285995 | $5706247 |
| **4/18** | $5789435 | $5250724 | $5729825 |
| **5/18** | $5798805 | $5279359 | $5739485 |
| **6/18** | $5807351 | $5271702 | $5746104 |
| **7/18** | $5856076 | $5282735 | $5788571 |
| **8/18** | $5885038 | $5308761 | $5811795 |
| **9/18** | $5919804 | $5286013 | $5851753 |
| **10/18** | $5903931 | $5241794 | $5849936 |
| **11/18** | $5846824 | $5265368 | $5797159 |
| **12/18** | $5710395 | $5347748 | $5649631 |
| **1/19** | $5856725 | $5421482 | $5793507 |
| **2/19** | $5934177 | $5427391 | $5885722 |
| **3/19** | $5933796 | $5525397 | $5875448 |
| **4/19** | $6019897 | $5533131 | $5972486 |
| **5/19** | $5990468 | $5617891 | $5959534 |
| **6/19** | $6014862 | $5697352 | $5973973 |
| **7/19** | $6051722 | $5714311 | $6021862 |
| **8/19** | $6041959 | $5843610 | $6005311 |
| **9/19** | $6065628 | $5818293 | $6033327 |
| **10/19** | $6046193 | $5837092 | $6006187 |
| **11/19** | $6075542 | $5835924 | $6041475 |
| **12/19** | $6181042 | $5844621 | $6137861 |
| **1/20** | $6196972 | $5949520 | $6172156 |
| **2/20** | $6118578 | $6038603 | $6090586 |
| **3/20** | $5412397 | $5920648 | $5337170 |
| **4/20** | $5618254 | $6039247 | $5577432 |
| **5/20** | $5803078 | $6095652 | $5789125 |
| **6/20** | $5879435 | $6146514 | $5855019 |
| **7/20** | $5992533 | $6254483 | $5969611 |
| **8/20** | $6077901 | $6218418 | $6058776 |
| **9/20** | $6089354 | $6207211 | $6097196 |
| **10/20** | $6109512 | $6185025 | $6109597 |
| **11/20** | $6275695 | $6265736 | $6245595 |
| **12/20** | $6349128 | $6287373 | $6329640 |
| **1/21** | $6412760 | $6247854 | $6404900 |
| **2/21** | $6445685 | $6167238 | $6442537 |
| **3/21** | $6435988 | $6095467 | $6442376 |
| **4/21** | $6471606 | $6146723 | $6475484 |
| **5/21** | $6505399 | $6170168 | $6513096 |
| **6/21** | $6546636 | $6215150 | $6537220 |
| **7/21** | $6550820 | $6277558 | $6536355 |
| **8/21** | $6593107 | $6273367 | $6567395 |
| **9/21** | $6619472 | $6219796 | $6609592 |
| **10/21** | $6630993 | $6214712 | $6627214 |
| **11/21** | $6604135 | $6222219 | $6616645 |
| **12/21** | $6654333 | $6218024 | $6658931 |
| **1/22** | $6627644 | $6081699 | $6683146 |
| **2/22** | $6614688 | $5998781 | $6648830 |
| **3/22** | $6604217 | $5837841 | $6652007 |
| **4/22** | $6563445 | $5620104 | $6666443 |
| **5/22** | $6430899 | $5651027 | $6495902 |
| **6/22** | $6221612 | $5538106 | $6355193 |
| **7/22** | $6403894 | $5677345 | $6490715 |
| **8/22** | $6441515 | $5529755 | $6588733 |
| **9/22** | $6267336 | $5291512 | $6438663 |
| **10/22** | $6340668 | $5233452 | $6502645 |
| **11/22** | $6458091 | $5428589 | $6580537 |
| **12/22** | $6449089 | $5410151 | $6607584 |
| **1/23** | $6634714 | $5577976 | $6783832 |
| **2/23** | $6649524 | $5440916 | $6822963 |
| **3/23** | $6659776 | $5568556 | $6820821 |
| **4/23** | $6718624 | $5602573 | $6892559 |
| **5/23** | $6705210 | $5544487 | $6879899 |
| **6/23** | $6824783 | $5535870 | $7035670 |
| **7/23** | $6913703 | $5541373 | $7126102 |
| **8/23** | $6980397 | $5508004 | $7209592 |
| **9/23** | $6992021 | $5376665 | $7278978 |
| **10/23** | $6963910 | $5295810 | $7277657 |
| **11/23** | $7099958 | $5534147 | $7366422 |
| **12/23** | $7237681 | $5744136 | $7487798 |
| **1/24** | $7279806 | $5730389 | $7538346 |
| **2/24** | $7327639 | $5661684 | $7606888 |
| **3/24** | $7396493 | $5717273 | $7671694 |
| **4/24** | $7419883 | $5583670 | $7717851 |
| **5/24** | $7471744 | $5676226 | $7790327 |
| **6/24** | $7503995 | $5728116 | $7817537 |
| **7/24** | $7574334 | $5858131 | $7870851 |
| **8/24** | $7625545 | $5944368 | $7920788 |
| **9/24** | $7675655 | $6025898 | $7977298 |
| **10/24** | $7725350 | $5889033 | $8045940 |
| **11/24** | $7782823 | $5951119 | $8112449 |
| **12/24** | $7822765 | $5861240 | $8158325 |
| **1/25** | $7871595 | $5896559 | $8214695 |
| **2/25** | $7887753 | $6018474 | $8223386 |
| **3/25** | $7833064 | $6017038 | $8197617 |
| **4/25** | $7825224 | $6038290 | $8193221 |
| **5/25** | $7941627 | $6007665 | $8320479 |
| **6/25** | $8008794 | $6101262 | $8387404 |
| **7/25** | $8038526 | $6092553 | $8460806 |
| **8/25** | $8077202 | $6165735 | $8498627 |
| **9/25** | $8123250 | $6231062 | $8535781 |
| **10/25** | $8131013 | $6272211 | $8554630 |

---

## Average Annual Total Returns (%)<sup>**Footnote Reference 1**</sup>

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class R6 | 5.25% | 5.88% | 4.98% |
| Bloomberg U.S. Universal Index | 6.51% | 0.28% | 2.29% |
| Morningstar<sup>®</sup>LSTA<sup>®</sup> US Leveraged Loan Index℠ | 6.32% | 6.96% | 5.51% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Class R6 performance prior to 6/27/16 is linked to Class I. This linked performance is not adjusted for class expense differences. If adjusted for such differences, the performance would be different. Performance presented in the Financial Highlights included in the financial statements is not linked. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $711155791 |
| # of Portfolio Holdings (for Eaton Vance Floating Rate Portfolio and High Income Opportunities Portfolio) | 1063 |
| Portfolio Turnover Rate | 5% |
| Total Advisory Fees Paid | $3970600 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

References to the Fund's investments are to the Fund's pro rata share of the investments of Eaton Vance Floating Rate Portfolio and High Income Opportunities Portfolio, affiliated investment companies in which the Fund invests substantially all of its assets.

### Asset Allocation (% of net assets)
![Group By Asset Type Chart](g35982g44v76.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Net Assets<sup>Footnote Reference‡</sup> | 1.6% |
| Common Stocks | 1.5% |
| Asset-Backed Securities | 2.4% |
| Short-Term Investments | 4.3% |
| Corporate Bonds | 16.3% |
| Senior Floating-Rate Loans<sup>Footnote Reference\*</sup> | 73.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>‡</sup>  | &nbsp;&nbsp;Other Net Assets represents other assets less liabilities and includes any investment type less than 1% of net assets. |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Net of unfunded loan commitments. |

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Credit Rating Chart](g35982g28m91.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 4.4% |
| CCC or Lower | 5.6% |
| B | 60.5% |
| BB | 25.6% |
| BBB | 3.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excludes short-term investments, and equities for Eaton Vance Floating Rate Portfolio (FRP). FRP: Ratings are based on S&P Global Ratings ("S&P"); High Income Opportunities Portfolio: Ratings are based on Moody's Investors Service, Inc. ("Moody's"), S&P or Fitch Ratings ("Fitch"). This breakdown assigns a numeric equivalent to the ratings from the aforementioned agencies and the mean is rounded to the nearest integer and converted to an equivalent S&P rating ranging from AAA, being the highest, to D, being the lowest. Ratings of BBB or higher are considered to be investment-grade quality. Holdings designated as "Not Rated" (if any) are not rated by the national ratings agencies stated above. |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g35982g49w49.jpg)

## Additional Information
If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report October 31, 2025

# ESFHX-TSR-AR

# Eaton Vance Floating-Rate Fund
![Image](g35982g51m36.jpg)

# Advisers Class EABLX

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about the Eaton Vance Floating-Rate Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last year?<sup>**Footnote Reference \***</sup>
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Advisers Class | $109 | 1.07% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Expenses in the table reflect the expenses of both the Fund and Eaton Vance Floating Rate Portfolio, the Portfolio in which it invests. |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Morningstar<sup><sup>®</sup></sup> LSTA<sup><sup>®</sup></sup> US Leveraged Loan Index (the Index):

↓ Loan selection in the energy equipment and services, professional services, and machinery industries detracted most from Index-relative returns

↓ Loan selection and an underweight in the single B credit tier generally weighed on Index-relative returns

↓ The largest single detractor from performance was an overweight to a contract producer and packager of beverages that completed an out-of-court restructuring

↑ The Fund's allocation to secured high-yield bonds aided returns, as these fixed-rate bonds benefited from the interest-rate environment and outpaced the Index

↑ The Fund's allocation to debt tranches of collateralized loan obligations (CLOs) helped returns, as CLO debt rated BBB and BB generally outperformed the Index

↑ Loan selection was positive in automobile components. The Fund's top contributor was an underweight to a defaulted auto components company

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g35982g31o00.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Advisers Class** | **Bloomberg U.S. Universal Index** | **Morningstar<sup>®</sup> LSTA<sup>®</sup> US Leveraged Loan Index℠** |
| **10/15** | $10000 | $10000 | $10000 |
| **11/15** | $9872 | $9964 | $9912 |
| **12/15** | $9757 | $9914 | $9808 |
| **1/16** | $9674 | $10023 | $9744 |
| **2/16** | $9636 | $10094 | $9693 |
| **3/16** | $9941 | $10218 | $9960 |
| **4/16** | $10187 | $10288 | $10158 |
| **5/16** | $10257 | $10296 | $10248 |
| **6/16** | $10256 | $10477 | $10250 |
| **7/16** | $10386 | $10563 | $10397 |
| **8/16** | $10457 | $10575 | $10475 |
| **9/16** | $10563 | $10577 | $10566 |
| **10/16** | $10658 | $10507 | $10653 |
| **11/16** | $10676 | $10271 | $10681 |
| **12/16** | $10822 | $10301 | $10805 |
| **1/17** | $10891 | $10338 | $10865 |
| **2/17** | $10943 | $10418 | $10920 |
| **3/17** | $10974 | $10414 | $10928 |
| **4/17** | $11019 | $10500 | $10976 |
| **5/17** | $11065 | $10581 | $11016 |
| **6/17** | $11060 | $10573 | $11011 |
| **7/17** | $11119 | $10625 | $11087 |
| **8/17** | $11117 | $10717 | $11082 |
| **9/17** | $11162 | $10679 | $11126 |
| **10/17** | $11222 | $10692 | $11192 |
| **11/17** | $11243 | $10676 | $11205 |
| **12/17** | $11265 | $10723 | $11250 |
| **1/18** | $11376 | $10620 | $11358 |
| **2/18** | $11397 | $10519 | $11380 |
| **3/18** | $11434 | $10572 | $11412 |
| **4/18** | $11495 | $10501 | $11460 |
| **5/18** | $11509 | $10559 | $11479 |
| **6/18** | $11521 | $10543 | $11492 |
| **7/18** | $11612 | $10565 | $11577 |
| **8/18** | $11665 | $10618 | $11624 |
| **9/18** | $11729 | $10572 | $11704 |
| **10/18** | $11720 | $10484 | $11700 |
| **11/18** | $11618 | $10531 | $11594 |
| **12/18** | $11325 | $10696 | $11299 |
| **1/19** | $11579 | $10843 | $11587 |
| **2/19** | $11739 | $10855 | $11771 |
| **3/19** | $11710 | $11051 | $11751 |
| **4/19** | $11874 | $11066 | $11945 |
| **5/19** | $11827 | $11236 | $11919 |
| **6/19** | $11845 | $11395 | $11948 |
| **7/19** | $11915 | $11429 | $12044 |
| **8/19** | $11881 | $11687 | $12011 |
| **9/19** | $11923 | $11637 | $12067 |
| **10/19** | $11856 | $11674 | $12012 |
| **11/19** | $11921 | $11672 | $12083 |
| **12/19** | $12094 | $11689 | $12276 |
| **1/20** | $12148 | $11899 | $12344 |
| **2/20** | $12007 | $12077 | $12181 |
| **3/20** | $10639 | $11841 | $10674 |
| **4/20** | $11017 | $12078 | $11155 |
| **5/20** | $11369 | $12191 | $11578 |
| **6/20** | $11527 | $12293 | $11710 |
| **7/20** | $11684 | $12509 | $11939 |
| **8/20** | $11872 | $12437 | $12118 |
| **9/20** | $11918 | $12414 | $12194 |
| **10/20** | $11939 | $12370 | $12219 |
| **11/20** | $12225 | $12531 | $12491 |
| **12/20** | $12364 | $12575 | $12659 |
| **1/21** | $12495 | $12496 | $12810 |
| **2/21** | $12539 | $12334 | $12885 |
| **3/21** | $12515 | $12191 | $12885 |
| **4/21** | $12563 | $12293 | $12951 |
| **5/21** | $12623 | $12340 | $13026 |
| **6/21** | $12683 | $12430 | $13074 |
| **7/21** | $12672 | $12555 | $13073 |
| **8/21** | $12762 | $12547 | $13135 |
| **9/21** | $12793 | $12440 | $13219 |
| **10/21** | $12810 | $12429 | $13254 |
| **11/21** | $12783 | $12444 | $13233 |
| **12/21** | $12850 | $12436 | $13318 |
| **1/22** | $12852 | $12163 | $13366 |
| **2/22** | $12793 | $11998 | $13298 |
| **3/22** | $12783 | $11676 | $13304 |
| **4/22** | $12760 | $11240 | $13333 |
| **5/22** | $12444 | $11302 | $12992 |
| **6/22** | $12114 | $11076 | $12710 |
| **7/22** | $12385 | $11355 | $12981 |
| **8/22** | $12530 | $11060 | $13177 |
| **9/22** | $12211 | $10583 | $12877 |
| **10/22** | $12336 | $10467 | $13005 |
| **11/22** | $12515 | $10857 | $13161 |
| **12/22** | $12529 | $10820 | $13215 |
| **1/23** | $12854 | $11156 | $13568 |
| **2/23** | $12929 | $10882 | $13646 |
| **3/23** | $12889 | $11137 | $13642 |
| **4/23** | $13019 | $11205 | $13785 |
| **5/23** | $13011 | $11089 | $13760 |
| **6/23** | $13241 | $11072 | $14071 |
| **7/23** | $13414 | $11083 | $14252 |
| **8/23** | $13577 | $11016 | $14419 |
| **9/23** | $13617 | $10753 | $14558 |
| **10/23** | $13583 | $10592 | $14555 |
| **11/23** | $13780 | $11068 | $14733 |
| **12/23** | $14008 | $11488 | $14976 |
| **1/24** | $14108 | $11461 | $15077 |
| **2/24** | $14218 | $11323 | $15214 |
| **3/24** | $14334 | $11435 | $15343 |
| **4/24** | $14380 | $11167 | $15436 |
| **5/24** | $14480 | $11352 | $15581 |
| **6/24** | $14526 | $11456 | $15635 |
| **7/24** | $14644 | $11716 | $15742 |
| **8/24** | $14725 | $11889 | $15842 |
| **9/24** | $14804 | $12052 | $15955 |
| **10/24** | $14917 | $11778 | $16092 |
| **11/24** | $15027 | $11902 | $16225 |
| **12/24** | $15120 | $11722 | $16317 |
| **1/25** | $15195 | $11793 | $16429 |
| **2/25** | $15224 | $12037 | $16447 |
| **3/25** | $15100 | $12034 | $16395 |
| **4/25** | $15086 | $12077 | $16386 |
| **5/25** | $15308 | $12015 | $16641 |
| **6/25** | $15398 | $12203 | $16775 |
| **7/25** | $15472 | $12185 | $16922 |
| **8/25** | $15507 | $12331 | $16997 |
| **9/25** | $15592 | $12462 | $17072 |
| **10/25** | $15607 | $12544 | $17109 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Advisers Class | 4.62% | 5.50% | 4.55% |
| Bloomberg U.S. Universal Index | 6.51% | 0.28% | 2.29% |
| Morningstar<sup>®</sup>LSTA<sup>®</sup> US Leveraged Loan Index℠ | 6.32% | 6.96% | 5.51% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3838737827 |
| # of Portfolio Holdings (for Eaton Vance Floating Rate Portfolio) | 595 |
| Portfolio Turnover Rate (for Eaton Vance Floating Rate Portfolio) | 35% |
| Total Advisory Fees Paid | $21761315 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

References to the Fund's investments are to the Fund's pro rata share of the investments of Eaton Vance Floating Rate Portfolio, an affiliated investment company in which the Fund invests substantially all of its assets.

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](g35982g20f54.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference†</sup> | 0.9% |
| Common Stocks | 1.6% |
| Asset-Backed Securities | 2.4% |
| Short-Term Investments | 4.4% |
| Corporate Bonds | 5.4% |
| Senior Floating-Rate Loans | 85.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Investment types less than 1% each |

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Credit Rating Chart](g35982g35z99.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 4.3% |
| CCC or Lower | 4.9% |
| B | 63.5% |
| BB | 23.1% |
| BBB | 4.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excludes Short-Term investments and Equities. Ratings are categorized using S&P Global Ratings ("S&P"), with ratings ranging from AAA, being the highest, to D, being the lowest. Ratings of BBB or higher are considered to be investment-grade quality. Holdings designated as "Not Rated" (if any) are not rated by S&P. |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g35982g49w49.jpg)

## Additional Information
If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report October 31, 2025

# EABLX-TSR-AR

# Eaton Vance Floating-Rate Fund
![Image](g35982g51m36.jpg)

# Class A EVBLX

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about the Eaton Vance Floating-Rate Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last year?<sup>**Footnote Reference \***</sup>
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $110 | 1.07% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Expenses in the table reflect the expenses of both the Fund and Eaton Vance Floating Rate Portfolio, the Portfolio in which it invests. |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Morningstar<sup><sup>®</sup></sup> LSTA<sup><sup>®</sup></sup> US Leveraged Loan Index (the Index):

↓ Loan selection in the energy equipment and services, professional services, and machinery industries detracted most from Index-relative returns

↓ Loan selection and an underweight in the single B credit tier generally weighed on Index-relative returns

↓ The largest single detractor from performance was an overweight to a contract producer and packager of beverages that completed an out-of-court restructuring

↑ The Fund's allocation to secured high-yield bonds aided returns, as these fixed-rate bonds benefited from the interest-rate environment and outpaced the Index

↑ The Fund's allocation to debt tranches of collateralized loan obligations (CLOs) helped returns, as CLO debt rated BBB and BB generally outperformed the Index

↑ Loan selection was positive in automobile components. The Fund's top contributor was an underweight to a defaulted auto components company

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g35982g22q43.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with Maximum Sales Charge** | **Bloomberg U.S. Universal Index** | **Morningstar<sup>®</sup> LSTA<sup>®</sup> US Leveraged Loan Index℠** |
| **10/15** | $10000 | $10000 | $10000 |
| **11/15** | $9545 | $9964 | $9912 |
| **12/15** | $9439 | $9914 | $9808 |
| **1/16** | $9363 | $10023 | $9744 |
| **2/16** | $9317 | $10094 | $9693 |
| **3/16** | $9615 | $10218 | $9960 |
| **4/16** | $9845 | $10288 | $10158 |
| **5/16** | $9924 | $10296 | $10248 |
| **6/16** | $9913 | $10477 | $10250 |
| **7/16** | $10046 | $10563 | $10397 |
| **8/16** | $10114 | $10575 | $10475 |
| **9/16** | $10214 | $10577 | $10566 |
| **10/16** | $10303 | $10507 | $10653 |
| **11/16** | $10322 | $10271 | $10681 |
| **12/16** | $10471 | $10301 | $10805 |
| **1/17** | $10536 | $10338 | $10865 |
| **2/17** | $10586 | $10418 | $10920 |
| **3/17** | $10605 | $10414 | $10928 |
| **4/17** | $10659 | $10500 | $10976 |
| **5/17** | $10691 | $10581 | $11016 |
| **6/17** | $10700 | $10573 | $11011 |
| **7/17** | $10756 | $10625 | $11087 |
| **8/17** | $10755 | $10717 | $11082 |
| **9/17** | $10786 | $10679 | $11126 |
| **10/17** | $10855 | $10692 | $11192 |
| **11/17** | $10864 | $10676 | $11205 |
| **12/17** | $10898 | $10723 | $11250 |
| **1/18** | $11003 | $10620 | $11358 |
| **2/18** | $11023 | $10519 | $11380 |
| **3/18** | $11059 | $10572 | $11412 |
| **4/18** | $11117 | $10501 | $11460 |
| **5/18** | $11132 | $10559 | $11479 |
| **6/18** | $11145 | $10543 | $11492 |
| **7/18** | $11231 | $10565 | $11577 |
| **8/18** | $11281 | $10618 | $11624 |
| **9/18** | $11342 | $10572 | $11704 |
| **10/18** | $11335 | $10484 | $11700 |
| **11/18** | $11230 | $10531 | $11594 |
| **12/18** | $10956 | $10696 | $11299 |
| **1/19** | $11208 | $10843 | $11587 |
| **2/19** | $11347 | $10855 | $11771 |
| **3/19** | $11333 | $11051 | $11751 |
| **4/19** | $11488 | $11066 | $11945 |
| **5/19** | $11446 | $11236 | $11919 |
| **6/19** | $11451 | $11395 | $11948 |
| **7/19** | $11519 | $11429 | $12044 |
| **8/19** | $11501 | $11687 | $12011 |
| **9/19** | $11529 | $11637 | $12067 |
| **10/19** | $11467 | $11674 | $12012 |
| **11/19** | $11530 | $11672 | $12083 |
| **12/19** | $11705 | $11689 | $12276 |
| **1/20** | $11745 | $11899 | $12344 |
| **2/20** | $11614 | $12077 | $12181 |
| **3/20** | $10297 | $11841 | $10674 |
| **4/20** | $10652 | $12078 | $11155 |
| **5/20** | $10996 | $12191 | $11578 |
| **6/20** | $11156 | $12293 | $11710 |
| **7/20** | $11305 | $12509 | $11939 |
| **8/20** | $11482 | $12437 | $12118 |
| **9/20** | $11525 | $12414 | $12194 |
| **10/20** | $11558 | $12370 | $12219 |
| **11/20** | $11827 | $12531 | $12491 |
| **12/20** | $11958 | $12575 | $12659 |
| **1/21** | $12082 | $12496 | $12810 |
| **2/21** | $12137 | $12334 | $12885 |
| **3/21** | $12115 | $12191 | $12885 |
| **4/21** | $12162 | $12293 | $12951 |
| **5/21** | $12219 | $12340 | $13026 |
| **6/21** | $12276 | $12430 | $13074 |
| **7/21** | $12266 | $12555 | $13073 |
| **8/21** | $12339 | $12547 | $13135 |
| **9/21** | $12382 | $12440 | $13219 |
| **10/21** | $12399 | $12429 | $13254 |
| **11/21** | $12361 | $12444 | $13233 |
| **12/21** | $12438 | $12436 | $13318 |
| **1/22** | $12442 | $12163 | $13366 |
| **2/22** | $12374 | $11998 | $13298 |
| **3/22** | $12365 | $11676 | $13304 |
| **4/22** | $12345 | $11240 | $13333 |
| **5/22** | $12050 | $11302 | $12992 |
| **6/22** | $11716 | $11076 | $12710 |
| **7/22** | $11985 | $11355 | $12981 |
| **8/22** | $12122 | $11060 | $13177 |
| **9/22** | $11811 | $10583 | $12877 |
| **10/22** | $11931 | $10467 | $13005 |
| **11/22** | $12115 | $10857 | $13161 |
| **12/22** | $12116 | $10820 | $13215 |
| **1/23** | $12437 | $11156 | $13568 |
| **2/23** | $12509 | $10882 | $13646 |
| **3/23** | $12474 | $11137 | $13642 |
| **4/23** | $12599 | $11205 | $13785 |
| **5/23** | $12594 | $11089 | $13760 |
| **6/23** | $12812 | $11072 | $14071 |
| **7/23** | $12977 | $11083 | $14252 |
| **8/23** | $13132 | $11016 | $14419 |
| **9/23** | $13172 | $10753 | $14558 |
| **10/23** | $13128 | $10592 | $14555 |
| **11/23** | $13332 | $11068 | $14733 |
| **12/23** | $13549 | $11488 | $14976 |
| **1/24** | $13646 | $11461 | $15077 |
| **2/24** | $13752 | $11323 | $15214 |
| **3/24** | $13864 | $11435 | $15343 |
| **4/24** | $13910 | $11167 | $15436 |
| **5/24** | $14007 | $11352 | $15581 |
| **6/24** | $14052 | $11456 | $15635 |
| **7/24** | $14167 | $11716 | $15742 |
| **8/24** | $14246 | $11889 | $15842 |
| **9/24** | $14322 | $12052 | $15955 |
| **10/24** | $14431 | $11778 | $16092 |
| **11/24** | $14553 | $11902 | $16225 |
| **12/24** | $14627 | $11722 | $16317 |
| **1/25** | $14700 | $11793 | $16429 |
| **2/25** | $14730 | $12037 | $16447 |
| **3/25** | $14617 | $12034 | $16395 |
| **4/25** | $14590 | $12077 | $16386 |
| **5/25** | $14800 | $12015 | $16641 |
| **6/25** | $14904 | $12203 | $16775 |
| **7/25** | $14959 | $12185 | $16922 |
| **8/25** | $15012 | $12331 | $16997 |
| **9/25** | $15095 | $12462 | $17072 |
| **10/25** | $15114 | $12544 | $17109 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class A | 4.72% | 5.50% | 4.56% |
| Class A with 3.25% Maximum Sales Charge | 1.32% | 4.82% | 4.21% |
| Bloomberg U.S. Universal Index | 6.51% | 0.28% | 2.29% |
| Morningstar<sup>®</sup>LSTA<sup>®</sup> US Leveraged Loan Index℠ | 6.32% | 6.96% | 5.51% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3838737827 |
| # of Portfolio Holdings (for Eaton Vance Floating Rate Portfolio) | 595 |
| Portfolio Turnover Rate (for Eaton Vance Floating Rate Portfolio) | 35% |
| Total Advisory Fees Paid | $21761315 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

References to the Fund's investments are to the Fund's pro rata share of the investments of Eaton Vance Floating Rate Portfolio, an affiliated investment company in which the Fund invests substantially all of its assets.

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](g35982g20f54.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference†</sup> | 0.9% |
| Common Stocks | 1.6% |
| Asset-Backed Securities | 2.4% |
| Short-Term Investments | 4.4% |
| Corporate Bonds | 5.4% |
| Senior Floating-Rate Loans | 85.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Investment types less than 1% each |

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Credit Rating Chart](g35982g35z99.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 4.3% |
| CCC or Lower | 4.9% |
| B | 63.5% |
| BB | 23.1% |
| BBB | 4.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excludes Short-Term investments and Equities. Ratings are categorized using S&P Global Ratings ("S&P"), with ratings ranging from AAA, being the highest, to D, being the lowest. Ratings of BBB or higher are considered to be investment-grade quality. Holdings designated as "Not Rated" (if any) are not rated by S&P. |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g35982g49w49.jpg)

## Additional Information
If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report October 31, 2025

# EVBLX-TSR-AR

# Eaton Vance Floating-Rate Fund
![Image](g35982g51m36.jpg)

# Class C ECBLX

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about the Eaton Vance Floating-Rate Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last year?<sup>**Footnote Reference \***</sup>
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $185 | 1.82% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Expenses in the table reflect the expenses of both the Fund and Eaton Vance Floating Rate Portfolio, the Portfolio in which it invests. |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Morningstar<sup><sup>®</sup></sup> LSTA<sup><sup>®</sup></sup> US Leveraged Loan Index (the Index):

↓ Loan selection in the energy equipment and services, professional services, and machinery industries detracted most from Index-relative returns

↓ Loan selection and an underweight in the single B credit tier generally weighed on Index-relative returns

↓ The largest single detractor from performance was an overweight to a contract producer and packager of beverages that completed an out-of-court restructuring

↑ The Fund's allocation to secured high-yield bonds aided returns, as these fixed-rate bonds benefited from the interest-rate environment and outpaced the Index

↑ The Fund's allocation to debt tranches of collateralized loan obligations (CLOs) helped returns, as CLO debt rated BBB and BB generally outperformed the Index

↑ Loan selection was positive in automobile components. The Fund's top contributor was an underweight to a defaulted auto components company

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g35982g20a12.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C** | **Bloomberg U.S. Universal Index** | **Morningstar<sup>®</sup> LSTA<sup>®</sup> US Leveraged Loan Index℠** |
| **10/15** | $10000 | $10000 | $10000 |
| **11/15** | $9865 | $9964 | $9912 |
| **12/15** | $9744 | $9914 | $9808 |
| **1/16** | $9655 | $10023 | $9744 |
| **2/16** | $9612 | $10094 | $9693 |
| **3/16** | $9910 | $10218 | $9960 |
| **4/16** | $10149 | $10288 | $10158 |
| **5/16** | $10213 | $10296 | $10248 |
| **6/16** | $10206 | $10477 | $10250 |
| **7/16** | $10328 | $10563 | $10397 |
| **8/16** | $10393 | $10575 | $10475 |
| **9/16** | $10492 | $10577 | $10566 |
| **10/16** | $10579 | $10507 | $10653 |
| **11/16** | $10591 | $10271 | $10681 |
| **12/16** | $10729 | $10301 | $10805 |
| **1/17** | $10790 | $10338 | $10865 |
| **2/17** | $10836 | $10418 | $10920 |
| **3/17** | $10860 | $10414 | $10928 |
| **4/17** | $10897 | $10500 | $10976 |
| **5/17** | $10923 | $10581 | $11016 |
| **6/17** | $10924 | $10573 | $11011 |
| **7/17** | $10976 | $10625 | $11087 |
| **8/17** | $10966 | $10717 | $11082 |
| **9/17** | $10992 | $10679 | $11126 |
| **10/17** | $11056 | $10692 | $11192 |
| **11/17** | $11057 | $10676 | $11205 |
| **12/17** | $11084 | $10723 | $11250 |
| **1/18** | $11187 | $10620 | $11358 |
| **2/18** | $11201 | $10519 | $11380 |
| **3/18** | $11230 | $10572 | $11412 |
| **4/18** | $11271 | $10501 | $11460 |
| **5/18** | $11290 | $10559 | $11479 |
| **6/18** | $11295 | $10543 | $11492 |
| **7/18** | $11377 | $10565 | $11577 |
| **8/18** | $11421 | $10618 | $11624 |
| **9/18** | $11477 | $10572 | $11704 |
| **10/18** | $11461 | $10484 | $11700 |
| **11/18** | $11342 | $10531 | $11594 |
| **12/18** | $11060 | $10696 | $11299 |
| **1/19** | $11301 | $10843 | $11587 |
| **2/19** | $11451 | $10855 | $11771 |
| **3/19** | $11415 | $11051 | $11751 |
| **4/19** | $11568 | $11066 | $11945 |
| **5/19** | $11515 | $11236 | $11919 |
| **6/19** | $11512 | $11395 | $11948 |
| **7/19** | $11586 | $11429 | $12044 |
| **8/19** | $11545 | $11687 | $12011 |
| **9/19** | $11579 | $11637 | $12067 |
| **10/19** | $11507 | $11674 | $12012 |
| **11/19** | $11563 | $11672 | $12083 |
| **12/19** | $11723 | $11689 | $12276 |
| **1/20** | $11769 | $11899 | $12344 |
| **2/20** | $11624 | $12077 | $12181 |
| **3/20** | $10292 | $11841 | $10674 |
| **4/20** | $10652 | $12078 | $11155 |
| **5/20** | $10986 | $12191 | $11578 |
| **6/20** | $11144 | $12293 | $11710 |
| **7/20** | $11276 | $12509 | $11939 |
| **8/20** | $11450 | $12437 | $12118 |
| **9/20** | $11487 | $12414 | $12194 |
| **10/20** | $11513 | $12370 | $12219 |
| **11/20** | $11769 | $12531 | $12491 |
| **12/20** | $11895 | $12575 | $12659 |
| **1/21** | $12014 | $12496 | $12810 |
| **2/21** | $12049 | $12334 | $12885 |
| **3/21** | $12018 | $12191 | $12885 |
| **4/21** | $12057 | $12293 | $12951 |
| **5/21** | $12107 | $12340 | $13026 |
| **6/21** | $12157 | $12430 | $13074 |
| **7/21** | $12138 | $12555 | $13073 |
| **8/21** | $12217 | $12547 | $13135 |
| **9/21** | $12253 | $12440 | $13219 |
| **10/21** | $12247 | $12429 | $13254 |
| **11/21** | $12214 | $12444 | $13233 |
| **12/21** | $12270 | $12436 | $13318 |
| **1/22** | $12265 | $12163 | $13366 |
| **2/22** | $12201 | $11998 | $13298 |
| **3/22** | $12184 | $11676 | $13304 |
| **4/22** | $12154 | $11240 | $13333 |
| **5/22** | $11859 | $11302 | $12992 |
| **6/22** | $11523 | $11076 | $12710 |
| **7/22** | $11788 | $11355 | $12981 |
| **8/22** | $11919 | $11060 | $13177 |
| **9/22** | $11593 | $10583 | $12877 |
| **10/22** | $11705 | $10467 | $13005 |
| **11/22** | $11868 | $10857 | $13161 |
| **12/22** | $11873 | $10820 | $13215 |
| **1/23** | $12174 | $11156 | $13568 |
| **2/23** | $12238 | $10882 | $13646 |
| **3/23** | $12192 | $11137 | $13642 |
| **4/23** | $12308 | $11205 | $13785 |
| **5/23** | $12293 | $11089 | $13760 |
| **6/23** | $12502 | $11072 | $14071 |
| **7/23** | $12658 | $11083 | $14252 |
| **8/23** | $12803 | $11016 | $14419 |
| **9/23** | $12833 | $10753 | $14558 |
| **10/23** | $12792 | $10592 | $14555 |
| **11/23** | $12971 | $11068 | $14733 |
| **12/23** | $13177 | $11488 | $14976 |
| **1/24** | $13262 | $11461 | $15077 |
| **2/24** | $13358 | $11323 | $15214 |
| **3/24** | $13459 | $11435 | $15343 |
| **4/24** | $13493 | $11167 | $15436 |
| **5/24** | $13579 | $11352 | $15581 |
| **6/24** | $13613 | $11456 | $15635 |
| **7/24** | $13716 | $11716 | $15742 |
| **8/24** | $13783 | $11889 | $15842 |
| **9/24** | $13865 | $12052 | $15955 |
| **10/24** | $13961 | $11778 | $16092 |
| **11/24** | $14056 | $11902 | $16225 |
| **12/24** | $14117 | $11722 | $16317 |
| **1/25** | $14178 | $11793 | $16429 |
| **2/25** | $14197 | $12037 | $16447 |
| **3/25** | $14072 | $12034 | $16395 |
| **4/25** | $14050 | $12077 | $16386 |
| **5/25** | $14248 | $12015 | $16641 |
| **6/25** | $14323 | $12203 | $16775 |
| **7/25** | $14383 | $12185 | $16922 |
| **8/25** | $14423 | $12331 | $16997 |
| **9/25** | $14476 | $12462 | $17072 |
| **10/25** | $14725 | $12544 | $17109 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class C, with conversion to Class A after 8 years | 3.84% | 4.72% | 3.94% |
| Class C, with 1% Maximum Contingent Deferred Sales Charge and conversion to Class A after 8 years | 2.87% | 4.72% | 3.94% |
| Bloomberg U.S. Universal Index | 6.51% | 0.28% | 2.29% |
| Morningstar<sup>®</sup>LSTA<sup>®</sup> US Leveraged Loan Index℠ | 6.32% | 6.96% | 5.51% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3838737827 |
| # of Portfolio Holdings (for Eaton Vance Floating Rate Portfolio) | 595 |
| Portfolio Turnover Rate (for Eaton Vance Floating Rate Portfolio) | 35% |
| Total Advisory Fees Paid | $21761315 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

References to the Fund's investments are to the Fund's pro rata share of the investments of Eaton Vance Floating Rate Portfolio, an affiliated investment company in which the Fund invests substantially all of its assets.

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](g35982g20f54.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference†</sup> | 0.9% |
| Common Stocks | 1.6% |
| Asset-Backed Securities | 2.4% |
| Short-Term Investments | 4.4% |
| Corporate Bonds | 5.4% |
| Senior Floating-Rate Loans | 85.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Investment types less than 1% each |

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Credit Rating Chart](g35982g35z99.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 4.3% |
| CCC or Lower | 4.9% |
| B | 63.5% |
| BB | 23.1% |
| BBB | 4.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excludes Short-Term investments and Equities. Ratings are categorized using S&P Global Ratings ("S&P"), with ratings ranging from AAA, being the highest, to D, being the lowest. Ratings of BBB or higher are considered to be investment-grade quality. Holdings designated as "Not Rated" (if any) are not rated by S&P. |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g35982g49w49.jpg)

## Additional Information
If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report October 31, 2025

# ECBLX-TSR-AR

# Eaton Vance Floating-Rate Fund
![Image](g35982g51m36.jpg)

# Class I EIBLX

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about the Eaton Vance Floating-Rate Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last year?<sup>**Footnote Reference \***</sup>
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $84 | 0.82% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Expenses in the table reflect the expenses of both the Fund and Eaton Vance Floating Rate Portfolio, the Portfolio in which it invests. |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Morningstar<sup><sup>®</sup></sup> LSTA<sup><sup>®</sup></sup> US Leveraged Loan Index (the Index):

↓ Loan selection in the energy equipment and services, professional services, and machinery industries detracted most from Index-relative returns

↓ Loan selection and an underweight in the single B credit tier generally weighed on Index-relative returns

↓ The largest single detractor from performance was an overweight to a contract producer and packager of beverages that completed an out-of-court restructuring

↑ The Fund's allocation to secured high-yield bonds aided returns, as these fixed-rate bonds benefited from the interest-rate environment and outpaced the Index

↑ The Fund's allocation to debt tranches of collateralized loan obligations (CLOs) helped returns, as CLO debt rated BBB and BB generally outperformed the Index

↑ Loan selection was positive in automobile components. The Fund's top contributor was an underweight to a defaulted auto components company

## Fund Performance
Comparison of the change in value of a $1,000,000 investment for the period indicated.

![Growth of 10K Chart](g35982g58f10.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Bloomberg U.S. Universal Index** | **Morningstar<sup>®</sup> LSTA<sup>®</sup> US Leveraged Loan Index℠** |
| **10/15** | $1000000 | $1000000 | $1000000 |
| **11/15** | $986226 | $996353 | $991240 |
| **12/15** | $976109 | $991376 | $980832 |
| **1/16** | $968047 | $1002320 | $974428 |
| **2/16** | $963287 | $1009440 | $969293 |
| **3/16** | $995184 | $1021811 | $996005 |
| **4/16** | $1018755 | $1028772 | $1015777 |
| **5/16** | $1027219 | $1029576 | $1024833 |
| **6/16** | $1026136 | $1047701 | $1025049 |
| **7/16** | $1039320 | $1056335 | $1039713 |
| **8/16** | $1046687 | $1057474 | $1047520 |
| **9/16** | $1057519 | $1057726 | $1056570 |
| **10/16** | $1067180 | $1050709 | $1065291 |
| **11/16** | $1069270 | $1027092 | $1068111 |
| **12/16** | $1084121 | $1030143 | $1080461 |
| **1/17** | $1091249 | $1033777 | $1086507 |
| **2/17** | $1096693 | $1041753 | $1091959 |
| **3/17** | $1100057 | $1041404 | $1092837 |
| **4/17** | $1104748 | $1050045 | $1097608 |
| **5/17** | $1109560 | $1058147 | $1101621 |
| **6/17** | $1110601 | $1057250 | $1101149 |
| **7/17** | $1116743 | $1062516 | $1108725 |
| **8/17** | $1115483 | $1071683 | $1108237 |
| **9/17** | $1120268 | $1067911 | $1112569 |
| **10/17** | $1126521 | $1069193 | $1119224 |
| **11/17** | $1128831 | $1067575 | $1120522 |
| **12/17** | $1132553 | $1072282 | $1124960 |
| **1/18** | $1142729 | $1061963 | $1135787 |
| **2/18** | $1145039 | $1051894 | $1138043 |
| **3/18** | $1150232 | $1057199 | $1141249 |
| **4/18** | $1155368 | $1050145 | $1145965 |
| **5/18** | $1157004 | $1055872 | $1147897 |
| **6/18** | $1158501 | $1054340 | $1149221 |
| **7/18** | $1167876 | $1056547 | $1157714 |
| **8/18** | $1173411 | $1061752 | $1162359 |
| **9/18** | $1180110 | $1057203 | $1170351 |
| **10/18** | $1180745 | $1048359 | $1169987 |
| **11/18** | $1169479 | $1053074 | $1159432 |
| **12/18** | $1141457 | $1069550 | $1129926 |
| **1/19** | $1167342 | $1084296 | $1158701 |
| **2/19** | $1182373 | $1085478 | $1177144 |
| **3/19** | $1181003 | $1105079 | $1175090 |
| **4/19** | $1197749 | $1106626 | $1194497 |
| **5/19** | $1193310 | $1123578 | $1191907 |
| **6/19** | $1193993 | $1139470 | $1194795 |
| **7/19** | $1202708 | $1142862 | $1204372 |
| **8/19** | $1199474 | $1168722 | $1201062 |
| **9/19** | $1202647 | $1163659 | $1206665 |
| **10/19** | $1197432 | $1167418 | $1201237 |
| **11/19** | $1202940 | $1167185 | $1208295 |
| **12/19** | $1222005 | $1168924 | $1227572 |
| **1/20** | $1227769 | $1189904 | $1234431 |
| **2/20** | $1213727 | $1207721 | $1218117 |
| **3/20** | $1075848 | $1184130 | $1067434 |
| **4/20** | $1112901 | $1207849 | $1115486 |
| **5/20** | $1148713 | $1219130 | $1157825 |
| **6/20** | $1166228 | $1229303 | $1171004 |
| **7/20** | $1182447 | $1250897 | $1193922 |
| **8/20** | $1200245 | $1243684 | $1211755 |
| **9/20** | $1206516 | $1241442 | $1219439 |
| **10/20** | $1208793 | $1237005 | $1221919 |
| **11/20** | $1238033 | $1253147 | $1249119 |
| **12/20** | $1250900 | $1257475 | $1265928 |
| **1/21** | $1264459 | $1249571 | $1280980 |
| **2/21** | $1270540 | $1233448 | $1288507 |
| **3/21** | $1268370 | $1219093 | $1288475 |
| **4/21** | $1273573 | $1229345 | $1295097 |
| **5/21** | $1279891 | $1234034 | $1302619 |
| **6/21** | $1286216 | $1243030 | $1307444 |
| **7/21** | $1285354 | $1255512 | $1307271 |
| **8/21** | $1293352 | $1254673 | $1313479 |
| **9/21** | $1298197 | $1243959 | $1321918 |
| **10/21** | $1300179 | $1242942 | $1325443 |
| **11/21** | $1296206 | $1244444 | $1323329 |
| **12/21** | $1304774 | $1243605 | $1331786 |
| **1/22** | $1305315 | $1216340 | $1336629 |
| **2/22** | $1298068 | $1199756 | $1329766 |
| **3/22** | $1298816 | $1167568 | $1330401 |
| **4/22** | $1295221 | $1124021 | $1333289 |
| **5/22** | $1264927 | $1130205 | $1299180 |
| **6/22** | $1230212 | $1107621 | $1271039 |
| **7/22** | $1259525 | $1135469 | $1298143 |
| **8/22** | $1274498 | $1105951 | $1317747 |
| **9/22** | $1240824 | $1058302 | $1287733 |
| **10/22** | $1253807 | $1046690 | $1300529 |
| **11/22** | $1273837 | $1085718 | $1316107 |
| **12/22** | $1273986 | $1082030 | $1321517 |
| **1/23** | $1308853 | $1115595 | $1356766 |
| **2/23** | $1315203 | $1088183 | $1364593 |
| **3/23** | $1312924 | $1113711 | $1364164 |
| **4/23** | $1326501 | $1120515 | $1378512 |
| **5/23** | $1325969 | $1108897 | $1375980 |
| **6/23** | $1349666 | $1107174 | $1407134 |
| **7/23** | $1367536 | $1108275 | $1425220 |
| **8/23** | $1382778 | $1101601 | $1441918 |
| **9/23** | $1388751 | $1075333 | $1455796 |
| **10/23** | $1383961 | $1059162 | $1455531 |
| **11/23** | $1406048 | $1106829 | $1473284 |
| **12/23** | $1429511 | $1148827 | $1497560 |
| **1/24** | $1438341 | $1146078 | $1507669 |
| **2/24** | $1449876 | $1132337 | $1521378 |
| **3/24** | $1462032 | $1143455 | $1534339 |
| **4/24** | $1468719 | $1116734 | $1543570 |
| **5/24** | $1479292 | $1135245 | $1558065 |
| **6/24** | $1484225 | $1145623 | $1563507 |
| **7/24** | $1494875 | $1171626 | $1574170 |
| **8/24** | $1505277 | $1188874 | $1584158 |
| **9/24** | $1513618 | $1205180 | $1595460 |
| **10/24** | $1525476 | $1177807 | $1609188 |
| **11/24** | $1537020 | $1190224 | $1622490 |
| **12/24** | $1545040 | $1172248 | $1631665 |
| **1/25** | $1553023 | $1179312 | $1642939 |
| **2/25** | $1556330 | $1203695 | $1644677 |
| **3/25** | $1545865 | $1203408 | $1639523 |
| **4/25** | $1542880 | $1207658 | $1638644 |
| **5/25** | $1565879 | $1201533 | $1664096 |
| **6/25** | $1577323 | $1220252 | $1677481 |
| **7/25** | $1583346 | $1218511 | $1692161 |
| **8/25** | $1589159 | $1233147 | $1699725 |
| **9/25** | $1598240 | $1246212 | $1707156 |
| **10/25** | $1600078 | $1254442 | $1710926 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class I | 4.89% | 5.77% | 4.81% |
| Bloomberg U.S. Universal Index | 6.51% | 0.28% | 2.29% |
| Morningstar<sup>®</sup>LSTA<sup>®</sup> US Leveraged Loan Index℠ | 6.32% | 6.96% | 5.51% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3838737827 |
| # of Portfolio Holdings (for Eaton Vance Floating Rate Portfolio) | 595 |
| Portfolio Turnover Rate (for Eaton Vance Floating Rate Portfolio) | 35% |
| Total Advisory Fees Paid | $21761315 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

References to the Fund's investments are to the Fund's pro rata share of the investments of Eaton Vance Floating Rate Portfolio, an affiliated investment company in which the Fund invests substantially all of its assets.

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](g35982g20f54.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference†</sup> | 0.9% |
| Common Stocks | 1.6% |
| Asset-Backed Securities | 2.4% |
| Short-Term Investments | 4.4% |
| Corporate Bonds | 5.4% |
| Senior Floating-Rate Loans | 85.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Investment types less than 1% each |

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Credit Rating Chart](g35982g35z99.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 4.3% |
| CCC or Lower | 4.9% |
| B | 63.5% |
| BB | 23.1% |
| BBB | 4.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excludes Short-Term investments and Equities. Ratings are categorized using S&P Global Ratings ("S&P"), with ratings ranging from AAA, being the highest, to D, being the lowest. Ratings of BBB or higher are considered to be investment-grade quality. Holdings designated as "Not Rated" (if any) are not rated by S&P. |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g35982g49w49.jpg)

## Additional Information
If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report October 31, 2025

# EIBLX-TSR-AR

# Eaton Vance Floating-Rate Fund
![Image](g35982g51m36.jpg)

# Class R6 ESBLX

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about the Eaton Vance Floating-Rate Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last year?<sup>**Footnote Reference \***</sup>
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $78 | 0.76% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Expenses in the table reflect the expenses of both the Fund and Eaton Vance Floating Rate Portfolio, the Portfolio in which it invests. |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Morningstar<sup><sup>®</sup></sup> LSTA<sup><sup>®</sup></sup> US Leveraged Loan Index (the Index):

↓ Loan selection in the energy equipment and services, professional services, and machinery industries detracted most from Index-relative returns

↓ Loan selection and an underweight in the single B credit tier generally weighed on Index-relative returns

↓ The largest single detractor from performance was an overweight to a contract producer and packager of beverages that completed an out-of-court restructuring

↑ The Fund's allocation to secured high-yield bonds aided returns, as these fixed-rate bonds benefited from the interest-rate environment and outpaced the Index

↑ The Fund's allocation to debt tranches of collateralized loan obligations (CLOs) helped returns, as CLO debt rated BBB and BB generally outperformed the Index

↑ Loan selection was positive in automobile components. The Fund's top contributor was an underweight to a defaulted auto components company

## Fund Performance
Comparison of the change in value of a $5,000,000 investment for the period indicated.

![Growth of 10K Chart](g35982g52r71.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Bloomberg U.S. Universal Index** | **Morningstar<sup>®</sup> LSTA<sup>®</sup> US Leveraged Loan Index℠** |
| **10/15** | $5000000 | $5000000 | $5000000 |
| **11/15** | $4931130 | $4981766 | $4956200 |
| **12/15** | $4880546 | $4956879 | $4904160 |
| **1/16** | $4840236 | $5011598 | $4872138 |
| **2/16** | $4816434 | $5047198 | $4846467 |
| **3/16** | $4975918 | $5109053 | $4980025 |
| **4/16** | $5093773 | $5143862 | $5078886 |
| **5/16** | $5136095 | $5147880 | $5124163 |
| **6/16** | $5130681 | $5238507 | $5125247 |
| **7/16** | $5196602 | $5281675 | $5198563 |
| **8/16** | $5233436 | $5287372 | $5237601 |
| **9/16** | $5287597 | $5288629 | $5282850 |
| **10/16** | $5335900 | $5253543 | $5326456 |
| **11/16** | $5346349 | $5135458 | $5340555 |
| **12/16** | $5426923 | $5150713 | $5402306 |
| **1/17** | $5462859 | $5168885 | $5432535 |
| **2/17** | $5490373 | $5208767 | $5459794 |
| **3/17** | $5507495 | $5207022 | $5464185 |
| **4/17** | $5531257 | $5250226 | $5488038 |
| **5/17** | $5555569 | $5290734 | $5508103 |
| **6/17** | $5554828 | $5286248 | $5505744 |
| **7/17** | $5591970 | $5312578 | $5543626 |
| **8/17** | $5585920 | $5358413 | $5541183 |
| **9/17** | $5610094 | $5339555 | $5562847 |
| **10/17** | $5641642 | $5345966 | $5596118 |
| **11/17** | $5653453 | $5337876 | $5602611 |
| **12/17** | $5666034 | $5361408 | $5624799 |
| **1/18** | $5723490 | $5309816 | $5678937 |
| **2/18** | $5735301 | $5259468 | $5690213 |
| **3/18** | $5755195 | $5285995 | $5706247 |
| **4/18** | $5787464 | $5250724 | $5729825 |
| **5/18** | $5795915 | $5279359 | $5739485 |
| **6/18** | $5803656 | $5271702 | $5746104 |
| **7/18** | $5850829 | $5282735 | $5788571 |
| **8/18** | $5878826 | $5308761 | $5811795 |
| **9/18** | $5912655 | $5286013 | $5851753 |
| **10/18** | $5909659 | $5241794 | $5849936 |
| **11/18** | $5860039 | $5265368 | $5797159 |
| **12/18** | $5720020 | $5347748 | $5649631 |
| **1/19** | $5849850 | $5421482 | $5793507 |
| **2/19** | $5925331 | $5427391 | $5885722 |
| **3/19** | $5918768 | $5525397 | $5875448 |
| **4/19** | $6002842 | $5533131 | $5972486 |
| **5/19** | $5974218 | $5617891 | $5959534 |
| **6/19** | $5984636 | $5697352 | $5973973 |
| **7/19** | $6021754 | $5714311 | $6021862 |
| **8/19** | $6005692 | $5843610 | $6005311 |
| **9/19** | $6028663 | $5818293 | $6033327 |
| **10/19** | $6002839 | $5837092 | $6006187 |
| **11/19** | $6030803 | $5835924 | $6041475 |
| **12/19** | $6126605 | $5844621 | $6137861 |
| **1/20** | $6148868 | $5949520 | $6172156 |
| **2/20** | $6078685 | $6038603 | $6090586 |
| **3/20** | $5388465 | $5920648 | $5337170 |
| **4/20** | $5581473 | $6039247 | $5577432 |
| **5/20** | $5761195 | $6095652 | $5789125 |
| **6/20** | $5849261 | $6146514 | $5855019 |
| **7/20** | $5930870 | $6254483 | $5969611 |
| **8/20** | $6020239 | $6218418 | $6058776 |
| **9/20** | $6044865 | $6207211 | $6097196 |
| **10/20** | $6063646 | $6185025 | $6109597 |
| **11/20** | $6210465 | $6265736 | $6245595 |
| **12/20** | $6275262 | $6287373 | $6329640 |
| **1/21** | $6343515 | $6247854 | $6404900 |
| **2/21** | $6366945 | $6167238 | $6442537 |
| **3/21** | $6363586 | $6095467 | $6442376 |
| **4/21** | $6389897 | $6146723 | $6475484 |
| **5/21** | $6421815 | $6170168 | $6513096 |
| **6/21** | $6446413 | $6215150 | $6537220 |
| **7/21** | $6449634 | $6277558 | $6536355 |
| **8/21** | $6490119 | $6273367 | $6567395 |
| **9/21** | $6514646 | $6219796 | $6609592 |
| **10/21** | $6524842 | $6214712 | $6627214 |
| **11/21** | $6505159 | $6222219 | $6616645 |
| **12/21** | $6548358 | $6218024 | $6658931 |
| **1/22** | $6551295 | $6081699 | $6683146 |
| **2/22** | $6515195 | $5998781 | $6648830 |
| **3/22** | $6511696 | $5837841 | $6652007 |
| **4/22** | $6501405 | $5620104 | $6666443 |
| **5/22** | $6349811 | $5651027 | $6495902 |
| **6/22** | $6176151 | $5538106 | $6355193 |
| **7/22** | $6323492 | $5677345 | $6490715 |
| **8/22** | $6399135 | $5529755 | $6588733 |
| **9/22** | $6230613 | $5291512 | $6438663 |
| **10/22** | $6296018 | $5233452 | $6502645 |
| **11/22** | $6389132 | $5428589 | $6580537 |
| **12/22** | $6398031 | $5410151 | $6607584 |
| **1/23** | $6573325 | $5577976 | $6783832 |
| **2/23** | $6605465 | $5440916 | $6822963 |
| **3/23** | $6594438 | $5568556 | $6820821 |
| **4/23** | $6663050 | $5602573 | $6892559 |
| **5/23** | $6652820 | $5544487 | $6879899 |
| **6/23** | $6772168 | $5535870 | $7035670 |
| **7/23** | $6870404 | $5541373 | $7126102 |
| **8/23** | $6947361 | $5508004 | $7209592 |
| **9/23** | $6969535 | $5376665 | $7278978 |
| **10/23** | $6953614 | $5295810 | $7277657 |
| **11/23** | $7064863 | $5534147 | $7366422 |
| **12/23** | $7183213 | $5744136 | $7487798 |
| **1/24** | $7227964 | $5730389 | $7538346 |
| **2/24** | $7286276 | $5661684 | $7606888 |
| **3/24** | $7347736 | $5717273 | $7671694 |
| **4/24** | $7381786 | $5583670 | $7717851 |
| **5/24** | $7435296 | $5676226 | $7790327 |
| **6/24** | $7460494 | $5728116 | $7817537 |
| **7/24** | $7514407 | $5858131 | $7870851 |
| **8/24** | $7567103 | $5944368 | $7920788 |
| **9/24** | $7609425 | $6025898 | $7977298 |
| **10/24** | $7669038 | $5889033 | $8045940 |
| **11/24** | $7727418 | $5951119 | $8112449 |
| **12/24** | $7768109 | $5861240 | $8158325 |
| **1/25** | $7808647 | $5896559 | $8214695 |
| **2/25** | $7825665 | $6018474 | $8223386 |
| **3/25** | $7773561 | $6017038 | $8197617 |
| **4/25** | $7758799 | $6038290 | $8193221 |
| **5/25** | $7874789 | $6007665 | $8320479 |
| **6/25** | $7923178 | $6101262 | $8387404 |
| **7/25** | $7963535 | $6092553 | $8460806 |
| **8/25** | $7993229 | $6165735 | $8498627 |
| **9/25** | $8039337 | $6231062 | $8535781 |
| **10/25** | $8048577 | $6272211 | $8554630 |

---

## Average Annual Total Returns (%)<sup>**Footnote Reference 1**</sup>

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class R6 | 4.95% | 5.82% | 4.87% |
| Bloomberg U.S. Universal Index | 6.51% | 0.28% | 2.29% |
| Morningstar<sup>®</sup>LSTA<sup>®</sup> US Leveraged Loan Index℠ | 6.32% | 6.96% | 5.51% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Class R6 performance prior to 12/1/16 is linked to Class I. This linked performance is not adjusted for class expense differences. If adjusted for such differences, the performance would be different. Performance presented in the Financial Highlights included in the financial statements is not linked. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3838737827 |
| # of Portfolio Holdings (for Eaton Vance Floating Rate Portfolio) | 595 |
| Portfolio Turnover Rate (for Eaton Vance Floating Rate Portfolio) | 35% |
| Total Advisory Fees Paid | $21761315 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

References to the Fund's investments are to the Fund's pro rata share of the investments of Eaton Vance Floating Rate Portfolio, an affiliated investment company in which the Fund invests substantially all of its assets.

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](g35982g20f54.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference†</sup> | 0.9% |
| Common Stocks | 1.6% |
| Asset-Backed Securities | 2.4% |
| Short-Term Investments | 4.4% |
| Corporate Bonds | 5.4% |
| Senior Floating-Rate Loans | 85.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Investment types less than 1% each |

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Credit Rating Chart](g35982g35z99.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 4.3% |
| CCC or Lower | 4.9% |
| B | 63.5% |
| BB | 23.1% |
| BBB | 4.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excludes Short-Term investments and Equities. Ratings are categorized using S&P Global Ratings ("S&P"), with ratings ranging from AAA, being the highest, to D, being the lowest. Ratings of BBB or higher are considered to be investment-grade quality. Holdings designated as "Not Rated" (if any) are not rated by S&P. |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g35982g49w49.jpg)

## Additional Information
If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report October 31, 2025

# ESBLX-TSR-AR

# Eaton Vance Global Macro Absolute Return Fund
![Image](g35982g69v41.jpg)

# Class A EAGMX

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about the Eaton Vance Global Macro Absolute Return Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last year?<sup>**Footnote Reference \***</sup>
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $159 | 1.50% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Expenses in the table reflect the expenses of both the Fund and Global Macro Portfolio, the Portfolio in which it invests. |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) absolute performance:

↑ Long exposure to Venezuelan sovereign credit contributed to performance as sanctions relief and restructuring discussions progressed and oil exports restarted

↑ Long Egyptian local bond exposure helped returns given, international and regional support, cooling inflation and fiscal/monetary reforms

↑ Long exposure to Uzbekistani local bonds, which benefited from perceptions of strengthening political institutions and currency appreciation, helped returns

↑ Use of derivatives —foreign exchange forwards for managing currency exposures, and interest-rate swaps for managing interest-rate exposures- helped performance

↑ Long Nigerian naira exposure contributed, given micro-market reforms and clearing of backlogs

↓ A short position in the Emerging Market bond index detracted from returns, as strong technicals and USD weakness supported an asset class level rally

↓ A short position in European equities hurt returns, given sustained profitability and a broad valuation re-rating due to stable economic conditions

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g35982g29o77.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with Maximum Sales Charge** | **Bloomberg Global Aggregate Index (USD Hedged)** | **ICE BofA 3-Month U.S. Treasury Bill Index** |
| **10/15** | $10000 | $10000 | $10000 |
| **11/15** | $9738 | $10005 | $10001 |
| **12/15** | $9752 | $9978 | $10004 |
| **1/16** | $9656 | $10123 | $10004 |
| **2/16** | $9665 | $10221 | $10007 |
| **3/16** | $9763 | $10305 | $10011 |
| **4/16** | $9794 | $10322 | $10014 |
| **5/16** | $9871 | $10366 | $10015 |
| **6/16** | $9893 | $10563 | $10018 |
| **7/16** | $9937 | $10627 | $10021 |
| **8/16** | $10069 | $10621 | $10023 |
| **9/16** | $10096 | $10620 | $10028 |
| **10/16** | $10122 | $10517 | $10031 |
| **11/16** | $10037 | $10343 | $10032 |
| **12/16** | $10119 | $10372 | $10037 |
| **1/17** | $10146 | $10334 | $10041 |
| **2/17** | $10150 | $10422 | $10045 |
| **3/17** | $10267 | $10417 | $10047 |
| **4/17** | $10316 | $10488 | $10054 |
| **5/17** | $10343 | $10549 | $10059 |
| **6/17** | $10370 | $10520 | $10067 |
| **7/17** | $10351 | $10554 | $10076 |
| **8/17** | $10413 | $10650 | $10085 |
| **9/17** | $10417 | $10601 | $10094 |
| **10/17** | $10478 | $10646 | $10103 |
| **11/17** | $10517 | $10663 | $10111 |
| **12/17** | $10521 | $10686 | $10123 |
| **1/18** | $10595 | $10610 | $10135 |
| **2/18** | $10565 | $10586 | $10144 |
| **3/18** | $10558 | $10674 | $10158 |
| **4/18** | $10492 | $10634 | $10172 |
| **5/18** | $10415 | $10674 | $10187 |
| **6/18** | $10361 | $10694 | $10204 |
| **7/18** | $10366 | $10697 | $10220 |
| **8/18** | $10253 | $10730 | $10239 |
| **9/18** | $10246 | $10689 | $10255 |
| **10/18** | $10168 | $10668 | $10272 |
| **11/18** | $10125 | $10720 | $10293 |
| **12/18** | $10146 | $10875 | $10312 |
| **1/19** | $10263 | $10990 | $10333 |
| **2/19** | $10344 | $11003 | $10351 |
| **3/19** | $10342 | $11200 | $10374 |
| **4/19** | $10363 | $11207 | $10394 |
| **5/19** | $10421 | $11368 | $10417 |
| **6/19** | $10574 | $11528 | $10440 |
| **7/19** | $10727 | $11618 | $10459 |
| **8/19** | $10673 | $11882 | $10481 |
| **9/19** | $10779 | $11827 | $10499 |
| **10/19** | $10792 | $11806 | $10519 |
| **11/19** | $10916 | $11792 | $10532 |
| **12/19** | $11101 | $11768 | $10547 |
| **1/20** | $11177 | $11981 | $10562 |
| **2/20** | $11127 | $12127 | $10577 |
| **3/20** | $10371 | $11938 | $10608 |
| **4/20** | $10650 | $12132 | $10609 |
| **5/20** | $10936 | $12166 | $10609 |
| **6/20** | $11057 | $12227 | $10610 |
| **7/20** | $11050 | $12360 | $10613 |
| **8/20** | $11197 | $12271 | $10613 |
| **9/20** | $11178 | $12316 | $10615 |
| **10/20** | $11184 | $12317 | $10616 |
| **11/20** | $11358 | $12387 | $10617 |
| **12/20** | $11464 | $12425 | $10618 |
| **1/21** | $11509 | $12358 | $10619 |
| **2/21** | $11515 | $12166 | $10620 |
| **3/21** | $11455 | $12118 | $10620 |
| **4/21** | $11514 | $12150 | $10621 |
| **5/21** | $11586 | $12177 | $10621 |
| **6/21** | $11645 | $12236 | $10620 |
| **7/21** | $11625 | $12388 | $10621 |
| **8/21** | $11684 | $12364 | $10621 |
| **9/21** | $11677 | $12247 | $10622 |
| **10/21** | $11643 | $12215 | $10622 |
| **11/21** | $11582 | $12302 | $10622 |
| **12/21** | $11679 | $12252 | $10623 |
| **1/22** | $11644 | $12060 | $10623 |
| **2/22** | $11488 | $11899 | $10624 |
| **3/22** | $11248 | $11643 | $10627 |
| **4/22** | $11419 | $11330 | $10629 |
| **5/22** | $11302 | $11314 | $10636 |
| **6/22** | $11137 | $11142 | $10638 |
| **7/22** | $10943 | $11426 | $10644 |
| **8/22** | $11152 | $11128 | $10661 |
| **9/22** | $11065 | $10771 | $10687 |
| **10/22** | $11146 | $10734 | $10704 |
| **11/22** | $11396 | $11007 | $10739 |
| **12/22** | $11591 | $10877 | $10778 |
| **1/23** | $11758 | $11128 | $10811 |
| **2/23** | $11826 | $10951 | $10847 |
| **3/23** | $11794 | $11193 | $10893 |
| **4/23** | $11819 | $11251 | $10928 |
| **5/23** | $11960 | $11207 | $10970 |
| **6/23** | $12145 | $11200 | $11021 |
| **7/23** | $12186 | $11204 | $11065 |
| **8/23** | $12198 | $11190 | $11114 |
| **9/23** | $12121 | $10997 | $11165 |
| **10/23** | $12133 | $10919 | $11215 |
| **11/23** | $12204 | $11294 | $11266 |
| **12/23** | $12366 | $11655 | $11318 |
| **1/24** | $12468 | $11632 | $11366 |
| **2/24** | $12600 | $11552 | $11413 |
| **3/24** | $12794 | $11656 | $11464 |
| **4/24** | $12791 | $11469 | $11513 |
| **5/24** | $12971 | $11570 | $11569 |
| **6/24** | $12952 | $11671 | $11616 |
| **7/24** | $13057 | $11896 | $11668 |
| **8/24** | $13070 | $12026 | $11724 |
| **9/24** | $13175 | $12166 | $11775 |
| **10/24** | $13141 | $12001 | $11819 |
| **11/24** | $13232 | $12144 | $11865 |
| **12/24** | $13405 | $12051 | $11912 |
| **1/25** | $13608 | $12097 | $11956 |
| **2/25** | $13717 | $12243 | $11994 |
| **3/25** | $13778 | $12192 | $12034 |
| **4/25** | $13806 | $12312 | $12076 |
| **5/25** | $13997 | $12271 | $12120 |
| **6/25** | $14124 | $12389 | $12160 |
| **7/25** | $14203 | $12379 | $12201 |
| **8/25** | $14347 | $12447 | $12249 |
| **9/25** | $14492 | $12538 | $12290 |
| **10/25** | $14700 | $12637 | $12333 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class A | 11.89% | 5.62% | 4.27% |
| Class A with 3.25% Maximum Sales Charge | 8.27% | 4.93% | 3.92% |
| Bloomberg Global Aggregate Index (USD Hedged) | 5.30% | 0.52% | 2.37% |
| ICE BofA 3-Month U.S. Treasury Bill Index | 4.34% | 3.04% | 2.12% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2985675207 |
| # of Portfolio Holdings (including derivatives) (for Global Macro Portfolio) | 1144 |
| Portfolio Turnover Rate (for Global Macro Portfolio) | 142% |
| Total Advisory Fees Paid | $12330049 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

References to the Fund's investments are to the Fund's pro rata share of the investments of Global Macro Portfolio, an affiliated investment company in which the Fund invests substantially all of its assets.

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](g35982g01u13.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference†</sup> | 3.0% |
| Senior Floating-Rate Loans | 1.3% |
| Sovereign Loans | 1.6% |
| Foreign Corporate Bonds | 4.5% |
| Common Stocks | 5.1% |
| Short-Term Investments | 39.6% |
| Sovereign Government Bonds | 44.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Investment types less than 1% each |

---

### Foreign Currency Exposure (% of net assets)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Egypt | 5.9% |
| Kazakhstan | 4.9% |
| Nigeria | 4.8% |
| Uzbekistan | 2.9% |
| Sweden | 2.0% |
| Iceland | 1.8% |
| India | 1.6% |
| Korea, South | 1.5% |
| Turkey | 1.4% |
| Uganda | 1.3% |
| Other | 9.3% |
| Total Long Exposure | 37.4% |

---

---

| | |
|:---|:---|
| Kuwait | (1.3)% |
| Indonesia | (2.0)% |
| Euro | (2.0)% |
| Other | (4.0)% |
| Total Short Exposure | (9.3)% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Currency exposures include all foreign exchange denominated assets and currency derivatives. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g35982g49w49.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report October 31, 2025

# EAGMX-TSR-AR

# Eaton Vance Global Macro Absolute Return Fund
![Image](g35982g69v41.jpg)

# Class C ECGMX

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about the Eaton Vance Global Macro Absolute Return Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last year?<sup>**Footnote Reference \***</sup>
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $239 | 2.27% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Expenses in the table reflect the expenses of both the Fund and Global Macro Portfolio, the Portfolio in which it invests. |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) absolute performance:

↑ Long exposure to Venezuelan sovereign credit contributed to performance as sanctions relief and restructuring discussions progressed and oil exports restarted

↑ Long Egyptian local bond exposure helped returns given, international and regional support, cooling inflation and fiscal/monetary reforms

↑ Long exposure to Uzbekistani local bonds, which benefited from perceptions of strengthening political institutions and currency appreciation, helped returns

↑ Use of derivatives —foreign exchange forwards for managing currency exposures, and interest-rate swaps for managing interest-rate exposures- helped performance

↑ Long Nigerian naira exposure contributed, given micro-market reforms and clearing of backlogs

↓ A short position in the Emerging Market bond index detracted from returns, as strong technicals and USD weakness supported an asset class level rally

↓ A short position in European equities hurt returns, given sustained profitability and a broad valuation re-rating due to stable economic conditions

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g35982g81l28.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C** | **Bloomberg Global Aggregate Index (USD Hedged)** | **ICE BofA 3-Month U.S. Treasury Bill Index** |
| **10/15** | $10000 | $10000 | $10000 |
| **11/15** | $10058 | $10005 | $10001 |
| **12/15** | $10077 | $9978 | $10004 |
| **1/16** | $9971 | $10123 | $10004 |
| **2/16** | $9974 | $10221 | $10007 |
| **3/16** | $10068 | $10305 | $10011 |
| **4/16** | $10094 | $10322 | $10014 |
| **5/16** | $10166 | $10366 | $10015 |
| **6/16** | $10182 | $10563 | $10018 |
| **7/16** | $10220 | $10627 | $10021 |
| **8/16** | $10349 | $10621 | $10023 |
| **9/16** | $10370 | $10620 | $10028 |
| **10/16** | $10391 | $10517 | $10031 |
| **11/16** | $10310 | $10343 | $10032 |
| **12/16** | $10377 | $10372 | $10037 |
| **1/17** | $10398 | $10334 | $10041 |
| **2/17** | $10408 | $10422 | $10045 |
| **3/17** | $10509 | $10417 | $10047 |
| **4/17** | $10553 | $10488 | $10054 |
| **5/17** | $10575 | $10549 | $10059 |
| **6/17** | $10596 | $10520 | $10067 |
| **7/17** | $10571 | $10554 | $10076 |
| **8/17** | $10627 | $10650 | $10085 |
| **9/17** | $10626 | $10601 | $10094 |
| **10/17** | $10682 | $10646 | $10103 |
| **11/17** | $10715 | $10663 | $10111 |
| **12/17** | $10713 | $10686 | $10123 |
| **1/18** | $10782 | $10610 | $10135 |
| **2/18** | $10745 | $10586 | $10144 |
| **3/18** | $10731 | $10674 | $10158 |
| **4/18** | $10659 | $10634 | $10172 |
| **5/18** | $10587 | $10674 | $10187 |
| **6/18** | $10514 | $10694 | $10204 |
| **7/18** | $10525 | $10697 | $10220 |
| **8/18** | $10393 | $10730 | $10239 |
| **9/18** | $10379 | $10689 | $10255 |
| **10/18** | $10295 | $10668 | $10272 |
| **11/18** | $10246 | $10720 | $10293 |
| **12/18** | $10261 | $10875 | $10312 |
| **1/19** | $10373 | $10990 | $10333 |
| **2/19** | $10449 | $11003 | $10351 |
| **3/19** | $10440 | $11200 | $10374 |
| **4/19** | $10456 | $11207 | $10394 |
| **5/19** | $10508 | $11368 | $10417 |
| **6/19** | $10655 | $11528 | $10440 |
| **7/19** | $10803 | $11618 | $10459 |
| **8/19** | $10743 | $11882 | $10481 |
| **9/19** | $10842 | $11827 | $10499 |
| **10/19** | $10849 | $11806 | $10519 |
| **11/19** | $10980 | $11792 | $10532 |
| **12/19** | $11147 | $11768 | $10547 |
| **1/20** | $11216 | $11981 | $10562 |
| **2/20** | $11160 | $12127 | $10577 |
| **3/20** | $10398 | $11938 | $10608 |
| **4/20** | $10671 | $12132 | $10609 |
| **5/20** | $10951 | $12166 | $10609 |
| **6/20** | $11065 | $12227 | $10610 |
| **7/20** | $11064 | $12360 | $10613 |
| **8/20** | $11192 | $12271 | $10613 |
| **9/20** | $11166 | $12316 | $10615 |
| **10/20** | $11165 | $12317 | $10616 |
| **11/20** | $11332 | $12387 | $10617 |
| **12/20** | $11443 | $12425 | $10618 |
| **1/21** | $11468 | $12358 | $10619 |
| **2/21** | $11467 | $12166 | $10620 |
| **3/21** | $11402 | $12118 | $10620 |
| **4/21** | $11467 | $12150 | $10621 |
| **5/21** | $11532 | $12177 | $10621 |
| **6/21** | $11584 | $12236 | $10620 |
| **7/21** | $11544 | $12388 | $10621 |
| **8/21** | $11609 | $12364 | $10621 |
| **9/21** | $11582 | $12247 | $10622 |
| **10/21** | $11542 | $12215 | $10622 |
| **11/21** | $11488 | $12302 | $10622 |
| **12/21** | $11577 | $12252 | $10623 |
| **1/22** | $11523 | $12060 | $10623 |
| **2/22** | $11362 | $11899 | $10624 |
| **3/22** | $11133 | $11643 | $10627 |
| **4/22** | $11294 | $11330 | $10629 |
| **5/22** | $11159 | $11314 | $10636 |
| **6/22** | $10990 | $11142 | $10638 |
| **7/22** | $10794 | $11426 | $10644 |
| **8/22** | $11007 | $11128 | $10661 |
| **9/22** | $10901 | $10771 | $10687 |
| **10/22** | $10975 | $10734 | $10704 |
| **11/22** | $11228 | $11007 | $10739 |
| **12/22** | $11398 | $10877 | $10778 |
| **1/23** | $11569 | $11128 | $10811 |
| **2/23** | $11615 | $10951 | $10847 |
| **3/23** | $11591 | $11193 | $10893 |
| **4/23** | $11609 | $11251 | $10928 |
| **5/23** | $11741 | $11207 | $10970 |
| **6/23** | $11901 | $11200 | $11021 |
| **7/23** | $11933 | $11204 | $11065 |
| **8/23** | $11937 | $11190 | $11114 |
| **9/23** | $11855 | $10997 | $11165 |
| **10/23** | $11860 | $10919 | $11215 |
| **11/23** | $11922 | $11294 | $11266 |
| **12/23** | $12071 | $11655 | $11318 |
| **1/24** | $12163 | $11632 | $11366 |
| **2/24** | $12299 | $11552 | $11413 |
| **3/24** | $12480 | $11656 | $11464 |
| **4/24** | $12469 | $11469 | $11513 |
| **5/24** | $12622 | $11570 | $11569 |
| **6/24** | $12596 | $11671 | $11616 |
| **7/24** | $12690 | $11896 | $11668 |
| **8/24** | $12694 | $12026 | $11724 |
| **9/24** | $12788 | $12166 | $11775 |
| **10/24** | $12763 | $12001 | $11819 |
| **11/24** | $12827 | $12144 | $11865 |
| **12/24** | $12985 | $12051 | $11912 |
| **1/25** | $13189 | $12097 | $11956 |
| **2/25** | $13271 | $12243 | $11994 |
| **3/25** | $13321 | $12192 | $12034 |
| **4/25** | $13356 | $12312 | $12076 |
| **5/25** | $13516 | $12271 | $12120 |
| **6/25** | $13630 | $12389 | $12160 |
| **7/25** | $13713 | $12379 | $12201 |
| **8/25** | $13827 | $12447 | $12249 |
| **9/25** | $13974 | $12538 | $12290 |
| **10/25** | $14372 | $12637 | $12333 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class C, with conversion to Class A after 8 years | 10.89% | 4.85% | 3.69% |
| Class C, with 1% Maximum Contingent Deferred Sales Charge and conversion to Class A after 8 years | 9.89% | 4.85% | 3.69% |
| Bloomberg Global Aggregate Index (USD Hedged) | 5.30% | 0.52% | 2.37% |
| ICE BofA 3-Month U.S. Treasury Bill Index | 4.34% | 3.04% | 2.12% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2985675207 |
| # of Portfolio Holdings (including derivatives) (for Global Macro Portfolio) | 1144 |
| Portfolio Turnover Rate (for Global Macro Portfolio) | 142% |
| Total Advisory Fees Paid | $12330049 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

References to the Fund's investments are to the Fund's pro rata share of the investments of Global Macro Portfolio, an affiliated investment company in which the Fund invests substantially all of its assets.

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](g35982g01u13.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference†</sup> | 3.0% |
| Senior Floating-Rate Loans | 1.3% |
| Sovereign Loans | 1.6% |
| Foreign Corporate Bonds | 4.5% |
| Common Stocks | 5.1% |
| Short-Term Investments | 39.6% |
| Sovereign Government Bonds | 44.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Investment types less than 1% each |

---

### Foreign Currency Exposure (% of net assets)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Egypt | 5.9% |
| Kazakhstan | 4.9% |
| Nigeria | 4.8% |
| Uzbekistan | 2.9% |
| Sweden | 2.0% |
| Iceland | 1.8% |
| India | 1.6% |
| Korea, South | 1.5% |
| Turkey | 1.4% |
| Uganda | 1.3% |
| Other | 9.3% |
| Total Long Exposure | 37.4% |

---

---

| | |
|:---|:---|
| Kuwait | (1.3)% |
| Indonesia | (2.0)% |
| Euro | (2.0)% |
| Other | (4.0)% |
| Total Short Exposure | (9.3)% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Currency exposures include all foreign exchange denominated assets and currency derivatives. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g35982g49w49.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report October 31, 2025

# ECGMX-TSR-AR

# Eaton Vance Global Macro Absolute Return Fund
![Image](g35982g69v41.jpg)

# Class I EIGMX

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about the Eaton Vance Global Macro Absolute Return Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last year?<sup>**Footnote Reference \***</sup>
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $130 | 1.23% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Expenses in the table reflect the expenses of both the Fund and Global Macro Portfolio, the Portfolio in which it invests. |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) absolute performance:

↑ Long exposure to Venezuelan sovereign credit contributed to performance as sanctions relief and restructuring discussions progressed and oil exports restarted

↑ Long Egyptian local bond exposure helped returns given, international and regional support, cooling inflation and fiscal/monetary reforms

↑ Long exposure to Uzbekistani local bonds, which benefited from perceptions of strengthening political institutions and currency appreciation, helped returns

↑ Use of derivatives —foreign exchange forwards for managing currency exposures, and interest-rate swaps for managing interest-rate exposures- helped performance

↑ Long Nigerian naira exposure contributed, given micro-market reforms and clearing of backlogs

↓ A short position in the Emerging Market bond index detracted from returns, as strong technicals and USD weakness supported an asset class level rally

↓ A short position in European equities hurt returns, given sustained profitability and a broad valuation re-rating due to stable economic conditions

## Fund Performance
Comparison of the change in value of a $1,000,000 investment for the period indicated.

![Growth of 10K Chart](g35982g29z45.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Bloomberg Global Aggregate Index (USD Hedged)** | **ICE BofA 3-Month U.S. Treasury Bill Index** |
| **10/15** | $1000000 | $1000000 | $1000000 |
| **11/15** | $1006769 | $1000460 | $1000059 |
| **12/15** | $1009663 | $997753 | $1000389 |
| **1/16** | $999953 | $1012349 | $1000419 |
| **2/16** | $1001154 | $1022079 | $1000663 |
| **3/16** | $1011612 | $1030494 | $1001121 |
| **4/16** | $1015210 | $1032243 | $1001390 |
| **5/16** | $1022344 | $1036607 | $1001469 |
| **6/16** | $1024836 | $1056340 | $1001846 |
| **7/16** | $1029730 | $1062651 | $1002136 |
| **8/16** | $1043803 | $1062109 | $1002314 |
| **9/16** | $1046788 | $1061982 | $1002808 |
| **10/16** | $1049782 | $1051685 | $1003059 |
| **11/16** | $1042391 | $1034316 | $1003234 |
| **12/16** | $1050029 | $1037150 | $1003661 |
| **1/17** | $1053045 | $1033372 | $1004104 |
| **2/17** | $1053741 | $1042218 | $1004520 |
| **3/17** | $1066127 | $1041738 | $1004694 |
| **4/17** | $1071520 | $1048802 | $1005369 |
| **5/17** | $1074578 | $1054924 | $1005876 |
| **6/17** | $1077645 | $1051971 | $1006723 |
| **7/17** | $1075987 | $1055429 | $1007579 |
| **8/17** | $1082623 | $1065048 | $1008523 |
| **9/17** | $1083340 | $1060131 | $1009387 |
| **10/17** | $1090014 | $1064602 | $1010289 |
| **11/17** | $1094316 | $1066252 | $1011128 |
| **12/17** | $1095039 | $1068635 | $1012252 |
| **1/18** | $1102972 | $1061006 | $1013461 |
| **2/18** | $1100083 | $1058614 | $1014419 |
| **3/18** | $1099603 | $1067391 | $1015842 |
| **4/18** | $1093056 | $1063420 | $1017170 |
| **5/18** | $1086490 | $1067393 | $1018722 |
| **6/18** | $1079906 | $1069382 | $1020436 |
| **7/18** | $1081859 | $1069675 | $1022035 |
| **8/18** | $1070329 | $1072963 | $1023878 |
| **9/18** | $1068603 | $1068858 | $1025451 |
| **10/18** | $1061943 | $1066769 | $1027224 |
| **11/18** | $1057746 | $1071989 | $1029332 |
| **12/18** | $1058967 | $1087473 | $1031227 |
| **1/19** | $1072693 | $1098992 | $1033259 |
| **2/19** | $1080223 | $1100312 | $1035099 |
| **3/19** | $1080245 | $1120019 | $1037410 |
| **4/19** | $1082776 | $1120687 | $1039361 |
| **5/19** | $1089105 | $1136813 | $1041733 |
| **6/19** | $1105352 | $1152753 | $1044038 |
| **7/19** | $1121665 | $1161824 | $1045932 |
| **8/19** | $1116312 | $1188172 | $1048077 |
| **9/19** | $1127624 | $1182666 | $1049908 |
| **10/19** | $1129285 | $1180624 | $1051928 |
| **11/19** | $1143898 | $1179240 | $1053240 |
| **12/19** | $1162291 | $1176822 | $1054743 |
| **1/20** | $1170558 | $1198059 | $1056153 |
| **2/20** | $1165628 | $1212722 | $1057714 |
| **3/20** | $1087771 | $1193848 | $1060803 |
| **4/20** | $1116114 | $1213175 | $1060886 |
| **5/20** | $1146434 | $1216614 | $1060904 |
| **6/20** | $1159413 | $1222685 | $1061040 |
| **7/20** | $1160328 | $1236047 | $1061250 |
| **8/20** | $1174742 | $1227090 | $1061331 |
| **9/20** | $1172960 | $1231572 | $1061457 |
| **10/20** | $1175240 | $1231662 | $1061568 |
| **11/20** | $1192508 | $1238690 | $1061662 |
| **12/20** | $1203969 | $1242496 | $1061779 |
| **1/21** | $1209037 | $1235831 | $1061879 |
| **2/21** | $1209971 | $1216607 | $1061969 |
| **3/21** | $1203990 | $1211814 | $1062046 |
| **4/21** | $1210485 | $1214982 | $1062062 |
| **5/21** | $1218401 | $1217694 | $1062084 |
| **6/21** | $1224940 | $1223633 | $1062045 |
| **7/21** | $1223090 | $1238841 | $1062098 |
| **8/21** | $1229674 | $1236359 | $1062140 |
| **9/21** | $1229223 | $1224686 | $1062198 |
| **10/21** | $1225941 | $1221483 | $1062155 |
| **11/21** | $1219807 | $1230197 | $1062226 |
| **12/21** | $1230315 | $1225207 | $1062301 |
| **1/22** | $1226993 | $1205958 | $1062253 |
| **2/22** | $1210719 | $1189917 | $1062390 |
| **3/22** | $1187163 | $1164266 | $1062717 |
| **4/22** | $1204083 | $1132975 | $1062867 |
| **5/22** | $1192008 | $1131416 | $1063599 |
| **6/22** | $1174810 | $1114245 | $1063831 |
| **7/22** | $1154647 | $1142626 | $1064376 |
| **8/22** | $1178459 | $1112797 | $1066094 |
| **9/22** | $1168076 | $1077074 | $1068747 |
| **10/22** | $1176933 | $1073387 | $1070424 |
| **11/22** | $1205194 | $1100740 | $1073876 |
| **12/22** | $1224604 | $1087749 | $1077763 |
| **1/23** | $1244102 | $1112803 | $1081138 |
| **2/23** | $1250095 | $1095054 | $1084667 |
| **3/23** | $1248515 | $1119336 | $1089332 |
| **4/23** | $1251492 | $1125099 | $1092761 |
| **5/23** | $1265227 | $1120669 | $1097041 |
| **6/23** | $1285199 | $1120001 | $1102061 |
| **7/23** | $1289797 | $1120363 | $1106450 |
| **8/23** | $1291283 | $1118956 | $1111446 |
| **9/23** | $1283404 | $1099659 | $1116539 |
| **10/23** | $1284912 | $1091851 | $1121526 |
| **11/23** | $1292742 | $1129392 | $1126561 |
| **12/23** | $1310126 | $1165486 | $1131812 |
| **1/24** | $1321227 | $1163201 | $1136648 |
| **2/24** | $1335576 | $1155220 | $1141305 |
| **3/24** | $1358048 | $1165637 | $1146430 |
| **4/24** | $1357983 | $1146870 | $1151349 |
| **5/24** | $1375794 | $1157018 | $1156874 |
| **6/24** | $1374104 | $1167057 | $1161592 |
| **7/24** | $1385517 | $1189603 | $1166795 |
| **8/24** | $1387098 | $1202633 | $1172377 |
| **9/24** | $1398627 | $1216588 | $1177462 |
| **10/24** | $1395234 | $1200125 | $1181935 |
| **11/24** | $1405193 | $1214380 | $1186451 |
| **12/24** | $1423928 | $1205061 | $1191248 |
| **1/25** | $1445897 | $1209730 | $1195634 |
| **2/25** | $1457751 | $1224297 | $1199431 |
| **3/25** | $1464518 | $1219188 | $1203435 |
| **4/25** | $1467879 | $1231192 | $1207576 |
| **5/25** | $1488533 | $1227121 | $1211966 |
| **6/25** | $1502351 | $1238873 | $1215951 |
| **7/25** | $1510996 | $1237881 | $1220148 |
| **8/25** | $1526683 | $1244665 | $1224942 |
| **9/25** | $1542443 | $1253833 | $1229044 |
| **10/25** | $1565357 | $1263731 | $1233289 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class I | 12.19% | 5.90% | 4.58% |
| Bloomberg Global Aggregate Index (USD Hedged) | 5.30% | 0.52% | 2.37% |
| ICE BofA 3-Month U.S. Treasury Bill Index | 4.34% | 3.04% | 2.12% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2985675207 |
| # of Portfolio Holdings (including derivatives) (for Global Macro Portfolio) | 1144 |
| Portfolio Turnover Rate (for Global Macro Portfolio) | 142% |
| Total Advisory Fees Paid | $12330049 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

References to the Fund's investments are to the Fund's pro rata share of the investments of Global Macro Portfolio, an affiliated investment company in which the Fund invests substantially all of its assets.

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](g35982g01u13.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference†</sup> | 3.0% |
| Senior Floating-Rate Loans | 1.3% |
| Sovereign Loans | 1.6% |
| Foreign Corporate Bonds | 4.5% |
| Common Stocks | 5.1% |
| Short-Term Investments | 39.6% |
| Sovereign Government Bonds | 44.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Investment types less than 1% each |

---

### Foreign Currency Exposure (% of net assets)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Egypt | 5.9% |
| Kazakhstan | 4.9% |
| Nigeria | 4.8% |
| Uzbekistan | 2.9% |
| Sweden | 2.0% |
| Iceland | 1.8% |
| India | 1.6% |
| Korea, South | 1.5% |
| Turkey | 1.4% |
| Uganda | 1.3% |
| Other | 9.3% |
| Total Long Exposure | 37.4% |

---

---

| | |
|:---|:---|
| Kuwait | (1.3)% |
| Indonesia | (2.0)% |
| Euro | (2.0)% |
| Other | (4.0)% |
| Total Short Exposure | (9.3)% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Currency exposures include all foreign exchange denominated assets and currency derivatives. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g35982g49w49.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report October 31, 2025

# EIGMX-TSR-AR

# Eaton Vance Global Macro Absolute Return Fund
![Image](g35982g69v41.jpg)

# Class R ERGMX

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about the Eaton Vance Global Macro Absolute Return Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last year?<sup>**Footnote Reference \***</sup>
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R | $186 | 1.76% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Expenses in the table reflect the expenses of both the Fund and Global Macro Portfolio, the Portfolio in which it invests. |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) absolute performance:

↑ Long exposure to Venezuelan sovereign credit contributed to performance as sanctions relief and restructuring discussions progressed and oil exports restarted

↑ Long Egyptian local bond exposure helped returns given, international and regional support, cooling inflation and fiscal/monetary reforms

↑ Long exposure to Uzbekistani local bonds, which benefited from perceptions of strengthening political institutions and currency appreciation, helped returns

↑ Use of derivatives —foreign exchange forwards for managing currency exposures, and interest-rate swaps for managing interest-rate exposures- helped performance

↑ Long Nigerian naira exposure contributed, given micro-market reforms and clearing of backlogs

↓ A short position in the Emerging Market bond index detracted from returns, as strong technicals and USD weakness supported an asset class level rally

↓ A short position in European equities hurt returns, given sustained profitability and a broad valuation re-rating due to stable economic conditions

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g35982g42k98.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R** | **Bloomberg Global Aggregate Index (USD Hedged)** | **ICE BofA 3-Month U.S. Treasury Bill Index** |
| **10/15** | $10000 | $10000 | $10000 |
| **11/15** | $10063 | $10005 | $10001 |
| **12/15** | $10087 | $9978 | $10004 |
| **1/16** | $9985 | $10123 | $10004 |
| **2/16** | $9993 | $10221 | $10007 |
| **3/16** | $10092 | $10305 | $10011 |
| **4/16** | $10123 | $10322 | $10014 |
| **5/16** | $10201 | $10366 | $10015 |
| **6/16** | $10210 | $10563 | $10018 |
| **7/16** | $10253 | $10627 | $10021 |
| **8/16** | $10399 | $10621 | $10023 |
| **9/16** | $10413 | $10620 | $10028 |
| **10/16** | $10439 | $10517 | $10031 |
| **11/16** | $10361 | $10343 | $10032 |
| **12/16** | $10444 | $10372 | $10037 |
| **1/17** | $10458 | $10334 | $10041 |
| **2/17** | $10473 | $10422 | $10045 |
| **3/17** | $10579 | $10417 | $10047 |
| **4/17** | $10628 | $10488 | $10054 |
| **5/17** | $10666 | $10549 | $10059 |
| **6/17** | $10692 | $10520 | $10067 |
| **7/17** | $10671 | $10554 | $10076 |
| **8/17** | $10721 | $10650 | $10085 |
| **9/17** | $10735 | $10601 | $10094 |
| **10/17** | $10785 | $10646 | $10103 |
| **11/17** | $10835 | $10663 | $10111 |
| **12/17** | $10826 | $10686 | $10123 |
| **1/18** | $10911 | $10610 | $10135 |
| **2/18** | $10878 | $10586 | $10144 |
| **3/18** | $10869 | $10674 | $10158 |
| **4/18** | $10800 | $10634 | $10172 |
| **5/18** | $10719 | $10674 | $10187 |
| **6/18** | $10650 | $10694 | $10204 |
| **7/18** | $10665 | $10697 | $10220 |
| **8/18** | $10548 | $10730 | $10239 |
| **9/18** | $10539 | $10689 | $10255 |
| **10/18** | $10457 | $10668 | $10272 |
| **11/18** | $10411 | $10720 | $10293 |
| **12/18** | $10419 | $10875 | $10312 |
| **1/19** | $10549 | $10990 | $10333 |
| **2/19** | $10619 | $11003 | $10351 |
| **3/19** | $10615 | $11200 | $10374 |
| **4/19** | $10648 | $11207 | $10394 |
| **5/19** | $10705 | $11368 | $10417 |
| **6/19** | $10860 | $11528 | $10440 |
| **7/19** | $11003 | $11618 | $10459 |
| **8/19** | $10946 | $11882 | $10481 |
| **9/19** | $11065 | $11827 | $10499 |
| **10/19** | $11064 | $11806 | $10519 |
| **11/19** | $11202 | $11792 | $10532 |
| **12/19** | $11390 | $11768 | $10547 |
| **1/20** | $11466 | $11981 | $10562 |
| **2/20** | $11413 | $12127 | $10577 |
| **3/20** | $10637 | $11938 | $10608 |
| **4/20** | $10909 | $12132 | $10609 |
| **5/20** | $11212 | $12166 | $10609 |
| **6/20** | $11334 | $12227 | $10610 |
| **7/20** | $11325 | $12360 | $10613 |
| **8/20** | $11461 | $12271 | $10613 |
| **9/20** | $11439 | $12316 | $10615 |
| **10/20** | $11456 | $12317 | $10616 |
| **11/20** | $11619 | $12387 | $10617 |
| **12/20** | $11738 | $12425 | $10618 |
| **1/21** | $11783 | $12358 | $10619 |
| **2/21** | $11787 | $12166 | $10620 |
| **3/21** | $11724 | $12118 | $10620 |
| **4/21** | $11782 | $12150 | $10621 |
| **5/21** | $11854 | $12177 | $10621 |
| **6/21** | $11913 | $12236 | $10620 |
| **7/21** | $11890 | $12388 | $10621 |
| **8/21** | $11949 | $12364 | $10621 |
| **9/21** | $11939 | $12247 | $10622 |
| **10/21** | $11889 | $12215 | $10622 |
| **11/21** | $11839 | $12302 | $10622 |
| **12/21** | $11935 | $12252 | $10623 |
| **1/22** | $11884 | $12060 | $10623 |
| **2/22** | $11736 | $11899 | $10624 |
| **3/22** | $11490 | $11643 | $10627 |
| **4/22** | $11663 | $11330 | $10629 |
| **5/22** | $11542 | $11314 | $10636 |
| **6/22** | $11357 | $11142 | $10638 |
| **7/22** | $11158 | $11426 | $10644 |
| **8/22** | $11383 | $11128 | $10661 |
| **9/22** | $11279 | $10771 | $10687 |
| **10/22** | $11359 | $10734 | $10704 |
| **11/22** | $11627 | $11007 | $10739 |
| **12/22** | $11823 | $10877 | $10778 |
| **1/23** | $11991 | $11128 | $10811 |
| **2/23** | $12058 | $10951 | $10847 |
| **3/23** | $12024 | $11193 | $10893 |
| **4/23** | $12047 | $11251 | $10928 |
| **5/23** | $12189 | $11207 | $10970 |
| **6/23** | $12376 | $11200 | $11021 |
| **7/23** | $12400 | $11204 | $11065 |
| **8/23** | $12424 | $11190 | $11114 |
| **9/23** | $12344 | $10997 | $11165 |
| **10/23** | $12338 | $10919 | $11215 |
| **11/23** | $12408 | $11294 | $11266 |
| **12/23** | $12569 | $11655 | $11318 |
| **1/24** | $12671 | $11632 | $11366 |
| **2/24** | $12818 | $11552 | $11413 |
| **3/24** | $13012 | $11656 | $11464 |
| **4/24** | $13006 | $11469 | $11513 |
| **5/24** | $13171 | $11570 | $11569 |
| **6/24** | $13149 | $11671 | $11616 |
| **7/24** | $13268 | $11896 | $11668 |
| **8/24** | $13262 | $12026 | $11724 |
| **9/24** | $13367 | $12166 | $11775 |
| **10/24** | $13345 | $12001 | $11819 |
| **11/24** | $13418 | $12144 | $11865 |
| **12/24** | $13591 | $12051 | $11912 |
| **1/25** | $13810 | $12097 | $11956 |
| **2/25** | $13901 | $12243 | $11994 |
| **3/25** | $13960 | $12192 | $12034 |
| **4/25** | $14003 | $12312 | $12076 |
| **5/25** | $14177 | $12271 | $12120 |
| **6/25** | $14302 | $12389 | $12160 |
| **7/25** | $14395 | $12379 | $12201 |
| **8/25** | $14521 | $12447 | $12249 |
| **9/25** | $14681 | $12538 | $12290 |
| **10/25** | $14876 | $12637 | $12333 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class R | 11.47% | 5.36% | 4.05% |
| Bloomberg Global Aggregate Index (USD Hedged) | 5.30% | 0.52% | 2.37% |
| ICE BofA 3-Month U.S. Treasury Bill Index | 4.34% | 3.04% | 2.12% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2985675207 |
| # of Portfolio Holdings (including derivatives) (for Global Macro Portfolio) | 1144 |
| Portfolio Turnover Rate (for Global Macro Portfolio) | 142% |
| Total Advisory Fees Paid | $12330049 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

References to the Fund's investments are to the Fund's pro rata share of the investments of Global Macro Portfolio, an affiliated investment company in which the Fund invests substantially all of its assets.

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](g35982g01u13.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference†</sup> | 3.0% |
| Senior Floating-Rate Loans | 1.3% |
| Sovereign Loans | 1.6% |
| Foreign Corporate Bonds | 4.5% |
| Common Stocks | 5.1% |
| Short-Term Investments | 39.6% |
| Sovereign Government Bonds | 44.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Investment types less than 1% each |

---

### Foreign Currency Exposure (% of net assets)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Egypt | 5.9% |
| Kazakhstan | 4.9% |
| Nigeria | 4.8% |
| Uzbekistan | 2.9% |
| Sweden | 2.0% |
| Iceland | 1.8% |
| India | 1.6% |
| Korea, South | 1.5% |
| Turkey | 1.4% |
| Uganda | 1.3% |
| Other | 9.3% |
| Total Long Exposure | 37.4% |

---

---

| | |
|:---|:---|
| Kuwait | (1.3)% |
| Indonesia | (2.0)% |
| Euro | (2.0)% |
| Other | (4.0)% |
| Total Short Exposure | (9.3)% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Currency exposures include all foreign exchange denominated assets and currency derivatives. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g35982g49w49.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report October 31, 2025

# ERGMX-TSR-AR

# Eaton Vance Global Macro Absolute Return Fund
![Image](g35982g69v41.jpg)

# Class R6 EGMSX

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about the Eaton Vance Global Macro Absolute Return Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last year?<sup>**Footnote Reference \***</sup>
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $127 | 1.20% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Expenses in the table reflect the expenses of both the Fund and Global Macro Portfolio, the Portfolio in which it invests. |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) absolute performance:

↑ Long exposure to Venezuelan sovereign credit contributed to performance as sanctions relief and restructuring discussions progressed and oil exports restarted

↑ Long Egyptian local bond exposure helped returns given, international and regional support, cooling inflation and fiscal/monetary reforms

↑ Long exposure to Uzbekistani local bonds, which benefited from perceptions of strengthening political institutions and currency appreciation, helped returns

↑ Use of derivatives —foreign exchange forwards for managing currency exposures, and interest-rate swaps for managing interest-rate exposures- helped performance

↑ Long Nigerian naira exposure contributed, given micro-market reforms and clearing of backlogs

↓ A short position in the Emerging Market bond index detracted from returns, as strong technicals and USD weakness supported an asset class level rally

↓ A short position in European equities hurt returns, given sustained profitability and a broad valuation re-rating due to stable economic conditions

## Fund Performance
Comparison of the change in value of a $5,000,000 investment for the period indicated.

![Growth of 10K Chart](g35982g17e90.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Bloomberg Global Aggregate Index (USD Hedged)** | **ICE BofA 3-Month U.S. Treasury Bill Index** |
| **10/15** | $5000000 | $5000000 | $5000000 |
| **11/15** | $5033843 | $5002302 | $5000297 |
| **12/15** | $5048314 | $4988766 | $5001943 |
| **1/16** | $4999763 | $5061744 | $5002095 |
| **2/16** | $5005771 | $5110397 | $5003313 |
| **3/16** | $5058061 | $5152468 | $5005603 |
| **4/16** | $5076049 | $5161217 | $5006952 |
| **5/16** | $5111721 | $5183035 | $5007343 |
| **6/16** | $5124180 | $5281699 | $5009228 |
| **7/16** | $5148648 | $5313255 | $5010678 |
| **8/16** | $5219013 | $5310546 | $5011569 |
| **9/16** | $5233940 | $5309912 | $5014041 |
| **10/16** | $5248911 | $5258426 | $5015295 |
| **11/16** | $5211955 | $5171578 | $5016172 |
| **12/16** | $5250143 | $5185749 | $5018303 |
| **1/17** | $5265226 | $5166860 | $5020522 |
| **2/17** | $5268704 | $5211092 | $5022602 |
| **3/17** | $5330637 | $5208688 | $5023472 |
| **4/17** | $5357599 | $5244010 | $5026843 |
| **5/17** | $5372890 | $5274618 | $5029380 |
| **6/17** | $5388460 | $5259855 | $5033613 |
| **7/17** | $5380484 | $5277147 | $5037897 |
| **8/17** | $5408021 | $5325239 | $5042616 |
| **9/17** | $5417844 | $5300656 | $5046936 |
| **10/17** | $5451460 | $5323012 | $5051445 |
| **11/17** | $5473218 | $5331259 | $5055642 |
| **12/17** | $5471119 | $5343176 | $5061260 |
| **1/18** | $5517113 | $5305032 | $5067306 |
| **2/18** | $5502978 | $5293071 | $5072097 |
| **3/18** | $5500897 | $5336956 | $5079208 |
| **4/18** | $5468468 | $5317098 | $5085848 |
| **5/18** | $5429763 | $5336963 | $5093612 |
| **6/18** | $5397044 | $5346910 | $5102180 |
| **7/18** | $5407043 | $5348376 | $5110176 |
| **8/18** | $5349578 | $5364813 | $5119389 |
| **9/18** | $5347343 | $5344290 | $5127254 |
| **10/18** | $5308091 | $5333847 | $5136119 |
| **11/18** | $5287318 | $5359944 | $5146659 |
| **12/18** | $5299891 | $5437366 | $5156133 |
| **1/19** | $5362576 | $5494959 | $5166296 |
| **2/19** | $5406776 | $5501561 | $5175495 |
| **3/19** | $5407134 | $5600097 | $5187050 |
| **4/19** | $5420054 | $5603433 | $5196807 |
| **5/19** | $5452055 | $5684063 | $5208666 |
| **6/19** | $5533670 | $5763765 | $5220192 |
| **7/19** | $5615592 | $5809118 | $5229659 |
| **8/19** | $5582644 | $5940859 | $5240387 |
| **9/19** | $5645995 | $5913331 | $5249542 |
| **10/19** | $5654572 | $5903122 | $5259640 |
| **11/19** | $5721493 | $5896198 | $5266200 |
| **12/19** | $5820366 | $5884109 | $5273717 |
| **1/20** | $5862025 | $5990296 | $5280763 |
| **2/20** | $5837627 | $6063612 | $5288570 |
| **3/20** | $5441333 | $5969242 | $5304017 |
| **4/20** | $5590223 | $6065877 | $5304431 |
| **5/20** | $5742285 | $6083068 | $5304518 |
| **6/20** | $5807587 | $6113427 | $5305199 |
| **7/20** | $5805700 | $6180233 | $5306250 |
| **8/20** | $5884933 | $6135449 | $5306656 |
| **9/20** | $5869475 | $6157862 | $5307287 |
| **10/20** | $5881173 | $6158311 | $5307838 |
| **11/20** | $5967958 | $6193449 | $5308309 |
| **12/20** | $6032634 | $6212477 | $5308896 |
| **1/21** | $6058303 | $6179154 | $5309396 |
| **2/21** | $6063261 | $6083036 | $5309846 |
| **3/21** | $6033569 | $6059070 | $5310230 |
| **4/21** | $6066416 | $6074909 | $5310309 |
| **5/21** | $6106368 | $6088469 | $5310418 |
| **6/21** | $6139421 | $6118163 | $5310223 |
| **7/21** | $6130452 | $6194203 | $5310491 |
| **8/21** | $6163733 | $6181793 | $5310701 |
| **9/21** | $6161754 | $6123429 | $5310991 |
| **10/21** | $6138474 | $6107417 | $5310773 |
| **11/21** | $6115121 | $6150983 | $5311129 |
| **12/21** | $6168281 | $6126036 | $5311506 |
| **1/22** | $6152057 | $6029788 | $5311266 |
| **2/22** | $6070917 | $5949583 | $5311948 |
| **3/22** | $5945905 | $5821332 | $5313586 |
| **4/22** | $6038445 | $5664874 | $5314333 |
| **5/22** | $5978353 | $5657081 | $5317993 |
| **6/22** | $5885227 | $5571227 | $5319153 |
| **7/22** | $5791873 | $5713130 | $5321879 |
| **8/22** | $5904394 | $5563986 | $5330469 |
| **9/22** | $5860186 | $5385368 | $5343734 |
| **10/22** | $5905069 | $5366936 | $5352121 |
| **11/22** | $6039802 | $5503702 | $5369381 |
| **12/22** | $6145160 | $5438747 | $5388815 |
| **1/23** | $6235866 | $5564016 | $5405690 |
| **2/23** | $6273986 | $5475270 | $5423334 |
| **3/23** | $6258855 | $5596680 | $5446661 |
| **4/23** | $6274254 | $5625494 | $5463804 |
| **5/23** | $6351393 | $5603347 | $5485203 |
| **6/23** | $6452155 | $5600003 | $5510306 |
| **7/23** | $6467896 | $5601816 | $5532248 |
| **8/23** | $6483675 | $5594778 | $5557228 |
| **9/23** | $6444623 | $5498295 | $5582693 |
| **10/23** | $6452669 | $5459257 | $5607629 |
| **11/23** | $6484536 | $5646962 | $5632804 |
| **12/23** | $6580330 | $5827429 | $5659060 |
| **1/24** | $6636605 | $5816007 | $5683242 |
| **2/24** | $6709165 | $5776099 | $5706525 |
| **3/24** | $6814410 | $5828185 | $5732150 |
| **4/24** | $6814533 | $5734348 | $5756745 |
| **5/24** | $6904469 | $5785088 | $5784371 |
| **6/24** | $6896472 | $5835286 | $5807959 |
| **7/24** | $6962593 | $5948017 | $5833975 |
| **8/24** | $6962758 | $6013163 | $5861883 |
| **9/24** | $7021155 | $6082940 | $5887312 |
| **10/24** | $7012964 | $6000625 | $5909675 |
| **11/24** | $7055126 | $6071901 | $5932255 |
| **12/24** | $7149727 | $6025304 | $5956241 |
| **1/25** | $7260680 | $6048650 | $5978169 |
| **2/25** | $7320786 | $6121483 | $5997154 |
| **3/25** | $7355328 | $6095939 | $6017175 |
| **4/25** | $7372746 | $6155958 | $6037878 |
| **5/25** | $7477128 | $6135606 | $6059828 |
| **6/25** | $7547141 | $6194364 | $6079755 |
| **7/25** | $7591144 | $6189406 | $6100740 |
| **8/25** | $7670578 | $6223323 | $6124712 |
| **9/25** | $7750381 | $6269164 | $6145219 |
| **10/25** | $7866185 | $6318655 | $6166444 |

---

## Average Annual Total Returns (%)<sup>**Footnote Reference 1**</sup>

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class R6 | 12.17% | 5.99% | 4.63% |
| Bloomberg Global Aggregate Index (USD Hedged) | 5.30% | 0.52% | 2.37% |
| ICE BofA 3-Month U.S. Treasury Bill Index | 4.34% | 3.04% | 2.12% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Class R6 performance prior to 5/31/17 is linked to Class I. This linked performance is not adjusted for class expense differences. If adjusted for such differences, the performance would be different. Performance presented in the Financial Highlights included in the financial statements is not linked. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2985675207 |
| # of Portfolio Holdings (including derivatives) (for Global Macro Portfolio) | 1144 |
| Portfolio Turnover Rate (for Global Macro Portfolio) | 142% |
| Total Advisory Fees Paid | $12330049 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

References to the Fund's investments are to the Fund's pro rata share of the investments of Global Macro Portfolio, an affiliated investment company in which the Fund invests substantially all of its assets.

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](g35982g01u13.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference†</sup> | 3.0% |
| Senior Floating-Rate Loans | 1.3% |
| Sovereign Loans | 1.6% |
| Foreign Corporate Bonds | 4.5% |
| Common Stocks | 5.1% |
| Short-Term Investments | 39.6% |
| Sovereign Government Bonds | 44.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Investment types less than 1% each |

---

### Foreign Currency Exposure (% of net assets)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Egypt | 5.9% |
| Kazakhstan | 4.9% |
| Nigeria | 4.8% |
| Uzbekistan | 2.9% |
| Sweden | 2.0% |
| Iceland | 1.8% |
| India | 1.6% |
| Korea, South | 1.5% |
| Turkey | 1.4% |
| Uganda | 1.3% |
| Other | 9.3% |
| Total Long Exposure | 37.4% |

---

---

| | |
|:---|:---|
| Kuwait | (1.3)% |
| Indonesia | (2.0)% |
| Euro | (2.0)% |
| Other | (4.0)% |
| Total Short Exposure | (9.3)% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Currency exposures include all foreign exchange denominated assets and currency derivatives. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g35982g49w49.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report October 31, 2025

# EGMSX-TSR-AR
![Image](g35982g51m36.jpg)

# Eaton Vance Government Opportunities Fund

# Class A EVGOX

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about the Eaton Vance Government Opportunities Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $288 | 2.76% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the ICE BofA U.S. Mortgage Backed Securities Index (the Index):

↑ Out-of-Index exposures to agency collateralized mortgage obligations (CMOs) contributed to performance relative to the Index during the period

↑ Out-of-Index exposures to non-agency mortgage-backed securities (MBS) contributed to performance relative to the Index during the period

↑ Duration positioning – which was longer than that of the Index – contributed to returns during a period when interest rates generally declined

↓ Out-of-Index use of derivatives for duration management – by investing in U.S. Treasury futures and interest rate swap options or swaptions – hurt returns

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g35982g31i13.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with Maximum Sales Charge** | **Bloomberg U.S. Universal Index** | **ICE BofA U.S. MBS Index** |
| **10/15** | $10000 | $10000 | $10000 |
| **11/15** | $9643 | $9964 | $9984 |
| **12/15** | $9640 | $9914 | $9981 |
| **1/16** | $9666 | $10023 | $10105 |
| **2/16** | $9677 | $10094 | $10145 |
| **3/16** | $9691 | $10218 | $10176 |
| **4/16** | $9703 | $10288 | $10194 |
| **5/16** | $9701 | $10296 | $10207 |
| **6/16** | $9697 | $10477 | $10290 |
| **7/16** | $9724 | $10563 | $10313 |
| **8/16** | $9705 | $10575 | $10324 |
| **9/16** | $9715 | $10577 | $10353 |
| **10/16** | $9696 | $10507 | $10323 |
| **11/16** | $9660 | $10271 | $10145 |
| **12/16** | $9685 | $10301 | $10148 |
| **1/17** | $9711 | $10338 | $10143 |
| **2/17** | $9725 | $10418 | $10193 |
| **3/17** | $9737 | $10414 | $10195 |
| **4/17** | $9750 | $10500 | $10259 |
| **5/17** | $9779 | $10581 | $10326 |
| **6/17** | $9776 | $10573 | $10287 |
| **7/17** | $9790 | $10625 | $10333 |
| **8/17** | $9836 | $10717 | $10408 |
| **9/17** | $9803 | $10679 | $10382 |
| **10/17** | $9800 | $10692 | $10379 |
| **11/17** | $9797 | $10676 | $10363 |
| **12/17** | $9809 | $10723 | $10396 |
| **1/18** | $9760 | $10620 | $10273 |
| **2/18** | $9771 | $10519 | $10202 |
| **3/18** | $9784 | $10572 | $10270 |
| **4/18** | $9799 | $10501 | $10221 |
| **5/18** | $9814 | $10559 | $10296 |
| **6/18** | $9800 | $10543 | $10302 |
| **7/18** | $9808 | $10565 | $10292 |
| **8/18** | $9851 | $10618 | $10351 |
| **9/18** | $9831 | $10572 | $10290 |
| **10/18** | $9842 | $10484 | $10221 |
| **11/18** | $9854 | $10531 | $10314 |
| **12/18** | $9881 | $10696 | $10500 |
| **1/19** | $9924 | $10843 | $10589 |
| **2/19** | $9952 | $10855 | $10580 |
| **3/19** | $9995 | $11051 | $10738 |
| **4/19** | $10037 | $11066 | $10725 |
| **5/19** | $10046 | $11236 | $10862 |
| **6/19** | $10026 | $11395 | $10953 |
| **7/19** | $10053 | $11429 | $11003 |
| **8/19** | $10044 | $11687 | $11111 |
| **9/19** | $10069 | $11637 | $11111 |
| **10/19** | $10109 | $11674 | $11146 |
| **11/19** | $10117 | $11672 | $11155 |
| **12/19** | $10121 | $11689 | $11184 |
| **1/20** | $10162 | $11899 | $11265 |
| **2/20** | $10286 | $12077 | $11378 |
| **3/20** | $10309 | $11841 | $11496 |
| **4/20** | $10399 | $12078 | $11585 |
| **5/20** | $10487 | $12191 | $11604 |
| **6/20** | $10506 | $12293 | $11589 |
| **7/20** | $10506 | $12509 | $11614 |
| **8/20** | $10522 | $12437 | $11615 |
| **9/20** | $10554 | $12414 | $11602 |
| **10/20** | $10553 | $12370 | $11603 |
| **11/20** | $10553 | $12531 | $11613 |
| **12/20** | $10585 | $12575 | $11641 |
| **1/21** | $10617 | $12496 | $11656 |
| **2/21** | $10616 | $12334 | $11563 |
| **3/21** | $10613 | $12191 | $11507 |
| **4/21** | $10611 | $12293 | $11574 |
| **5/21** | $10607 | $12340 | $11544 |
| **6/21** | $10571 | $12430 | $11544 |
| **7/21** | $10537 | $12555 | $11610 |
| **8/21** | $10536 | $12547 | $11595 |
| **9/21** | $10589 | $12440 | $11550 |
| **10/21** | $10484 | $12429 | $11526 |
| **11/21** | $10443 | $12444 | $11516 |
| **12/21** | $10457 | $12436 | $11500 |
| **1/22** | $10458 | $12163 | $11329 |
| **2/22** | $10439 | $11998 | $11213 |
| **3/22** | $10314 | $11676 | $10920 |
| **4/22** | $10260 | $11240 | $10537 |
| **5/22** | $10242 | $11302 | $10650 |
| **6/22** | $10172 | $11076 | $10493 |
| **7/22** | $10159 | $11355 | $10826 |
| **8/22** | $10112 | $11060 | $10465 |
| **9/22** | $9820 | $10583 | $9929 |
| **10/22** | $9788 | $10467 | $9786 |
| **11/22** | $9865 | $10857 | $10199 |
| **12/22** | $9770 | $10820 | $10134 |
| **1/23** | $9880 | $11156 | $10458 |
| **2/23** | $9811 | $10882 | $10185 |
| **3/23** | $9947 | $11137 | $10383 |
| **4/23** | $9937 | $11205 | $10440 |
| **5/23** | $9910 | $11089 | $10368 |
| **6/23** | $9845 | $11072 | $10329 |
| **7/23** | $9855 | $11083 | $10312 |
| **8/23** | $9864 | $11016 | $10227 |
| **9/23** | $9687 | $10753 | $9909 |
| **10/23** | $9604 | $10592 | $9711 |
| **11/23** | $9987 | $11068 | $10207 |
| **12/23** | $10317 | $11488 | $10639 |
| **1/24** | $10309 | $11461 | $10595 |
| **2/24** | $10030 | $11323 | $10424 |
| **3/24** | $10098 | $11435 | $10525 |
| **4/24** | $9780 | $11167 | $10215 |
| **5/24** | $10002 | $11352 | $10425 |
| **6/24** | $10186 | $11456 | $10550 |
| **7/24** | $10469 | $11716 | $10829 |
| **8/24** | $10655 | $11889 | $10998 |
| **9/24** | $10762 | $12052 | $11134 |
| **10/24** | $10397 | $11778 | $10814 |
| **11/24** | $10506 | $11902 | $10956 |
| **12/24** | $10376 | $11722 | $10780 |
| **1/25** | $10466 | $11793 | $10840 |
| **2/25** | $10772 | $12037 | $11101 |
| **3/25** | $10842 | $12034 | $11101 |
| **4/25** | $10993 | $12077 | $11139 |
| **5/25** | $10880 | $12015 | $11031 |
| **6/25** | $11072 | $12203 | $11227 |
| **7/25** | $11041 | $12185 | $11184 |
| **8/25** | $11278 | $12331 | $11365 |
| **9/25** | $11245 | $12462 | $11497 |
| **10/25** | $11322 | $12544 | $11594 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class A | 8.85% | 1.41% | 1.58% |
| Class A with 3.25% Maximum Sales Charge | 5.23% | 0.73% | 1.25% |
| Bloomberg U.S. Universal Index | 6.51% | 0.28% | 2.29% |
| ICE BofA U.S. MBS Index | 7.22% | (0.01)% | 1.49% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $388803790 |
| # of Portfolio Holdings | 450 |
| Portfolio Turnover Rate | 254% |
| Total Advisory Fees Paid | $2053279 |

---

## What did the Fund invest in?
The following table reflects what the Fund invested in as of the report date.

#### Asset Allocation (% of total investments)
![Group By Asset Type Chart](g35982g28q53.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference†</sup> | 0.5% |
| Short-Term Investments | 0.7% |
| Asset-Backed Securities | 2.2% |
| Government National Mortgage Association Participation Agreements | 2.5% |
| U.S. Department of Agriculture Loans | 4.5% |
| U.S. Government Agency Mortgage-Backed Securities | 40.2% |
| Collateralized Mortgage Obligations | 49.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Investment types less than 1% each |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g35982g49w49.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report October 31, 2025

# EVGOX-TSR-AR
![Image](g35982g51m36.jpg)

# Eaton Vance Government Opportunities Fund

# Class C ECGOX

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about the Eaton Vance Government Opportunities Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $365 | 3.51% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the ICE BofA U.S. Mortgage Backed Securities Index (the Index):

↑ Out-of-Index exposures to agency collateralized mortgage obligations (CMOs) contributed to performance relative to the Index during the period

↑ Out-of-Index exposures to non-agency mortgage-backed securities (MBS) contributed to performance relative to the Index during the period

↑ Duration positioning – which was longer than that of the Index – contributed to returns during a period when interest rates generally declined

↓ Out-of-Index use of derivatives for duration management – by investing in U.S. Treasury futures and interest rate swap options or swaptions – hurt returns

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g35982g43c68.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C** | **Bloomberg U.S. Universal Index** | **ICE BofA U.S. MBS Index** |
| **10/15** | $10000 | $10000 | $10000 |
| **11/15** | $9960 | $9964 | $9984 |
| **12/15** | $9951 | $9914 | $9981 |
| **1/16** | $9971 | $10023 | $10105 |
| **2/16** | $9978 | $10094 | $10145 |
| **3/16** | $9985 | $10218 | $10176 |
| **4/16** | $9992 | $10288 | $10194 |
| **5/16** | $9983 | $10296 | $10207 |
| **6/16** | $9973 | $10477 | $10290 |
| **7/16** | $9994 | $10563 | $10313 |
| **8/16** | $9968 | $10575 | $10324 |
| **9/16** | $9973 | $10577 | $10353 |
| **10/16** | $9946 | $10507 | $10323 |
| **11/16** | $9904 | $10271 | $10145 |
| **12/16** | $9923 | $10301 | $10148 |
| **1/17** | $9943 | $10338 | $10143 |
| **2/17** | $9951 | $10418 | $10193 |
| **3/17** | $9958 | $10414 | $10195 |
| **4/17** | $9981 | $10500 | $10259 |
| **5/17** | $9988 | $10581 | $10326 |
| **6/17** | $9980 | $10573 | $10287 |
| **7/17** | $10002 | $10625 | $10333 |
| **8/17** | $10028 | $10717 | $10408 |
| **9/17** | $9987 | $10679 | $10382 |
| **10/17** | $9978 | $10692 | $10379 |
| **11/17** | $9969 | $10676 | $10363 |
| **12/17** | $9975 | $10723 | $10396 |
| **1/18** | $9917 | $10620 | $10273 |
| **2/18** | $9924 | $10519 | $10202 |
| **3/18** | $9930 | $10572 | $10270 |
| **4/18** | $9940 | $10501 | $10221 |
| **5/18** | $9948 | $10559 | $10296 |
| **6/18** | $9927 | $10543 | $10302 |
| **7/18** | $9929 | $10565 | $10292 |
| **8/18** | $9967 | $10618 | $10351 |
| **9/18** | $9940 | $10572 | $10290 |
| **10/18** | $9945 | $10484 | $10221 |
| **11/18** | $9951 | $10531 | $10314 |
| **12/18** | $9972 | $10696 | $10500 |
| **1/19** | $10009 | $10843 | $10589 |
| **2/19** | $10048 | $10855 | $10580 |
| **3/19** | $10069 | $11051 | $10738 |
| **4/19** | $10105 | $11066 | $10725 |
| **5/19** | $10107 | $11236 | $10862 |
| **6/19** | $10097 | $11395 | $10953 |
| **7/19** | $10101 | $11429 | $11003 |
| **8/19** | $10086 | $11687 | $11111 |
| **9/19** | $10105 | $11637 | $11111 |
| **10/19** | $10138 | $11674 | $11146 |
| **11/19** | $10141 | $11672 | $11155 |
| **12/19** | $10138 | $11689 | $11184 |
| **1/20** | $10172 | $11899 | $11265 |
| **2/20** | $10291 | $12077 | $11378 |
| **3/20** | $10324 | $11841 | $11496 |
| **4/20** | $10391 | $12078 | $11585 |
| **5/20** | $10473 | $12191 | $11604 |
| **6/20** | $10485 | $12293 | $11589 |
| **7/20** | $10478 | $12509 | $11614 |
| **8/20** | $10487 | $12437 | $11615 |
| **9/20** | $10514 | $12414 | $11602 |
| **10/20** | $10506 | $12370 | $11603 |
| **11/20** | $10499 | $12531 | $11613 |
| **12/20** | $10524 | $12575 | $11641 |
| **1/21** | $10549 | $12496 | $11656 |
| **2/21** | $10542 | $12334 | $11563 |
| **3/21** | $10533 | $12191 | $11507 |
| **4/21** | $10524 | $12293 | $11574 |
| **5/21** | $10514 | $12340 | $11544 |
| **6/21** | $10471 | $12430 | $11544 |
| **7/21** | $10430 | $12555 | $11610 |
| **8/21** | $10423 | $12547 | $11595 |
| **9/21** | $10469 | $12440 | $11550 |
| **10/21** | $10358 | $12429 | $11526 |
| **11/21** | $10312 | $12444 | $11516 |
| **12/21** | $10319 | $12436 | $11500 |
| **1/22** | $10313 | $12163 | $11329 |
| **2/22** | $10288 | $11998 | $11213 |
| **3/22** | $10158 | $11676 | $10920 |
| **4/22** | $10099 | $11240 | $10537 |
| **5/22** | $10075 | $11302 | $10650 |
| **6/22** | $9999 | $11076 | $10493 |
| **7/22** | $9998 | $11355 | $10826 |
| **8/22** | $9928 | $11060 | $10465 |
| **9/22** | $9635 | $10583 | $9929 |
| **10/22** | $9597 | $10467 | $9786 |
| **11/22** | $9667 | $10857 | $10199 |
| **12/22** | $9568 | $10820 | $10134 |
| **1/23** | $9669 | $11156 | $10458 |
| **2/23** | $9595 | $10882 | $10185 |
| **3/23** | $9723 | $11137 | $10383 |
| **4/23** | $9707 | $11205 | $10440 |
| **5/23** | $9674 | $11089 | $10368 |
| **6/23** | $9623 | $11072 | $10329 |
| **7/23** | $9608 | $11083 | $10312 |
| **8/23** | $9611 | $11016 | $10227 |
| **9/23** | $9432 | $10753 | $9909 |
| **10/23** | $9344 | $10592 | $9711 |
| **11/23** | $9712 | $11068 | $10207 |
| **12/23** | $10027 | $11488 | $10639 |
| **1/24** | $10012 | $11461 | $10595 |
| **2/24** | $9736 | $11323 | $10424 |
| **3/24** | $9795 | $11435 | $10525 |
| **4/24** | $9480 | $11167 | $10215 |
| **5/24** | $9708 | $11352 | $10425 |
| **6/24** | $9860 | $11456 | $10550 |
| **7/24** | $10147 | $11716 | $10829 |
| **8/24** | $10302 | $11889 | $10998 |
| **9/24** | $10400 | $12052 | $11134 |
| **10/24** | $10059 | $11778 | $10814 |
| **11/24** | $10157 | $11902 | $10956 |
| **12/24** | $10025 | $11722 | $10780 |
| **1/25** | $10086 | $11793 | $10840 |
| **2/25** | $10396 | $12037 | $11101 |
| **3/25** | $10457 | $12034 | $11101 |
| **4/25** | $10576 | $12077 | $11139 |
| **5/25** | $10461 | $12015 | $11031 |
| **6/25** | $10640 | $12203 | $11227 |
| **7/25** | $10603 | $12185 | $11184 |
| **8/25** | $10825 | $12331 | $11365 |
| **9/25** | $10786 | $12462 | $11497 |
| **10/25** | $11012 | $12544 | $11594 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class C, with conversion to Class A after 8 years | 8.05% | 0.68% | 0.97% |
| Class C, with 1% Maximum Contingent Deferred Sales Charge and conversion to Class A after 8 years | 7.05% | 0.68% | 0.97% |
| Bloomberg U.S. Universal Index | 6.51% | 0.28% | 2.29% |
| ICE BofA U.S. MBS Index | 7.22% | (0.01)% | 1.49% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $388803790 |
| # of Portfolio Holdings | 450 |
| Portfolio Turnover Rate | 254% |
| Total Advisory Fees Paid | $2053279 |

---

## What did the Fund invest in?
The following table reflects what the Fund invested in as of the report date.

#### Asset Allocation (% of total investments)
![Group By Asset Type Chart](g35982g28q53.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference†</sup> | 0.5% |
| Short-Term Investments | 0.7% |
| Asset-Backed Securities | 2.2% |
| Government National Mortgage Association Participation Agreements | 2.5% |
| U.S. Department of Agriculture Loans | 4.5% |
| U.S. Government Agency Mortgage-Backed Securities | 40.2% |
| Collateralized Mortgage Obligations | 49.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Investment types less than 1% each |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g35982g49w49.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report October 31, 2025

# ECGOX-TSR-AR
![Image](g35982g51m36.jpg)

# Eaton Vance Government Opportunities Fund

# Class I EIGOX

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about the Eaton Vance Government Opportunities Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $262 | 2.51% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the ICE BofA U.S. Mortgage Backed Securities Index (the Index):

↑ Out-of-Index exposures to agency collateralized mortgage obligations (CMOs) contributed to performance relative to the Index during the period

↑ Out-of-Index exposures to non-agency mortgage-backed securities (MBS) contributed to performance relative to the Index during the period

↑ Duration positioning – which was longer than that of the Index – contributed to returns during a period when interest rates generally declined

↓ Out-of-Index use of derivatives for duration management – by investing in U.S. Treasury futures and interest rate swap options or swaptions – hurt returns

## Fund Performance
Comparison of the change in value of a $1,000,000 investment for the period indicated.

![Growth of 10K Chart](g35982g85l61.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Bloomberg U.S. Universal Index** | **ICE BofA U.S. MBS Index** |
| **10/15** | $1000000 | $1000000 | $1000000 |
| **11/15** | $996869 | $996353 | $998423 |
| **12/15** | $998264 | $991376 | $998140 |
| **1/16** | $1001175 | $1002320 | $1010524 |
| **2/16** | $1001056 | $1009440 | $1014503 |
| **3/16** | $1004207 | $1021811 | $1017620 |
| **4/16** | $1005662 | $1028772 | $1019393 |
| **5/16** | $1004075 | $1029576 | $1020748 |
| **6/16** | $1003949 | $1047701 | $1028993 |
| **7/16** | $1006912 | $1056335 | $1031274 |
| **8/16** | $1005153 | $1057474 | $1032370 |
| **9/16** | $1006428 | $1057726 | $1035292 |
| **10/16** | $1006148 | $1050709 | $1032327 |
| **11/16** | $1002680 | $1027092 | $1014548 |
| **12/16** | $1003881 | $1030143 | $1014795 |
| **1/17** | $1008350 | $1033777 | $1014287 |
| **2/17** | $1009981 | $1041753 | $1019262 |
| **3/17** | $1011531 | $1041404 | $1019472 |
| **4/17** | $1013119 | $1050045 | $1025922 |
| **5/17** | $1016327 | $1058147 | $1032581 |
| **6/17** | $1016260 | $1057250 | $1028691 |
| **7/17** | $1017836 | $1062516 | $1033342 |
| **8/17** | $1021284 | $1071683 | $1040779 |
| **9/17** | $1019640 | $1067911 | $1038173 |
| **10/17** | $1019471 | $1069193 | $1037912 |
| **11/17** | $1019332 | $1067575 | $1036256 |
| **12/17** | $1019192 | $1072282 | $1039642 |
| **1/18** | $1015856 | $1061963 | $1027330 |
| **2/18** | $1017280 | $1051894 | $1020153 |
| **3/18** | $1017188 | $1057199 | $1027025 |
| **4/18** | $1018985 | $1050145 | $1022123 |
| **5/18** | $1022352 | $1055872 | $1029598 |
| **6/18** | $1021083 | $1054340 | $1030244 |
| **7/18** | $1022144 | $1056547 | $1029192 |
| **8/18** | $1025186 | $1061752 | $1035141 |
| **9/18** | $1024964 | $1057203 | $1029005 |
| **10/18** | $1026320 | $1048359 | $1022070 |
| **11/18** | $1027813 | $1053074 | $1031413 |
| **12/18** | $1030848 | $1069550 | $1050000 |
| **1/19** | $1035539 | $1084296 | $1058859 |
| **2/19** | $1038670 | $1085478 | $1057989 |
| **3/19** | $1041685 | $1105079 | $1073790 |
| **4/19** | $1047969 | $1106626 | $1072490 |
| **5/19** | $1047451 | $1123578 | $1086179 |
| **6/19** | $1047248 | $1139470 | $1095346 |
| **7/19** | $1048581 | $1142862 | $1100278 |
| **8/19** | $1047849 | $1168722 | $1111082 |
| **9/19** | $1052435 | $1163659 | $1111095 |
| **10/19** | $1055067 | $1167418 | $1114639 |
| **11/19** | $1057953 | $1167185 | $1115450 |
| **12/19** | $1056772 | $1168924 | $1118396 |
| **1/20** | $1063039 | $1189904 | $1126476 |
| **2/20** | $1074529 | $1207721 | $1137812 |
| **3/20** | $1078876 | $1184130 | $1149571 |
| **4/20** | $1088502 | $1207849 | $1158512 |
| **5/20** | $1097959 | $1219130 | $1160362 |
| **6/20** | $1098398 | $1229303 | $1158930 |
| **7/20** | $1098620 | $1250897 | $1161360 |
| **8/20** | $1102274 | $1243684 | $1161518 |
| **9/20** | $1104153 | $1241442 | $1160249 |
| **10/20** | $1104288 | $1237005 | $1160297 |
| **11/20** | $1106254 | $1253147 | $1161275 |
| **12/20** | $1109845 | $1257475 | $1164105 |
| **1/21** | $1111654 | $1249571 | $1165609 |
| **2/21** | $1111722 | $1233448 | $1156294 |
| **3/21** | $1113525 | $1219093 | $1150717 |
| **4/21** | $1111661 | $1229345 | $1157423 |
| **5/21** | $1113351 | $1234034 | $1154424 |
| **6/21** | $1109798 | $1243030 | $1154392 |
| **7/21** | $1106382 | $1255512 | $1161002 |
| **8/21** | $1106603 | $1254673 | $1159492 |
| **9/21** | $1110494 | $1243959 | $1154951 |
| **10/21** | $1101527 | $1242942 | $1152592 |
| **11/21** | $1097528 | $1244444 | $1151627 |
| **12/21** | $1097405 | $1243605 | $1150047 |
| **1/22** | $1099515 | $1216340 | $1132852 |
| **2/22** | $1097725 | $1199756 | $1121325 |
| **3/22** | $1082978 | $1167568 | $1092026 |
| **4/22** | $1079371 | $1124021 | $1053661 |
| **5/22** | $1075834 | $1130205 | $1064959 |
| **6/22** | $1070530 | $1107621 | $1049307 |
| **7/22** | $1069390 | $1135469 | $1082626 |
| **8/22** | $1064676 | $1105951 | $1046514 |
| **9/22** | $1034194 | $1058302 | $992892 |
| **10/22** | $1031012 | $1046690 | $978572 |
| **11/22** | $1039377 | $1085718 | $1019928 |
| **12/22** | $1029587 | $1082030 | $1013401 |
| **1/23** | $1039513 | $1115595 | $1045759 |
| **2/23** | $1034263 | $1088183 | $1018479 |
| **3/23** | $1048834 | $1113711 | $1038345 |
| **4/23** | $1048000 | $1120515 | $1043996 |
| **5/23** | $1045404 | $1108897 | $1036790 |
| **6/23** | $1038765 | $1107174 | $1032886 |
| **7/23** | $1040027 | $1108275 | $1031193 |
| **8/23** | $1041295 | $1101601 | $1022732 |
| **9/23** | $1022792 | $1075333 | $990862 |
| **10/23** | $1014219 | $1059162 | $971128 |
| **11/23** | $1054955 | $1106829 | $1020718 |
| **12/23** | $1088096 | $1148827 | $1063876 |
| **1/24** | $1089396 | $1146078 | $1059527 |
| **2/24** | $1060209 | $1132337 | $1042443 |
| **3/24** | $1067580 | $1143455 | $1052501 |
| **4/24** | $1032192 | $1116734 | $1021549 |
| **5/24** | $1057997 | $1135245 | $1042497 |
| **6/24** | $1075557 | $1145623 | $1054959 |
| **7/24** | $1107803 | $1171626 | $1082889 |
| **8/24** | $1125714 | $1188874 | $1099844 |
| **9/24** | $1139373 | $1205180 | $1113404 |
| **10/24** | $1101011 | $1177807 | $1081365 |
| **11/24** | $1112702 | $1190224 | $1095553 |
| **12/24** | $1099208 | $1172248 | $1078049 |
| **1/25** | $1108957 | $1179312 | $1083956 |
| **2/25** | $1141679 | $1203695 | $1110051 |
| **3/25** | $1149378 | $1203408 | $1110113 |
| **4/25** | $1165544 | $1207658 | $1113851 |
| **5/25** | $1151693 | $1201533 | $1103050 |
| **6/25** | $1174532 | $1220252 | $1122707 |
| **7/25** | $1169281 | $1218511 | $1118402 |
| **8/25** | $1196910 | $1233147 | $1136529 |
| **9/25** | $1193627 | $1246212 | $1149662 |
| **10/25** | $1201587 | $1254442 | $1159440 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class I | 9.13% | 1.70% | 1.85% |
| Bloomberg U.S. Universal Index | 6.51% | 0.28% | 2.29% |
| ICE BofA U.S. MBS Index | 7.22% | (0.01)% | 1.49% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $388803790 |
| # of Portfolio Holdings | 450 |
| Portfolio Turnover Rate | 254% |
| Total Advisory Fees Paid | $2053279 |

---

## What did the Fund invest in?
The following table reflects what the Fund invested in as of the report date.

#### Asset Allocation (% of total investments)
![Group By Asset Type Chart](g35982g28q53.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference†</sup> | 0.5% |
| Short-Term Investments | 0.7% |
| Asset-Backed Securities | 2.2% |
| Government National Mortgage Association Participation Agreements | 2.5% |
| U.S. Department of Agriculture Loans | 4.5% |
| U.S. Government Agency Mortgage-Backed Securities | 40.2% |
| Collateralized Mortgage Obligations | 49.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Investment types less than 1% each |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g35982g49w49.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report October 31, 2025

# EIGOX-TSR-AR
![Image](g35982g51m36.jpg)

# Eaton Vance Government Opportunities Fund

# Class R ERGOX

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about the Eaton Vance Government Opportunities Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R | $314 | 3.01% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the ICE BofA U.S. Mortgage Backed Securities Index (the Index):

↑ Out-of-Index exposures to agency collateralized mortgage obligations (CMOs) contributed to performance relative to the Index during the period

↑ Out-of-Index exposures to non-agency mortgage-backed securities (MBS) contributed to performance relative to the Index during the period

↑ Duration positioning – which was longer than that of the Index – contributed to returns during a period when interest rates generally declined

↓ Out-of-Index use of derivatives for duration management – by investing in U.S. Treasury futures and interest rate swap options or swaptions – hurt returns

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g35982g97s36.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R** | **Bloomberg U.S. Universal Index** | **ICE BofA U.S. MBS Index** |
| **10/15** | $10000 | $10000 | $10000 |
| **11/15** | $9964 | $9964 | $9984 |
| **12/15** | $9974 | $9914 | $9981 |
| **1/16** | $9999 | $10023 | $10105 |
| **2/16** | $9994 | $10094 | $10145 |
| **3/16** | $10021 | $10218 | $10176 |
| **4/16** | $10031 | $10288 | $10194 |
| **5/16** | $10011 | $10296 | $10207 |
| **6/16** | $10006 | $10477 | $10290 |
| **7/16** | $10031 | $10563 | $10313 |
| **8/16** | $10009 | $10575 | $10324 |
| **9/16** | $10017 | $10577 | $10353 |
| **10/16** | $10010 | $10507 | $10323 |
| **11/16** | $9956 | $10271 | $10145 |
| **12/16** | $9979 | $10301 | $10148 |
| **1/17** | $10004 | $10338 | $10143 |
| **2/17** | $10032 | $10418 | $10193 |
| **3/17** | $10027 | $10414 | $10195 |
| **4/17** | $10054 | $10500 | $10259 |
| **5/17** | $10066 | $10581 | $10326 |
| **6/17** | $10077 | $10573 | $10287 |
| **7/17** | $10088 | $10625 | $10333 |
| **8/17** | $10118 | $10717 | $10408 |
| **9/17** | $10082 | $10679 | $10382 |
| **10/17** | $10092 | $10692 | $10379 |
| **11/17** | $10070 | $10676 | $10363 |
| **12/17** | $10080 | $10723 | $10396 |
| **1/18** | $10043 | $10620 | $10273 |
| **2/18** | $10053 | $10519 | $10202 |
| **3/18** | $10048 | $10572 | $10270 |
| **4/18** | $10061 | $10501 | $10221 |
| **5/18** | $10074 | $10559 | $10296 |
| **6/18** | $10057 | $10543 | $10302 |
| **7/18** | $10080 | $10565 | $10292 |
| **8/18** | $10105 | $10618 | $10351 |
| **9/18** | $10099 | $10572 | $10290 |
| **10/18** | $10091 | $10484 | $10221 |
| **11/18** | $10119 | $10531 | $10314 |
| **12/18** | $10127 | $10696 | $10500 |
| **1/19** | $10186 | $10843 | $10589 |
| **2/19** | $10213 | $10855 | $10580 |
| **3/19** | $10238 | $11051 | $10738 |
| **4/19** | $10296 | $11066 | $10725 |
| **5/19** | $10286 | $11236 | $10862 |
| **6/19** | $10280 | $11395 | $10953 |
| **7/19** | $10289 | $11429 | $11003 |
| **8/19** | $10277 | $11687 | $11111 |
| **9/19** | $10318 | $11637 | $11111 |
| **10/19** | $10339 | $11674 | $11146 |
| **11/19** | $10363 | $11672 | $11155 |
| **12/19** | $10347 | $11689 | $11184 |
| **1/20** | $10404 | $11899 | $11265 |
| **2/20** | $10513 | $12077 | $11378 |
| **3/20** | $10551 | $11841 | $11496 |
| **4/20** | $10641 | $12078 | $11585 |
| **5/20** | $10729 | $12191 | $11604 |
| **6/20** | $10729 | $12293 | $11589 |
| **7/20** | $10727 | $12509 | $11614 |
| **8/20** | $10758 | $12437 | $11615 |
| **9/20** | $10772 | $12414 | $11602 |
| **10/20** | $10769 | $12370 | $11603 |
| **11/20** | $10783 | $12531 | $11613 |
| **12/20** | $10814 | $12575 | $11641 |
| **1/21** | $10827 | $12496 | $11656 |
| **2/21** | $10823 | $12334 | $11563 |
| **3/21** | $10836 | $12191 | $11507 |
| **4/21** | $10814 | $12293 | $11574 |
| **5/21** | $10825 | $12340 | $11544 |
| **6/21** | $10786 | $12430 | $11544 |
| **7/21** | $10748 | $12555 | $11610 |
| **8/21** | $10746 | $12547 | $11595 |
| **9/21** | $10779 | $12440 | $11550 |
| **10/21** | $10687 | $12429 | $11526 |
| **11/21** | $10644 | $12444 | $11516 |
| **12/21** | $10638 | $12436 | $11500 |
| **1/22** | $10654 | $12163 | $11329 |
| **2/22** | $10633 | $11998 | $11213 |
| **3/22** | $10485 | $11676 | $10920 |
| **4/22** | $10445 | $11240 | $10537 |
| **5/22** | $10407 | $11302 | $10650 |
| **6/22** | $10351 | $11076 | $10493 |
| **7/22** | $10335 | $11355 | $10826 |
| **8/22** | $10285 | $11060 | $10465 |
| **9/22** | $9985 | $10583 | $9929 |
| **10/22** | $9950 | $10467 | $9786 |
| **11/22** | $10027 | $10857 | $10199 |
| **12/22** | $9928 | $10820 | $10134 |
| **1/23** | $10019 | $11156 | $10458 |
| **2/23** | $9964 | $10882 | $10185 |
| **3/23** | $10100 | $11137 | $10383 |
| **4/23** | $10088 | $11205 | $10440 |
| **5/23** | $10058 | $11089 | $10368 |
| **6/23** | $9990 | $11072 | $10329 |
| **7/23** | $9997 | $11083 | $10312 |
| **8/23** | $10005 | $11016 | $10227 |
| **9/23** | $9822 | $10753 | $9909 |
| **10/23** | $9735 | $10592 | $9711 |
| **11/23** | $10123 | $11068 | $10207 |
| **12/23** | $10456 | $11488 | $10639 |
| **1/24** | $10445 | $11461 | $10595 |
| **2/24** | $10159 | $11323 | $10424 |
| **3/24** | $10226 | $11435 | $10525 |
| **4/24** | $9900 | $11167 | $10215 |
| **5/24** | $10124 | $11352 | $10425 |
| **6/24** | $10307 | $11456 | $10550 |
| **7/24** | $10592 | $11716 | $10829 |
| **8/24** | $10779 | $11889 | $10998 |
| **9/24** | $10886 | $12052 | $11134 |
| **10/24** | $10513 | $11778 | $10814 |
| **11/24** | $10620 | $11902 | $10956 |
| **12/24** | $10486 | $11722 | $10780 |
| **1/25** | $10575 | $11793 | $10840 |
| **2/25** | $10884 | $12037 | $11101 |
| **3/25** | $10952 | $12034 | $11101 |
| **4/25** | $11102 | $12077 | $11139 |
| **5/25** | $10986 | $12015 | $11031 |
| **6/25** | $11179 | $12203 | $11227 |
| **7/25** | $11144 | $12185 | $11184 |
| **8/25** | $11382 | $12331 | $11365 |
| **9/25** | $11346 | $12462 | $11497 |
| **10/25** | $11417 | $12544 | $11594 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class R | 8.60% | 1.18% | 1.33% |
| Bloomberg U.S. Universal Index | 6.51% | 0.28% | 2.29% |
| ICE BofA U.S. MBS Index | 7.22% | (0.01)% | 1.49% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $388803790 |
| # of Portfolio Holdings | 450 |
| Portfolio Turnover Rate | 254% |
| Total Advisory Fees Paid | $2053279 |

---

## What did the Fund invest in?
The following table reflects what the Fund invested in as of the report date.

#### Asset Allocation (% of total investments)
![Group By Asset Type Chart](g35982g28q53.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference†</sup> | 0.5% |
| Short-Term Investments | 0.7% |
| Asset-Backed Securities | 2.2% |
| Government National Mortgage Association Participation Agreements | 2.5% |
| U.S. Department of Agriculture Loans | 4.5% |
| U.S. Government Agency Mortgage-Backed Securities | 40.2% |
| Collateralized Mortgage Obligations | 49.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Investment types less than 1% each |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g35982g49w49.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report October 31, 2025

# ERGOX-TSR-AR

# Eaton Vance High Income Opportunities Fund
![Image](g35982g51m36.jpg)

# Class A ETHIX

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about the Eaton Vance High Income Opportunities Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last year?<sup>**Footnote Reference \***</sup>
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $91 | 0.88% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Expenses in the table reflect the expenses of both the Fund and High Income Opportunities Portfolio, the Portfolio in which it invests. |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the ICE BofA U.S. High Yield Index (the Index):

↓ The Fund's allocations by sector, in broadcasting and telecommunications, and security selections in the healthcare, homebuilders and real estate sectors hurt

↓ An overweight allocation in the B-rated securities and security selections in CCC-rated securities hampered relative returns

↓ The Fund's allocations by duration, especially in securities with duration of 1 year or less and between 5- 10 years, detracted from returns relative to the Index

↑ The Fund's security selections by sector particularly in utilities, retail and gaming and overweight allocations in the retail and healthcare sectors contributed

↑ The Fund's allocations by credit rating, in non-rated and CCC- and lower-rated securities and security selections in the B-rated segment also contributed

↑ The Fund's security selections, especially in securities with duration of 5 years or less, were also additive to relative returns

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g35982g94l18.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A with Maximum Sales Charge** | **Bloomberg U.S. Universal Index** | **ICE BofA U.S. High Yield Constrained Index** | **ICE BofA U.S. High Yield Index** |
| **10/15** | $10000 | $10000 | $10000 | $10000 |
| **11/15** | $9523 | $9964 | $9777 | $9776 |
| **12/15** | $9372 | $9914 | $9525 | $9523 |
| **1/16** | $9286 | $10023 | $9374 | $9373 |
| **2/16** | $9376 | $10094 | $9418 | $9416 |
| **3/16** | $9670 | $10218 | $9834 | $9833 |
| **4/16** | $9875 | $10288 | $10227 | $10225 |
| **5/16** | $9946 | $10296 | $10301 | $10299 |
| **6/16** | $9971 | $10477 | $10413 | $10411 |
| **7/16** | $10180 | $10563 | $10675 | $10674 |
| **8/16** | $10341 | $10575 | $10913 | $10912 |
| **9/16** | $10409 | $10577 | $10984 | $10982 |
| **10/16** | $10386 | $10507 | $11018 | $11016 |
| **11/16** | $10362 | $10271 | $10975 | $10973 |
| **12/16** | $10549 | $10301 | $11191 | $11189 |
| **1/17** | $10667 | $10338 | $11341 | $11339 |
| **2/17** | $10781 | $10418 | $11518 | $11516 |
| **3/17** | $10782 | $10414 | $11493 | $11492 |
| **4/17** | $10899 | $10500 | $11623 | $11622 |
| **5/17** | $10972 | $10581 | $11727 | $11726 |
| **6/17** | $10995 | $10573 | $11739 | $11738 |
| **7/17** | $11092 | $10625 | $11875 | $11874 |
| **8/17** | $11092 | $10717 | $11872 | $11871 |
| **9/17** | $11164 | $10679 | $11978 | $11977 |
| **10/17** | $11189 | $10692 | $12025 | $12023 |
| **11/17** | $11163 | $10676 | $11993 | $11991 |
| **12/17** | $11213 | $10723 | $12028 | $12026 |
| **1/18** | $11263 | $10620 | $12105 | $12103 |
| **2/18** | $11159 | $10519 | $11992 | $11990 |
| **3/18** | $11110 | $10572 | $11918 | $11916 |
| **4/18** | $11159 | $10501 | $11997 | $11996 |
| **5/18** | $11160 | $10559 | $11996 | $11994 |
| **6/18** | $11159 | $10543 | $12037 | $12035 |
| **7/18** | $11286 | $10565 | $12172 | $12170 |
| **8/18** | $11363 | $10618 | $12260 | $12258 |
| **9/18** | $11413 | $10572 | $12331 | $12329 |
| **10/18** | $11208 | $10484 | $12129 | $12127 |
| **11/18** | $11103 | $10531 | $12019 | $12017 |
| **12/18** | $10844 | $10696 | $11755 | $11754 |
| **1/19** | $11341 | $10843 | $12295 | $12294 |
| **2/19** | $11494 | $10855 | $12503 | $12501 |
| **3/19** | $11573 | $11051 | $12625 | $12624 |
| **4/19** | $11705 | $11066 | $12802 | $12800 |
| **5/19** | $11599 | $11236 | $12639 | $12638 |
| **6/19** | $11865 | $11395 | $12949 | $12947 |
| **7/19** | $11892 | $11429 | $13015 | $13014 |
| **8/19** | $11947 | $11687 | $13066 | $13065 |
| **9/19** | $12000 | $11637 | $13108 | $13106 |
| **10/19** | $12028 | $11674 | $13138 | $13136 |
| **11/19** | $12108 | $11672 | $13174 | $13172 |
| **12/19** | $12356 | $11689 | $13449 | $13448 |
| **1/20** | $12329 | $11899 | $13450 | $13448 |
| **2/20** | $12104 | $12077 | $13241 | $13240 |
| **3/20** | $10602 | $11841 | $11683 | $11683 |
| **4/20** | $11105 | $12078 | $12127 | $12127 |
| **5/20** | $11583 | $12191 | $12677 | $12682 |
| **6/20** | $11610 | $12293 | $12798 | $12805 |
| **7/20** | $12150 | $12509 | $13405 | $13417 |
| **8/20** | $12236 | $12437 | $13539 | $13549 |
| **9/20** | $12121 | $12414 | $13399 | $13408 |
| **10/20** | $12179 | $12370 | $13459 | $13470 |
| **11/20** | $12669 | $12531 | $13999 | $14010 |
| **12/20** | $12902 | $12575 | $14266 | $14277 |
| **1/21** | $12991 | $12496 | $14321 | $14332 |
| **2/21** | $13073 | $12334 | $14371 | $14381 |
| **3/21** | $13099 | $12191 | $14396 | $14406 |
| **4/21** | $13241 | $12293 | $14554 | $14564 |
| **5/21** | $13297 | $12340 | $14596 | $14606 |
| **6/21** | $13500 | $12430 | $14794 | $14806 |
| **7/21** | $13526 | $12555 | $14846 | $14858 |
| **8/21** | $13612 | $12547 | $14928 | $14939 |
| **9/21** | $13757 | $12440 | $14934 | $14944 |
| **10/21** | $13753 | $12429 | $14906 | $14918 |
| **11/21** | $13595 | $12444 | $14752 | $14765 |
| **12/21** | $13835 | $12436 | $15029 | $15043 |
| **1/22** | $13432 | $12163 | $14617 | $14629 |
| **2/22** | $13608 | $11998 | $14486 | $14498 |
| **3/22** | $13480 | $11676 | $14353 | $14364 |
| **4/22** | $13101 | $11240 | $13832 | $13841 |
| **5/22** | $13066 | $11302 | $13865 | $13876 |
| **6/22** | $12308 | $11076 | $12920 | $12931 |
| **7/22** | $12996 | $11355 | $13698 | $13710 |
| **8/22** | $12739 | $11060 | $13371 | $13382 |
| **9/22** | $12288 | $10583 | $12834 | $12844 |
| **10/22** | $12571 | $10467 | $13199 | $13209 |
| **11/22** | $12918 | $10857 | $13444 | $13457 |
| **12/22** | $12817 | $10820 | $13344 | $13355 |
| **1/23** | $13298 | $11156 | $13866 | $13877 |
| **2/23** | $13126 | $10882 | $13688 | $13698 |
| **3/23** | $13317 | $11137 | $13840 | $13852 |
| **4/23** | $13410 | $11205 | $13975 | $13986 |
| **5/23** | $13247 | $11089 | $13842 | $13853 |
| **6/23** | $13447 | $11072 | $14067 | $14078 |
| **7/23** | $13613 | $11083 | $14268 | $14279 |
| **8/23** | $13649 | $11016 | $14310 | $14320 |
| **9/23** | $13485 | $10753 | $14142 | $14153 |
| **10/23** | $13318 | $10592 | $13966 | $13978 |
| **11/23** | $13866 | $11068 | $14603 | $14614 |
| **12/23** | $14316 | $11488 | $15142 | $15152 |
| **1/24** | $14352 | $11461 | $15145 | $15155 |
| **2/24** | $14390 | $11323 | $15190 | $15200 |
| **3/24** | $14570 | $11435 | $15371 | $15381 |
| **4/24** | $14470 | $11167 | $15217 | $15227 |
| **5/24** | $14617 | $11352 | $15390 | $15400 |
| **6/24** | $14765 | $11456 | $15538 | $15549 |
| **7/24** | $14985 | $11716 | $15843 | $15854 |
| **8/24** | $15170 | $11889 | $16095 | $16106 |
| **9/24** | $15319 | $12052 | $16358 | $16369 |
| **10/24** | $15254 | $11778 | $16268 | $16279 |
| **11/24** | $15438 | $11902 | $16454 | $16466 |
| **12/24** | $15376 | $11722 | $16384 | $16395 |
| **1/25** | $15564 | $11793 | $16610 | $16622 |
| **2/25** | $15642 | $12037 | $16718 | $16730 |
| **3/25** | $15467 | $12034 | $16539 | $16550 |
| **4/25** | $15546 | $12077 | $16539 | $16550 |
| **5/25** | $15813 | $12015 | $16817 | $16829 |
| **6/25** | $16082 | $12203 | $17129 | $17141 |
| **7/25** | $16127 | $12185 | $17198 | $17210 |
| **8/25** | $16285 | $12331 | $17407 | $17419 |
| **9/25** | $16369 | $12462 | $17540 | $17552 |
| **10/25** | $16448 | $12544 | $17575 | $17587 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class A | 7.88% | 6.20% | 5.45% |
| Class A with 3.25% Maximum Sales Charge | 4.42% | 5.51% | 5.10% |
| Bloomberg U.S. Universal Index | 6.51% | 0.28% | 2.29% |
| ICE BofA U.S. High Yield Index | 8.03% | 5.47% | 5.80% |
| ICE BofA U.S. High Yield Constrained Index | 8.03% | 5.48% | 5.80% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1054906487 |
| # of Portfolio Holdings (for High Income Opportunities Portfolio) | 468 |
| Portfolio Turnover Rate (for High Income Opportunities Portfolio) | 45% |
| Total Advisory Fees Paid | $5071792 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

References to the Fund's investments are to the Fund's pro rata share of the investments of High Income Opportunities Portfolio, an affiliated investment company in which the Fund invests substantially all of its assets.

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](g35982g33y45.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference†</sup> | 0.7% |
| Common Stocks | 1.4% |
| Asset-Backed Securities | 2.3% |
| Short-Term Investments | 3.9% |
| Senior Floating-Rate Loans | 8.4% |
| Corporate Bonds | 83.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Investment types less than 1% each |

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Credit Rating Chart](g35982g93p67.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 4.9% |
| CCC or Lower | 10.2% |
| B | 41.2% |
| BB | 41.3% |
| BBB | 2.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excludes Short-Term Investments. Ratings are based on Moody's Investors Service, Inc. ("Moody's"), S&P Global Ratings ("S&P") or Fitch Ratings ("Fitch"). This breakdown assigns a numeric equivalent to the ratings from the aforementioned agencies and the mean is rounded to the nearest integer and converted to an equivalent S&P rating ranging from AAA, being the highest, to D, being the lowest. Ratings of BBB or higher are considered to be investment-grade quality. Holdings designated as "Not Rated" (if any) are not rated by the national ratings agencies stated above. |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g35982g49w49.jpg)

## Additional Information
If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report October 31, 2025

# ETHIX-TSR-AR

# Eaton Vance High Income Opportunities Fund
![Image](g35982g51m36.jpg)

# Class C ECHIX

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about the Eaton Vance High Income Opportunities Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last year?<sup>**Footnote Reference \***</sup>
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $169 | 1.63% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Expenses in the table reflect the expenses of both the Fund and High Income Opportunities Portfolio, the Portfolio in which it invests. |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the ICE BofA U.S. High Yield Index (the Index):

↓ The Fund's allocations by sector, in broadcasting and telecommunications, and security selections in the healthcare, homebuilders and real estate sectors hurt

↓ An overweight allocation in the B-rated securities and security selections in CCC-rated securities hampered relative returns

↓ The Fund's allocations by duration, especially in securities with duration of 1 year or less and between 5- 10 years, detracted from returns relative to the Index

↑ The Fund's security selections by sector particularly in utilities, retail and gaming and overweight allocations in the retail and healthcare sectors contributed

↑ The Fund's allocations by credit rating, in non-rated and CCC- and lower-rated securities and security selections in the B-rated segment also contributed

↑ The Fund's security selections, especially in securities with duration of 5 years or less, were also additive to relative returns

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g35982g76d43.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class C** | **Bloomberg U.S. Universal Index** | **ICE BofA U.S. High Yield Constrained Index** | **ICE BofA U.S. High Yield Index** |
| **10/15** | $10000 | $10000 | $10000 | $10000 |
| **11/15** | $9837 | $9964 | $9777 | $9776 |
| **12/15** | $9674 | $9914 | $9525 | $9523 |
| **1/16** | $9602 | $10023 | $9374 | $9373 |
| **2/16** | $9689 | $10094 | $9418 | $9416 |
| **3/16** | $9963 | $10218 | $9834 | $9833 |
| **4/16** | $10167 | $10288 | $10227 | $10225 |
| **5/16** | $10234 | $10296 | $10301 | $10299 |
| **6/16** | $10253 | $10477 | $10413 | $10411 |
| **7/16** | $10461 | $10563 | $10675 | $10674 |
| **8/16** | $10620 | $10575 | $10913 | $10912 |
| **9/16** | $10684 | $10577 | $10984 | $10982 |
| **10/16** | $10654 | $10507 | $11018 | $11016 |
| **11/16** | $10622 | $10271 | $10975 | $10973 |
| **12/16** | $10807 | $10301 | $11191 | $11189 |
| **1/17** | $10921 | $10338 | $11341 | $11339 |
| **2/17** | $11032 | $10418 | $11518 | $11516 |
| **3/17** | $11025 | $10414 | $11493 | $11492 |
| **4/17** | $11139 | $10500 | $11623 | $11622 |
| **5/17** | $11230 | $10581 | $11727 | $11726 |
| **6/17** | $11223 | $10573 | $11739 | $11738 |
| **7/17** | $11315 | $10625 | $11875 | $11874 |
| **8/17** | $11308 | $10717 | $11872 | $11871 |
| **9/17** | $11375 | $10679 | $11978 | $11977 |
| **10/17** | $11393 | $10692 | $12025 | $12023 |
| **11/17** | $11360 | $10676 | $11993 | $11991 |
| **12/17** | $11403 | $10723 | $12028 | $12026 |
| **1/18** | $11447 | $10620 | $12105 | $12103 |
| **2/18** | $11335 | $10519 | $11992 | $11990 |
| **3/18** | $11278 | $10572 | $11918 | $11916 |
| **4/18** | $11321 | $10501 | $11997 | $11996 |
| **5/18** | $11314 | $10559 | $11996 | $11994 |
| **6/18** | $11306 | $10543 | $12037 | $12035 |
| **7/18** | $11428 | $10565 | $12172 | $12170 |
| **8/18** | $11498 | $10618 | $12260 | $12258 |
| **9/18** | $11542 | $10572 | $12331 | $12329 |
| **10/18** | $11327 | $10484 | $12129 | $12127 |
| **11/18** | $11214 | $10531 | $12019 | $12017 |
| **12/18** | $10944 | $10696 | $11755 | $11754 |
| **1/19** | $11438 | $10843 | $12295 | $12294 |
| **2/19** | $11586 | $10855 | $12503 | $12501 |
| **3/19** | $11659 | $11051 | $12625 | $12624 |
| **4/19** | $11783 | $11066 | $12802 | $12800 |
| **5/19** | $11669 | $11236 | $12639 | $12638 |
| **6/19** | $11930 | $11395 | $12949 | $12947 |
| **7/19** | $11949 | $11429 | $13015 | $13014 |
| **8/19** | $11997 | $11687 | $13066 | $13065 |
| **9/19** | $12042 | $11637 | $13108 | $13106 |
| **10/19** | $12062 | $11674 | $13138 | $13136 |
| **11/19** | $12136 | $11672 | $13174 | $13172 |
| **12/19** | $12376 | $11689 | $13449 | $13448 |
| **1/20** | $12341 | $11899 | $13450 | $13448 |
| **2/20** | $12109 | $12077 | $13241 | $13240 |
| **3/20** | $10599 | $11841 | $11683 | $11683 |
| **4/20** | $11121 | $12078 | $12127 | $12127 |
| **5/20** | $11563 | $12191 | $12677 | $12682 |
| **6/20** | $11582 | $12293 | $12798 | $12805 |
| **7/20** | $12113 | $12509 | $13405 | $13417 |
| **8/20** | $12191 | $12437 | $13539 | $13549 |
| **9/20** | $12067 | $12414 | $13399 | $13408 |
| **10/20** | $12117 | $12370 | $13459 | $13470 |
| **11/20** | $12626 | $12531 | $13999 | $14010 |
| **12/20** | $12849 | $12575 | $14266 | $14277 |
| **1/21** | $12900 | $12496 | $14321 | $14332 |
| **2/21** | $13004 | $12334 | $14371 | $14381 |
| **3/21** | $12992 | $12191 | $14396 | $14406 |
| **4/21** | $13154 | $12293 | $14554 | $14564 |
| **5/21** | $13201 | $12340 | $14596 | $14606 |
| **6/21** | $13364 | $12430 | $14794 | $14806 |
| **7/21** | $13382 | $12555 | $14846 | $14858 |
| **8/21** | $13459 | $12547 | $14928 | $14939 |
| **9/21** | $13594 | $12440 | $14934 | $14944 |
| **10/21** | $13582 | $12429 | $14906 | $14918 |
| **11/21** | $13418 | $12444 | $14752 | $14765 |
| **12/21** | $13677 | $12436 | $15029 | $15043 |
| **1/22** | $13271 | $12163 | $14617 | $14629 |
| **2/22** | $13405 | $11998 | $14486 | $14498 |
| **3/22** | $13271 | $11676 | $14353 | $14364 |
| **4/22** | $12890 | $11240 | $13832 | $13841 |
| **5/22** | $12877 | $11302 | $13865 | $13876 |
| **6/22** | $12093 | $11076 | $12920 | $12931 |
| **7/22** | $12761 | $11355 | $13698 | $13710 |
| **8/22** | $12530 | $11060 | $13371 | $13382 |
| **9/22** | $12048 | $10583 | $12834 | $12844 |
| **10/22** | $12317 | $10467 | $13199 | $13209 |
| **11/22** | $12648 | $10857 | $13444 | $13457 |
| **12/22** | $12572 | $10820 | $13344 | $13355 |
| **1/23** | $13034 | $11156 | $13866 | $13877 |
| **2/23** | $12826 | $10882 | $13688 | $13698 |
| **3/23** | $13036 | $11137 | $13840 | $13852 |
| **4/23** | $13086 | $11205 | $13975 | $13986 |
| **5/23** | $12951 | $11089 | $13842 | $13853 |
| **6/23** | $13138 | $11072 | $14067 | $14078 |
| **7/23** | $13292 | $11083 | $14268 | $14279 |
| **8/23** | $13319 | $11016 | $14310 | $14320 |
| **9/23** | $13151 | $10753 | $14142 | $14153 |
| **10/23** | $12980 | $10592 | $13966 | $13978 |
| **11/23** | $13471 | $11068 | $14603 | $14614 |
| **12/23** | $13933 | $11488 | $15142 | $15152 |
| **1/24** | $13960 | $11461 | $15145 | $15155 |
| **2/24** | $13955 | $11323 | $15190 | $15200 |
| **3/24** | $14154 | $11435 | $15371 | $15381 |
| **4/24** | $14015 | $11167 | $15217 | $15227 |
| **5/24** | $14182 | $11352 | $15390 | $15400 |
| **6/24** | $14317 | $11456 | $15538 | $15549 |
| **7/24** | $14486 | $11716 | $15843 | $15854 |
| **8/24** | $14691 | $11889 | $16095 | $16106 |
| **9/24** | $14826 | $12052 | $16358 | $16369 |
| **10/24** | $14753 | $11778 | $16268 | $16279 |
| **11/24** | $14922 | $11902 | $16454 | $16466 |
| **12/24** | $14853 | $11722 | $16384 | $16395 |
| **1/25** | $14990 | $11793 | $16610 | $16622 |
| **2/25** | $15092 | $12037 | $16718 | $16730 |
| **3/25** | $14914 | $12034 | $16539 | $16550 |
| **4/25** | $14981 | $12077 | $16539 | $16550 |
| **5/25** | $15228 | $12015 | $16817 | $16829 |
| **6/25** | $15477 | $12203 | $17129 | $17141 |
| **7/25** | $15510 | $12185 | $17198 | $17210 |
| **8/25** | $15653 | $12331 | $17407 | $17419 |
| **9/25** | $15723 | $12462 | $17540 | $17552 |
| **10/25** | $16038 | $12544 | $17575 | $17587 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class C, with conversion to Class A after 8 years | 6.82% | 5.39% | 4.83% |
| Class C, with 1% Maximum Contingent Deferred Sales Charge and conversion to Class A after 8 years | 5.82% | 5.39% | 4.83% |
| Bloomberg U.S. Universal Index | 6.51% | 0.28% | 2.29% |
| ICE BofA U.S. High Yield Index | 8.03% | 5.47% | 5.80% |
| ICE BofA U.S. High Yield Constrained Index | 8.03% | 5.48% | 5.80% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1054906487 |
| # of Portfolio Holdings (for High Income Opportunities Portfolio) | 468 |
| Portfolio Turnover Rate (for High Income Opportunities Portfolio) | 45% |
| Total Advisory Fees Paid | $5071792 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

References to the Fund's investments are to the Fund's pro rata share of the investments of High Income Opportunities Portfolio, an affiliated investment company in which the Fund invests substantially all of its assets.

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](g35982g33y45.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference†</sup> | 0.7% |
| Common Stocks | 1.4% |
| Asset-Backed Securities | 2.3% |
| Short-Term Investments | 3.9% |
| Senior Floating-Rate Loans | 8.4% |
| Corporate Bonds | 83.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Investment types less than 1% each |

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Credit Rating Chart](g35982g93p67.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 4.9% |
| CCC or Lower | 10.2% |
| B | 41.2% |
| BB | 41.3% |
| BBB | 2.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excludes Short-Term Investments. Ratings are based on Moody's Investors Service, Inc. ("Moody's"), S&P Global Ratings ("S&P") or Fitch Ratings ("Fitch"). This breakdown assigns a numeric equivalent to the ratings from the aforementioned agencies and the mean is rounded to the nearest integer and converted to an equivalent S&P rating ranging from AAA, being the highest, to D, being the lowest. Ratings of BBB or higher are considered to be investment-grade quality. Holdings designated as "Not Rated" (if any) are not rated by the national ratings agencies stated above. |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g35982g49w49.jpg)

## Additional Information
If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report October 31, 2025

# ECHIX-TSR-AR

# Eaton Vance High Income Opportunities Fund
![Image](g35982g51m36.jpg)

# Class I EIHIX

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about the Eaton Vance High Income Opportunities Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last year?<sup>**Footnote Reference \***</sup>
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $65 | 0.63% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Expenses in the table reflect the expenses of both the Fund and High Income Opportunities Portfolio, the Portfolio in which it invests. |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the ICE BofA U.S. High Yield Index (the Index):

↓ The Fund's allocations by sector, in broadcasting and telecommunications, and security selections in the healthcare, homebuilders and real estate sectors hurt

↓ An overweight allocation in the B-rated securities and security selections in CCC-rated securities hampered relative returns

↓ The Fund's allocations by duration, especially in securities with duration of 1 year or less and between 5- 10 years, detracted from returns relative to the Index

↑ The Fund's security selections by sector particularly in utilities, retail and gaming and overweight allocations in the retail and healthcare sectors contributed

↑ The Fund's allocations by credit rating, in non-rated and CCC- and lower-rated securities and security selections in the B-rated segment also contributed

↑ The Fund's security selections, especially in securities with duration of 5 years or less, were also additive to relative returns

## Fund Performance
Comparison of the change in value of a $1,000,000 investment for the period indicated.

![Growth of 10K Chart](g35982g97h39.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class I** | **Bloomberg U.S. Universal Index** | **ICE BofA U.S. High Yield Constrained Index** | **ICE BofA U.S. High Yield Index** |
| **10/15** | $1000000 | $1000000 | $1000000 | $1000000 |
| **11/15** | $984576 | $996353 | $977696 | $977550 |
| **12/15** | $966905 | $991376 | $952486 | $952335 |
| **1/16** | $960581 | $1002320 | $937418 | $937272 |
| **2/16** | $970016 | $1009440 | $941779 | $941631 |
| **3/16** | $998354 | $1021811 | $983409 | $983255 |
| **4/16** | $1022016 | $1028772 | $1022705 | $1022543 |
| **5/16** | $1027256 | $1029576 | $1030083 | $1029922 |
| **6/16** | $1032352 | $1047701 | $1041251 | $1041085 |
| **7/16** | $1051819 | $1056335 | $1067549 | $1067380 |
| **8/16** | $1071072 | $1057474 | $1091328 | $1091155 |
| **9/16** | $1075941 | $1057726 | $1098386 | $1098214 |
| **10/16** | $1076202 | $1050709 | $1101819 | $1101646 |
| **11/16** | $1073893 | $1027092 | $1097474 | $1097301 |
| **12/16** | $1091087 | $1030143 | $1119052 | $1118885 |
| **1/17** | $1103502 | $1033777 | $1134070 | $1133910 |
| **2/17** | $1117928 | $1041753 | $1151750 | $1151604 |
| **3/17** | $1115757 | $1041404 | $1149331 | $1149188 |
| **4/17** | $1128187 | $1050045 | $1162339 | $1162209 |
| **5/17** | $1138368 | $1058147 | $1172677 | $1172589 |
| **6/17** | $1140969 | $1057250 | $1173921 | $1173827 |
| **7/17** | $1151242 | $1062516 | $1187491 | $1187366 |
| **8/17** | $1149022 | $1071683 | $1187172 | $1187058 |
| **9/17** | $1159219 | $1067911 | $1197824 | $1197723 |
| **10/17** | $1162040 | $1069193 | $1202498 | $1202345 |
| **11/17** | $1159616 | $1067575 | $1199290 | $1199119 |
| **12/17** | $1162463 | $1072282 | $1202786 | $1202614 |
| **1/18** | $1167890 | $1061963 | $1210498 | $1210325 |
| **2/18** | $1159924 | $1051894 | $1199212 | $1199041 |
| **3/18** | $1155043 | $1057199 | $1191808 | $1191638 |
| **4/18** | $1160367 | $1050145 | $1199736 | $1199565 |
| **5/18** | $1158054 | $1055872 | $1199566 | $1199384 |
| **6/18** | $1160802 | $1054340 | $1203710 | $1203526 |
| **7/18** | $1174296 | $1056547 | $1217159 | $1216974 |
| **8/18** | $1179902 | $1061752 | $1225974 | $1225788 |
| **9/18** | $1185353 | $1057203 | $1233099 | $1232911 |
| **10/18** | $1166929 | $1048359 | $1212897 | $1212720 |
| **11/18** | $1156300 | $1053074 | $1201887 | $1201715 |
| **12/18** | $1126892 | $1069550 | $1175531 | $1175375 |
| **1/19** | $1178796 | $1084296 | $1229517 | $1229360 |
| **2/19** | $1194923 | $1085478 | $1250277 | $1250117 |
| **3/19** | $1206200 | $1105079 | $1262528 | $1262366 |
| **4/19** | $1220098 | $1106626 | $1280193 | $1280027 |
| **5/19** | $1206582 | $1123578 | $1263919 | $1263757 |
| **6/19** | $1234513 | $1139470 | $1294912 | $1294746 |
| **7/19** | $1240420 | $1142862 | $1301544 | $1301376 |
| **8/19** | $1243548 | $1168722 | $1306621 | $1306454 |
| **9/19** | $1252139 | $1163659 | $1310765 | $1310596 |
| **10/19** | $1255297 | $1167418 | $1313809 | $1313639 |
| **11/19** | $1263969 | $1167185 | $1317397 | $1317226 |
| **12/19** | $1290035 | $1168924 | $1344934 | $1344762 |
| **1/20** | $1284618 | $1189904 | $1344992 | $1344819 |
| **2/20** | $1264348 | $1207721 | $1324145 | $1323976 |
| **3/20** | $1108087 | $1184130 | $1168312 | $1168292 |
| **4/20** | $1160712 | $1207849 | $1212730 | $1212691 |
| **5/20** | $1207946 | $1219130 | $1267743 | $1268156 |
| **6/20** | $1213975 | $1229303 | $1279787 | $1280516 |
| **7/20** | $1267612 | $1250897 | $1340519 | $1341700 |
| **8/20** | $1279856 | $1243684 | $1353919 | $1354903 |
| **9/20** | $1268034 | $1241442 | $1339886 | $1340778 |
| **10/20** | $1274388 | $1237005 | $1345931 | $1347048 |
| **11/20** | $1325867 | $1253147 | $1399881 | $1400967 |
| **12/20** | $1350487 | $1257475 | $1426615 | $1427688 |
| **1/21** | $1356934 | $1249571 | $1432118 | $1433152 |
| **2/21** | $1368911 | $1233448 | $1437054 | $1438146 |
| **3/21** | $1371870 | $1219093 | $1439603 | $1440594 |
| **4/21** | $1387006 | $1229345 | $1455353 | $1456396 |
| **5/21** | $1393094 | $1234034 | $1459554 | $1460600 |
| **6/21** | $1414594 | $1243030 | $1479425 | $1480556 |
| **7/21** | $1417604 | $1255512 | $1484617 | $1485826 |
| **8/21** | $1423771 | $1254673 | $1492811 | $1493930 |
| **9/21** | $1439235 | $1243959 | $1493418 | $1494431 |
| **10/21** | $1439115 | $1242942 | $1490607 | $1491773 |
| **11/21** | $1422872 | $1244444 | $1475154 | $1476485 |
| **12/21** | $1451528 | $1243605 | $1502896 | $1504263 |
| **1/22** | $1409658 | $1216340 | $1461694 | $1462912 |
| **2/22** | $1425052 | $1199756 | $1448605 | $1449776 |
| **3/22** | $1415212 | $1167568 | $1435344 | $1436362 |
| **4/22** | $1372589 | $1124021 | $1383204 | $1384113 |
| **5/22** | $1372464 | $1130205 | $1386513 | $1387578 |
| **6/22** | $1290046 | $1107621 | $1292049 | $1293130 |
| **7/22** | $1362506 | $1135469 | $1369804 | $1371014 |
| **8/22** | $1339174 | $1105951 | $1337078 | $1338182 |
| **9/22** | $1288867 | $1058302 | $1283381 | $1284363 |
| **10/22** | $1318869 | $1046690 | $1319897 | $1320924 |
| **11/22** | $1355537 | $1085718 | $1344445 | $1345651 |
| **12/22** | $1348648 | $1082030 | $1334414 | $1335516 |
| **1/23** | $1399475 | $1115595 | $1386571 | $1387729 |
| **2/23** | $1378217 | $1088183 | $1368785 | $1369771 |
| **3/23** | $1402085 | $1113711 | $1383993 | $1385190 |
| **4/23** | $1408710 | $1120515 | $1397480 | $1398560 |
| **5/23** | $1395295 | $1108897 | $1384169 | $1385281 |
| **6/23** | $1416593 | $1107174 | $1406684 | $1407830 |
| **7/23** | $1434385 | $1108275 | $1426788 | $1427877 |
| **8/23** | $1434988 | $1101601 | $1431032 | $1431951 |
| **9/23** | $1421555 | $1075333 | $1414217 | $1415298 |
| **10/23** | $1404342 | $1059162 | $1396558 | $1397780 |
| **11/23** | $1458632 | $1106829 | $1460312 | $1461355 |
| **12/23** | $1509893 | $1148827 | $1514202 | $1515247 |
| **1/24** | $1514054 | $1146078 | $1514493 | $1515528 |
| **2/24** | $1514696 | $1132337 | $1518977 | $1520015 |
| **3/24** | $1537642 | $1143455 | $1537071 | $1538122 |
| **4/24** | $1523776 | $1116734 | $1521701 | $1522740 |
| **5/24** | $1543242 | $1135245 | $1538968 | $1540018 |
| **6/24** | $1559186 | $1145623 | $1553823 | $1554885 |
| **7/24** | $1578926 | $1171626 | $1584314 | $1585397 |
| **8/24** | $1602534 | $1188874 | $1609516 | $1610615 |
| **9/24** | $1618612 | $1205180 | $1635817 | $1636935 |
| **10/24** | $1612067 | $1177807 | $1626815 | $1627926 |
| **11/24** | $1631859 | $1190224 | $1645444 | $1646568 |
| **12/24** | $1625688 | $1172248 | $1638392 | $1639510 |
| **1/25** | $1642035 | $1179312 | $1661015 | $1662150 |
| **2/25** | $1654444 | $1203695 | $1671812 | $1672955 |
| **3/25** | $1636358 | $1203408 | $1653868 | $1654998 |
| **4/25** | $1644975 | $1207658 | $1653905 | $1655037 |
| **5/25** | $1673590 | $1201533 | $1681721 | $1682870 |
| **6/25** | $1698385 | $1220252 | $1712930 | $1714101 |
| **7/25** | $1707403 | $1218511 | $1719799 | $1720975 |
| **8/25** | $1724548 | $1233147 | $1740744 | $1741934 |
| **9/25** | $1733728 | $1246212 | $1754034 | $1755234 |
| **10/25** | $1739277 | $1254442 | $1757484 | $1758685 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class I | 7.89% | 6.41% | 5.69% |
| Bloomberg U.S. Universal Index | 6.51% | 0.28% | 2.29% |
| ICE BofA U.S. High Yield Index | 8.03% | 5.47% | 5.80% |
| ICE BofA U.S. High Yield Constrained Index | 8.03% | 5.48% | 5.80% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1054906487 |
| # of Portfolio Holdings (for High Income Opportunities Portfolio) | 468 |
| Portfolio Turnover Rate (for High Income Opportunities Portfolio) | 45% |
| Total Advisory Fees Paid | $5071792 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

References to the Fund's investments are to the Fund's pro rata share of the investments of High Income Opportunities Portfolio, an affiliated investment company in which the Fund invests substantially all of its assets.

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](g35982g33y45.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference†</sup> | 0.7% |
| Common Stocks | 1.4% |
| Asset-Backed Securities | 2.3% |
| Short-Term Investments | 3.9% |
| Senior Floating-Rate Loans | 8.4% |
| Corporate Bonds | 83.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Investment types less than 1% each |

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Credit Rating Chart](g35982g93p67.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 4.9% |
| CCC or Lower | 10.2% |
| B | 41.2% |
| BB | 41.3% |
| BBB | 2.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excludes Short-Term Investments. Ratings are based on Moody's Investors Service, Inc. ("Moody's"), S&P Global Ratings ("S&P") or Fitch Ratings ("Fitch"). This breakdown assigns a numeric equivalent to the ratings from the aforementioned agencies and the mean is rounded to the nearest integer and converted to an equivalent S&P rating ranging from AAA, being the highest, to D, being the lowest. Ratings of BBB or higher are considered to be investment-grade quality. Holdings designated as "Not Rated" (if any) are not rated by the national ratings agencies stated above. |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g35982g49w49.jpg)

## Additional Information
If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report October 31, 2025

# EIHIX-TSR-AR

# Eaton Vance High Income Opportunities Fund
![Image](g35982g51m36.jpg)

# Class R6 ERHIX

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about the Eaton Vance High Income Opportunities Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last year?<sup>**Footnote Reference \***</sup>
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $56 | 0.54% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Expenses in the table reflect the expenses of both the Fund and High Income Opportunities Portfolio, the Portfolio in which it invests. |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the ICE BofA U.S. High Yield Index (the Index):

↓ The Fund's allocations by sector, in broadcasting and telecommunications, and security selections in the healthcare, homebuilders and real estate sectors hurt

↓ An overweight allocation in the B-rated securities and security selections in CCC-rated securities hampered relative returns

↓ The Fund's allocations by duration, especially in securities with duration of 1 year or less and between 5- 10 years, detracted from returns relative to the Index

↑ The Fund's security selections by sector particularly in utilities, retail and gaming and overweight allocations in the retail and healthcare sectors contributed

↑ The Fund's allocations by credit rating, in non-rated and CCC- and lower-rated securities and security selections in the B-rated segment also contributed

↑ The Fund's security selections, especially in securities with duration of 5 years or less, were also additive to relative returns

## Fund Performance
Comparison of the change in value of a $5,000,000 investment for the period indicated.

![Growth of 10K Chart](g35982g35q88.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class R6** | **Bloomberg U.S. Universal Index** | **ICE BofA U.S. High Yield Constrained Index** | **ICE BofA U.S. High Yield Index** |
| **10/15** | $5000000 | $5000000 | $5000000 | $5000000 |
| **11/15** | $4922879 | $4981766 | $4888479 | $4887751 |
| **12/15** | $4834523 | $4956879 | $4762429 | $4761673 |
| **1/16** | $4802907 | $5011598 | $4687092 | $4686359 |
| **2/16** | $4850081 | $5047198 | $4708893 | $4708154 |
| **3/16** | $4991768 | $5109053 | $4917047 | $4916273 |
| **4/16** | $5110081 | $5143862 | $5113523 | $5112716 |
| **5/16** | $5136278 | $5147880 | $5150413 | $5149608 |
| **6/16** | $5161760 | $5238507 | $5206253 | $5205423 |
| **7/16** | $5259093 | $5281675 | $5337746 | $5336899 |
| **8/16** | $5355359 | $5287372 | $5456640 | $5455774 |
| **9/16** | $5379703 | $5288629 | $5491932 | $5491070 |
| **10/16** | $5381009 | $5253543 | $5509096 | $5508230 |
| **11/16** | $5369464 | $5135458 | $5487368 | $5486507 |
| **12/16** | $5455436 | $5150713 | $5595260 | $5594425 |
| **1/17** | $5517512 | $5168885 | $5670352 | $5669548 |
| **2/17** | $5589638 | $5208767 | $5758748 | $5758020 |
| **3/17** | $5578787 | $5207022 | $5746653 | $5745938 |
| **4/17** | $5640937 | $5250226 | $5811694 | $5811043 |
| **5/17** | $5691839 | $5290734 | $5863387 | $5862946 |
| **6/17** | $5704845 | $5286248 | $5869607 | $5869135 |
| **7/17** | $5756211 | $5312578 | $5937456 | $5936831 |
| **8/17** | $5745110 | $5358413 | $5935858 | $5935292 |
| **9/17** | $5796093 | $5339555 | $5989120 | $5988615 |
| **10/17** | $5810201 | $5345966 | $6012490 | $6011725 |
| **11/17** | $5798079 | $5337876 | $5996449 | $5995594 |
| **12/17** | $5812316 | $5361408 | $6013930 | $6013069 |
| **1/18** | $5839450 | $5309816 | $6052491 | $6051623 |
| **2/18** | $5799620 | $5259468 | $5996060 | $5995204 |
| **3/18** | $5775215 | $5285995 | $5959040 | $5958192 |
| **4/18** | $5801835 | $5250724 | $5998681 | $5997824 |
| **5/18** | $5790268 | $5279359 | $5997831 | $5996919 |
| **6/18** | $5804010 | $5271702 | $6018552 | $6017628 |
| **7/18** | $5871479 | $5282735 | $6085796 | $6084871 |
| **8/18** | $5899508 | $5308761 | $6129872 | $6128938 |
| **9/18** | $5926763 | $5286013 | $6165495 | $6164553 |
| **10/18** | $5834647 | $5241794 | $6064485 | $6063600 |
| **11/18** | $5781498 | $5265368 | $6009437 | $6008576 |
| **12/18** | $5634459 | $5347748 | $5877656 | $5876876 |
| **1/19** | $5893981 | $5421482 | $6147583 | $6146798 |
| **2/19** | $5974615 | $5427391 | $6251386 | $6250586 |
| **3/19** | $6031001 | $5525397 | $6312640 | $6311832 |
| **4/19** | $6100490 | $5533131 | $6400964 | $6400137 |
| **5/19** | $6032911 | $5617891 | $6319595 | $6318787 |
| **6/19** | $6172566 | $5697352 | $6474558 | $6473731 |
| **7/19** | $6202099 | $5714311 | $6507719 | $6506878 |
| **8/19** | $6217742 | $5843610 | $6533105 | $6532270 |
| **9/19** | $6260696 | $5818293 | $6553825 | $6552979 |
| **10/19** | $6276487 | $5837092 | $6569045 | $6568195 |
| **11/19** | $6319847 | $5835924 | $6586987 | $6586132 |
| **12/19** | $6450173 | $5844621 | $6724671 | $6723811 |
| **1/20** | $6423091 | $5949520 | $6724959 | $6724096 |
| **2/20** | $6321741 | $6038603 | $6620724 | $6619880 |
| **3/20** | $5540437 | $5920648 | $5841558 | $5841461 |
| **4/20** | $5803558 | $6039247 | $6063650 | $6063457 |
| **5/20** | $6039728 | $6095652 | $6338717 | $6340778 |
| **6/20** | $6069876 | $6146514 | $6398934 | $6402581 |
| **7/20** | $6338058 | $6254483 | $6702597 | $6708499 |
| **8/20** | $6399278 | $6218418 | $6769597 | $6774514 |
| **9/20** | $6340168 | $6207211 | $6699430 | $6703892 |
| **10/20** | $6371941 | $6185025 | $6729653 | $6735239 |
| **11/20** | $6629334 | $6265736 | $6999407 | $7004833 |
| **12/20** | $6752436 | $6287373 | $7133074 | $7138438 |
| **1/21** | $6784671 | $6247854 | $7160591 | $7165760 |
| **2/21** | $6844556 | $6167238 | $7185271 | $7190728 |
| **3/21** | $6859351 | $6095467 | $7198014 | $7202971 |
| **4/21** | $6935030 | $6146723 | $7276763 | $7281982 |
| **5/21** | $6965468 | $6170168 | $7297771 | $7303000 |
| **6/21** | $7072968 | $6215150 | $7397125 | $7402782 |
| **7/21** | $7088020 | $6277558 | $7423087 | $7429131 |
| **8/21** | $7118854 | $6273367 | $7464053 | $7469649 |
| **9/21** | $7196177 | $6219796 | $7467091 | $7472155 |
| **10/21** | $7195573 | $6214712 | $7453037 | $7458863 |
| **11/21** | $7114362 | $6222219 | $7375771 | $7382425 |
| **12/21** | $7257640 | $6218024 | $7514478 | $7521314 |
| **1/22** | $7048291 | $6081699 | $7308470 | $7314558 |
| **2/22** | $7125258 | $5998781 | $7243026 | $7248881 |
| **3/22** | $7076060 | $5837841 | $7176718 | $7181809 |
| **4/22** | $6862943 | $5620104 | $6916021 | $6920563 |
| **5/22** | $6862321 | $5651027 | $6932566 | $6937889 |
| **6/22** | $6450231 | $5538106 | $6460245 | $6465651 |
| **7/22** | $6812531 | $5677345 | $6849022 | $6855072 |
| **8/22** | $6695871 | $5529755 | $6685390 | $6690911 |
| **9/22** | $6444337 | $5291512 | $6416904 | $6421813 |
| **10/22** | $6594346 | $5233452 | $6599485 | $6604621 |
| **11/22** | $6777686 | $5428589 | $6722223 | $6728255 |
| **12/22** | $6743239 | $5410151 | $6672071 | $6677581 |
| **1/23** | $6997374 | $5577976 | $6932854 | $6938647 |
| **2/23** | $6891083 | $5440916 | $6843925 | $6848855 |
| **3/23** | $7010425 | $5568556 | $6919967 | $6925951 |
| **4/23** | $7043549 | $5602573 | $6987398 | $6992799 |
| **5/23** | $6976475 | $5544487 | $6920845 | $6926403 |
| **6/23** | $7082965 | $5535870 | $7033418 | $7039147 |
| **7/23** | $7172494 | $5541373 | $7133938 | $7139386 |
| **8/23** | $7193679 | $5508004 | $7155162 | $7159757 |
| **9/23** | $7109410 | $5376665 | $7071086 | $7076488 |
| **10/23** | $7024148 | $5295810 | $6982790 | $6988902 |
| **11/23** | $7296281 | $5534147 | $7301558 | $7306773 |
| **12/23** | $7553265 | $5744136 | $7571009 | $7576233 |
| **1/24** | $7574645 | $5730389 | $7572464 | $7577638 |
| **2/24** | $7596562 | $5661684 | $7594883 | $7600077 |
| **3/24** | $7693695 | $5717273 | $7685353 | $7690611 |
| **4/24** | $7643428 | $5583670 | $7608505 | $7613702 |
| **5/24** | $7722935 | $5676226 | $7694842 | $7700092 |
| **6/24** | $7803485 | $5728116 | $7769113 | $7774424 |
| **7/24** | $7902858 | $5858131 | $7921571 | $7926985 |
| **8/24** | $8021603 | $5944368 | $8047578 | $8053074 |
| **9/24** | $8102637 | $6025898 | $8179085 | $8184674 |
| **10/24** | $8070475 | $5889033 | $8134073 | $8139630 |
| **11/24** | $8151012 | $5951119 | $8227221 | $8232842 |
| **12/24** | $8120656 | $5861240 | $8191958 | $8197551 |
| **1/25** | $8222364 | $5896559 | $8305077 | $8310752 |
| **2/25** | $8265617 | $6018474 | $8359060 | $8364776 |
| **3/25** | $8195102 | $6017038 | $8269339 | $8274989 |
| **4/25** | $8239237 | $6038290 | $8269526 | $8275184 |
| **5/25** | $8363603 | $6007665 | $8408607 | $8414349 |
| **6/25** | $8508348 | $6101262 | $8564651 | $8570503 |
| **7/25** | $8534341 | $6092553 | $8598993 | $8604875 |
| **8/25** | $8641020 | $6165735 | $8703718 | $8709668 |
| **9/25** | $8687756 | $6231062 | $8770170 | $8776169 |
| **10/25** | $8715526 | $6272211 | $8787420 | $8793424 |

---

## Average Annual Total Returns (%)<sup>**Footnote Reference 1**</sup>

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class R6 | 7.99% | 6.46% | 5.71% |
| Bloomberg U.S. Universal Index | 6.51% | 0.28% | 2.29% |
| ICE BofA U.S. High Yield Index | 8.03% | 5.47% | 5.80% |
| ICE BofA U.S. High Yield Constrained Index | 8.03% | 5.48% | 5.80% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Class R6 performance prior to 6/30/23 is linked to Class I. This linked performance is not adjusted for class expense differences. If adjusted for such differences, the performance would be different. Performance presented in the Financial Highlights included in the financial statements is not linked. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1054906487 |
| # of Portfolio Holdings (for High Income Opportunities Portfolio) | 468 |
| Portfolio Turnover Rate (for High Income Opportunities Portfolio) | 45% |
| Total Advisory Fees Paid | $5071792 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

References to the Fund's investments are to the Fund's pro rata share of the investments of High Income Opportunities Portfolio, an affiliated investment company in which the Fund invests substantially all of its assets.

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](g35982g33y45.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference†</sup> | 0.7% |
| Common Stocks | 1.4% |
| Asset-Backed Securities | 2.3% |
| Short-Term Investments | 3.9% |
| Senior Floating-Rate Loans | 8.4% |
| Corporate Bonds | 83.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Investment types less than 1% each |

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Credit Rating Chart](g35982g93p67.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 4.9% |
| CCC or Lower | 10.2% |
| B | 41.2% |
| BB | 41.3% |
| BBB | 2.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excludes Short-Term Investments. Ratings are based on Moody's Investors Service, Inc. ("Moody's"), S&P Global Ratings ("S&P") or Fitch Ratings ("Fitch"). This breakdown assigns a numeric equivalent to the ratings from the aforementioned agencies and the mean is rounded to the nearest integer and converted to an equivalent S&P rating ranging from AAA, being the highest, to D, being the lowest. Ratings of BBB or higher are considered to be investment-grade quality. Holdings designated as "Not Rated" (if any) are not rated by the national ratings agencies stated above. |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g35982g49w49.jpg)

## Additional Information
If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report October 31, 2025

# ERHIX-TSR-AR
![Image](g35982g51m36.jpg)

# Eaton Vance Short Duration Government Income Fund

# Advisers Class EASDX

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about the Eaton Vance Short Duration Government Income Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Advisers Class | $92 | 0.89% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the ICE BofA 1-3 Year U.S. Treasury Index (the Index):

↑ Out-of-Index exposures to interest-only agency mortgage-backed securities (MBS) contributed to performance relative to the Index during the period

↑ Out-of-Index exposures to agency collateralized mortgage obligations (CMOs) contributed to performance relative to the Index during the period

↑ Duration positioning – which was longer than that of the Index – contributed to returns during a period when interest rates generally declined

↑ The Fund's underweight exposure to U.S. Treasuries contributed to returns relative to the Index during the period

↓ Out-of-Index use of derivatives for duration management – by investing in U.S. Treasury futures and interest rate swap options or swaptions – hurt returns

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g35982g55k88.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Advisers Class** | **Bloomberg U.S. Universal Index** | **ICE BofA 1-3 Year U.S. Treasury Index** |
| **10/15** | $10000 | $10000 | $10000 |
| **11/15** | $9783 | $9964 | $9975 |
| **12/15** | $9780 | $9914 | $9966 |
| **1/16** | $9729 | $10023 | $10027 |
| **2/16** | $9703 | $10094 | $10038 |
| **3/16** | $9735 | $10218 | $10056 |
| **4/16** | $9766 | $10288 | $10060 |
| **5/16** | $9797 | $10296 | $10049 |
| **6/16** | $9757 | $10477 | $10109 |
| **7/16** | $9786 | $10563 | $10103 |
| **8/16** | $9803 | $10575 | $10087 |
| **9/16** | $9819 | $10577 | $10098 |
| **10/16** | $9846 | $10507 | $10091 |
| **11/16** | $9872 | $10271 | $10051 |
| **12/16** | $9899 | $10301 | $10054 |
| **1/17** | $9906 | $10338 | $10067 |
| **2/17** | $9923 | $10418 | $10077 |
| **3/17** | $9942 | $10414 | $10081 |
| **4/17** | $9961 | $10500 | $10095 |
| **5/17** | $9993 | $10581 | $10106 |
| **6/17** | $10001 | $10573 | $10098 |
| **7/17** | $10019 | $10625 | $10120 |
| **8/17** | $10014 | $10717 | $10139 |
| **9/17** | $10032 | $10679 | $10122 |
| **10/17** | $10039 | $10692 | $10116 |
| **11/17** | $10034 | $10676 | $10096 |
| **12/17** | $10053 | $10723 | $10097 |
| **1/18** | $10060 | $10620 | $10068 |
| **2/18** | $10102 | $10519 | $10064 |
| **3/18** | $10122 | $10572 | $10084 |
| **4/18** | $10154 | $10501 | $10068 |
| **5/18** | $10150 | $10559 | $10105 |
| **6/18** | $10158 | $10543 | $10106 |
| **7/18** | $10181 | $10565 | $10106 |
| **8/18** | $10190 | $10618 | $10138 |
| **9/18** | $10201 | $10572 | $10126 |
| **10/18** | $10226 | $10484 | $10141 |
| **11/18** | $10264 | $10531 | $10176 |
| **12/18** | $10254 | $10696 | $10257 |
| **1/19** | $10280 | $10843 | $10284 |
| **2/19** | $10304 | $10855 | $10295 |
| **3/19** | $10317 | $11051 | $10358 |
| **4/19** | $10367 | $11066 | $10379 |
| **5/19** | $10368 | $11236 | $10452 |
| **6/19** | $10368 | $11395 | $10507 |
| **7/19** | $10394 | $11429 | $10494 |
| **8/19** | $10395 | $11687 | $10579 |
| **9/19** | $10407 | $11637 | $10567 |
| **10/19** | $10408 | $11674 | $10602 |
| **11/19** | $10420 | $11672 | $10598 |
| **12/19** | $10431 | $11689 | $10621 |
| **1/20** | $10443 | $11899 | $10678 |
| **2/20** | $10517 | $12077 | $10771 |
| **3/20** | $10538 | $11841 | $10919 |
| **4/20** | $10598 | $12078 | $10924 |
| **5/20** | $10617 | $12191 | $10931 |
| **6/20** | $10634 | $12293 | $10934 |
| **7/20** | $10652 | $12509 | $10945 |
| **8/20** | $10667 | $12437 | $10942 |
| **9/20** | $10668 | $12414 | $10945 |
| **10/20** | $10669 | $12370 | $10940 |
| **11/20** | $10669 | $12531 | $10945 |
| **12/20** | $10696 | $12575 | $10951 |
| **1/21** | $10722 | $12496 | $10952 |
| **2/21** | $10722 | $12334 | $10943 |
| **3/21** | $10735 | $12191 | $10945 |
| **4/21** | $10749 | $12293 | $10950 |
| **5/21** | $10723 | $12340 | $10959 |
| **6/21** | $10682 | $12430 | $10942 |
| **7/21** | $10656 | $12555 | $10960 |
| **8/21** | $10669 | $12547 | $10959 |
| **9/21** | $10695 | $12440 | $10948 |
| **10/21** | $10655 | $12429 | $10915 |
| **11/21** | $10628 | $12444 | $10917 |
| **12/21** | $10628 | $12436 | $10890 |
| **1/22** | $10614 | $12163 | $10818 |
| **2/22** | $10586 | $11998 | $10778 |
| **3/22** | $10575 | $11676 | $10634 |
| **4/22** | $10604 | $11240 | $10584 |
| **5/22** | $10581 | $11302 | $10642 |
| **6/22** | $10557 | $11076 | $10581 |
| **7/22** | $10548 | $11355 | $10616 |
| **8/22** | $10546 | $11060 | $10540 |
| **9/22** | $10344 | $10583 | $10416 |
| **10/22** | $10364 | $10467 | $10405 |
| **11/22** | $10427 | $10857 | $10471 |
| **12/22** | $10278 | $10820 | $10492 |
| **1/23** | $10361 | $11156 | $10564 |
| **2/23** | $10343 | $10882 | $10488 |
| **3/23** | $10429 | $11137 | $10655 |
| **4/23** | $10388 | $11205 | $10683 |
| **5/23** | $10391 | $11089 | $10646 |
| **6/23** | $10392 | $11072 | $10594 |
| **7/23** | $10438 | $11083 | $10632 |
| **8/23** | $10455 | $11016 | $10674 |
| **9/23** | $10331 | $10753 | $10673 |
| **10/23** | $10268 | $10592 | $10709 |
| **11/23** | $10505 | $11068 | $10818 |
| **12/23** | $10633 | $11488 | $10939 |
| **1/24** | $10672 | $11461 | $10981 |
| **2/24** | $10562 | $11323 | $10936 |
| **3/24** | $10660 | $11435 | $10971 |
| **4/24** | $10537 | $11167 | $10936 |
| **5/24** | $10680 | $11352 | $11011 |
| **6/24** | $10793 | $11456 | $11074 |
| **7/24** | $10953 | $11716 | $11201 |
| **8/24** | $11039 | $11889 | $11301 |
| **9/24** | $11123 | $12052 | $11392 |
| **10/24** | $10950 | $11778 | $11326 |
| **11/24** | $11033 | $11902 | $11359 |
| **12/24** | $11055 | $11722 | $11386 |
| **1/25** | $11154 | $11793 | $11435 |
| **2/25** | $11310 | $12037 | $11513 |
| **3/25** | $11379 | $12034 | $11567 |
| **4/25** | $11446 | $12077 | $11658 |
| **5/25** | $11452 | $12015 | $11633 |
| **6/25** | $11567 | $12203 | $11703 |
| **7/25** | $11590 | $12185 | $11697 |
| **8/25** | $11756 | $12331 | $11797 |
| **9/25** | $11728 | $12462 | $11833 |
| **10/25** | $11788 | $12544 | $11873 |

---

## Average Annual Total Returns (%)<sup>**Footnote Reference 1**</sup>

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Advisers Class | 7.61% | 2.01% | 1.88% |
| Bloomberg U.S. Universal Index | 6.51% | 0.28% | 2.29% |
| ICE BofA 1-3 Year U.S. Treasury Index | 4.83% | 1.65% | 1.73% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Advisers Class performance is linked to Class A. This linked performance is not adjusted for class expense differences. If adjusted for such differences, the performance would be different. Performance presented in the Financial Highlights is not linked. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2786905722 |
| # of Portfolio Holdings | 765 |
| Portfolio Turnover Rate | 580% |
| Total Advisory Fees Paid | $12686504 |

---

## What did the Fund invest in?
The following table reflects what the Fund invested in as of the report date.

#### Asset Allocation (% of total investments)
![Group By Asset Type Chart](g35982g92o20.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference†</sup> | 1.1% |
| Short-Term Investments | 1.1% |
| U.S. Department of Agriculture Loans | 1.5% |
| Government National Mortgage Association Participation Agreements | 2.7% |
| Collateralized Mortgage Obligations | 43.8% |
| U.S. Government Agency Mortgage-Backed Securities | 49.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Investment types less than 1% each |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 1, 2026 at www.eatonvance.com/open-end-mutual-fund-documents.php or upon request by contacting us at 1-800-262-1122.

The net expense ratio decreased from the prior fiscal year primarily due to a decrease in expenses related to financing activities.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g35982g49w49.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report October 31, 2025

# EASDX-TSR-AR
![Image](g35982g51m36.jpg)

# Eaton Vance Short Duration Government Income Fund

# Class A EALDX

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about the Eaton Vance Short Duration Government Income Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $92 | 0.89% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the ICE BofA 1-3 Year U.S. Treasury Index (the Index):

↑ Out-of-Index exposures to interest-only agency mortgage-backed securities (MBS) contributed to performance relative to the Index during the period

↑ Out-of-Index exposures to agency collateralized mortgage obligations (CMOs) contributed to performance relative to the Index during the period

↑ Duration positioning – which was longer than that of the Index – contributed to returns during a period when interest rates generally declined

↑ The Fund's underweight exposure to U.S. Treasuries contributed to returns relative to the Index during the period

↓ Out-of-Index use of derivatives for duration management – by investing in U.S. Treasury futures and interest rate swap options or swaptions – hurt returns

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g35982g48y25.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with Maximum Sales Charge** | **Bloomberg U.S. Universal Index** | **ICE BofA 1-3 Year U.S. Treasury Index** |
| **10/15** | $10000 | $10000 | $10000 |
| **11/15** | $9783 | $9964 | $9975 |
| **12/15** | $9780 | $9914 | $9966 |
| **1/16** | $9729 | $10023 | $10027 |
| **2/16** | $9703 | $10094 | $10038 |
| **3/16** | $9735 | $10218 | $10056 |
| **4/16** | $9766 | $10288 | $10060 |
| **5/16** | $9797 | $10296 | $10049 |
| **6/16** | $9757 | $10477 | $10109 |
| **7/16** | $9786 | $10563 | $10103 |
| **8/16** | $9803 | $10575 | $10087 |
| **9/16** | $9819 | $10577 | $10098 |
| **10/16** | $9846 | $10507 | $10091 |
| **11/16** | $9872 | $10271 | $10051 |
| **12/16** | $9899 | $10301 | $10054 |
| **1/17** | $9906 | $10338 | $10067 |
| **2/17** | $9923 | $10418 | $10077 |
| **3/17** | $9942 | $10414 | $10081 |
| **4/17** | $9961 | $10500 | $10095 |
| **5/17** | $9993 | $10581 | $10106 |
| **6/17** | $10001 | $10573 | $10098 |
| **7/17** | $10019 | $10625 | $10120 |
| **8/17** | $10014 | $10717 | $10139 |
| **9/17** | $10032 | $10679 | $10122 |
| **10/17** | $10039 | $10692 | $10116 |
| **11/17** | $10034 | $10676 | $10096 |
| **12/17** | $10053 | $10723 | $10097 |
| **1/18** | $10060 | $10620 | $10068 |
| **2/18** | $10102 | $10519 | $10064 |
| **3/18** | $10122 | $10572 | $10084 |
| **4/18** | $10154 | $10501 | $10068 |
| **5/18** | $10150 | $10559 | $10105 |
| **6/18** | $10158 | $10543 | $10106 |
| **7/18** | $10181 | $10565 | $10106 |
| **8/18** | $10190 | $10618 | $10138 |
| **9/18** | $10201 | $10572 | $10126 |
| **10/18** | $10226 | $10484 | $10141 |
| **11/18** | $10264 | $10531 | $10176 |
| **12/18** | $10254 | $10696 | $10257 |
| **1/19** | $10280 | $10843 | $10284 |
| **2/19** | $10304 | $10855 | $10295 |
| **3/19** | $10317 | $11051 | $10358 |
| **4/19** | $10367 | $11066 | $10379 |
| **5/19** | $10368 | $11236 | $10452 |
| **6/19** | $10368 | $11395 | $10507 |
| **7/19** | $10394 | $11429 | $10494 |
| **8/19** | $10395 | $11687 | $10579 |
| **9/19** | $10407 | $11637 | $10567 |
| **10/19** | $10408 | $11674 | $10602 |
| **11/19** | $10420 | $11672 | $10598 |
| **12/19** | $10431 | $11689 | $10621 |
| **1/20** | $10443 | $11899 | $10678 |
| **2/20** | $10517 | $12077 | $10771 |
| **3/20** | $10538 | $11841 | $10919 |
| **4/20** | $10598 | $12078 | $10924 |
| **5/20** | $10617 | $12191 | $10931 |
| **6/20** | $10634 | $12293 | $10934 |
| **7/20** | $10652 | $12509 | $10945 |
| **8/20** | $10667 | $12437 | $10942 |
| **9/20** | $10668 | $12414 | $10945 |
| **10/20** | $10669 | $12370 | $10940 |
| **11/20** | $10669 | $12531 | $10945 |
| **12/20** | $10696 | $12575 | $10951 |
| **1/21** | $10722 | $12496 | $10952 |
| **2/21** | $10722 | $12334 | $10943 |
| **3/21** | $10735 | $12191 | $10945 |
| **4/21** | $10749 | $12293 | $10950 |
| **5/21** | $10723 | $12340 | $10959 |
| **6/21** | $10696 | $12430 | $10942 |
| **7/21** | $10669 | $12555 | $10960 |
| **8/21** | $10669 | $12547 | $10959 |
| **9/21** | $10708 | $12440 | $10948 |
| **10/21** | $10668 | $12429 | $10915 |
| **11/21** | $10628 | $12444 | $10917 |
| **12/21** | $10641 | $12436 | $10890 |
| **1/22** | $10627 | $12163 | $10818 |
| **2/22** | $10586 | $11998 | $10778 |
| **3/22** | $10575 | $11676 | $10634 |
| **4/22** | $10618 | $11240 | $10584 |
| **5/22** | $10594 | $11302 | $10642 |
| **6/22** | $10571 | $11076 | $10581 |
| **7/22** | $10548 | $11355 | $10616 |
| **8/22** | $10559 | $11060 | $10540 |
| **9/22** | $10357 | $10583 | $10416 |
| **10/22** | $10364 | $10467 | $10405 |
| **11/22** | $10427 | $10857 | $10471 |
| **12/22** | $10292 | $10820 | $10492 |
| **1/23** | $10361 | $11156 | $10564 |
| **2/23** | $10343 | $10882 | $10488 |
| **3/23** | $10429 | $11137 | $10655 |
| **4/23** | $10402 | $11205 | $10683 |
| **5/23** | $10404 | $11089 | $10646 |
| **6/23** | $10392 | $11072 | $10594 |
| **7/23** | $10438 | $11083 | $10632 |
| **8/23** | $10469 | $11016 | $10674 |
| **9/23** | $10331 | $10753 | $10673 |
| **10/23** | $10268 | $10592 | $10709 |
| **11/23** | $10520 | $11068 | $10818 |
| **12/23** | $10634 | $11488 | $10939 |
| **1/24** | $10688 | $11461 | $10981 |
| **2/24** | $10578 | $11323 | $10936 |
| **3/24** | $10662 | $11435 | $10971 |
| **4/24** | $10538 | $11167 | $10936 |
| **5/24** | $10696 | $11352 | $11011 |
| **6/24** | $10794 | $11456 | $11074 |
| **7/24** | $10954 | $11716 | $11201 |
| **8/24** | $11040 | $11889 | $11301 |
| **9/24** | $11124 | $12052 | $11392 |
| **10/24** | $10966 | $11778 | $11326 |
| **11/24** | $11049 | $11902 | $11359 |
| **12/24** | $11056 | $11722 | $11386 |
| **1/25** | $11155 | $11793 | $11435 |
| **2/25** | $11327 | $12037 | $11513 |
| **3/25** | $11396 | $12034 | $11567 |
| **4/25** | $11463 | $12077 | $11658 |
| **5/25** | $11454 | $12015 | $11633 |
| **6/25** | $11585 | $12203 | $11703 |
| **7/25** | $11592 | $12185 | $11697 |
| **8/25** | $11758 | $12331 | $11797 |
| **9/25** | $11747 | $12462 | $11833 |
| **10/25** | $11807 | $12544 | $11873 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class A | 7.62% | 2.04% | 1.90% |
| Class A with 2.25% Maximum Sales Charge | 5.14% | 1.57% | 1.67% |
| Bloomberg U.S. Universal Index | 6.51% | 0.28% | 2.29% |
| ICE BofA 1-3 Year U.S. Treasury Index | 4.83% | 1.65% | 1.73% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2786905722 |
| # of Portfolio Holdings | 765 |
| Portfolio Turnover Rate | 580% |
| Total Advisory Fees Paid | $12686504 |

---

## What did the Fund invest in?
The following table reflects what the Fund invested in as of the report date.

#### Asset Allocation (% of total investments)
![Group By Asset Type Chart](g35982g92o20.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference†</sup> | 1.1% |
| Short-Term Investments | 1.1% |
| U.S. Department of Agriculture Loans | 1.5% |
| Government National Mortgage Association Participation Agreements | 2.7% |
| Collateralized Mortgage Obligations | 43.8% |
| U.S. Government Agency Mortgage-Backed Securities | 49.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Investment types less than 1% each |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 1, 2026 at www.eatonvance.com/open-end-mutual-fund-documents.php or upon request by contacting us at 1-800-262-1122.

The net expense ratio decreased from the prior fiscal year primarily due to a decrease in expenses related to financing activities.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g35982g49w49.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report October 31, 2025

# EALDX-TSR-AR
![Image](g35982g51m36.jpg)

# Eaton Vance Short Duration Government Income Fund

# Class C ECLDX

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about the Eaton Vance Short Duration Government Income Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $154 | 1.49% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the ICE BofA 1-3 Year U.S. Treasury Index (the Index):

↑ Out-of-Index exposures to interest-only agency mortgage-backed securities (MBS) contributed to performance relative to the Index during the period

↑ Out-of-Index exposures to agency collateralized mortgage obligations (CMOs) contributed to performance relative to the Index during the period

↑ Duration positioning – which was longer than that of the Index – contributed to returns during a period when interest rates generally declined

↑ The Fund's underweight exposure to U.S. Treasuries contributed to returns relative to the Index during the period

↓ Out-of-Index use of derivatives for duration management – by investing in U.S. Treasury futures and interest rate swap options or swaptions – hurt returns

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g35982g03h95.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C** | **Bloomberg U.S. Universal Index** | **ICE BofA 1-3 Year U.S. Treasury Index** |
| **10/15** | $10000 | $10000 | $10000 |
| **11/15** | $10004 | $9964 | $9975 |
| **12/15** | $9995 | $9914 | $9966 |
| **1/16** | $9938 | $10023 | $10027 |
| **2/16** | $9907 | $10094 | $10038 |
| **3/16** | $9934 | $10218 | $10056 |
| **4/16** | $9962 | $10288 | $10060 |
| **5/16** | $9988 | $10296 | $10049 |
| **6/16** | $9954 | $10477 | $10109 |
| **7/16** | $9966 | $10563 | $10103 |
| **8/16** | $9978 | $10575 | $10087 |
| **9/16** | $9990 | $10577 | $10098 |
| **10/16** | $10012 | $10507 | $10091 |
| **11/16** | $10034 | $10271 | $10051 |
| **12/16** | $10056 | $10301 | $10054 |
| **1/17** | $10070 | $10338 | $10067 |
| **2/17** | $10071 | $10418 | $10077 |
| **3/17** | $10085 | $10414 | $10081 |
| **4/17** | $10100 | $10500 | $10095 |
| **5/17** | $10127 | $10581 | $10106 |
| **6/17** | $10130 | $10573 | $10098 |
| **7/17** | $10143 | $10625 | $10120 |
| **8/17** | $10133 | $10717 | $10139 |
| **9/17** | $10147 | $10679 | $10122 |
| **10/17** | $10149 | $10692 | $10116 |
| **11/17** | $10138 | $10676 | $10096 |
| **12/17** | $10152 | $10723 | $10097 |
| **1/18** | $10155 | $10620 | $10068 |
| **2/18** | $10205 | $10519 | $10064 |
| **3/18** | $10219 | $10572 | $10084 |
| **4/18** | $10234 | $10501 | $10068 |
| **5/18** | $10237 | $10559 | $10105 |
| **6/18** | $10229 | $10543 | $10106 |
| **7/18** | $10245 | $10565 | $10106 |
| **8/18** | $10250 | $10618 | $10138 |
| **9/18** | $10256 | $10572 | $10126 |
| **10/18** | $10275 | $10484 | $10141 |
| **11/18** | $10309 | $10531 | $10176 |
| **12/18** | $10294 | $10696 | $10257 |
| **1/19** | $10314 | $10843 | $10284 |
| **2/19** | $10333 | $10855 | $10295 |
| **3/19** | $10341 | $11051 | $10358 |
| **4/19** | $10387 | $11066 | $10379 |
| **5/19** | $10382 | $11236 | $10452 |
| **6/19** | $10377 | $11395 | $10507 |
| **7/19** | $10398 | $11429 | $10494 |
| **8/19** | $10393 | $11687 | $10579 |
| **9/19** | $10400 | $11637 | $10567 |
| **10/19** | $10396 | $11674 | $10602 |
| **11/19** | $10402 | $11672 | $10598 |
| **12/19** | $10409 | $11689 | $10621 |
| **1/20** | $10415 | $11899 | $10678 |
| **2/20** | $10483 | $12077 | $10771 |
| **3/20** | $10500 | $11841 | $10919 |
| **4/20** | $10554 | $12078 | $10924 |
| **5/20** | $10567 | $12191 | $10931 |
| **6/20** | $10579 | $12293 | $10934 |
| **7/20** | $10578 | $12509 | $10945 |
| **8/20** | $10602 | $12437 | $10942 |
| **9/20** | $10597 | $12414 | $10945 |
| **10/20** | $10592 | $12370 | $10940 |
| **11/20** | $10587 | $12531 | $10945 |
| **12/20** | $10608 | $12575 | $10951 |
| **1/21** | $10629 | $12496 | $10952 |
| **2/21** | $10623 | $12334 | $10943 |
| **3/21** | $10632 | $12191 | $10945 |
| **4/21** | $10639 | $12293 | $10950 |
| **5/21** | $10608 | $12340 | $10959 |
| **6/21** | $10576 | $12430 | $10942 |
| **7/21** | $10545 | $12555 | $10960 |
| **8/21** | $10539 | $12547 | $10959 |
| **9/21** | $10573 | $12440 | $10948 |
| **10/21** | $10528 | $12429 | $10915 |
| **11/21** | $10483 | $12444 | $10917 |
| **12/21** | $10491 | $12436 | $10890 |
| **1/22** | $10472 | $12163 | $10818 |
| **2/22** | $10426 | $11998 | $10778 |
| **3/22** | $10410 | $11676 | $10634 |
| **4/22** | $10447 | $11240 | $10584 |
| **5/22** | $10419 | $11302 | $10642 |
| **6/22** | $10390 | $11076 | $10581 |
| **7/22** | $10363 | $11355 | $10616 |
| **8/22** | $10369 | $11060 | $10540 |
| **9/22** | $10166 | $10583 | $10416 |
| **10/22** | $10167 | $10467 | $10405 |
| **11/22** | $10224 | $10857 | $10471 |
| **12/22** | $10086 | $10820 | $10492 |
| **1/23** | $10149 | $11156 | $10564 |
| **2/23** | $10127 | $10882 | $10488 |
| **3/23** | $10205 | $11137 | $10655 |
| **4/23** | $10174 | $11205 | $10683 |
| **5/23** | $10171 | $11089 | $10646 |
| **6/23** | $10168 | $11072 | $10594 |
| **7/23** | $10194 | $11083 | $10632 |
| **8/23** | $10219 | $11016 | $10674 |
| **9/23** | $10080 | $10753 | $10673 |
| **10/23** | $10013 | $10592 | $10709 |
| **11/23** | $10253 | $11068 | $10818 |
| **12/23** | $10360 | $11488 | $10939 |
| **1/24** | $10407 | $11461 | $10981 |
| **2/24** | $10295 | $11323 | $10936 |
| **3/24** | $10371 | $11435 | $10971 |
| **4/24** | $10245 | $11167 | $10936 |
| **5/24** | $10394 | $11352 | $11011 |
| **6/24** | $10483 | $11456 | $11074 |
| **7/24** | $10633 | $11716 | $11201 |
| **8/24** | $10711 | $11889 | $11301 |
| **9/24** | $10787 | $12052 | $11392 |
| **10/24** | $10629 | $11778 | $11326 |
| **11/24** | $10704 | $11902 | $11359 |
| **12/24** | $10705 | $11722 | $11386 |
| **1/25** | $10796 | $11793 | $11435 |
| **2/25** | $10957 | $12037 | $11513 |
| **3/25** | $11018 | $12034 | $11567 |
| **4/25** | $11078 | $12077 | $11658 |
| **5/25** | $11063 | $12015 | $11633 |
| **6/25** | $11184 | $12203 | $11703 |
| **7/25** | $11201 | $12185 | $11697 |
| **8/25** | $11355 | $12331 | $11797 |
| **9/25** | $11324 | $12462 | $11833 |
| **10/25** | $11509 | $12544 | $11873 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class C, with conversion to Class A after 8 years | 6.98% | 1.43% | 1.41% |
| Class C, with 1% Maximum Contingent Deferred Sales Charge and conversion to Class A after 8 years | 5.98% | 1.43% | 1.41% |
| Bloomberg U.S. Universal Index | 6.51% | 0.28% | 2.29% |
| ICE BofA 1-3 Year U.S. Treasury Index | 4.83% | 1.65% | 1.73% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2786905722 |
| # of Portfolio Holdings | 765 |
| Portfolio Turnover Rate | 580% |
| Total Advisory Fees Paid | $12686504 |

---

## What did the Fund invest in?
The following table reflects what the Fund invested in as of the report date.

#### Asset Allocation (% of total investments)
![Group By Asset Type Chart](g35982g92o20.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference†</sup> | 1.1% |
| Short-Term Investments | 1.1% |
| U.S. Department of Agriculture Loans | 1.5% |
| Government National Mortgage Association Participation Agreements | 2.7% |
| Collateralized Mortgage Obligations | 43.8% |
| U.S. Government Agency Mortgage-Backed Securities | 49.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Investment types less than 1% each |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 1, 2026 at www.eatonvance.com/open-end-mutual-fund-documents.php or upon request by contacting us at 1-800-262-1122.

The net expense ratio decreased from the prior fiscal year primarily due to a decrease in expenses related to financing activities.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g35982g49w49.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report October 31, 2025

# ECLDX-TSR-AR
![Image](g35982g51m36.jpg)

# Eaton Vance Short Duration Government Income Fund

# Class I EILDX

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about the Eaton Vance Short Duration Government Income Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $67 | 0.64% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the ICE BofA 1-3 Year U.S. Treasury Index (the Index):

↑ Out-of-Index exposures to interest-only agency mortgage-backed securities (MBS) contributed to performance relative to the Index during the period

↑ Out-of-Index exposures to agency collateralized mortgage obligations (CMOs) contributed to performance relative to the Index during the period

↑ Duration positioning – which was longer than that of the Index – contributed to returns during a period when interest rates generally declined

↑ The Fund's underweight exposure to U.S. Treasuries contributed to returns relative to the Index during the period

↓ Out-of-Index use of derivatives for duration management – by investing in U.S. Treasury futures and interest rate swap options or swaptions – hurt returns

## Fund Performance
Comparison of the change in value of a $1,000,000 investment for the period indicated.

![Growth of 10K Chart](g35982g21b85.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Bloomberg U.S. Universal Index** | **ICE BofA 1-3 Year U.S. Treasury Index** |
| **10/15** | $1000000 | $1000000 | $1000000 |
| **11/15** | $1001047 | $996353 | $997545 |
| **12/15** | $1000913 | $991376 | $996611 |
| **1/16** | $995949 | $1002320 | $1002683 |
| **2/16** | $993446 | $1009440 | $1003838 |
| **3/16** | $996922 | $1021811 | $1005590 |
| **4/16** | $1000344 | $1028772 | $1005954 |
| **5/16** | $1003745 | $1029576 | $1004885 |
| **6/16** | $1001023 | $1047701 | $1010905 |
| **7/16** | $1002938 | $1056335 | $1010328 |
| **8/16** | $1004891 | $1057474 | $1008651 |
| **9/16** | $1006755 | $1057726 | $1009823 |
| **10/16** | $1009704 | $1050709 | $1009147 |
| **11/16** | $1012642 | $1027092 | $1005143 |
| **12/16** | $1015566 | $1030143 | $1005441 |
| **1/17** | $1017733 | $1033777 | $1006708 |
| **2/17** | $1018465 | $1041753 | $1007735 |
| **3/17** | $1020640 | $1041404 | $1008058 |
| **4/17** | $1022804 | $1050045 | $1009455 |
| **5/17** | $1026350 | $1058147 | $1010623 |
| **6/17** | $1027317 | $1057250 | $1009812 |
| **7/17** | $1029408 | $1062516 | $1011963 |
| **8/17** | $1029093 | $1071683 | $1013880 |
| **9/17** | $1031226 | $1067911 | $1012221 |
| **10/17** | $1032184 | $1069193 | $1011606 |
| **11/17** | $1031820 | $1067575 | $1009568 |
| **12/17** | $1034038 | $1072282 | $1009689 |
| **1/18** | $1035002 | $1061963 | $1006786 |
| **2/18** | $1040796 | $1051894 | $1006404 |
| **3/18** | $1041764 | $1057199 | $1008377 |
| **4/18** | $1045274 | $1050145 | $1006811 |
| **5/18** | $1046333 | $1055872 | $1010458 |
| **6/18** | $1046179 | $1054340 | $1010614 |
| **7/18** | $1048668 | $1056547 | $1010568 |
| **8/18** | $1049899 | $1061752 | $1013783 |
| **9/18** | $1051239 | $1057203 | $1012583 |
| **10/18** | $1053954 | $1048359 | $1014119 |
| **11/18** | $1058192 | $1053074 | $1017633 |
| **12/18** | $1057367 | $1069550 | $1025668 |
| **1/19** | $1060258 | $1084296 | $1028430 |
| **2/19** | $1062867 | $1085478 | $1029464 |
| **3/19** | $1064460 | $1105079 | $1035758 |
| **4/19** | $1069879 | $1106626 | $1037863 |
| **5/19** | $1070173 | $1123578 | $1045229 |
| **6/19** | $1071686 | $1139470 | $1050655 |
| **7/19** | $1073297 | $1142862 | $1049417 |
| **8/19** | $1073594 | $1168722 | $1057880 |
| **9/19** | $1075119 | $1163659 | $1056707 |
| **10/19** | $1075417 | $1167418 | $1060188 |
| **11/19** | $1076865 | $1167185 | $1059849 |
| **12/19** | $1078275 | $1168924 | $1062097 |
| **1/20** | $1079689 | $1189904 | $1067842 |
| **2/20** | $1087541 | $1207721 | $1077141 |
| **3/20** | $1090032 | $1184130 | $1091918 |
| **4/20** | $1096408 | $1207849 | $1092375 |
| **5/20** | $1098635 | $1219130 | $1093088 |
| **6/20** | $1100618 | $1229303 | $1093369 |
| **7/20** | $1102665 | $1250897 | $1094474 |
| **8/20** | $1104531 | $1243684 | $1094209 |
| **9/20** | $1104798 | $1241442 | $1094504 |
| **10/20** | $1105120 | $1237005 | $1094043 |
| **11/20** | $1105348 | $1253147 | $1094547 |
| **12/20** | $1108358 | $1257475 | $1095055 |
| **1/21** | $1111373 | $1249571 | $1095219 |
| **2/21** | $1111495 | $1233448 | $1094339 |
| **3/21** | $1113148 | $1219093 | $1094543 |
| **4/21** | $1114750 | $1229345 | $1095036 |
| **5/21** | $1112284 | $1234034 | $1095864 |
| **6/21** | $1109706 | $1243030 | $1094171 |
| **7/21** | $1107175 | $1255512 | $1095991 |
| **8/21** | $1107401 | $1254673 | $1095905 |
| **9/21** | $1111722 | $1243959 | $1094804 |
| **10/21** | $1107796 | $1242942 | $1091476 |
| **11/21** | $1103811 | $1244444 | $1091685 |
| **12/21** | $1105426 | $1243605 | $1088977 |
| **1/22** | $1104263 | $1216340 | $1081848 |
| **2/22** | $1100157 | $1199756 | $1077798 |
| **3/22** | $1099239 | $1167568 | $1063448 |
| **4/22** | $1103919 | $1124021 | $1058396 |
| **5/22** | $1101682 | $1130205 | $1064249 |
| **6/22** | $1099470 | $1107621 | $1058095 |
| **7/22** | $1097309 | $1135469 | $1061642 |
| **8/22** | $1098746 | $1105951 | $1053994 |
| **9/22** | $1077921 | $1058302 | $1041577 |
| **10/22** | $1080231 | $1046690 | $1040548 |
| **11/22** | $1085652 | $1085718 | $1047090 |
| **12/22** | $1071741 | $1082030 | $1049232 |
| **1/23** | $1079148 | $1115595 | $1056423 |
| **2/23** | $1077545 | $1088183 | $1048795 |
| **3/23** | $1086675 | $1113711 | $1065526 |
| **4/23** | $1084105 | $1120515 | $1068286 |
| **5/23** | $1084591 | $1108897 | $1064603 |
| **6/23** | $1085002 | $1107174 | $1059445 |
| **7/23** | $1089967 | $1108275 | $1063217 |
| **8/23** | $1092005 | $1101601 | $1067393 |
| **9/23** | $1077846 | $1075333 | $1067299 |
| **10/23** | $1071449 | $1059162 | $1070910 |
| **11/23** | $1097934 | $1106829 | $1081765 |
| **12/23** | $1111625 | $1148827 | $1093889 |
| **1/24** | $1115942 | $1146078 | $1098100 |
| **2/24** | $1104658 | $1132337 | $1093574 |
| **3/24** | $1113616 | $1143455 | $1097125 |
| **4/24** | $1100866 | $1116734 | $1093573 |
| **5/24** | $1117660 | $1135245 | $1101083 |
| **6/24** | $1128124 | $1145623 | $1107433 |
| **7/24** | $1145095 | $1171626 | $1120100 |
| **8/24** | $1154292 | $1188874 | $1130148 |
| **9/24** | $1163340 | $1205180 | $1139236 |
| **10/24** | $1147020 | $1177807 | $1132560 |
| **11/24** | $1155964 | $1190224 | $1135873 |
| **12/24** | $1156940 | $1172248 | $1138558 |
| **1/25** | $1169155 | $1179312 | $1143475 |
| **2/25** | $1185734 | $1203695 | $1151302 |
| **3/25** | $1193177 | $1203408 | $1156668 |
| **4/25** | $1200468 | $1207658 | $1165768 |
| **5/25** | $1199761 | $1201533 | $1163291 |
| **6/25** | $1213733 | $1220252 | $1170272 |
| **7/25** | $1216339 | $1218511 | $1169679 |
| **8/25** | $1233975 | $1233147 | $1179740 |
| **9/25** | $1231384 | $1246212 | $1183346 |
| **10/25** | $1237398 | $1254442 | $1187318 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class I | 7.88% | 2.29% | 2.15% |
| Bloomberg U.S. Universal Index | 6.51% | 0.28% | 2.29% |
| ICE BofA 1-3 Year U.S. Treasury Index | 4.83% | 1.65% | 1.73% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2786905722 |
| # of Portfolio Holdings | 765 |
| Portfolio Turnover Rate | 580% |
| Total Advisory Fees Paid | $12686504 |

---

## What did the Fund invest in?
The following table reflects what the Fund invested in as of the report date.

#### Asset Allocation (% of total investments)
![Group By Asset Type Chart](g35982g92o20.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference†</sup> | 1.1% |
| Short-Term Investments | 1.1% |
| U.S. Department of Agriculture Loans | 1.5% |
| Government National Mortgage Association Participation Agreements | 2.7% |
| Collateralized Mortgage Obligations | 43.8% |
| U.S. Government Agency Mortgage-Backed Securities | 49.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Investment types less than 1% each |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 1, 2026 at www.eatonvance.com/open-end-mutual-fund-documents.php or upon request by contacting us at 1-800-262-1122.

The net expense ratio decreased from the prior fiscal year primarily due to a decrease in expenses related to financing activities.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g35982g49w49.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report October 31, 2025

# EILDX-TSR-AR

# Eaton Vance Strategic Income Fund
![Image](g35982g51m36.jpg)

# Class A ETSIX

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about the Eaton Vance Strategic Income Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last year?<sup>**Footnote Reference \***</sup>
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $154 | 1.46% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Expenses in the table reflect the expenses of both the Fund and Emerging Markets Local Income Portfolio, Global Macro Absolute Return Advantage Portfolio, Global Opportunities Portfolio, High Income Opportunities Portfolio and Senior Debt Portfolio, the Portfolios in which it invests. |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Bloomberg U.S. Aggregate Bond Index (the Index):

↑ Out-of-Index exposures to emerging-market debt ― both U.S. dollar-denominated and local currency-denominated bonds ― contributed to returns

↑ Out-of-Index exposures to Global Macro Strategy contributed to performance relative to the Index during the period

↑ Out-of-Index exposures to high yield corporate bonds and non-agency mortgage-backed securities (MBS) contributed to performance relative to the Index

↑ The Fund's investments in Agency MBS contributed to performance relative to the Index during the period

↑ The Fund's out-of-Index use of derivatives for duration management ― by investing in U.S. Treasury futures and interest-rate ― contributed to performance

↓ The Fund's out-of-Index allocation to bank loans detracted from returns relative to the Index during the period

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g35982g51w97.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with Maximum Sales Charge** | **Bloomberg U.S. Universal Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **10/15** | $10000 | $10000 | $10000 |
| **11/15** | $9669 | $9964 | $9974 |
| **12/15** | $9623 | $9914 | $9941 |
| **1/16** | $9417 | $10023 | $10078 |
| **2/16** | $9343 | $10094 | $10150 |
| **3/16** | $9536 | $10218 | $10243 |
| **4/16** | $9650 | $10288 | $10282 |
| **5/16** | $9670 | $10296 | $10285 |
| **6/16** | $9609 | $10477 | $10470 |
| **7/16** | $9750 | $10563 | $10536 |
| **8/16** | $9880 | $10575 | $10524 |
| **9/16** | $9924 | $10577 | $10518 |
| **10/16** | $9970 | $10507 | $10437 |
| **11/16** | $10042 | $10271 | $10190 |
| **12/16** | $10156 | $10301 | $10205 |
| **1/17** | $10229 | $10338 | $10225 |
| **2/17** | $10233 | $10418 | $10293 |
| **3/17** | $10348 | $10414 | $10288 |
| **4/17** | $10408 | $10500 | $10367 |
| **5/17** | $10454 | $10581 | $10447 |
| **6/17** | $10473 | $10573 | $10437 |
| **7/17** | $10491 | $10625 | $10481 |
| **8/17** | $10509 | $10717 | $10575 |
| **9/17** | $10542 | $10679 | $10525 |
| **10/17** | $10603 | $10692 | $10531 |
| **11/17** | $10635 | $10676 | $10518 |
| **12/17** | $10654 | $10723 | $10566 |
| **1/18** | $10801 | $10620 | $10444 |
| **2/18** | $10748 | $10519 | $10345 |
| **3/18** | $10738 | $10572 | $10412 |
| **4/18** | $10742 | $10501 | $10334 |
| **5/18** | $10660 | $10559 | $10408 |
| **6/18** | $10621 | $10543 | $10395 |
| **7/18** | $10683 | $10565 | $10398 |
| **8/18** | $10673 | $10618 | $10465 |
| **9/18** | $10648 | $10572 | $10397 |
| **10/18** | $10608 | $10484 | $10315 |
| **11/18** | $10539 | $10531 | $10377 |
| **12/18** | $10369 | $10696 | $10567 |
| **1/19** | $10614 | $10843 | $10679 |
| **2/19** | $10697 | $10855 | $10673 |
| **3/19** | $10690 | $11051 | $10878 |
| **4/19** | $10803 | $11066 | $10881 |
| **5/19** | $10796 | $11236 | $11074 |
| **6/19** | $10941 | $11395 | $11213 |
| **7/19** | $11056 | $11429 | $11238 |
| **8/19** | $11003 | $11687 | $11529 |
| **9/19** | $11073 | $11637 | $11468 |
| **10/19** | $11097 | $11674 | $11502 |
| **11/19** | $11182 | $11672 | $11496 |
| **12/19** | $11335 | $11689 | $11488 |
| **1/20** | $11392 | $11899 | $11709 |
| **2/20** | $11401 | $12077 | $11920 |
| **3/20** | $10497 | $11841 | $11850 |
| **4/20** | $10892 | $12078 | $12061 |
| **5/20** | $11370 | $12191 | $12117 |
| **6/20** | $11557 | $12293 | $12193 |
| **7/20** | $11647 | $12509 | $12375 |
| **8/20** | $11836 | $12437 | $12275 |
| **9/20** | $11829 | $12414 | $12269 |
| **10/20** | $11855 | $12370 | $12214 |
| **11/20** | $12012 | $12531 | $12334 |
| **12/20** | $12187 | $12575 | $12351 |
| **1/21** | $12263 | $12496 | $12262 |
| **2/21** | $12288 | $12334 | $12085 |
| **3/21** | $12281 | $12191 | $11934 |
| **4/21** | $12307 | $12293 | $12028 |
| **5/21** | $12367 | $12340 | $12068 |
| **6/21** | $12360 | $12430 | $12153 |
| **7/21** | $12335 | $12555 | $12288 |
| **8/21** | $12379 | $12547 | $12265 |
| **9/21** | $12389 | $12440 | $12159 |
| **10/21** | $12330 | $12429 | $12155 |
| **11/21** | $12270 | $12444 | $12191 |
| **12/21** | $12349 | $12436 | $12160 |
| **1/22** | $12342 | $12163 | $11898 |
| **2/22** | $12213 | $11998 | $11765 |
| **3/22** | $12100 | $11676 | $11439 |
| **4/22** | $12128 | $11240 | $11005 |
| **5/22** | $12015 | $11302 | $11076 |
| **6/22** | $11831 | $11076 | $10902 |
| **7/22** | $11788 | $11355 | $11168 |
| **8/22** | $11916 | $11060 | $10853 |
| **9/22** | $11681 | $10583 | $10384 |
| **10/22** | $11714 | $10467 | $10249 |
| **11/22** | $11983 | $10857 | $10626 |
| **12/22** | $12034 | $10820 | $10578 |
| **1/23** | $12269 | $11156 | $10904 |
| **2/23** | $12230 | $10882 | $10622 |
| **3/23** | $12319 | $11137 | $10891 |
| **4/23** | $12354 | $11205 | $10957 |
| **5/23** | $12369 | $11089 | $10838 |
| **6/23** | $12442 | $11072 | $10800 |
| **7/23** | $12534 | $11083 | $10792 |
| **8/23** | $12549 | $11016 | $10723 |
| **9/23** | $12374 | $10753 | $10451 |
| **10/23** | $12313 | $10592 | $10286 |
| **11/23** | $12659 | $11068 | $10751 |
| **12/23** | $13026 | $11488 | $11163 |
| **1/24** | $13083 | $11461 | $11132 |
| **2/24** | $13000 | $11323 | $10975 |
| **3/24** | $13156 | $11435 | $11076 |
| **4/24** | $12953 | $11167 | $10797 |
| **5/24** | $13231 | $11352 | $10980 |
| **6/24** | $13349 | $11456 | $11084 |
| **7/24** | $13630 | $11716 | $11343 |
| **8/24** | $13770 | $11889 | $11505 |
| **9/24** | $13931 | $12052 | $11660 |
| **10/24** | $13700 | $11778 | $11370 |
| **11/24** | $13842 | $11902 | $11491 |
| **12/24** | $13858 | $11722 | $11303 |
| **1/25** | $14065 | $11793 | $11363 |
| **2/25** | $14294 | $12037 | $11613 |
| **3/25** | $14311 | $12034 | $11617 |
| **4/25** | $14392 | $12077 | $11663 |
| **5/25** | $14452 | $12015 | $11579 |
| **6/25** | $14709 | $12203 | $11757 |
| **7/25** | $14727 | $12185 | $11726 |
| **8/25** | $15009 | $12331 | $11866 |
| **9/25** | $15117 | $12462 | $11996 |
| **10/25** | $15264 | $12544 | $12071 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class A | 11.46% | 5.19% | 4.66% |
| Class A with 3.25% Maximum Sales Charge | 7.86% | 4.50% | 4.32% |
| Bloomberg U.S. Universal Index | 6.51% | 0.28% | 2.29% |
| Bloomberg U.S. Aggregate Bond Index | 6.16% | (0.24)% | 1.90% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $13480942720 |
| # of Portfolio Holdings (for the Fund and Portfolios) | 4716 |
| Portfolio Turnover Rate<sup>Footnote Reference1</sup> | 5% |
| Total Advisory Fees Paid | $54185547 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentage includes both the Fund's contributions to and withdrawals from the Portfolios and purchases and sales of securities held directly by the Fund. |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

References to the Fund's investments in the Asset Allocation table are to the Fund's pro rata share of the investments of the Portfolios and to securities held directly by the Fund.

### Asset Allocation (% of net assets)
![Group By Asset Type Chart](g35982g73v87.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Net Assets<sup>Footnote Reference‡</sup> | (11.5%) |
| Government National Mortgage Association Participation Agreements | 1.2% |
| Insurance Linked Securities | 1.7% |
| Convertible Bonds | 1.8% |
| Common Stocks | 2.5% |
| Corporate Bonds | 3.6% |
| Commercial Mortgage-Backed Securities | 4.0% |
| Investments in Affiliated Investment Funds | 4.2% |
| Senior Floating-Rate Loans<sup>Footnote Reference\*</sup> | 5.1% |
| Foreign Corporate Bonds | 6.6% |
| Short-Term Investments | 7.3% |
| Asset-Backed Securities | 7.3% |
| U.S. Government Agency Mortgage-Backed Securities<sup>Footnote Reference‡</sup> | 15.0% |
| Sovereign Government Bonds<sup>Footnote Reference†</sup> | 20.1% |
| Collateralized Mortgage Obligations | 31.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>‡</sup>  | &nbsp;&nbsp;Other Net Assets represents other assets less liabilities and includes any investment type less than 1% of net assets. |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Net of unfunded loan commitments. |
| &nbsp;&nbsp;Footnote<sup>‡</sup> | &nbsp;&nbsp;Net of TBA sale commitments. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Net of securities sold short. |

---

### Portfolio Allocation (% of total investments)
![Credit Rating Chart](g35982g05j23.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Emerging Markets Local Income Portfolio | 1.0% |
| Senior Debt Portfolio | 3.9% |
| High Income Opportunities Portfolio | 4.0% |
| Eaton Vance Emerging Markets Debt Opportunities Fund, Class R6 | 4.2% |
| Global Macro Absolute Return Advantage Portfolio | 17.5% |
| Global Opportunities Portfolio | 69.4% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g35982g49w49.jpg)

## Additional Information
If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report October 31, 2025

# ETSIX-TSR-AR

# Eaton Vance Strategic Income Fund
![Image](g35982g51m36.jpg)

# Class C ECSIX

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about the Eaton Vance Strategic Income Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last year?<sup>**Footnote Reference \***</sup>
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $232 | 2.20% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Expenses in the table reflect the expenses of both the Fund and Emerging Markets Local Income Portfolio, Global Macro Absolute Return Advantage Portfolio, Global Opportunities Portfolio, High Income Opportunities Portfolio and Senior Debt Portfolio, the Portfolios in which it invests. |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Bloomberg U.S. Aggregate Bond Index (the Index):

↑ Out-of-Index exposures to emerging-market debt ― both U.S. dollar-denominated and local currency-denominated bonds ― contributed to returns

↑ Out-of-Index exposures to Global Macro Strategy contributed to performance relative to the Index during the period

↑ Out-of-Index exposures to high yield corporate bonds and non-agency mortgage-backed securities (MBS) contributed to performance relative to the Index

↑ The Fund's investments in Agency MBS contributed to performance relative to the Index during the period

↑ The Fund's out-of-Index use of derivatives for duration management ― by investing in U.S. Treasury futures and interest-rate ― contributed to performance

↓ The Fund's out-of-Index allocation to bank loans detracted from returns relative to the Index during the period

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g35982g84n37.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C** | **Bloomberg U.S. Universal Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **10/15** | $10000 | $10000 | $10000 |
| **11/15** | $9985 | $9964 | $9974 |
| **12/15** | $9941 | $9914 | $9941 |
| **1/16** | $9722 | $10023 | $10078 |
| **2/16** | $9633 | $10094 | $10150 |
| **3/16** | $9821 | $10218 | $10243 |
| **4/16** | $9937 | $10288 | $10282 |
| **5/16** | $9951 | $10296 | $10285 |
| **6/16** | $9890 | $10477 | $10470 |
| **7/16** | $10022 | $10563 | $10536 |
| **8/16** | $10154 | $10575 | $10524 |
| **9/16** | $10180 | $10577 | $10518 |
| **10/16** | $10235 | $10507 | $10437 |
| **11/16** | $10291 | $10271 | $10190 |
| **12/16** | $10407 | $10301 | $10205 |
| **1/17** | $10477 | $10338 | $10225 |
| **2/17** | $10473 | $10418 | $10293 |
| **3/17** | $10575 | $10414 | $10288 |
| **4/17** | $10646 | $10500 | $10367 |
| **5/17** | $10672 | $10581 | $10447 |
| **6/17** | $10698 | $10573 | $10437 |
| **7/17** | $10709 | $10625 | $10481 |
| **8/17** | $10721 | $10717 | $10575 |
| **9/17** | $10732 | $10679 | $10525 |
| **10/17** | $10804 | $10692 | $10531 |
| **11/17** | $10831 | $10676 | $10518 |
| **12/17** | $10827 | $10723 | $10566 |
| **1/18** | $10976 | $10620 | $10444 |
| **2/18** | $10926 | $10519 | $10345 |
| **3/18** | $10906 | $10572 | $10412 |
| **4/18** | $10902 | $10501 | $10334 |
| **5/18** | $10820 | $10559 | $10408 |
| **6/18** | $10769 | $10543 | $10395 |
| **7/18** | $10827 | $10565 | $10398 |
| **8/18** | $10792 | $10618 | $10465 |
| **9/18** | $10772 | $10572 | $10397 |
| **10/18** | $10721 | $10484 | $10315 |
| **11/18** | $10638 | $10531 | $10377 |
| **12/18** | $10462 | $10696 | $10567 |
| **1/19** | $10700 | $10843 | $10679 |
| **2/19** | $10796 | $10855 | $10673 |
| **3/19** | $10763 | $11051 | $10878 |
| **4/19** | $10891 | $11066 | $10881 |
| **5/19** | $10874 | $11236 | $11074 |
| **6/19** | $11003 | $11395 | $11213 |
| **7/19** | $11116 | $11429 | $11238 |
| **8/19** | $11051 | $11687 | $11529 |
| **9/19** | $11116 | $11637 | $11468 |
| **10/19** | $11132 | $11674 | $11502 |
| **11/19** | $11214 | $11672 | $11496 |
| **12/19** | $11367 | $11689 | $11488 |
| **1/20** | $11417 | $11899 | $11709 |
| **2/20** | $11417 | $12077 | $11920 |
| **3/20** | $10499 | $11841 | $11850 |
| **4/20** | $10892 | $12078 | $12061 |
| **5/20** | $11355 | $12191 | $12117 |
| **6/20** | $11544 | $12293 | $12193 |
| **7/20** | $11612 | $12509 | $12375 |
| **8/20** | $11802 | $12437 | $12275 |
| **9/20** | $11785 | $12414 | $12269 |
| **10/20** | $11802 | $12370 | $12214 |
| **11/20** | $11959 | $12531 | $12334 |
| **12/20** | $12116 | $12575 | $12351 |
| **1/21** | $12185 | $12496 | $12262 |
| **2/21** | $12220 | $12334 | $12085 |
| **3/21** | $12184 | $12191 | $11934 |
| **4/21** | $12219 | $12293 | $12028 |
| **5/21** | $12272 | $12340 | $12068 |
| **6/21** | $12254 | $12430 | $12153 |
| **7/21** | $12218 | $12555 | $12288 |
| **8/21** | $12254 | $12547 | $12265 |
| **9/21** | $12253 | $12440 | $12159 |
| **10/21** | $12199 | $12429 | $12155 |
| **11/21** | $12127 | $12444 | $12191 |
| **12/21** | $12199 | $12436 | $12160 |
| **1/22** | $12181 | $12163 | $11898 |
| **2/22** | $12035 | $11998 | $11765 |
| **3/22** | $11926 | $11676 | $11439 |
| **4/22** | $11944 | $11240 | $11005 |
| **5/22** | $11835 | $11302 | $11076 |
| **6/22** | $11632 | $11076 | $10902 |
| **7/22** | $11596 | $11355 | $11168 |
| **8/22** | $11719 | $11060 | $10853 |
| **9/22** | $11481 | $10583 | $10384 |
| **10/22** | $11486 | $10467 | $10249 |
| **11/22** | $11754 | $10857 | $10626 |
| **12/22** | $11796 | $10820 | $10578 |
| **1/23** | $12028 | $11156 | $10904 |
| **2/23** | $11975 | $10882 | $10622 |
| **3/23** | $12056 | $11137 | $10891 |
| **4/23** | $12080 | $11205 | $10957 |
| **5/23** | $12084 | $11089 | $10838 |
| **6/23** | $12147 | $11072 | $10800 |
| **7/23** | $12230 | $11083 | $10792 |
| **8/23** | $12235 | $11016 | $10723 |
| **9/23** | $12061 | $10753 | $10451 |
| **10/23** | $11986 | $10592 | $10286 |
| **11/23** | $12311 | $11068 | $10751 |
| **12/23** | $12658 | $11488 | $11163 |
| **1/24** | $12704 | $11461 | $11132 |
| **2/24** | $12627 | $11323 | $10975 |
| **3/24** | $12774 | $11435 | $11076 |
| **4/24** | $12573 | $11167 | $10797 |
| **5/24** | $12826 | $11352 | $10980 |
| **6/24** | $12956 | $11456 | $11084 |
| **7/24** | $13211 | $11716 | $11343 |
| **8/24** | $13321 | $11889 | $11505 |
| **9/24** | $13473 | $12052 | $11660 |
| **10/24** | $13244 | $11778 | $11370 |
| **11/24** | $13377 | $11902 | $11491 |
| **12/24** | $13380 | $11722 | $11303 |
| **1/25** | $13579 | $11793 | $11363 |
| **2/25** | $13778 | $12037 | $11613 |
| **3/25** | $13782 | $12034 | $11617 |
| **4/25** | $13874 | $12077 | $11663 |
| **5/25** | $13900 | $12015 | $11579 |
| **6/25** | $14148 | $12203 | $11757 |
| **7/25** | $14153 | $12185 | $11726 |
| **8/25** | $14427 | $12331 | $11866 |
| **9/25** | $14522 | $12462 | $11996 |
| **10/25** | $14864 | $12544 | $12071 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class C, with conversion to Class A after 8 years | 10.72% | 4.44% | 4.04% |
| Class C, with 1% Maximum Contingent Deferred Sales Charge and conversion to Class A after 8 years | 9.72% | 4.44% | 4.04% |
| Bloomberg U.S. Universal Index | 6.51% | 0.28% | 2.29% |
| Bloomberg U.S. Aggregate Bond Index | 6.16% | (0.24)% | 1.90% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $13480942720 |
| # of Portfolio Holdings (for the Fund and Portfolios) | 4716 |
| Portfolio Turnover Rate<sup>Footnote Reference1</sup> | 5% |
| Total Advisory Fees Paid | $54185547 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentage includes both the Fund's contributions to and withdrawals from the Portfolios and purchases and sales of securities held directly by the Fund. |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

References to the Fund's investments in the Asset Allocation table are to the Fund's pro rata share of the investments of the Portfolios and to securities held directly by the Fund.

### Asset Allocation (% of net assets)
![Group By Asset Type Chart](g35982g73v87.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Net Assets<sup>Footnote Reference‡</sup> | (11.5%) |
| Government National Mortgage Association Participation Agreements | 1.2% |
| Insurance Linked Securities | 1.7% |
| Convertible Bonds | 1.8% |
| Common Stocks | 2.5% |
| Corporate Bonds | 3.6% |
| Commercial Mortgage-Backed Securities | 4.0% |
| Investments in Affiliated Investment Funds | 4.2% |
| Senior Floating-Rate Loans<sup>Footnote Reference\*</sup> | 5.1% |
| Foreign Corporate Bonds | 6.6% |
| Short-Term Investments | 7.3% |
| Asset-Backed Securities | 7.3% |
| U.S. Government Agency Mortgage-Backed Securities<sup>Footnote Reference‡</sup> | 15.0% |
| Sovereign Government Bonds<sup>Footnote Reference†</sup> | 20.1% |
| Collateralized Mortgage Obligations | 31.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>‡</sup>  | &nbsp;&nbsp;Other Net Assets represents other assets less liabilities and includes any investment type less than 1% of net assets. |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Net of unfunded loan commitments. |
| &nbsp;&nbsp;Footnote<sup>‡</sup> | &nbsp;&nbsp;Net of TBA sale commitments. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Net of securities sold short. |

---

### Portfolio Allocation (% of total investments)
![Credit Rating Chart](g35982g05j23.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Emerging Markets Local Income Portfolio | 1.0% |
| Senior Debt Portfolio | 3.9% |
| High Income Opportunities Portfolio | 4.0% |
| Eaton Vance Emerging Markets Debt Opportunities Fund, Class R6 | 4.2% |
| Global Macro Absolute Return Advantage Portfolio | 17.5% |
| Global Opportunities Portfolio | 69.4% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g35982g49w49.jpg)

## Additional Information
If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report October 31, 2025

# ECSIX-TSR-AR

# Eaton Vance Strategic Income Fund
![Image](g35982g51m36.jpg)

# Class I ESIIX

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about the Eaton Vance Strategic Income Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last year?<sup>**Footnote Reference \***</sup>
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $127 | 1.20% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Expenses in the table reflect the expenses of both the Fund and Emerging Markets Local Income Portfolio, Global Macro Absolute Return Advantage Portfolio, Global Opportunities Portfolio, High Income Opportunities Portfolio and Senior Debt Portfolio, the Portfolios in which it invests. |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Bloomberg U.S. Aggregate Bond Index (the Index):

↑ Out-of-Index exposures to emerging-market debt ― both U.S. dollar-denominated and local currency-denominated bonds ― contributed to returns

↑ Out-of-Index exposures to Global Macro Strategy contributed to performance relative to the Index during the period

↑ Out-of-Index exposures to high yield corporate bonds and non-agency mortgage-backed securities (MBS) contributed to performance relative to the Index

↑ The Fund's investments in Agency MBS contributed to performance relative to the Index during the period

↑ The Fund's out-of-Index use of derivatives for duration management ― by investing in U.S. Treasury futures and interest-rate ― contributed to performance

↓ The Fund's out-of-Index allocation to bank loans detracted from returns relative to the Index during the period

## Fund Performance
Comparison of the change in value of a $1,000,000 investment for the period indicated.

![Growth of 10K Chart](g35982g32e77.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Bloomberg U.S. Universal Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **10/15** | $1000000 | $1000000 | $1000000 |
| **11/15** | $999587 | $996353 | $997358 |
| **12/15** | $995040 | $991376 | $994135 |
| **1/16** | $973928 | $1002320 | $1007816 |
| **2/16** | $966434 | $1009440 | $1014965 |
| **3/16** | $986624 | $1021811 | $1024277 |
| **4/16** | $998610 | $1028772 | $1028209 |
| **5/16** | $999501 | $1029576 | $1028473 |
| **6/16** | $994779 | $1047701 | $1046952 |
| **7/16** | $1008280 | $1056335 | $1053571 |
| **8/16** | $1023285 | $1057474 | $1052366 |
| **9/16** | $1026743 | $1057726 | $1051750 |
| **10/16** | $1033045 | $1050709 | $1043705 |
| **11/16** | $1040799 | $1027092 | $1019017 |
| **12/16** | $1052841 | $1030143 | $1020455 |
| **1/17** | $1060633 | $1033777 | $1022457 |
| **2/17** | $1061279 | $1041753 | $1029329 |
| **3/17** | $1073451 | $1041404 | $1028789 |
| **4/17** | $1079885 | $1050045 | $1036728 |
| **5/17** | $1084891 | $1058147 | $1044708 |
| **6/17** | $1087004 | $1057250 | $1043657 |
| **7/17** | $1089120 | $1062516 | $1048148 |
| **8/17** | $1091243 | $1071683 | $1057549 |
| **9/17** | $1093372 | $1067911 | $1052512 |
| **10/17** | $1101403 | $1069193 | $1053122 |
| **11/17** | $1105030 | $1067575 | $1051770 |
| **12/17** | $1107186 | $1072282 | $1056597 |
| **1/18** | $1122742 | $1061963 | $1044429 |
| **2/18** | $1117442 | $1051894 | $1034528 |
| **3/18** | $1116623 | $1057199 | $1041163 |
| **4/18** | $1117299 | $1050145 | $1033419 |
| **5/18** | $1108925 | $1055872 | $1040794 |
| **6/18** | $1105068 | $1054340 | $1039514 |
| **7/18** | $1111817 | $1056547 | $1039761 |
| **8/18** | $1109457 | $1061752 | $1046452 |
| **9/18** | $1108616 | $1057203 | $1039713 |
| **10/18** | $1104711 | $1048359 | $1031497 |
| **11/18** | $1097721 | $1053074 | $1037655 |
| **12/18** | $1080152 | $1069550 | $1056718 |
| **1/19** | $1105997 | $1084296 | $1067939 |
| **2/19** | $1114839 | $1085478 | $1067321 |
| **3/19** | $1114335 | $1105079 | $1087815 |
| **4/19** | $1126393 | $1106626 | $1088094 |
| **5/19** | $1125900 | $1123578 | $1107409 |
| **6/19** | $1141239 | $1139470 | $1121316 |
| **7/19** | $1153460 | $1142862 | $1123782 |
| **8/19** | $1148225 | $1168722 | $1152902 |
| **9/19** | $1155741 | $1163659 | $1146761 |
| **10/19** | $1158482 | $1167418 | $1150215 |
| **11/19** | $1167669 | $1167185 | $1149630 |
| **12/19** | $1183868 | $1168924 | $1148828 |
| **1/20** | $1190043 | $1189904 | $1170937 |
| **2/20** | $1191222 | $1207721 | $1192012 |
| **3/20** | $1096941 | $1184130 | $1184998 |
| **4/20** | $1138520 | $1207849 | $1206062 |
| **5/20** | $1188719 | $1219130 | $1211678 |
| **6/20** | $1208583 | $1229303 | $1219310 |
| **7/20** | $1218303 | $1250897 | $1237523 |
| **8/20** | $1238318 | $1243684 | $1227534 |
| **9/20** | $1237827 | $1241442 | $1226861 |
| **10/20** | $1240778 | $1237005 | $1221383 |
| **11/20** | $1257558 | $1253147 | $1233367 |
| **12/20** | $1276135 | $1257475 | $1235067 |
| **1/21** | $1284335 | $1249571 | $1226212 |
| **2/21** | $1287316 | $1233448 | $1208504 |
| **3/21** | $1285054 | $1219093 | $1193414 |
| **4/21** | $1289818 | $1229345 | $1202842 |
| **5/21** | $1296380 | $1234034 | $1206772 |
| **6/21** | $1295865 | $1243030 | $1215251 |
| **7/21** | $1293569 | $1255512 | $1228839 |
| **8/21** | $1298411 | $1254673 | $1226499 |
| **9/21** | $1297891 | $1243959 | $1215880 |
| **10/21** | $1293762 | $1242942 | $1215545 |
| **11/21** | $1287817 | $1244444 | $1219141 |
| **12/21** | $1296360 | $1243605 | $1216021 |
| **1/22** | $1295839 | $1216340 | $1189823 |
| **2/22** | $1280680 | $1199756 | $1176549 |
| **3/22** | $1269132 | $1167568 | $1143863 |
| **4/22** | $1274124 | $1124021 | $1100455 |
| **5/22** | $1262492 | $1130205 | $1107551 |
| **6/22** | $1243373 | $1107621 | $1090175 |
| **7/22** | $1239119 | $1135469 | $1116813 |
| **8/22** | $1252886 | $1105951 | $1085256 |
| **9/22** | $1230244 | $1058302 | $1038366 |
| **10/22** | $1232091 | $1046690 | $1024917 |
| **11/22** | $1260622 | $1085718 | $1062609 |
| **12/22** | $1266312 | $1082030 | $1057816 |
| **1/23** | $1291311 | $1115595 | $1090358 |
| **2/23** | $1287386 | $1088183 | $1062167 |
| **3/23** | $1297092 | $1113711 | $1089148 |
| **4/23** | $1300958 | $1120515 | $1095749 |
| **5/23** | $1302885 | $1108897 | $1083818 |
| **6/23** | $1310782 | $1107174 | $1079952 |
| **7/23** | $1320725 | $1108275 | $1079200 |
| **8/23** | $1322675 | $1101601 | $1072306 |
| **9/23** | $1306447 | $1075333 | $1045057 |
| **10/23** | $1298246 | $1059162 | $1028565 |
| **11/23** | $1335044 | $1106829 | $1075145 |
| **12/23** | $1374139 | $1148827 | $1116300 |
| **1/24** | $1380332 | $1146078 | $1113235 |
| **2/24** | $1371929 | $1132337 | $1097507 |
| **3/24** | $1388635 | $1143455 | $1107641 |
| **4/24** | $1367455 | $1116734 | $1079664 |
| **5/24** | $1397145 | $1135245 | $1097968 |
| **6/24** | $1412035 | $1145623 | $1108362 |
| **7/24** | $1439936 | $1171626 | $1134250 |
| **8/24** | $1455005 | $1188874 | $1150549 |
| **9/24** | $1472327 | $1205180 | $1165955 |
| **10/24** | $1448196 | $1177807 | $1137040 |
| **11/24** | $1463550 | $1190224 | $1149062 |
| **12/24** | $1465511 | $1172248 | $1130257 |
| **1/25** | $1487703 | $1179312 | $1136253 |
| **2/25** | $1512286 | $1203695 | $1161253 |
| **3/25** | $1514404 | $1203408 | $1161690 |
| **4/25** | $1523359 | $1207658 | $1166255 |
| **5/25** | $1530077 | $1201533 | $1157905 |
| **6/25** | $1557586 | $1220252 | $1175709 |
| **7/25** | $1559848 | $1218511 | $1172608 |
| **8/25** | $1590070 | $1233147 | $1186633 |
| **9/25** | $1601814 | $1246212 | $1199578 |
| **10/25** | $1618387 | $1254442 | $1207072 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class I | 11.75% | 5.45% | 4.93% |
| Bloomberg U.S. Universal Index | 6.51% | 0.28% | 2.29% |
| Bloomberg U.S. Aggregate Bond Index | 6.16% | (0.24)% | 1.90% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $13480942720 |
| # of Portfolio Holdings (for the Fund and Portfolios) | 4716 |
| Portfolio Turnover Rate<sup>Footnote Reference1</sup> | 5% |
| Total Advisory Fees Paid | $54185547 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentage includes both the Fund's contributions to and withdrawals from the Portfolios and purchases and sales of securities held directly by the Fund. |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

References to the Fund's investments in the Asset Allocation table are to the Fund's pro rata share of the investments of the Portfolios and to securities held directly by the Fund.

### Asset Allocation (% of net assets)
![Group By Asset Type Chart](g35982g73v87.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Net Assets<sup>Footnote Reference‡</sup> | (11.5%) |
| Government National Mortgage Association Participation Agreements | 1.2% |
| Insurance Linked Securities | 1.7% |
| Convertible Bonds | 1.8% |
| Common Stocks | 2.5% |
| Corporate Bonds | 3.6% |
| Commercial Mortgage-Backed Securities | 4.0% |
| Investments in Affiliated Investment Funds | 4.2% |
| Senior Floating-Rate Loans<sup>Footnote Reference\*</sup> | 5.1% |
| Foreign Corporate Bonds | 6.6% |
| Short-Term Investments | 7.3% |
| Asset-Backed Securities | 7.3% |
| U.S. Government Agency Mortgage-Backed Securities<sup>Footnote Reference‡</sup> | 15.0% |
| Sovereign Government Bonds<sup>Footnote Reference†</sup> | 20.1% |
| Collateralized Mortgage Obligations | 31.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>‡</sup>  | &nbsp;&nbsp;Other Net Assets represents other assets less liabilities and includes any investment type less than 1% of net assets. |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Net of unfunded loan commitments. |
| &nbsp;&nbsp;Footnote<sup>‡</sup> | &nbsp;&nbsp;Net of TBA sale commitments. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Net of securities sold short. |

---

### Portfolio Allocation (% of total investments)
![Credit Rating Chart](g35982g05j23.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Emerging Markets Local Income Portfolio | 1.0% |
| Senior Debt Portfolio | 3.9% |
| High Income Opportunities Portfolio | 4.0% |
| Eaton Vance Emerging Markets Debt Opportunities Fund, Class R6 | 4.2% |
| Global Macro Absolute Return Advantage Portfolio | 17.5% |
| Global Opportunities Portfolio | 69.4% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g35982g49w49.jpg)

## Additional Information
If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report October 31, 2025

# ESIIX-TSR-AR

# Eaton Vance Strategic Income Fund
![Image](g35982g51m36.jpg)

# Class R ERSIX

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about the Eaton Vance Strategic Income Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last year?<sup>**Footnote Reference \***</sup>
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R | $179 | 1.70% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Expenses in the table reflect the expenses of both the Fund and Emerging Markets Local Income Portfolio, Global Macro Absolute Return Advantage Portfolio, Global Opportunities Portfolio, High Income Opportunities Portfolio and Senior Debt Portfolio, the Portfolios in which it invests. |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Bloomberg U.S. Aggregate Bond Index (the Index):

↑ Out-of-Index exposures to emerging-market debt ― both U.S. dollar-denominated and local currency-denominated bonds ― contributed to returns

↑ Out-of-Index exposures to Global Macro Strategy contributed to performance relative to the Index during the period

↑ Out-of-Index exposures to high yield corporate bonds and non-agency mortgage-backed securities (MBS) contributed to performance relative to the Index

↑ The Fund's investments in Agency MBS contributed to performance relative to the Index during the period

↑ The Fund's out-of-Index use of derivatives for duration management ― by investing in U.S. Treasury futures and interest-rate ― contributed to performance

↓ The Fund's out-of-Index allocation to bank loans detracted from returns relative to the Index during the period

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g35982g05n47.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R** | **Bloomberg U.S. Universal Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **10/15** | $10000 | $10000 | $10000 |
| **11/15** | $9992 | $9964 | $9974 |
| **12/15** | $9942 | $9914 | $9941 |
| **1/16** | $9728 | $10023 | $10078 |
| **2/16** | $9650 | $10094 | $10150 |
| **3/16** | $9846 | $10218 | $10243 |
| **4/16** | $9962 | $10288 | $10282 |
| **5/16** | $9980 | $10296 | $10285 |
| **6/16** | $9915 | $10477 | $10470 |
| **7/16** | $10059 | $10563 | $10536 |
| **8/16** | $10190 | $10575 | $10524 |
| **9/16** | $10234 | $10577 | $10518 |
| **10/16** | $10279 | $10507 | $10437 |
| **11/16** | $10351 | $10271 | $10190 |
| **12/16** | $10467 | $10301 | $10205 |
| **1/17** | $10540 | $10338 | $10225 |
| **2/17** | $10542 | $10418 | $10293 |
| **3/17** | $10658 | $10414 | $10288 |
| **4/17** | $10717 | $10500 | $10367 |
| **5/17** | $10762 | $10581 | $10447 |
| **6/17** | $10779 | $10573 | $10437 |
| **7/17** | $10795 | $10625 | $10481 |
| **8/17** | $10812 | $10717 | $10575 |
| **9/17** | $10843 | $10679 | $10525 |
| **10/17** | $10903 | $10692 | $10531 |
| **11/17** | $10935 | $10676 | $10518 |
| **12/17** | $10951 | $10723 | $10566 |
| **1/18** | $11100 | $10620 | $10444 |
| **2/18** | $11058 | $10519 | $10345 |
| **3/18** | $11031 | $10572 | $10412 |
| **4/18** | $11033 | $10501 | $10334 |
| **5/18** | $10961 | $10559 | $10408 |
| **6/18** | $10904 | $10543 | $10395 |
| **7/18** | $10966 | $10565 | $10398 |
| **8/18** | $10953 | $10618 | $10465 |
| **9/18** | $10925 | $10572 | $10397 |
| **10/18** | $10882 | $10484 | $10315 |
| **11/18** | $10809 | $10531 | $10377 |
| **12/18** | $10633 | $10696 | $10567 |
| **1/19** | $10882 | $10843 | $10679 |
| **2/19** | $10964 | $10855 | $10673 |
| **3/19** | $10955 | $11051 | $10878 |
| **4/19** | $11068 | $11066 | $10881 |
| **5/19** | $11059 | $11236 | $11074 |
| **6/19** | $11205 | $11395 | $11213 |
| **7/19** | $11320 | $11429 | $11238 |
| **8/19** | $11264 | $11687 | $11529 |
| **9/19** | $11333 | $11637 | $11468 |
| **10/19** | $11355 | $11674 | $11502 |
| **11/19** | $11440 | $11672 | $11496 |
| **12/19** | $11594 | $11689 | $11488 |
| **1/20** | $11649 | $11899 | $11709 |
| **2/20** | $11656 | $12077 | $11920 |
| **3/20** | $10732 | $11841 | $11850 |
| **4/20** | $11133 | $12078 | $12061 |
| **5/20** | $11617 | $12191 | $12117 |
| **6/20** | $11806 | $12293 | $12193 |
| **7/20** | $11896 | $12509 | $12375 |
| **8/20** | $12086 | $12437 | $12275 |
| **9/20** | $12076 | $12414 | $12269 |
| **10/20** | $12100 | $12370 | $12214 |
| **11/20** | $12258 | $12531 | $12334 |
| **12/20** | $12434 | $12575 | $12351 |
| **1/21** | $12508 | $12496 | $12262 |
| **2/21** | $12532 | $12334 | $12085 |
| **3/21** | $12522 | $12191 | $11934 |
| **4/21** | $12546 | $12293 | $12028 |
| **5/21** | $12604 | $12340 | $12068 |
| **6/21** | $12594 | $12430 | $12153 |
| **7/21** | $12567 | $12555 | $12288 |
| **8/21** | $12609 | $12547 | $12265 |
| **9/21** | $12616 | $12440 | $12159 |
| **10/21** | $12553 | $12429 | $12155 |
| **11/21** | $12491 | $12444 | $12191 |
| **12/21** | $12568 | $12436 | $12160 |
| **1/22** | $12558 | $12163 | $11898 |
| **2/22** | $12424 | $11998 | $11765 |
| **3/22** | $12308 | $11676 | $11439 |
| **4/22** | $12333 | $11240 | $11005 |
| **5/22** | $12216 | $11302 | $11076 |
| **6/22** | $12027 | $11076 | $10902 |
| **7/22** | $11981 | $11355 | $11168 |
| **8/22** | $12109 | $11060 | $10853 |
| **9/22** | $11868 | $10583 | $10384 |
| **10/22** | $11899 | $10467 | $10249 |
| **11/22** | $12169 | $10857 | $10626 |
| **12/22** | $12219 | $10820 | $10578 |
| **1/23** | $12454 | $11156 | $10904 |
| **2/23** | $12411 | $10882 | $10622 |
| **3/23** | $12500 | $11137 | $10891 |
| **4/23** | $12551 | $11205 | $10957 |
| **5/23** | $12545 | $11089 | $10838 |
| **6/23** | $12616 | $11072 | $10800 |
| **7/23** | $12706 | $11083 | $10792 |
| **8/23** | $12720 | $11016 | $10723 |
| **9/23** | $12559 | $10753 | $10451 |
| **10/23** | $12476 | $10592 | $10286 |
| **11/23** | $12823 | $11068 | $10751 |
| **12/23** | $13192 | $11488 | $11163 |
| **1/24** | $13246 | $11461 | $11132 |
| **2/24** | $13161 | $11323 | $10975 |
| **3/24** | $13315 | $11435 | $11076 |
| **4/24** | $13107 | $11167 | $10797 |
| **5/24** | $13385 | $11352 | $10980 |
| **6/24** | $13522 | $11456 | $11084 |
| **7/24** | $13783 | $11716 | $11343 |
| **8/24** | $13921 | $11889 | $11505 |
| **9/24** | $14081 | $12052 | $11660 |
| **10/24** | $13845 | $11778 | $11370 |
| **11/24** | $13986 | $11902 | $11491 |
| **12/24** | $13999 | $11722 | $11303 |
| **1/25** | $14226 | $11793 | $11363 |
| **2/25** | $14433 | $12037 | $11613 |
| **3/25** | $14447 | $12034 | $11617 |
| **4/25** | $14526 | $12077 | $11663 |
| **5/25** | $14584 | $12015 | $11579 |
| **6/25** | $14839 | $12203 | $11757 |
| **7/25** | $14855 | $12185 | $11726 |
| **8/25** | $15136 | $12331 | $11866 |
| **9/25** | $15241 | $12462 | $11996 |
| **10/25** | $15392 | $12544 | $12071 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class R | 11.17% | 4.93% | 4.40% |
| Bloomberg U.S. Universal Index | 6.51% | 0.28% | 2.29% |
| Bloomberg U.S. Aggregate Bond Index | 6.16% | (0.24)% | 1.90% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $13480942720 |
| # of Portfolio Holdings (for the Fund and Portfolios) | 4716 |
| Portfolio Turnover Rate<sup>Footnote Reference1</sup> | 5% |
| Total Advisory Fees Paid | $54185547 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentage includes both the Fund's contributions to and withdrawals from the Portfolios and purchases and sales of securities held directly by the Fund. |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

References to the Fund's investments in the Asset Allocation table are to the Fund's pro rata share of the investments of the Portfolios and to securities held directly by the Fund.

### Asset Allocation (% of net assets)
![Group By Asset Type Chart](g35982g73v87.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Net Assets<sup>Footnote Reference‡</sup> | (11.5%) |
| Government National Mortgage Association Participation Agreements | 1.2% |
| Insurance Linked Securities | 1.7% |
| Convertible Bonds | 1.8% |
| Common Stocks | 2.5% |
| Corporate Bonds | 3.6% |
| Commercial Mortgage-Backed Securities | 4.0% |
| Investments in Affiliated Investment Funds | 4.2% |
| Senior Floating-Rate Loans<sup>Footnote Reference\*</sup> | 5.1% |
| Foreign Corporate Bonds | 6.6% |
| Short-Term Investments | 7.3% |
| Asset-Backed Securities | 7.3% |
| U.S. Government Agency Mortgage-Backed Securities<sup>Footnote Reference‡</sup> | 15.0% |
| Sovereign Government Bonds<sup>Footnote Reference†</sup> | 20.1% |
| Collateralized Mortgage Obligations | 31.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>‡</sup>  | &nbsp;&nbsp;Other Net Assets represents other assets less liabilities and includes any investment type less than 1% of net assets. |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Net of unfunded loan commitments. |
| &nbsp;&nbsp;Footnote<sup>‡</sup> | &nbsp;&nbsp;Net of TBA sale commitments. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Net of securities sold short. |

---

### Portfolio Allocation (% of total investments)
![Credit Rating Chart](g35982g05j23.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Emerging Markets Local Income Portfolio | 1.0% |
| Senior Debt Portfolio | 3.9% |
| High Income Opportunities Portfolio | 4.0% |
| Eaton Vance Emerging Markets Debt Opportunities Fund, Class R6 | 4.2% |
| Global Macro Absolute Return Advantage Portfolio | 17.5% |
| Global Opportunities Portfolio | 69.4% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g35982g49w49.jpg)

## Additional Information
If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report October 31, 2025

# ERSIX-TSR-AR
![Image](g35982g51m36.jpg)

# Eaton Vance Tax-Managed Equity Asset Allocation Fund

# Class A EAEAX

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about the Eaton Vance Tax-Managed Equity Asset Allocation Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last year?<sup>**Footnote Reference \***</sup>
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $121 | 1.14% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Expenses in the table reflect the expenses of both the Fund and Tax-Managed Growth Portfolio, Tax-Managed Value Portfolio, Tax-Managed Multi-Cap Growth Portfolio and Tax-Managed Small-Cap Portfolio, the Portfolios in which it invests. |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Russell 3000<sup><sup>®</sup></sup> Index (the Index):

↓ Fund allocations to Tax-Managed Small-Cap Portfolio, Tax-Managed Value Portfolio, and Tax-Managed Multi-Cap Growth Portfolio detracted from returns

↓ Fund allocations to direct investments in preferred stocks and hybrid securities detracted from Index-relative returns during the period

↑Stock selection within the communication services and financials sectors contributed to performance relative to the Index during the period

● In November 2024, the Eaton Vance Global Equity Income Fund replaced the Tax-Managed International Equity Portfolio within the Fund's allocation mix

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g35982g31l63.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class A with Maximum Sales Charge** | **Russell 3000<sup>®</sup> Index** | **Blended Index** | **ICE BofA Fixed Rate Preferred Securities Index** | **MSCI EAFE Index** |
| **10/15** | $10000 | $10000 | $10000 | $10000 | $10000 |
| **11/15** | $9539 | $10055 | $10035 | $10060 | $9844 |
| **12/15** | $9361 | $9849 | $9862 | $10116 | $9712 |
| **1/16** | $8864 | $9293 | $9345 | $10113 | $9009 |
| **2/16** | $8756 | $9290 | $9324 | $10095 | $8844 |
| **3/16** | $9281 | $9944 | $9927 | $10278 | $9420 |
| **4/16** | $9355 | $10006 | $10014 | $10369 | $9693 |
| **5/16** | $9504 | $10185 | $10162 | $10511 | $9605 |
| **6/16** | $9458 | $10206 | $10156 | $10631 | $9282 |
| **7/16** | $9766 | $10611 | $10545 | $10794 | $9753 |
| **8/16** | $9795 | $10638 | $10573 | $10846 | $9760 |
| **9/16** | $9755 | $10655 | $10591 | $10761 | $9879 |
| **10/16** | $9578 | $10424 | $10382 | $10723 | $9677 |
| **11/16** | $9869 | $10891 | $10694 | $10325 | $9485 |
| **12/16** | $10070 | $11103 | $10901 | $10351 | $9809 |
| **1/17** | $10238 | $11312 | $11125 | $10626 | $10093 |
| **2/17** | $10549 | $11733 | $11493 | $10820 | $10238 |
| **3/17** | $10561 | $11741 | $11538 | $10890 | $10520 |
| **4/17** | $10665 | $11865 | $11681 | $11043 | $10787 |
| **5/17** | $10780 | $11987 | $11830 | $11140 | $11183 |
| **6/17** | $10890 | $12095 | $11925 | $11254 | $11163 |
| **7/17** | $11057 | $12323 | $12146 | $11317 | $11485 |
| **8/17** | $11034 | $12347 | $12170 | $11364 | $11481 |
| **9/17** | $11311 | $12648 | $12441 | $11397 | $11767 |
| **10/17** | $11531 | $12924 | $12680 | $11428 | $11945 |
| **11/17** | $11848 | $13316 | $13003 | $11438 | $12071 |
| **12/17** | $11998 | $13450 | $13129 | $11446 | $12265 |
| **1/18** | $12594 | $14158 | $13723 | $11231 | $12880 |
| **2/18** | $12183 | $13637 | $13265 | $11301 | $12298 |
| **3/18** | $11962 | $13363 | $13032 | $11332 | $12077 |
| **4/18** | $12058 | $13414 | $13093 | $11261 | $12352 |
| **5/18** | $12350 | $13792 | $13370 | $11349 | $12075 |
| **6/18** | $12379 | $13883 | $13435 | $11451 | $11927 |
| **7/18** | $12743 | $14343 | $13829 | $11487 | $12221 |
| **8/18** | $13094 | $14847 | $14203 | $11584 | $11985 |
| **9/18** | $13100 | $14871 | $14220 | $11473 | $12089 |
| **10/18** | $12177 | $13776 | $13247 | $11287 | $11127 |
| **11/18** | $12314 | $14052 | $13429 | $11050 | $11113 |
| **12/18** | $11302 | $12745 | $12352 | $10949 | $10573 |
| **1/19** | $12196 | $13838 | $13351 | $11570 | $11268 |
| **2/19** | $12622 | $14325 | $13784 | $11771 | $11555 |
| **3/19** | $12780 | $14534 | $13969 | $11902 | $11628 |
| **4/19** | $13285 | $15115 | $14470 | $12034 | $11955 |
| **5/19** | $12507 | $14137 | $13659 | $12094 | $11381 |
| **6/19** | $13261 | $15130 | $14526 | $12261 | $12056 |
| **7/19** | $13468 | $15354 | $14704 | $12463 | $11903 |
| **8/19** | $13224 | $15041 | $14437 | $12553 | $11595 |
| **9/19** | $13401 | $15305 | $14691 | $12636 | $11927 |
| **10/19** | $13608 | $15635 | $15007 | $12728 | $12355 |
| **11/19** | $14076 | $16229 | $15477 | $12694 | $12495 |
| **12/19** | $14402 | $16698 | $15908 | $12888 | $12901 |
| **1/20** | $14340 | $16680 | $15874 | $12995 | $12631 |
| **2/20** | $13194 | $15314 | $14648 | $12648 | $11490 |
| **3/20** | $11279 | $13208 | $12738 | $11751 | $9956 |
| **4/20** | $12630 | $14957 | $14250 | $12491 | $10599 |
| **5/20** | $13305 | $15757 | $14936 | $12617 | $11061 |
| **6/20** | $13491 | $16117 | $15254 | $12568 | $11437 |
| **7/20** | $14130 | $17033 | $16047 | $13100 | $11704 |
| **8/20** | $15028 | $18266 | $17085 | $13306 | $12306 |
| **9/20** | $14508 | $17601 | $16527 | $13184 | $11986 |
| **10/20** | $14297 | $17222 | $16183 | $13242 | $11507 |
| **11/20** | $15914 | $19317 | $18046 | $13548 | $13291 |
| **12/20** | $16629 | $20186 | $18811 | $13783 | $13909 |
| **1/21** | $16411 | $20096 | $18698 | $13597 | $13761 |
| **2/21** | $17003 | $20724 | $19184 | $13422 | $14070 |
| **3/21** | $17502 | $21467 | $19809 | $13641 | $14393 |
| **4/21** | $18331 | $22573 | $20712 | $13821 | $14826 |
| **5/21** | $18406 | $22676 | $20863 | $13870 | $15310 |
| **6/21** | $18730 | $23236 | $21279 | $14058 | $15137 |
| **7/21** | $19054 | $23628 | $21588 | $14090 | $15251 |
| **8/21** | $19565 | $24302 | $22119 | $14096 | $15520 |
| **9/21** | $18674 | $23212 | $21260 | $14089 | $15070 |
| **10/21** | $19765 | $24782 | $22460 | $14073 | $15441 |
| **11/21** | $19335 | $24404 | $22041 | $13817 | $14722 |
| **12/21** | $20152 | $25365 | $22892 | $14092 | $15476 |
| **1/22** | $19007 | $23873 | $21636 | $13674 | $14728 |
| **2/22** | $18578 | $23272 | $21093 | $13240 | $14468 |
| **3/22** | $18892 | $24027 | $21639 | $13145 | $14561 |
| **4/22** | $17350 | $21870 | $19827 | $12426 | $13619 |
| **5/22** | $17305 | $21841 | $19855 | $12638 | $13721 |
| **6/22** | $16051 | $20014 | $18262 | $12130 | $12448 |
| **7/22** | $17382 | $21891 | $19835 | $12874 | $13068 |
| **8/22** | $16653 | $21074 | $19082 | $12439 | $12447 |
| **9/22** | $15239 | $19120 | $17423 | $12015 | $11283 |
| **10/22** | $16422 | $20688 | $18625 | $11776 | $11889 |
| **11/22** | $17356 | $21768 | $19690 | $12270 | $13229 |
| **12/22** | $16487 | $20493 | $18732 | $12034 | $13239 |
| **1/23** | $17590 | $21905 | $20089 | $13148 | $14311 |
| **2/23** | $17171 | $21393 | $19628 | $12864 | $14013 |
| **3/23** | $17428 | $21965 | $20031 | $12436 | $14360 |
| **4/23** | $17751 | $22199 | $20292 | $12642 | $14765 |
| **5/23** | $17512 | $22285 | $20240 | $12463 | $14141 |
| **6/23** | $18499 | $23807 | $21458 | $12588 | $14784 |
| **7/23** | $19111 | $24661 | $22173 | $12763 | $15262 |
| **8/23** | $18750 | $24185 | $21719 | $12610 | $14678 |
| **9/23** | $17880 | $23033 | $20788 | $12440 | $14176 |
| **10/23** | $17409 | $22422 | $20195 | $12033 | $13602 |
| **11/23** | $18924 | $24513 | $22035 | $12906 | $14864 |
| **12/23** | $19899 | $25813 | $23148 | $13263 | $15654 |
| **1/24** | $20074 | $26099 | $23432 | $13633 | $15744 |
| **2/24** | $21040 | $27512 | $24508 | $13742 | $16032 |
| **3/24** | $21701 | $28399 | $25242 | $13862 | $16559 |
| **4/24** | $20865 | $27150 | $24223 | $13497 | $16135 |
| **5/24** | $21759 | $28432 | $25275 | $13734 | $16760 |
| **6/24** | $22252 | $29313 | $25880 | $13844 | $16490 |
| **7/24** | $22589 | $29857 | $26349 | $13889 | $16974 |
| **8/24** | $23120 | $30507 | $26968 | $14279 | $17525 |
| **9/24** | $23425 | $31138 | $27507 | $14638 | $17687 |
| **10/24** | $23107 | $30910 | $27166 | $14479 | $16725 |
| **11/24** | $24417 | $32966 | $28592 | $14460 | $16631 |
| **12/24** | $23481 | $31958 | $27776 | $14198 | $16252 |
| **1/25** | $24370 | $32967 | $28641 | $14287 | $17106 |
| **2/25** | $23958 | $32336 | $28289 | $14444 | $17438 |
| **3/25** | $22691 | $30449 | $26912 | $14209 | $17368 |
| **4/25** | $22331 | $30245 | $26853 | $14011 | $18163 |
| **5/25** | $23501 | $32162 | $28356 | $14108 | $18994 |
| **6/25** | $24474 | $33796 | $29618 | $14341 | $19413 |
| **7/25** | $24762 | $34540 | $30141 | $14549 | $19140 |
| **8/25** | $25265 | $35340 | $30865 | $14729 | $19956 |
| **9/25** | $25696 | $36559 | $31827 | $14974 | $20338 |
| **10/25** | $26090 | $37343 | $32410 | $14974 | $20578 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class A | 12.93% | 12.78% | 10.65% |
| Class A with 5.25% Maximum Sales Charge | 6.99% | 11.57% | 10.06% |
| Russell 3000<sup>®</sup> Index | 20.81% | 16.73% | 14.07% |
| Blended Index<sup>Footnote Reference1</sup> | 19.31% | 14.89% | 12.47% |
| ICE BofA Fixed Rate Preferred Securities Index | 3.42% | 2.49% | 4.12% |
| MSCI EAFE Index (net of foreign withholding taxes) | 23.03% | 12.32% | 7.48% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Index consists of 80% Russell 3000<sup>®</sup> Index, 10% MSCI EAFE Index and 10% ICE BofA Fixed Rate Preferred Securities Index, rebalanced monthly. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $859743839 |
| # of Portfolio Holdings | 67 |
| Portfolio Turnover Rate<sup>Footnote Reference1</sup> | 10% |
| Total Advisory Fees Paid | $4898353 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentage includes both the Fund's contributions to and withdrawals from the Portfolios and purchases and sales of securities held directly by the Fund. |

---

## What did the Fund invest in?
The following table reflects what the Fund invested in as of the report date.

#### Asset Allocation (% of total investments)
![Group By Asset Type Chart](g35982g60j76.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 0.0% |
| Short-Term Investments | 0.1% |
| Preferred Stocks | 0.3% |
| Debt Obligations<sup>Footnote Reference†</sup> | 3.4% |
| Tax-Managed Small-Cap Portfolio | 8.1% |
| Affiliated Investment Funds | 8.3% |
| Tax-Managed Multi-Cap Growth Portfolio | 16.6% |
| Tax-Managed Value Portfolio | 26.1% |
| Tax-Managed Growth Portfolio | 37.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Investment types less than 1% each |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Debt obligations are hybrid instruments, as determined by the investment adviser. These instruments have characteristics of both equity and debt. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g35982g49w49.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report October 31, 2025

# EAEAX-TSR-AR
![Image](g35982g51m36.jpg)

# Eaton Vance Tax-Managed Equity Asset Allocation Fund

# Class C ECEAX

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about the Eaton Vance Tax-Managed Equity Asset Allocation Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last year?<sup>**Footnote Reference \***</sup>
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $200 | 1.89% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Expenses in the table reflect the expenses of both the Fund and Tax-Managed Growth Portfolio, Tax-Managed Value Portfolio, Tax-Managed Multi-Cap Growth Portfolio and Tax-Managed Small-Cap Portfolio, the Portfolios in which it invests. |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Russell 3000<sup><sup>®</sup></sup> Index (the Index):

↓ Fund allocations to Tax-Managed Small-Cap Portfolio, Tax-Managed Value Portfolio, and Tax-Managed Multi-Cap Growth Portfolio detracted from returns

↓ Fund allocations to direct investments in preferred stocks and hybrid securities detracted from Index-relative returns during the period

↑Stock selection within the communication services and financials sectors contributed to performance relative to the Index during the period

● In November 2024, the Eaton Vance Global Equity Income Fund replaced the Tax-Managed International Equity Portfolio within the Fund's allocation mix

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g35982g52i67.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class C** | **Russell 3000<sup>®</sup> Index** | **Blended Index** | **ICE BofA Fixed Rate Preferred Securities Index** | **MSCI EAFE Index** |
| **10/15** | $10000 | $10000 | $10000 | $10000 | $10000 |
| **11/15** | $10061 | $10055 | $10035 | $10060 | $9844 |
| **12/15** | $9864 | $9849 | $9862 | $10116 | $9712 |
| **1/16** | $9342 | $9293 | $9345 | $10113 | $9009 |
| **2/16** | $9213 | $9290 | $9324 | $10095 | $8844 |
| **3/16** | $9768 | $9944 | $9927 | $10278 | $9420 |
| **4/16** | $9838 | $10006 | $10014 | $10369 | $9693 |
| **5/16** | $9987 | $10185 | $10162 | $10511 | $9605 |
| **6/16** | $9935 | $10206 | $10156 | $10631 | $9282 |
| **7/16** | $10251 | $10611 | $10545 | $10794 | $9753 |
| **8/16** | $10277 | $10638 | $10573 | $10846 | $9760 |
| **9/16** | $10225 | $10655 | $10591 | $10761 | $9879 |
| **10/16** | $10032 | $10424 | $10382 | $10723 | $9677 |
| **11/16** | $10328 | $10891 | $10694 | $10325 | $9485 |
| **12/16** | $10538 | $11103 | $10901 | $10351 | $9809 |
| **1/17** | $10706 | $11312 | $11125 | $10626 | $10093 |
| **2/17** | $11023 | $11733 | $11493 | $10820 | $10238 |
| **3/17** | $11023 | $11741 | $11538 | $10890 | $10520 |
| **4/17** | $11133 | $11865 | $11681 | $11043 | $10787 |
| **5/17** | $11243 | $11987 | $11830 | $11140 | $11183 |
| **6/17** | $11353 | $12095 | $11925 | $11254 | $11163 |
| **7/17** | $11515 | $12323 | $12146 | $11317 | $11485 |
| **8/17** | $11489 | $12347 | $12170 | $11364 | $11481 |
| **9/17** | $11767 | $12648 | $12441 | $11397 | $11767 |
| **10/17** | $11988 | $12924 | $12680 | $11428 | $11945 |
| **11/17** | $12311 | $13316 | $13003 | $11438 | $12071 |
| **12/17** | $12457 | $13450 | $13129 | $11446 | $12265 |
| **1/18** | $13068 | $14158 | $13723 | $11231 | $12880 |
| **2/18** | $12630 | $13637 | $13265 | $11301 | $12298 |
| **3/18** | $12397 | $13363 | $13032 | $11332 | $12077 |
| **4/18** | $12490 | $13414 | $13093 | $11261 | $12352 |
| **5/18** | $12783 | $13792 | $13370 | $11349 | $12075 |
| **6/18** | $12809 | $13883 | $13435 | $11451 | $11927 |
| **7/18** | $13174 | $14343 | $13829 | $11487 | $12221 |
| **8/18** | $13526 | $14847 | $14203 | $11584 | $11985 |
| **9/18** | $13526 | $14871 | $14220 | $11473 | $12089 |
| **10/18** | $12570 | $13776 | $13247 | $11287 | $11127 |
| **11/18** | $12696 | $14052 | $13429 | $11050 | $11113 |
| **12/18** | $11648 | $12745 | $12352 | $10949 | $10573 |
| **1/19** | $12564 | $13838 | $13351 | $11570 | $11268 |
| **2/19** | $12988 | $14325 | $13784 | $11771 | $11555 |
| **3/19** | $13143 | $14534 | $13969 | $11902 | $11628 |
| **4/19** | $13662 | $15115 | $14470 | $12034 | $11955 |
| **5/19** | $12847 | $14137 | $13659 | $12094 | $11381 |
| **6/19** | $13614 | $15130 | $14526 | $12261 | $12056 |
| **7/19** | $13816 | $15354 | $14704 | $12463 | $11903 |
| **8/19** | $13561 | $15041 | $14437 | $12553 | $11595 |
| **9/19** | $13736 | $15305 | $14691 | $12636 | $11927 |
| **10/19** | $13938 | $15635 | $15007 | $12728 | $12355 |
| **11/19** | $14402 | $16229 | $15477 | $12694 | $12495 |
| **12/19** | $14733 | $16698 | $15908 | $12888 | $12901 |
| **1/20** | $14658 | $16680 | $15874 | $12995 | $12631 |
| **2/20** | $13478 | $15314 | $14648 | $12648 | $11490 |
| **3/20** | $11513 | $13208 | $12738 | $11751 | $9956 |
| **4/20** | $12891 | $14957 | $14250 | $12491 | $10599 |
| **5/20** | $13567 | $15757 | $14936 | $12617 | $11061 |
| **6/20** | $13751 | $16117 | $15254 | $12568 | $11437 |
| **7/20** | $14385 | $17033 | $16047 | $13100 | $11704 |
| **8/20** | $15292 | $18266 | $17085 | $13306 | $12306 |
| **9/20** | $14760 | $17601 | $16527 | $13184 | $11986 |
| **10/20** | $14535 | $17222 | $16183 | $13242 | $11507 |
| **11/20** | $16165 | $19317 | $18046 | $13548 | $13291 |
| **12/20** | $16881 | $20186 | $18811 | $13783 | $13909 |
| **1/21** | $16650 | $20096 | $18698 | $13597 | $13761 |
| **2/21** | $17243 | $20724 | $19184 | $13422 | $14070 |
| **3/21** | $17741 | $21467 | $19809 | $13641 | $14393 |
| **4/21** | $18566 | $22573 | $20712 | $13821 | $14826 |
| **5/21** | $18628 | $22676 | $20863 | $13870 | $15310 |
| **6/21** | $18941 | $23236 | $21279 | $14058 | $15137 |
| **7/21** | $19262 | $23628 | $21588 | $14090 | $15251 |
| **8/21** | $19767 | $24302 | $22119 | $14096 | $15520 |
| **9/21** | $18853 | $23212 | $21260 | $14089 | $15070 |
| **10/21** | $19937 | $24782 | $22460 | $14073 | $15441 |
| **11/21** | $19494 | $24404 | $22041 | $13817 | $14722 |
| **12/21** | $20307 | $25365 | $22892 | $14092 | $15476 |
| **1/22** | $19142 | $23873 | $21636 | $13674 | $14728 |
| **2/22** | $18696 | $23272 | $21093 | $13240 | $14468 |
| **3/22** | $19003 | $24027 | $21639 | $13145 | $14561 |
| **4/22** | $17440 | $21870 | $19827 | $12426 | $13619 |
| **5/22** | $17384 | $21841 | $19855 | $12638 | $13721 |
| **6/22** | $16115 | $20014 | $18262 | $12130 | $12448 |
| **7/22** | $17440 | $21891 | $19835 | $12874 | $13068 |
| **8/22** | $16694 | $21074 | $19082 | $12439 | $12447 |
| **9/22** | $15270 | $19120 | $17423 | $12015 | $11283 |
| **10/22** | $16442 | $20688 | $18625 | $11776 | $11889 |
| **11/22** | $17370 | $21768 | $19690 | $12270 | $13229 |
| **12/22** | $16490 | $20493 | $18732 | $12034 | $13239 |
| **1/23** | $17581 | $21905 | $20089 | $13148 | $14311 |
| **2/23** | $17147 | $21393 | $19628 | $12864 | $14013 |
| **3/23** | $17399 | $21965 | $20031 | $12436 | $14360 |
| **4/23** | $17707 | $22199 | $20292 | $12642 | $14765 |
| **5/23** | $17462 | $22285 | $20240 | $12463 | $14141 |
| **6/23** | $18434 | $23807 | $21458 | $12588 | $14784 |
| **7/23** | $19028 | $24661 | $22173 | $12763 | $15262 |
| **8/23** | $18658 | $24185 | $21719 | $12610 | $14678 |
| **9/23** | $17784 | $23033 | $20788 | $12440 | $14176 |
| **10/23** | $17301 | $22422 | $20195 | $12033 | $13602 |
| **11/23** | $18798 | $24513 | $22035 | $12906 | $14864 |
| **12/23** | $19756 | $25813 | $23148 | $13263 | $15654 |
| **1/24** | $19917 | $26099 | $23432 | $13633 | $15744 |
| **2/24** | $20861 | $27512 | $24508 | $13742 | $16032 |
| **3/24** | $21497 | $28399 | $25242 | $13862 | $16559 |
| **4/24** | $20658 | $27150 | $24223 | $13497 | $16135 |
| **5/24** | $21532 | $28432 | $25275 | $13734 | $16760 |
| **6/24** | $22007 | $29313 | $25880 | $13844 | $16490 |
| **7/24** | $22322 | $29857 | $26349 | $13889 | $16974 |
| **8/24** | $22833 | $30507 | $26968 | $14279 | $17525 |
| **9/24** | $23126 | $31138 | $27507 | $14638 | $17687 |
| **10/24** | $22791 | $30910 | $27166 | $14479 | $16725 |
| **11/24** | $24070 | $32966 | $28592 | $14460 | $16631 |
| **12/24** | $23133 | $31958 | $27776 | $14198 | $16252 |
| **1/25** | $23992 | $32967 | $28641 | $14287 | $17106 |
| **2/25** | $23577 | $32336 | $28289 | $14444 | $17438 |
| **3/25** | $22308 | $30449 | $26912 | $14209 | $17368 |
| **4/25** | $21949 | $30245 | $26853 | $14011 | $18163 |
| **5/25** | $23083 | $32162 | $28356 | $14108 | $18994 |
| **6/25** | $24028 | $33796 | $29618 | $14341 | $19413 |
| **7/25** | $24288 | $34540 | $30141 | $14549 | $19140 |
| **8/25** | $24767 | $35340 | $30865 | $14729 | $19956 |
| **9/25** | $25176 | $36559 | $31827 | $14974 | $20338 |
| **10/25** | $25933 | $37343 | $32410 | $14974 | $20578 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class C, with conversion to Class A after 8 years | 12.11% | 11.94% | 9.99% |
| Class C, with 1% Maximum Contingent Deferred Sales Charge and conversion to Class A after 8 years | 11.11% | 11.94% | 9.99% |
| Russell 3000<sup>®</sup> Index | 20.81% | 16.73% | 14.07% |
| Blended Index<sup>Footnote Reference1</sup> | 19.31% | 14.89% | 12.47% |
| ICE BofA Fixed Rate Preferred Securities Index | 3.42% | 2.49% | 4.12% |
| MSCI EAFE Index (net of foreign withholding taxes) | 23.03% | 12.32% | 7.48% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Index consists of 80% Russell 3000<sup>®</sup> Index, 10% MSCI EAFE Index and 10% ICE BofA Fixed Rate Preferred Securities Index, rebalanced monthly. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $859743839 |
| # of Portfolio Holdings | 67 |
| Portfolio Turnover Rate<sup>Footnote Reference1</sup> | 10% |
| Total Advisory Fees Paid | $4898353 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentage includes both the Fund's contributions to and withdrawals from the Portfolios and purchases and sales of securities held directly by the Fund. |

---

## What did the Fund invest in?
The following table reflects what the Fund invested in as of the report date.

#### Asset Allocation (% of total investments)
![Group By Asset Type Chart](g35982g60j76.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 0.0% |
| Short-Term Investments | 0.1% |
| Preferred Stocks | 0.3% |
| Debt Obligations<sup>Footnote Reference†</sup> | 3.4% |
| Tax-Managed Small-Cap Portfolio | 8.1% |
| Affiliated Investment Funds | 8.3% |
| Tax-Managed Multi-Cap Growth Portfolio | 16.6% |
| Tax-Managed Value Portfolio | 26.1% |
| Tax-Managed Growth Portfolio | 37.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Investment types less than 1% each |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Debt obligations are hybrid instruments, as determined by the investment adviser. These instruments have characteristics of both equity and debt. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g35982g49w49.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report October 31, 2025

# ECEAX-TSR-AR
![Image](g35982g51m36.jpg)

# Eaton Vance Tax-Managed Equity Asset Allocation Fund

# Class I EIEAX

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about the Eaton Vance Tax-Managed Equity Asset Allocation Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last year?<sup>**Footnote Reference \***</sup>
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $95 | 0.89% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Expenses in the table reflect the expenses of both the Fund and Tax-Managed Growth Portfolio, Tax-Managed Value Portfolio, Tax-Managed Multi-Cap Growth Portfolio and Tax-Managed Small-Cap Portfolio, the Portfolios in which it invests. |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Russell 3000<sup><sup>®</sup></sup> Index (the Index):

↓ Fund allocations to Tax-Managed Small-Cap Portfolio, Tax-Managed Value Portfolio, and Tax-Managed Multi-Cap Growth Portfolio detracted from returns

↓ Fund allocations to direct investments in preferred stocks and hybrid securities detracted from Index-relative returns during the period

↑Stock selection within the communication services and financials sectors contributed to performance relative to the Index during the period

● In November 2024, the Eaton Vance Global Equity Income Fund replaced the Tax-Managed International Equity Portfolio within the Fund's allocation mix

## Fund Performance
Comparison of the change in value of a $1,000,000 investment for the period indicated.

![Growth of 10K Chart](g35982g26t55.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class I** | **Russell 3000<sup>®</sup> Index** | **Blended Index** | **ICE BofA Fixed Rate Preferred Securities Index** | **MSCI EAFE Index** |
| **10/15** | $1000000 | $1000000 | $1000000 | $1000000 | $1000000 |
| **11/15** | $1007378 | $1005544 | $1003474 | $1005953 | $984443 |
| **12/15** | $988838 | $984904 | $986213 | $1011643 | $971179 |
| **1/16** | $936826 | $929331 | $934534 | $1011345 | $900949 |
| **2/16** | $924730 | $929032 | $932415 | $1009544 | $884443 |
| **3/16** | $980976 | $994441 | $992689 | $1027839 | $941991 |
| **4/16** | $988838 | $1000604 | $1001363 | $1036929 | $969263 |
| **5/16** | $1004562 | $1018505 | $1016158 | $1051149 | $960458 |
| **6/16** | $1000329 | $1020600 | $1015579 | $1063146 | $928218 |
| **7/16** | $1032988 | $1061104 | $1054519 | $1079361 | $975261 |
| **8/16** | $1036617 | $1063811 | $1057260 | $1084623 | $975953 |
| **9/16** | $1032383 | $1065483 | $1059054 | $1076067 | $987942 |
| **10/16** | $1013634 | $1042431 | $1038186 | $1072295 | $967734 |
| **11/16** | $1044479 | $1089082 | $1069438 | $1032542 | $948460 |
| **12/16** | $1065936 | $1110333 | $1090053 | $1035079 | $980892 |
| **1/17** | $1084324 | $1131232 | $1112530 | $1062636 | $1009346 |
| **2/17** | $1117424 | $1173304 | $1149251 | $1082014 | $1023779 |
| **3/17** | $1118650 | $1174102 | $1153779 | $1088966 | $1051962 |
| **4/17** | $1130296 | $1186547 | $1168127 | $1104336 | $1078729 |
| **5/17** | $1142556 | $1198690 | $1183001 | $1114002 | $1118323 |
| **6/17** | $1154815 | $1209508 | $1192543 | $1125404 | $1116345 |
| **7/17** | $1172591 | $1232313 | $1214636 | $1131676 | $1148547 |
| **8/17** | $1170752 | $1234688 | $1216974 | $1136443 | $1148114 |
| **9/17** | $1200174 | $1264799 | $1244094 | $1139705 | $1176680 |
| **10/17** | $1224079 | $1292400 | $1268041 | $1142807 | $1194547 |
| **11/17** | $1257179 | $1331643 | $1300282 | $1143777 | $1207077 |
| **12/17** | $1273525 | $1344953 | $1312864 | $1144638 | $1226452 |
| **1/18** | $1336885 | $1415846 | $1372335 | $1123052 | $1287970 |
| **2/18** | $1293800 | $1363659 | $1326534 | $1130093 | $1229837 |
| **3/18** | $1270991 | $1336285 | $1303207 | $1133219 | $1207670 |
| **4/18** | $1281128 | $1341363 | $1309329 | $1126125 | $1235245 |
| **5/18** | $1312175 | $1379230 | $1336979 | $1134923 | $1207479 |
| **6/18** | $1315976 | $1388250 | $1343542 | $1145117 | $1192727 |
| **7/18** | $1354625 | $1434321 | $1382933 | $1148655 | $1222086 |
| **8/18** | $1392008 | $1484691 | $1420286 | $1158382 | $1198485 |
| **9/18** | $1393275 | $1487149 | $1422039 | $1147288 | $1208886 |
| **10/18** | $1295701 | $1377646 | $1324652 | $1128713 | $1112668 |
| **11/18** | $1310274 | $1405238 | $1342932 | $1105043 | $1111266 |
| **12/18** | $1202852 | $1274453 | $1235195 | $1094930 | $1057321 |
| **1/19** | $1298275 | $1383845 | $1335138 | $1157046 | $1126809 |
| **2/19** | $1343714 | $1432513 | $1378419 | $1177096 | $1155532 |
| **3/19** | $1360592 | $1453431 | $1396929 | $1190240 | $1162819 |
| **4/19** | $1415120 | $1511469 | $1447032 | $1203445 | $1195512 |
| **5/19** | $1332030 | $1413659 | $1365890 | $1209425 | $1138096 |
| **6/19** | $1413172 | $1512950 | $1452628 | $1226134 | $1205614 |
| **7/19** | $1435243 | $1535440 | $1470445 | $1246275 | $1190307 |
| **8/19** | $1409926 | $1504139 | $1443719 | $1255293 | $1159471 |
| **9/19** | $1428751 | $1530538 | $1469078 | $1263561 | $1192697 |
| **10/19** | $1451471 | $1563486 | $1500734 | $1272834 | $1235549 |
| **11/19** | $1501455 | $1622917 | $1547662 | $1269438 | $1249478 |
| **12/19** | $1536506 | $1669777 | $1590803 | $1288812 | $1290086 |
| **1/20** | $1529877 | $1667953 | $1587409 | $1299497 | $1263138 |
| **2/20** | $1407911 | $1531392 | $1464842 | $1264755 | $1148954 |
| **3/20** | $1203751 | $1320798 | $1273751 | $1175075 | $995605 |
| **4/20** | $1348917 | $1495725 | $1424966 | $1249147 | $1059923 |
| **5/20** | $1421168 | $1575714 | $1493567 | $1261705 | $1106078 |
| **6/20** | $1441717 | $1611738 | $1525387 | $1256784 | $1143739 |
| **7/20** | $1509328 | $1703258 | $1604697 | $1310019 | $1170398 |
| **8/20** | $1606106 | $1826649 | $1708467 | $1330580 | $1230570 |
| **9/20** | $1551088 | $1760139 | $1652696 | $1318386 | $1198595 |
| **10/20** | $1528551 | $1722150 | $1618283 | $1324150 | $1150737 |
| **11/20** | $1702220 | $1931655 | $1804613 | $1354827 | $1329116 |
| **12/20** | $1778577 | $2018556 | $1881085 | $1378341 | $1390915 |
| **1/21** | $1755860 | $2009578 | $1869837 | $1359652 | $1376096 |
| **2/21** | $1819333 | $2072392 | $1918392 | $1342237 | $1406961 |
| **3/21** | $1873452 | $2146672 | $1980938 | $1364108 | $1439312 |
| **4/21** | $1962314 | $2257331 | $2071209 | $1382136 | $1482620 |
| **5/21** | $1970332 | $2267636 | $2086257 | $1387002 | $1530970 |
| **6/21** | $2005743 | $2323553 | $2127890 | $1405788 | $1513740 |
| **7/21** | $2041154 | $2362846 | $2158759 | $1408953 | $1525138 |
| **8/21** | $2095941 | $2430229 | $2211918 | $1409609 | $1552040 |
| **9/21** | $2001734 | $2321190 | $2125985 | $1408857 | $1506999 |
| **10/21** | $2117990 | $2478159 | $2245991 | $1407276 | $1544064 |
| **11/21** | $2073224 | $2440439 | $2204099 | $1381659 | $1472197 |
| **12/21** | $2160598 | $2536540 | $2289221 | $1409243 | $1547580 |
| **1/22** | $2038235 | $2387300 | $2163604 | $1367366 | $1472794 |
| **2/22** | $1992864 | $2327165 | $2109319 | $1324012 | $1446753 |
| **3/22** | $2027236 | $2402650 | $2163899 | $1314533 | $1456052 |
| **4/22** | $1861565 | $2187030 | $1982705 | $1242604 | $1361853 |
| **5/22** | $1857440 | $2184098 | $1985453 | $1263840 | $1372063 |
| **6/22** | $1723391 | $2001379 | $1826167 | $1213022 | $1244752 |
| **7/22** | $1866377 | $2189145 | $1983530 | $1287426 | $1306778 |
| **8/22** | $1788697 | $2107447 | $1908189 | $1243934 | $1244713 |
| **9/22** | $1637462 | $1912026 | $1742269 | $1201471 | $1128274 |
| **10/22** | $1764637 | $2068823 | $1862479 | $1177608 | $1188947 |
| **11/22** | $1865002 | $2176808 | $1969038 | $1226983 | $1322865 |
| **12/22** | $1772324 | $2049348 | $1873184 | $1203447 | $1323928 |
| **1/23** | $1891822 | $2190493 | $2008890 | $1314774 | $1431136 |
| **2/23** | $1846663 | $2139295 | $1962795 | $1286370 | $1401273 |
| **3/23** | $1875148 | $2196498 | $2003125 | $1243630 | $1436002 |
| **4/23** | $1909191 | $2219900 | $2029162 | $1264167 | $1476544 |
| **5/23** | $1884875 | $2228537 | $2024030 | $1246343 | $1414060 |
| **6/23** | $1991173 | $2380714 | $2145838 | $1258827 | $1478413 |
| **7/23** | $2057869 | $2466055 | $2217304 | $1276343 | $1526249 |
| **8/23** | $2018963 | $2418451 | $2171910 | $1261047 | $1467775 |
| **9/23** | $1925866 | $2303250 | $2078789 | $1243996 | $1417639 |
| **10/23** | $1875148 | $2242193 | $2019471 | $1203270 | $1360166 |
| **11/23** | $2039111 | $2451274 | $2203535 | $1290563 | $1486413 |
| **12/23** | $2144923 | $2581294 | $2314846 | $1326289 | $1565385 |
| **1/24** | $2163825 | $2609902 | $2343153 | $1363253 | $1574394 |
| **2/24** | $2268831 | $2751177 | $2450796 | $1374216 | $1603212 |
| **3/24** | $2339535 | $2839923 | $2524233 | $1386171 | $1655941 |
| **4/24** | $2249929 | $2714962 | $2422267 | $1349680 | $1613534 |
| **5/24** | $2347235 | $2843236 | $2527464 | $1373404 | $1676035 |
| **6/24** | $2401138 | $2931255 | $2588007 | $1384428 | $1648977 |
| **7/24** | $2437540 | $2985744 | $2634913 | $1388852 | $1697352 |
| **8/24** | $2495644 | $3050740 | $2696782 | $1427933 | $1752544 |
| **9/24** | $2529246 | $3113847 | $2750677 | $1463811 | $1768727 |
| **10/24** | $2495644 | $3090980 | $2716570 | $1447905 | $1672542 |
| **11/24** | $2637752 | $3296605 | $2859242 | $1445985 | $1663053 |
| **12/24** | $2536530 | $3195843 | $2777649 | $1419809 | $1625232 |
| **1/25** | $2633436 | $3296730 | $2864138 | $1428722 | $1710641 |
| **2/25** | $2588874 | $3233552 | $2828920 | $1444375 | $1743816 |
| **3/25** | $2452356 | $3044937 | $2691180 | $1420946 | $1736781 |
| **4/25** | $2414867 | $3024509 | $2685304 | $1401101 | $1816334 |
| **5/25** | $2541482 | $3216220 | $2835619 | $1410807 | $1899437 |
| **6/25** | $2647583 | $3379614 | $2961801 | $1434130 | $1941288 |
| **7/25** | $2678706 | $3454041 | $3014123 | $1454943 | $1914039 |
| **8/25** | $2734586 | $3533974 | $3086491 | $1472880 | $1995639 |
| **9/25** | $2781271 | $3655937 | $3182742 | $1497356 | $2033832 |
| **10/25** | $2825126 | $3734291 | $3241045 | $1497437 | $2057758 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class I | 13.20% | 13.06% | 10.93% |
| Russell 3000<sup>®</sup> Index | 20.81% | 16.73% | 14.07% |
| Blended Index<sup>Footnote Reference1</sup> | 19.31% | 14.89% | 12.47% |
| ICE BofA Fixed Rate Preferred Securities Index | 3.42% | 2.49% | 4.12% |
| MSCI EAFE Index (net of foreign withholding taxes) | 23.03% | 12.32% | 7.48% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Index consists of 80% Russell 3000<sup>®</sup> Index, 10% MSCI EAFE Index and 10% ICE BofA Fixed Rate Preferred Securities Index, rebalanced monthly. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $859743839 |
| # of Portfolio Holdings | 67 |
| Portfolio Turnover Rate<sup>Footnote Reference1</sup> | 10% |
| Total Advisory Fees Paid | $4898353 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentage includes both the Fund's contributions to and withdrawals from the Portfolios and purchases and sales of securities held directly by the Fund. |

---

## What did the Fund invest in?
The following table reflects what the Fund invested in as of the report date.

#### Asset Allocation (% of total investments)
![Group By Asset Type Chart](g35982g60j76.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 0.0% |
| Short-Term Investments | 0.1% |
| Preferred Stocks | 0.3% |
| Debt Obligations<sup>Footnote Reference†</sup> | 3.4% |
| Tax-Managed Small-Cap Portfolio | 8.1% |
| Affiliated Investment Funds | 8.3% |
| Tax-Managed Multi-Cap Growth Portfolio | 16.6% |
| Tax-Managed Value Portfolio | 26.1% |
| Tax-Managed Growth Portfolio | 37.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Investment types less than 1% each |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Debt obligations are hybrid instruments, as determined by the investment adviser. These instruments have characteristics of both equity and debt. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g35982g49w49.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report October 31, 2025

# EIEAX-TSR-AR

# Eaton Vance Tax-Managed Value Fund
![Image](g35982g49g65.jpg)

# Class A EATVX

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about the Eaton Vance Tax-Managed Value Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last year?<sup>**Footnote Reference \***</sup>
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $120 | 1.15% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Expenses in the table reflect the expenses of both the Fund and Tax-Managed Value Portfolio, the Portfolio in which it invests. |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Russell 1000<sup><sup>®</sup></sup> Value Index (the Index):

↓ An overweight position in Ingersoll Rand Inc. hurt, as its shares were impacted by tariffs affecting margins, and increasing costs as well as slowing growth

↓ An overweight position in Zoetis, Inc. also hurt as softening demand for pet care products, led by macroeconomic concerns, impacted its sales

↓ An overweight to Clorox Company detracted as it fell in value due to macroeconomic concerns impacting consumers, operational issues and divestitures

↓ Among sectors, stock selections in the industrials, health care, and consumer staples sectors detracted from performance relative to the Index

↑ An overweight position in Micron Technology, Inc. contributed as artificial intelligence growth drove demand for the company's high-bandwidth memory chips

↑ An overweight position in Interactive Brokers Group, Inc. helped as its shares rose on the back of strong customer growth, and rising demand and trade volumes

↑ An overweight position in Charles Schwab Corp. contributed as strong client activity, new client growth and successful integration with TD Ameritrade helped

↑ Among sectors, stock selections in the financials, information technology, and energy sectors contributed to performance relative to the Index

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g35982g87f49.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with Maximum Sales Charge** | **Russell 3000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Value Index** |
| **10/15** | $10000 | $10000 | $10000 |
| **11/15** | $9520 | $10055 | $10038 |
| **12/15** | $9392 | $9849 | $9822 |
| **1/16** | $8923 | $9293 | $9315 |
| **2/16** | $8767 | $9290 | $9312 |
| **3/16** | $9298 | $9944 | $9983 |
| **4/16** | $9392 | $10006 | $10193 |
| **5/16** | $9494 | $10185 | $10351 |
| **6/16** | $9535 | $10206 | $10441 |
| **7/16** | $9695 | $10611 | $10744 |
| **8/16** | $9713 | $10638 | $10827 |
| **9/16** | $9619 | $10655 | $10804 |
| **10/16** | $9459 | $10424 | $10637 |
| **11/16** | $9887 | $10891 | $11245 |
| **12/16** | $10240 | $11103 | $11526 |
| **1/17** | $10298 | $11312 | $11608 |
| **2/17** | $10610 | $11733 | $12025 |
| **3/17** | $10465 | $11741 | $11902 |
| **4/17** | $10528 | $11865 | $11880 |
| **5/17** | $10546 | $11987 | $11868 |
| **6/17** | $10745 | $12095 | $12062 |
| **7/17** | $10844 | $12323 | $12223 |
| **8/17** | $10785 | $12347 | $12080 |
| **9/17** | $11137 | $12648 | $12438 |
| **10/17** | $11385 | $12924 | $12528 |
| **11/17** | $11814 | $13316 | $12912 |
| **12/17** | $12047 | $13450 | $13101 |
| **1/18** | $12567 | $14158 | $13607 |
| **2/18** | $12011 | $13637 | $12957 |
| **3/18** | $11815 | $13363 | $12729 |
| **4/18** | $11965 | $13414 | $12771 |
| **5/18** | $12102 | $13792 | $12847 |
| **6/18** | $12129 | $13883 | $12879 |
| **7/18** | $12685 | $14343 | $13389 |
| **8/18** | $12917 | $14847 | $13587 |
| **9/18** | $13004 | $14871 | $13614 |
| **10/18** | $12298 | $13776 | $12909 |
| **11/18** | $12494 | $14052 | $13294 |
| **12/18** | $11329 | $12745 | $12018 |
| **1/19** | $12101 | $13838 | $12953 |
| **2/19** | $12554 | $14325 | $13367 |
| **3/19** | $12776 | $14534 | $13452 |
| **4/19** | $13215 | $15115 | $13929 |
| **5/19** | $12434 | $14137 | $13033 |
| **6/19** | $13238 | $15130 | $13969 |
| **7/19** | $13428 | $15354 | $14085 |
| **8/19** | $13252 | $15041 | $13671 |
| **9/19** | $13590 | $15305 | $14158 |
| **10/19** | $13816 | $15635 | $14356 |
| **11/19** | $14292 | $16229 | $14800 |
| **12/19** | $14697 | $16698 | $15207 |
| **1/20** | $14458 | $16680 | $14880 |
| **2/20** | $13028 | $15314 | $13439 |
| **3/20** | $10881 | $13208 | $11142 |
| **4/20** | $12083 | $14957 | $12395 |
| **5/20** | $12625 | $15757 | $12820 |
| **6/20** | $12551 | $16117 | $12735 |
| **7/20** | $12976 | $17033 | $13238 |
| **8/20** | $13640 | $18266 | $13785 |
| **9/20** | $13289 | $17601 | $13447 |
| **10/20** | $13172 | $17222 | $13270 |
| **11/20** | $14762 | $19317 | $15055 |
| **12/20** | $15339 | $20186 | $15632 |
| **1/21** | $15131 | $20096 | $15489 |
| **2/21** | $15932 | $20724 | $16425 |
| **3/21** | $16694 | $21467 | $17392 |
| **4/21** | $17424 | $22573 | $18087 |
| **5/21** | $17637 | $22676 | $18509 |
| **6/21** | $17580 | $23236 | $18297 |
| **7/21** | $17855 | $23628 | $18444 |
| **8/21** | $18371 | $24302 | $18809 |
| **9/21** | $17651 | $23212 | $18155 |
| **10/21** | $18840 | $24782 | $19077 |
| **11/21** | $18324 | $24404 | $18404 |
| **12/21** | $19320 | $25365 | $19565 |
| **1/22** | $18755 | $23873 | $19110 |
| **2/22** | $18398 | $23272 | $18888 |
| **3/22** | $18621 | $24027 | $19421 |
| **4/22** | $17407 | $21870 | $18326 |
| **5/22** | $17848 | $21841 | $18682 |
| **6/22** | $16510 | $20014 | $17050 |
| **7/22** | $17585 | $21891 | $18180 |
| **8/22** | $16827 | $21074 | $17639 |
| **9/22** | $15533 | $19120 | $16092 |
| **10/22** | $17154 | $20688 | $17742 |
| **11/22** | $18224 | $21768 | $18850 |
| **12/22** | $17430 | $20493 | $18091 |
| **1/23** | $18256 | $21905 | $19028 |
| **2/23** | $17608 | $21393 | $18357 |
| **3/23** | $17375 | $21965 | $18273 |
| **4/23** | $17785 | $22199 | $18548 |
| **5/23** | $17020 | $22285 | $17833 |
| **6/23** | $17922 | $23807 | $19017 |
| **7/23** | $18616 | $24661 | $19686 |
| **8/23** | $18150 | $24185 | $19154 |
| **9/23** | $17370 | $23033 | $18415 |
| **10/23** | $16757 | $22422 | $17766 |
| **11/23** | $17998 | $24513 | $19106 |
| **12/23** | $19070 | $25813 | $20164 |
| **1/24** | $19013 | $26099 | $20185 |
| **2/24** | $19870 | $27512 | $20930 |
| **3/24** | $20984 | $28399 | $21976 |
| **4/24** | $20430 | $27150 | $21037 |
| **5/24** | $21136 | $28432 | $21704 |
| **6/24** | $21063 | $29313 | $21500 |
| **7/24** | $21591 | $29857 | $22599 |
| **8/24** | $22104 | $30507 | $23205 |
| **9/24** | $22438 | $31138 | $23528 |
| **10/24** | $22062 | $30910 | $23269 |
| **11/24** | $23453 | $32966 | $24755 |
| **12/24** | $21816 | $31958 | $23062 |
| **1/25** | $22933 | $32967 | $24129 |
| **2/25** | $22500 | $32336 | $24227 |
| **3/25** | $21697 | $30449 | $23554 |
| **4/25** | $20781 | $30245 | $22836 |
| **5/25** | $21659 | $32162 | $23638 |
| **6/25** | $22510 | $33796 | $24446 |
| **7/25** | $22700 | $34540 | $24586 |
| **8/25** | $23210 | $35340 | $25370 |
| **9/25** | $23725 | $36559 | $25749 |
| **10/25** | $24001 | $37343 | $25863 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class A | 8.79% | 12.74% | 9.73% |
| Class A with 5.25% Maximum Sales Charge | 3.07% | 11.53% | 9.14% |
| Russell 3000<sup>®</sup> Index | 20.81% | 16.73% | 14.07% |
| Russell 1000<sup>®</sup> Value Index | 11.15% | 14.27% | 9.96% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $837952985 |
| # of Portfolio Holdings (for Tax-Managed Value Portfolio) | 72 |
| Portfolio Turnover Rate (for Tax-Managed Value Portfolio) | 42% |
| Total Advisory Fees Paid | $5124259 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

References to the Fund's investments are to the Fund's pro rata share of the investments of Tax-Managed Value Portfolio, an affiliated investment company in which the Fund invests substantially all of its assets.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](g35982g46x90.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 0.1% |
| Real Estate | 1.7% |
| Consumer Staples | 4.8% |
| Materials | 5.2% |
| Utilities | 5.8% |
| Communication Services | 6.8% |
| Energy | 6.8% |
| Information Technology | 9.1% |
| Consumer Discretionary | 9.1% |
| Health Care | 14.4% |
| Industrials | 15.0% |
| Financials | 21.2% |

---

#### Top Ten Holdings (% of total investments)<sup>Footnote Reference a</sup>

---

| | |
|:---|:---|
| &nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;3.9% |
| &nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;3.7% |
| &nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;3.4% |
| &nbsp;&nbsp;Charles Schwab Corp. | &nbsp;&nbsp;3.1% |
| &nbsp;&nbsp;Micron Technology, Inc. | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;Home Depot, Inc. | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;PNC Financial Services Group, Inc. | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;3M Co. | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;Parker-Hannifin Corp. | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;30.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g35982g49w49.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report October 31, 2025

# EATVX-TSR-AR

# Eaton Vance Tax-Managed Value Fund
![Image](g35982g49g65.jpg)

# Class C ECTVX

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about the Eaton Vance Tax-Managed Value Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last year?<sup>**Footnote Reference \***</sup>
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $198 | 1.90% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Expenses in the table reflect the expenses of both the Fund and Tax-Managed Value Portfolio, the Portfolio in which it invests. |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Russell 1000<sup><sup>®</sup></sup> Value Index (the Index):

↓ An overweight position in Ingersoll Rand Inc. hurt, as its shares were impacted by tariffs affecting margins, and increasing costs as well as slowing growth

↓ An overweight position in Zoetis, Inc. also hurt as softening demand for pet care products, led by macroeconomic concerns, impacted its sales

↓ An overweight to Clorox Company detracted as it fell in value due to macroeconomic concerns impacting consumers, operational issues and divestitures

↓ Among sectors, stock selections in the industrials, health care, and consumer staples sectors detracted from performance relative to the Index

↑ An overweight position in Micron Technology, Inc. contributed as artificial intelligence growth drove demand for the company's high-bandwidth memory chips

↑ An overweight position in Interactive Brokers Group, Inc. helped as its shares rose on the back of strong customer growth, and rising demand and trade volumes

↑ An overweight position in Charles Schwab Corp. contributed as strong client activity, new client growth and successful integration with TD Ameritrade helped

↑ Among sectors, stock selections in the financials, information technology, and energy sectors contributed to performance relative to the Index

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g35982g22q17.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C** | **Russell 3000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Value Index** |
| **10/15** | $10000 | $10000 | $10000 |
| **11/15** | $10041 | $10055 | $10038 |
| **12/15** | $9900 | $9849 | $9822 |
| **1/16** | $9397 | $9293 | $9315 |
| **2/16** | $9226 | $9290 | $9312 |
| **3/16** | $9783 | $9944 | $9983 |
| **4/16** | $9875 | $10006 | $10193 |
| **5/16** | $9973 | $10185 | $10351 |
| **6/16** | $10012 | $10206 | $10441 |
| **7/16** | $10173 | $10611 | $10744 |
| **8/16** | $10188 | $10638 | $10827 |
| **9/16** | $10080 | $10655 | $10804 |
| **10/16** | $9910 | $10424 | $10637 |
| **11/16** | $10349 | $10891 | $11245 |
| **12/16** | $10712 | $11103 | $11526 |
| **1/17** | $10766 | $11312 | $11608 |
| **2/17** | $11085 | $11733 | $12025 |
| **3/17** | $10928 | $11741 | $11902 |
| **4/17** | $10987 | $11865 | $11880 |
| **5/17** | $11001 | $11987 | $11868 |
| **6/17** | $11198 | $12095 | $12062 |
| **7/17** | $11296 | $12323 | $12223 |
| **8/17** | $11227 | $12347 | $12080 |
| **9/17** | $11585 | $12648 | $12438 |
| **10/17** | $11840 | $12924 | $12528 |
| **11/17** | $12277 | $13316 | $12912 |
| **12/17** | $12508 | $13450 | $13101 |
| **1/18** | $13039 | $14158 | $13607 |
| **2/18** | $12454 | $13637 | $12957 |
| **3/18** | $12242 | $13363 | $12729 |
| **4/18** | $12390 | $13414 | $12771 |
| **5/18** | $12527 | $13792 | $12847 |
| **6/18** | $12547 | $13883 | $12879 |
| **7/18** | $13112 | $14343 | $13389 |
| **8/18** | $13348 | $14847 | $13587 |
| **9/18** | $13422 | $14871 | $13614 |
| **10/18** | $12690 | $13776 | $12909 |
| **11/18** | $12881 | $14052 | $13294 |
| **12/18** | $11674 | $12745 | $12018 |
| **1/19** | $12461 | $13838 | $12953 |
| **2/19** | $12921 | $14325 | $13367 |
| **3/19** | $13139 | $14534 | $13452 |
| **4/19** | $13585 | $15115 | $13929 |
| **5/19** | $12773 | $14137 | $13033 |
| **6/19** | $13590 | $15130 | $13969 |
| **7/19** | $13778 | $15354 | $14085 |
| **8/19** | $13585 | $15041 | $13671 |
| **9/19** | $13922 | $15305 | $14158 |
| **10/19** | $14149 | $15635 | $14356 |
| **11/19** | $14629 | $16229 | $14800 |
| **12/19** | $15033 | $16698 | $15207 |
| **1/20** | $14780 | $16680 | $14880 |
| **2/20** | $13308 | $15314 | $13439 |
| **3/20** | $11109 | $13208 | $11142 |
| **4/20** | $12327 | $14957 | $12395 |
| **5/20** | $12868 | $15757 | $12820 |
| **6/20** | $12788 | $16117 | $12735 |
| **7/20** | $13209 | $17033 | $13238 |
| **8/20** | $13878 | $18266 | $13785 |
| **9/20** | $13517 | $17601 | $13447 |
| **10/20** | $13388 | $17222 | $13270 |
| **11/20** | $14993 | $19317 | $15055 |
| **12/20** | $15572 | $20186 | $15632 |
| **1/21** | $15348 | $20096 | $15489 |
| **2/21** | $16150 | $20724 | $16425 |
| **3/21** | $16916 | $21467 | $17392 |
| **4/21** | $17643 | $22573 | $18087 |
| **5/21** | $17847 | $22676 | $18509 |
| **6/21** | $17778 | $23236 | $18297 |
| **7/21** | $18046 | $23628 | $18444 |
| **8/21** | $18559 | $24302 | $18809 |
| **9/21** | $17817 | $23212 | $18155 |
| **10/21** | $19002 | $24782 | $19077 |
| **11/21** | $18475 | $24404 | $18404 |
| **12/21** | $19462 | $25365 | $19565 |
| **1/22** | $18881 | $23873 | $19110 |
| **2/22** | $18513 | $23272 | $18888 |
| **3/22** | $18726 | $24027 | $19421 |
| **4/22** | $17497 | $21870 | $18326 |
| **5/22** | $17922 | $21841 | $18682 |
| **6/22** | $16570 | $20014 | $17050 |
| **7/22** | $17642 | $21891 | $18180 |
| **8/22** | $16870 | $21074 | $17639 |
| **9/22** | $15559 | $19120 | $16092 |
| **10/22** | $17176 | $20688 | $17742 |
| **11/22** | $18238 | $21768 | $18850 |
| **12/22** | $17431 | $20493 | $18091 |
| **1/23** | $18241 | $21905 | $19028 |
| **2/23** | $17583 | $21393 | $18357 |
| **3/23** | $17341 | $21965 | $18273 |
| **4/23** | $17741 | $22199 | $18548 |
| **5/23** | $16968 | $22285 | $17833 |
| **6/23** | $17857 | $23807 | $19017 |
| **7/23** | $18530 | $24661 | $19686 |
| **8/23** | $18057 | $24185 | $19154 |
| **9/23** | $17273 | $23033 | $18415 |
| **10/23** | $16652 | $22422 | $17766 |
| **11/23** | $17873 | $24513 | $19106 |
| **12/23** | $18926 | $25813 | $20164 |
| **1/24** | $18856 | $26099 | $20185 |
| **2/24** | $19698 | $27512 | $20930 |
| **3/24** | $20783 | $28399 | $21976 |
| **4/24** | $20222 | $27150 | $21037 |
| **5/24** | $20913 | $28432 | $21704 |
| **6/24** | $20826 | $29313 | $21500 |
| **7/24** | $21334 | $29857 | $22599 |
| **8/24** | $21831 | $30507 | $23205 |
| **9/24** | $22144 | $31138 | $23528 |
| **10/24** | $21761 | $30910 | $23269 |
| **11/24** | $23116 | $32966 | $24755 |
| **12/24** | $21491 | $31958 | $23062 |
| **1/25** | $22576 | $32967 | $24129 |
| **2/25** | $22136 | $32336 | $24227 |
| **3/25** | $21329 | $30449 | $23554 |
| **4/25** | $20417 | $30245 | $22836 |
| **5/25** | $21268 | $32162 | $23638 |
| **6/25** | $22092 | $33796 | $24446 |
| **7/25** | $22259 | $34540 | $24586 |
| **8/25** | $22749 | $35340 | $25370 |
| **9/25** | $23239 | $36559 | $25749 |
| **10/25** | $23851 | $37343 | $25863 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class C, with conversion to Class A after 8 years | 7.97% | 11.90% | 9.07% |
| Class C, with 1% Maximum Contingent Deferred Sales Charge and conversion to Class A after 8 years | 6.97% | 11.90% | 9.07% |
| Russell 3000<sup>®</sup> Index | 20.81% | 16.73% | 14.07% |
| Russell 1000<sup>®</sup> Value Index | 11.15% | 14.27% | 9.96% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $837952985 |
| # of Portfolio Holdings (for Tax-Managed Value Portfolio) | 72 |
| Portfolio Turnover Rate (for Tax-Managed Value Portfolio) | 42% |
| Total Advisory Fees Paid | $5124259 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

References to the Fund's investments are to the Fund's pro rata share of the investments of Tax-Managed Value Portfolio, an affiliated investment company in which the Fund invests substantially all of its assets.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](g35982g46x90.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 0.1% |
| Real Estate | 1.7% |
| Consumer Staples | 4.8% |
| Materials | 5.2% |
| Utilities | 5.8% |
| Communication Services | 6.8% |
| Energy | 6.8% |
| Information Technology | 9.1% |
| Consumer Discretionary | 9.1% |
| Health Care | 14.4% |
| Industrials | 15.0% |
| Financials | 21.2% |

---

#### Top Ten Holdings (% of total investments)<sup>Footnote Reference a</sup>

---

| | |
|:---|:---|
| &nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;3.9% |
| &nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;3.7% |
| &nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;3.4% |
| &nbsp;&nbsp;Charles Schwab Corp. | &nbsp;&nbsp;3.1% |
| &nbsp;&nbsp;Micron Technology, Inc. | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;Home Depot, Inc. | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;PNC Financial Services Group, Inc. | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;3M Co. | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;Parker-Hannifin Corp. | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;30.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g35982g49w49.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report October 31, 2025

# ECTVX-TSR-AR

# Eaton Vance Tax-Managed Value Fund
![Image](g35982g49g65.jpg)

# Class I EITVX

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about the Eaton Vance Tax-Managed Value Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last year?<sup>**Footnote Reference \***</sup>
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $94 | 0.90% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Expenses in the table reflect the expenses of both the Fund and Tax-Managed Value Portfolio, the Portfolio in which it invests. |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Russell 1000<sup><sup>®</sup></sup> Value Index (the Index):

↓ An overweight position in Ingersoll Rand Inc. hurt, as its shares were impacted by tariffs affecting margins, and increasing costs as well as slowing growth

↓ An overweight position in Zoetis, Inc. also hurt as softening demand for pet care products, led by macroeconomic concerns, impacted its sales

↓ An overweight to Clorox Company detracted as it fell in value due to macroeconomic concerns impacting consumers, operational issues and divestitures

↓ Among sectors, stock selections in the industrials, health care, and consumer staples sectors detracted from performance relative to the Index

↑ An overweight position in Micron Technology, Inc. contributed as artificial intelligence growth drove demand for the company's high-bandwidth memory chips

↑ An overweight position in Interactive Brokers Group, Inc. helped as its shares rose on the back of strong customer growth, and rising demand and trade volumes

↑ An overweight position in Charles Schwab Corp. contributed as strong client activity, new client growth and successful integration with TD Ameritrade helped

↑ Among sectors, stock selections in the financials, information technology, and energy sectors contributed to performance relative to the Index

## Fund Performance
Comparison of the change in value of a $1,000,000 investment for the period indicated.

![Growth of 10K Chart](g35982g54h57.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Russell 3000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Value Index** |
| **10/15** | $1000000 | $1000000 | $1000000 |
| **11/15** | $1004340 | $1005544 | $1003827 |
| **12/15** | $991230 | $984904 | $982239 |
| **1/16** | $942000 | $929331 | $931485 |
| **2/16** | $925432 | $929032 | $931249 |
| **3/16** | $982236 | $994441 | $998332 |
| **4/16** | $992176 | $1000604 | $1019303 |
| **5/16** | $1003064 | $1018505 | $1035135 |
| **6/16** | $1007324 | $1020600 | $1044086 |
| **7/16** | $1024839 | $1061104 | $1074402 |
| **8/16** | $1026732 | $1063811 | $1082686 |
| **9/16** | $1017265 | $1065483 | $1080430 |
| **10/16** | $1000697 | $1042431 | $1063708 |
| **11/16** | $1045667 | $1089082 | $1124461 |
| **12/16** | $1083396 | $1110333 | $1152564 |
| **1/17** | $1089633 | $1131232 | $1160775 |
| **2/17** | $1123220 | $1173304 | $1202486 |
| **3/17** | $1108346 | $1174102 | $1190237 |
| **4/17** | $1115063 | $1186547 | $1188003 |
| **5/17** | $1117462 | $1198690 | $1186839 |
| **6/17** | $1138094 | $1209508 | $1206240 |
| **7/17** | $1149129 | $1232313 | $1222272 |
| **8/17** | $1143371 | $1234688 | $1208034 |
| **9/17** | $1180796 | $1264799 | $1243814 |
| **10/17** | $1207665 | $1292400 | $1252844 |
| **11/17** | $1252767 | $1331643 | $1291208 |
| **12/17** | $1277722 | $1344953 | $1310057 |
| **1/18** | $1333571 | $1415846 | $1360706 |
| **2/18** | $1274808 | $1363659 | $1295731 |
| **3/18** | $1253925 | $1336285 | $1272937 |
| **4/18** | $1269952 | $1341363 | $1277140 |
| **5/18** | $1285006 | $1379230 | $1284721 |
| **6/18** | $1288406 | $1388250 | $1287903 |
| **7/18** | $1347654 | $1434321 | $1338877 |
| **8/18** | $1372908 | $1484691 | $1358666 |
| **9/18** | $1381649 | $1487149 | $1361360 |
| **10/18** | $1307346 | $1377646 | $1290868 |
| **11/18** | $1328229 | $1405238 | $1329407 |
| **12/18** | $1204879 | $1274453 | $1201750 |
| **1/19** | $1287412 | $1383845 | $1295288 |
| **2/19** | $1335844 | $1432513 | $1336674 |
| **3/19** | $1359566 | $1453431 | $1345172 |
| **4/19** | $1406516 | $1511469 | $1392887 |
| **5/19** | $1323489 | $1413659 | $1303329 |
| **6/19** | $1409481 | $1512950 | $1396888 |
| **7/19** | $1430238 | $1535440 | $1408466 |
| **8/19** | $1411458 | $1504139 | $1367050 |
| **9/19** | $1448030 | $1530538 | $1415823 |
| **10/19** | $1472246 | $1563486 | $1435613 |
| **11/19** | $1523643 | $1622917 | $1479997 |
| **12/19** | $1567005 | $1669777 | $1520711 |
| **1/20** | $1541949 | $1667953 | $1487995 |
| **2/20** | $1389608 | $1531392 | $1343888 |
| **3/20** | $1161097 | $1320798 | $1114225 |
| **4/20** | $1289384 | $1495725 | $1239489 |
| **5/20** | $1347013 | $1575714 | $1281964 |
| **6/20** | $1339997 | $1611738 | $1273455 |
| **7/20** | $1385098 | $1703258 | $1323799 |
| **8/20** | $1456257 | $1826649 | $1378538 |
| **9/20** | $1419675 | $1760139 | $1344676 |
| **10/20** | $1407147 | $1722150 | $1327004 |
| **11/20** | $1577528 | $1931655 | $1505504 |
| **12/20** | $1639790 | $2018556 | $1563225 |
| **1/21** | $1617397 | $2009578 | $1548908 |
| **2/21** | $1703407 | $2072392 | $1642513 |
| **3/21** | $1785346 | $2146672 | $1739166 |
| **4/21** | $1863722 | $2257331 | $1808717 |
| **5/21** | $1887133 | $2267636 | $1850940 |
| **6/21** | $1881535 | $2323553 | $1829744 |
| **7/21** | $1911053 | $2362846 | $1844368 |
| **8/21** | $1967036 | $2430229 | $1880945 |
| **9/21** | $1890187 | $2321190 | $1815473 |
| **10/21** | $2017929 | $2478159 | $1907658 |
| **11/21** | $1962964 | $2440439 | $1840432 |
| **12/21** | $2069697 | $2536540 | $1956538 |
| **1/22** | $2009907 | $2387300 | $1910963 |
| **2/22** | $1972004 | $2327165 | $1888787 |
| **3/22** | $1996561 | $2402650 | $1942106 |
| **4/22** | $1866838 | $2187030 | $1832564 |
| **5/22** | $1914349 | $2184098 | $1868188 |
| **6/22** | $1771280 | $2001379 | $1704961 |
| **7/22** | $1887124 | $2189145 | $1818021 |
| **8/22** | $1805980 | $2107447 | $1763852 |
| **9/22** | $1667182 | $1912026 | $1609185 |
| **10/22** | $1842281 | $2068823 | $1774175 |
| **11/22** | $1957591 | $2176808 | $1885046 |
| **12/22** | $1872280 | $2049348 | $1809057 |
| **1/23** | $1960915 | $2190493 | $1902803 |
| **2/23** | $1891977 | $2139295 | $1835712 |
| **3/23** | $1867356 | $2196498 | $1827258 |
| **4/23** | $1912221 | $2219900 | $1854790 |
| **5/23** | $1830151 | $2228537 | $1783254 |
| **6/23** | $1927541 | $2380714 | $1901711 |
| **7/23** | $2002497 | $2466055 | $1968584 |
| **8/23** | $1952709 | $2418451 | $1915439 |
| **9/23** | $1869545 | $2303250 | $1841523 |
| **10/23** | $1803889 | $2242193 | $1776551 |
| **11/23** | $1937936 | $2451274 | $1910591 |
| **12/23** | $2053185 | $2581294 | $2016424 |
| **1/24** | $2047521 | $2609902 | $2018512 |
| **2/24** | $2140977 | $2751177 | $2092974 |
| **3/24** | $2261052 | $2839923 | $2197612 |
| **4/24** | $2201581 | $2714962 | $2103739 |
| **5/24** | $2278611 | $2843236 | $2170428 |
| **6/24** | $2271248 | $2931255 | $2150012 |
| **7/24** | $2328454 | $2985744 | $2259924 |
| **8/24** | $2384527 | $3050740 | $2320547 |
| **9/24** | $2420776 | $3113847 | $2352756 |
| **10/24** | $2381128 | $3090980 | $2326862 |
| **11/24** | $2531223 | $3296605 | $2475452 |
| **12/24** | $2355153 | $3195843 | $2306150 |
| **1/25** | $2476413 | $3296730 | $2412890 |
| **2/25** | $2429910 | $3233552 | $2422687 |
| **3/25** | $2343380 | $3044937 | $2355404 |
| **4/25** | $2245077 | $3024509 | $2283614 |
| **5/25** | $2340437 | $3216220 | $2363804 |
| **6/25** | $2432853 | $3379614 | $2444605 |
| **7/25** | $2454044 | $3454041 | $2458642 |
| **8/25** | $2509965 | $3533974 | $2537000 |
| **9/25** | $2565886 | $3655937 | $2574897 |
| **10/25** | $2596495 | $3734291 | $2586266 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class I | 9.04% | 13.03% | 10.00% |
| Russell 3000<sup>®</sup> Index | 20.81% | 16.73% | 14.07% |
| Russell 1000<sup>®</sup> Value Index | 11.15% | 14.27% | 9.96% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $837952985 |
| # of Portfolio Holdings (for Tax-Managed Value Portfolio) | 72 |
| Portfolio Turnover Rate (for Tax-Managed Value Portfolio) | 42% |
| Total Advisory Fees Paid | $5124259 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

References to the Fund's investments are to the Fund's pro rata share of the investments of Tax-Managed Value Portfolio, an affiliated investment company in which the Fund invests substantially all of its assets.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](g35982g46x90.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 0.1% |
| Real Estate | 1.7% |
| Consumer Staples | 4.8% |
| Materials | 5.2% |
| Utilities | 5.8% |
| Communication Services | 6.8% |
| Energy | 6.8% |
| Information Technology | 9.1% |
| Consumer Discretionary | 9.1% |
| Health Care | 14.4% |
| Industrials | 15.0% |
| Financials | 21.2% |

---

#### Top Ten Holdings (% of total investments)<sup>Footnote Reference a</sup>

---

| | |
|:---|:---|
| &nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;3.9% |
| &nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;3.7% |
| &nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;3.4% |
| &nbsp;&nbsp;Charles Schwab Corp. | &nbsp;&nbsp;3.1% |
| &nbsp;&nbsp;Micron Technology, Inc. | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;Home Depot, Inc. | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;PNC Financial Services Group, Inc. | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;3M Co. | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;Parker-Hannifin Corp. | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;30.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g35982g49w49.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report October 31, 2025

# EITVX-TSR-AR

# Eaton Vance Emerging and Frontier Countries Equity Fund
![Image](g35982g49g65.jpg)

# Class A EACOX

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about the Eaton Vance Emerging and Frontier Countries Equity Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last year?<sup>**Footnote Reference \***</sup>
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $162 | 1.40% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Expenses in the table reflect the expenses of both the Fund and Global Macro Capital Opportunities Portfolio, the Portfolio in which it invests. |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI Emerging Markets Equal Country Weighted Index (the Index):

↓ Zero-weights to Columbian and Hungarian equities detracted from performance as both markets rallied along with most Emerging Market (EM) equities

↓ An underweight to Egyptian equities detracted from performance. The position was sold before the end of the period

↑ An overweight to Greek equities contributed to relative performance due to positive progress on a robust reform agenda

↑ An out-of-Index allocation to Cyprus equities aided performance due to continued business friendly and pro-growth policies

↑ An overweight to South Korean equities contributed to performance as the newly elected President looked to improve corporate governance

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g35982g82o20.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class A with Maximum Sales Charge** | **MSCI Emerging Markets Index** | **Blended Index** | **MSCI Emerging Markets Equal Country Weighted Index** | **MSCI Frontier Markets Index** |
| **10/15** | $10000 | $10000 | $10000 | $10000 | $10000 |
| **11/15** | $9165 | $9610 | $9467 | $9378 | $9557 |
| **12/15** | $9051 | $9396 | $9408 | $9288 | $9528 |
| **1/16** | $8498 | $8786 | $8842 | $8806 | $8876 |
| **2/16** | $8431 | $8772 | $9048 | $8909 | $9186 |
| **3/16** | $9006 | $9933 | $9788 | $10123 | $9438 |
| **4/16** | $9018 | $9987 | $10060 | $10375 | $9727 |
| **5/16** | $9040 | $9614 | $9877 | $9894 | $9824 |
| **6/16** | $9334 | $9998 | $9830 | $10144 | $9483 |
| **7/16** | $9638 | $10501 | $10133 | $10644 | $9600 |
| **8/16** | $9830 | $10762 | $10114 | $10723 | $9491 |
| **9/16** | $10045 | $10901 | $10225 | $10685 | $9734 |
| **10/16** | $9988 | $10927 | $10280 | $10842 | $9695 |
| **11/16** | $9751 | $10424 | $9831 | $10088 | $9523 |
| **12/16** | $9796 | $10447 | $10116 | $10398 | $9782 |
| **1/17** | $10204 | $11018 | $10631 | $10765 | $10433 |
| **2/17** | $10407 | $11356 | $10726 | $10996 | $10395 |
| **3/17** | $10736 | $11642 | $10956 | $11197 | $10652 |
| **4/17** | $10962 | $11897 | $11167 | $11498 | $10776 |
| **5/17** | $11359 | $12249 | $11572 | $11842 | $11236 |
| **6/17** | $11461 | $12372 | $11618 | $11863 | $11305 |
| **7/17** | $11789 | $13110 | $12002 | $12397 | $11543 |
| **8/17** | $11914 | $13402 | $12345 | $12647 | $11969 |
| **9/17** | $11970 | $13349 | $12374 | $12450 | $12213 |
| **10/17** | $12401 | $13817 | $12509 | $12568 | $12363 |
| **11/17** | $12480 | $13845 | $12522 | $12448 | $12507 |
| **12/17** | $12854 | $14342 | $13068 | $13145 | $12898 |
| **1/18** | $13692 | $15537 | $13905 | $14074 | $13637 |
| **2/18** | $13137 | $14820 | $13524 | $13512 | $13434 |
| **3/18** | $13329 | $14545 | $13511 | $13365 | $13556 |
| **4/18** | $13057 | $14481 | $13332 | $13432 | $13129 |
| **5/18** | $12571 | $13967 | $12241 | $12471 | $11919 |
| **6/18** | $12129 | $13387 | $11872 | $12160 | $11497 |
| **7/18** | $12321 | $13681 | $12315 | $12623 | $11918 |
| **8/18** | $11948 | $13311 | $11778 | $12202 | $11275 |
| **9/18** | $11812 | $13241 | $11768 | $12188 | $11269 |
| **10/18** | $10985 | $12088 | $11221 | $11487 | $10871 |
| **11/18** | $11279 | $12586 | $11456 | $11718 | $11106 |
| **12/18** | $10956 | $12252 | $11185 | $11507 | $10781 |
| **1/19** | $11631 | $13325 | $11936 | $12505 | $11294 |
| **2/19** | $11701 | $13355 | $11943 | $12420 | $11385 |
| **3/19** | $11771 | $13467 | $11980 | $12347 | $11522 |
| **4/19** | $11817 | $13751 | $12096 | $12563 | $11542 |
| **5/19** | $11387 | $12753 | $11969 | $12029 | $11792 |
| **6/19** | $12027 | $13549 | $12415 | $12649 | $12063 |
| **7/19** | $11876 | $13383 | $12534 | $12573 | $12365 |
| **8/19** | $11363 | $12731 | $12008 | $11718 | $12168 |
| **9/19** | $11445 | $12974 | $11998 | $11928 | $11930 |
| **10/19** | $11759 | $13521 | $12213 | $12258 | $12027 |
| **11/19** | $11771 | $13502 | $12262 | $12190 | $12192 |
| **12/19** | $12307 | $14509 | $12907 | $12943 | $12721 |
| **1/20** | $11881 | $13833 | $12645 | $12424 | $12714 |
| **2/20** | $11348 | $13104 | $11676 | $11252 | $11966 |
| **3/20** | $9014 | $11085 | $9061 | $8682 | $9338 |
| **4/20** | $9701 | $12100 | $9824 | $9559 | $9967 |
| **5/20** | $10009 | $12193 | $10232 | $9807 | $10538 |
| **6/20** | $10388 | $13090 | $10523 | $10200 | $10715 |
| **7/20** | $10779 | $14259 | $10758 | $10726 | $10641 |
| **8/20** | $11300 | $14575 | $11243 | $10809 | $11518 |
| **9/20** | $11289 | $14341 | $11066 | $10388 | $11603 |
| **10/20** | $11383 | $14636 | $11037 | $10224 | $11725 |
| **11/20** | $12675 | $15990 | $12079 | $11737 | $12205 |
| **12/20** | $13930 | $17166 | $12898 | $12658 | $12903 |
| **1/21** | $14072 | $17692 | $12857 | $12529 | $12951 |
| **2/21** | $14309 | $17827 | $12948 | $12690 | $12968 |
| **3/21** | $14238 | $17558 | $12955 | $12666 | $13006 |
| **4/21** | $14665 | $17995 | $13508 | $12881 | $13896 |
| **5/21** | $15209 | $18412 | $14054 | $13407 | $14454 |
| **6/21** | $15375 | $18444 | $14137 | $13206 | $14840 |
| **7/21** | $15127 | $17203 | $14010 | $13011 | $14793 |
| **8/21** | $15423 | $17653 | $14616 | $13814 | $15161 |
| **9/21** | $15008 | $16952 | $14451 | $13338 | $15340 |
| **10/21** | $15387 | $17119 | $14935 | $13695 | $15956 |
| **11/21** | $15292 | $16421 | $14237 | $13045 | $15221 |
| **12/21** | $15749 | $16729 | $14557 | $13437 | $15448 |
| **1/22** | $15579 | $16413 | $14486 | $13780 | $14904 |
| **2/22** | $15033 | $15922 | $14075 | $13605 | $14248 |
| **3/22** | $14766 | $15562 | $14270 | $14002 | $14228 |
| **4/22** | $14256 | $14697 | $13660 | $13184 | $13842 |
| **5/22** | $14487 | $14761 | $13239 | $13211 | $12960 |
| **6/22** | $13358 | $13781 | $12137 | $11718 | $12268 |
| **7/22** | $13383 | $13747 | $12359 | $12000 | $12421 |
| **8/22** | $13722 | $13804 | $12489 | $12035 | $12645 |
| **9/22** | $12533 | $12186 | $11375 | $11003 | $11475 |
| **10/22** | $12752 | $11807 | $11445 | $11612 | $10980 |
| **11/22** | $13722 | $13559 | $12287 | $12719 | $11549 |
| **12/22** | $13413 | $13368 | $12131 | $12582 | $11379 |
| **1/23** | $14630 | $14424 | $12736 | $13273 | $11892 |
| **2/23** | $14374 | $13488 | $12392 | $12883 | $11597 |
| **3/23** | $14451 | $13897 | $12481 | $12920 | $11731 |
| **4/23** | $14707 | $13739 | $12663 | $13230 | $11791 |
| **5/23** | $14669 | $13509 | $12456 | $12883 | $11715 |
| **6/23** | $15566 | $14022 | $12886 | $13481 | $11981 |
| **7/23** | $16603 | $14894 | $13759 | $14368 | $12815 |
| **8/23** | $16091 | $13977 | $13381 | $13708 | $12699 |
| **9/23** | $15553 | $13611 | $12950 | $13345 | $12218 |
| **10/23** | $14771 | $13083 | $12365 | $12913 | $11509 |
| **11/23** | $16116 | $14130 | $13325 | $14001 | $12327 |
| **12/23** | $16826 | $14682 | $13853 | $14684 | $12703 |
| **1/24** | $16734 | $14000 | $13868 | $14569 | $12829 |
| **2/24** | $17569 | $14666 | $14000 | $14838 | $12837 |
| **3/24** | $17947 | $15030 | $14286 | $14828 | $13370 |
| **4/24** | $17947 | $15097 | $14026 | $14730 | $12971 |
| **5/24** | $18000 | $15182 | $14345 | $14848 | $13458 |
| **6/24** | $18560 | $15781 | $14385 | $14932 | $13456 |
| **7/24** | $18860 | $15828 | $14705 | $15320 | $13706 |
| **8/24** | $19095 | $16083 | $15019 | $15668 | $13979 |
| **9/24** | $19121 | $17157 | $15288 | $16137 | $14062 |
| **10/24** | $18300 | $16394 | $14908 | $15425 | $13983 |
| **11/24** | $18469 | $15805 | $14691 | $15098 | $13873 |
| **12/24** | $18802 | $15784 | $14667 | $15021 | $13899 |
| **1/25** | $19081 | $16066 | $15178 | $15612 | $14320 |
| **2/25** | $19254 | $16144 | $15353 | $15682 | $14585 |
| **3/25** | $19573 | $16246 | $15798 | $16144 | $15002 |
| **4/25** | $19613 | $16459 | $15991 | $16729 | $14825 |
| **5/25** | $20875 | $17161 | $16779 | $17270 | $15807 |
| **6/25** | $21991 | $18193 | $17651 | $18118 | $16673 |
| **7/25** | $22483 | $18548 | $18444 | $18512 | $17809 |
| **8/25** | $22975 | $18786 | $19270 | $19006 | $18929 |
| **9/25** | $23466 | $20130 | $19766 | $19757 | $19155 |
| **10/25** | $24117 | $20971 | $20151 | $20403 | $19276 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class A | 31.72% | 16.18% | 9.78% |
| Class A with 5.25% Maximum Sales Charge | 24.78% | 14.94% | 9.19% |
| MSCI Emerging Markets Index (net of foreign withholding taxes) | 27.91% | 7.45% | 7.68% |
| Blended Index<sup>Footnote Reference1</sup> | 35.17% | 12.79% | 7.25% |
| MSCI Emerging Markets Equal Country Weighted Index (net of foreign withholding taxes) | 32.27% | 14.81% | 7.38% |
| MSCI Frontier Markets Index (net of foreign withholding taxes) | 37.85% | 10.45% | 6.78% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Index consists of 50% MSCI Emerging Markets Equal Country Weighted Index and 50% MSCI Frontier Markets Index, rebalanced monthly. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2614058686 |
| # of Portfolio Holdings (for Global Macro Capital Opportunities Portfolio) | 471 |
| Portfolio Turnover Rate (for Global Macro Capital Opportunities Portfolio) | 54% |
| Total Advisory Fees Paid | $14947537 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

Reference to the Fund's investments are to the Fund's pro rata share of the investments of Global Macro Capital Opportunities Portfolio, an affiliated investment company in which the Fund invests substantially all of its assets.

### Country Allocation (% of total investments)
![Group By Asset Type Chart](g35982g01a74.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 22.4% |
| South Africa | 4.2% |
| United States | 4.3% |
| United Arab Emirates | 4.5% |
| Argentina | 4.5% |
| Chile | 6.0% |
| Taiwan | 6.9% |
| India | 8.0% |
| Greece | 10.8% |
| Vietnam | 13.7% |
| South Korea | 14.7% |

---

#### Top Ten Holdings (% of total investments)<sup>Footnote Reference a</sup>

---

| | |
|:---|:---|
| &nbsp;&nbsp;Samsung Electronics Co. Ltd. | &nbsp;&nbsp;5.2% |
| &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;4.2% |
| &nbsp;&nbsp;SK Hynix, Inc. | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;Bank of Cyprus Holdings PLC | &nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;National Bank of Greece SA | &nbsp;&nbsp;1.8% |
| &nbsp;&nbsp;Nova Ljubljanska Banka DD, GDR | &nbsp;&nbsp;1.5% |
| &nbsp;&nbsp;Eurobank Ergasias Services & Holdings SA, Class A | &nbsp;&nbsp;1.5% |
| &nbsp;&nbsp;Kuwait Finance House KSCP | &nbsp;&nbsp;1.3% |
| &nbsp;&nbsp;National Bank of Kuwait SAKP | &nbsp;&nbsp;1.3% |
| &nbsp;&nbsp;Grupo Financiero Galicia SA, ADR | &nbsp;&nbsp;1.3% |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;23.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g35982g49w49.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report October 31, 2025

# EACOX-TSR-AR

# Eaton Vance Emerging and Frontier Countries Equity Fund
![Image](g35982g49g65.jpg)

# Class I EICOX

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about the Eaton Vance Emerging and Frontier Countries Equity Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last year?<sup>**Footnote Reference \***</sup>
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $133 | 1.15% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Expenses in the table reflect the expenses of both the Fund and Global Macro Capital Opportunities Portfolio, the Portfolio in which it invests. |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI Emerging Markets Equal Country Weighted Index (the Index):

↓ Zero-weights to Columbian and Hungarian equities detracted from performance as both markets rallied along with most Emerging Market (EM) equities

↓ An underweight to Egyptian equities detracted from performance. The position was sold before the end of the period

↑ An overweight to Greek equities contributed to relative performance due to positive progress on a robust reform agenda

↑ An out-of-Index allocation to Cyprus equities aided performance due to continued business friendly and pro-growth policies

↑ An overweight to South Korean equities contributed to performance as the newly elected President looked to improve corporate governance

## Fund Performance
Comparison of the change in value of a $1,000,000 investment for the period indicated.

![Growth of 10K Chart](g35982g11u01.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class I** | **MSCI Emerging Markets Index** | **Blended Index** | **MSCI Emerging Markets Equal Country Weighted Index** | **MSCI Frontier Markets Index** |
| **10/15** | $1000000 | $1000000 | $1000000 | $1000000 | $1000000 |
| **11/15** | $967404 | $960992 | $946723 | $937794 | $955652 |
| **12/15** | $955471 | $939570 | $940755 | $928772 | $952797 |
| **1/16** | $897095 | $878616 | $884190 | $880625 | $887611 |
| **2/16** | $891138 | $877179 | $904830 | $890946 | $918649 |
| **3/16** | $951897 | $993254 | $978846 | $1012298 | $943816 |
| **4/16** | $953089 | $998652 | $1005981 | $1037477 | $972669 |
| **5/16** | $955471 | $961400 | $987734 | $989412 | $982446 |
| **6/16** | $986447 | $999824 | $983026 | $1014383 | $948284 |
| **7/16** | $1019805 | $1050137 | $1013308 | $1064353 | $959995 |
| **8/16** | $1040058 | $1076236 | $1011367 | $1072344 | $949108 |
| **9/16** | $1062694 | $1090074 | $1022476 | $1068454 | $973402 |
| **10/16** | $1056737 | $1092674 | $1028001 | $1084249 | $969532 |
| **11/16** | $1031718 | $1042377 | $983069 | $1008767 | $952274 |
| **12/16** | $1037822 | $1044678 | $1011552 | $1039777 | $978182 |
| **1/17** | $1080965 | $1101846 | $1063085 | $1076462 | $1043338 |
| **2/17** | $1102536 | $1135576 | $1072567 | $1099594 | $1039529 |
| **3/17** | $1137290 | $1164242 | $1095610 | $1119709 | $1065178 |
| **4/17** | $1161258 | $1189731 | $1116690 | $1149774 | $1077567 |
| **5/17** | $1203202 | $1224905 | $1157241 | $1184168 | $1123593 |
| **6/17** | $1215187 | $1237235 | $1161823 | $1186267 | $1130499 |
| **7/17** | $1249940 | $1310986 | $1200210 | $1239657 | $1154324 |
| **8/17** | $1263123 | $1340228 | $1234453 | $1264721 | $1196853 |
| **9/17** | $1269115 | $1334899 | $1237434 | $1244985 | $1221311 |
| **10/17** | $1315853 | $1381695 | $1250892 | $1256804 | $1236280 |
| **11/17** | $1324242 | $1384469 | $1252186 | $1244765 | $1250681 |
| **12/17** | $1363789 | $1434167 | $1306829 | $1314480 | $1289790 |
| **1/18** | $1453670 | $1553699 | $1390491 | $1407433 | $1363724 |
| **2/18** | $1394948 | $1482044 | $1352366 | $1351214 | $1343414 |
| **3/18** | $1415321 | $1454487 | $1351124 | $1336501 | $1355576 |
| **4/18** | $1386559 | $1448052 | $1333228 | $1343167 | $1312905 |
| **5/18** | $1335027 | $1396742 | $1224093 | $1247105 | $1191860 |
| **6/18** | $1288289 | $1338712 | $1187170 | $1216029 | $1149658 |
| **7/18** | $1308662 | $1368119 | $1231513 | $1262301 | $1191796 |
| **8/18** | $1270313 | $1331127 | $1177794 | $1220231 | $1127541 |
| **9/18** | $1254734 | $1324062 | $1176802 | $1218847 | $1126922 |
| **10/18** | $1167250 | $1208759 | $1122131 | $1148669 | $1087099 |
| **11/18** | $1198409 | $1258572 | $1145585 | $1171806 | $1110645 |
| **12/18** | $1164959 | $1225231 | $1118499 | $1150690 | $1078140 |
| **1/19** | $1237769 | $1332509 | $1193593 | $1250478 | $1129413 |
| **2/19** | $1243939 | $1335505 | $1194319 | $1241993 | $1138451 |
| **3/19** | $1252578 | $1346713 | $1198034 | $1234688 | $1152229 |
| **4/19** | $1257514 | $1375064 | $1209560 | $1256323 | $1154210 |
| **5/19** | $1213087 | $1275287 | $1196914 | $1202901 | $1179154 |
| **6/19** | $1280961 | $1354880 | $1241516 | $1264906 | $1206254 |
| **7/19** | $1264918 | $1338312 | $1253368 | $1257314 | $1236524 |
| **8/19** | $1209385 | $1273060 | $1200776 | $1171820 | $1216833 |
| **9/19** | $1219258 | $1297363 | $1199797 | $1192817 | $1193046 |
| **10/19** | $1252578 | $1352069 | $1221268 | $1225832 | $1202727 |
| **11/19** | $1255046 | $1350208 | $1226222 | $1219026 | $1219161 |
| **12/19** | $1311578 | $1450941 | $1290716 | $1294309 | $1272116 |
| **1/20** | $1266265 | $1383306 | $1264477 | $1242447 | $1271366 |
| **2/20** | $1209623 | $1310360 | $1167610 | $1125153 | $1196601 |
| **3/20** | $961656 | $1108534 | $906074 | $868205 | $933805 |
| **4/20** | $1035920 | $1210047 | $982381 | $955931 | $996736 |
| **5/20** | $1067388 | $1219341 | $1023221 | $980658 | $1053827 |
| **6/20** | $1108926 | $1308974 | $1052347 | $1020039 | $1071502 |
| **7/20** | $1150463 | $1425946 | $1075838 | $1072630 | $1064096 |
| **8/20** | $1207105 | $1457466 | $1124325 | $1080915 | $1151791 |
| **9/20** | $1205847 | $1434089 | $1106608 | $1038831 | $1160335 |
| **10/20** | $1215916 | $1463636 | $1103680 | $1022429 | $1172516 |
| **11/20** | $1354375 | $1599004 | $1207892 | $1173686 | $1220477 |
| **12/20** | $1488087 | $1716552 | $1289817 | $1265795 | $1290254 |
| **1/21** | $1503208 | $1769178 | $1285693 | $1252938 | $1295109 |
| **2/21** | $1529668 | $1782710 | $1294770 | $1268975 | $1296819 |
| **3/21** | $1523368 | $1755786 | $1295470 | $1266610 | $1300638 |
| **4/21** | $1567469 | $1799501 | $1350775 | $1288073 | $1389648 |
| **5/21** | $1626690 | $1841232 | $1405443 | $1340669 | $1445388 |
| **6/21** | $1644330 | $1844406 | $1413708 | $1320639 | $1483982 |
| **7/21** | $1619130 | $1720280 | $1401022 | $1301144 | $1479257 |
| **8/21** | $1650630 | $1765309 | $1461644 | $1381371 | $1516060 |
| **9/21** | $1606530 | $1695154 | $1445108 | $1333786 | $1533982 |
| **10/21** | $1648110 | $1711873 | $1493486 | $1369505 | $1595608 |
| **11/21** | $1638030 | $1642109 | $1423657 | $1304538 | $1522094 |
| **12/21** | $1687805 | $1672920 | $1455671 | $1343706 | $1544849 |
| **1/22** | $1669685 | $1641254 | $1448568 | $1377974 | $1490376 |
| **2/22** | $1611440 | $1592196 | $1407491 | $1360462 | $1424791 |
| **3/22** | $1582965 | $1556235 | $1427035 | $1400179 | $1422765 |
| **4/22** | $1528603 | $1469668 | $1366007 | $1318376 | $1384196 |
| **5/22** | $1553195 | $1476139 | $1323922 | $1321139 | $1296005 |
| **6/22** | $1432822 | $1378050 | $1213736 | $1171757 | $1226820 |
| **7/22** | $1435411 | $1374664 | $1235890 | $1199973 | $1242062 |
| **8/22** | $1472947 | $1380403 | $1248865 | $1203470 | $1264524 |
| **9/22** | $1344808 | $1218576 | $1137546 | $1100344 | $1147451 |
| **10/22** | $1369400 | $1180741 | $1144468 | $1161188 | $1097967 |
| **11/22** | $1472947 | $1355866 | $1228727 | $1271943 | $1154912 |
| **12/22** | $1440838 | $1336808 | $1213051 | $1258220 | $1137905 |
| **1/23** | $1572196 | $1442364 | $1273647 | $1327255 | $1189155 |
| **2/23** | $1544830 | $1348838 | $1239156 | $1288259 | $1159687 |
| **3/23** | $1554408 | $1389691 | $1248122 | $1291976 | $1173125 |
| **4/23** | $1580406 | $1373942 | $1266326 | $1323045 | $1179134 |
| **5/23** | $1577670 | $1350865 | $1245632 | $1288322 | $1171541 |
| **6/23** | $1674820 | $1402157 | $1288609 | $1348053 | $1198065 |
| **7/23** | $1787022 | $1489443 | $1375900 | $1436780 | $1281527 |
| **8/23** | $1730921 | $1397693 | $1338082 | $1370803 | $1269927 |
| **9/23** | $1673452 | $1361140 | $1294984 | $1334464 | $1221785 |
| **10/23** | $1589985 | $1308253 | $1236456 | $1291287 | $1150878 |
| **11/23** | $1735026 | $1412953 | $1332505 | $1400081 | $1232715 |
| **12/23** | $1812158 | $1468191 | $1385323 | $1468437 | $1270255 |
| **1/24** | $1802393 | $1400018 | $1386790 | $1456881 | $1282942 |
| **2/24** | $1893071 | $1466620 | $1400000 | $1483818 | $1283662 |
| **3/24** | $1934922 | $1502962 | $1428587 | $1482805 | $1336962 |
| **4/24** | $1934922 | $1509687 | $1402587 | $1473042 | $1297100 |
| **5/24** | $1940502 | $1518214 | $1434534 | $1484796 | $1345838 |
| **6/24** | $2001884 | $1578098 | $1438508 | $1493244 | $1345636 |
| **7/24** | $2033970 | $1582794 | $1470534 | $1532000 | $1370630 |
| **8/24** | $2060476 | $1608349 | $1501877 | $1566798 | $1397924 |
| **9/24** | $2063266 | $1715747 | $1528832 | $1613749 | $1406213 |
| **10/24** | $1975378 | $1639442 | $1490773 | $1542535 | $1398254 |
| **11/24** | $1993514 | $1580536 | $1469123 | $1509776 | $1387338 |
| **12/24** | $2029603 | $1578366 | $1466739 | $1502099 | $1389889 |
| **1/25** | $2060916 | $1606572 | $1517819 | $1561240 | $1431972 |
| **2/25** | $2080842 | $1614355 | $1535300 | $1568233 | $1458544 |
| **3/25** | $2115000 | $1624574 | $1579800 | $1614400 | $1500156 |
| **4/25** | $2119270 | $1645923 | $1599132 | $1672901 | $1482510 |
| **5/25** | $2255905 | $1716142 | $1677930 | $1726997 | $1580673 |
| **6/25** | $2376885 | $1819329 | $1765082 | $1811774 | $1667279 |
| **7/25** | $2432393 | $1854785 | $1844396 | $1851180 | $1780855 |
| **8/25** | $2485054 | $1878576 | $1927011 | $1900576 | $1892873 |
| **9/25** | $2539139 | $2012959 | $1976598 | $1975650 | $1915522 |
| **10/25** | $2607457 | $2097083 | $2015132 | $2040268 | $1927556 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class I | 32.00% | 16.47% | 10.05% |
| MSCI Emerging Markets Index (net of foreign withholding taxes) | 27.91% | 7.45% | 7.68% |
| Blended Index<sup>Footnote Reference1</sup> | 35.17% | 12.79% | 7.25% |
| MSCI Emerging Markets Equal Country Weighted Index (net of foreign withholding taxes) | 32.27% | 14.81% | 7.38% |
| MSCI Frontier Markets Index (net of foreign withholding taxes) | 37.85% | 10.45% | 6.78% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Index consists of 50% MSCI Emerging Markets Equal Country Weighted Index and 50% MSCI Frontier Markets Index, rebalanced monthly. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2614058686 |
| # of Portfolio Holdings (for Global Macro Capital Opportunities Portfolio) | 471 |
| Portfolio Turnover Rate (for Global Macro Capital Opportunities Portfolio) | 54% |
| Total Advisory Fees Paid | $14947537 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

Reference to the Fund's investments are to the Fund's pro rata share of the investments of Global Macro Capital Opportunities Portfolio, an affiliated investment company in which the Fund invests substantially all of its assets.

### Country Allocation (% of total investments)
![Group By Asset Type Chart](g35982g01a74.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 22.4% |
| South Africa | 4.2% |
| United States | 4.3% |
| United Arab Emirates | 4.5% |
| Argentina | 4.5% |
| Chile | 6.0% |
| Taiwan | 6.9% |
| India | 8.0% |
| Greece | 10.8% |
| Vietnam | 13.7% |
| South Korea | 14.7% |

---

#### Top Ten Holdings (% of total investments)<sup>Footnote Reference a</sup>

---

| | |
|:---|:---|
| &nbsp;&nbsp;Samsung Electronics Co. Ltd. | &nbsp;&nbsp;5.2% |
| &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;4.2% |
| &nbsp;&nbsp;SK Hynix, Inc. | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;Bank of Cyprus Holdings PLC | &nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;National Bank of Greece SA | &nbsp;&nbsp;1.8% |
| &nbsp;&nbsp;Nova Ljubljanska Banka DD, GDR | &nbsp;&nbsp;1.5% |
| &nbsp;&nbsp;Eurobank Ergasias Services & Holdings SA, Class A | &nbsp;&nbsp;1.5% |
| &nbsp;&nbsp;Kuwait Finance House KSCP | &nbsp;&nbsp;1.3% |
| &nbsp;&nbsp;National Bank of Kuwait SAKP | &nbsp;&nbsp;1.3% |
| &nbsp;&nbsp;Grupo Financiero Galicia SA, ADR | &nbsp;&nbsp;1.3% |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;23.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g35982g49w49.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report October 31, 2025

# EICOX-TSR-AR

# Eaton Vance Emerging Markets Local Income Fund
![Image](g35982g69v41.jpg)

# Class A EEIAX

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about the Eaton Vance Emerging Markets Local Income Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last year?<sup>**Footnote Reference \***</sup>
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $127 | 1.17% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Expenses in the table reflect the expenses of both the Fund and Emerging Markets Local Income Portfolio, the Portfolio in which it invests. |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the J.P. Morgan Government Bond Index: Emerging Markets (JPM GBI-EM) Global Diversified (Unhedged) (the Index):

↑ An out-of-Index allocation to Egyptian local currency bonds contributed to relative performance due to policy improvements and regional support

↑ An out-of-Index allocation to the Nigerian naira aided performance due to reform progress and fiscal improvements

↑ An out-of-Index allocation to Uzbekistani local bonds helped performance due to continued reforms and privatizing progress

↑ Derivatives — led by foreign exchange forwards to manage currency exposures and interest-rate swaps to manage interest-rate exposures — helped Fund returns

↓ An underweight to the Malaysian ringgit detracted from performance as the ringgit was boosted by U.S. dollar weakness

↓ An underweight to the Peruvian sol detracted from performance due to increase in commodity prices and broader support from U.S. dollar weakness

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g35982g18g64.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A with Maximum Sales Charge** | **J.P. Morgan Government Bond Index: Emerging Markets (JPM GBI-EM) Global Diversified (Unhedged)** |
| **10/15** | $10000 | $10000 |
| **11/15** | $9607 | $9784 |
| **12/15** | $9493 | $9566 |
| **1/16** | $9331 | $9599 |
| **2/16** | $9485 | $9738 |
| **3/16** | $10383 | $10619 |
| **4/16** | $10725 | $10893 |
| **5/16** | $10306 | $10300 |
| **6/16** | $10873 | $10907 |
| **7/16** | $10905 | $10972 |
| **8/16** | $11074 | $10977 |
| **9/16** | $11258 | $11199 |
| **10/16** | $11217 | $11104 |
| **11/16** | $10440 | $10323 |
| **12/16** | $10664 | $10517 |
| **1/17** | $10889 | $10754 |
| **2/17** | $11152 | $10947 |
| **3/17** | $11416 | $11200 |
| **4/17** | $11574 | $11331 |
| **5/17** | $11770 | $11553 |
| **6/17** | $11855 | $11606 |
| **7/17** | $12091 | $11847 |
| **8/17** | $12309 | $12059 |
| **9/17** | $12359 | $12019 |
| **10/17** | $12086 | $11680 |
| **11/17** | $12271 | $11877 |
| **12/17** | $12380 | $12117 |
| **1/18** | $12859 | $12659 |
| **2/18** | $12735 | $12527 |
| **3/18** | $12886 | $12655 |
| **4/18** | $12521 | $12281 |
| **5/18** | $11854 | $11670 |
| **6/18** | $11525 | $11336 |
| **7/18** | $11700 | $11551 |
| **8/18** | $10976 | $10848 |
| **9/18** | $11073 | $11129 |
| **10/18** | $10919 | $10911 |
| **11/18** | $11207 | $11218 |
| **12/18** | $11341 | $11364 |
| **1/19** | $12015 | $11984 |
| **2/19** | $11939 | $11853 |
| **3/19** | $11817 | $11696 |
| **4/19** | $11825 | $11675 |
| **5/19** | $11966 | $11710 |
| **6/19** | $12698 | $12355 |
| **7/19** | $12918 | $12470 |
| **8/19** | $12756 | $12140 |
| **9/19** | $13003 | $12257 |
| **10/19** | $13392 | $12612 |
| **11/19** | $13318 | $12383 |
| **12/19** | $13909 | $12895 |
| **1/20** | $13904 | $12729 |
| **2/20** | $13702 | $12295 |
| **3/20** | $11639 | $10933 |
| **4/20** | $12338 | $11362 |
| **5/20** | $13102 | $11950 |
| **6/20** | $13285 | $12007 |
| **7/20** | $13546 | $12369 |
| **8/20** | $13550 | $12329 |
| **9/20** | $13319 | $12080 |
| **10/20** | $13350 | $12131 |
| **11/20** | $14072 | $12797 |
| **12/20** | $14559 | $13242 |
| **1/21** | $14401 | $13100 |
| **2/21** | $13996 | $12749 |
| **3/21** | $13425 | $12358 |
| **4/21** | $13762 | $12637 |
| **5/21** | $14074 | $12953 |
| **6/21** | $13966 | $12795 |
| **7/21** | $13913 | $12741 |
| **8/21** | $14119 | $12839 |
| **9/21** | $13662 | $12398 |
| **10/21** | $13492 | $12234 |
| **11/21** | $13234 | $11899 |
| **12/21** | $13447 | $12084 |
| **1/22** | $13334 | $12083 |
| **2/22** | $12641 | $11479 |
| **3/22** | $12219 | $11303 |
| **4/22** | $11763 | $10622 |
| **5/22** | $11863 | $10809 |
| **6/22** | $11325 | $10328 |
| **7/22** | $11165 | $10358 |
| **8/22** | $11182 | $10344 |
| **9/22** | $10613 | $9840 |
| **10/22** | $10730 | $9753 |
| **11/22** | $11582 | $10446 |
| **12/22** | $11836 | $10672 |
| **1/23** | $12399 | $11130 |
| **2/23** | $12005 | $10778 |
| **3/23** | $12545 | $11223 |
| **4/23** | $12739 | $11319 |
| **5/23** | $12581 | $11141 |
| **6/23** | $13030 | $11504 |
| **7/23** | $13303 | $11835 |
| **8/23** | $12921 | $11517 |
| **9/23** | $12404 | $11129 |
| **10/23** | $12290 | $11070 |
| **11/23** | $12998 | $11654 |
| **12/23** | $13449 | $12027 |
| **1/24** | $13218 | $11844 |
| **2/24** | $13215 | $11776 |
| **3/24** | $13406 | $11773 |
| **4/24** | $13051 | $11521 |
| **5/24** | $13443 | $11707 |
| **6/24** | $13202 | $11581 |
| **7/24** | $13521 | $11844 |
| **8/24** | $13923 | $12208 |
| **9/24** | $14368 | $12622 |
| **10/24** | $13624 | $12040 |
| **11/24** | $13539 | $11972 |
| **12/24** | $13284 | $11741 |
| **1/25** | $13703 | $11982 |
| **2/25** | $13828 | $12061 |
| **3/25** | $13997 | $12247 |
| **4/25** | $14472 | $12645 |
| **5/25** | $14775 | $12823 |
| **6/25** | $15247 | $13181 |
| **7/25** | $15053 | $13082 |
| **8/25** | $15487 | $13364 |
| **9/25** | $15789 | $13550 |
| **10/25** | $15992 | $13613 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class A | 17.44% | 3.69% | 5.16% |
| Class A with 3.25% Maximum Sales Charge | 13.63% | 3.00% | 4.80% |
| J.P. Morgan Government Bond Index: Emerging Markets (JPM GBI-EM) Global Diversified (Unhedged) | 13.06% | 2.33% | 3.13% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1283781872 |
| # of Portfolio Holdings (including derivatives) (for Emerging Markets Local Income Portfolio) | 971 |
| Portfolio Turnover Rate (for Emerging Markets Local Income Portfolio) | 93% |
| Total Advisory Fees Paid | $5969156 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

References to the Fund's investments are to the Fund's pro rata share of the investments of Emerging Markets Local Income Portfolio, an affiliated investment company in which the Fund invests substantially all of its assets.

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](g35982g14j68.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference†</sup> | 0.6% |
| Credit Linked Notes | 1.6% |
| Foreign Corporate Bonds | 5.4% |
| Short-Term Investments | 23.3% |
| Sovereign Government Bonds | 69.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Investment types less than 1% each |

---

### Foreign Currency Exposure (% of net assets)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| India | 11.6% |
| Malaysia | 11.2% |
| China | 10.8% |
| Mexico | 9.9% |
| Egypt | 8.9% |
| Thailand | 8.3% |
| Brazil | 7.8% |
| Poland | 7.6% |
| South Africa | 7.4% |
| Indonesia | 6.6% |
| Other | 46.4% |
| Total Long Exposure | 136.5% |

---

---

| | |
|:---|:---|
| Euro | (0.7)% |
| Total Short Exposure | (0.7)% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Currency exposures include all foreign exchange denominated assets and currency derivatives. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g35982g49w49.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report October 31, 2025

# EEIAX-TSR-AR

# Eaton Vance Emerging Markets Local Income Fund
![Image](g35982g69v41.jpg)

# Class C EEICX

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about the Eaton Vance Emerging Markets Local Income Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last year?<sup>**Footnote Reference \***</sup>
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $208 | 1.92% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Expenses in the table reflect the expenses of both the Fund and Emerging Markets Local Income Portfolio, the Portfolio in which it invests. |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the J.P. Morgan Government Bond Index: Emerging Markets (JPM GBI-EM) Global Diversified (Unhedged) (the Index):

↑ An out-of-Index allocation to Egyptian local currency bonds contributed to relative performance due to policy improvements and regional support

↑ An out-of-Index allocation to the Nigerian naira aided performance due to reform progress and fiscal improvements

↑ An out-of-Index allocation to Uzbekistani local bonds helped performance due to continued reforms and privatizing progress

↑ Derivatives — led by foreign exchange forwards to manage currency exposures and interest-rate swaps to manage interest-rate exposures — helped Fund returns

↓ An underweight to the Malaysian ringgit detracted from performance as the ringgit was boosted by U.S. dollar weakness

↓ An underweight to the Peruvian sol detracted from performance due to increase in commodity prices and broader support from U.S. dollar weakness

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g35982g73b41.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C** | **J.P. Morgan Government Bond Index: Emerging Markets (JPM GBI-EM) Global Diversified (Unhedged)** |
| **10/15** | $10000 | $10000 |
| **11/15** | $9920 | $9784 |
| **12/15** | $9794 | $9566 |
| **1/16** | $9635 | $9599 |
| **2/16** | $9766 | $9738 |
| **3/16** | $10691 | $10619 |
| **4/16** | $11030 | $10893 |
| **5/16** | $10610 | $10300 |
| **6/16** | $11178 | $10907 |
| **7/16** | $11217 | $10972 |
| **8/16** | $11379 | $10977 |
| **9/16** | $11560 | $11199 |
| **10/16** | $11513 | $11104 |
| **11/16** | $10719 | $10323 |
| **12/16** | $10922 | $10517 |
| **1/17** | $11145 | $10754 |
| **2/17** | $11423 | $10947 |
| **3/17** | $11685 | $11200 |
| **4/17** | $11820 | $11331 |
| **5/17** | $12012 | $11553 |
| **6/17** | $12111 | $11606 |
| **7/17** | $12343 | $11847 |
| **8/17** | $12557 | $12059 |
| **9/17** | $12601 | $12019 |
| **10/17** | $12319 | $11680 |
| **11/17** | $12499 | $11877 |
| **12/17** | $12603 | $12117 |
| **1/18** | $13079 | $12659 |
| **2/18** | $12946 | $12527 |
| **3/18** | $13092 | $12655 |
| **4/18** | $12719 | $12281 |
| **5/18** | $12022 | $11670 |
| **6/18** | $11686 | $11336 |
| **7/18** | $11856 | $11551 |
| **8/18** | $11104 | $10848 |
| **9/18** | $11216 | $11129 |
| **10/18** | $11035 | $10911 |
| **11/18** | $11338 | $11218 |
| **12/18** | $11445 | $11364 |
| **1/19** | $12135 | $11984 |
| **2/19** | $12053 | $11853 |
| **3/19** | $11925 | $11696 |
| **4/19** | $11927 | $11675 |
| **5/19** | $12039 | $11710 |
| **6/19** | $12785 | $12355 |
| **7/19** | $12998 | $12470 |
| **8/19** | $12830 | $12140 |
| **9/19** | $13069 | $12257 |
| **10/19** | $13449 | $12612 |
| **11/19** | $13369 | $12383 |
| **12/19** | $13973 | $12895 |
| **1/20** | $13961 | $12729 |
| **2/20** | $13729 | $12295 |
| **3/20** | $11654 | $10933 |
| **4/20** | $12365 | $11362 |
| **5/20** | $13116 | $11950 |
| **6/20** | $13290 | $12007 |
| **7/20** | $13541 | $12369 |
| **8/20** | $13538 | $12329 |
| **9/20** | $13304 | $12080 |
| **10/20** | $13328 | $12131 |
| **11/20** | $14033 | $12797 |
| **12/20** | $14506 | $13242 |
| **1/21** | $14317 | $13100 |
| **2/21** | $13938 | $12749 |
| **3/21** | $13342 | $12358 |
| **4/21** | $13666 | $12637 |
| **5/21** | $13993 | $12953 |
| **6/21** | $13880 | $12795 |
| **7/21** | $13794 | $12741 |
| **8/21** | $14017 | $12839 |
| **9/21** | $13534 | $12398 |
| **10/21** | $13390 | $12234 |
| **11/21** | $13102 | $11899 |
| **12/21** | $13304 | $12084 |
| **1/22** | $13187 | $12083 |
| **2/22** | $12504 | $11479 |
| **3/22** | $12057 | $11303 |
| **4/22** | $11606 | $10622 |
| **5/22** | $11728 | $10809 |
| **6/22** | $11167 | $10328 |
| **7/22** | $11006 | $10358 |
| **8/22** | $11018 | $10344 |
| **9/22** | $10427 | $9840 |
| **10/22** | $10537 | $9753 |
| **11/22** | $11392 | $10446 |
| **12/22** | $11634 | $10672 |
| **1/23** | $12174 | $11130 |
| **2/23** | $11753 | $10778 |
| **3/23** | $12304 | $11223 |
| **4/23** | $12487 | $11319 |
| **5/23** | $12328 | $11141 |
| **6/23** | $12757 | $11504 |
| **7/23** | $13014 | $11835 |
| **8/23** | $12638 | $11517 |
| **9/23** | $12131 | $11129 |
| **10/23** | $11979 | $11070 |
| **11/23** | $12693 | $11654 |
| **12/23** | $13121 | $12027 |
| **1/24** | $12891 | $11844 |
| **2/24** | $12881 | $11776 |
| **3/24** | $13021 | $11773 |
| **4/24** | $12710 | $11521 |
| **5/24** | $13042 | $11707 |
| **6/24** | $12842 | $11581 |
| **7/24** | $13102 | $11844 |
| **8/24** | $13520 | $12208 |
| **9/24** | $13941 | $12622 |
| **10/24** | $13220 | $12040 |
| **11/24** | $13092 | $11972 |
| **12/24** | $12841 | $11741 |
| **1/25** | $13276 | $11982 |
| **2/25** | $13389 | $12061 |
| **3/25** | $13502 | $12247 |
| **4/25** | $13990 | $12645 |
| **5/25** | $14273 | $12823 |
| **6/25** | $14715 | $13181 |
| **7/25** | $14522 | $13082 |
| **8/25** | $14927 | $13364 |
| **9/25** | $15206 | $13550 |
| **10/25** | $15596 | $13613 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class C, with conversion to Class A after 8 years | 16.48% | 2.93% | 4.54% |
| Class C, with 1% Maximum Contingent Deferred Sales Charge and conversion to Class A after 8 years | 15.48% | 2.93% | 4.54% |
| J.P. Morgan Government Bond Index: Emerging Markets (JPM GBI-EM) Global Diversified (Unhedged) | 13.06% | 2.33% | 3.13% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1283781872 |
| # of Portfolio Holdings (including derivatives) (for Emerging Markets Local Income Portfolio) | 971 |
| Portfolio Turnover Rate (for Emerging Markets Local Income Portfolio) | 93% |
| Total Advisory Fees Paid | $5969156 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

References to the Fund's investments are to the Fund's pro rata share of the investments of Emerging Markets Local Income Portfolio, an affiliated investment company in which the Fund invests substantially all of its assets.

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](g35982g14j68.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference†</sup> | 0.6% |
| Credit Linked Notes | 1.6% |
| Foreign Corporate Bonds | 5.4% |
| Short-Term Investments | 23.3% |
| Sovereign Government Bonds | 69.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Investment types less than 1% each |

---

### Foreign Currency Exposure (% of net assets)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| India | 11.6% |
| Malaysia | 11.2% |
| China | 10.8% |
| Mexico | 9.9% |
| Egypt | 8.9% |
| Thailand | 8.3% |
| Brazil | 7.8% |
| Poland | 7.6% |
| South Africa | 7.4% |
| Indonesia | 6.6% |
| Other | 46.4% |
| Total Long Exposure | 136.5% |

---

---

| | |
|:---|:---|
| Euro | (0.7)% |
| Total Short Exposure | (0.7)% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Currency exposures include all foreign exchange denominated assets and currency derivatives. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g35982g49w49.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report October 31, 2025

# EEICX-TSR-AR

# Eaton Vance Emerging Markets Local Income Fund
![Image](g35982g69v41.jpg)

# Class I EEIIX

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about the Eaton Vance Emerging Markets Local Income Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last year?<sup>**Footnote Reference \***</sup>
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $100 | 0.92% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Expenses in the table reflect the expenses of both the Fund and Emerging Markets Local Income Portfolio, the Portfolio in which it invests. |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the J.P. Morgan Government Bond Index: Emerging Markets (JPM GBI-EM) Global Diversified (Unhedged) (the Index):

↑ An out-of-Index allocation to Egyptian local currency bonds contributed to relative performance due to policy improvements and regional support

↑ An out-of-Index allocation to the Nigerian naira aided performance due to reform progress and fiscal improvements

↑ An out-of-Index allocation to Uzbekistani local bonds helped performance due to continued reforms and privatizing progress

↑ Derivatives — led by foreign exchange forwards to manage currency exposures and interest-rate swaps to manage interest-rate exposures — helped Fund returns

↓ An underweight to the Malaysian ringgit detracted from performance as the ringgit was boosted by U.S. dollar weakness

↓ An underweight to the Peruvian sol detracted from performance due to increase in commodity prices and broader support from U.S. dollar weakness

## Fund Performance
Comparison of the change in value of a $1,000,000 investment for the period indicated.

![Growth of 10K Chart](g35982g36w97.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **J.P. Morgan Government Bond Index: Emerging Markets (JPM GBI-EM) Global Diversified (Unhedged)** |
| **10/15** | $1000000 | $1000000 |
| **11/15** | $993377 | $978376 |
| **12/15** | $980493 | $956575 |
| **1/16** | $965872 | $959898 |
| **2/16** | $980569 | $973757 |
| **3/16** | $1073857 | $1061944 |
| **4/16** | $1109670 | $1089263 |
| **5/16** | $1066817 | $1030040 |
| **6/16** | $1125948 | $1090684 |
| **7/16** | $1129793 | $1097248 |
| **8/16** | $1147794 | $1097689 |
| **9/16** | $1167160 | $1119898 |
| **10/16** | $1163218 | $1110429 |
| **11/16** | $1082913 | $1032348 |
| **12/16** | $1106367 | $1051670 |
| **1/17** | $1128162 | $1075352 |
| **2/17** | $1157561 | $1094729 |
| **3/17** | $1185328 | $1120047 |
| **4/17** | $1202007 | $1133129 |
| **5/17** | $1220705 | $1155343 |
| **6/17** | $1231851 | $1160631 |
| **7/17** | $1256633 | $1184702 |
| **8/17** | $1279637 | $1205945 |
| **9/17** | $1285176 | $1201850 |
| **10/17** | $1257100 | $1167972 |
| **11/17** | $1276624 | $1187650 |
| **12/17** | $1288296 | $1211661 |
| **1/18** | $1338512 | $1265930 |
| **2/18** | $1325866 | $1252712 |
| **3/18** | $1341936 | $1265505 |
| **4/18** | $1304272 | $1228083 |
| **5/18** | $1235100 | $1166961 |
| **6/18** | $1201090 | $1133617 |
| **7/18** | $1219695 | $1155099 |
| **8/18** | $1142370 | $1084798 |
| **9/18** | $1154852 | $1112927 |
| **10/18** | $1139133 | $1091121 |
| **11/18** | $1169382 | $1121755 |
| **12/18** | $1183660 | $1136403 |
| **1/19** | $1254345 | $1198420 |
| **2/19** | $1246699 | $1185321 |
| **3/19** | $1234300 | $1169593 |
| **4/19** | $1235422 | $1167542 |
| **5/19** | $1250444 | $1170993 |
| **6/19** | $1327237 | $1235509 |
| **7/19** | $1350637 | $1246967 |
| **8/19** | $1334001 | $1214047 |
| **9/19** | $1360205 | $1225719 |
| **10/19** | $1401174 | $1261234 |
| **11/19** | $1393825 | $1238311 |
| **12/19** | $1456007 | $1289503 |
| **1/20** | $1455908 | $1272910 |
| **2/20** | $1435101 | $1229507 |
| **3/20** | $1219350 | $1093342 |
| **4/20** | $1292853 | $1136206 |
| **5/20** | $1373309 | $1195038 |
| **6/20** | $1392824 | $1200662 |
| **7/20** | $1420556 | $1236916 |
| **8/20** | $1421300 | $1232857 |
| **9/20** | $1397472 | $1208001 |
| **10/20** | $1401042 | $1213146 |
| **11/20** | $1477183 | $1279723 |
| **12/20** | $1528645 | $1324239 |
| **1/21** | $1509615 | $1310042 |
| **2/21** | $1470321 | $1274941 |
| **3/21** | $1410692 | $1235803 |
| **4/21** | $1446388 | $1263725 |
| **5/21** | $1479562 | $1295256 |
| **6/21** | $1468558 | $1279521 |
| **7/21** | $1463401 | $1274053 |
| **8/21** | $1485405 | $1283872 |
| **9/21** | $1434646 | $1239817 |
| **10/21** | $1420151 | $1223352 |
| **11/21** | $1393322 | $1189890 |
| **12/21** | $1412973 | $1208403 |
| **1/22** | $1404549 | $1208340 |
| **2/22** | $1331961 | $1147917 |
| **3/22** | $1287817 | $1130336 |
| **4/22** | $1240053 | $1062219 |
| **5/22** | $1250875 | $1080946 |
| **6/22** | $1194448 | $1032814 |
| **7/22** | $1177872 | $1035838 |
| **8/22** | $1179981 | $1034384 |
| **9/22** | $1120225 | $984007 |
| **10/22** | $1129375 | $975325 |
| **11/22** | $1223142 | $1044638 |
| **12/22** | $1250309 | $1067200 |
| **1/23** | $1310057 | $1113012 |
| **2/23** | $1265129 | $1077792 |
| **3/23** | $1326112 | $1122251 |
| **4/23** | $1347004 | $1131926 |
| **5/23** | $1330653 | $1114053 |
| **6/23** | $1378474 | $1150371 |
| **7/23** | $1407609 | $1183471 |
| **8/23** | $1367538 | $1151672 |
| **9/23** | $1313063 | $1112899 |
| **10/23** | $1301305 | $1107040 |
| **11/23** | $1376617 | $1165371 |
| **12/23** | $1424638 | $1202746 |
| **1/24** | $1400459 | $1184429 |
| **2/24** | $1400459 | $1177635 |
| **3/24** | $1416851 | $1177302 |
| **4/24** | $1383633 | $1152145 |
| **5/24** | $1421255 | $1170732 |
| **6/24** | $1400207 | $1158086 |
| **7/24** | $1434370 | $1184429 |
| **8/24** | $1477315 | $1220795 |
| **9/24** | $1524933 | $1262238 |
| **10/24** | $1446283 | $1203990 |
| **11/24** | $1437506 | $1197159 |
| **12/24** | $1410803 | $1174100 |
| **1/25** | $1455691 | $1198186 |
| **2/25** | $1469253 | $1206070 |
| **3/25** | $1487604 | $1224712 |
| **4/25** | $1538423 | $1264465 |
| **5/25** | $1571015 | $1282341 |
| **6/25** | $1621513 | $1318061 |
| **7/25** | $1601182 | $1308173 |
| **8/25** | $1647602 | $1336353 |
| **9/25** | $1680014 | $1355028 |
| **10/25** | $1702970 | $1361274 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class I | 17.75% | 3.98% | 5.46% |
| J.P. Morgan Government Bond Index: Emerging Markets (JPM GBI-EM) Global Diversified (Unhedged) | 13.06% | 2.33% | 3.13% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1283781872 |
| # of Portfolio Holdings (including derivatives) (for Emerging Markets Local Income Portfolio) | 971 |
| Portfolio Turnover Rate (for Emerging Markets Local Income Portfolio) | 93% |
| Total Advisory Fees Paid | $5969156 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

References to the Fund's investments are to the Fund's pro rata share of the investments of Emerging Markets Local Income Portfolio, an affiliated investment company in which the Fund invests substantially all of its assets.

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](g35982g14j68.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference†</sup> | 0.6% |
| Credit Linked Notes | 1.6% |
| Foreign Corporate Bonds | 5.4% |
| Short-Term Investments | 23.3% |
| Sovereign Government Bonds | 69.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Investment types less than 1% each |

---

### Foreign Currency Exposure (% of net assets)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| India | 11.6% |
| Malaysia | 11.2% |
| China | 10.8% |
| Mexico | 9.9% |
| Egypt | 8.9% |
| Thailand | 8.3% |
| Brazil | 7.8% |
| Poland | 7.6% |
| South Africa | 7.4% |
| Indonesia | 6.6% |
| Other | 46.4% |
| Total Long Exposure | 136.5% |

---

---

| | |
|:---|:---|
| Euro | (0.7)% |
| Total Short Exposure | (0.7)% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Currency exposures include all foreign exchange denominated assets and currency derivatives. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g35982g49w49.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report October 31, 2025

# EEIIX-TSR-AR

# Eaton Vance Floating-Rate Advantage Fund
![Image](g35982g51m36.jpg)

# Advisers Class EVFAX

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about the Eaton Vance Floating-Rate Advantage Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the last year?<sup>**Footnote Reference \***</sup>
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Advisers Class | $233 | 2.27% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Expenses in the table reflect the expenses of both the Fund and Senior Debt Portfolio, the Portfolio in which it invests. |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Morningstar<sup><sup>®</sup></sup> LSTA<sup><sup>®</sup></sup> US Leveraged Loan Index (the Index):

↓ Loan selection in the professional services, machinery, and energy equipment and services industries detracted most from Index-relative returns

↓ Loan selection and an underweight in the single B credit tier generally weighed on Index-relative returns

↓ The largest single detractor from performance was an overweight to a contract producer and packager of beverages that completed an out-of-court restructuring

↑ The Fund's allocation to secured high-yield bonds aided returns, as these fixed-rate bonds benefited from the interest-rate environment and outpaced the Index

↑ The Fund's allocation to debt tranches of collateralized loan obligations (CLOs) helped returns, as CLO debt rated BBB and BB generally outperformed the Index

↑ Loan selection was positive in automobile components. The Fund's top contributor was an underweight to a defaulted auto components company

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g35982g19e87.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Advisers Class** | **Bloomberg U.S. Universal Index** | **Morningstar<sup>®</sup> LSTA<sup>®</sup> US Leveraged Loan Index℠** |
| **10/15** | $10000 | $10000 | $10000 |
| **11/15** | $9860 | $9964 | $9912 |
| **12/15** | $9733 | $9914 | $9808 |
| **1/16** | $9641 | $10023 | $9744 |
| **2/16** | $9583 | $10094 | $9693 |
| **3/16** | $9959 | $10218 | $9960 |
| **4/16** | $10206 | $10288 | $10158 |
| **5/16** | $10298 | $10296 | $10248 |
| **6/16** | $10280 | $10477 | $10250 |
| **7/16** | $10453 | $10563 | $10397 |
| **8/16** | $10548 | $10575 | $10475 |
| **9/16** | $10670 | $10577 | $10566 |
| **10/16** | $10793 | $10507 | $10653 |
| **11/16** | $10811 | $10271 | $10681 |
| **12/16** | $10965 | $10301 | $10805 |
| **1/17** | $11035 | $10338 | $10865 |
| **2/17** | $11100 | $10418 | $10920 |
| **3/17** | $11128 | $10414 | $10928 |
| **4/17** | $11177 | $10500 | $10976 |
| **5/17** | $11227 | $10581 | $11016 |
| **6/17** | $11235 | $10573 | $11011 |
| **7/17** | $11307 | $10625 | $11087 |
| **8/17** | $11306 | $10717 | $11082 |
| **9/17** | $11366 | $10679 | $11126 |
| **10/17** | $11440 | $10692 | $11192 |
| **11/17** | $11459 | $10676 | $11205 |
| **12/17** | $11490 | $10723 | $11250 |
| **1/18** | $11617 | $10620 | $11358 |
| **2/18** | $11646 | $10519 | $11380 |
| **3/18** | $11690 | $10572 | $11412 |
| **4/18** | $11744 | $10501 | $11460 |
| **5/18** | $11757 | $10559 | $11479 |
| **6/18** | $11759 | $10543 | $11492 |
| **7/18** | $11870 | $10565 | $11577 |
| **8/18** | $11927 | $10618 | $11624 |
| **9/18** | $12005 | $10572 | $11704 |
| **10/18** | $11998 | $10484 | $11700 |
| **11/18** | $11870 | $10531 | $11594 |
| **12/18** | $11503 | $10696 | $11299 |
| **1/19** | $11833 | $10843 | $11587 |
| **2/19** | $12037 | $10855 | $11771 |
| **3/19** | $11991 | $11051 | $11751 |
| **4/19** | $12200 | $11066 | $11945 |
| **5/19** | $12142 | $11236 | $11919 |
| **6/19** | $12160 | $11395 | $11948 |
| **7/19** | $12253 | $11429 | $12044 |
| **8/19** | $12203 | $11687 | $12011 |
| **9/19** | $12266 | $11637 | $12067 |
| **10/19** | $12189 | $11674 | $12012 |
| **11/19** | $12261 | $11672 | $12083 |
| **12/19** | $12496 | $11689 | $12276 |
| **1/20** | $12568 | $11899 | $12344 |
| **2/20** | $12379 | $12077 | $12181 |
| **3/20** | $10532 | $11841 | $10674 |
| **4/20** | $11019 | $12078 | $11155 |
| **5/20** | $11475 | $12191 | $11578 |
| **6/20** | $11657 | $12293 | $11710 |
| **7/20** | $11877 | $12509 | $11939 |
| **8/20** | $12100 | $12437 | $12118 |
| **9/20** | $12152 | $12414 | $12194 |
| **10/20** | $12182 | $12370 | $12219 |
| **11/20** | $12538 | $12531 | $12491 |
| **12/20** | $12710 | $12575 | $12659 |
| **1/21** | $12873 | $12496 | $12810 |
| **2/21** | $12948 | $12334 | $12885 |
| **3/21** | $12942 | $12191 | $12885 |
| **4/21** | $12998 | $12293 | $12951 |
| **5/21** | $13074 | $12340 | $13026 |
| **6/21** | $13139 | $12430 | $13074 |
| **7/21** | $13131 | $12555 | $13073 |
| **8/21** | $13223 | $12547 | $13135 |
| **9/21** | $13300 | $12440 | $13219 |
| **10/21** | $13315 | $12429 | $13254 |
| **11/21** | $13267 | $12444 | $13233 |
| **12/21** | $13364 | $12436 | $13318 |
| **1/22** | $13380 | $12163 | $13366 |
| **2/22** | $13290 | $11998 | $13298 |
| **3/22** | $13296 | $11676 | $13304 |
| **4/22** | $13266 | $11240 | $13333 |
| **5/22** | $12864 | $11302 | $12992 |
| **6/22** | $12428 | $11076 | $12710 |
| **7/22** | $12800 | $11355 | $12981 |
| **8/22** | $12986 | $11060 | $13177 |
| **9/22** | $12559 | $10583 | $12877 |
| **10/22** | $12700 | $10467 | $13005 |
| **11/22** | $12936 | $10857 | $13161 |
| **12/22** | $12930 | $10820 | $13215 |
| **1/23** | $13357 | $11156 | $13568 |
| **2/23** | $13431 | $10882 | $13646 |
| **3/23** | $13392 | $11137 | $13642 |
| **4/23** | $13543 | $11205 | $13785 |
| **5/23** | $13491 | $11089 | $13760 |
| **6/23** | $13786 | $11072 | $14071 |
| **7/23** | $14006 | $11083 | $14252 |
| **8/23** | $14192 | $11016 | $14419 |
| **9/23** | $14279 | $10753 | $14558 |
| **10/23** | $14213 | $10592 | $14555 |
| **11/23** | $14471 | $11068 | $14733 |
| **12/23** | $14761 | $11488 | $14976 |
| **1/24** | $14848 | $11461 | $15077 |
| **2/24** | $14971 | $11323 | $15214 |
| **3/24** | $15115 | $11435 | $15343 |
| **4/24** | $15166 | $11167 | $15436 |
| **5/24** | $15309 | $11352 | $15581 |
| **6/24** | $15357 | $11456 | $15635 |
| **7/24** | $15471 | $11716 | $15742 |
| **8/24** | $15584 | $11889 | $15842 |
| **9/24** | $15661 | $12052 | $15955 |
| **10/24** | $15799 | $11778 | $16092 |
| **11/24** | $15937 | $11902 | $16225 |
| **12/24** | $16027 | $11722 | $16317 |
| **1/25** | $16116 | $11793 | $16429 |
| **2/25** | $16146 | $12037 | $16447 |
| **3/25** | $15995 | $12034 | $16395 |
| **4/25** | $15958 | $12077 | $16386 |
| **5/25** | $16263 | $12015 | $16641 |
| **6/25** | $16382 | $12203 | $16775 |
| **7/25** | $16453 | $12185 | $16922 |
| **8/25** | $16522 | $12331 | $16997 |
| **9/25** | $16600 | $12462 | $17072 |
| **10/25** | $16636 | $12544 | $17109 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Advisers Class | 5.29% | 6.43% | 5.22% |
| Bloomberg U.S. Universal Index | 6.51% | 0.28% | 2.29% |
| Morningstar<sup>®</sup>LSTA<sup>®</sup> US Leveraged Loan Index℠ | 6.32% | 6.96% | 5.51% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $4864897770 |
| # of Portfolio Holdings (for Senior Debt Portfolio) | 654 |
| Portfolio Turnover Rate (for Senior Debt Portfolio) | 42% |
| Total Advisory Fees Paid | $27657470 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

References to the Fund's investments are to the Fund's pro rata share of the investments of Senior Debt Portfolio, an affiliated investment company in which the Fund invests substantially all of its assets.

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](g35982g45c03.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference†</sup> | 0.8% |
| Common Stocks | 1.1% |
| Short-Term Investments | 1.2% |
| Asset-Backed Securities | 2.1% |
| Corporate Bonds | 6.2% |
| Senior Floating-Rate Loans | 88.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Investment types less than 1% each |

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Credit Rating Chart](g35982g94f44.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 3.1% |
| CCC or Lower | 3.9% |
| B | 64.1% |
| BB | 24.4% |
| BBB | 4.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excludes Short-Term Investments and Equities. Ratings are categorized using S&P Global Ratings ("S&P"). Ratings range from AAA, being the highest, to D, being the lowest. Ratings of BBB or higher are considered to be investment-grade quality. Holdings designated as "Not Rated" (if any) are not rated by S&P. |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 1, 2026 at www.eatonvance.com/open-end-mutual-fund-documents.php or upon request by contacting us at 1-800-262-1122.

The net expense ratio decreased from the prior fiscal year primarily due to a decrease in expenses related to financing activities.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g35982g49w49.jpg)

## Additional Information
If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report October 31, 2025

# EVFAX-TSR-AR

# Eaton Vance Floating-Rate Advantage Fund
![Image](g35982g51m36.jpg)

# Class A EAFAX

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about the Eaton Vance Floating-Rate Advantage Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the last year?<sup>**Footnote Reference \***</sup>
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $233 | 2.27% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Expenses in the table reflect the expenses of both the Fund and Senior Debt Portfolio, the Portfolio in which it invests. |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Morningstar<sup><sup>®</sup></sup> LSTA<sup><sup>®</sup></sup> US Leveraged Loan Index (the Index):

↓ Loan selection in the professional services, machinery, and energy equipment and services industries detracted most from Index-relative returns

↓ Loan selection and an underweight in the single B credit tier generally weighed on Index-relative returns

↓ The largest single detractor from performance was an overweight to a contract producer and packager of beverages that completed an out-of-court restructuring

↑ The Fund's allocation to secured high-yield bonds aided returns, as these fixed-rate bonds benefited from the interest-rate environment and outpaced the Index

↑ The Fund's allocation to debt tranches of collateralized loan obligations (CLOs) helped returns, as CLO debt rated BBB and BB generally outperformed the Index

↑ Loan selection was positive in automobile components. The Fund's top contributor was an underweight to a defaulted auto components company

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g35982g98b95.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with Maximum Sales Charge** | **Bloomberg U.S. Universal Index** | **Morningstar<sup>®</sup> LSTA<sup>®</sup> US Leveraged Loan Index℠** |
| **10/15** | $10000 | $10000 | $10000 |
| **11/15** | $9540 | $9964 | $9912 |
| **12/15** | $9407 | $9914 | $9808 |
| **1/16** | $9319 | $10023 | $9744 |
| **2/16** | $9263 | $10094 | $9693 |
| **3/16** | $9626 | $10218 | $9960 |
| **4/16** | $9865 | $10288 | $10158 |
| **5/16** | $9954 | $10296 | $10248 |
| **6/16** | $9947 | $10477 | $10250 |
| **7/16** | $10114 | $10563 | $10397 |
| **8/16** | $10196 | $10575 | $10475 |
| **9/16** | $10323 | $10577 | $10566 |
| **10/16** | $10433 | $10507 | $10653 |
| **11/16** | $10450 | $10271 | $10681 |
| **12/16** | $10599 | $10301 | $10805 |
| **1/17** | $10667 | $10338 | $10865 |
| **2/17** | $10729 | $10418 | $10920 |
| **3/17** | $10756 | $10414 | $10928 |
| **4/17** | $10804 | $10500 | $10976 |
| **5/17** | $10852 | $10581 | $11016 |
| **6/17** | $10860 | $10573 | $11011 |
| **7/17** | $10930 | $10625 | $11087 |
| **8/17** | $10929 | $10717 | $11082 |
| **9/17** | $10987 | $10679 | $11126 |
| **10/17** | $11058 | $10692 | $11192 |
| **11/17** | $11076 | $10676 | $11205 |
| **12/17** | $11116 | $10723 | $11250 |
| **1/18** | $11229 | $10620 | $11358 |
| **2/18** | $11267 | $10519 | $11380 |
| **3/18** | $11299 | $10572 | $11412 |
| **4/18** | $11351 | $10501 | $11460 |
| **5/18** | $11375 | $10559 | $11479 |
| **6/18** | $11377 | $10543 | $11492 |
| **7/18** | $11474 | $10565 | $11577 |
| **8/18** | $11529 | $10618 | $11624 |
| **9/18** | $11604 | $10572 | $11704 |
| **10/18** | $11608 | $10484 | $11700 |
| **11/18** | $11474 | $10531 | $11594 |
| **12/18** | $11129 | $10696 | $11299 |
| **1/19** | $11448 | $10843 | $11587 |
| **2/19** | $11635 | $10855 | $11771 |
| **3/19** | $11601 | $11051 | $11751 |
| **4/19** | $11803 | $11066 | $11945 |
| **5/19** | $11747 | $11236 | $11919 |
| **6/19** | $11754 | $11395 | $11948 |
| **7/19** | $11843 | $11429 | $12044 |
| **8/19** | $11807 | $11687 | $12011 |
| **9/19** | $11856 | $11637 | $12067 |
| **10/19** | $11781 | $11674 | $12012 |
| **11/19** | $11862 | $11672 | $12083 |
| **12/19** | $12089 | $11689 | $12276 |
| **1/20** | $12148 | $11899 | $12344 |
| **2/20** | $11965 | $12077 | $12181 |
| **3/20** | $10180 | $11841 | $10674 |
| **4/20** | $10651 | $12078 | $11155 |
| **5/20** | $11091 | $12191 | $11578 |
| **6/20** | $11268 | $12293 | $11710 |
| **7/20** | $11480 | $12509 | $11939 |
| **8/20** | $11695 | $12437 | $12118 |
| **9/20** | $11746 | $12414 | $12194 |
| **10/20** | $11775 | $12370 | $12219 |
| **11/20** | $12119 | $12531 | $12491 |
| **12/20** | $12286 | $12575 | $12659 |
| **1/21** | $12443 | $12496 | $12810 |
| **2/21** | $12516 | $12334 | $12885 |
| **3/21** | $12510 | $12191 | $12885 |
| **4/21** | $12576 | $12293 | $12951 |
| **5/21** | $12638 | $12340 | $13026 |
| **6/21** | $12700 | $12430 | $13074 |
| **7/21** | $12692 | $12555 | $13073 |
| **8/21** | $12781 | $12547 | $13135 |
| **9/21** | $12855 | $12440 | $13219 |
| **10/21** | $12870 | $12429 | $13254 |
| **11/21** | $12824 | $12444 | $13233 |
| **12/21** | $12918 | $12436 | $13318 |
| **1/22** | $12933 | $12163 | $13366 |
| **2/22** | $12846 | $11998 | $13298 |
| **3/22** | $12852 | $11676 | $13304 |
| **4/22** | $12823 | $11240 | $13333 |
| **5/22** | $12435 | $11302 | $12992 |
| **6/22** | $12013 | $11076 | $12710 |
| **7/22** | $12373 | $11355 | $12981 |
| **8/22** | $12553 | $11060 | $13177 |
| **9/22** | $12140 | $10583 | $12877 |
| **10/22** | $12276 | $10467 | $13005 |
| **11/22** | $12504 | $10857 | $13161 |
| **12/22** | $12512 | $10820 | $13215 |
| **1/23** | $12911 | $11156 | $13568 |
| **2/23** | $12996 | $10882 | $13646 |
| **3/23** | $12944 | $11137 | $13642 |
| **4/23** | $13091 | $11205 | $13785 |
| **5/23** | $13040 | $11089 | $13760 |
| **6/23** | $13326 | $11072 | $14071 |
| **7/23** | $13539 | $11083 | $14252 |
| **8/23** | $13731 | $11016 | $14419 |
| **9/23** | $13816 | $10753 | $14558 |
| **10/23** | $13738 | $10592 | $14555 |
| **11/23** | $13988 | $11068 | $14733 |
| **12/23** | $14269 | $11488 | $14976 |
| **1/24** | $14352 | $11461 | $15077 |
| **2/24** | $14471 | $11323 | $15214 |
| **3/24** | $14610 | $11435 | $15343 |
| **4/24** | $14659 | $11167 | $15436 |
| **5/24** | $14798 | $11352 | $15581 |
| **6/24** | $14845 | $11456 | $15635 |
| **7/24** | $14954 | $11716 | $15742 |
| **8/24** | $15064 | $11889 | $15842 |
| **9/24** | $15139 | $12052 | $15955 |
| **10/24** | $15272 | $11778 | $16092 |
| **11/24** | $15420 | $11902 | $16225 |
| **12/24** | $15492 | $11722 | $16317 |
| **1/25** | $15593 | $11793 | $16429 |
| **2/25** | $15607 | $12037 | $16447 |
| **3/25** | $15461 | $12034 | $16395 |
| **4/25** | $15441 | $12077 | $16386 |
| **5/25** | $15720 | $12015 | $16641 |
| **6/25** | $15835 | $12203 | $16775 |
| **7/25** | $15904 | $12185 | $16922 |
| **8/25** | $15970 | $12331 | $16997 |
| **9/25** | $16062 | $12462 | $17072 |
| **10/25** | $16083 | $12544 | $17109 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class A | 5.29% | 6.43% | 5.21% |
| Class A with 3.25% Maximum Sales Charge | 1.83% | 5.72% | 4.86% |
| Bloomberg U.S. Universal Index | 6.51% | 0.28% | 2.29% |
| Morningstar<sup>®</sup>LSTA<sup>®</sup> US Leveraged Loan Index℠ | 6.32% | 6.96% | 5.51% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $4864897770 |
| # of Portfolio Holdings (for Senior Debt Portfolio) | 654 |
| Portfolio Turnover Rate (for Senior Debt Portfolio) | 42% |
| Total Advisory Fees Paid | $27657470 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

References to the Fund's investments are to the Fund's pro rata share of the investments of Senior Debt Portfolio, an affiliated investment company in which the Fund invests substantially all of its assets.

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](g35982g45c03.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference†</sup> | 0.8% |
| Common Stocks | 1.1% |
| Short-Term Investments | 1.2% |
| Asset-Backed Securities | 2.1% |
| Corporate Bonds | 6.2% |
| Senior Floating-Rate Loans | 88.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Investment types less than 1% each |

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Credit Rating Chart](g35982g94f44.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 3.1% |
| CCC or Lower | 3.9% |
| B | 64.1% |
| BB | 24.4% |
| BBB | 4.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excludes Short-Term Investments and Equities. Ratings are categorized using S&P Global Ratings ("S&P"). Ratings range from AAA, being the highest, to D, being the lowest. Ratings of BBB or higher are considered to be investment-grade quality. Holdings designated as "Not Rated" (if any) are not rated by S&P. |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 1, 2026 at www.eatonvance.com/open-end-mutual-fund-documents.php or upon request by contacting us at 1-800-262-1122.

The net expense ratio decreased from the prior fiscal year primarily due to a decrease in expenses related to financing activities.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g35982g49w49.jpg)

## Additional Information
If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report October 31, 2025

# EAFAX-TSR-AR

# Eaton Vance Floating-Rate Advantage Fund
![Image](g35982g51m36.jpg)

# Class C ECFAX

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about the Eaton Vance Floating-Rate Advantage Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the last year?<sup>**Footnote Reference \***</sup>
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $283 | 2.77% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Expenses in the table reflect the expenses of both the Fund and Senior Debt Portfolio, the Portfolio in which it invests. |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Morningstar<sup><sup>®</sup></sup> LSTA<sup><sup>®</sup></sup> US Leveraged Loan Index (the Index):

↓ Loan selection in the professional services, machinery, and energy equipment and services industries detracted most from Index-relative returns

↓ Loan selection and an underweight in the single B credit tier generally weighed on Index-relative returns

↓ The largest single detractor from performance was an overweight to a contract producer and packager of beverages that completed an out-of-court restructuring

↑ The Fund's allocation to secured high-yield bonds aided returns, as these fixed-rate bonds benefited from the interest-rate environment and outpaced the Index

↑ The Fund's allocation to debt tranches of collateralized loan obligations (CLOs) helped returns, as CLO debt rated BBB and BB generally outperformed the Index

↑ Loan selection was positive in automobile components. The Fund's top contributor was an underweight to a defaulted auto components company

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g35982g51t47.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C** | **Bloomberg U.S. Universal Index** | **Morningstar<sup>®</sup> LSTA<sup>®</sup> US Leveraged Loan Index℠** |
| **10/15** | $10000 | $10000 | $10000 |
| **11/15** | $9856 | $9964 | $9912 |
| **12/15** | $9715 | $9914 | $9808 |
| **1/16** | $9618 | $10023 | $9744 |
| **2/16** | $9558 | $10094 | $9693 |
| **3/16** | $9929 | $10218 | $9960 |
| **4/16** | $10171 | $10288 | $10158 |
| **5/16** | $10258 | $10296 | $10248 |
| **6/16** | $10247 | $10477 | $10250 |
| **7/16** | $10405 | $10563 | $10397 |
| **8/16** | $10495 | $10575 | $10475 |
| **9/16** | $10622 | $10577 | $10566 |
| **10/16** | $10730 | $10507 | $10653 |
| **11/16** | $10743 | $10271 | $10681 |
| **12/16** | $10893 | $10301 | $10805 |
| **1/17** | $10957 | $10338 | $10865 |
| **2/17** | $11017 | $10418 | $10920 |
| **3/17** | $11040 | $10414 | $10928 |
| **4/17** | $11084 | $10500 | $10976 |
| **5/17** | $11129 | $10581 | $11016 |
| **6/17** | $11133 | $10573 | $11011 |
| **7/17** | $11200 | $10625 | $11087 |
| **8/17** | $11194 | $10717 | $11082 |
| **9/17** | $11249 | $10679 | $11126 |
| **10/17** | $11317 | $10692 | $11192 |
| **11/17** | $11331 | $10676 | $11205 |
| **12/17** | $11367 | $10723 | $11250 |
| **1/18** | $11478 | $10620 | $11358 |
| **2/18** | $11512 | $10519 | $11380 |
| **3/18** | $11540 | $10572 | $11412 |
| **4/18** | $11589 | $10501 | $11460 |
| **5/18** | $11597 | $10559 | $11479 |
| **6/18** | $11605 | $10543 | $11492 |
| **7/18** | $11699 | $10565 | $11577 |
| **8/18** | $11750 | $10618 | $11624 |
| **9/18** | $11822 | $10572 | $11704 |
| **10/18** | $11810 | $10484 | $11700 |
| **11/18** | $11679 | $10531 | $11594 |
| **12/18** | $11323 | $10696 | $11299 |
| **1/19** | $11643 | $10843 | $11587 |
| **2/19** | $11828 | $10855 | $11771 |
| **3/19** | $11789 | $11051 | $11751 |
| **4/19** | $11990 | $11066 | $11945 |
| **5/19** | $11927 | $11236 | $11919 |
| **6/19** | $11929 | $11395 | $11948 |
| **7/19** | $12015 | $11429 | $12044 |
| **8/19** | $11973 | $11687 | $12011 |
| **9/19** | $12018 | $11637 | $12067 |
| **10/19** | $11937 | $11674 | $12012 |
| **11/19** | $12014 | $11672 | $12083 |
| **12/19** | $12239 | $11689 | $12276 |
| **1/20** | $12293 | $11899 | $12344 |
| **2/20** | $12103 | $12077 | $12181 |
| **3/20** | $10301 | $11841 | $10674 |
| **4/20** | $10762 | $12078 | $11155 |
| **5/20** | $11203 | $12191 | $11578 |
| **6/20** | $11377 | $12293 | $11710 |
| **7/20** | $11599 | $12509 | $11939 |
| **8/20** | $11811 | $12437 | $12118 |
| **9/20** | $11858 | $12414 | $12194 |
| **10/20** | $11870 | $12370 | $12219 |
| **11/20** | $12212 | $12531 | $12491 |
| **12/20** | $12387 | $12575 | $12659 |
| **1/21** | $12541 | $12496 | $12810 |
| **2/21** | $12597 | $12334 | $12885 |
| **3/21** | $12585 | $12191 | $12885 |
| **4/21** | $12647 | $12293 | $12951 |
| **5/21** | $12704 | $12340 | $13026 |
| **6/21** | $12774 | $12430 | $13074 |
| **7/21** | $12748 | $12555 | $13073 |
| **8/21** | $12832 | $12547 | $13135 |
| **9/21** | $12901 | $12440 | $13219 |
| **10/21** | $12911 | $12429 | $13254 |
| **11/21** | $12871 | $12444 | $13233 |
| **12/21** | $12960 | $12436 | $13318 |
| **1/22** | $12957 | $12163 | $13366 |
| **2/22** | $12865 | $11998 | $13298 |
| **3/22** | $12865 | $11676 | $13304 |
| **4/22** | $12830 | $11240 | $13333 |
| **5/22** | $12448 | $11302 | $12992 |
| **6/22** | $12021 | $11076 | $12710 |
| **7/22** | $12364 | $11355 | $12981 |
| **8/22** | $12538 | $11060 | $13177 |
| **9/22** | $12119 | $10583 | $12877 |
| **10/22** | $12251 | $10467 | $13005 |
| **11/22** | $12473 | $10857 | $13161 |
| **12/22** | $12476 | $10820 | $13215 |
| **1/23** | $12883 | $11156 | $13568 |
| **2/23** | $12949 | $10882 | $13646 |
| **3/23** | $12892 | $11137 | $13642 |
| **4/23** | $13033 | $11205 | $13785 |
| **5/23** | $12976 | $11089 | $13760 |
| **6/23** | $13269 | $11072 | $14071 |
| **7/23** | $13462 | $11083 | $14252 |
| **8/23** | $13648 | $11016 | $14419 |
| **9/23** | $13726 | $10753 | $14558 |
| **10/23** | $13657 | $10592 | $14555 |
| **11/23** | $13885 | $11068 | $14733 |
| **12/23** | $14159 | $11488 | $14976 |
| **1/24** | $14250 | $11461 | $15077 |
| **2/24** | $14362 | $11323 | $15214 |
| **3/24** | $14480 | $11435 | $15343 |
| **4/24** | $14537 | $11167 | $15436 |
| **5/24** | $14653 | $11352 | $15581 |
| **6/24** | $14694 | $11456 | $15635 |
| **7/24** | $14811 | $11716 | $15742 |
| **8/24** | $14898 | $11889 | $15842 |
| **9/24** | $14981 | $12052 | $15955 |
| **10/24** | $15106 | $11778 | $16092 |
| **11/24** | $15232 | $11902 | $16225 |
| **12/24** | $15296 | $11722 | $16317 |
| **1/25** | $15390 | $11793 | $16429 |
| **2/25** | $15397 | $12037 | $16447 |
| **3/25** | $15246 | $12034 | $16395 |
| **4/25** | $15220 | $12077 | $16386 |
| **5/25** | $15488 | $12015 | $16641 |
| **6/25** | $15596 | $12203 | $16775 |
| **7/25** | $15673 | $12185 | $16922 |
| **8/25** | $15716 | $12331 | $16997 |
| **9/25** | $15799 | $12462 | $17072 |
| **10/25** | $15985 | $12544 | $17109 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class C, with conversion to Class A after 8 years | 4.66% | 5.90% | 4.80% |
| Class C, with 1% Maximum Contingent Deferred Sales Charge and conversion to Class A after 8 years | 3.69% | 5.90% | 4.80% |
| Bloomberg U.S. Universal Index | 6.51% | 0.28% | 2.29% |
| Morningstar<sup>®</sup>LSTA<sup>®</sup> US Leveraged Loan Index℠ | 6.32% | 6.96% | 5.51% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $4864897770 |
| # of Portfolio Holdings (for Senior Debt Portfolio) | 654 |
| Portfolio Turnover Rate (for Senior Debt Portfolio) | 42% |
| Total Advisory Fees Paid | $27657470 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

References to the Fund's investments are to the Fund's pro rata share of the investments of Senior Debt Portfolio, an affiliated investment company in which the Fund invests substantially all of its assets.

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](g35982g45c03.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference†</sup> | 0.8% |
| Common Stocks | 1.1% |
| Short-Term Investments | 1.2% |
| Asset-Backed Securities | 2.1% |
| Corporate Bonds | 6.2% |
| Senior Floating-Rate Loans | 88.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Investment types less than 1% each |

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Credit Rating Chart](g35982g94f44.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 3.1% |
| CCC or Lower | 3.9% |
| B | 64.1% |
| BB | 24.4% |
| BBB | 4.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excludes Short-Term Investments and Equities. Ratings are categorized using S&P Global Ratings ("S&P"). Ratings range from AAA, being the highest, to D, being the lowest. Ratings of BBB or higher are considered to be investment-grade quality. Holdings designated as "Not Rated" (if any) are not rated by S&P. |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 1, 2026 at www.eatonvance.com/open-end-mutual-fund-documents.php or upon request by contacting us at 1-800-262-1122.

The net expense ratio decreased from the prior fiscal year primarily due to a decrease in expenses related to financing activities.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g35982g49w49.jpg)

## Additional Information
If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report October 31, 2025

# ECFAX-TSR-AR

# Eaton Vance Floating-Rate Advantage Fund
![Image](g35982g51m36.jpg)

# Class I EIFAX

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about the Eaton Vance Floating-Rate Advantage Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the last year?<sup>**Footnote Reference \***</sup>
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $208 | 2.02% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Expenses in the table reflect the expenses of both the Fund and Senior Debt Portfolio, the Portfolio in which it invests. |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Morningstar<sup><sup>®</sup></sup> LSTA<sup><sup>®</sup></sup> US Leveraged Loan Index (the Index):

↓ Loan selection in the professional services, machinery, and energy equipment and services industries detracted most from Index-relative returns

↓ Loan selection and an underweight in the single B credit tier generally weighed on Index-relative returns

↓ The largest single detractor from performance was an overweight to a contract producer and packager of beverages that completed an out-of-court restructuring

↑ The Fund's allocation to secured high-yield bonds aided returns, as these fixed-rate bonds benefited from the interest-rate environment and outpaced the Index

↑ The Fund's allocation to debt tranches of collateralized loan obligations (CLOs) helped returns, as CLO debt rated BBB and BB generally outperformed the Index

↑ Loan selection was positive in automobile components. The Fund's top contributor was an underweight to a defaulted auto components company

## Fund Performance
Comparison of the change in value of a $1,000,000 investment for the period indicated.

![Growth of 10K Chart](g35982g41j70.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Bloomberg U.S. Universal Index** | **Morningstar<sup>®</sup> LSTA<sup>®</sup> US Leveraged Loan Index℠** |
| **10/15** | $1000000 | $1000000 | $1000000 |
| **11/15** | $987086 | $996353 | $991240 |
| **12/15** | $973613 | $991376 | $980832 |
| **1/16** | $964622 | $1002320 | $974428 |
| **2/16** | $959098 | $1009440 | $969293 |
| **3/16** | $996883 | $1021811 | $996005 |
| **4/16** | $1021786 | $1028772 | $1015777 |
| **5/16** | $1031198 | $1029576 | $1024833 |
| **6/16** | $1029687 | $1047701 | $1025049 |
| **7/16** | $1047244 | $1056335 | $1039713 |
| **8/16** | $1056948 | $1057474 | $1047520 |
| **9/16** | $1070386 | $1057726 | $1056570 |
| **10/16** | $1081900 | $1050709 | $1065291 |
| **11/16** | $1083928 | $1027092 | $1068111 |
| **12/16** | $1099648 | $1030143 | $1080461 |
| **1/17** | $1106879 | $1033777 | $1086507 |
| **2/17** | $1113541 | $1041753 | $1091959 |
| **3/17** | $1116619 | $1041404 | $1092837 |
| **4/17** | $1121731 | $1050045 | $1097608 |
| **5/17** | $1126988 | $1058147 | $1101621 |
| **6/17** | $1128036 | $1057250 | $1101149 |
| **7/17** | $1135535 | $1062516 | $1108725 |
| **8/17** | $1135651 | $1071683 | $1108237 |
| **9/17** | $1141920 | $1067911 | $1112569 |
| **10/17** | $1149643 | $1069193 | $1119224 |
| **11/17** | $1151737 | $1067575 | $1120522 |
| **12/17** | $1156151 | $1072282 | $1124960 |
| **1/18** | $1168146 | $1061963 | $1135787 |
| **2/18** | $1171278 | $1051894 | $1138043 |
| **3/18** | $1175920 | $1057199 | $1141249 |
| **4/18** | $1181597 | $1050145 | $1145965 |
| **5/18** | $1183202 | $1055872 | $1147897 |
| **6/18** | $1184729 | $1054340 | $1149221 |
| **7/18** | $1195085 | $1056547 | $1157714 |
| **8/18** | $1201069 | $1061752 | $1162359 |
| **9/18** | $1209167 | $1057203 | $1170351 |
| **10/18** | $1208722 | $1048359 | $1169987 |
| **11/18** | $1196108 | $1053074 | $1159432 |
| **12/18** | $1159346 | $1069550 | $1129926 |
| **1/19** | $1193918 | $1084296 | $1158701 |
| **2/19** | $1213636 | $1085478 | $1177144 |
| **3/19** | $1209266 | $1105079 | $1175090 |
| **4/19** | $1230622 | $1106626 | $1194497 |
| **5/19** | $1224965 | $1123578 | $1191907 |
| **6/19** | $1227061 | $1139470 | $1194795 |
| **7/19** | $1236690 | $1142862 | $1204372 |
| **8/19** | $1233131 | $1168722 | $1201062 |
| **9/19** | $1238520 | $1163659 | $1206665 |
| **10/19** | $1231010 | $1167418 | $1201237 |
| **11/19** | $1238542 | $1167185 | $1208295 |
| **12/19** | $1263703 | $1168924 | $1227572 |
| **1/20** | $1270121 | $1189904 | $1234431 |
| **2/20** | $1251242 | $1207721 | $1218117 |
| **3/20** | $1064785 | $1184130 | $1067434 |
| **4/20** | $1114256 | $1207849 | $1115486 |
| **5/20** | $1160573 | $1219130 | $1157825 |
| **6/20** | $1179264 | $1229303 | $1171004 |
| **7/20** | $1201791 | $1250897 | $1193922 |
| **8/20** | $1224544 | $1243684 | $1211755 |
| **9/20** | $1230135 | $1241442 | $1219439 |
| **10/20** | $1233437 | $1237005 | $1221919 |
| **11/20** | $1269699 | $1253147 | $1249119 |
| **12/20** | $1287430 | $1257475 | $1265928 |
| **1/21** | $1304216 | $1249571 | $1280980 |
| **2/21** | $1312078 | $1233448 | $1288507 |
| **3/21** | $1311694 | $1219093 | $1288475 |
| **4/21** | $1317629 | $1229345 | $1295097 |
| **5/21** | $1325664 | $1234034 | $1302619 |
| **6/21** | $1332524 | $1243030 | $1307444 |
| **7/21** | $1331927 | $1255512 | $1307271 |
| **8/21** | $1341582 | $1254673 | $1313479 |
| **9/21** | $1349641 | $1243959 | $1321918 |
| **10/21** | $1351474 | $1242942 | $1325443 |
| **11/21** | $1346895 | $1244444 | $1323329 |
| **12/21** | $1357024 | $1243605 | $1331786 |
| **1/22** | $1358893 | $1216340 | $1336629 |
| **2/22** | $1350056 | $1199756 | $1329766 |
| **3/22** | $1350946 | $1167568 | $1330401 |
| **4/22** | $1348127 | $1124021 | $1333289 |
| **5/22** | $1307614 | $1130205 | $1299180 |
| **6/22** | $1263553 | $1107621 | $1271039 |
| **7/22** | $1301664 | $1135469 | $1298143 |
| **8/22** | $1320861 | $1105951 | $1317747 |
| **9/22** | $1277645 | $1058302 | $1287733 |
| **10/22** | $1292245 | $1046690 | $1300529 |
| **11/22** | $1316515 | $1085718 | $1316107 |
| **12/22** | $1316264 | $1082030 | $1321517 |
| **1/23** | $1360018 | $1115595 | $1356766 |
| **2/23** | $1367765 | $1088183 | $1364593 |
| **3/23** | $1364043 | $1113711 | $1364164 |
| **4/23** | $1379788 | $1120515 | $1378512 |
| **5/23** | $1374708 | $1108897 | $1375980 |
| **6/23** | $1405112 | $1107174 | $1407134 |
| **7/23** | $1427837 | $1108275 | $1425220 |
| **8/23** | $1448476 | $1101601 | $1441918 |
| **9/23** | $1457673 | $1075333 | $1455796 |
| **10/23** | $1449803 | $1059162 | $1455531 |
| **11/23** | $1476410 | $1106829 | $1473284 |
| **12/23** | $1506376 | $1148827 | $1497560 |
| **1/24** | $1515551 | $1146078 | $1507669 |
| **2/24** | $1528391 | $1132337 | $1521378 |
| **3/24** | $1543383 | $1143455 | $1534339 |
| **4/24** | $1548909 | $1116734 | $1543570 |
| **5/24** | $1563850 | $1135245 | $1558065 |
| **6/24** | $1569131 | $1145623 | $1563507 |
| **7/24** | $1581058 | $1171626 | $1574170 |
| **8/24** | $1593009 | $1188874 | $1584158 |
| **9/24** | $1601182 | $1205180 | $1595460 |
| **10/24** | $1615644 | $1177807 | $1609188 |
| **11/24** | $1630054 | $1190224 | $1622490 |
| **12/24** | $1639561 | $1172248 | $1631665 |
| **1/25** | $1650687 | $1179312 | $1642939 |
| **2/25** | $1652419 | $1203695 | $1644677 |
| **3/25** | $1637366 | $1203408 | $1639523 |
| **4/25** | $1633842 | $1207658 | $1638644 |
| **5/25** | $1665415 | $1201533 | $1664096 |
| **6/25** | $1678011 | $1220252 | $1677481 |
| **7/25** | $1685638 | $1218511 | $1692161 |
| **8/25** | $1693037 | $1233147 | $1699725 |
| **9/25** | $1701331 | $1246212 | $1707156 |
| **10/25** | $1705389 | $1254442 | $1710926 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class I | 5.55% | 6.69% | 5.48% |
| Bloomberg U.S. Universal Index | 6.51% | 0.28% | 2.29% |
| Morningstar<sup>®</sup>LSTA<sup>®</sup> US Leveraged Loan Index℠ | 6.32% | 6.96% | 5.51% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $4864897770 |
| # of Portfolio Holdings (for Senior Debt Portfolio) | 654 |
| Portfolio Turnover Rate (for Senior Debt Portfolio) | 42% |
| Total Advisory Fees Paid | $27657470 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

References to the Fund's investments are to the Fund's pro rata share of the investments of Senior Debt Portfolio, an affiliated investment company in which the Fund invests substantially all of its assets.

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](g35982g45c03.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference†</sup> | 0.8% |
| Common Stocks | 1.1% |
| Short-Term Investments | 1.2% |
| Asset-Backed Securities | 2.1% |
| Corporate Bonds | 6.2% |
| Senior Floating-Rate Loans | 88.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Investment types less than 1% each |

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Credit Rating Chart](g35982g94f44.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 3.1% |
| CCC or Lower | 3.9% |
| B | 64.1% |
| BB | 24.4% |
| BBB | 4.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excludes Short-Term Investments and Equities. Ratings are categorized using S&P Global Ratings ("S&P"). Ratings range from AAA, being the highest, to D, being the lowest. Ratings of BBB or higher are considered to be investment-grade quality. Holdings designated as "Not Rated" (if any) are not rated by S&P. |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 1, 2026 at www.eatonvance.com/open-end-mutual-fund-documents.php or upon request by contacting us at 1-800-262-1122.

The net expense ratio decreased from the prior fiscal year primarily due to a decrease in expenses related to financing activities.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g35982g49w49.jpg)

## Additional Information
If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report October 31, 2025

# EIFAX-TSR-AR

# Eaton Vance Floating-Rate Advantage Fund
![Image](g35982g51m36.jpg)

# Class R6 EFRRX

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about the Eaton Vance Floating-Rate Advantage Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the last year?<sup>**Footnote Reference \***</sup>
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $200 | 1.95% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Expenses in the table reflect the expenses of both the Fund and Senior Debt Portfolio, the Portfolio in which it invests. |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Morningstar<sup><sup>®</sup></sup> LSTA<sup><sup>®</sup></sup> US Leveraged Loan Index (the Index):

↓ Loan selection in the professional services, machinery, and energy equipment and services industries detracted most from Index-relative returns

↓ Loan selection and an underweight in the single B credit tier generally weighed on Index-relative returns

↓ The largest single detractor from performance was an overweight to a contract producer and packager of beverages that completed an out-of-court restructuring

↑ The Fund's allocation to secured high-yield bonds aided returns, as these fixed-rate bonds benefited from the interest-rate environment and outpaced the Index

↑ The Fund's allocation to debt tranches of collateralized loan obligations (CLOs) helped returns, as CLO debt rated BBB and BB generally outperformed the Index

↑ Loan selection was positive in automobile components. The Fund's top contributor was an underweight to a defaulted auto components company

## Fund Performance
Comparison of the change in value of a $5,000,000 investment for the period indicated.

![Growth of 10K Chart](g35982g24x07.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Bloomberg U.S. Universal Index** | **Morningstar<sup>®</sup> LSTA<sup>®</sup> US Leveraged Loan Index℠** |
| **10/15** | $5000000 | $5000000 | $5000000 |
| **11/15** | $4935432 | $4981766 | $4956200 |
| **12/15** | $4868065 | $4956879 | $4904160 |
| **1/16** | $4823109 | $5011598 | $4872138 |
| **2/16** | $4795492 | $5047198 | $4846467 |
| **3/16** | $4984413 | $5109053 | $4980025 |
| **4/16** | $5108932 | $5143862 | $5078886 |
| **5/16** | $5155990 | $5147880 | $5124163 |
| **6/16** | $5148434 | $5238507 | $5125247 |
| **7/16** | $5236219 | $5281675 | $5198563 |
| **8/16** | $5284738 | $5287372 | $5237601 |
| **9/16** | $5351928 | $5288629 | $5282850 |
| **10/16** | $5409502 | $5253543 | $5326456 |
| **11/16** | $5419642 | $5135458 | $5340555 |
| **12/16** | $5498239 | $5150713 | $5402306 |
| **1/17** | $5534394 | $5168885 | $5432535 |
| **2/17** | $5567707 | $5208767 | $5459794 |
| **3/17** | $5583095 | $5207022 | $5464185 |
| **4/17** | $5608657 | $5250226 | $5488038 |
| **5/17** | $5634942 | $5290734 | $5508103 |
| **6/17** | $5640181 | $5286248 | $5505744 |
| **7/17** | $5677676 | $5312578 | $5543626 |
| **8/17** | $5678253 | $5358413 | $5541183 |
| **9/17** | $5709598 | $5339555 | $5562847 |
| **10/17** | $5748217 | $5345966 | $5596118 |
| **11/17** | $5758684 | $5337876 | $5602611 |
| **12/17** | $5780754 | $5361408 | $5624799 |
| **1/18** | $5840728 | $5309816 | $5678937 |
| **2/18** | $5856388 | $5259468 | $5690213 |
| **3/18** | $5879600 | $5285995 | $5706247 |
| **4/18** | $5907985 | $5250724 | $5729825 |
| **5/18** | $5916012 | $5279359 | $5739485 |
| **6/18** | $5923644 | $5271702 | $5746104 |
| **7/18** | $5975423 | $5282735 | $5788571 |
| **8/18** | $6005343 | $5308761 | $5811795 |
| **9/18** | $6045837 | $5286013 | $5851753 |
| **10/18** | $6043612 | $5241794 | $5849936 |
| **11/18** | $5980539 | $5265368 | $5797159 |
| **12/18** | $5796730 | $5347748 | $5649631 |
| **1/19** | $5969592 | $5421482 | $5793507 |
| **2/19** | $6068180 | $5427391 | $5885722 |
| **3/19** | $6046332 | $5525397 | $5875448 |
| **4/19** | $6153112 | $5533131 | $5972486 |
| **5/19** | $6124826 | $5617891 | $5959534 |
| **6/19** | $6130098 | $5697352 | $5973973 |
| **7/19** | $6184551 | $5714311 | $6021862 |
| **8/19** | $6161401 | $5843610 | $6005311 |
| **9/19** | $6188561 | $5818293 | $6033327 |
| **10/19** | $6157089 | $5837092 | $6006187 |
| **11/19** | $6195052 | $5835924 | $6041475 |
| **12/19** | $6315348 | $5844621 | $6137861 |
| **1/20** | $6348005 | $5949520 | $6172156 |
| **2/20** | $6253592 | $6038603 | $6090586 |
| **3/20** | $5327062 | $5920648 | $5337170 |
| **4/20** | $5569034 | $6039247 | $5577432 |
| **5/20** | $5807090 | $6095652 | $5789125 |
| **6/20** | $5894927 | $6146514 | $5855019 |
| **7/20** | $6014043 | $6254483 | $5969611 |
| **8/20** | $6128013 | $6218418 | $6058776 |
| **9/20** | $6156154 | $6207211 | $6097196 |
| **10/20** | $6166767 | $6185025 | $6109597 |
| **11/20** | $6354649 | $6265736 | $6245595 |
| **12/20** | $6443687 | $6287373 | $6329640 |
| **1/21** | $6527985 | $6247854 | $6404900 |
| **2/21** | $6567489 | $6167238 | $6442537 |
| **3/21** | $6559587 | $6095467 | $6442376 |
| **4/21** | $6595678 | $6146723 | $6475484 |
| **5/21** | $6629869 | $6170168 | $6513096 |
| **6/21** | $6670721 | $6215150 | $6537220 |
| **7/21** | $6667961 | $6277558 | $6536355 |
| **8/21** | $6710283 | $6273367 | $6567395 |
| **9/21** | $6750873 | $6219796 | $6609592 |
| **10/21** | $6760429 | $6214712 | $6627214 |
| **11/21** | $6744138 | $6222219 | $6616645 |
| **12/21** | $6795096 | $6218024 | $6658931 |
| **1/22** | $6798160 | $6081699 | $6683146 |
| **2/22** | $6754163 | $5998781 | $6648830 |
| **3/22** | $6758796 | $5837841 | $6652007 |
| **4/22** | $6745008 | $5620104 | $6666443 |
| **5/22** | $6541294 | $5651027 | $6495902 |
| **6/22** | $6320887 | $5538106 | $6355193 |
| **7/22** | $6511975 | $5677345 | $6490715 |
| **8/22** | $6608505 | $5529755 | $6588733 |
| **9/22** | $6392366 | $5291512 | $6438663 |
| **10/22** | $6465801 | $5233452 | $6502645 |
| **11/22** | $6594785 | $5428589 | $6580537 |
| **12/22** | $6593886 | $5410151 | $6607584 |
| **1/23** | $6813388 | $5577976 | $6783832 |
| **2/23** | $6852302 | $5440916 | $6822963 |
| **3/23** | $6834009 | $5568556 | $6820821 |
| **4/23** | $6913193 | $5602573 | $6892559 |
| **5/23** | $6888088 | $5544487 | $6879899 |
| **6/23** | $7040775 | $5535870 | $7035670 |
| **7/23** | $7155008 | $5541373 | $7126102 |
| **8/23** | $7251611 | $5508004 | $7209592 |
| **9/23** | $7305308 | $5376665 | $7278978 |
| **10/23** | $7264460 | $5295810 | $7277657 |
| **11/23** | $7398121 | $5534147 | $7366422 |
| **12/23** | $7548550 | $5744136 | $7487798 |
| **1/24** | $7602386 | $5730389 | $7538346 |
| **2/24** | $7667072 | $5661684 | $7606888 |
| **3/24** | $7734959 | $5717273 | $7671694 |
| **4/24** | $7770537 | $5583670 | $7717851 |
| **5/24** | $7838032 | $5676226 | $7790327 |
| **6/24** | $7864838 | $5728116 | $7817537 |
| **7/24** | $7932835 | $5858131 | $7870851 |
| **8/24** | $7985196 | $5944368 | $7920788 |
| **9/24** | $8034531 | $6025898 | $7977298 |
| **10/24** | $8107326 | $5889033 | $8045940 |
| **11/24** | $8179875 | $5951119 | $8112449 |
| **12/24** | $8227936 | $5861240 | $8158325 |
| **1/25** | $8275902 | $5896559 | $8214695 |
| **2/25** | $8293191 | $6018474 | $8223386 |
| **3/25** | $8217023 | $6017038 | $8197617 |
| **4/25** | $8199590 | $6038290 | $8193221 |
| **5/25** | $8349883 | $6007665 | $8320479 |
| **6/25** | $8421922 | $6101262 | $8387404 |
| **7/25** | $8460583 | $6092553 | $8460806 |
| **8/25** | $8498107 | $6165735 | $8498627 |
| **9/25** | $8540115 | $6231062 | $8535781 |
| **10/25** | $8560467 | $6272211 | $8554630 |

---

## Average Annual Total Returns (%)<sup>**Footnote Reference 1**</sup>

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class R6 | 5.59% | 6.78% | 5.52% |
| Bloomberg U.S. Universal Index | 6.51% | 0.28% | 2.29% |
| Morningstar<sup>®</sup>LSTA<sup>®</sup> US Leveraged Loan Index℠ | 6.32% | 6.96% | 5.51% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Class R6 performance prior to 5/31/19 is linked to Class I. This linked performance is adjusted for any applicable sales charge, but is not adjusted for class expense differences. If adjusted for such differences, the performance would be different. Performance presented in the Financial Highlights included in the financial statements is not linked. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $4864897770 |
| # of Portfolio Holdings (for Senior Debt Portfolio) | 654 |
| Portfolio Turnover Rate (for Senior Debt Portfolio) | 42% |
| Total Advisory Fees Paid | $27657470 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

References to the Fund's investments are to the Fund's pro rata share of the investments of Senior Debt Portfolio, an affiliated investment company in which the Fund invests substantially all of its assets.

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](g35982g45c03.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference†</sup> | 0.8% |
| Common Stocks | 1.1% |
| Short-Term Investments | 1.2% |
| Asset-Backed Securities | 2.1% |
| Corporate Bonds | 6.2% |
| Senior Floating-Rate Loans | 88.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Investment types less than 1% each |

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Credit Rating Chart](g35982g94f44.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 3.1% |
| CCC or Lower | 3.9% |
| B | 64.1% |
| BB | 24.4% |
| BBB | 4.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excludes Short-Term Investments and Equities. Ratings are categorized using S&P Global Ratings ("S&P"). Ratings range from AAA, being the highest, to D, being the lowest. Ratings of BBB or higher are considered to be investment-grade quality. Holdings designated as "Not Rated" (if any) are not rated by S&P. |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 1, 2026 at www.eatonvance.com/open-end-mutual-fund-documents.php or upon request by contacting us at 1-800-262-1122.

The net expense ratio decreased from the prior fiscal year primarily due to a decrease in expenses related to financing activities.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g35982g49w49.jpg)

## Additional Information
If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report October 31, 2025

# EFRRX-TSR-AR

# Eaton Vance Global Equity Income Fund
![Image](g35982g49g65.jpg)

# Class A EADIX

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about the Eaton Vance Global Equity Income Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $127 | 1.16% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI World Index (the Index):

↓ The use of equity index futures contracts – a type of derivative used to manage the Fund's market exposures – detracted from Index-relative returns

↓ Stock selections and overweight exposure to health care, stock selections in industrials, and stock selections and underweight to information technology impacted returns

↓ On an individual stock basis, the largest detractor from performance was Novo Nordisk

↑ The Fund's common stock portfolio outperformed the Index and contributed to Index-relative returns during the period

↑ Stock selections and an overweight to financials, stock selections in communication services, and stock selections and an underweight to consumer staples helped

↑ On an individual stock basis, the largest contributor was Zegona Communications – whose stock price more than tripled after closing a strategic acquisition and partnering to build fiber networks across Spain

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g35982g04v96.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A with Maximum Sales Charge** | **MSCI World Index** |
| **10/15** | $10000 | $10000 |
| **11/15** | $9505 | $9950 |
| **12/15** | $9349 | $9775 |
| **1/16** | $8892 | $9191 |
| **2/16** | $8673 | $9122 |
| **3/16** | $9178 | $9741 |
| **4/16** | $9283 | $9895 |
| **5/16** | $9348 | $9951 |
| **6/16** | $9201 | $9839 |
| **7/16** | $9536 | $10255 |
| **8/16** | $9465 | $10264 |
| **9/16** | $9487 | $10318 |
| **10/16** | $9313 | $10118 |
| **11/16** | $9335 | $10264 |
| **12/16** | $9525 | $10510 |
| **1/17** | $9785 | $10763 |
| **2/17** | $9980 | $11062 |
| **3/17** | $10072 | $11180 |
| **4/17** | $10304 | $11345 |
| **5/17** | $10632 | $11585 |
| **6/17** | $10655 | $11630 |
| **7/17** | $10845 | $11908 |
| **8/17** | $10745 | $11925 |
| **9/17** | $10936 | $12192 |
| **10/17** | $11118 | $12423 |
| **11/17** | $11248 | $12692 |
| **12/17** | $11432 | $12864 |
| **1/18** | $11965 | $13543 |
| **2/18** | $11379 | $12982 |
| **3/18** | $11339 | $12699 |
| **4/18** | $11389 | $12845 |
| **5/18** | $11294 | $12925 |
| **6/18** | $11281 | $12919 |
| **7/18** | $11623 | $13323 |
| **8/18** | $11738 | $13487 |
| **9/18** | $11789 | $13563 |
| **10/18** | $10869 | $12567 |
| **11/18** | $10977 | $12709 |
| **12/18** | $10125 | $11743 |
| **1/19** | $10880 | $12657 |
| **2/19** | $11164 | $13037 |
| **3/19** | $11346 | $13209 |
| **4/19** | $11819 | $13677 |
| **5/19** | $11047 | $12888 |
| **6/19** | $11785 | $13737 |
| **7/19** | $11771 | $13805 |
| **8/19** | $11579 | $13523 |
| **9/19** | $11793 | $13810 |
| **10/19** | $12121 | $14162 |
| **11/19** | $12546 | $14556 |
| **12/19** | $13011 | $14992 |
| **1/20** | $12891 | $14901 |
| **2/20** | $11971 | $13642 |
| **3/20** | $10114 | $11836 |
| **4/20** | $11126 | $13129 |
| **5/20** | $11745 | $13764 |
| **6/20** | $12062 | $14128 |
| **7/20** | $12574 | $14803 |
| **8/20** | $13334 | $15793 |
| **9/20** | $12938 | $15248 |
| **10/20** | $12510 | $14780 |
| **11/20** | $14132 | $16670 |
| **12/20** | $14876 | $17377 |
| **1/21** | $14698 | $17204 |
| **2/21** | $15239 | $17645 |
| **3/21** | $15653 | $18232 |
| **4/21** | $16488 | $19080 |
| **5/21** | $16915 | $19355 |
| **6/21** | $16911 | $19644 |
| **7/21** | $17229 | $19995 |
| **8/21** | $17689 | $20493 |
| **9/21** | $16887 | $19642 |
| **10/21** | $17864 | $20755 |
| **11/21** | $17444 | $20300 |
| **12/21** | $18310 | $21168 |
| **1/22** | $17377 | $20048 |
| **2/22** | $16706 | $19541 |
| **3/22** | $16842 | $20077 |
| **4/22** | $15446 | $18409 |
| **5/22** | $15715 | $18423 |
| **6/22** | $14193 | $16827 |
| **7/22** | $15330 | $18163 |
| **8/22** | $14519 | $17404 |
| **9/22** | $13346 | $15786 |
| **10/22** | $14354 | $16920 |
| **11/22** | $15564 | $18096 |
| **12/22** | $14874 | $17327 |
| **1/23** | $15981 | $18554 |
| **2/23** | $15486 | $18108 |
| **3/23** | $15978 | $18667 |
| **4/23** | $16303 | $18994 |
| **5/23** | $16208 | $18805 |
| **6/23** | $17194 | $19942 |
| **7/23** | $17785 | $20612 |
| **8/23** | $17394 | $20119 |
| **9/23** | $16573 | $19252 |
| **10/23** | $16235 | $18693 |
| **11/23** | $17737 | $20445 |
| **12/23** | $18595 | $21449 |
| **1/24** | $18698 | $21707 |
| **2/24** | $19562 | $22627 |
| **3/24** | $20136 | $23354 |
| **4/24** | $19438 | $22487 |
| **5/24** | $20452 | $23491 |
| **6/24** | $20556 | $23969 |
| **7/24** | $20565 | $24391 |
| **8/24** | $21053 | $25036 |
| **9/24** | $21205 | $25494 |
| **10/24** | $20419 | $24988 |
| **11/24** | $20924 | $26135 |
| **12/24** | $20219 | $25454 |
| **1/25** | $21030 | $26352 |
| **2/25** | $21233 | $26163 |
| **3/25** | $20372 | $24998 |
| **4/25** | $20507 | $25220 |
| **5/25** | $21563 | $26713 |
| **6/25** | $22477 | $27865 |
| **7/25** | $22300 | $28224 |
| **8/25** | $22831 | $28960 |
| **9/25** | $23540 | $29891 |
| **10/25** | $24146 | $30490 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class A | 18.28% | 14.05% | 9.80% |
| Class A with 5.25% Maximum Sales Charge | 12.05% | 12.84% | 9.21% |
| MSCI World Index (net of foreign withholding taxes) | 22.02% | 15.57% | 11.78% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $758696474 |
| # of Portfolio Holdings | 104 |
| Portfolio Turnover Rate | 102% |
| Total Advisory Fees Paid | $4420728 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Country Allocation (% of total investments)
![Group By Asset Type Chart](g35982g44l53.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 5.2% |
| Denmark | 1.5% |
| Germany | 1.8% |
| Switzerland | 2.0% |
| Spain | 2.0% |
| Taiwan | 2.1% |
| Japan | 2.7% |
| Netherlands | 4.1% |
| France | 5.4% |
| United Kingdom | 9.7% |
| United States | 63.5% |

---

#### Top Ten Holdings (% of total investments)<sup>Footnote Reference a</sup>

---

| | |
|:---|:---|
| &nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;4.3% |
| &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;4.0% |
| &nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;3.5% |
| &nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;3.4% |
| &nbsp;&nbsp;ASML Holding NV | &nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd., ADR | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Micron Technology, Inc. | &nbsp;&nbsp;2.0% |
| &nbsp;&nbsp;Safran SA | &nbsp;&nbsp;1.7% |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;31.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g35982g49w49.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report October 31, 2025

# EADIX-TSR-AR

# Eaton Vance Global Equity Income Fund
![Image](g35982g49g65.jpg)

# Class C ECDIX

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about the Eaton Vance Global Equity Income Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $209 | 1.92% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI World Index (the Index):

↓ The use of equity index futures contracts – a type of derivative used to manage the Fund's market exposures – detracted from Index-relative returns

↓ Stock selections and overweight exposure to health care, stock selections in industrials, and stock selections and underweight to information technology impacted returns

↓ On an individual stock basis, the largest detractor from performance was Novo Nordisk

↑ The Fund's common stock portfolio outperformed the Index and contributed to Index-relative returns during the period

↑ Stock selections and an overweight to financials, stock selections in communication services, and stock selections and an underweight to consumer staples helped

↑ On an individual stock basis, the largest contributor was Zegona Communications – whose stock price more than tripled after closing a strategic acquisition and partnering to build fiber networks across Spain

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g35982g50o24.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C** | **MSCI World Index** |
| **10/15** | $10000 | $10000 |
| **11/15** | $10025 | $9950 |
| **12/15** | $9857 | $9775 |
| **1/16** | $9366 | $9191 |
| **2/16** | $9137 | $9122 |
| **3/16** | $9656 | $9741 |
| **4/16** | $9761 | $9895 |
| **5/16** | $9823 | $9951 |
| **6/16** | $9671 | $9839 |
| **7/16** | $10009 | $10255 |
| **8/16** | $9927 | $10264 |
| **9/16** | $9953 | $10318 |
| **10/16** | $9764 | $10118 |
| **11/16** | $9771 | $10264 |
| **12/16** | $9968 | $10510 |
| **1/17** | $10231 | $10763 |
| **2/17** | $10429 | $11062 |
| **3/17** | $10519 | $11180 |
| **4/17** | $10756 | $11345 |
| **5/17** | $11093 | $11585 |
| **6/17** | $11100 | $11630 |
| **7/17** | $11291 | $11908 |
| **8/17** | $11188 | $11925 |
| **9/17** | $11381 | $12192 |
| **10/17** | $11555 | $12423 |
| **11/17** | $11683 | $12692 |
| **12/17** | $11878 | $12864 |
| **1/18** | $12423 | $13543 |
| **2/18** | $11806 | $12982 |
| **3/18** | $11748 | $12699 |
| **4/18** | $11802 | $12845 |
| **5/18** | $11696 | $12925 |
| **6/18** | $11676 | $12919 |
| **7/18** | $12023 | $13323 |
| **8/18** | $12134 | $13487 |
| **9/18** | $12180 | $13563 |
| **10/18** | $11220 | $12567 |
| **11/18** | $11323 | $12709 |
| **12/18** | $10436 | $11743 |
| **1/19** | $11209 | $12657 |
| **2/19** | $11494 | $13037 |
| **3/19** | $11676 | $13209 |
| **4/19** | $12154 | $13677 |
| **5/19** | $11351 | $12888 |
| **6/19** | $12105 | $13737 |
| **7/19** | $12083 | $13805 |
| **8/19** | $11868 | $13523 |
| **9/19** | $12090 | $13810 |
| **10/19** | $12420 | $14162 |
| **11/19** | $12839 | $14556 |
| **12/19** | $13307 | $14992 |
| **1/20** | $13175 | $14901 |
| **2/20** | $12226 | $13642 |
| **3/20** | $10324 | $11836 |
| **4/20** | $11353 | $13129 |
| **5/20** | $11979 | $13764 |
| **6/20** | $12285 | $14128 |
| **7/20** | $12801 | $14803 |
| **8/20** | $13578 | $15793 |
| **9/20** | $13155 | $15248 |
| **10/20** | $12710 | $14780 |
| **11/20** | $14355 | $16670 |
| **12/20** | $15104 | $17377 |
| **1/21** | $14912 | $17204 |
| **2/21** | $15453 | $17645 |
| **3/21** | $15865 | $18232 |
| **4/21** | $16702 | $19080 |
| **5/21** | $17125 | $19355 |
| **6/21** | $17099 | $19644 |
| **7/21** | $17422 | $19995 |
| **8/21** | $17877 | $20493 |
| **9/21** | $17053 | $19642 |
| **10/21** | $18021 | $20755 |
| **11/21** | $17584 | $20300 |
| **12/21** | $18458 | $21168 |
| **1/22** | $17505 | $20048 |
| **2/22** | $16815 | $19541 |
| **3/22** | $16943 | $20077 |
| **4/22** | $15526 | $18409 |
| **5/22** | $15786 | $18423 |
| **6/22** | $14254 | $16827 |
| **7/22** | $15378 | $18163 |
| **8/22** | $14565 | $17404 |
| **9/22** | $13372 | $15786 |
| **10/22** | $14376 | $16920 |
| **11/22** | $15581 | $18096 |
| **12/22** | $14877 | $17327 |
| **1/23** | $15975 | $18554 |
| **2/23** | $15471 | $18108 |
| **3/23** | $15956 | $18667 |
| **4/23** | $16259 | $18994 |
| **5/23** | $16166 | $18805 |
| **6/23** | $17140 | $19942 |
| **7/23** | $17709 | $20612 |
| **8/23** | $17307 | $20119 |
| **9/23** | $16478 | $19252 |
| **10/23** | $16130 | $18693 |
| **11/23** | $17616 | $20445 |
| **12/23** | $18460 | $21449 |
| **1/24** | $18550 | $21707 |
| **2/24** | $19397 | $22627 |
| **3/24** | $19944 | $23354 |
| **4/24** | $19250 | $22487 |
| **5/24** | $20232 | $23491 |
| **6/24** | $20334 | $23969 |
| **7/24** | $20319 | $24391 |
| **8/24** | $20801 | $25036 |
| **9/24** | $20928 | $25494 |
| **10/24** | $20148 | $24988 |
| **11/24** | $20635 | $26135 |
| **12/24** | $19925 | $25454 |
| **1/25** | $20712 | $26352 |
| **2/25** | $20889 | $26163 |
| **3/25** | $20040 | $24998 |
| **4/25** | $20159 | $25220 |
| **5/25** | $21187 | $26713 |
| **6/25** | $22073 | $27865 |
| **7/25** | $21872 | $28224 |
| **8/25** | $22382 | $28960 |
| **9/25** | $23064 | $29891 |
| **10/25** | $23996 | $30490 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class C, with conversion to Class A after 8 years | 17.38% | 13.22% | 9.14% |
| Class C, with 1% Maximum Contingent Deferred Sales Charge and conversion to Class A after 8 years | 16.38% | 13.22% | 9.14% |
| MSCI World Index (net of foreign withholding taxes) | 22.02% | 15.57% | 11.78% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $758696474 |
| # of Portfolio Holdings | 104 |
| Portfolio Turnover Rate | 102% |
| Total Advisory Fees Paid | $4420728 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Country Allocation (% of total investments)
![Group By Asset Type Chart](g35982g44l53.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 5.2% |
| Denmark | 1.5% |
| Germany | 1.8% |
| Switzerland | 2.0% |
| Spain | 2.0% |
| Taiwan | 2.1% |
| Japan | 2.7% |
| Netherlands | 4.1% |
| France | 5.4% |
| United Kingdom | 9.7% |
| United States | 63.5% |

---

#### Top Ten Holdings (% of total investments)<sup>Footnote Reference a</sup>

---

| | |
|:---|:---|
| &nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;4.3% |
| &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;4.0% |
| &nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;3.5% |
| &nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;3.4% |
| &nbsp;&nbsp;ASML Holding NV | &nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd., ADR | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Micron Technology, Inc. | &nbsp;&nbsp;2.0% |
| &nbsp;&nbsp;Safran SA | &nbsp;&nbsp;1.7% |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;31.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g35982g49w49.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report October 31, 2025

# ECDIX-TSR-AR

# Eaton Vance Global Equity Income Fund
![Image](g35982g49g65.jpg)

# Class I EIDIX

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about the Eaton Vance Global Equity Income Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $99 | 0.91% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI World Index (the Index):

↓ The use of equity index futures contracts – a type of derivative used to manage the Fund's market exposures – detracted from Index-relative returns

↓ Stock selections and overweight exposure to health care, stock selections in industrials, and stock selections and underweight to information technology impacted returns

↓ On an individual stock basis, the largest detractor from performance was Novo Nordisk

↑ The Fund's common stock portfolio outperformed the Index and contributed to Index-relative returns during the period

↑ Stock selections and an overweight to financials, stock selections in communication services, and stock selections and an underweight to consumer staples helped

↑ On an individual stock basis, the largest contributor was Zegona Communications – whose stock price more than tripled after closing a strategic acquisition and partnering to build fiber networks across Spain

## Fund Performance
Comparison of the change in value of a $1,000,000 investment for the period indicated.

![Growth of 10K Chart](g35982g14w15.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **MSCI World Index** |
| **10/15** | $1000000 | $1000000 |
| **11/15** | $1003319 | $995024 |
| **12/15** | $986495 | $977534 |
| **1/16** | $939143 | $919054 |
| **2/16** | $916184 | $912214 |
| **3/16** | $969721 | $974116 |
| **4/16** | $980989 | $989530 |
| **5/16** | $988006 | $995088 |
| **6/16** | $972745 | $983937 |
| **7/16** | $1008315 | $1025507 |
| **8/16** | $1000966 | $1026360 |
| **9/16** | $1003551 | $1031811 |
| **10/16** | $985315 | $1011843 |
| **11/16** | $987888 | $1026392 |
| **12/16** | $1007545 | $1050952 |
| **1/17** | $1035888 | $1076317 |
| **2/17** | $1056782 | $1106178 |
| **3/17** | $1066726 | $1117961 |
| **4/17** | $1091531 | $1134514 |
| **5/17** | $1126505 | $1158514 |
| **6/17** | $1129157 | $1162972 |
| **7/17** | $1149460 | $1190804 |
| **8/17** | $1139142 | $1192481 |
| **9/17** | $1159598 | $1219246 |
| **10/17** | $1179189 | $1242287 |
| **11/17** | $1193236 | $1269205 |
| **12/17** | $1213875 | $1286369 |
| **1/18** | $1269662 | $1354289 |
| **2/18** | $1207832 | $1298185 |
| **3/18** | $1203826 | $1269889 |
| **4/18** | $1209376 | $1284481 |
| **5/18** | $1199593 | $1292530 |
| **6/18** | $1198453 | $1291914 |
| **7/18** | $1234991 | $1332265 |
| **8/18** | $1247486 | $1348749 |
| **9/18** | $1253173 | $1356259 |
| **10/18** | $1156654 | $1256672 |
| **11/18** | $1167382 | $1270947 |
| **12/18** | $1077085 | $1174307 |
| **1/19** | $1157642 | $1265675 |
| **2/19** | $1188049 | $1303734 |
| **3/19** | $1207618 | $1320857 |
| **4/19** | $1258149 | $1367694 |
| **5/19** | $1176257 | $1288777 |
| **6/19** | $1256016 | $1373701 |
| **7/19** | $1254862 | $1380505 |
| **8/19** | $1233677 | $1352268 |
| **9/19** | $1256662 | $1381045 |
| **10/19** | $1292960 | $1416189 |
| **11/19** | $1337462 | $1455630 |
| **12/19** | $1387199 | $1499238 |
| **1/20** | $1374748 | $1490113 |
| **2/20** | $1277011 | $1364161 |
| **3/20** | $1079293 | $1183624 |
| **4/20** | $1187496 | $1312928 |
| **5/20** | $1254742 | $1376353 |
| **6/20** | $1287789 | $1412759 |
| **7/20** | $1342749 | $1480348 |
| **8/20** | $1424078 | $1579256 |
| **9/20** | $1382184 | $1524773 |
| **10/20** | $1336680 | $1478001 |
| **11/20** | $1510231 | $1666980 |
| **12/20** | $1590341 | $1737655 |
| **1/21** | $1571245 | $1720385 |
| **2/21** | $1629431 | $1764469 |
| **3/21** | $1674025 | $1823176 |
| **4/21** | $1764676 | $1908027 |
| **5/21** | $1810667 | $1935513 |
| **6/21** | $1809589 | $1964365 |
| **7/21** | $1845063 | $1999549 |
| **8/21** | $1894634 | $2049314 |
| **9/21** | $1808214 | $1964226 |
| **10/21** | $1913097 | $2075480 |
| **11/21** | $1868464 | $2030000 |
| **12/21** | $1962016 | $2116763 |
| **1/22** | $1863177 | $2004763 |
| **2/22** | $1790611 | $1954060 |
| **3/22** | $1806634 | $2007686 |
| **4/22** | $1657417 | $1840901 |
| **5/22** | $1685442 | $1842295 |
| **6/22** | $1522773 | $1682712 |
| **7/22** | $1644888 | $1816313 |
| **8/22** | $1559479 | $1740377 |
| **9/22** | $1432689 | $1578592 |
| **10/22** | $1541121 | $1691955 |
| **11/22** | $1671351 | $1809597 |
| **12/22** | $1597779 | $1732749 |
| **1/23** | $1717732 | $1855351 |
| **2/23** | $1664018 | $1810751 |
| **3/23** | $1717246 | $1866703 |
| **4/23** | $1752403 | $1899425 |
| **5/23** | $1743814 | $1880463 |
| **6/23** | $1850190 | $1994189 |
| **7/23** | $1912769 | $2061179 |
| **8/23** | $1872446 | $2011946 |
| **9/23** | $1783323 | $1925154 |
| **10/23** | $1747269 | $1869294 |
| **11/23** | $1910558 | $2044545 |
| **12/23** | $2003205 | $2144920 |
| **1/24** | $2014672 | $2170660 |
| **2/24** | $2108178 | $2262691 |
| **3/24** | $2170308 | $2335402 |
| **4/24** | $2095648 | $2248654 |
| **5/24** | $2204064 | $2349061 |
| **6/24** | $2216944 | $2396860 |
| **7/24** | $2218374 | $2439098 |
| **8/24** | $2271402 | $2503565 |
| **9/24** | $2288350 | $2549415 |
| **10/24** | $2204008 | $2498842 |
| **11/24** | $2258929 | $2613506 |
| **12/24** | $2183359 | $2545396 |
| **1/25** | $2271334 | $2635220 |
| **2/25** | $2293716 | $2616253 |
| **3/25** | $2201237 | $2499776 |
| **4/25** | $2216361 | $2521992 |
| **5/25** | $2330735 | $2671273 |
| **6/25** | $2431264 | $2786547 |
| **7/25** | $2411287 | $2822417 |
| **8/25** | $2469230 | $2896041 |
| **9/25** | $2546285 | $2989137 |
| **10/25** | $2612876 | $3048995 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class I | 18.55% | 14.34% | 10.07% |
| MSCI World Index (net of foreign withholding taxes) | 22.02% | 15.57% | 11.78% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $758696474 |
| # of Portfolio Holdings | 104 |
| Portfolio Turnover Rate | 102% |
| Total Advisory Fees Paid | $4420728 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Country Allocation (% of total investments)
![Group By Asset Type Chart](g35982g44l53.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 5.2% |
| Denmark | 1.5% |
| Germany | 1.8% |
| Switzerland | 2.0% |
| Spain | 2.0% |
| Taiwan | 2.1% |
| Japan | 2.7% |
| Netherlands | 4.1% |
| France | 5.4% |
| United Kingdom | 9.7% |
| United States | 63.5% |

---

#### Top Ten Holdings (% of total investments)<sup>Footnote Reference a</sup>

---

| | |
|:---|:---|
| &nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;4.3% |
| &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;4.0% |
| &nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;3.5% |
| &nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;3.4% |
| &nbsp;&nbsp;ASML Holding NV | &nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd., ADR | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Micron Technology, Inc. | &nbsp;&nbsp;2.0% |
| &nbsp;&nbsp;Safran SA | &nbsp;&nbsp;1.7% |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;31.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g35982g49w49.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report October 31, 2025

# EIDIX-TSR-AR

# Eaton Vance Global Income Builder Fund
![Image](g35982g49g65.jpg)

# Class A EDIAX

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about the Eaton Vance Global Income Builder Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $126 | 1.17% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI World Index (the Index). The Fund's custom benchmark is 65% MSCI World Index / 35% ICE BofA Developed Markets High Yield Ex-Subordinated Financial Index (the ICE BofA Index):

↓ The Fund's underweight allocation to equities detracted from relative performance compared to the ICE BofA Index

↓ The Fund's allocation to bank loans underperformed the Index and detracted from Index-relative returns during the period

↓ Allocation to preferred securities underperformed the Index, but outperformed the preferred market as measured by ICE BofA Fixed-Rate Preferred Securities Index

↑ The Fund exhibited strong absolute performance driven by strong security selection in both equity and fixed income sleeves

↑ The Fund's overweight allocation to high yield contributed to relative performance compared to the ICE BofA Index

↑ The Fund's common stock portfolio outperformed the Index and contributed to Index-relative returns during the period. Among sectors, stock selections and underweight exposure to consumer staples, and stock selections in communication services and financials helped returns

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g35982g66s89.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A with Maximum Sales Charge** | **MSCI World Index** | **Blended Index** | **ICE BofA DM HY** |
| **10/15** | $10000 | $10000 | $10000 | $10000 |
| **11/15** | $9505 | $9950 | $9879 | $9747 |
| **12/15** | $9341 | $9775 | $9692 | $9539 |
| **1/16** | $8988 | $9191 | $9258 | $9377 |
| **2/16** | $8837 | $9122 | $9226 | $9413 |
| **3/16** | $9279 | $9741 | $9804 | $9912 |
| **4/16** | $9389 | $9895 | $10034 | $10287 |
| **5/16** | $9467 | $9951 | $10074 | $10295 |
| **6/16** | $9360 | $9839 | $10019 | $10349 |
| **7/16** | $9645 | $10255 | $10386 | $10620 |
| **8/16** | $9653 | $10264 | $10467 | $10840 |
| **9/16** | $9673 | $10318 | $10523 | $10901 |
| **10/16** | $9518 | $10118 | $10384 | $10880 |
| **11/16** | $9491 | $10264 | $10449 | $10784 |
| **12/16** | $9652 | $10510 | $10678 | $10981 |
| **1/17** | $9884 | $10763 | $10909 | $11166 |
| **2/17** | $10046 | $11062 | $11150 | $11296 |
| **3/17** | $10102 | $11180 | $11224 | $11287 |
| **4/17** | $10325 | $11345 | $11391 | $11456 |
| **5/17** | $10584 | $11585 | $11603 | $11616 |
| **6/17** | $10605 | $11630 | $11649 | $11665 |
| **7/17** | $10781 | $11908 | $11901 | $11865 |
| **8/17** | $10718 | $11925 | $11916 | $11878 |
| **9/17** | $10872 | $12192 | $12125 | $11979 |
| **10/17** | $11014 | $12423 | $12284 | $12006 |
| **11/17** | $11095 | $12692 | $12462 | $12021 |
| **12/17** | $11214 | $12864 | $12587 | $12064 |
| **1/18** | $11589 | $13543 | $13081 | $12234 |
| **2/18** | $11168 | $12982 | $12667 | $12069 |
| **3/18** | $11140 | $12699 | $12473 | $12029 |
| **4/18** | $11173 | $12845 | $12579 | $12065 |
| **5/18** | $11119 | $12925 | $12592 | $11958 |
| **6/18** | $11090 | $12919 | $12594 | $11975 |
| **7/18** | $11361 | $13323 | $12903 | $12119 |
| **8/18** | $11445 | $13487 | $13028 | $12178 |
| **9/18** | $11491 | $13563 | $13097 | $12235 |
| **10/18** | $10846 | $12567 | $12380 | $11991 |
| **11/18** | $10868 | $12709 | $12421 | $11851 |
| **12/18** | $10270 | $11743 | $11732 | $11645 |
| **1/19** | $10888 | $12657 | $12500 | $12142 |
| **2/19** | $11126 | $13037 | $12816 | $12339 |
| **3/19** | $11327 | $13209 | $12956 | $12423 |
| **4/19** | $11656 | $13677 | $13316 | $12593 |
| **5/19** | $11202 | $12888 | $12749 | $12411 |
| **6/19** | $11739 | $13737 | $13422 | $12762 |
| **7/19** | $11761 | $13805 | $13466 | $12765 |
| **8/19** | $11667 | $13523 | $13298 | $12796 |
| **9/19** | $11818 | $13810 | $13485 | $12803 |
| **10/19** | $12036 | $14162 | $13739 | $12887 |
| **11/19** | $12294 | $14556 | $13997 | $12912 |
| **12/19** | $12683 | $14992 | $14381 | $13206 |
| **1/20** | $12600 | $14901 | $14311 | $13172 |
| **2/20** | $11961 | $13642 | $13432 | $12928 |
| **3/20** | $10202 | $11836 | $11707 | $11361 |
| **4/20** | $11022 | $13129 | $12714 | $11849 |
| **5/20** | $11552 | $13764 | $13309 | $12370 |
| **6/20** | $11802 | $14128 | $13601 | $12537 |
| **7/20** | $12320 | $14803 | $14275 | $13199 |
| **8/20** | $12841 | $15793 | $14964 | $13381 |
| **9/20** | $12514 | $15248 | $14554 | $13190 |
| **10/20** | $12292 | $14780 | $14278 | $13227 |
| **11/20** | $13467 | $16670 | $15699 | $13849 |
| **12/20** | $14021 | $17377 | $16252 | $14152 |
| **1/21** | $13920 | $17204 | $16163 | $14192 |
| **2/21** | $14257 | $17645 | $16457 | $14253 |
| **3/21** | $14486 | $18232 | $16786 | $14187 |
| **4/21** | $15045 | $19080 | $17383 | $14403 |
| **5/21** | $15317 | $19355 | $17588 | $14502 |
| **6/21** | $15396 | $19644 | $17783 | $14560 |
| **7/21** | $15600 | $19995 | $18013 | $14614 |
| **8/21** | $15874 | $20493 | $18327 | $14665 |
| **9/21** | $15341 | $19642 | $17802 | $14597 |
| **10/21** | $15866 | $20755 | $18441 | $14559 |
| **11/21** | $15554 | $20300 | $18074 | $14322 |
| **12/21** | $16140 | $21168 | $18697 | $14598 |
| **1/22** | $15410 | $20048 | $17874 | $14195 |
| **2/22** | $14993 | $19541 | $17497 | $14007 |
| **3/22** | $15046 | $20077 | $17755 | $13883 |
| **4/22** | $14052 | $18409 | $16505 | $13233 |
| **5/22** | $14179 | $18423 | $16525 | $13259 |
| **6/22** | $13008 | $16827 | $15163 | $12270 |
| **7/22** | $13901 | $18163 | $16227 | $12920 |
| **8/22** | $13301 | $17404 | $15642 | $12594 |
| **9/22** | $12351 | $15786 | $14440 | $12002 |
| **10/22** | $13032 | $16920 | $15259 | $12346 |
| **11/22** | $13818 | $18096 | $16122 | $12747 |
| **12/22** | $13432 | $17327 | $15680 | $12754 |
| **1/23** | $14252 | $18554 | $16631 | $13288 |
| **2/23** | $13894 | $18108 | $16282 | $13085 |
| **3/23** | $14230 | $18667 | $16689 | $13269 |
| **4/23** | $14463 | $18994 | $16951 | $13431 |
| **5/23** | $14309 | $18805 | $16763 | $13255 |
| **6/23** | $14842 | $19942 | $17534 | $13507 |
| **7/23** | $15181 | $20612 | $18016 | $13727 |
| **8/23** | $15012 | $20119 | $17729 | $13711 |
| **9/23** | $14466 | $19252 | $17145 | $13518 |
| **10/23** | $14205 | $18693 | $16758 | $13375 |
| **11/23** | $15258 | $20445 | $18072 | $14042 |
| **12/23** | $15916 | $21449 | $18887 | $14572 |
| **1/24** | $15977 | $21707 | $19024 | $14549 |
| **2/24** | $16404 | $22627 | $19563 | $14581 |
| **3/24** | $16721 | $23354 | $20035 | $14716 |
| **4/24** | $16378 | $22487 | $19480 | $14566 |
| **5/24** | $16976 | $23491 | $20143 | $14777 |
| **6/24** | $17112 | $23969 | $20451 | $14863 |
| **7/24** | $17220 | $24391 | $20829 | $15162 |
| **8/24** | $17625 | $25036 | $21336 | $15472 |
| **9/24** | $17796 | $25494 | $21718 | $15737 |
| **10/24** | $17305 | $24988 | $21364 | $15584 |
| **11/24** | $17572 | $26135 | $22030 | $15645 |
| **12/24** | $17171 | $25454 | $21608 | $15546 |
| **1/25** | $17609 | $26352 | $22200 | $15744 |
| **2/25** | $17719 | $26163 | $22157 | $15867 |
| **3/25** | $17398 | $24998 | $21496 | $15826 |
| **4/25** | $17708 | $25220 | $21710 | $16015 |
| **5/25** | $18405 | $26713 | $22666 | $16269 |
| **6/25** | $19058 | $27865 | $23481 | $16638 |
| **7/25** | $18939 | $28224 | $23676 | $16635 |
| **8/25** | $19244 | $28960 | $24201 | $16883 |
| **9/25** | $19671 | $29891 | $24771 | $17012 |
| **10/25** | $20041 | $30490 | $25072 | $16967 |

---

## Average Annual Total Returns (%)<sup>**Footnote Reference 1**</sup>

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class A | 15.86% | 10.27% | 7.78% |
| Class A with 5.25% Maximum Sales Charge | 9.73% | 9.10% | 7.19% |
| MSCI World Index (net of foreign withholding taxes) | 22.02% | 15.57% | 11.78% |
| Blended Index<sup>Footnote Reference2</sup> | 17.35% | 11.91% | 9.62% |
| ICE BofA DM HY | 8.87% | 5.10% | 5.42% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Effective December 7, 2015, the Fund changed its name and principal investment strategies. Performance prior to December 7, 2015 reflects the Fund's performance under its former investment strategies. Please see the Fund's prospectus for further information. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Index consists of 65% MSCI World Index and 35% ICE BofA Developed Markets High Yield Ex-Subordinated Financial Index, rebalanced monthly. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $286051127 |
| # of Portfolio Holdings | 578 |
| Portfolio Turnover Rate | 102% |
| Total Advisory Fees Paid | $1505100 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](g35982g50m19.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference†</sup> | 0.4% |
| Senior Floating-Rate Loans | 2.3% |
| Corporate Bonds | 33.1% |
| Common Stocks | 64.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Investment types less than 1% each |

---

#### Top Ten Holdings (% of total investments)<sup>Footnote Reference a</sup>

---

| | |
|:---|:---|
| &nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;3.3% |
| &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;ASML Holding NV | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;Micron Technology, Inc. | &nbsp;&nbsp;1.4% |
| &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd., ADR | &nbsp;&nbsp;1.3% |
| &nbsp;&nbsp;AstraZeneca PLC | &nbsp;&nbsp;1.2% |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;21.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g35982g49w49.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report October 31, 2025

# EDIAX-TSR-AR

# Eaton Vance Global Income Builder Fund
![Image](g35982g49g65.jpg)

# Class C EDICX

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about the Eaton Vance Global Income Builder Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $206 | 1.92% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI World Index (the Index). The Fund's custom benchmark is 65% MSCI World Index / 35% ICE BofA Developed Markets High Yield Ex-Subordinated Financial Index (the ICE BofA Index):

↓ The Fund's underweight allocation to equities detracted from relative performance compared to the ICE BofA Index

↓ The Fund's allocation to bank loans underperformed the Index and detracted from Index-relative returns during the period

↓ Allocation to preferred securities underperformed the Index, but outperformed the preferred market as measured by ICE BofA Fixed-Rate Preferred Securities Index

↑ The Fund exhibited strong absolute performance driven by strong security selection in both equity and fixed income sleeves

↑ The Fund's overweight allocation to high yield contributed to relative performance compared to the ICE BofA Index

↑ The Fund's common stock portfolio outperformed the Index and contributed to Index-relative returns during the period. Among sectors, stock selections and underweight exposure to consumer staples, and stock selections in communication services and financials helped returns

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g35982g08i68.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class C** | **MSCI World Index** | **Blended Index** | **ICE BofA DM HY** |
| **10/15** | $10000 | $10000 | $10000 | $10000 |
| **11/15** | $10026 | $9950 | $9879 | $9747 |
| **12/15** | $9838 | $9775 | $9692 | $9539 |
| **1/16** | $9463 | $9191 | $9258 | $9377 |
| **2/16** | $9308 | $9122 | $9226 | $9413 |
| **3/16** | $9759 | $9741 | $9804 | $9912 |
| **4/16** | $9883 | $9895 | $10034 | $10287 |
| **5/16** | $9947 | $9951 | $10074 | $10295 |
| **6/16** | $9827 | $9839 | $10019 | $10349 |
| **7/16** | $10124 | $10255 | $10386 | $10620 |
| **8/16** | $10126 | $10264 | $10467 | $10840 |
| **9/16** | $10141 | $10318 | $10523 | $10901 |
| **10/16** | $9970 | $10118 | $10384 | $10880 |
| **11/16** | $9935 | $10264 | $10449 | $10784 |
| **12/16** | $10101 | $10510 | $10678 | $10981 |
| **1/17** | $10339 | $10763 | $10909 | $11166 |
| **2/17** | $10502 | $11062 | $11150 | $11296 |
| **3/17** | $10555 | $11180 | $11224 | $11287 |
| **4/17** | $10772 | $11345 | $11391 | $11456 |
| **5/17** | $11039 | $11585 | $11603 | $11616 |
| **6/17** | $11052 | $11630 | $11649 | $11665 |
| **7/17** | $11232 | $11908 | $11901 | $11865 |
| **8/17** | $11158 | $11925 | $11916 | $11878 |
| **9/17** | $11313 | $12192 | $12125 | $11979 |
| **10/17** | $11442 | $12423 | $12284 | $12006 |
| **11/17** | $11520 | $12692 | $12462 | $12021 |
| **12/17** | $11650 | $12864 | $12587 | $12064 |
| **1/18** | $12024 | $13543 | $13081 | $12234 |
| **2/18** | $11588 | $12982 | $12667 | $12069 |
| **3/18** | $11538 | $12699 | $12473 | $12029 |
| **4/18** | $11567 | $12845 | $12579 | $12065 |
| **5/18** | $11503 | $12925 | $12592 | $11958 |
| **6/18** | $11479 | $12919 | $12594 | $11975 |
| **7/18** | $11754 | $13323 | $12903 | $12119 |
| **8/18** | $11834 | $13487 | $13028 | $12178 |
| **9/18** | $11876 | $13563 | $13097 | $12235 |
| **10/18** | $11195 | $12567 | $12380 | $11991 |
| **11/18** | $11210 | $12709 | $12421 | $11851 |
| **12/18** | $10580 | $11743 | $11732 | $11645 |
| **1/19** | $11216 | $12657 | $12500 | $12142 |
| **2/19** | $11457 | $13037 | $12816 | $12339 |
| **3/19** | $11659 | $13209 | $12956 | $12423 |
| **4/19** | $11980 | $13677 | $13316 | $12593 |
| **5/19** | $11501 | $12888 | $12749 | $12411 |
| **6/19** | $12053 | $13737 | $13422 | $12762 |
| **7/19** | $12067 | $13805 | $13466 | $12765 |
| **8/19** | $11961 | $13523 | $13298 | $12796 |
| **9/19** | $12112 | $13810 | $13485 | $12803 |
| **10/19** | $12329 | $14162 | $13739 | $12887 |
| **11/19** | $12590 | $14556 | $13997 | $12912 |
| **12/19** | $12971 | $14992 | $14381 | $13206 |
| **1/20** | $12875 | $14901 | $14311 | $13172 |
| **2/20** | $12208 | $13642 | $13432 | $12928 |
| **3/20** | $10411 | $11836 | $11707 | $11361 |
| **4/20** | $11250 | $13129 | $12714 | $11849 |
| **5/20** | $11776 | $13764 | $13309 | $12370 |
| **6/20** | $12027 | $14128 | $13601 | $12537 |
| **7/20** | $12553 | $14803 | $14275 | $13199 |
| **8/20** | $13068 | $15793 | $14964 | $13381 |
| **9/20** | $12723 | $15248 | $14554 | $13190 |
| **10/20** | $12488 | $14780 | $14278 | $13227 |
| **11/20** | $13689 | $16670 | $15699 | $13849 |
| **12/20** | $14234 | $17377 | $16252 | $14152 |
| **1/21** | $14137 | $17204 | $16163 | $14192 |
| **2/21** | $14474 | $17645 | $16457 | $14253 |
| **3/21** | $14686 | $18232 | $16786 | $14187 |
| **4/21** | $15236 | $19080 | $17383 | $14403 |
| **5/21** | $15520 | $19355 | $17588 | $14502 |
| **6/21** | $15575 | $19644 | $17783 | $14560 |
| **7/21** | $15775 | $19995 | $18013 | $14614 |
| **8/21** | $16045 | $20493 | $18327 | $14665 |
| **9/21** | $15489 | $19642 | $17802 | $14597 |
| **10/21** | $16018 | $20755 | $18441 | $14559 |
| **11/21** | $15689 | $20300 | $18074 | $14322 |
| **12/21** | $16276 | $21168 | $18697 | $14598 |
| **1/22** | $15537 | $20048 | $17874 | $14195 |
| **2/22** | $15101 | $19541 | $17497 | $14007 |
| **3/22** | $15147 | $20077 | $17755 | $13883 |
| **4/22** | $14141 | $18409 | $16505 | $13233 |
| **5/22** | $14260 | $18423 | $16525 | $13259 |
| **6/22** | $13060 | $16827 | $15163 | $12270 |
| **7/22** | $13959 | $18163 | $16227 | $12920 |
| **8/22** | $13341 | $17404 | $15642 | $12594 |
| **9/22** | $12377 | $15786 | $14440 | $12002 |
| **10/22** | $13061 | $16920 | $15259 | $12346 |
| **11/22** | $13834 | $18096 | $16122 | $12747 |
| **12/22** | $13451 | $17327 | $15680 | $12754 |
| **1/23** | $14257 | $18554 | $16631 | $13288 |
| **2/23** | $13884 | $18108 | $16282 | $13085 |
| **3/23** | $14217 | $18667 | $16689 | $13269 |
| **4/23** | $14443 | $18994 | $16951 | $13431 |
| **5/23** | $14279 | $18805 | $16763 | $13255 |
| **6/23** | $14791 | $19942 | $17534 | $13507 |
| **7/23** | $15127 | $20612 | $18016 | $13727 |
| **8/23** | $14961 | $20119 | $17729 | $13711 |
| **9/23** | $14401 | $19252 | $17145 | $13518 |
| **10/23** | $14128 | $18693 | $16758 | $13375 |
| **11/23** | $15164 | $20445 | $18072 | $14042 |
| **12/23** | $15814 | $21449 | $18887 | $14572 |
| **1/24** | $15875 | $21707 | $19024 | $14549 |
| **2/24** | $16279 | $22627 | $19563 | $14581 |
| **3/24** | $16587 | $23354 | $20035 | $14716 |
| **4/24** | $16231 | $22487 | $19480 | $14566 |
| **5/24** | $16805 | $23491 | $20143 | $14777 |
| **6/24** | $16931 | $23969 | $20451 | $14863 |
| **7/24** | $17026 | $24391 | $20829 | $15162 |
| **8/24** | $17420 | $25036 | $21336 | $15472 |
| **9/24** | $17579 | $25494 | $21718 | $15737 |
| **10/24** | $17090 | $24988 | $21364 | $15584 |
| **11/24** | $17330 | $26135 | $22030 | $15645 |
| **12/24** | $16934 | $25454 | $21608 | $15546 |
| **1/25** | $17360 | $26352 | $22200 | $15744 |
| **2/25** | $17459 | $26163 | $22157 | $15867 |
| **3/25** | $17127 | $24998 | $21496 | $15826 |
| **4/25** | $17408 | $25220 | $21710 | $16015 |
| **5/25** | $18092 | $26713 | $22666 | $16269 |
| **6/25** | $18713 | $27865 | $23481 | $16638 |
| **7/25** | $18582 | $28224 | $23676 | $16635 |
| **8/25** | $18888 | $28960 | $24201 | $16883 |
| **9/25** | $19282 | $29891 | $24771 | $17012 |
| **10/25** | $19941 | $30490 | $25072 | $16967 |

---

## Average Annual Total Returns (%)<sup>**Footnote Reference 1**</sup>

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class C, with conversion to Class A after 8 years | 14.95% | 9.48% | 7.14% |
| Class C, with 1% Maximum Contingent Deferred Sales Charge and conversion to Class A after 8 years | 13.95% | 9.48% | 7.14% |
| MSCI World Index (net of foreign withholding taxes) | 22.02% | 15.57% | 11.78% |
| Blended Index<sup>Footnote Reference2</sup> | 17.35% | 11.91% | 9.62% |
| ICE BofA DM HY | 8.87% | 5.10% | 5.42% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Effective December 7, 2015, the Fund changed its name and principal investment strategies. Performance prior to December 7, 2015 reflects the Fund's performance under its former investment strategies. Please see the Fund's prospectus for further information. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Index consists of 65% MSCI World Index and 35% ICE BofA Developed Markets High Yield Ex-Subordinated Financial Index, rebalanced monthly. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $286051127 |
| # of Portfolio Holdings | 578 |
| Portfolio Turnover Rate | 102% |
| Total Advisory Fees Paid | $1505100 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](g35982g50m19.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference†</sup> | 0.4% |
| Senior Floating-Rate Loans | 2.3% |
| Corporate Bonds | 33.1% |
| Common Stocks | 64.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Investment types less than 1% each |

---

#### Top Ten Holdings (% of total investments)<sup>Footnote Reference a</sup>

---

| | |
|:---|:---|
| &nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;3.3% |
| &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;ASML Holding NV | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;Micron Technology, Inc. | &nbsp;&nbsp;1.4% |
| &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd., ADR | &nbsp;&nbsp;1.3% |
| &nbsp;&nbsp;AstraZeneca PLC | &nbsp;&nbsp;1.2% |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;21.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g35982g49w49.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report October 31, 2025

# EDICX-TSR-AR

# Eaton Vance Global Income Builder Fund
![Image](g35982g49g65.jpg)

# Class I EDIIX

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about the Eaton Vance Global Income Builder Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $99 | 0.92% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI World Index (the Index). The Fund's custom benchmark is 65% MSCI World Index / 35% ICE BofA Developed Markets High Yield Ex-Subordinated Financial Index (the ICE BofA Index):

↓ The Fund's underweight allocation to equities detracted from relative performance compared to the ICE BofA Index

↓ The Fund's allocation to bank loans underperformed the Index and detracted from Index-relative returns during the period

↓ Allocation to preferred securities underperformed the Index, but outperformed the preferred market as measured by ICE BofA Fixed-Rate Preferred Securities Index

↑ The Fund exhibited strong absolute performance driven by strong security selection in both equity and fixed income sleeves

↑ The Fund's overweight allocation to high yield contributed to relative performance compared to the ICE BofA Index

↑ The Fund's common stock portfolio outperformed the Index and contributed to Index-relative returns during the period. Among sectors, stock selections and underweight exposure to consumer staples, and stock selections in communication services and financials helped returns

## Fund Performance
Comparison of the change in value of a $1,000,000 investment for the period indicated.

![Growth of 10K Chart](g35982g50o12.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class I** | **MSCI World Index** | **Blended Index** | **ICE BofA DM HY** |
| **10/15** | $1000000 | $1000000 | $1000000 | $1000000 |
| **11/15** | $1003436 | $995024 | $987896 | $974657 |
| **12/15** | $985312 | $977534 | $969239 | $953883 |
| **1/16** | $949264 | $919054 | $925795 | $937703 |
| **2/16** | $933537 | $912214 | $922562 | $941306 |
| **3/16** | $980455 | $974116 | $980361 | $991174 |
| **4/16** | $992404 | $989530 | $1003439 | $1028713 |
| **5/16** | $1000856 | $995088 | $1007377 | $1029516 |
| **6/16** | $989749 | $983937 | $1001893 | $1034928 |
| **7/16** | $1020243 | $1025507 | $1038567 | $1061963 |
| **8/16** | $1021318 | $1026360 | $1046680 | $1084027 |
| **9/16** | $1023685 | $1031811 | $1052343 | $1090091 |
| **10/16** | $1008690 | $1011843 | $1038397 | $1087995 |
| **11/16** | $1004844 | $1026392 | $1044909 | $1078434 |
| **12/16** | $1022036 | $1050952 | $1067843 | $1098138 |
| **1/17** | $1046939 | $1076317 | $1090882 | $1116612 |
| **2/17** | $1064358 | $1106178 | $1114986 | $1129572 |
| **3/17** | $1070527 | $1117961 | $1122421 | $1128747 |
| **4/17** | $1093216 | $1134514 | $1139088 | $1145599 |
| **5/17** | $1122246 | $1158514 | $1160320 | $1161599 |
| **6/17** | $1124669 | $1162972 | $1164918 | $1166453 |
| **7/17** | $1143677 | $1190804 | $1190051 | $1186511 |
| **8/17** | $1137195 | $1192481 | $1191605 | $1187835 |
| **9/17** | $1153769 | $1219246 | $1212528 | $1197914 |
| **10/17** | $1169113 | $1242287 | $1228373 | $1200595 |
| **11/17** | $1178064 | $1269205 | $1246228 | $1202146 |
| **12/17** | $1190911 | $1286369 | $1258715 | $1206368 |
| **1/18** | $1229784 | $1354289 | $1308121 | $1223364 |
| **2/18** | $1186610 | $1298185 | $1266728 | $1206883 |
| **3/18** | $1182525 | $1269889 | $1247335 | $1202945 |
| **4/18** | $1187602 | $1284481 | $1257934 | $1206479 |
| **5/18** | $1180832 | $1292530 | $1259171 | $1195828 |
| **6/18** | $1179349 | $1291914 | $1259414 | $1197546 |
| **7/18** | $1208403 | $1332265 | $1290256 | $1211874 |
| **8/18** | $1217597 | $1348749 | $1302838 | $1217792 |
| **9/18** | $1222807 | $1356259 | $1309676 | $1223461 |
| **10/18** | $1154398 | $1256672 | $1238040 | $1199101 |
| **11/18** | $1155684 | $1270947 | $1242135 | $1185134 |
| **12/18** | $1093556 | $1174307 | $1173155 | $1164450 |
| **1/19** | $1159736 | $1265675 | $1250030 | $1214205 |
| **2/19** | $1185386 | $1303734 | $1281576 | $1233945 |
| **3/19** | $1207003 | $1320857 | $1295572 | $1242349 |
| **4/19** | $1242393 | $1367694 | $1331621 | $1259302 |
| **5/19** | $1192863 | $1288777 | $1274931 | $1241072 |
| **6/19** | $1251854 | $1373701 | $1342177 | $1276224 |
| **7/19** | $1254469 | $1380505 | $1346597 | $1276492 |
| **8/19** | $1243307 | $1352268 | $1329845 | $1279611 |
| **9/19** | $1259784 | $1381045 | $1348488 | $1280293 |
| **10/19** | $1283327 | $1416189 | $1373889 | $1288691 |
| **11/19** | $1312534 | $1455630 | $1399688 | $1291178 |
| **12/19** | $1353043 | $1499238 | $1438120 | $1320633 |
| **1/20** | $1344380 | $1490113 | $1431117 | $1317187 |
| **2/20** | $1276288 | $1364161 | $1343204 | $1292769 |
| **3/20** | $1089946 | $1183624 | $1170691 | $1136118 |
| **4/20** | $1177949 | $1312928 | $1271399 | $1184859 |
| **5/20** | $1234977 | $1376353 | $1330910 | $1237017 |
| **6/20** | $1260539 | $1412759 | $1360077 | $1253706 |
| **7/20** | $1317758 | $1480348 | $1427520 | $1319941 |
| **8/20** | $1372357 | $1579256 | $1496391 | $1338104 |
| **9/20** | $1339049 | $1524773 | $1455366 | $1319018 |
| **10/20** | $1315586 | $1478001 | $1427783 | $1322736 |
| **11/20** | $1441798 | $1666980 | $1569920 | $1384869 |
| **12/20** | $1499974 | $1737655 | $1625209 | $1415177 |
| **1/21** | $1490955 | $1720385 | $1616329 | $1419206 |
| **2/21** | $1527355 | $1764469 | $1645685 | $1425313 |
| **3/21** | $1552203 | $1823176 | $1678622 | $1418748 |
| **4/21** | $1611010 | $1908027 | $1738344 | $1440340 |
| **5/21** | $1641947 | $1935513 | $1758771 | $1450165 |
| **6/21** | $1650846 | $1964365 | $1778301 | $1456026 |
| **7/21** | $1673036 | $1999549 | $1801309 | $1461418 |
| **8/21** | $1702742 | $2049314 | $1832650 | $1466520 |
| **9/21** | $1645953 | $1964226 | $1780220 | $1459730 |
| **10/21** | $1701206 | $2075480 | $1844113 | $1455869 |
| **11/21** | $1669573 | $2030000 | $1807367 | $1432230 |
| **12/21** | $1732829 | $2116763 | $1869741 | $1459770 |
| **1/22** | $1654757 | $2004763 | $1787390 | $1419513 |
| **2/22** | $1608843 | $1954060 | $1749730 | $1400732 |
| **3/22** | $1616386 | $2007686 | $1775521 | $1388333 |
| **4/22** | $1509804 | $1840901 | $1650541 | $1323308 |
| **5/22** | $1523748 | $1842295 | $1652467 | $1325858 |
| **6/22** | $1396599 | $1682712 | $1516306 | $1227008 |
| **7/22** | $1494506 | $1816313 | $1622685 | $1292037 |
| **8/22** | $1430244 | $1740377 | $1564233 | $1259379 |
| **9/22** | $1328122 | $1578592 | $1443997 | $1200217 |
| **10/22** | $1401810 | $1691955 | $1525867 | $1234574 |
| **11/22** | $1486736 | $1809597 | $1612192 | $1274713 |
| **12/22** | $1445548 | $1732749 | $1567984 | $1275379 |
| **1/23** | $1534136 | $1855351 | $1663088 | $1328807 |
| **2/23** | $1494259 | $1810751 | $1628221 | $1308531 |
| **3/23** | $1532446 | $1866703 | $1668901 | $1326851 |
| **4/23** | $1556275 | $1899425 | $1695076 | $1343112 |
| **5/23** | $1541623 | $1880463 | $1676301 | $1325511 |
| **6/23** | $1597759 | $1994189 | $1753358 | $1350724 |
| **7/23** | $1636315 | $2061179 | $1801612 | $1372667 |
| **8/23** | $1618449 | $2011946 | $1772918 | $1371093 |
| **9/23** | $1559786 | $1925154 | $1714472 | $1351797 |
| **10/23** | $1531919 | $1869294 | $1675800 | $1337522 |
| **11/23** | $1644358 | $2044545 | $1807177 | $1404236 |
| **12/23** | $1717536 | $2144920 | $1888718 | $1457233 |
| **1/24** | $1724116 | $2170660 | $1902376 | $1454866 |
| **2/24** | $1770574 | $2262691 | $1956273 | $1458078 |
| **3/24** | $1805305 | $2335402 | $2003482 | $1471594 |
| **4/24** | $1766908 | $2248654 | $1947972 | $1456614 |
| **5/24** | $1832045 | $2349061 | $2014316 | $1477692 |
| **6/24** | $1847269 | $2396860 | $2045076 | $1486324 |
| **7/24** | $1859214 | $2439098 | $2082904 | $1516230 |
| **8/24** | $1903398 | $2503565 | $2133591 | $1547227 |
| **9/24** | $1922253 | $2549415 | $2171775 | $1573717 |
| **10/24** | $1871113 | $2498842 | $2136392 | $1558439 |
| **11/24** | $1898639 | $2613506 | $2203026 | $1564510 |
| **12/24** | $1855803 | $2545396 | $2160834 | $1554622 |
| **1/25** | $1905326 | $2635220 | $2220025 | $1574409 |
| **2/25** | $1915964 | $2616253 | $2215684 | $1586658 |
| **3/25** | $1883359 | $2499776 | $2149561 | $1582556 |
| **4/25** | $1915509 | $2521992 | $2170966 | $1601461 |
| **5/25** | $1991642 | $2671273 | $2266579 | $1626935 |
| **6/25** | $2062965 | $2786547 | $2348149 | $1663835 |
| **7/25** | $2050474 | $2822417 | $2367623 | $1663484 |
| **8/25** | $2085722 | $2896041 | $2420122 | $1688286 |
| **9/25** | $2130521 | $2989137 | $2477149 | $1701160 |
| **10/25** | $2171909 | $3048995 | $2507208 | $1696727 |

---

## Average Annual Total Returns (%)<sup>**Footnote Reference 1**</sup>

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class I | 16.08% | 10.54% | 8.06% |
| MSCI World Index (net of foreign withholding taxes) | 22.02% | 15.57% | 11.78% |
| Blended Index<sup>Footnote Reference2</sup> | 17.35% | 11.91% | 9.62% |
| ICE BofA DM HY | 8.87% | 5.10% | 5.42% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Effective December 7, 2015, the Fund changed its name and principal investment strategies. Performance prior to December 7, 2015 reflects the Fund's performance under its former investment strategies. Please see the Fund's prospectus for further information. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Index consists of 65% MSCI World Index and 35% ICE BofA Developed Markets High Yield Ex-Subordinated Financial Index, rebalanced monthly. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $286051127 |
| # of Portfolio Holdings | 578 |
| Portfolio Turnover Rate | 102% |
| Total Advisory Fees Paid | $1505100 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](g35982g50m19.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference†</sup> | 0.4% |
| Senior Floating-Rate Loans | 2.3% |
| Corporate Bonds | 33.1% |
| Common Stocks | 64.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Investment types less than 1% each |

---

#### Top Ten Holdings (% of total investments)<sup>Footnote Reference a</sup>

---

| | |
|:---|:---|
| &nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;3.3% |
| &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;ASML Holding NV | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;Micron Technology, Inc. | &nbsp;&nbsp;1.4% |
| &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd., ADR | &nbsp;&nbsp;1.3% |
| &nbsp;&nbsp;AstraZeneca PLC | &nbsp;&nbsp;1.2% |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;21.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g35982g49w49.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report October 31, 2025

# EDIIX-TSR-AR

# Eaton Vance Global Income Builder Fund
![Image](g35982g49g65.jpg)

# Class R EDIRX

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about the Eaton Vance Global Income Builder Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R | $153 | 1.42% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI World Index (the Index). The Fund's custom benchmark is 65% MSCI World Index / 35% ICE BofA Developed Markets High Yield Ex-Subordinated Financial Index (the ICE BofA Index):

↓ The Fund's underweight allocation to equities detracted from relative performance compared to the ICE BofA Index

↓ The Fund's allocation to bank loans underperformed the Index and detracted from Index-relative returns during the period

↓ Allocation to preferred securities underperformed the Index, but outperformed the preferred market as measured by ICE BofA Fixed-Rate Preferred Securities Index

↑ The Fund exhibited strong absolute performance driven by strong security selection in both equity and fixed income sleeves

↑ The Fund's overweight allocation to high yield contributed to relative performance compared to the ICE BofA Index

↑ The Fund's common stock portfolio outperformed the Index and contributed to Index-relative returns during the period. Among sectors, stock selections and underweight exposure to consumer staples, and stock selections in communication services and financials helped returns

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g35982g04o23.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class R** | **MSCI World Index** | **Blended Index** | **ICE BofA DM HY** |
| **10/15** | $10000 | $10000 | $10000 | $10000 |
| **11/15** | $10018 | $9950 | $9879 | $9747 |
| **12/15** | $9851 | $9775 | $9692 | $9539 |
| **1/16** | $9478 | $9191 | $9258 | $9377 |
| **2/16** | $9316 | $9122 | $9226 | $9413 |
| **3/16** | $9780 | $9741 | $9804 | $9912 |
| **4/16** | $9907 | $9895 | $10034 | $10287 |
| **5/16** | $9974 | $9951 | $10074 | $10295 |
| **6/16** | $9859 | $9839 | $10019 | $10349 |
| **7/16** | $10159 | $10255 | $10386 | $10620 |
| **8/16** | $10166 | $10264 | $10467 | $10840 |
| **9/16** | $10185 | $10318 | $10523 | $10901 |
| **10/16** | $10018 | $10118 | $10384 | $10880 |
| **11/16** | $9987 | $10264 | $10449 | $10784 |
| **12/16** | $10155 | $10510 | $10678 | $10981 |
| **1/17** | $10397 | $10763 | $10909 | $11166 |
| **2/17** | $10565 | $11062 | $11150 | $11296 |
| **3/17** | $10623 | $11180 | $11224 | $11287 |
| **4/17** | $10843 | $11345 | $11391 | $11456 |
| **5/17** | $11126 | $11585 | $11603 | $11616 |
| **6/17** | $11147 | $11630 | $11649 | $11665 |
| **7/17** | $11330 | $11908 | $11901 | $11865 |
| **8/17** | $11261 | $11925 | $11916 | $11878 |
| **9/17** | $11407 | $12192 | $12125 | $11979 |
| **10/17** | $11566 | $12423 | $12284 | $12006 |
| **11/17** | $11636 | $12692 | $12462 | $12021 |
| **12/17** | $11771 | $12864 | $12587 | $12064 |
| **1/18** | $12151 | $13543 | $13081 | $12234 |
| **2/18** | $11718 | $12982 | $12667 | $12069 |
| **3/18** | $11673 | $12699 | $12473 | $12029 |
| **4/18** | $11718 | $12845 | $12579 | $12065 |
| **5/18** | $11659 | $12925 | $12592 | $11958 |
| **6/18** | $11626 | $12919 | $12594 | $11975 |
| **7/18** | $11907 | $13323 | $12903 | $12119 |
| **8/18** | $11993 | $13487 | $13028 | $12178 |
| **9/18** | $12039 | $13563 | $13097 | $12235 |
| **10/18** | $11359 | $12567 | $12380 | $11991 |
| **11/18** | $11367 | $12709 | $12421 | $11851 |
| **12/18** | $10736 | $11743 | $11732 | $11645 |
| **1/19** | $11382 | $12657 | $12500 | $12142 |
| **2/19** | $11629 | $13037 | $12816 | $12339 |
| **3/19** | $11836 | $13209 | $12956 | $12423 |
| **4/19** | $12179 | $13677 | $13316 | $12593 |
| **5/19** | $11701 | $12888 | $12749 | $12411 |
| **6/19** | $12262 | $13737 | $13422 | $12762 |
| **7/19** | $12296 | $13805 | $13466 | $12765 |
| **8/19** | $12181 | $13523 | $13298 | $12796 |
| **9/19** | $12337 | $13810 | $13485 | $12803 |
| **10/19** | $12562 | $14162 | $13739 | $12887 |
| **11/19** | $12843 | $14556 | $13997 | $12912 |
| **12/19** | $13234 | $14992 | $14381 | $13206 |
| **1/20** | $13144 | $14901 | $14311 | $13172 |
| **2/20** | $12473 | $13642 | $13432 | $12928 |
| **3/20** | $10644 | $11836 | $11707 | $11361 |
| **4/20** | $11498 | $13129 | $12714 | $11849 |
| **5/20** | $12037 | $13764 | $13309 | $12370 |
| **6/20** | $12296 | $14128 | $13601 | $12537 |
| **7/20** | $12835 | $14803 | $14275 | $13199 |
| **8/20** | $13376 | $15793 | $14964 | $13381 |
| **9/20** | $13031 | $15248 | $14554 | $13190 |
| **10/20** | $12797 | $14780 | $14278 | $13227 |
| **11/20** | $14022 | $16670 | $15699 | $13849 |
| **12/20** | $14597 | $17377 | $16252 | $14152 |
| **1/21** | $14489 | $17204 | $16163 | $14192 |
| **2/21** | $14838 | $17645 | $16457 | $14253 |
| **3/21** | $15074 | $18232 | $16786 | $14187 |
| **4/21** | $15641 | $19080 | $17383 | $14403 |
| **5/21** | $15936 | $19355 | $17588 | $14502 |
| **6/21** | $16001 | $19644 | $17783 | $14560 |
| **7/21** | $16210 | $19995 | $18013 | $14614 |
| **8/21** | $16493 | $20493 | $18327 | $14665 |
| **9/21** | $15933 | $19642 | $17802 | $14597 |
| **10/21** | $16478 | $20755 | $18441 | $14559 |
| **11/21** | $16164 | $20300 | $18074 | $14322 |
| **12/21** | $16757 | $21168 | $18697 | $14598 |
| **1/22** | $15994 | $20048 | $17874 | $14195 |
| **2/22** | $15555 | $19541 | $17497 | $14007 |
| **3/22** | $15607 | $20077 | $17755 | $13883 |
| **4/22** | $14584 | $18409 | $16505 | $13233 |
| **5/22** | $14698 | $18423 | $16525 | $13259 |
| **6/22** | $13477 | $16827 | $15163 | $12270 |
| **7/22** | $14417 | $18163 | $16227 | $12920 |
| **8/22** | $13790 | $17404 | $15642 | $12594 |
| **9/22** | $12787 | $15786 | $14440 | $12002 |
| **10/22** | $13508 | $16920 | $15259 | $12346 |
| **11/22** | $14322 | $18096 | $16122 | $12747 |
| **12/22** | $13918 | $17327 | $15680 | $12754 |
| **1/23** | $14767 | $18554 | $16631 | $13288 |
| **2/23** | $14376 | $18108 | $16282 | $13085 |
| **3/23** | $14722 | $18667 | $16689 | $13269 |
| **4/23** | $14961 | $18994 | $16951 | $13431 |
| **5/23** | $14814 | $18805 | $16763 | $13255 |
| **6/23** | $15348 | $19942 | $17534 | $13507 |
| **7/23** | $15698 | $20612 | $18016 | $13727 |
| **8/23** | $15519 | $20119 | $17729 | $13711 |
| **9/23** | $14949 | $19252 | $17145 | $13518 |
| **10/23** | $14675 | $18693 | $16758 | $13375 |
| **11/23** | $15765 | $20445 | $18072 | $14042 |
| **12/23** | $16443 | $21449 | $18887 | $14572 |
| **1/24** | $16506 | $21707 | $19024 | $14549 |
| **2/24** | $16945 | $22627 | $19563 | $14581 |
| **3/24** | $17271 | $23354 | $20035 | $14716 |
| **4/24** | $16912 | $22487 | $19480 | $14566 |
| **5/24** | $17513 | $23491 | $20143 | $14777 |
| **6/24** | $17651 | $23969 | $20451 | $14863 |
| **7/24** | $17757 | $24391 | $20829 | $15162 |
| **8/24** | $18174 | $25036 | $21336 | $15472 |
| **9/24** | $18346 | $25494 | $21718 | $15737 |
| **10/24** | $17850 | $24988 | $21364 | $15584 |
| **11/24** | $18105 | $26135 | $22030 | $15645 |
| **12/24** | $17687 | $25454 | $21608 | $15546 |
| **1/25** | $18153 | $26352 | $22200 | $15744 |
| **2/25** | $18264 | $26163 | $22157 | $15867 |
| **3/25** | $17927 | $24998 | $21496 | $15826 |
| **4/25** | $18225 | $25220 | $21710 | $16015 |
| **5/25** | $18943 | $26713 | $22666 | $16269 |
| **6/25** | $19614 | $27865 | $23481 | $16638 |
| **7/25** | $19486 | $28224 | $23676 | $16635 |
| **8/25** | $19813 | $28960 | $24201 | $16883 |
| **9/25** | $20231 | $29891 | $24771 | $17012 |
| **10/25** | $20616 | $30490 | $25072 | $16967 |

---

## Average Annual Total Returns (%)<sup>**Footnote Reference 1**</sup>

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class R | 15.49% | 10.00% | 7.50% |
| MSCI World Index (net of foreign withholding taxes) | 22.02% | 15.57% | 11.78% |
| Blended Index<sup>Footnote Reference2</sup> | 17.35% | 11.91% | 9.62% |
| ICE BofA DM HY | 8.87% | 5.10% | 5.42% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Effective December 7, 2015, the Fund changed its name and principal investment strategies. Performance prior to December 7, 2015 reflects the Fund's performance under its former investment strategies. Please see the Fund's prospectus for further information. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Index consists of 65% MSCI World Index and 35% ICE BofA Developed Markets High Yield Ex-Subordinated Financial Index, rebalanced monthly. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $286051127 |
| # of Portfolio Holdings | 578 |
| Portfolio Turnover Rate | 102% |
| Total Advisory Fees Paid | $1505100 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](g35982g50m19.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference†</sup> | 0.4% |
| Senior Floating-Rate Loans | 2.3% |
| Corporate Bonds | 33.1% |
| Common Stocks | 64.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Investment types less than 1% each |

---

#### Top Ten Holdings (% of total investments)<sup>Footnote Reference a</sup>

---

| | |
|:---|:---|
| &nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;3.3% |
| &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;ASML Holding NV | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;Micron Technology, Inc. | &nbsp;&nbsp;1.4% |
| &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd., ADR | &nbsp;&nbsp;1.3% |
| &nbsp;&nbsp;AstraZeneca PLC | &nbsp;&nbsp;1.2% |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;21.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g35982g49w49.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report October 31, 2025

# EDIRX-TSR-AR

# Eaton Vance Global Macro Absolute Return Advantage Fund
![Image](g35982g69v41.jpg)

# Class A EGRAX

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about the Eaton Vance Global Macro Absolute Return Advantage Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the last year?<sup>**Footnote Reference \***</sup>
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $270 | 2.47% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Expenses in the table reflect the expenses of both the Fund and Global Macro Absolute Return Advantage Portfolio, the Portfolio in which it invests. |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) absolute performance:

↑ Long exposure to Venezuelan sovereign credit contributed to performance as sanctions relief and restructuring discussions progressed and oil exports restarted

↑ Long Egyptian local bond exposure helped returns given, international and regional support, cooling inflation and fiscal/ monetary reforms

↑ Long exposure to Kazakhstani tengee contributed due to strong oil export revenues, a persistent current account surplus, and tight monetary policy

↑ Use of derivatives —foreign exchange forwards for managing currency exposures and interest-rate swaps for managing interest-rate exposures — helped performance

↓ A short position in the South African sovereign credit as the credit rallied due to easing inflation, improved fiscal discipline and rising investor confidence

↓ Long exposure to South Korean won detracted because of persistent trade headwinds, weak semiconductor export demand, and ongoing capital outflows

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g35982g70g19.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with Maximum Sales Charge** | **Bloomberg Global Aggregate Index (USD Hedged)** | **ICE BofA 3-Month U.S. Treasury Bill Index** |
| **10/15** | $10000 | $10000 | $10000 |
| **11/15** | $9809 | $10005 | $10001 |
| **12/15** | $9817 | $9978 | $10004 |
| **1/16** | $9675 | $10123 | $10004 |
| **2/16** | $9675 | $10221 | $10007 |
| **3/16** | $9838 | $10305 | $10011 |
| **4/16** | $9868 | $10322 | $10014 |
| **5/16** | $9970 | $10366 | $10015 |
| **6/16** | $10031 | $10563 | $10018 |
| **7/16** | $10062 | $10627 | $10021 |
| **8/16** | $10317 | $10621 | $10023 |
| **9/16** | $10358 | $10620 | $10028 |
| **10/16** | $10378 | $10517 | $10031 |
| **11/16** | $10235 | $10343 | $10032 |
| **12/16** | $10364 | $10372 | $10037 |
| **1/17** | $10395 | $10334 | $10041 |
| **2/17** | $10416 | $10422 | $10045 |
| **3/17** | $10643 | $10417 | $10047 |
| **4/17** | $10726 | $10488 | $10054 |
| **5/17** | $10778 | $10549 | $10059 |
| **6/17** | $10819 | $10520 | $10067 |
| **7/17** | $10747 | $10554 | $10076 |
| **8/17** | $10850 | $10650 | $10085 |
| **9/17** | $10840 | $10601 | $10094 |
| **10/17** | $10923 | $10646 | $10103 |
| **11/17** | $10964 | $10663 | $10111 |
| **12/17** | $10933 | $10686 | $10123 |
| **1/18** | $11071 | $10610 | $10135 |
| **2/18** | $11007 | $10586 | $10144 |
| **3/18** | $10986 | $10674 | $10158 |
| **4/18** | $10837 | $10634 | $10172 |
| **5/18** | $10688 | $10674 | $10187 |
| **6/18** | $10539 | $10694 | $10204 |
| **7/18** | $10561 | $10697 | $10220 |
| **8/18** | $10316 | $10730 | $10239 |
| **9/18** | $10263 | $10689 | $10255 |
| **10/18** | $10114 | $10668 | $10272 |
| **11/18** | $10008 | $10720 | $10293 |
| **12/18** | $9986 | $10875 | $10312 |
| **1/19** | $10178 | $10990 | $10333 |
| **2/19** | $10273 | $11003 | $10351 |
| **3/19** | $10231 | $11200 | $10374 |
| **4/19** | $10220 | $11207 | $10394 |
| **5/19** | $10316 | $11368 | $10417 |
| **6/19** | $10561 | $11528 | $10440 |
| **7/19** | $10773 | $11618 | $10459 |
| **8/19** | $10667 | $11882 | $10481 |
| **9/19** | $10869 | $11827 | $10499 |
| **10/19** | $10901 | $11806 | $10519 |
| **11/19** | $11145 | $11792 | $10532 |
| **12/19** | $11427 | $11768 | $10547 |
| **1/20** | $11538 | $11981 | $10562 |
| **2/20** | $11461 | $12127 | $10577 |
| **3/20** | $10255 | $11938 | $10608 |
| **4/20** | $10808 | $12132 | $10609 |
| **5/20** | $11239 | $12166 | $10609 |
| **6/20** | $11405 | $12227 | $10610 |
| **7/20** | $11361 | $12360 | $10613 |
| **8/20** | $11615 | $12271 | $10613 |
| **9/20** | $11549 | $12316 | $10615 |
| **10/20** | $11571 | $12317 | $10616 |
| **11/20** | $11770 | $12387 | $10617 |
| **12/20** | $11941 | $12425 | $10618 |
| **1/21** | $12022 | $12358 | $10619 |
| **2/21** | $12011 | $12166 | $10620 |
| **3/21** | $11894 | $12118 | $10620 |
| **4/21** | $12011 | $12150 | $10621 |
| **5/21** | $12139 | $12177 | $10621 |
| **6/21** | $12221 | $12236 | $10620 |
| **7/21** | $12198 | $12388 | $10621 |
| **8/21** | $12291 | $12364 | $10621 |
| **9/21** | $12268 | $12247 | $10622 |
| **10/21** | $12209 | $12215 | $10622 |
| **11/21** | $12139 | $12302 | $10622 |
| **12/21** | $12341 | $12252 | $10623 |
| **1/22** | $12244 | $12060 | $10623 |
| **2/22** | $12134 | $11899 | $10624 |
| **3/22** | $11902 | $11643 | $10627 |
| **4/22** | $12109 | $11330 | $10629 |
| **5/22** | $11914 | $11314 | $10636 |
| **6/22** | $11584 | $11142 | $10638 |
| **7/22** | $11327 | $11426 | $10644 |
| **8/22** | $11694 | $11128 | $10661 |
| **9/22** | $11474 | $10771 | $10687 |
| **10/22** | $11596 | $10734 | $10704 |
| **11/22** | $11889 | $11007 | $10739 |
| **12/22** | $12058 | $10877 | $10778 |
| **1/23** | $12352 | $11128 | $10811 |
| **2/23** | $12390 | $10951 | $10847 |
| **3/23** | $12339 | $11193 | $10893 |
| **4/23** | $12352 | $11251 | $10928 |
| **5/23** | $12569 | $11207 | $10970 |
| **6/23** | $12837 | $11200 | $11021 |
| **7/23** | $12850 | $11204 | $11065 |
| **8/23** | $12875 | $11190 | $11114 |
| **9/23** | $12684 | $10997 | $11165 |
| **10/23** | $12658 | $10919 | $11215 |
| **11/23** | $12773 | $11294 | $11266 |
| **12/23** | $13034 | $11655 | $11318 |
| **1/24** | $13152 | $11632 | $11366 |
| **2/24** | $13350 | $11552 | $11413 |
| **3/24** | $13666 | $11656 | $11464 |
| **4/24** | $13587 | $11469 | $11513 |
| **5/24** | $13851 | $11570 | $11569 |
| **6/24** | $13759 | $11671 | $11616 |
| **7/24** | $13956 | $11896 | $11668 |
| **8/24** | $13877 | $12026 | $11724 |
| **9/24** | $13983 | $12166 | $11775 |
| **10/24** | $13877 | $12001 | $11819 |
| **11/24** | $14035 | $12144 | $11865 |
| **12/24** | $14231 | $12051 | $11912 |
| **1/25** | $14650 | $12097 | $11956 |
| **2/25** | $14831 | $12243 | $11994 |
| **3/25** | $14901 | $12192 | $12034 |
| **4/25** | $14957 | $12312 | $12076 |
| **5/25** | $15264 | $12271 | $12120 |
| **6/25** | $15487 | $12389 | $12160 |
| **7/25** | $15613 | $12379 | $12201 |
| **8/25** | $15850 | $12447 | $12249 |
| **9/25** | $16115 | $12538 | $12290 |
| **10/25** | $16490 | $12637 | $12333 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class A | 18.84% | 7.34% | 5.47% |
| Class A with 3.25% Maximum Sales Charge | 15.02% | 6.64% | 5.12% |
| Bloomberg Global Aggregate Index (USD Hedged) | 5.30% | 0.52% | 2.37% |
| ICE BofA 3-Month U.S. Treasury Bill Index | 4.34% | 3.04% | 2.12% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3438191980 |
| # of Portfolio Holdings (including derivatives) (for Global Macro Absolute Return Advantage Portfolio) | 1118 |
| Portfolio Turnover Rate (for Global Macro Absolute Return Advantage Portfolio) | 135% |
| Total Advisory Fees Paid | $21456108 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

References to the Fund's investments are to the Fund's pro rata share of the investments of Global Macro Absolute Return Advantage Portfolio, an affiliated investment company in which the Fund invests substantially all of its assets.

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](g35982g48f70.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference†</sup> | 1.2% |
| Credit Linked Notes | 1.1% |
| Insurance Linked Securities | 1.2% |
| Sovereign Loans | 1.6% |
| Senior Floating-Rate Loans | 2.2% |
| Foreign Corporate Bonds | 6.3% |
| Common Stocks | 8.6% |
| Short-Term Investments | 17.5% |
| Sovereign Government Bonds | 60.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Investment types less than 1% each |

---

### Foreign Currency Exposure (% of net assets)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Egypt | 11.3% |
| Kazakhstan | 9.6% |
| Nigeria | 9.5% |
| Uzbekistan | 5.1% |
| Sweden | 3.9% |
| Iceland | 3.4% |
| India | 3.1% |
| Korea, South | 3.0% |
| Turkey | 2.8% |
| Uganda | 2.6% |
| Other | 16.4% |
| Total Long Exposure | 70.7% |

---

---

| | |
|:---|:---|
| Kuwait | (2.6)% |
| Indonesia | (4.0)% |
| Euro | (4.7)% |
| Other | (6.6)% |
| Total Short Exposure | (17.9)% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Currency exposures include all foreign exchange denominated assets and currency derivatives. |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 1, 2026 at www.eatonvance.com/open-end-mutual-fund-documents.php or upon request by contacting us at 1-800-262-1122.

The net expense ratio increased from the prior fiscal year primarily due to an increase in expenses related to short sales and financing activities.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g35982g49w49.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report October 31, 2025

# EGRAX-TSR-AR

# Eaton Vance Global Macro Absolute Return Advantage Fund
![Image](g35982g69v41.jpg)

# Class C EGRCX

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about the Eaton Vance Global Macro Absolute Return Advantage Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the last year?<sup>**Footnote Reference \***</sup>
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $351 | 3.22% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Expenses in the table reflect the expenses of both the Fund and Global Macro Absolute Return Advantage Portfolio, the Portfolio in which it invests. |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) absolute performance:

↑ Long exposure to Venezuelan sovereign credit contributed to performance as sanctions relief and restructuring discussions progressed and oil exports restarted

↑ Long Egyptian local bond exposure helped returns given, international and regional support, cooling inflation and fiscal/ monetary reforms

↑ Long exposure to Kazakhstani tengee contributed due to strong oil export revenues, a persistent current account surplus, and tight monetary policy

↑ Use of derivatives —foreign exchange forwards for managing currency exposures and interest-rate swaps for managing interest-rate exposures — helped performance

↓ A short position in the South African sovereign credit as the credit rallied due to easing inflation, improved fiscal discipline and rising investor confidence

↓ Long exposure to South Korean won detracted because of persistent trade headwinds, weak semiconductor export demand, and ongoing capital outflows

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g35982g30d23.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C** | **Bloomberg Global Aggregate Index (USD Hedged)** | **ICE BofA 3-Month U.S. Treasury Bill Index** |
| **10/15** | $10000 | $10000 | $10000 |
| **11/15** | $10131 | $10005 | $10001 |
| **12/15** | $10132 | $9978 | $10004 |
| **1/16** | $9971 | $10123 | $10004 |
| **2/16** | $9982 | $10221 | $10007 |
| **3/16** | $10132 | $10305 | $10011 |
| **4/16** | $10164 | $10322 | $10014 |
| **5/16** | $10260 | $10366 | $10015 |
| **6/16** | $10313 | $10563 | $10018 |
| **7/16** | $10345 | $10627 | $10021 |
| **8/16** | $10602 | $10621 | $10023 |
| **9/16** | $10634 | $10620 | $10028 |
| **10/16** | $10645 | $10517 | $10031 |
| **11/16** | $10495 | $10343 | $10032 |
| **12/16** | $10625 | $10372 | $10037 |
| **1/17** | $10658 | $10334 | $10041 |
| **2/17** | $10669 | $10422 | $10045 |
| **3/17** | $10895 | $10417 | $10047 |
| **4/17** | $10970 | $10488 | $10054 |
| **5/17** | $11013 | $10549 | $10059 |
| **6/17** | $11056 | $10520 | $10067 |
| **7/17** | $10970 | $10554 | $10076 |
| **8/17** | $11078 | $10650 | $10085 |
| **9/17** | $11056 | $10601 | $10094 |
| **10/17** | $11132 | $10646 | $10103 |
| **11/17** | $11175 | $10663 | $10111 |
| **12/17** | $11127 | $10686 | $10123 |
| **1/18** | $11259 | $10610 | $10135 |
| **2/18** | $11193 | $10586 | $10144 |
| **3/18** | $11160 | $10674 | $10158 |
| **4/18** | $11005 | $10634 | $10172 |
| **5/18** | $10851 | $10674 | $10187 |
| **6/18** | $10696 | $10694 | $10204 |
| **7/18** | $10707 | $10697 | $10220 |
| **8/18** | $10442 | $10730 | $10239 |
| **9/18** | $10398 | $10689 | $10255 |
| **10/18** | $10232 | $10668 | $10272 |
| **11/18** | $10122 | $10720 | $10293 |
| **12/18** | $10100 | $10875 | $10312 |
| **1/19** | $10277 | $10990 | $10333 |
| **2/19** | $10365 | $11003 | $10351 |
| **3/19** | $10321 | $11200 | $10374 |
| **4/19** | $10310 | $11207 | $10394 |
| **5/19** | $10398 | $11368 | $10417 |
| **6/19** | $10641 | $11528 | $10440 |
| **7/19** | $10851 | $11618 | $10459 |
| **8/19** | $10740 | $11882 | $10481 |
| **9/19** | $10928 | $11827 | $10499 |
| **10/19** | $10961 | $11806 | $10519 |
| **11/19** | $11193 | $11792 | $10532 |
| **12/19** | $11473 | $11768 | $10547 |
| **1/20** | $11575 | $11981 | $10562 |
| **2/20** | $11496 | $12127 | $10577 |
| **3/20** | $10279 | $11938 | $10608 |
| **4/20** | $10825 | $12132 | $10609 |
| **5/20** | $11257 | $12166 | $10609 |
| **6/20** | $11416 | $12227 | $10610 |
| **7/20** | $11359 | $12360 | $10613 |
| **8/20** | $11609 | $12271 | $10613 |
| **9/20** | $11541 | $12316 | $10615 |
| **10/20** | $11541 | $12317 | $10616 |
| **11/20** | $11734 | $12387 | $10617 |
| **12/20** | $11899 | $12425 | $10618 |
| **1/21** | $11970 | $12358 | $10619 |
| **2/21** | $11958 | $12166 | $10620 |
| **3/21** | $11840 | $12118 | $10620 |
| **4/21** | $11935 | $12150 | $10621 |
| **5/21** | $12065 | $12177 | $10621 |
| **6/21** | $12137 | $12236 | $10620 |
| **7/21** | $12113 | $12388 | $10621 |
| **8/21** | $12196 | $12364 | $10621 |
| **9/21** | $12161 | $12247 | $10622 |
| **10/21** | $12101 | $12215 | $10622 |
| **11/21** | $12030 | $12302 | $10622 |
| **12/21** | $12216 | $12252 | $10623 |
| **1/22** | $12117 | $12060 | $10623 |
| **2/22** | $12006 | $11899 | $10624 |
| **3/22** | $11759 | $11643 | $10627 |
| **4/22** | $11956 | $11330 | $10629 |
| **5/22** | $11759 | $11314 | $10636 |
| **6/22** | $11425 | $11142 | $10638 |
| **7/22** | $11178 | $11426 | $10644 |
| **8/22** | $11524 | $11128 | $10661 |
| **9/22** | $11302 | $10771 | $10687 |
| **10/22** | $11413 | $10734 | $10704 |
| **11/22** | $11697 | $11007 | $10739 |
| **12/22** | $11861 | $10877 | $10778 |
| **1/23** | $12130 | $11128 | $10811 |
| **2/23** | $12169 | $10951 | $10847 |
| **3/23** | $12105 | $11193 | $10893 |
| **4/23** | $12105 | $11251 | $10928 |
| **5/23** | $12323 | $11207 | $10970 |
| **6/23** | $12566 | $11200 | $11021 |
| **7/23** | $12579 | $11204 | $11065 |
| **8/23** | $12605 | $11190 | $11114 |
| **9/23** | $12400 | $10997 | $11165 |
| **10/23** | $12361 | $10919 | $11215 |
| **11/23** | $12477 | $11294 | $11266 |
| **12/23** | $12719 | $11655 | $11318 |
| **1/24** | $12837 | $11632 | $11366 |
| **2/24** | $13008 | $11552 | $11413 |
| **3/24** | $13309 | $11656 | $11464 |
| **4/24** | $13217 | $11469 | $11513 |
| **5/24** | $13466 | $11570 | $11569 |
| **6/24** | $13375 | $11671 | $11616 |
| **7/24** | $13558 | $11896 | $11668 |
| **8/24** | $13466 | $12026 | $11724 |
| **9/24** | $13571 | $12166 | $11775 |
| **10/24** | $13453 | $12001 | $11819 |
| **11/24** | $13598 | $12144 | $11865 |
| **12/24** | $13790 | $12051 | $11912 |
| **1/25** | $14176 | $12097 | $11956 |
| **2/25** | $14341 | $12243 | $11994 |
| **3/25** | $14410 | $12192 | $12034 |
| **4/25** | $14451 | $12312 | $12076 |
| **5/25** | $14741 | $12271 | $12120 |
| **6/25** | $14934 | $12389 | $12160 |
| **7/25** | $15058 | $12379 | $12201 |
| **8/25** | $15265 | $12447 | $12249 |
| **9/25** | $15513 | $12538 | $12290 |
| **10/25** | $16105 | $12637 | $12333 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class C, with conversion to Class A after 8 years | 17.98% | 6.58% | 4.88% |
| Class C, with 1% Maximum Contingent Deferred Sales Charge and conversion to Class A after 8 years | 16.98% | 6.58% | 4.88% |
| Bloomberg Global Aggregate Index (USD Hedged) | 5.30% | 0.52% | 2.37% |
| ICE BofA 3-Month U.S. Treasury Bill Index | 4.34% | 3.04% | 2.12% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3438191980 |
| # of Portfolio Holdings (including derivatives) (for Global Macro Absolute Return Advantage Portfolio) | 1118 |
| Portfolio Turnover Rate (for Global Macro Absolute Return Advantage Portfolio) | 135% |
| Total Advisory Fees Paid | $21456108 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

References to the Fund's investments are to the Fund's pro rata share of the investments of Global Macro Absolute Return Advantage Portfolio, an affiliated investment company in which the Fund invests substantially all of its assets.

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](g35982g48f70.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference†</sup> | 1.2% |
| Credit Linked Notes | 1.1% |
| Insurance Linked Securities | 1.2% |
| Sovereign Loans | 1.6% |
| Senior Floating-Rate Loans | 2.2% |
| Foreign Corporate Bonds | 6.3% |
| Common Stocks | 8.6% |
| Short-Term Investments | 17.5% |
| Sovereign Government Bonds | 60.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Investment types less than 1% each |

---

### Foreign Currency Exposure (% of net assets)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Egypt | 11.3% |
| Kazakhstan | 9.6% |
| Nigeria | 9.5% |
| Uzbekistan | 5.1% |
| Sweden | 3.9% |
| Iceland | 3.4% |
| India | 3.1% |
| Korea, South | 3.0% |
| Turkey | 2.8% |
| Uganda | 2.6% |
| Other | 16.4% |
| Total Long Exposure | 70.7% |

---

---

| | |
|:---|:---|
| Kuwait | (2.6)% |
| Indonesia | (4.0)% |
| Euro | (4.7)% |
| Other | (6.6)% |
| Total Short Exposure | (17.9)% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Currency exposures include all foreign exchange denominated assets and currency derivatives. |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 1, 2026 at www.eatonvance.com/open-end-mutual-fund-documents.php or upon request by contacting us at 1-800-262-1122.

The net expense ratio increased from the prior fiscal year primarily due to an increase in expenses related to short sales and financing activities.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g35982g49w49.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report October 31, 2025

# EGRCX-TSR-AR

# Eaton Vance Global Macro Absolute Return Advantage Fund
![Image](g35982g69v41.jpg)

# Class I EGRIX

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about the Eaton Vance Global Macro Absolute Return Advantage Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the last year?<sup>**Footnote Reference \***</sup>
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $243 | 2.22% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Expenses in the table reflect the expenses of both the Fund and Global Macro Absolute Return Advantage Portfolio, the Portfolio in which it invests. |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) absolute performance:

↑ Long exposure to Venezuelan sovereign credit contributed to performance as sanctions relief and restructuring discussions progressed and oil exports restarted

↑ Long Egyptian local bond exposure helped returns given, international and regional support, cooling inflation and fiscal/ monetary reforms

↑ Long exposure to Kazakhstani tengee contributed due to strong oil export revenues, a persistent current account surplus, and tight monetary policy

↑ Use of derivatives —foreign exchange forwards for managing currency exposures and interest-rate swaps for managing interest-rate exposures — helped performance

↓ A short position in the South African sovereign credit as the credit rallied due to easing inflation, improved fiscal discipline and rising investor confidence

↓ Long exposure to South Korean won detracted because of persistent trade headwinds, weak semiconductor export demand, and ongoing capital outflows

## Fund Performance
Comparison of the change in value of a $1,000,000 investment for the period indicated.

![Growth of 10K Chart](g35982g41z54.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Bloomberg Global Aggregate Index (USD Hedged)** | **ICE BofA 3-Month U.S. Treasury Bill Index** |
| **10/15** | $1000000 | $1000000 | $1000000 |
| **11/15** | $1013712 | $1000460 | $1000059 |
| **12/15** | $1015570 | $997753 | $1000389 |
| **1/16** | $999897 | $1012349 | $1000419 |
| **2/16** | $1000942 | $1022079 | $1000663 |
| **3/16** | $1017659 | $1030494 | $1001121 |
| **4/16** | $1020794 | $1032243 | $1001390 |
| **5/16** | $1032287 | $1036607 | $1001469 |
| **6/16** | $1038556 | $1056340 | $1001846 |
| **7/16** | $1042735 | $1062651 | $1002136 |
| **8/16** | $1068856 | $1062109 | $1002314 |
| **9/16** | $1073035 | $1061982 | $1002808 |
| **10/16** | $1076170 | $1051685 | $1003059 |
| **11/16** | $1061542 | $1034316 | $1003234 |
| **12/16** | $1075111 | $1037150 | $1003661 |
| **1/17** | $1079365 | $1033372 | $1004104 |
| **2/17** | $1081491 | $1042218 | $1004520 |
| **3/17** | $1104886 | $1041738 | $1004694 |
| **4/17** | $1114457 | $1048802 | $1005369 |
| **5/17** | $1119774 | $1054924 | $1005876 |
| **6/17** | $1124028 | $1051971 | $1006723 |
| **7/17** | $1116584 | $1055429 | $1007579 |
| **8/17** | $1128282 | $1065048 | $1008523 |
| **9/17** | $1127218 | $1060131 | $1009387 |
| **10/17** | $1135725 | $1064602 | $1010289 |
| **11/17** | $1141042 | $1066252 | $1011128 |
| **12/17** | $1137225 | $1068635 | $1012252 |
| **1/18** | $1152593 | $1061006 | $1013461 |
| **2/18** | $1146006 | $1058614 | $1014419 |
| **3/18** | $1143811 | $1067391 | $1015842 |
| **4/18** | $1128443 | $1063420 | $1017170 |
| **5/18** | $1113075 | $1067393 | $1018722 |
| **6/18** | $1097707 | $1069382 | $1020436 |
| **7/18** | $1101000 | $1069675 | $1022035 |
| **8/18** | $1074656 | $1072963 | $1023878 |
| **9/18** | $1070265 | $1068858 | $1025451 |
| **10/18** | $1054897 | $1066769 | $1027224 |
| **11/18** | $1043920 | $1071989 | $1029332 |
| **12/18** | $1042384 | $1087473 | $1031227 |
| **1/19** | $1062155 | $1098992 | $1033259 |
| **2/19** | $1072040 | $1100312 | $1035099 |
| **3/19** | $1068745 | $1120019 | $1037410 |
| **4/19** | $1067647 | $1120687 | $1039361 |
| **5/19** | $1078631 | $1136813 | $1041733 |
| **6/19** | $1103894 | $1152753 | $1044038 |
| **7/19** | $1125862 | $1161824 | $1045932 |
| **8/19** | $1115977 | $1188172 | $1048077 |
| **9/19** | $1136846 | $1182666 | $1049908 |
| **10/19** | $1141240 | $1180624 | $1051928 |
| **11/19** | $1166503 | $1179240 | $1053240 |
| **12/19** | $1196621 | $1176822 | $1054743 |
| **1/20** | $1208061 | $1198059 | $1056153 |
| **2/20** | $1200053 | $1212722 | $1057714 |
| **3/20** | $1074214 | $1193848 | $1060803 |
| **4/20** | $1132557 | $1213175 | $1060886 |
| **5/20** | $1178317 | $1216614 | $1060904 |
| **6/20** | $1195477 | $1222685 | $1061040 |
| **7/20** | $1192045 | $1236047 | $1061250 |
| **8/20** | $1218357 | $1227090 | $1061331 |
| **9/20** | $1211493 | $1231572 | $1061457 |
| **10/20** | $1213781 | $1231662 | $1061568 |
| **11/20** | $1234373 | $1238690 | $1061662 |
| **12/20** | $1253018 | $1242496 | $1061779 |
| **1/21** | $1262703 | $1235831 | $1061879 |
| **2/21** | $1261493 | $1216607 | $1061969 |
| **3/21** | $1250597 | $1211814 | $1062046 |
| **4/21** | $1261493 | $1214982 | $1062062 |
| **5/21** | $1276021 | $1217694 | $1062084 |
| **6/21** | $1284495 | $1223633 | $1062045 |
| **7/21** | $1283284 | $1238841 | $1062098 |
| **8/21** | $1292970 | $1236359 | $1062140 |
| **9/21** | $1290548 | $1224686 | $1062198 |
| **10/21** | $1285706 | $1221483 | $1062155 |
| **11/21** | $1278442 | $1230197 | $1062226 |
| **12/21** | $1298988 | $1225207 | $1062301 |
| **1/22** | $1290099 | $1205958 | $1062253 |
| **2/22** | $1278671 | $1189917 | $1062390 |
| **3/22** | $1253276 | $1164266 | $1062717 |
| **4/22** | $1276132 | $1132975 | $1062867 |
| **5/22** | $1257085 | $1131416 | $1063599 |
| **6/22** | $1221531 | $1114245 | $1063831 |
| **7/22** | $1196136 | $1142626 | $1064376 |
| **8/22** | $1234229 | $1112797 | $1066094 |
| **9/22** | $1211373 | $1077074 | $1068747 |
| **10/22** | $1224071 | $1073387 | $1070424 |
| **11/22** | $1255815 | $1100740 | $1073876 |
| **12/22** | $1273831 | $1087749 | $1077763 |
| **1/23** | $1305777 | $1112803 | $1081138 |
| **2/23** | $1309770 | $1095054 | $1084667 |
| **3/23** | $1303115 | $1119336 | $1089332 |
| **4/23** | $1305777 | $1125099 | $1092761 |
| **5/23** | $1329736 | $1120669 | $1097041 |
| **6/23** | $1357689 | $1120001 | $1102061 |
| **7/23** | $1360351 | $1120363 | $1106450 |
| **8/23** | $1363013 | $1118956 | $1111446 |
| **9/23** | $1341716 | $1099659 | $1116539 |
| **10/23** | $1339054 | $1091851 | $1121526 |
| **11/23** | $1352364 | $1129392 | $1126561 |
| **12/23** | $1380397 | $1165486 | $1131812 |
| **1/24** | $1394159 | $1163201 | $1136648 |
| **2/24** | $1413427 | $1155220 | $1141305 |
| **3/24** | $1449210 | $1165637 | $1146430 |
| **4/24** | $1439576 | $1146870 | $1151349 |
| **5/24** | $1468478 | $1157018 | $1156874 |
| **6/24** | $1458844 | $1167057 | $1161592 |
| **7/24** | $1479488 | $1189603 | $1166795 |
| **8/24** | $1471230 | $1202633 | $1172377 |
| **9/24** | $1483617 | $1216588 | $1177462 |
| **10/24** | $1472606 | $1200125 | $1181935 |
| **11/24** | $1489122 | $1214380 | $1186451 |
| **12/24** | $1511514 | $1205061 | $1191248 |
| **1/25** | $1555284 | $1209730 | $1195634 |
| **2/25** | $1574250 | $1224297 | $1199431 |
| **3/25** | $1583004 | $1219188 | $1203435 |
| **4/25** | $1588840 | $1231192 | $1207576 |
| **5/25** | $1622397 | $1227121 | $1211966 |
| **6/25** | $1645741 | $1238873 | $1215951 |
| **7/25** | $1660331 | $1237881 | $1220148 |
| **8/25** | $1685134 | $1244665 | $1224942 |
| **9/25** | $1712855 | $1253833 | $1229044 |
| **10/25** | $1753706 | $1263731 | $1233289 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class I | 19.09% | 7.63% | 5.77% |
| Bloomberg Global Aggregate Index (USD Hedged) | 5.30% | 0.52% | 2.37% |
| ICE BofA 3-Month U.S. Treasury Bill Index | 4.34% | 3.04% | 2.12% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3438191980 |
| # of Portfolio Holdings (including derivatives) (for Global Macro Absolute Return Advantage Portfolio) | 1118 |
| Portfolio Turnover Rate (for Global Macro Absolute Return Advantage Portfolio) | 135% |
| Total Advisory Fees Paid | $21456108 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

References to the Fund's investments are to the Fund's pro rata share of the investments of Global Macro Absolute Return Advantage Portfolio, an affiliated investment company in which the Fund invests substantially all of its assets.

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](g35982g48f70.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference†</sup> | 1.2% |
| Credit Linked Notes | 1.1% |
| Insurance Linked Securities | 1.2% |
| Sovereign Loans | 1.6% |
| Senior Floating-Rate Loans | 2.2% |
| Foreign Corporate Bonds | 6.3% |
| Common Stocks | 8.6% |
| Short-Term Investments | 17.5% |
| Sovereign Government Bonds | 60.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Investment types less than 1% each |

---

### Foreign Currency Exposure (% of net assets)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Egypt | 11.3% |
| Kazakhstan | 9.6% |
| Nigeria | 9.5% |
| Uzbekistan | 5.1% |
| Sweden | 3.9% |
| Iceland | 3.4% |
| India | 3.1% |
| Korea, South | 3.0% |
| Turkey | 2.8% |
| Uganda | 2.6% |
| Other | 16.4% |
| Total Long Exposure | 70.7% |

---

---

| | |
|:---|:---|
| Kuwait | (2.6)% |
| Indonesia | (4.0)% |
| Euro | (4.7)% |
| Other | (6.6)% |
| Total Short Exposure | (17.9)% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Currency exposures include all foreign exchange denominated assets and currency derivatives. |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 1, 2026 at www.eatonvance.com/open-end-mutual-fund-documents.php or upon request by contacting us at 1-800-262-1122.

The net expense ratio increased from the prior fiscal year primarily due to an increase in expenses related to short sales and financing activities.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g35982g49w49.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report October 31, 2025

# EGRIX-TSR-AR

# Eaton Vance Global Macro Absolute Return Advantage Fund
![Image](g35982g69v41.jpg)

# Class R EGRRX

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about the Eaton Vance Global Macro Absolute Return Advantage Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the last year?<sup>**Footnote Reference \***</sup>
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R | $297 | 2.72% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Expenses in the table reflect the expenses of both the Fund and Global Macro Absolute Return Advantage Portfolio, the Portfolio in which it invests. |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) absolute performance:

↑ Long exposure to Venezuelan sovereign credit contributed to performance as sanctions relief and restructuring discussions progressed and oil exports restarted

↑ Long Egyptian local bond exposure helped returns given, international and regional support, cooling inflation and fiscal/ monetary reforms

↑ Long exposure to Kazakhstani tengee contributed due to strong oil export revenues, a persistent current account surplus, and tight monetary policy

↑ Use of derivatives —foreign exchange forwards for managing currency exposures and interest-rate swaps for managing interest-rate exposures — helped performance

↓ A short position in the South African sovereign credit as the credit rallied due to easing inflation, improved fiscal discipline and rising investor confidence

↓ Long exposure to South Korean won detracted because of persistent trade headwinds, weak semiconductor export demand, and ongoing capital outflows

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g35982g90q96.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R** | **Bloomberg Global Aggregate Index (USD Hedged)** | **ICE BofA 3-Month U.S. Treasury Bill Index** |
| **10/15** | $10000 | $10000 | $10000 |
| **11/15** | $10140 | $10005 | $10001 |
| **12/15** | $10142 | $9978 | $10004 |
| **1/16** | $9993 | $10123 | $10004 |
| **2/16** | $10004 | $10221 | $10007 |
| **3/16** | $10163 | $10305 | $10011 |
| **4/16** | $10195 | $10322 | $10014 |
| **5/16** | $10301 | $10366 | $10015 |
| **6/16** | $10354 | $10563 | $10018 |
| **7/16** | $10386 | $10627 | $10021 |
| **8/16** | $10652 | $10621 | $10023 |
| **9/16** | $10684 | $10620 | $10028 |
| **10/16** | $10705 | $10517 | $10031 |
| **11/16** | $10556 | $10343 | $10032 |
| **12/16** | $10696 | $10372 | $10037 |
| **1/17** | $10728 | $10334 | $10041 |
| **2/17** | $10739 | $10422 | $10045 |
| **3/17** | $10976 | $10417 | $10047 |
| **4/17** | $11062 | $10488 | $10054 |
| **5/17** | $11105 | $10549 | $10059 |
| **6/17** | $11159 | $10520 | $10067 |
| **7/17** | $11073 | $10554 | $10076 |
| **8/17** | $11181 | $10650 | $10085 |
| **9/17** | $11170 | $10601 | $10094 |
| **10/17** | $11246 | $10646 | $10103 |
| **11/17** | $11299 | $10663 | $10111 |
| **12/17** | $11261 | $10686 | $10123 |
| **1/18** | $11404 | $10610 | $10135 |
| **2/18** | $11338 | $10586 | $10144 |
| **3/18** | $11305 | $10674 | $10158 |
| **4/18** | $11150 | $10634 | $10172 |
| **5/18** | $10995 | $10674 | $10187 |
| **6/18** | $10841 | $10694 | $10204 |
| **7/18** | $10863 | $10697 | $10220 |
| **8/18** | $10609 | $10730 | $10239 |
| **9/18** | $10553 | $10689 | $10255 |
| **10/18** | $10399 | $10668 | $10272 |
| **11/18** | $10288 | $10720 | $10293 |
| **12/18** | $10266 | $10875 | $10312 |
| **1/19** | $10454 | $10990 | $10333 |
| **2/19** | $10553 | $11003 | $10351 |
| **3/19** | $10509 | $11200 | $10374 |
| **4/19** | $10498 | $11207 | $10394 |
| **5/19** | $10598 | $11368 | $10417 |
| **6/19** | $10841 | $11528 | $10440 |
| **7/19** | $11062 | $11618 | $10459 |
| **8/19** | $10951 | $11882 | $10481 |
| **9/19** | $11150 | $11827 | $10499 |
| **10/19** | $11183 | $11806 | $10519 |
| **11/19** | $11437 | $11792 | $10532 |
| **12/19** | $11725 | $11768 | $10547 |
| **1/20** | $11828 | $11981 | $10562 |
| **2/20** | $11759 | $12127 | $10577 |
| **3/20** | $10510 | $11938 | $10608 |
| **4/20** | $11083 | $12132 | $10609 |
| **5/20** | $11519 | $12166 | $10609 |
| **6/20** | $11691 | $12227 | $10610 |
| **7/20** | $11645 | $12360 | $10613 |
| **8/20** | $11908 | $12271 | $10613 |
| **9/20** | $11828 | $12316 | $10615 |
| **10/20** | $11851 | $12317 | $10616 |
| **11/20** | $12046 | $12387 | $10617 |
| **12/20** | $12220 | $12425 | $10618 |
| **1/21** | $12305 | $12358 | $10619 |
| **2/21** | $12293 | $12166 | $10620 |
| **3/21** | $12172 | $12118 | $10620 |
| **4/21** | $12281 | $12150 | $10621 |
| **5/21** | $12414 | $12177 | $10621 |
| **6/21** | $12498 | $12236 | $10620 |
| **7/21** | $12474 | $12388 | $10621 |
| **8/21** | $12571 | $12364 | $10621 |
| **9/21** | $12535 | $12247 | $10622 |
| **10/21** | $12486 | $12215 | $10622 |
| **11/21** | $12414 | $12302 | $10622 |
| **12/21** | $12609 | $12252 | $10623 |
| **1/22** | $12508 | $12060 | $10623 |
| **2/22** | $12394 | $11899 | $10624 |
| **3/22** | $12154 | $11643 | $10627 |
| **4/22** | $12369 | $11330 | $10629 |
| **5/22** | $12166 | $11314 | $10636 |
| **6/22** | $11825 | $11142 | $10638 |
| **7/22** | $11573 | $11426 | $10644 |
| **8/22** | $11939 | $11128 | $10661 |
| **9/22** | $11712 | $10771 | $10687 |
| **10/22** | $11825 | $10734 | $10704 |
| **11/22** | $12129 | $11007 | $10739 |
| **12/22** | $12298 | $10877 | $10778 |
| **1/23** | $12602 | $11128 | $10811 |
| **2/23** | $12628 | $10951 | $10847 |
| **3/23** | $12575 | $11193 | $10893 |
| **4/23** | $12588 | $11251 | $10928 |
| **5/23** | $12813 | $11207 | $10970 |
| **6/23** | $13077 | $11200 | $11021 |
| **7/23** | $13090 | $11204 | $11065 |
| **8/23** | $13116 | $11190 | $11114 |
| **9/23** | $12905 | $10997 | $11165 |
| **10/23** | $12879 | $10919 | $11215 |
| **11/23** | $12997 | $11294 | $11266 |
| **12/23** | $13261 | $11655 | $11318 |
| **1/24** | $13384 | $11632 | $11366 |
| **2/24** | $13574 | $11552 | $11413 |
| **3/24** | $13900 | $11656 | $11464 |
| **4/24** | $13805 | $11469 | $11513 |
| **5/24** | $14076 | $11570 | $11569 |
| **6/24** | $13981 | $11671 | $11616 |
| **7/24** | $14172 | $11896 | $11668 |
| **8/24** | $14090 | $12026 | $11724 |
| **9/24** | $14199 | $12166 | $11775 |
| **10/24** | $14090 | $12001 | $11819 |
| **11/24** | $14240 | $12144 | $11865 |
| **12/24** | $14448 | $12051 | $11912 |
| **1/25** | $14864 | $12097 | $11956 |
| **2/25** | $15036 | $12243 | $11994 |
| **3/25** | $15122 | $12192 | $12034 |
| **4/25** | $15166 | $12312 | $12076 |
| **5/25** | $15481 | $12271 | $12120 |
| **6/25** | $15696 | $12389 | $12160 |
| **7/25** | $15826 | $12379 | $12201 |
| **8/25** | $16055 | $12447 | $12249 |
| **9/25** | $16313 | $12538 | $12290 |
| **10/25** | $16701 | $12637 | $12333 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class R | 18.53% | 7.10% | 5.26% |
| Bloomberg Global Aggregate Index (USD Hedged) | 5.30% | 0.52% | 2.37% |
| ICE BofA 3-Month U.S. Treasury Bill Index | 4.34% | 3.04% | 2.12% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3438191980 |
| # of Portfolio Holdings (including derivatives) (for Global Macro Absolute Return Advantage Portfolio) | 1118 |
| Portfolio Turnover Rate (for Global Macro Absolute Return Advantage Portfolio) | 135% |
| Total Advisory Fees Paid | $21456108 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

References to the Fund's investments are to the Fund's pro rata share of the investments of Global Macro Absolute Return Advantage Portfolio, an affiliated investment company in which the Fund invests substantially all of its assets.

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](g35982g48f70.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference†</sup> | 1.2% |
| Credit Linked Notes | 1.1% |
| Insurance Linked Securities | 1.2% |
| Sovereign Loans | 1.6% |
| Senior Floating-Rate Loans | 2.2% |
| Foreign Corporate Bonds | 6.3% |
| Common Stocks | 8.6% |
| Short-Term Investments | 17.5% |
| Sovereign Government Bonds | 60.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Investment types less than 1% each |

---

### Foreign Currency Exposure (% of net assets)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Egypt | 11.3% |
| Kazakhstan | 9.6% |
| Nigeria | 9.5% |
| Uzbekistan | 5.1% |
| Sweden | 3.9% |
| Iceland | 3.4% |
| India | 3.1% |
| Korea, South | 3.0% |
| Turkey | 2.8% |
| Uganda | 2.6% |
| Other | 16.4% |
| Total Long Exposure | 70.7% |

---

---

| | |
|:---|:---|
| Kuwait | (2.6)% |
| Indonesia | (4.0)% |
| Euro | (4.7)% |
| Other | (6.6)% |
| Total Short Exposure | (17.9)% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Currency exposures include all foreign exchange denominated assets and currency derivatives. |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 1, 2026 at www.eatonvance.com/open-end-mutual-fund-documents.php or upon request by contacting us at 1-800-262-1122.

The net expense ratio increased from the prior fiscal year primarily due to an increase in expenses related to short sales and financing activities.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g35982g49w49.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report October 31, 2025

# EGRRX-TSR-AR

# Eaton Vance Global Macro Absolute Return Advantage Fund
![Image](g35982g69v41.jpg)

# Class R6 EGRSX

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about the Eaton Vance Global Macro Absolute Return Advantage Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the last year?<sup>**Footnote Reference \***</sup>
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $240 | 2.19% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Expenses in the table reflect the expenses of both the Fund and Global Macro Absolute Return Advantage Portfolio, the Portfolio in which it invests. |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) absolute performance:

↑ Long exposure to Venezuelan sovereign credit contributed to performance as sanctions relief and restructuring discussions progressed and oil exports restarted

↑ Long Egyptian local bond exposure helped returns given, international and regional support, cooling inflation and fiscal/ monetary reforms

↑ Long exposure to Kazakhstani tengee contributed due to strong oil export revenues, a persistent current account surplus, and tight monetary policy

↑ Use of derivatives —foreign exchange forwards for managing currency exposures and interest-rate swaps for managing interest-rate exposures — helped performance

↓ A short position in the South African sovereign credit as the credit rallied due to easing inflation, improved fiscal discipline and rising investor confidence

↓ Long exposure to South Korean won detracted because of persistent trade headwinds, weak semiconductor export demand, and ongoing capital outflows

## Fund Performance
Comparison of the change in value of a $5,000,000 investment for the period indicated.

![Growth of 10K Chart](g35982g50x23.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Bloomberg Global Aggregate Index (USD Hedged)** | **ICE BofA 3-Month U.S. Treasury Bill Index** |
| **10/15** | $5000000 | $5000000 | $5000000 |
| **11/15** | $5068560 | $5002302 | $5000297 |
| **12/15** | $5077849 | $4988766 | $5001943 |
| **1/16** | $4999487 | $5061744 | $5002095 |
| **2/16** | $5004711 | $5110397 | $5003313 |
| **3/16** | $5088297 | $5152468 | $5005603 |
| **4/16** | $5103970 | $5161217 | $5006952 |
| **5/16** | $5161435 | $5183035 | $5007343 |
| **6/16** | $5192780 | $5281699 | $5009228 |
| **7/16** | $5213676 | $5313255 | $5010678 |
| **8/16** | $5344279 | $5310546 | $5011569 |
| **9/16** | $5365176 | $5309912 | $5014041 |
| **10/16** | $5380848 | $5258426 | $5015295 |
| **11/16** | $5307710 | $5171578 | $5016172 |
| **12/16** | $5375554 | $5185749 | $5018303 |
| **1/17** | $5396823 | $5166860 | $5020522 |
| **2/17** | $5407457 | $5211092 | $5022602 |
| **3/17** | $5524432 | $5208688 | $5023472 |
| **4/17** | $5572286 | $5244010 | $5026843 |
| **5/17** | $5598871 | $5274618 | $5029380 |
| **6/17** | $5625456 | $5259855 | $5033613 |
| **7/17** | $5588237 | $5277147 | $5037897 |
| **8/17** | $5641408 | $5325239 | $5042616 |
| **9/17** | $5641408 | $5300656 | $5046936 |
| **10/17** | $5683944 | $5323012 | $5051445 |
| **11/17** | $5710529 | $5331259 | $5055642 |
| **12/17** | $5693834 | $5343176 | $5061260 |
| **1/18** | $5776194 | $5305032 | $5067306 |
| **2/18** | $5748741 | $5293071 | $5072097 |
| **3/18** | $5732269 | $5336956 | $5079208 |
| **4/18** | $5660890 | $5317098 | $5085848 |
| **5/18** | $5584020 | $5336963 | $5093612 |
| **6/18** | $5507151 | $5346910 | $5102180 |
| **7/18** | $5523623 | $5348376 | $5110176 |
| **8/18** | $5391847 | $5364813 | $5119389 |
| **9/18** | $5369884 | $5344290 | $5127254 |
| **10/18** | $5293014 | $5333847 | $5136119 |
| **11/18** | $5238108 | $5359944 | $5146659 |
| **12/18** | $5230485 | $5437366 | $5156133 |
| **1/19** | $5323984 | $5494959 | $5166296 |
| **2/19** | $5378984 | $5501561 | $5175495 |
| **3/19** | $5356984 | $5600097 | $5187050 |
| **4/19** | $5356984 | $5603433 | $5196807 |
| **5/19** | $5411984 | $5684063 | $5208666 |
| **6/19** | $5538484 | $5763765 | $5220192 |
| **7/19** | $5648484 | $5809118 | $5229659 |
| **8/19** | $5598984 | $5940859 | $5240387 |
| **9/19** | $5703483 | $5913331 | $5249542 |
| **10/19** | $5719983 | $5903122 | $5259640 |
| **11/19** | $5851983 | $5896198 | $5266200 |
| **12/19** | $6003398 | $5884109 | $5273717 |
| **1/20** | $6060737 | $5990296 | $5280763 |
| **2/20** | $6026333 | $6063612 | $5288570 |
| **3/20** | $5389870 | $5969242 | $5304017 |
| **4/20** | $5682299 | $6065877 | $5304431 |
| **5/20** | $5917389 | $6083068 | $5304518 |
| **6/20** | $6003398 | $6113427 | $5305199 |
| **7/20** | $5980462 | $6180233 | $5306250 |
| **8/20** | $6118076 | $6135449 | $5306656 |
| **9/20** | $6083672 | $6157862 | $5307287 |
| **10/20** | $6095140 | $6158311 | $5307838 |
| **11/20** | $6198350 | $6193449 | $5308309 |
| **12/20** | $6292899 | $6212477 | $5308896 |
| **1/21** | $6335418 | $6179154 | $5309396 |
| **2/21** | $6335418 | $6083036 | $5309846 |
| **3/21** | $6274676 | $6059070 | $5310230 |
| **4/21** | $6335418 | $6074909 | $5310309 |
| **5/21** | $6402235 | $6088469 | $5310418 |
| **6/21** | $6450829 | $6118163 | $5310223 |
| **7/21** | $6444754 | $6194203 | $5310491 |
| **8/21** | $6493348 | $6181793 | $5310701 |
| **9/21** | $6481200 | $6123429 | $5310991 |
| **10/21** | $6456903 | $6107417 | $5310773 |
| **11/21** | $6420457 | $6150983 | $5311129 |
| **12/21** | $6526939 | $6126036 | $5311506 |
| **1/22** | $6482277 | $6029788 | $5311266 |
| **2/22** | $6424855 | $5949583 | $5311948 |
| **3/22** | $6297252 | $5821332 | $5313586 |
| **4/22** | $6412095 | $5664874 | $5314333 |
| **5/22** | $6310012 | $5657081 | $5317993 |
| **6/22** | $6137747 | $5571227 | $5319153 |
| **7/22** | $6003763 | $5713130 | $5321879 |
| **8/22** | $6201549 | $5563986 | $5330469 |
| **9/22** | $6086705 | $5385368 | $5343734 |
| **10/22** | $6144127 | $5366936 | $5352121 |
| **11/22** | $6310012 | $5503702 | $5369381 |
| **12/22** | $6399457 | $5438747 | $5388815 |
| **1/23** | $6560113 | $5564016 | $5405690 |
| **2/23** | $6580195 | $5475270 | $5423334 |
| **3/23** | $6546725 | $5596680 | $5446661 |
| **4/23** | $6560113 | $5625494 | $5463804 |
| **5/23** | $6680605 | $5603347 | $5485203 |
| **6/23** | $6821179 | $5600003 | $5510306 |
| **7/23** | $6834567 | $5601816 | $5532248 |
| **8/23** | $6847955 | $5594778 | $5557228 |
| **9/23** | $6740851 | $5498295 | $5582693 |
| **10/23** | $6734157 | $5459257 | $5607629 |
| **11/23** | $6801097 | $5646962 | $5632804 |
| **12/23** | $6941234 | $5827429 | $5659060 |
| **1/24** | $7003581 | $5816007 | $5683242 |
| **2/24** | $7107492 | $5776099 | $5706525 |
| **3/24** | $7280676 | $5828185 | $5732150 |
| **4/24** | $7232184 | $5734348 | $5756745 |
| **5/24** | $7377659 | $5785088 | $5784371 |
| **6/24** | $7329168 | $5835286 | $5807959 |
| **7/24** | $7440006 | $5948017 | $5833975 |
| **8/24** | $7398442 | $6013163 | $5861883 |
| **9/24** | $7460788 | $6082940 | $5887312 |
| **10/24** | $7405369 | $6000625 | $5909675 |
| **11/24** | $7488497 | $6071901 | $5932255 |
| **12/24** | $7593663 | $6025304 | $5956241 |
| **1/25** | $7814195 | $6048650 | $5978169 |
| **2/25** | $7917111 | $6121483 | $5997154 |
| **3/25** | $7961217 | $6095939 | $6017175 |
| **4/25** | $7990621 | $6155958 | $6037878 |
| **5/25** | $8159696 | $6135606 | $6059828 |
| **6/25** | $8277313 | $6194364 | $6079755 |
| **7/25** | $8343473 | $6189406 | $6100740 |
| **8/25** | $8468441 | $6223323 | $6124712 |
| **9/25** | $8615463 | $6269164 | $6145219 |
| **10/25** | $8821293 | $6318655 | $6166444 |

---

## Average Annual Total Returns (%)<sup>**Footnote Reference 1**</sup>

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class R6 | 19.12% | 7.67% | 5.84% |
| Bloomberg Global Aggregate Index (USD Hedged) | 5.30% | 0.52% | 2.37% |
| ICE BofA 3-Month U.S. Treasury Bill Index | 4.34% | 3.04% | 2.12% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Class R6 performance prior to 5/31/17 is linked to Class I. This linked performance is not adjusted for class expense differences. If adjusted for such differences, the performance would be different. Performance presented in the Financial Highlights included in the financial statements is not linked. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3438191980 |
| # of Portfolio Holdings (including derivatives) (for Global Macro Absolute Return Advantage Portfolio) | 1118 |
| Portfolio Turnover Rate (for Global Macro Absolute Return Advantage Portfolio) | 135% |
| Total Advisory Fees Paid | $21456108 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

References to the Fund's investments are to the Fund's pro rata share of the investments of Global Macro Absolute Return Advantage Portfolio, an affiliated investment company in which the Fund invests substantially all of its assets.

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](g35982g48f70.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference†</sup> | 1.2% |
| Credit Linked Notes | 1.1% |
| Insurance Linked Securities | 1.2% |
| Sovereign Loans | 1.6% |
| Senior Floating-Rate Loans | 2.2% |
| Foreign Corporate Bonds | 6.3% |
| Common Stocks | 8.6% |
| Short-Term Investments | 17.5% |
| Sovereign Government Bonds | 60.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Investment types less than 1% each |

---

### Foreign Currency Exposure (% of net assets)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Egypt | 11.3% |
| Kazakhstan | 9.6% |
| Nigeria | 9.5% |
| Uzbekistan | 5.1% |
| Sweden | 3.9% |
| Iceland | 3.4% |
| India | 3.1% |
| Korea, South | 3.0% |
| Turkey | 2.8% |
| Uganda | 2.6% |
| Other | 16.4% |
| Total Long Exposure | 70.7% |

---

---

| | |
|:---|:---|
| Kuwait | (2.6)% |
| Indonesia | (4.0)% |
| Euro | (4.7)% |
| Other | (6.6)% |
| Total Short Exposure | (17.9)% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Currency exposures include all foreign exchange denominated assets and currency derivatives. |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 1, 2026 at www.eatonvance.com/open-end-mutual-fund-documents.php or upon request by contacting us at 1-800-262-1122.

The net expense ratio increased from the prior fiscal year primarily due to an increase in expenses related to short sales and financing activities.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g35982g49w49.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report October 31, 2025

# EGRSX-TSR-AR

# Eaton Vance Multi-Asset Credit Fund
![Image](g35982g51m36.jpg)

# Class A EAAMX

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about the Eaton Vance Multi-Asset Credit Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $99 | 0.96% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Fund's Blended Index (the Index):

↓ Among Fund allocations to floating-rate loans, selections in professional services, food products, and electrical equipment, instruments & components industries hurt

↓ An overweight to a loan issuer that provides temporary staffing detracted after it added liquidity and extended maturities via a liability management exercise

↓ An underweight exposure to high yield bonds ― which outperformed the Index during the period ― slightly detracted from returns

↑ An underweight exposure to floating-rate loans, which underperformed the Blended Index during the period, contributed

↑ Out-of-Index exposures to collateralized loan obligations, mortgage-backed securities, and commercial mortgage-backed securities contributed to returns

↑ Within the Fund's high yield bond allocation, selection in the super retail, building materials, and utility industries helped

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g35982g52c13.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class A with Maximum Sales Charge** | **Bloomberg U.S. Universal Index** | **Blended Index** | **ICE BofA DM HY ex-Sub Financials Index - Hedged USD** | **Morningstar<sup>®</sup> LSTA<sup>®</sup> US Leveraged Loan Index℠** |
| **10/15** | $10000 | $10000 | $10000 | $10000 | $10000 |
| **11/15** | $9655 | $9964 | $9870 | $9828 | $9912 |
| **12/15** | $9554 | $9914 | $9697 | $9586 | $9808 |
| **1/16** | $9444 | $10023 | $9594 | $9445 | $9744 |
| **2/16** | $9474 | $10094 | $9586 | $9479 | $9693 |
| **3/16** | $9808 | $10218 | $9929 | $9897 | $9960 |
| **4/16** | $9898 | $10288 | $10208 | $10257 | $10158 |
| **5/16** | $9888 | $10296 | $10285 | $10319 | $10248 |
| **6/16** | $10045 | $10477 | $10329 | $10405 | $10250 |
| **7/16** | $10278 | $10563 | $10534 | $10670 | $10397 |
| **8/16** | $10278 | $10575 | $10690 | $10906 | $10475 |
| **9/16** | $10286 | $10577 | $10761 | $10956 | $10566 |
| **10/16** | $10184 | $10507 | $10828 | $11001 | $10653 |
| **11/16** | $10103 | $10271 | $10821 | $10958 | $10681 |
| **12/16** | $10256 | $10301 | $10990 | $11175 | $10805 |
| **1/17** | $10390 | $10338 | $11090 | $11316 | $10865 |
| **2/17** | $10523 | $10418 | $11201 | $11484 | $10920 |
| **3/17** | $10609 | $10414 | $11196 | $11466 | $10928 |
| **4/17** | $10712 | $10500 | $11285 | $11597 | $10976 |
| **5/17** | $10876 | $10581 | $11356 | $11701 | $11016 |
| **6/17** | $10865 | $10573 | $11364 | $11722 | $11011 |
| **7/17** | $11000 | $10625 | $11466 | $11852 | $11087 |
| **8/17** | $11072 | $10717 | $11467 | $11860 | $11082 |
| **9/17** | $11122 | $10679 | $11539 | $11961 | $11126 |
| **10/17** | $11215 | $10692 | $11605 | $12027 | $11192 |
| **11/17** | $11318 | $10676 | $11594 | $11991 | $11205 |
| **12/17** | $11415 | $10723 | $11632 | $12023 | $11250 |
| **1/18** | $11637 | $10620 | $11724 | $12097 | $11358 |
| **2/18** | $11310 | $10519 | $11688 | $11998 | $11380 |
| **3/18** | $11297 | $10572 | $11677 | $11941 | $11412 |
| **4/18** | $11318 | $10501 | $11742 | $12025 | $11460 |
| **5/18** | $11297 | $10559 | $11745 | $12010 | $11479 |
| **6/18** | $11241 | $10543 | $11764 | $12037 | $11492 |
| **7/18** | $11389 | $10565 | $11879 | $12183 | $11577 |
| **8/18** | $11368 | $10618 | $11942 | $12263 | $11624 |
| **9/18** | $11368 | $10572 | $12015 | $12328 | $11704 |
| **10/18** | $11315 | $10484 | $11925 | $12148 | $11700 |
| **11/18** | $11206 | $10531 | $11806 | $12015 | $11594 |
| **12/18** | $11046 | $10696 | $11548 | $11795 | $11299 |
| **1/19** | $11375 | $10843 | $11934 | $12284 | $11587 |
| **2/19** | $11536 | $10855 | $12135 | $12502 | $11771 |
| **3/19** | $11596 | $11051 | $12187 | $12632 | $11751 |
| **4/19** | $11722 | $11066 | $12376 | $12815 | $11945 |
| **5/19** | $11683 | $11236 | $12288 | $12661 | $11919 |
| **6/19** | $11846 | $11395 | $12454 | $12971 | $11948 |
| **7/19** | $11935 | $11429 | $12540 | $13045 | $12044 |
| **8/19** | $11973 | $11687 | $12554 | $13111 | $12011 |
| **9/19** | $12018 | $11637 | $12599 | $13144 | $12067 |
| **10/19** | $12018 | $11674 | $12582 | $13167 | $12012 |
| **11/19** | $12096 | $11672 | $12647 | $13226 | $12083 |
| **12/19** | $12296 | $11689 | $12869 | $13481 | $12276 |
| **1/20** | $12336 | $11899 | $12908 | $13485 | $12344 |
| **2/20** | $12146 | $12077 | $12722 | $13275 | $12181 |
| **3/20** | $10611 | $11841 | $11174 | $11687 | $10674 |
| **4/20** | $11027 | $12078 | $11666 | $12189 | $11155 |
| **5/20** | $11480 | $12191 | $12130 | $12697 | $11578 |
| **6/20** | $11580 | $12293 | $12270 | $12846 | $11710 |
| **7/20** | $11839 | $12509 | $12644 | $13378 | $11939 |
| **8/20** | $11985 | $12437 | $12808 | $13525 | $12118 |
| **9/20** | $11934 | $12414 | $12790 | $13401 | $12194 |
| **10/20** | $11939 | $12370 | $12830 | $13458 | $12219 |
| **11/20** | $12330 | $12531 | $13234 | $14005 | $12491 |
| **12/20** | $12493 | $12575 | $13432 | $14237 | $12659 |
| **1/21** | $12570 | $12496 | $13542 | $14300 | $12810 |
| **2/21** | $12646 | $12334 | $13610 | $14359 | $12885 |
| **3/21** | $12648 | $12191 | $13629 | $14400 | $12885 |
| **4/21** | $12735 | $12293 | $13732 | $14543 | $12951 |
| **5/21** | $12799 | $12340 | $13790 | $14582 | $13026 |
| **6/21** | $12900 | $12430 | $13897 | $14754 | $13074 |
| **7/21** | $12893 | $12555 | $13922 | $14809 | $13073 |
| **8/21** | $12959 | $12547 | $13990 | $14883 | $13135 |
| **9/21** | $12977 | $12440 | $14036 | $14885 | $13219 |
| **10/21** | $12981 | $12429 | $14035 | $14843 | $13254 |
| **11/21** | $12899 | $12444 | $13961 | $14712 | $13233 |
| **12/21** | $13029 | $12436 | $14121 | $14955 | $13318 |
| **1/22** | $12889 | $12163 | $13978 | $14596 | $13366 |
| **2/22** | $12735 | $11998 | $13847 | $14398 | $13298 |
| **3/22** | $12664 | $11676 | $13808 | $14310 | $13304 |
| **4/22** | $12473 | $11240 | $13590 | $13828 | $13333 |
| **5/22** | $12272 | $11302 | $13408 | $13811 | $12992 |
| **6/22** | $11773 | $11076 | $12808 | $12874 | $12710 |
| **7/22** | $12198 | $11355 | $13319 | $13628 | $12981 |
| **8/22** | $12153 | $11060 | $13283 | $13347 | $13177 |
| **9/22** | $11784 | $10583 | $12868 | $12817 | $12877 |
| **10/22** | $11969 | $10467 | $13102 | $13156 | $13005 |
| **11/22** | $12210 | $10857 | $13334 | $13465 | $13161 |
| **12/22** | $12186 | $10820 | $13316 | $13372 | $13215 |
| **1/23** | $12549 | $11156 | $13745 | $13878 | $13568 |
| **2/23** | $12485 | $10882 | $13722 | $13751 | $13646 |
| **3/23** | $12580 | $11137 | $13779 | $13869 | $13642 |
| **4/23** | $12662 | $11205 | $13911 | $13990 | $13785 |
| **5/23** | $12590 | $11089 | $13864 | $13922 | $13760 |
| **6/23** | $12781 | $11072 | $14115 | $14109 | $14071 |
| **7/23** | $12950 | $11083 | $14304 | $14306 | $14252 |
| **8/23** | $13043 | $11016 | $14411 | $14353 | $14419 |
| **9/23** | $13011 | $10753 | $14426 | $14245 | $14558 |
| **10/23** | $12942 | $10592 | $14356 | $14109 | $14555 |
| **11/23** | $13280 | $11068 | $14744 | $14699 | $14733 |
| **12/23** | $13620 | $11488 | $15123 | $15213 | $14976 |
| **1/24** | $13689 | $11461 | $15192 | $15249 | $15077 |
| **2/24** | $13741 | $11323 | $15289 | $15304 | $15214 |
| **3/24** | $13867 | $11435 | $15430 | $15457 | $15343 |
| **4/24** | $13849 | $11167 | $15418 | $15340 | $15436 |
| **5/24** | $14004 | $11352 | $15577 | $15511 | $15581 |
| **6/24** | $14088 | $11456 | $15673 | $15650 | $15635 |
| **7/24** | $14231 | $11716 | $15869 | $15934 | $15742 |
| **8/24** | $14373 | $11889 | $16040 | $16177 | $15842 |
| **9/24** | $14501 | $12052 | $16220 | $16423 | $15955 |
| **10/24** | $14524 | $11778 | $16269 | $16382 | $16092 |
| **11/24** | $14651 | $11902 | $16418 | $16546 | $16225 |
| **12/24** | $14682 | $11722 | $16451 | $16520 | $16317 |
| **1/25** | $14809 | $11793 | $16610 | $16725 | $16429 |
| **2/25** | $14886 | $12037 | $16682 | $16852 | $16447 |
| **3/25** | $14745 | $12034 | $16571 | $16681 | $16395 |
| **4/25** | $14766 | $12077 | $16575 | $16698 | $16386 |
| **5/25** | $14987 | $12015 | $16839 | $16970 | $16641 |
| **6/25** | $15147 | $12203 | $17039 | $17237 | $16775 |
| **7/25** | $15230 | $12185 | $17169 | $17348 | $16922 |
| **8/25** | $15330 | $12331 | $17294 | $17524 | $16997 |
| **9/25** | $15412 | $12462 | $17396 | $17654 | $17072 |
| **10/25** | $15465 | $12544 | $17434 | $17692 | $17109 |

---

## Average Annual Total Returns (%)<sup>**Footnote Reference 1**</sup>

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class A | 6.47% | 5.31% | 4.80% |
| Class A with 3.25% Maximum Sales Charge | 3.03% | 4.62% | 4.45% |
| Bloomberg U.S. Universal Index | 6.51% | 0.28% | 2.29% |
| Blended Index<sup>Footnote Reference2</sup> | 7.16% | 6.32% | 5.71% |
| ICE BofA DM HY ex-Sub Financials Index - Hedged USD | 8.00% | 5.62% | 5.87% |
| Morningstar<sup>®</sup>LSTA<sup>®</sup> US Leveraged Loan Index℠ | 6.32% | 6.96% | 5.51% |

---

---

| |
|:---|
| Footnote |
| &nbsp;&nbsp;Footnote<sup>1</sup> |
| &nbsp;&nbsp;Footnote<sup>2</sup><br> &nbsp;&nbsp;Index consists of 50% Morningstar<sup>®</sup>LSTA<sup>®</sup> US Leveraged Loan Index℠ and 50% ICE BofA Developed Markets High Yield ex-Subordinated Financials Index–Hedged USD, rebalanced monthly. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $501898834 |
| # of Portfolio Holdings | 761 |
| Portfolio Turnover Rate | 58% |
| Total Advisory Fees Paid | $2736954 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](g35982g11d90.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference†</sup> | 0.8% |
| Short-Term Investments | 2.9% |
| Commercial Mortgage-Backed Securities | 3.7% |
| Collateralized Mortgage Obligations | 8.6% |
| Asset-Backed Securities | 9.5% |
| Senior Floating-Rate Loans | 30.2% |
| Corporate Bonds | 44.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Investment types less than 1% each |

---

### Credit Quality (% of net assets)<sup>**Footnote Reference a**</sup>
![Credit Rating Chart](g35982g63e98.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash | 1.8% |
| Not Rated | 13.0% |
| CCC or Lower | 6.0% |
| B | 42.6% |
| BB | 27.8% |
| BBB | 7.5% |
| A | 1.0% |
| AA | 0.2% |
| AAA | 0.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Ratings are based on Moody's Investors Service, Inc. ("Moody's"), S&P Global Ratings ("S&P") or Fitch Ratings ("Fitch"). If securities are rated differently by the ratings agencies, the highest rating is applied. Moody's ratings are converted to the S&P and Fitch scale with ratings ranging from AAA, being the highest, to D, being the lowest. Ratings of BBB or higher are considered to be investment-grade quality. Holdings designated as "Not Rated" (if any) are not rated by the national ratings agencies stated above. |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g35982g49w49.jpg)

## Additional Information
If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report October 31, 2025

# EAAMX-TSR-AR

# Eaton Vance Multi-Asset Credit Fund
![Image](g35982g51m36.jpg)

# Class C ECAMX

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about the Eaton Vance Multi-Asset Credit Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $176 | 1.71% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Fund's Blended Index (the Index):

↓ Among Fund allocations to floating-rate loans, selections in professional services, food products, and electrical equipment, instruments & components industries hurt

↓ An overweight to a loan issuer that provides temporary staffing detracted after it added liquidity and extended maturities via a liability management exercise

↓ An underweight exposure to high yield bonds ― which outperformed the Index during the period ― slightly detracted from returns

↑ An underweight exposure to floating-rate loans, which underperformed the Blended Index during the period, contributed

↑ Out-of-Index exposures to collateralized loan obligations, mortgage-backed securities, and commercial mortgage-backed securities contributed to returns

↑ Within the Fund's high yield bond allocation, selection in the super retail, building materials, and utility industries helped

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g35982g28q41.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class C** | **Bloomberg U.S. Universal Index** | **Blended Index** | **ICE BofA DM HY ex-Sub Financials Index - Hedged USD** | **Morningstar<sup>®</sup> LSTA<sup>®</sup> US Leveraged Loan Index℠** |
| **10/15** | $10000 | $10000 | $10000 | $10000 | $10000 |
| **11/15** | $9969 | $9964 | $9870 | $9828 | $9912 |
| **12/15** | $9855 | $9914 | $9697 | $9586 | $9808 |
| **1/16** | $9741 | $10023 | $9594 | $9445 | $9744 |
| **2/16** | $9762 | $10094 | $9586 | $9479 | $9693 |
| **3/16** | $10099 | $10218 | $9929 | $9897 | $9960 |
| **4/16** | $10182 | $10288 | $10208 | $10257 | $10158 |
| **5/16** | $10162 | $10296 | $10285 | $10319 | $10248 |
| **6/16** | $10316 | $10477 | $10329 | $10405 | $10250 |
| **7/16** | $10556 | $10563 | $10534 | $10670 | $10397 |
| **8/16** | $10556 | $10575 | $10690 | $10906 | $10475 |
| **9/16** | $10557 | $10577 | $10761 | $10956 | $10566 |
| **10/16** | $10442 | $10507 | $10828 | $11001 | $10653 |
| **11/16** | $10358 | $10271 | $10821 | $10958 | $10681 |
| **12/16** | $10497 | $10301 | $10990 | $11175 | $10805 |
| **1/17** | $10623 | $10338 | $11090 | $11316 | $10865 |
| **2/17** | $10760 | $10418 | $11201 | $11484 | $10920 |
| **3/17** | $10840 | $10414 | $11196 | $11466 | $10928 |
| **4/17** | $10946 | $10500 | $11285 | $11597 | $10976 |
| **5/17** | $11093 | $10581 | $11356 | $11701 | $11016 |
| **6/17** | $11082 | $10573 | $11364 | $11722 | $11011 |
| **7/17** | $11219 | $10625 | $11466 | $11852 | $11087 |
| **8/17** | $11283 | $10717 | $11467 | $11860 | $11082 |
| **9/17** | $11321 | $10679 | $11539 | $11961 | $11126 |
| **10/17** | $11416 | $10692 | $11605 | $12027 | $11192 |
| **11/17** | $11501 | $10676 | $11594 | $11991 | $11205 |
| **12/17** | $11600 | $10723 | $11632 | $12023 | $11250 |
| **1/18** | $11815 | $10620 | $11724 | $12097 | $11358 |
| **2/18** | $11471 | $10519 | $11688 | $11998 | $11380 |
| **3/18** | $11457 | $10572 | $11677 | $11941 | $11412 |
| **4/18** | $11468 | $10501 | $11742 | $12025 | $11460 |
| **5/18** | $11446 | $10559 | $11745 | $12010 | $11479 |
| **6/18** | $11384 | $10543 | $11764 | $12037 | $11492 |
| **7/18** | $11546 | $10565 | $11879 | $12183 | $11577 |
| **8/18** | $11513 | $10618 | $11942 | $12263 | $11624 |
| **9/18** | $11553 | $10572 | $12015 | $12328 | $11704 |
| **10/18** | $11488 | $10484 | $11925 | $12148 | $11700 |
| **11/18** | $11373 | $10531 | $11806 | $12015 | $11594 |
| **12/18** | $11192 | $10696 | $11548 | $11795 | $11299 |
| **1/19** | $11525 | $10843 | $11934 | $12284 | $11587 |
| **2/19** | $11681 | $10855 | $12135 | $12502 | $11771 |
| **3/19** | $11734 | $11051 | $12187 | $12632 | $11751 |
| **4/19** | $11854 | $11066 | $12376 | $12815 | $11945 |
| **5/19** | $11807 | $11236 | $12288 | $12661 | $11919 |
| **6/19** | $11965 | $11395 | $12454 | $12971 | $11948 |
| **7/19** | $12048 | $11429 | $12540 | $13045 | $12044 |
| **8/19** | $12078 | $11687 | $12554 | $13111 | $12011 |
| **9/19** | $12120 | $11637 | $12599 | $13144 | $12067 |
| **10/19** | $12111 | $11674 | $12582 | $13167 | $12012 |
| **11/19** | $12182 | $11672 | $12647 | $13226 | $12083 |
| **12/19** | $12376 | $11689 | $12869 | $13481 | $12276 |
| **1/20** | $12408 | $11899 | $12908 | $13485 | $12344 |
| **2/20** | $12210 | $12077 | $12722 | $13275 | $12181 |
| **3/20** | $10661 | $11841 | $11174 | $11687 | $10674 |
| **4/20** | $11073 | $12078 | $11666 | $12189 | $11155 |
| **5/20** | $11519 | $12191 | $12130 | $12697 | $11578 |
| **6/20** | $11613 | $12293 | $12270 | $12846 | $11710 |
| **7/20** | $11865 | $12509 | $12644 | $13378 | $11939 |
| **8/20** | $12003 | $12437 | $12808 | $13525 | $12118 |
| **9/20** | $11944 | $12414 | $12790 | $13401 | $12194 |
| **10/20** | $11941 | $12370 | $12830 | $13458 | $12219 |
| **11/20** | $12325 | $12531 | $13234 | $14005 | $12491 |
| **12/20** | $12479 | $12575 | $13432 | $14237 | $12659 |
| **1/21** | $12549 | $12496 | $13542 | $14300 | $12810 |
| **2/21** | $12618 | $12334 | $13610 | $14359 | $12885 |
| **3/21** | $12611 | $12191 | $13629 | $14400 | $12885 |
| **4/21** | $12690 | $12293 | $13732 | $14543 | $12951 |
| **5/21** | $12746 | $12340 | $13790 | $14582 | $13026 |
| **6/21** | $12827 | $12430 | $13897 | $14754 | $13074 |
| **7/21** | $12824 | $12555 | $13922 | $14809 | $13073 |
| **8/21** | $12881 | $12547 | $13990 | $14883 | $13135 |
| **9/21** | $12891 | $12440 | $14036 | $14885 | $13219 |
| **10/21** | $12887 | $12429 | $14035 | $14843 | $13254 |
| **11/21** | $12797 | $12444 | $13961 | $14712 | $13233 |
| **12/21** | $12919 | $12436 | $14121 | $14955 | $13318 |
| **1/22** | $12771 | $12163 | $13978 | $14596 | $13366 |
| **2/22** | $12611 | $11998 | $13847 | $14398 | $13298 |
| **3/22** | $12534 | $11676 | $13808 | $14310 | $13304 |
| **4/22** | $12337 | $11240 | $13590 | $13828 | $13333 |
| **5/22** | $12130 | $11302 | $13408 | $13811 | $12992 |
| **6/22** | $11619 | $11076 | $12808 | $12874 | $12710 |
| **7/22** | $12030 | $11355 | $13319 | $13628 | $12981 |
| **8/22** | $11990 | $11060 | $13283 | $13347 | $13177 |
| **9/22** | $11619 | $10583 | $12868 | $12817 | $12877 |
| **10/22** | $11794 | $10467 | $13102 | $13156 | $13005 |
| **11/22** | $12024 | $10857 | $13334 | $13465 | $13161 |
| **12/22** | $11993 | $10820 | $13316 | $13372 | $13215 |
| **1/23** | $12342 | $11156 | $13745 | $13878 | $13568 |
| **2/23** | $12272 | $10882 | $13722 | $13751 | $13646 |
| **3/23** | $12358 | $11137 | $13779 | $13869 | $13642 |
| **4/23** | $12431 | $11205 | $13911 | $13990 | $13785 |
| **5/23** | $12352 | $11089 | $13864 | $13922 | $13760 |
| **6/23** | $12532 | $11072 | $14115 | $14109 | $14071 |
| **7/23** | $12689 | $11083 | $14304 | $14306 | $14252 |
| **8/23** | $12759 | $11016 | $14411 | $14353 | $14419 |
| **9/23** | $12733 | $10753 | $14426 | $14245 | $14558 |
| **10/23** | $12657 | $10592 | $14356 | $14109 | $14555 |
| **11/23** | $12981 | $11068 | $14744 | $14699 | $14733 |
| **12/23** | $13291 | $11488 | $15123 | $15213 | $14976 |
| **1/24** | $13349 | $11461 | $15192 | $15249 | $15077 |
| **2/24** | $13406 | $11323 | $15289 | $15304 | $15214 |
| **3/24** | $13521 | $11435 | $15430 | $15457 | $15343 |
| **4/24** | $13495 | $11167 | $15418 | $15340 | $15436 |
| **5/24** | $13637 | $11352 | $15577 | $15511 | $15581 |
| **6/24** | $13710 | $11456 | $15673 | $15650 | $15635 |
| **7/24** | $13840 | $11716 | $15869 | $15934 | $15742 |
| **8/24** | $13969 | $11889 | $16040 | $16177 | $15842 |
| **9/24** | $14072 | $12052 | $16220 | $16423 | $15955 |
| **10/24** | $14099 | $11778 | $16269 | $16382 | $16092 |
| **11/24** | $14213 | $11902 | $16418 | $16546 | $16225 |
| **12/24** | $14235 | $11722 | $16451 | $16520 | $16317 |
| **1/25** | $14349 | $11793 | $16610 | $16725 | $16429 |
| **2/25** | $14401 | $12037 | $16682 | $16852 | $16447 |
| **3/25** | $14269 | $12034 | $16571 | $16681 | $16395 |
| **4/25** | $14281 | $12077 | $16575 | $16698 | $16386 |
| **5/25** | $14485 | $12015 | $16839 | $16970 | $16641 |
| **6/25** | $14631 | $12203 | $17039 | $17237 | $16775 |
| **7/25** | $14702 | $12185 | $17169 | $17348 | $16922 |
| **8/25** | $14790 | $12331 | $17294 | $17524 | $16997 |
| **9/25** | $14859 | $12462 | $17396 | $17654 | $17072 |
| **10/25** | $15124 | $12544 | $17434 | $17692 | $17109 |

---

## Average Annual Total Returns (%)<sup>**Footnote Reference 1**</sup>

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class C, with conversion to Class A after 8 years | 5.68% | 4.52% | 4.22% |
| Class C, with 1% Maximum Contingent Deferred Sales Charge and conversion to Class A after 8 years | 4.68% | 4.52% | 4.22% |
| Bloomberg U.S. Universal Index | 6.51% | 0.28% | 2.29% |
| Blended Index<sup>Footnote Reference2</sup> | 7.16% | 6.32% | 5.71% |
| ICE BofA DM HY ex-Sub Financials Index - Hedged USD | 8.00% | 5.62% | 5.87% |
| Morningstar<sup>®</sup>LSTA<sup>®</sup> US Leveraged Loan Index℠ | 6.32% | 6.96% | 5.51% |

---

---

| |
|:---|
| Footnote |
| &nbsp;&nbsp;Footnote<sup>1</sup> |
| &nbsp;&nbsp;Footnote<sup>2</sup><br> &nbsp;&nbsp;Index consists of 50% Morningstar<sup>®</sup>LSTA<sup>®</sup> US Leveraged Loan Index℠ and 50% ICE BofA Developed Markets High Yield ex-Subordinated Financials Index–Hedged USD, rebalanced monthly. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $501898834 |
| # of Portfolio Holdings | 761 |
| Portfolio Turnover Rate | 58% |
| Total Advisory Fees Paid | $2736954 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](g35982g11d90.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference†</sup> | 0.8% |
| Short-Term Investments | 2.9% |
| Commercial Mortgage-Backed Securities | 3.7% |
| Collateralized Mortgage Obligations | 8.6% |
| Asset-Backed Securities | 9.5% |
| Senior Floating-Rate Loans | 30.2% |
| Corporate Bonds | 44.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Investment types less than 1% each |

---

### Credit Quality (% of net assets)<sup>**Footnote Reference a**</sup>
![Credit Rating Chart](g35982g63e98.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash | 1.8% |
| Not Rated | 13.0% |
| CCC or Lower | 6.0% |
| B | 42.6% |
| BB | 27.8% |
| BBB | 7.5% |
| A | 1.0% |
| AA | 0.2% |
| AAA | 0.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Ratings are based on Moody's Investors Service, Inc. ("Moody's"), S&P Global Ratings ("S&P") or Fitch Ratings ("Fitch"). If securities are rated differently by the ratings agencies, the highest rating is applied. Moody's ratings are converted to the S&P and Fitch scale with ratings ranging from AAA, being the highest, to D, being the lowest. Ratings of BBB or higher are considered to be investment-grade quality. Holdings designated as "Not Rated" (if any) are not rated by the national ratings agencies stated above. |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g35982g49w49.jpg)

## Additional Information
If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report October 31, 2025

# ECAMX-TSR-AR

# Eaton Vance Multi-Asset Credit Fund
![Image](g35982g51m36.jpg)

# Class I EIAMX

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about the Eaton Vance Multi-Asset Credit Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $73 | 0.71% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Fund's Blended Index (the Index):

↓ Among Fund allocations to floating-rate loans, selections in professional services, food products, and electrical equipment, instruments & components industries hurt

↓ An overweight to a loan issuer that provides temporary staffing detracted after it added liquidity and extended maturities via a liability management exercise

↓ An underweight exposure to high yield bonds ― which outperformed the Index during the period ― slightly detracted from returns

↑ An underweight exposure to floating-rate loans, which underperformed the Blended Index during the period, contributed

↑ Out-of-Index exposures to collateralized loan obligations, mortgage-backed securities, and commercial mortgage-backed securities contributed to returns

↑ Within the Fund's high yield bond allocation, selection in the super retail, building materials, and utility industries helped

## Fund Performance
Comparison of the change in value of a $1,000,000 investment for the period indicated.

![Growth of 10K Chart](g35982g84h49.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class I** | **Bloomberg U.S. Universal Index** | **Blended Index** | **ICE BofA DM HY ex-Sub Financials Index - Hedged USD** | **Morningstar<sup>®</sup> LSTA<sup>®</sup> US Leveraged Loan Index℠** |
| **10/15** | $1000000 | $1000000 | $1000000 | $1000000 | $1000000 |
| **11/15** | $997972 | $996353 | $987043 | $982847 | $991240 |
| **12/15** | $987068 | $991376 | $969688 | $958604 | $980832 |
| **1/16** | $975722 | $1002320 | $959373 | $944468 | $974428 |
| **2/16** | $979848 | $1009440 | $958608 | $947939 | $969293 |
| **3/16** | $1013957 | $1021811 | $992916 | $989668 | $996005 |
| **4/16** | $1023346 | $1028772 | $1020825 | $1025656 | $1015777 |
| **5/16** | $1022302 | $1029576 | $1028457 | $1031850 | $1024833 |
| **6/16** | $1039136 | $1047701 | $1032897 | $1040541 | $1025049 |
| **7/16** | $1063278 | $1056335 | $1053433 | $1067032 | $1039713 |
| **8/16** | $1064327 | $1057474 | $1069007 | $1090568 | $1047520 |
| **9/16** | $1064802 | $1057726 | $1076086 | $1095591 | $1056570 |
| **10/16** | $1054281 | $1050709 | $1082752 | $1100121 | $1065291 |
| **11/16** | $1046915 | $1027092 | $1082066 | $1095815 | $1068111 |
| **12/16** | $1061372 | $1030143 | $1099018 | $1117479 | $1080461 |
| **1/17** | $1076276 | $1033777 | $1109048 | $1131624 | $1086507 |
| **2/17** | $1090115 | $1041753 | $1120057 | $1148411 | $1091959 |
| **3/17** | $1099697 | $1041404 | $1119617 | $1146585 | $1092837 |
| **4/17** | $1110373 | $1050045 | $1128479 | $1159730 | $1097608 |
| **5/17** | $1127456 | $1058147 | $1135607 | $1170141 | $1101621 |
| **6/17** | $1126997 | $1057250 | $1136354 | $1172182 | $1101149 |
| **7/17** | $1140937 | $1062516 | $1146580 | $1185215 | $1108725 |
| **8/17** | $1149515 | $1071683 | $1146711 | $1186007 | $1108237 |
| **9/17** | $1153286 | $1067911 | $1153855 | $1196147 | $1112569 |
| **10/17** | $1164044 | $1069193 | $1160468 | $1202705 | $1119224 |
| **11/17** | $1174803 | $1067575 | $1159422 | $1199142 | $1120522 |
| **12/17** | $1184593 | $1072282 | $1163231 | $1202272 | $1124960 |
| **1/18** | $1208701 | $1061963 | $1172435 | $1209725 | $1135787 |
| **2/18** | $1174730 | $1051894 | $1168806 | $1199836 | $1138043 |
| **3/18** | $1173037 | $1057199 | $1167652 | $1194084 | $1141249 |
| **4/18** | $1176338 | $1050145 | $1174176 | $1202494 | $1145965 |
| **5/18** | $1174138 | $1055872 | $1174458 | $1201044 | $1147897 |
| **6/18** | $1169056 | $1054340 | $1176414 | $1203659 | $1149221 |
| **7/18** | $1185631 | $1056547 | $1187911 | $1218290 | $1157714 |
| **8/18** | $1183421 | $1061752 | $1194209 | $1226320 | $1162359 |
| **9/18** | $1189609 | $1057203 | $1201451 | $1232762 | $1170351 |
| **10/18** | $1184050 | $1048359 | $1192518 | $1214813 | $1169987 |
| **11/18** | $1173243 | $1053074 | $1180600 | $1201493 | $1159432 |
| **12/18** | $1155594 | $1069550 | $1154753 | $1179459 | $1129926 |
| **1/19** | $1191295 | $1084296 | $1193421 | $1228414 | $1158701 |
| **2/19** | $1207296 | $1085478 | $1213519 | $1250236 | $1177144 |
| **3/19** | $1213710 | $1105079 | $1218742 | $1263180 | $1175090 |
| **4/19** | $1228328 | $1106626 | $1237628 | $1281466 | $1194497 |
| **5/19** | $1224554 | $1123578 | $1228846 | $1266059 | $1191907 |
| **6/19** | $1241814 | $1139470 | $1245421 | $1297146 | $1194795 |
| **7/19** | $1251375 | $1142862 | $1253959 | $1304533 | $1204372 |
| **8/19** | $1255574 | $1168722 | $1255399 | $1311114 | $1201062 |
| **9/19** | $1260564 | $1163659 | $1259884 | $1314366 | $1206665 |
| **10/19** | $1260754 | $1167418 | $1258152 | $1316664 | $1201237 |
| **11/19** | $1269158 | $1167185 | $1264675 | $1322581 | $1208295 |
| **12/19** | $1290360 | $1168924 | $1286943 | $1348056 | $1227572 |
| **1/20** | $1294787 | $1189904 | $1290770 | $1348541 | $1234431 |
| **2/20** | $1273988 | $1207721 | $1272152 | $1327461 | $1218117 |
| **3/20** | $1113630 | $1184130 | $1117394 | $1168698 | $1067434 |
| **4/20** | $1158664 | $1207849 | $1166560 | $1218934 | $1115486 |
| **5/20** | $1205102 | $1219130 | $1213008 | $1269734 | $1157825 |
| **6/20** | $1215882 | $1229303 | $1227021 | $1284619 | $1171004 |
| **7/20** | $1244526 | $1250897 | $1264442 | $1337833 | $1193922 |
| **8/20** | $1260105 | $1243684 | $1280835 | $1352540 | $1211755 |
| **9/20** | $1254942 | $1241442 | $1278994 | $1340075 | $1219439 |
| **10/20** | $1255749 | $1237005 | $1283048 | $1345843 | $1221919 |
| **11/20** | $1297025 | $1253147 | $1323375 | $1400487 | $1249119 |
| **12/20** | $1314409 | $1257475 | $1343232 | $1423669 | $1265928 |
| **1/21** | $1322867 | $1249571 | $1354215 | $1430022 | $1280980 |
| **2/21** | $1331092 | $1233448 | $1360999 | $1435946 | $1288507 |
| **3/21** | $1331568 | $1219093 | $1362903 | $1440001 | $1288475 |
| **4/21** | $1340956 | $1229345 | $1373180 | $1454318 | $1295097 |
| **5/21** | $1348000 | $1234034 | $1379022 | $1458244 | $1302619 |
| **6/21** | $1357643 | $1243030 | $1389704 | $1475434 | $1307444 |
| **7/21** | $1358480 | $1255512 | $1392201 | $1480931 | $1307271 |
| **8/21** | $1364439 | $1254673 | $1398977 | $1488315 | $1313479 |
| **9/21** | $1367871 | $1243959 | $1403552 | $1488486 | $1321918 |
| **10/21** | $1368604 | $1242942 | $1403463 | $1484329 | $1325443 |
| **11/21** | $1360288 | $1244444 | $1396114 | $1471151 | $1323329 |
| **12/21** | $1374300 | $1243605 | $1412128 | $1495499 | $1331786 |
| **1/22** | $1359779 | $1216340 | $1397752 | $1459611 | $1336629 |
| **2/22** | $1342561 | $1199756 | $1384681 | $1439806 | $1329766 |
| **3/22** | $1335424 | $1167568 | $1380796 | $1431039 | $1330401 |
| **4/22** | $1315612 | $1124021 | $1359045 | $1382848 | $1333289 |
| **5/22** | $1295991 | $1130205 | $1340796 | $1381088 | $1299180 |
| **6/22** | $1242506 | $1107621 | $1280818 | $1287442 | $1271039 |
| **7/22** | $1287503 | $1135469 | $1331949 | $1362779 | $1298143 |
| **8/22** | $1283004 | $1105951 | $1328296 | $1334726 | $1317747 |
| **9/22** | $1244416 | $1058302 | $1286769 | $1281670 | $1287733 |
| **10/22** | $1265551 | $1046690 | $1310189 | $1315588 | $1300529 |
| **11/22** | $1289883 | $1085718 | $1333424 | $1346490 | $1316107 |
| **12/22** | $1289011 | $1082030 | $1331575 | $1337222 | $1321517 |
| **1/23** | $1327610 | $1115595 | $1374502 | $1387771 | $1356766 |
| **2/23** | $1319793 | $1088183 | $1372202 | $1375121 | $1364593 |
| **3/23** | $1331510 | $1113711 | $1377856 | $1386886 | $1364164 |
| **4/23** | $1339065 | $1120515 | $1391105 | $1398971 | $1378512 |
| **5/23** | $1331706 | $1108897 | $1386441 | $1392159 | $1375980 |
| **6/23** | $1353606 | $1107174 | $1411492 | $1410947 | $1407134 |
| **7/23** | $1371716 | $1108275 | $1430400 | $1430613 | $1425220 |
| **8/23** | $1380452 | $1101601 | $1441107 | $1435269 | $1441918 |
| **9/23** | $1378837 | $1075333 | $1442642 | $1424515 | $1455796 |
| **10/23** | $1371809 | $1059162 | $1435625 | $1410914 | $1455531 |
| **11/23** | $1407920 | $1106829 | $1474406 | $1469933 | $1473284 |
| **12/23** | $1442703 | $1148827 | $1512315 | $1521301 | $1497560 |
| **1/24** | $1450300 | $1146078 | $1519221 | $1524926 | $1507669 |
| **2/24** | $1456152 | $1132337 | $1528867 | $1530424 | $1521378 |
| **3/24** | $1471297 | $1143455 | $1543002 | $1545685 | $1534339 |
| **4/24** | $1469729 | $1116734 | $1541834 | $1534046 | $1543570 |
| **5/24** | $1484920 | $1135245 | $1557651 | $1551114 | $1558065 |
| **6/24** | $1495648 | $1145623 | $1567339 | $1564992 | $1563507 |
| **7/24** | $1511120 | $1171626 | $1586894 | $1593368 | $1574170 |
| **8/24** | $1526467 | $1188874 | $1604047 | $1617707 | $1584158 |
| **9/24** | $1538915 | $1205180 | $1621975 | $1642326 | $1595460 |
| **10/24** | $1543214 | $1177807 | $1626904 | $1638175 | $1609188 |
| **11/24** | $1555390 | $1190224 | $1641783 | $1654599 | $1622490 |
| **12/24** | $1560659 | $1172248 | $1645112 | $1651951 | $1631665 |
| **1/25** | $1574443 | $1179312 | $1661035 | $1672515 | $1642939 |
| **2/25** | $1581384 | $1203695 | $1668229 | $1685234 | $1644677 |
| **3/25** | $1568315 | $1203408 | $1657119 | $1668068 | $1639523 |
| **4/25** | $1570986 | $1207658 | $1657524 | $1669778 | $1638644 |
| **5/25** | $1594722 | $1201533 | $1683913 | $1697012 | $1664096 |
| **6/25** | $1612029 | $1220252 | $1703934 | $1723715 | $1677481 |
| **7/25** | $1621291 | $1218511 | $1716880 | $1734823 | $1692161 |
| **8/25** | $1632276 | $1233147 | $1729400 | $1752369 | $1699725 |
| **9/25** | $1641327 | $1246212 | $1739608 | $1765395 | $1707156 |
| **10/25** | $1645498 | $1254442 | $1743396 | $1769186 | $1710926 |

---

## Average Annual Total Returns (%)<sup>**Footnote Reference 1**</sup>

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class I | 6.63% | 5.55% | 5.10% |
| Bloomberg U.S. Universal Index | 6.51% | 0.28% | 2.29% |
| Blended Index<sup>Footnote Reference2</sup> | 7.16% | 6.32% | 5.71% |
| ICE BofA DM HY ex-Sub Financials Index - Hedged USD | 8.00% | 5.62% | 5.87% |
| Morningstar<sup>®</sup>LSTA<sup>®</sup> US Leveraged Loan Index℠ | 6.32% | 6.96% | 5.51% |

---

---

| |
|:---|
| Footnote |
| &nbsp;&nbsp;Footnote<sup>1</sup> |
| &nbsp;&nbsp;Footnote<sup>2</sup><br> &nbsp;&nbsp;Index consists of 50% Morningstar<sup>®</sup>LSTA<sup>®</sup> US Leveraged Loan Index℠ and 50% ICE BofA Developed Markets High Yield ex-Subordinated Financials Index–Hedged USD, rebalanced monthly. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $501898834 |
| # of Portfolio Holdings | 761 |
| Portfolio Turnover Rate | 58% |
| Total Advisory Fees Paid | $2736954 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](g35982g11d90.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference†</sup> | 0.8% |
| Short-Term Investments | 2.9% |
| Commercial Mortgage-Backed Securities | 3.7% |
| Collateralized Mortgage Obligations | 8.6% |
| Asset-Backed Securities | 9.5% |
| Senior Floating-Rate Loans | 30.2% |
| Corporate Bonds | 44.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Investment types less than 1% each |

---

### Credit Quality (% of net assets)<sup>**Footnote Reference a**</sup>
![Credit Rating Chart](g35982g63e98.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash | 1.8% |
| Not Rated | 13.0% |
| CCC or Lower | 6.0% |
| B | 42.6% |
| BB | 27.8% |
| BBB | 7.5% |
| A | 1.0% |
| AA | 0.2% |
| AAA | 0.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Ratings are based on Moody's Investors Service, Inc. ("Moody's"), S&P Global Ratings ("S&P") or Fitch Ratings ("Fitch"). If securities are rated differently by the ratings agencies, the highest rating is applied. Moody's ratings are converted to the S&P and Fitch scale with ratings ranging from AAA, being the highest, to D, being the lowest. Ratings of BBB or higher are considered to be investment-grade quality. Holdings designated as "Not Rated" (if any) are not rated by the national ratings agencies stated above. |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g35982g49w49.jpg)

## Additional Information
If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report October 31, 2025

# EIAMX-TSR-AR

# Eaton Vance Multi-Asset Credit Fund
![Image](g35982g51m36.jpg)

# Class R6 ERAMX

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about the Eaton Vance Multi-Asset Credit Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $69 | 0.67% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Fund's Blended Index (the Index):

↓ Among Fund allocations to floating-rate loans, selections in professional services, food products, and electrical equipment, instruments & components industries hurt

↓ An overweight to a loan issuer that provides temporary staffing detracted after it added liquidity and extended maturities via a liability management exercise

↓ An underweight exposure to high yield bonds ― which outperformed the Index during the period ― slightly detracted from returns

↑ An underweight exposure to floating-rate loans, which underperformed the Blended Index during the period, contributed

↑ Out-of-Index exposures to collateralized loan obligations, mortgage-backed securities, and commercial mortgage-backed securities contributed to returns

↑ Within the Fund's high yield bond allocation, selection in the super retail, building materials, and utility industries helped

## Fund Performance
Comparison of the change in value of a $5,000,000 investment for the period indicated.

![Growth of 10K Chart](g35982g49t97.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class R6** | **Bloomberg U.S. Universal Index** | **Blended Index** | **ICE BofA DM HY ex-Sub Financials Index - Hedged USD** | **Morningstar<sup>®</sup> LSTA<sup>®</sup> US Leveraged Loan Index℠** |
| **10/15** | $5000000 | $5000000 | $5000000 | $5000000 | $5000000 |
| **11/15** | $4989858 | $4981766 | $4935216 | $4914233 | $4956200 |
| **12/15** | $4935340 | $4956879 | $4848441 | $4793019 | $4904160 |
| **1/16** | $4878612 | $5011598 | $4796864 | $4722341 | $4872138 |
| **2/16** | $4899240 | $5047198 | $4793040 | $4739693 | $4846467 |
| **3/16** | $5069786 | $5109053 | $4964581 | $4948341 | $4980025 |
| **4/16** | $5116728 | $5143862 | $5104123 | $5128280 | $5078886 |
| **5/16** | $5111512 | $5147880 | $5142287 | $5159252 | $5124163 |
| **6/16** | $5195681 | $5238507 | $5164486 | $5202705 | $5125247 |
| **7/16** | $5316389 | $5281675 | $5267166 | $5335162 | $5198563 |
| **8/16** | $5321637 | $5287372 | $5345033 | $5452842 | $5237601 |
| **9/16** | $5324011 | $5288629 | $5380429 | $5477953 | $5282850 |
| **10/16** | $5271403 | $5253543 | $5413759 | $5500604 | $5326456 |
| **11/16** | $5234576 | $5135458 | $5410329 | $5479076 | $5340555 |
| **12/16** | $5306861 | $5150713 | $5495089 | $5587395 | $5402306 |
| **1/17** | $5381380 | $5168885 | $5545242 | $5658122 | $5432535 |
| **2/17** | $5450577 | $5208767 | $5600285 | $5742057 | $5459794 |
| **3/17** | $5498483 | $5207022 | $5598084 | $5732927 | $5464185 |
| **4/17** | $5551866 | $5250226 | $5642393 | $5798652 | $5488038 |
| **5/17** | $5637279 | $5290734 | $5678033 | $5850707 | $5508103 |
| **6/17** | $5634984 | $5286248 | $5681768 | $5860910 | $5505744 |
| **7/17** | $5704684 | $5312578 | $5732901 | $5926073 | $5543626 |
| **8/17** | $5747576 | $5358413 | $5733554 | $5930036 | $5541183 |
| **9/17** | $5766431 | $5339555 | $5769273 | $5980737 | $5562847 |
| **10/17** | $5820222 | $5345966 | $5802339 | $6013525 | $5596118 |
| **11/17** | $5874013 | $5337876 | $5797112 | $5995711 | $5602611 |
| **12/17** | $5922963 | $5361408 | $5816157 | $6011362 | $5624799 |
| **1/18** | $6043505 | $5309816 | $5862173 | $6048624 | $5678937 |
| **2/18** | $5873651 | $5259468 | $5844032 | $5999178 | $5690213 |
| **3/18** | $5865186 | $5285995 | $5838258 | $5970418 | $5706247 |
| **4/18** | $5881692 | $5250724 | $5870879 | $6012468 | $5729825 |
| **5/18** | $5870688 | $5279359 | $5872290 | $6005220 | $5739485 |
| **6/18** | $5845282 | $5271702 | $5882069 | $6018296 | $5746104 |
| **7/18** | $5928155 | $5282735 | $5939554 | $6091450 | $5788571 |
| **8/18** | $5917105 | $5308761 | $5971044 | $6131601 | $5811795 |
| **9/18** | $5948044 | $5286013 | $6007254 | $6163812 | $5851753 |
| **10/18** | $5920249 | $5241794 | $5962588 | $6074065 | $5849936 |
| **11/18** | $5866217 | $5265368 | $5903002 | $6007466 | $5797159 |
| **12/18** | $5777972 | $5347748 | $5773765 | $5897297 | $5649631 |
| **1/19** | $5956477 | $5421482 | $5967106 | $6142068 | $5793507 |
| **2/19** | $6036479 | $5427391 | $6067597 | $6251180 | $5885722 |
| **3/19** | $6068551 | $5525397 | $6093709 | $6315898 | $5875448 |
| **4/19** | $6141638 | $5533131 | $6188138 | $6407328 | $5972486 |
| **5/19** | $6122769 | $5617891 | $6144228 | $6330294 | $5959534 |
| **6/19** | $6209069 | $5697352 | $6227106 | $6485732 | $5973973 |
| **7/19** | $6256873 | $5714311 | $6269795 | $6522664 | $6021862 |
| **8/19** | $6277870 | $5843610 | $6276993 | $6555568 | $6005311 |
| **9/19** | $6302819 | $5818293 | $6299420 | $6571830 | $6033327 |
| **10/19** | $6305486 | $5837092 | $6290759 | $6583321 | $6006187 |
| **11/19** | $6341563 | $5835924 | $6323374 | $6612906 | $6041475 |
| **12/19** | $6453458 | $5844621 | $6434713 | $6740277 | $6137861 |
| **1/20** | $6476064 | $5949520 | $6453848 | $6742704 | $6172156 |
| **2/20** | $6371547 | $6038603 | $6360761 | $6637307 | $6090586 |
| **3/20** | $5575364 | $5920648 | $5586972 | $5843492 | $5337170 |
| **4/20** | $5794828 | $6039247 | $5832801 | $6094669 | $5577432 |
| **5/20** | $6027329 | $6095652 | $6065038 | $6348670 | $5789125 |
| **6/20** | $6081694 | $6146514 | $6135105 | $6423095 | $5855019 |
| **7/20** | $6219336 | $6254483 | $6322211 | $6689164 | $5969611 |
| **8/20** | $6303605 | $6218418 | $6404177 | $6762698 | $6058776 |
| **9/20** | $6271937 | $6207211 | $6394972 | $6700374 | $6097196 |
| **10/20** | $6275623 | $6185025 | $6415240 | $6729216 | $6109597 |
| **11/20** | $6488504 | $6265736 | $6616875 | $7002434 | $6245595 |
| **12/20** | $6575748 | $6287373 | $6716161 | $7118347 | $6329640 |
| **1/21** | $6618341 | $6247854 | $6771074 | $7150112 | $6404900 |
| **2/21** | $6659727 | $6167238 | $6804993 | $7179730 | $6442537 |
| **3/21** | $6655667 | $6095467 | $6814516 | $7200004 | $6442376 |
| **4/21** | $6702962 | $6146723 | $6865902 | $7271590 | $6475484 |
| **5/21** | $6738394 | $6170168 | $6895110 | $7291220 | $6513096 |
| **6/21** | $6793124 | $6215150 | $6948519 | $7377169 | $6537220 |
| **7/21** | $6797450 | $6277558 | $6961005 | $7404657 | $6536355 |
| **8/21** | $6827497 | $6273367 | $6994885 | $7441573 | $6567395 |
| **9/21** | $6844990 | $6219796 | $7017760 | $7442431 | $6609592 |
| **10/21** | $6848710 | $6214712 | $7017315 | $7421645 | $6627214 |
| **11/21** | $6807294 | $6222219 | $6980570 | $7355756 | $6616645 |
| **12/21** | $6871204 | $6218024 | $7060642 | $7477497 | $6658931 |
| **1/22** | $6805211 | $6081699 | $6988760 | $7298055 | $6683146 |
| **2/22** | $6719355 | $5998781 | $6923403 | $7199030 | $6648830 |
| **3/22** | $6684170 | $5837841 | $6903980 | $7155197 | $6652007 |
| **4/22** | $6585176 | $5620104 | $6795223 | $6914239 | $6666443 |
| **5/22** | $6487245 | $5651027 | $6703981 | $6905440 | $6495902 |
| **6/22** | $6219799 | $5538106 | $6404088 | $6437211 | $6355193 |
| **7/22** | $6445346 | $5677345 | $6659743 | $6813894 | $6490715 |
| **8/22** | $6423030 | $5529755 | $6641482 | $6673628 | $6588733 |
| **9/22** | $6230113 | $5291512 | $6433847 | $6408352 | $6438663 |
| **10/22** | $6329326 | $5233452 | $6550945 | $6577939 | $6502645 |
| **11/22** | $6458127 | $5428589 | $6667120 | $6732452 | $6580537 |
| **12/22** | $6447284 | $5410151 | $6657875 | $6686109 | $6607584 |
| **1/23** | $6640827 | $5577976 | $6872509 | $6938855 | $6783832 |
| **2/23** | $6608650 | $5440916 | $6861008 | $6875607 | $6822963 |
| **3/23** | $6667602 | $5568556 | $6889281 | $6934430 | $6820821 |
| **4/23** | $6705611 | $5602573 | $6955525 | $6994856 | $6892559 |
| **5/23** | $6668855 | $5544487 | $6932204 | $6960796 | $6879899 |
| **6/23** | $6771763 | $5535870 | $7057458 | $7054736 | $7035670 |
| **7/23** | $6862701 | $5541373 | $7151999 | $7153067 | $7126102 |
| **8/23** | $6913761 | $5508004 | $7205533 | $7176346 | $7209592 |
| **9/23** | $6898782 | $5376665 | $7213211 | $7122574 | $7278978 |
| **10/23** | $6863788 | $5295810 | $7178123 | $7054571 | $7277657 |
| **11/23** | $7052102 | $5534147 | $7372029 | $7349664 | $7366422 |
| **12/23** | $7226572 | $5744136 | $7561574 | $7606503 | $7487798 |
| **1/24** | $7264865 | $5730389 | $7596107 | $7624631 | $7538346 |
| **2/24** | $7294408 | $5661684 | $7644333 | $7652120 | $7606888 |
| **3/24** | $7370520 | $5717273 | $7715011 | $7728427 | $7671694 |
| **4/24** | $7362796 | $5583670 | $7709172 | $7670231 | $7717851 |
| **5/24** | $7439132 | $5676226 | $7788255 | $7755569 | $7790327 |
| **6/24** | $7493107 | $5728116 | $7836697 | $7824959 | $7817537 |
| **7/24** | $7570860 | $5858131 | $7934468 | $7966842 | $7870851 |
| **8/24** | $7640337 | $5944368 | $8020237 | $8088534 | $7920788 |
| **9/24** | $7710637 | $6025898 | $8109875 | $8211630 | $7977298 |
| **10/24** | $7732421 | $5889033 | $8134519 | $8190877 | $8045940 |
| **11/24** | $7793684 | $5951119 | $8208916 | $8272996 | $8112449 |
| **12/24** | $7820349 | $5861240 | $8225558 | $8259756 | $8158325 |
| **1/25** | $7881820 | $5896559 | $8305173 | $8362577 | $8214695 |
| **2/25** | $7924789 | $6018474 | $8341146 | $8426172 | $8223386 |
| **3/25** | $7851613 | $6017038 | $8285593 | $8340339 | $8197617 |
| **4/25** | $7865017 | $6038290 | $8287620 | $8348891 | $8193221 |
| **5/25** | $7984215 | $6007665 | $8419567 | $8485062 | $8320479 |
| **6/25** | $8079305 | $6101262 | $8519670 | $8618575 | $8387404 |
| **7/25** | $8125973 | $6092553 | $8584400 | $8674114 | $8460806 |
| **8/25** | $8173072 | $6165735 | $8646999 | $8761846 | $8498627 |
| **9/25** | $8218673 | $6231062 | $8698039 | $8826976 | $8535781 |
| **10/25** | $8248082 | $6272211 | $8716980 | $8845929 | $8554630 |

---

## Average Annual Total Returns (%)<sup>**Footnote Reference 1**,</sup><sup>**Footnote Reference 2**</sup>

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class R6 | 6.67% | 5.62% | 5.13% |
| Bloomberg U.S. Universal Index | 6.51% | 0.28% | 2.29% |
| Blended Index<sup>Footnote Reference3</sup> | 7.16% | 6.32% | 5.71% |
| ICE BofA DM HY ex-Sub Financials Index - Hedged USD | 8.00% | 5.62% | 5.87% |
| Morningstar<sup>®</sup>LSTA<sup>®</sup> US Leveraged Loan Index℠ | 6.32% | 6.96% | 5.51% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Performance prior to September 15, 2018 reflects the Fund's performance under its former investment strategy. Please see the Fund's prospectus for further information. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Class R6 performance prior to 9/3/19 is linked to Class I. This linked performance is not adjusted for class expense differences. If adjusted for such differences, the performance would be different. Performance presented in the Financial Highlights included in the financial statements is not linked. |
| &nbsp;&nbsp;Footnote<sup>3</sup> | &nbsp;&nbsp;Index consists of 50% Morningstar<sup>®</sup>LSTA<sup>®</sup> US Leveraged Loan Index℠ and 50% ICE BofA Developed Markets High Yield ex-Subordinated Financials Index–Hedged USD, rebalanced monthly. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $501898834 |
| # of Portfolio Holdings | 761 |
| Portfolio Turnover Rate | 58% |
| Total Advisory Fees Paid | $2736954 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](g35982g11d90.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference†</sup> | 0.8% |
| Short-Term Investments | 2.9% |
| Commercial Mortgage-Backed Securities | 3.7% |
| Collateralized Mortgage Obligations | 8.6% |
| Asset-Backed Securities | 9.5% |
| Senior Floating-Rate Loans | 30.2% |
| Corporate Bonds | 44.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Investment types less than 1% each |

---

### Credit Quality (% of net assets)<sup>**Footnote Reference a**</sup>
![Credit Rating Chart](g35982g63e98.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash | 1.8% |
| Not Rated | 13.0% |
| CCC or Lower | 6.0% |
| B | 42.6% |
| BB | 27.8% |
| BBB | 7.5% |
| A | 1.0% |
| AA | 0.2% |
| AAA | 0.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Ratings are based on Moody's Investors Service, Inc. ("Moody's"), S&P Global Ratings ("S&P") or Fitch Ratings ("Fitch"). If securities are rated differently by the ratings agencies, the highest rating is applied. Moody's ratings are converted to the S&P and Fitch scale with ratings ranging from AAA, being the highest, to D, being the lowest. Ratings of BBB or higher are considered to be investment-grade quality. Holdings designated as "Not Rated" (if any) are not rated by the national ratings agencies stated above. |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g35982g49w49.jpg)

## Additional Information
If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report October 31, 2025

# ERAMX-TSR-AR

# Eaton Vance Short Duration High Income Fund
![Image](g35982g51m36.jpg)

# Class A ESHAX

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about the Eaton Vance Short Duration High Income Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $93 | 0.90% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the ICE BofA U.S. High Yield Cash Pay BB-B 1-3 Year Index (the Index):

↓ The Fund's security selections by sector, especially in healthcare, retail and automotive and auto parts, detracted from performance relative to the Index

↓ The Fund's security selections by credit quality, particularly in BB-rated credits, hurt relative returns

↓ Security selections by duration segment, especially in securities with duration between 2-5 years, hampered performance relative to the Index

↑ The Fund's allocations by sector, particularly in the paper, retail and healthcare sectors, contributed to returns relative to the Index

↑ An allocation to lower- and non-rated securities, helped performance relative to the Index

↑The Fund's allocations, particularly to securities with duration between 2-5 years contributed to returns relative to the Index

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g35982g67e24.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with Maximum Sales Charge** | **Bloomberg U.S. Universal Index** | **ICE BofA U.S. High Yield Cash Pay BB-B 1–3 Year Index** |
| **10/15** | $10000 | $10000 | $10000 |
| **11/15** | $9564 | $9964 | $9904 |
| **12/15** | $9523 | $9914 | $9821 |
| **1/16** | $9502 | $10023 | $9739 |
| **2/16** | $9534 | $10094 | $9830 |
| **3/16** | $9760 | $10218 | $10049 |
| **4/16** | $9884 | $10288 | $10239 |
| **5/16** | $9949 | $10296 | $10326 |
| **6/16** | $9964 | $10477 | $10395 |
| **7/16** | $10071 | $10563 | $10544 |
| **8/16** | $10159 | $10575 | $10657 |
| **9/16** | $10226 | $10577 | $10701 |
| **10/16** | $10242 | $10507 | $10742 |
| **11/16** | $10269 | $10271 | $10750 |
| **12/16** | $10380 | $10301 | $10858 |
| **1/17** | $10428 | $10338 | $10927 |
| **2/17** | $10510 | $10418 | $11010 |
| **3/17** | $10518 | $10414 | $11032 |
| **4/17** | $10592 | $10500 | $11112 |
| **5/17** | $10656 | $10581 | $11175 |
| **6/17** | $10675 | $10573 | $11198 |
| **7/17** | $10738 | $10625 | $11257 |
| **8/17** | $10756 | $10717 | $11286 |
| **9/17** | $10811 | $10679 | $11343 |
| **10/17** | $10840 | $10692 | $11371 |
| **11/17** | $10813 | $10676 | $11352 |
| **12/17** | $10852 | $10723 | $11370 |
| **1/18** | $10893 | $10620 | $11424 |
| **2/18** | $10856 | $10519 | $11413 |
| **3/18** | $10852 | $10572 | $11417 |
| **4/18** | $10826 | $10501 | $11477 |
| **5/18** | $10834 | $10559 | $11513 |
| **6/18** | $10830 | $10543 | $11536 |
| **7/18** | $10918 | $10565 | $11619 |
| **8/18** | $10971 | $10618 | $11689 |
| **9/18** | $11015 | $10572 | $11745 |
| **10/18** | $10941 | $10484 | $11709 |
| **11/18** | $10912 | $10531 | $11712 |
| **12/18** | $10780 | $10696 | $11621 |
| **1/19** | $11078 | $10843 | $11893 |
| **2/19** | $11168 | $10855 | $12009 |
| **3/19** | $11209 | $11051 | $12082 |
| **4/19** | $11309 | $11066 | $12174 |
| **5/19** | $11272 | $11236 | $12133 |
| **6/19** | $11385 | $11395 | $12291 |
| **7/19** | $11441 | $11429 | $12348 |
| **8/19** | $11472 | $11687 | $12414 |
| **9/19** | $11527 | $11637 | $12432 |
| **10/19** | $11534 | $11674 | $12460 |
| **11/19** | $11575 | $11672 | $12515 |
| **12/19** | $11689 | $11689 | $12647 |
| **1/20** | $11718 | $11899 | $12669 |
| **2/20** | $11617 | $12077 | $12494 |
| **3/20** | $10628 | $11841 | $11257 |
| **4/20** | $10770 | $12078 | $11549 |
| **5/20** | $11073 | $12191 | $11917 |
| **6/20** | $11218 | $12293 | $12047 |
| **7/20** | $11487 | $12509 | $12411 |
| **8/20** | $11572 | $12437 | $12521 |
| **9/20** | $11540 | $12414 | $12436 |
| **10/20** | $11551 | $12370 | $12510 |
| **11/20** | $11914 | $12531 | $12813 |
| **12/20** | $12023 | $12575 | $12965 |
| **1/21** | $12080 | $12496 | $13009 |
| **2/21** | $12188 | $12334 | $13067 |
| **3/21** | $12255 | $12191 | $13143 |
| **4/21** | $12321 | $12293 | $13238 |
| **5/21** | $12373 | $12340 | $13277 |
| **6/21** | $12437 | $12430 | $13355 |
| **7/21** | $12449 | $12555 | $13370 |
| **8/21** | $12488 | $12547 | $13423 |
| **9/21** | $12496 | $12440 | $13431 |
| **10/21** | $12520 | $12429 | $13456 |
| **11/21** | $12451 | $12444 | $13392 |
| **12/21** | $12580 | $12436 | $13520 |
| **1/22** | $12469 | $12163 | $13351 |
| **2/22** | $12431 | $11998 | $13308 |
| **3/22** | $12392 | $11676 | $13239 |
| **4/22** | $12285 | $11240 | $13070 |
| **5/22** | $12204 | $11302 | $13137 |
| **6/22** | $11775 | $11076 | $12691 |
| **7/22** | $12101 | $11355 | $13118 |
| **8/22** | $11986 | $11060 | $13001 |
| **9/22** | $11805 | $10583 | $12810 |
| **10/22** | $12019 | $10467 | $13065 |
| **11/22** | $12168 | $10857 | $13214 |
| **12/22** | $12158 | $10820 | $13175 |
| **1/23** | $12407 | $11156 | $13466 |
| **2/23** | $12355 | $10882 | $13471 |
| **3/23** | $12456 | $11137 | $13544 |
| **4/23** | $12517 | $11205 | $13649 |
| **5/23** | $12465 | $11089 | $13624 |
| **6/23** | $12599 | $11072 | $13790 |
| **7/23** | $12721 | $11083 | $13940 |
| **8/23** | $12788 | $11016 | $14000 |
| **9/23** | $12784 | $10753 | $13987 |
| **10/23** | $12736 | $10592 | $13932 |
| **11/23** | $12965 | $11068 | $14284 |
| **12/23** | $13152 | $11488 | $14552 |
| **1/24** | $13206 | $11461 | $14586 |
| **2/24** | $13261 | $11323 | $14668 |
| **3/24** | $13376 | $11435 | $14783 |
| **4/24** | $13372 | $11167 | $14748 |
| **5/24** | $13489 | $11352 | $14880 |
| **6/24** | $13591 | $11456 | $14991 |
| **7/24** | $13712 | $11716 | $15185 |
| **8/24** | $13831 | $11889 | $15331 |
| **9/24** | $13922 | $12052 | $15480 |
| **10/24** | $13949 | $11778 | $15494 |
| **11/24** | $14068 | $11902 | $15618 |
| **12/24** | $14066 | $11722 | $15621 |
| **1/25** | $14203 | $11793 | $15793 |
| **2/25** | $14274 | $12037 | $15877 |
| **3/25** | $14207 | $12034 | $15853 |
| **4/25** | $14246 | $12077 | $15905 |
| **5/25** | $14394 | $12015 | $16087 |
| **6/25** | $14546 | $12203 | $16257 |
| **7/25** | $14599 | $12185 | $16318 |
| **8/25** | $14703 | $12331 | $16445 |
| **9/25** | $14789 | $12462 | $16538 |
| **10/25** | $14844 | $12544 | $16599 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class A | 6.41% | 5.14% | 4.37% |
| Class A with 3.25% Maximum Sales Charge | 2.96% | 4.44% | 4.03% |
| Bloomberg U.S. Universal Index | 6.51% | 0.28% | 2.29% |
| ICE BofA U.S. High Yield Cash Pay BB-B 1–3 Year Index | 7.13% | 5.82% | 5.19% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $82586870 |
| # of Portfolio Holdings | 205 |
| Portfolio Turnover Rate | 74% |
| Total Advisory Fees Paid | $278237 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](g35982g61n66.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference†</sup> | 0.2% |
| Convertible Bonds | 1.0% |
| Short-Term Investments | 4.7% |
| Senior Floating-Rate Loans | 10.4% |
| Corporate Bonds | 83.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Investment types less than 1% each |

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Credit Rating Chart](g35982g95f73.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 2.2% |
| CCC or Lower | 8.0% |
| B | 36.4% |
| BB | 50.7% |
| BBB | 2.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excludes Short-Term Investments. Ratings are based on Moody's Investors Service, Inc. ("Moody's"), S&P Global Ratings ("S&P") or Fitch Ratings ("Fitch"). This breakdown assigns a numeric equivalent to the ratings from the aforementioned agencies and the mean is rounded to the nearest integer and converted to an equivalent S&P rating ranging from AAA, being the highest, to D, being the lowest. Ratings of BBB or higher are considered to be investment-grade quality. Holdings designated as "Not Rated" (if any) are not rated by the national ratings agencies stated above. |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g35982g49w49.jpg)

## Additional Information
If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report October 31, 2025

# ESHAX-TSR-AR

# Eaton Vance Short Duration High Income Fund
![Image](g35982g51m36.jpg)

# Class I ESHIX

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about the Eaton Vance Short Duration High Income Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $67 | 0.65% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the ICE BofA U.S. High Yield Cash Pay BB-B 1-3 Year Index (the Index):

↓ The Fund's security selections by sector, especially in healthcare, retail and automotive and auto parts, detracted from performance relative to the Index

↓ The Fund's security selections by credit quality, particularly in BB-rated credits, hurt relative returns

↓ Security selections by duration segment, especially in securities with duration between 2-5 years, hampered performance relative to the Index

↑ The Fund's allocations by sector, particularly in the paper, retail and healthcare sectors, contributed to returns relative to the Index

↑ An allocation to lower- and non-rated securities, helped performance relative to the Index

↑The Fund's allocations, particularly to securities with duration between 2-5 years contributed to returns relative to the Index

## Fund Performance
Comparison of the change in value of a $1,000,000 investment for the period indicated.

![Growth of 10K Chart](g35982g66i12.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Bloomberg U.S. Universal Index** | **ICE BofA U.S. High Yield Cash Pay BB-B 1–3 Year Index** |
| **10/15** | $1000000 | $1000000 | $1000000 |
| **11/15** | $987750 | $996353 | $990434 |
| **12/15** | $983674 | $991376 | $982094 |
| **1/16** | $982879 | $1002320 | $973930 |
| **2/16** | $986371 | $1009440 | $983012 |
| **3/16** | $1008857 | $1021811 | $1004906 |
| **4/16** | $1022936 | $1028772 | $1023888 |
| **5/16** | $1029834 | $1029576 | $1032627 |
| **6/16** | $1030539 | $1047701 | $1039506 |
| **7/16** | $1041866 | $1056335 | $1054428 |
| **8/16** | $1052277 | $1057474 | $1065701 |
| **9/16** | $1058349 | $1057726 | $1070110 |
| **10/16** | $1061348 | $1050709 | $1074177 |
| **11/16** | $1063252 | $1027092 | $1075000 |
| **12/16** | $1075995 | $1030143 | $1085815 |
| **1/17** | $1081231 | $1033777 | $1092710 |
| **2/17** | $1089930 | $1041753 | $1100983 |
| **3/17** | $1089882 | $1041404 | $1103239 |
| **4/17** | $1098790 | $1050045 | $1111155 |
| **5/17** | $1105775 | $1058147 | $1117518 |
| **6/17** | $1108018 | $1057250 | $1119827 |
| **7/17** | $1114767 | $1062516 | $1125709 |
| **8/17** | $1115769 | $1071683 | $1128611 |
| **9/17** | $1122792 | $1067911 | $1134313 |
| **10/17** | $1126061 | $1069193 | $1137122 |
| **11/17** | $1123537 | $1067575 | $1135204 |
| **12/17** | $1126680 | $1072282 | $1136979 |
| **1/18** | $1131201 | $1061963 | $1142428 |
| **2/18** | $1128703 | $1051894 | $1141296 |
| **3/18** | $1128513 | $1057199 | $1141682 |
| **4/18** | $1126037 | $1050145 | $1147733 |
| **5/18** | $1127107 | $1055872 | $1151333 |
| **6/18** | $1125791 | $1054340 | $1153576 |
| **7/18** | $1136371 | $1056547 | $1161875 |
| **8/18** | $1142143 | $1061752 | $1168895 |
| **9/18** | $1146904 | $1057203 | $1174470 |
| **10/18** | $1139464 | $1048359 | $1170926 |
| **11/18** | $1136697 | $1053074 | $1171161 |
| **12/18** | $1122015 | $1069550 | $1162058 |
| **1/19** | $1154409 | $1084296 | $1189257 |
| **2/19** | $1164024 | $1085478 | $1200921 |
| **3/19** | $1167344 | $1105079 | $1208186 |
| **4/19** | $1179248 | $1106626 | $1217435 |
| **5/19** | $1175566 | $1123578 | $1213323 |
| **6/19** | $1187678 | $1139470 | $1229102 |
| **7/19** | $1193700 | $1142862 | $1234833 |
| **8/19** | $1197216 | $1168722 | $1241379 |
| **9/19** | $1203179 | $1163659 | $1243191 |
| **10/19** | $1204119 | $1167418 | $1245952 |
| **11/19** | $1207427 | $1167185 | $1251482 |
| **12/19** | $1220800 | $1168924 | $1264720 |
| **1/20** | $1222853 | $1189904 | $1266920 |
| **2/20** | $1212566 | $1207721 | $1249406 |
| **3/20** | $1108454 | $1184130 | $1125688 |
| **4/20** | $1123448 | $1207849 | $1154874 |
| **5/20** | $1155295 | $1219130 | $1191664 |
| **6/20** | $1171966 | $1229303 | $1204698 |
| **7/20** | $1200338 | $1250897 | $1241109 |
| **8/20** | $1209406 | $1243684 | $1252067 |
| **9/20** | $1206402 | $1241442 | $1243609 |
| **10/20** | $1207766 | $1237005 | $1251006 |
| **11/20** | $1245957 | $1253147 | $1281330 |
| **12/20** | $1257625 | $1257475 | $1296545 |
| **1/21** | $1262527 | $1249571 | $1300944 |
| **2/21** | $1275345 | $1233448 | $1306691 |
| **3/21** | $1282599 | $1219093 | $1314284 |
| **4/21** | $1289767 | $1229345 | $1323755 |
| **5/21** | $1295526 | $1234034 | $1327651 |
| **6/21** | $1302491 | $1243030 | $1335536 |
| **7/21** | $1304012 | $1255512 | $1336996 |
| **8/21** | $1308336 | $1254673 | $1342296 |
| **9/21** | $1309507 | $1243959 | $1343145 |
| **10/21** | $1312286 | $1242942 | $1345631 |
| **11/21** | $1305353 | $1244444 | $1339191 |
| **12/21** | $1319118 | $1243605 | $1351960 |
| **1/22** | $1307773 | $1216340 | $1335142 |
| **2/22** | $1304033 | $1199756 | $1330804 |
| **3/22** | $1300251 | $1167568 | $1323893 |
| **4/22** | $1289292 | $1124021 | $1307040 |
| **5/22** | $1281125 | $1130205 | $1313694 |
| **6/22** | $1236352 | $1107621 | $1269124 |
| **7/22** | $1270845 | $1135469 | $1311790 |
| **8/22** | $1259083 | $1105951 | $1300066 |
| **9/22** | $1240284 | $1058302 | $1281017 |
| **10/22** | $1263023 | $1046690 | $1306538 |
| **11/22** | $1278942 | $1085718 | $1321428 |
| **12/22** | $1278213 | $1082030 | $1317524 |
| **1/23** | $1304662 | $1115595 | $1346633 |
| **2/23** | $1299346 | $1088183 | $1347115 |
| **3/23** | $1310267 | $1113711 | $1354412 |
| **4/23** | $1318405 | $1120515 | $1364941 |
| **5/23** | $1311744 | $1108897 | $1362405 |
| **6/23** | $1326154 | $1107174 | $1379017 |
| **7/23** | $1339313 | $1108275 | $1394042 |
| **8/23** | $1348129 | $1101601 | $1400017 |
| **9/23** | $1346470 | $1075333 | $1398732 |
| **10/23** | $1341667 | $1059162 | $1393249 |
| **11/23** | $1366082 | $1106829 | $1428383 |
| **12/23** | $1386072 | $1148827 | $1455188 |
| **1/24** | $1392107 | $1146078 | $1458587 |
| **2/24** | $1398107 | $1132337 | $1466842 |
| **3/24** | $1410547 | $1143455 | $1478254 |
| **4/24** | $1410412 | $1116734 | $1474845 |
| **5/24** | $1423082 | $1135245 | $1488022 |
| **6/24** | $1434133 | $1145623 | $1499111 |
| **7/24** | $1447164 | $1171626 | $1518456 |
| **8/24** | $1460031 | $1188874 | $1533108 |
| **9/24** | $1469920 | $1205180 | $1548049 |
| **10/24** | $1473094 | $1177807 | $1549371 |
| **11/24** | $1485993 | $1190224 | $1561792 |
| **12/24** | $1486141 | $1172248 | $1562130 |
| **1/25** | $1500872 | $1179312 | $1579316 |
| **2/25** | $1507015 | $1203695 | $1587679 |
| **3/25** | $1501943 | $1203408 | $1585262 |
| **4/25** | $1506379 | $1207658 | $1590512 |
| **5/25** | $1520597 | $1201533 | $1608716 |
| **6/25** | $1538727 | $1220252 | $1625691 |
| **7/25** | $1542917 | $1218511 | $1631795 |
| **8/25** | $1555957 | $1233147 | $1644546 |
| **9/25** | $1565415 | $1246212 | $1653753 |
| **10/25** | $1571407 | $1254442 | $1659878 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class I | 6.67% | 5.40% | 4.62% |
| Bloomberg U.S. Universal Index | 6.51% | 0.28% | 2.29% |
| ICE BofA U.S. High Yield Cash Pay BB-B 1–3 Year Index | 7.13% | 5.82% | 5.19% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $82586870 |
| # of Portfolio Holdings | 205 |
| Portfolio Turnover Rate | 74% |
| Total Advisory Fees Paid | $278237 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](g35982g61n66.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference†</sup> | 0.2% |
| Convertible Bonds | 1.0% |
| Short-Term Investments | 4.7% |
| Senior Floating-Rate Loans | 10.4% |
| Corporate Bonds | 83.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Investment types less than 1% each |

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Credit Rating Chart](g35982g95f73.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 2.2% |
| CCC or Lower | 8.0% |
| B | 36.4% |
| BB | 50.7% |
| BBB | 2.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excludes Short-Term Investments. Ratings are based on Moody's Investors Service, Inc. ("Moody's"), S&P Global Ratings ("S&P") or Fitch Ratings ("Fitch"). This breakdown assigns a numeric equivalent to the ratings from the aforementioned agencies and the mean is rounded to the nearest integer and converted to an equivalent S&P rating ranging from AAA, being the highest, to D, being the lowest. Ratings of BBB or higher are considered to be investment-grade quality. Holdings designated as "Not Rated" (if any) are not rated by the national ratings agencies stated above. |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g35982g49w49.jpg)

## Additional Information
If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report October 31, 2025

# ESHIX-TSR-AR

# Eaton Vance Tax-Managed Multi-Cap Growth Fund
![Image](g35982g49g65.jpg)

# Class A EACPX

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about the Eaton Vance Tax-Managed Multi-Cap Growth Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last year?<sup>**Footnote Reference \***</sup>
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $132 | 1.23% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Expenses in the table reflect the expenses of both the Fund and Tax-Managed Multi-Cap Growth Portfolio, the Portfolio in which it invests. |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Russell 3000<sup><sup>®</sup></sup> Growth Index (the Index):

↓An underweight position in Broadcom Inc. hurt returns as its stock surged on artificial intelligence (AI) chip demand, strong earnings, and a major OpenAI deal

↓Not owning electric vehicle manufacturer Tesla, Inc. hampered Index-relative returns as the stock rose due to AI and robotaxi expansion

↓An overweight position in UnitedHealth Group Inc. hurt returns due to Medicare cost overruns, a Department of Justice probe, CEO exit and guidance cuts. This was sold by period end.

↓Not owning AI-driven data analytics firm Palantir Technologies Inc. detracted from returns as shares rose on strong government and commercial demand

↑An overweight position in technology conglomerate Alphabet Inc. helped returns as the stock rose on AI-driven search, cloud growth, and strong earnings

↑An underweight position in Eli Lilly and Company helped as the stock lagged due to disappointing GLP-1 trial results and pressures on drug pricing

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g35982g90t46.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with Maximum Sales Charge** | **S&P 500<sup>®</sup> Index** | **Russell 3000<sup>®</sup> Growth Index** |
| **10/15** | $10000 | $10000 | $10000 |
| **11/15** | $9609 | $10030 | $10053 |
| **12/15** | $9408 | $9872 | $9880 |
| **1/16** | $8608 | $9382 | $9290 |
| **2/16** | $8456 | $9369 | $9282 |
| **3/16** | $9059 | $10005 | $9914 |
| **4/16** | $9091 | $10043 | $9836 |
| **5/16** | $9372 | $10224 | $10033 |
| **6/16** | $9189 | $10250 | $9993 |
| **7/16** | $9703 | $10628 | $10478 |
| **8/16** | $9707 | $10643 | $10438 |
| **9/16** | $9730 | $10645 | $10485 |
| **10/16** | $9484 | $10451 | $10208 |
| **11/16** | $9596 | $10838 | $10480 |
| **12/16** | $9573 | $11052 | $10611 |
| **1/17** | $10047 | $11262 | $10954 |
| **2/17** | $10360 | $11709 | $11395 |
| **3/17** | $10423 | $11723 | $11527 |
| **4/17** | $10615 | $11843 | $11787 |
| **5/17** | $10892 | $12010 | $12063 |
| **6/17** | $10834 | $12085 | $12063 |
| **7/17** | $11151 | $12333 | $12367 |
| **8/17** | $11205 | $12371 | $12575 |
| **9/17** | $11352 | $12626 | $12778 |
| **10/17** | $11634 | $12921 | $13250 |
| **11/17** | $11906 | $13317 | $13651 |
| **12/17** | $12042 | $13465 | $13750 |
| **1/18** | $13081 | $14236 | $14690 |
| **2/18** | $12929 | $13711 | $14302 |
| **3/18** | $12633 | $13363 | $13954 |
| **4/18** | $12880 | $13414 | $14000 |
| **5/18** | $13587 | $13737 | $14635 |
| **6/18** | $13784 | $13822 | $14774 |
| **7/18** | $13887 | $14336 | $15193 |
| **8/18** | $14609 | $14803 | $16033 |
| **9/18** | $14573 | $14887 | $16086 |
| **10/18** | $13090 | $13870 | $14601 |
| **11/18** | $13144 | $14153 | $14762 |
| **12/18** | $12043 | $12875 | $13459 |
| **1/19** | $13448 | $13906 | $14694 |
| **2/19** | $13773 | $14353 | $15251 |
| **3/19** | $14090 | $14632 | $15636 |
| **4/19** | $14935 | $15224 | $16326 |
| **5/19** | $13769 | $14257 | $15282 |
| **6/19** | $14641 | $15262 | $16340 |
| **7/19** | $14999 | $15481 | $16695 |
| **8/19** | $14655 | $15236 | $16528 |
| **9/19** | $14572 | $15521 | $16521 |
| **10/19** | $14802 | $15857 | $16987 |
| **11/19** | $15467 | $16433 | $17756 |
| **12/19** | $15886 | $16928 | $18283 |
| **1/20** | $16177 | $16922 | $18652 |
| **2/20** | $15088 | $15529 | $17377 |
| **3/20** | $13399 | $13611 | $15568 |
| **4/20** | $15402 | $15356 | $17872 |
| **5/20** | $16557 | $16087 | $19100 |
| **6/20** | $17176 | $16407 | $19926 |
| **7/20** | $18260 | $17332 | $21410 |
| **8/20** | $20091 | $18578 | $23566 |
| **9/20** | $19185 | $17872 | $22488 |
| **10/20** | $18598 | $17397 | $21777 |
| **11/20** | $20363 | $19301 | $24101 |
| **12/20** | $21216 | $20043 | $25279 |
| **1/21** | $20635 | $19841 | $25183 |
| **2/21** | $21061 | $20388 | $25235 |
| **3/21** | $21226 | $21281 | $25580 |
| **4/21** | $22781 | $22416 | $27240 |
| **5/21** | $22262 | $22573 | $26837 |
| **6/21** | $23367 | $23100 | $28491 |
| **7/21** | $24205 | $23649 | $29296 |
| **8/21** | $25028 | $24368 | $30355 |
| **9/21** | $23410 | $23234 | $28689 |
| **10/21** | $24994 | $24862 | $31100 |
| **11/21** | $24544 | $24690 | $31185 |
| **12/21** | $25145 | $25797 | $31813 |
| **1/22** | $22925 | $24462 | $28993 |
| **2/22** | $21981 | $23729 | $27837 |
| **3/22** | $22585 | $24610 | $28870 |
| **4/22** | $20136 | $22464 | $25380 |
| **5/22** | $19501 | $22505 | $24796 |
| **6/22** | $18076 | $20648 | $22857 |
| **7/22** | $20236 | $22552 | $25590 |
| **8/22** | $19231 | $21632 | $24453 |
| **9/22** | $17217 | $19640 | $22087 |
| **10/22** | $18141 | $21230 | $23427 |
| **11/22** | $19011 | $22416 | $24451 |
| **12/22** | $17711 | $21125 | $22598 |
| **1/23** | $19286 | $22452 | $24504 |
| **2/23** | $18736 | $21904 | $24215 |
| **3/23** | $20171 | $22708 | $25728 |
| **4/23** | $20626 | $23063 | $25950 |
| **5/23** | $21131 | $23163 | $27066 |
| **6/23** | $22481 | $24693 | $28937 |
| **7/23** | $23120 | $25487 | $29932 |
| **8/23** | $22870 | $25081 | $29596 |
| **9/23** | $21696 | $23885 | $27969 |
| **10/23** | $21526 | $23383 | $27484 |
| **11/23** | $24015 | $25518 | $30458 |
| **12/23** | $25110 | $26678 | $31911 |
| **1/24** | $25550 | $27126 | $32617 |
| **2/24** | $26890 | $28574 | $34862 |
| **3/24** | $26800 | $29494 | $35493 |
| **4/24** | $25550 | $28289 | $33929 |
| **5/24** | $26740 | $29692 | $35950 |
| **6/24** | $28184 | $30757 | $38260 |
| **7/24** | $28104 | $31132 | $37775 |
| **8/24** | $28544 | $31887 | $38504 |
| **9/24** | $29024 | $32568 | $39568 |
| **10/24** | $28864 | $32272 | $39419 |
| **11/24** | $30329 | $34167 | $42080 |
| **12/24** | $29966 | $33352 | $42268 |
| **1/25** | $30977 | $34281 | $43126 |
| **2/25** | $29690 | $33834 | $41516 |
| **3/25** | $27622 | $31928 | $38043 |
| **4/25** | $27581 | $31711 | $38702 |
| **5/25** | $29378 | $33707 | $42075 |
| **6/25** | $30573 | $35421 | $44720 |
| **7/25** | $31548 | $36216 | $46370 |
| **8/25** | $31727 | $36950 | $46980 |
| **9/25** | $32294 | $38299 | $49377 |
| **10/25** | $33169 | $39196 | $51083 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class A | 14.89% | 12.25% | 13.33% |
| Class A with 5.25% Maximum Sales Charge | 8.86% | 11.05% | 12.73% |
| S&P 500<sup>®</sup> Index | 21.45% | 17.63% | 14.62% |
| Russell 3000<sup>®</sup> Growth Index | 29.59% | 18.58% | 17.70% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $166782197 |
| # of Portfolio Holdings (for Tax-Managed Multi-Cap Growth Portfolio) | 48 |
| Portfolio Turnover Rate (for Tax-Managed Multi-Cap Growth Portfolio) | 14% |
| Total Advisory Fees Paid | $1007472 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

References to the Fund's investments are to the Fund's pro rata share of the investments of Tax-Managed Multi-Cap Growth Portfolio, an affiliated investment company in which the Fund invests substantially all of its assets.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](g35982g36r50.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 0.4% |
| Short-Term Investments | 0.4% |
| Materials | 1.2% |
| Consumer Staples | 2.2% |
| Financials | 4.6% |
| Health Care | 6.6% |
| Industrials | 7.9% |
| Consumer Discretionary | 13.6% |
| Communication Services | 14.4% |
| Information Technology | 48.7% |

---

#### Top Ten Holdings (% of total investments)<sup>Footnote Reference a</sup>

---

| | |
|:---|:---|
| &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;12.4% |
| &nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;11.6% |
| &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;10.1% |
| &nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;9.3% |
| &nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;5.6% |
| &nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;4.3% |
| &nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;4.0% |
| &nbsp;&nbsp;Visa, Inc., Class A | &nbsp;&nbsp;3.4% |
| &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;Monolithic Power Systems, Inc. | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;66.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g35982g49w49.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report October 31, 2025

# EACPX-TSR-AR

# Eaton Vance Tax-Managed Multi-Cap Growth Fund
![Image](g35982g49g65.jpg)

# Class C ECCPX

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about the Eaton Vance Tax-Managed Multi-Cap Growth Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last year?<sup>**Footnote Reference \***</sup>
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $212 | 1.98% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Expenses in the table reflect the expenses of both the Fund and Tax-Managed Multi-Cap Growth Portfolio, the Portfolio in which it invests. |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Russell 3000<sup><sup>®</sup></sup> Growth Index (the Index):

↓An underweight position in Broadcom Inc. hurt returns as its stock surged on artificial intelligence (AI) chip demand, strong earnings, and a major OpenAI deal

↓Not owning electric vehicle manufacturer Tesla, Inc. hampered Index-relative returns as the stock rose due to AI and robotaxi expansion

↓An overweight position in UnitedHealth Group Inc. hurt returns due to Medicare cost overruns, a Department of Justice probe, CEO exit and guidance cuts. This was sold by period end.

↓Not owning AI-driven data analytics firm Palantir Technologies Inc. detracted from returns as shares rose on strong government and commercial demand

↑An overweight position in technology conglomerate Alphabet Inc. helped returns as the stock rose on AI-driven search, cloud growth, and strong earnings

↑An underweight position in Eli Lilly and Company helped as the stock lagged due to disappointing GLP-1 trial results and pressures on drug pricing

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g35982g39t45.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C** | **S&P 500<sup>®</sup> Index** | **Russell 3000<sup>®</sup> Growth Index** |
| **10/15** | $10000 | $10000 | $10000 |
| **11/15** | $10139 | $10030 | $10053 |
| **12/15** | $9920 | $9872 | $9880 |
| **1/16** | $9065 | $9382 | $9290 |
| **2/16** | $8904 | $9369 | $9282 |
| **3/16** | $9530 | $10005 | $9914 |
| **4/16** | $9556 | $10043 | $9836 |
| **5/16** | $9845 | $10224 | $10033 |
| **6/16** | $9653 | $10250 | $9993 |
| **7/16** | $10187 | $10628 | $10478 |
| **8/16** | $10182 | $10643 | $10438 |
| **9/16** | $10203 | $10645 | $10485 |
| **10/16** | $9936 | $10451 | $10208 |
| **11/16** | $10043 | $10838 | $10480 |
| **12/16** | $10016 | $11052 | $10611 |
| **1/17** | $10502 | $11262 | $10954 |
| **2/17** | $10828 | $11709 | $11395 |
| **3/17** | $10882 | $11723 | $11527 |
| **4/17** | $11080 | $11843 | $11787 |
| **5/17** | $11358 | $12010 | $12063 |
| **6/17** | $11293 | $12085 | $12063 |
| **7/17** | $11614 | $12333 | $12367 |
| **8/17** | $11662 | $12371 | $12575 |
| **9/17** | $11812 | $12626 | $12778 |
| **10/17** | $12100 | $12921 | $13250 |
| **11/17** | $12373 | $13317 | $13651 |
| **12/17** | $12508 | $13465 | $13750 |
| **1/18** | $13575 | $14236 | $14690 |
| **2/18** | $13414 | $13711 | $14302 |
| **3/18** | $13092 | $13363 | $13954 |
| **4/18** | $13344 | $13414 | $14000 |
| **5/18** | $14068 | $13737 | $14635 |
| **6/18** | $14261 | $13822 | $14774 |
| **7/18** | $14363 | $14336 | $15193 |
| **8/18** | $15097 | $14803 | $16033 |
| **9/18** | $15049 | $14887 | $16086 |
| **10/18** | $13511 | $13870 | $14601 |
| **11/18** | $13559 | $14153 | $14762 |
| **12/18** | $12413 | $12875 | $13459 |
| **1/19** | $13852 | $13906 | $14694 |
| **2/19** | $14183 | $14353 | $15251 |
| **3/19** | $14497 | $14632 | $15636 |
| **4/19** | $15357 | $15224 | $16326 |
| **5/19** | $14150 | $14257 | $15282 |
| **6/19** | $15032 | $15262 | $16340 |
| **7/19** | $15395 | $15481 | $16695 |
| **8/19** | $15032 | $15236 | $16528 |
| **9/19** | $14938 | $15521 | $16521 |
| **10/19** | $15164 | $15857 | $16987 |
| **11/19** | $15836 | $16433 | $17756 |
| **12/19** | $16251 | $16928 | $18283 |
| **1/20** | $16540 | $16922 | $18652 |
| **2/20** | $15419 | $15529 | $17377 |
| **3/20** | $13682 | $13611 | $15568 |
| **4/20** | $15719 | $15356 | $17872 |
| **5/20** | $16885 | $16087 | $19100 |
| **6/20** | $17507 | $16407 | $19926 |
| **7/20** | $18599 | $17332 | $21410 |
| **8/20** | $20450 | $18578 | $23566 |
| **9/20** | $19516 | $17872 | $22488 |
| **10/20** | $18905 | $17397 | $21777 |
| **11/20** | $20687 | $19301 | $24101 |
| **12/20** | $21540 | $20043 | $25279 |
| **1/21** | $20941 | $19841 | $25183 |
| **2/21** | $21358 | $20388 | $25235 |
| **3/21** | $21511 | $21281 | $25580 |
| **4/21** | $23074 | $22416 | $27240 |
| **5/21** | $22533 | $22573 | $26837 |
| **6/21** | $23638 | $23100 | $28491 |
| **7/21** | $24472 | $23649 | $29296 |
| **8/21** | $25289 | $24368 | $30355 |
| **9/21** | $23638 | $23234 | $28689 |
| **10/21** | $25218 | $24862 | $31100 |
| **11/21** | $24748 | $24690 | $31185 |
| **12/21** | $25336 | $25797 | $31813 |
| **1/22** | $23090 | $24462 | $28993 |
| **2/22** | $22119 | $23729 | $27837 |
| **3/22** | $22718 | $24610 | $28870 |
| **4/22** | $20240 | $22464 | $25380 |
| **5/22** | $19593 | $22505 | $24796 |
| **6/22** | $18146 | $20648 | $22857 |
| **7/22** | $20301 | $22552 | $25590 |
| **8/22** | $19281 | $21632 | $24453 |
| **9/22** | $17255 | $19640 | $22087 |
| **10/22** | $18170 | $21230 | $23427 |
| **11/22** | $19025 | $22416 | $24451 |
| **12/22** | $17713 | $21125 | $22598 |
| **1/23** | $19275 | $22452 | $24504 |
| **2/23** | $18720 | $21904 | $24215 |
| **3/23** | $20136 | $22708 | $25728 |
| **4/23** | $20581 | $23063 | $25950 |
| **5/23** | $21070 | $23163 | $27066 |
| **6/23** | $22400 | $24693 | $28937 |
| **7/23** | $23023 | $25487 | $29932 |
| **8/23** | $22760 | $25081 | $29596 |
| **9/23** | $21576 | $23885 | $27969 |
| **10/23** | $21393 | $23383 | $27484 |
| **11/23** | $23853 | $25518 | $30458 |
| **12/23** | $24927 | $26678 | $31911 |
| **1/24** | $25348 | $27126 | $32617 |
| **2/24** | $26661 | $28574 | $34862 |
| **3/24** | $26551 | $29494 | $35493 |
| **4/24** | $25299 | $28289 | $33929 |
| **5/24** | $26465 | $29692 | $35950 |
| **6/24** | $27875 | $30757 | $38260 |
| **7/24** | $27777 | $31132 | $37775 |
| **8/24** | $28193 | $31887 | $38504 |
| **9/24** | $28650 | $32568 | $39568 |
| **10/24** | $28473 | $32272 | $39419 |
| **11/24** | $29902 | $34167 | $42080 |
| **12/24** | $29525 | $33352 | $42268 |
| **1/25** | $30502 | $34281 | $43126 |
| **2/25** | $29218 | $33834 | $41516 |
| **3/25** | $27169 | $31928 | $38043 |
| **4/25** | $27113 | $31711 | $38702 |
| **5/25** | $28854 | $33707 | $42075 |
| **6/25** | $30014 | $35421 | $44720 |
| **7/25** | $30947 | $36216 | $46370 |
| **8/25** | $31104 | $36950 | $46980 |
| **9/25** | $31643 | $38299 | $49377 |
| **10/25** | $32958 | $39196 | $51083 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class C, with conversion to Class A after 8 years | 14.04% | 11.42% | 12.66% |
| Class C, with 1% Maximum Contingent Deferred Sales Charge and conversion to Class A after 8 years | 13.04% | 11.42% | 12.66% |
| S&P 500<sup>®</sup> Index | 21.45% | 17.63% | 14.62% |
| Russell 3000<sup>®</sup> Growth Index | 29.59% | 18.58% | 17.70% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $166782197 |
| # of Portfolio Holdings (for Tax-Managed Multi-Cap Growth Portfolio) | 48 |
| Portfolio Turnover Rate (for Tax-Managed Multi-Cap Growth Portfolio) | 14% |
| Total Advisory Fees Paid | $1007472 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

References to the Fund's investments are to the Fund's pro rata share of the investments of Tax-Managed Multi-Cap Growth Portfolio, an affiliated investment company in which the Fund invests substantially all of its assets.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](g35982g36r50.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 0.4% |
| Short-Term Investments | 0.4% |
| Materials | 1.2% |
| Consumer Staples | 2.2% |
| Financials | 4.6% |
| Health Care | 6.6% |
| Industrials | 7.9% |
| Consumer Discretionary | 13.6% |
| Communication Services | 14.4% |
| Information Technology | 48.7% |

---

#### Top Ten Holdings (% of total investments)<sup>Footnote Reference a</sup>

---

| | |
|:---|:---|
| &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;12.4% |
| &nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;11.6% |
| &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;10.1% |
| &nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;9.3% |
| &nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;5.6% |
| &nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;4.3% |
| &nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;4.0% |
| &nbsp;&nbsp;Visa, Inc., Class A | &nbsp;&nbsp;3.4% |
| &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;Monolithic Power Systems, Inc. | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;66.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g35982g49w49.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report October 31, 2025

# ECCPX-TSR-AR

# Eaton Vance Tax-Managed Small-Cap Fund
![Image](g35982g49g65.jpg)

# Class A ETMGX

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about the Eaton Vance Tax-Managed Small-Cap Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last year?<sup>**Footnote Reference \***</sup>
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $112 | 1.14% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Expenses in the table reflect the expenses of both the Fund and Tax-Managed Small-Cap Portfolio, the Portfolio in which it invests. |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Russell 2000<sup><sup>®</sup></sup> Index (the Index):

↓ An out-of-index position in AptarGroup, Inc. hurt as management warning of headwinds in certain end markets caused investor distress

↓ Not owning Bloom Energy Corporation hurt returns, as clean energy shares climbed due to its connection to Artificial Intelligence data center infrastructure

↓ An out-of-index position in Chemed Corporation hurt due to headwinds from Medicare revenue caps in its health care business and weakening demand

↓ An overweight position in Cohen & Steers, Inc. hurt due to the business underperforming as high interest rates pressured real estate valuations

↑ An out-of-index position in Woodward, Inc. helped as its shares rose on higher government spending in aerospace and defense. The stock was sold by period end.

↑ An overweight position in ESCO Technologies, Inc. also benefitted from increased defense spending and growing naval offerings through strategic acquisitions

↑ An out-of-index position in Allegro MicroSystems, Inc. helped returns as shares rose on growth in the auto, data center, and robotics automation markets

↑ An out-of-index position in AZEK Co., Inc. helped due to strong demand, margin growth, operational discipline, and James Hardie merger. The stock was sold by period end.

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g35982g76d69.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with Maximum Sales Charge** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Index** |
| **10/15** | $10000 | $10000 | $10000 |
| **11/15** | $9617 | $10055 | $10325 |
| **12/15** | $9121 | $9849 | $9807 |
| **1/16** | $8550 | $9293 | $8945 |
| **2/16** | $8579 | $9290 | $8944 |
| **3/16** | $9237 | $9944 | $9658 |
| **4/16** | $9229 | $10006 | $9810 |
| **5/16** | $9587 | $10185 | $10030 |
| **6/16** | $9462 | $10206 | $10024 |
| **7/16** | $9799 | $10611 | $10623 |
| **8/16** | $9932 | $10638 | $10811 |
| **9/16** | $9916 | $10655 | $10931 |
| **10/16** | $9749 | $10424 | $10411 |
| **11/16** | $10565 | $10891 | $11572 |
| **12/16** | $10841 | $11103 | $11897 |
| **1/17** | $10859 | $11312 | $11943 |
| **2/17** | $11145 | $11733 | $12174 |
| **3/17** | $11216 | $11741 | $12190 |
| **4/17** | $11247 | $11865 | $12324 |
| **5/17** | $11168 | $11987 | $12073 |
| **6/17** | $11450 | $12095 | $12490 |
| **7/17** | $11525 | $12323 | $12583 |
| **8/17** | $11388 | $12347 | $12423 |
| **9/17** | $11931 | $12648 | $13198 |
| **10/17** | $12085 | $12924 | $13311 |
| **11/17** | $12469 | $13316 | $13694 |
| **12/17** | $12489 | $13450 | $13639 |
| **1/18** | $12938 | $14158 | $13995 |
| **2/18** | $12509 | $13637 | $13454 |
| **3/18** | $12627 | $13363 | $13628 |
| **4/18** | $12671 | $13414 | $13745 |
| **5/18** | $13402 | $13792 | $14580 |
| **6/18** | $13491 | $13883 | $14684 |
| **7/18** | $13713 | $14343 | $14940 |
| **8/18** | $14245 | $14847 | $15584 |
| **9/18** | $14201 | $14871 | $15209 |
| **10/18** | $12785 | $13776 | $13557 |
| **11/18** | $13106 | $14052 | $13773 |
| **12/18** | $11770 | $12745 | $12137 |
| **1/19** | $12920 | $13838 | $13502 |
| **2/19** | $13665 | $14325 | $14204 |
| **3/19** | $13505 | $14534 | $13907 |
| **4/19** | $14102 | $15115 | $14379 |
| **5/19** | $13516 | $14137 | $13261 |
| **6/19** | $14453 | $15130 | $14198 |
| **7/19** | $14714 | $15354 | $14280 |
| **8/19** | $14314 | $15041 | $13575 |
| **9/19** | $14378 | $15305 | $13857 |
| **10/19** | $14352 | $15635 | $14222 |
| **11/19** | $14852 | $16229 | $14808 |
| **12/19** | $14985 | $16698 | $15235 |
| **1/20** | $14764 | $16680 | $14746 |
| **2/20** | $13556 | $15314 | $13505 |
| **3/20** | $11264 | $13208 | $10571 |
| **4/20** | $12427 | $14957 | $12023 |
| **5/20** | $13068 | $15757 | $12805 |
| **6/20** | $13148 | $16117 | $13258 |
| **7/20** | $13737 | $17033 | $13625 |
| **8/20** | $14242 | $18266 | $14392 |
| **9/20** | $13539 | $17601 | $13911 |
| **10/20** | $13908 | $17222 | $14203 |
| **11/20** | $15564 | $19317 | $16821 |
| **12/20** | $16833 | $20186 | $18276 |
| **1/21** | $16833 | $20096 | $19195 |
| **2/21** | $17895 | $20724 | $20392 |
| **3/21** | $18423 | $21467 | $20597 |
| **4/21** | $19064 | $22573 | $21029 |
| **5/21** | $19087 | $22676 | $21072 |
| **6/21** | $19036 | $23236 | $21481 |
| **7/21** | $19041 | $23628 | $20705 |
| **8/21** | $19354 | $24302 | $21168 |
| **9/21** | $18803 | $23212 | $20544 |
| **10/21** | $19762 | $24782 | $21418 |
| **11/21** | $19041 | $24404 | $20525 |
| **12/21** | $20366 | $25365 | $20984 |
| **1/22** | $18702 | $23873 | $18964 |
| **2/22** | $19300 | $23272 | $19166 |
| **3/22** | $19121 | $24027 | $19405 |
| **4/22** | $17814 | $21870 | $17482 |
| **5/22** | $17407 | $21841 | $17508 |
| **6/22** | $16451 | $20014 | $16068 |
| **7/22** | $17900 | $21891 | $17746 |
| **8/22** | $16858 | $21074 | $17383 |
| **9/22** | $15489 | $19120 | $15717 |
| **10/22** | $17228 | $20688 | $17447 |
| **11/22** | $17875 | $21768 | $17854 |
| **12/22** | $16999 | $20493 | $16696 |
| **1/23** | $18571 | $21905 | $18323 |
| **2/23** | $18609 | $21393 | $18013 |
| **3/23** | $18121 | $21965 | $17153 |
| **4/23** | $18013 | $22199 | $16844 |
| **5/23** | $17386 | $22285 | $16689 |
| **6/23** | $18521 | $23807 | $18046 |
| **7/23** | $18996 | $24661 | $19149 |
| **8/23** | $18280 | $24185 | $18191 |
| **9/23** | $17012 | $23033 | $17120 |
| **10/23** | $15915 | $22422 | $15953 |
| **11/23** | $17297 | $24513 | $17396 |
| **12/23** | $18876 | $25813 | $19522 |
| **1/24** | $18445 | $26099 | $18763 |
| **2/24** | $19506 | $27512 | $19824 |
| **3/24** | $20315 | $28399 | $20533 |
| **4/24** | $19017 | $27150 | $19088 |
| **5/24** | $19570 | $28432 | $20046 |
| **6/24** | $19358 | $29313 | $19860 |
| **7/24** | $20656 | $29857 | $21878 |
| **8/24** | $20926 | $30507 | $21551 |
| **9/24** | $21080 | $31138 | $21702 |
| **10/24** | $20579 | $30910 | $21388 |
| **11/24** | $22738 | $32966 | $23735 |
| **12/24** | $21118 | $31958 | $21774 |
| **1/25** | $21688 | $32967 | $22345 |
| **2/25** | $21098 | $32336 | $21150 |
| **3/25** | $20124 | $30449 | $19710 |
| **4/25** | $19461 | $30245 | $19255 |
| **5/25** | $20296 | $32162 | $20283 |
| **6/25** | $20528 | $33796 | $21386 |
| **7/25** | $20044 | $34540 | $21757 |
| **8/25** | $21051 | $35340 | $23311 |
| **9/25** | $20223 | $36559 | $24036 |
| **10/25** | $19700 | $37343 | $24471 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class A | (4.27)% | 7.21% | 7.59% |
| Class A with 5.25% Maximum Sales Charge | (9.29)% | 6.06% | 7.01% |
| Russell 3000<sup>®</sup> Index | 20.81% | 16.73% | 14.07% |
| Russell 2000<sup>®</sup> Index | 14.41% | 11.49% | 9.35% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $116869920 |
| # of Portfolio Holdings (for Tax-Managed Small-Cap Portfolio) | 70 |
| Portfolio Turnover Rate (for Tax-Managed Small-Cap Portfolio) | 41% |
| Total Advisory Fees Paid | $809499 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

References to the Fund's investments are to the Fund's pro rata share of the investments of Tax-Managed Small-Cap Portfolio, an affiliated investment company in which the Fund invests substantially all of its assets.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](g35982g46k43.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 0.4% |
| Consumer Staples | 1.4% |
| Utilities | 2.2% |
| Short-Term Investments | 2.8% |
| Real Estate | 5.7% |
| Materials | 6.2% |
| Health Care | 9.9% |
| Information Technology | 10.6% |
| Consumer Discretionary | 14.2% |
| Financials | 20.6% |
| Industrials | 26.0% |

---

#### Top Ten Holdings (% of total investments)<sup>Footnote Reference a</sup>

---

| | |
|:---|:---|
| &nbsp;&nbsp;Commerce Bancshares, Inc. | &nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;Donaldson Co., Inc. | &nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;White Mountains Insurance Group Ltd. | &nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;Community Financial System, Inc. | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;Dorman Products, Inc. | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;Wyndham Hotels & Resorts, Inc. | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;U.S. Physical Therapy, Inc. | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;CSW Industrials, Inc. | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;Franklin Electric Co., Inc. | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;Essential Properties Realty Trust, Inc. | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;25.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g35982g49w49.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report October 31, 2025

# ETMGX-TSR-AR

# Eaton Vance Tax-Managed Small-Cap Fund
![Image](g35982g49g65.jpg)

# Class C ECMGX

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about the Eaton Vance Tax-Managed Small-Cap Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last year?<sup>**Footnote Reference \***</sup>
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $184 | 1.89% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Expenses in the table reflect the expenses of both the Fund and Tax-Managed Small-Cap Portfolio, the Portfolio in which it invests. |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Russell 2000<sup><sup>®</sup></sup> Index (the Index):

↓ An out-of-index position in AptarGroup, Inc. hurt as management warning of headwinds in certain end markets caused investor distress

↓ Not owning Bloom Energy Corporation hurt returns, as clean energy shares climbed due to its connection to Artificial Intelligence data center infrastructure

↓ An out-of-index position in Chemed Corporation hurt due to headwinds from Medicare revenue caps in its health care business and weakening demand

↓ An overweight position in Cohen & Steers, Inc. hurt due to the business underperforming as high interest rates pressured real estate valuations

↑ An out-of-index position in Woodward, Inc. helped as its shares rose on higher government spending in aerospace and defense. The stock was sold by period end.

↑ An overweight position in ESCO Technologies, Inc. also benefitted from increased defense spending and growing naval offerings through strategic acquisitions

↑ An out-of-index position in Allegro MicroSystems, Inc. helped returns as shares rose on growth in the auto, data center, and robotics automation markets

↑ An out-of-index position in AZEK Co., Inc. helped due to strong demand, margin growth, operational discipline, and James Hardie merger. The stock was sold by period end.

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g35982g23b76.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Index** |
| **10/15** | $10000 | $10000 | $10000 |
| **11/15** | $10139 | $10055 | $10325 |
| **12/15** | $9612 | $9849 | $9807 |
| **1/16** | $9009 | $9293 | $8945 |
| **2/16** | $9030 | $9290 | $8944 |
| **3/16** | $9714 | $9944 | $9658 |
| **4/16** | $9704 | $10006 | $9810 |
| **5/16** | $10072 | $10185 | $10030 |
| **6/16** | $9934 | $10206 | $10024 |
| **7/16** | $10281 | $10611 | $10623 |
| **8/16** | $10419 | $10638 | $10811 |
| **9/16** | $10393 | $10655 | $10931 |
| **10/16** | $10210 | $10424 | $10411 |
| **11/16** | $11057 | $10891 | $11572 |
| **12/16** | $11340 | $11103 | $11897 |
| **1/17** | $11351 | $11312 | $11943 |
| **2/17** | $11646 | $11733 | $12174 |
| **3/17** | $11712 | $11741 | $12190 |
| **4/17** | $11733 | $11865 | $12324 |
| **5/17** | $11646 | $11987 | $12073 |
| **6/17** | $11936 | $12095 | $12490 |
| **7/17** | $12007 | $12323 | $12583 |
| **8/17** | $11854 | $12347 | $12423 |
| **9/17** | $12412 | $12648 | $13198 |
| **10/17** | $12565 | $12924 | $13311 |
| **11/17** | $12959 | $13316 | $13694 |
| **12/17** | $12966 | $13450 | $13639 |
| **1/18** | $13423 | $14158 | $13995 |
| **2/18** | $12973 | $13637 | $13454 |
| **3/18** | $13085 | $13363 | $13628 |
| **4/18** | $13123 | $13414 | $13745 |
| **5/18** | $13874 | $13792 | $14580 |
| **6/18** | $13956 | $13883 | $14684 |
| **7/18** | $14175 | $14343 | $14940 |
| **8/18** | $14719 | $14847 | $15584 |
| **9/18** | $14663 | $14871 | $15209 |
| **10/18** | $13192 | $13776 | $13557 |
| **11/18** | $13517 | $14052 | $13773 |
| **12/18** | $12134 | $12745 | $12137 |
| **1/19** | $13308 | $13838 | $13502 |
| **2/19** | $14071 | $14325 | $14204 |
| **3/19** | $13899 | $14534 | $13907 |
| **4/19** | $14496 | $15115 | $14379 |
| **5/19** | $13892 | $14137 | $13261 |
| **6/19** | $14840 | $15130 | $14198 |
| **7/19** | $15101 | $15354 | $14280 |
| **8/19** | $14682 | $15041 | $13575 |
| **9/19** | $14737 | $15305 | $13857 |
| **10/19** | $14702 | $15635 | $14222 |
| **11/19** | $15204 | $16229 | $14808 |
| **12/19** | $15334 | $16698 | $15235 |
| **1/20** | $15096 | $16680 | $14746 |
| **2/20** | $13845 | $15314 | $13505 |
| **3/20** | $11500 | $13208 | $10571 |
| **4/20** | $12677 | $14957 | $12023 |
| **5/20** | $13324 | $15757 | $12805 |
| **6/20** | $13399 | $16117 | $13258 |
| **7/20** | $13994 | $17033 | $13625 |
| **8/20** | $14500 | $18266 | $14392 |
| **9/20** | $13771 | $17601 | $13911 |
| **10/20** | $14136 | $17222 | $14203 |
| **11/20** | $15810 | $19317 | $16821 |
| **12/20** | $17091 | $20186 | $18276 |
| **1/21** | $17076 | $20096 | $19195 |
| **2/21** | $18140 | $20724 | $20392 |
| **3/21** | $18669 | $21467 | $20597 |
| **4/21** | $19309 | $22573 | $21029 |
| **5/21** | $19316 | $22676 | $21072 |
| **6/21** | $19249 | $23236 | $21481 |
| **7/21** | $19249 | $23628 | $20705 |
| **8/21** | $19547 | $24302 | $21168 |
| **9/21** | $18981 | $23212 | $20544 |
| **10/21** | $19934 | $24782 | $21418 |
| **11/21** | $19205 | $24404 | $20525 |
| **12/21** | $20516 | $25365 | $20984 |
| **1/22** | $18837 | $23873 | $18964 |
| **2/22** | $19421 | $23272 | $19166 |
| **3/22** | $19232 | $24027 | $19405 |
| **4/22** | $17907 | $21870 | $17482 |
| **5/22** | $17487 | $21841 | $17508 |
| **6/22** | $16515 | $20014 | $16068 |
| **7/22** | $17956 | $21891 | $17746 |
| **8/22** | $16902 | $21074 | $17383 |
| **9/22** | $15519 | $19120 | $15717 |
| **10/22** | $17256 | $20688 | $17447 |
| **11/22** | $17890 | $21768 | $17854 |
| **12/22** | $16999 | $20493 | $16696 |
| **1/23** | $18560 | $21905 | $18323 |
| **2/23** | $18585 | $21393 | $18013 |
| **3/23** | $18091 | $21965 | $17153 |
| **4/23** | $17971 | $22199 | $16844 |
| **5/23** | $17331 | $22285 | $16689 |
| **6/23** | $18457 | $23807 | $18046 |
| **7/23** | $18918 | $24661 | $19149 |
| **8/23** | $18184 | $24185 | $18191 |
| **9/23** | $16922 | $23033 | $17120 |
| **10/23** | $15822 | $22422 | $15953 |
| **11/23** | $17186 | $24513 | $17396 |
| **12/23** | $18738 | $25813 | $19522 |
| **1/24** | $18296 | $26099 | $18763 |
| **2/24** | $19337 | $27512 | $19824 |
| **3/24** | $20126 | $28399 | $20533 |
| **4/24** | $18834 | $27150 | $19088 |
| **5/24** | $19371 | $28432 | $20046 |
| **6/24** | $19146 | $29313 | $19860 |
| **7/24** | $20413 | $29857 | $21878 |
| **8/24** | $20673 | $30507 | $21551 |
| **9/24** | $20812 | $31138 | $21702 |
| **10/24** | $20300 | $30910 | $21388 |
| **11/24** | $22416 | $32966 | $23735 |
| **12/24** | $20806 | $31958 | $21774 |
| **1/25** | $21357 | $32967 | $22345 |
| **2/25** | $20761 | $32336 | $21150 |
| **3/25** | $19785 | $30449 | $19710 |
| **4/25** | $19126 | $30245 | $19255 |
| **5/25** | $19930 | $32162 | $20283 |
| **6/25** | $20146 | $33796 | $21386 |
| **7/25** | $19659 | $34540 | $21757 |
| **8/25** | $20634 | $35340 | $23311 |
| **9/25** | $19812 | $36559 | $24036 |
| **10/25** | $19585 | $37343 | $24471 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class C, with conversion to Class A after 8 years | (4.98)% | 6.41% | 6.95% |
| Class C, with 1% Maximum Contingent Deferred Sales Charge and conversion to Class A after 8 years | (5.89)% | 6.41% | 6.95% |
| Russell 3000<sup>®</sup> Index | 20.81% | 16.73% | 14.07% |
| Russell 2000<sup>®</sup> Index | 14.41% | 11.49% | 9.35% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $116869920 |
| # of Portfolio Holdings (for Tax-Managed Small-Cap Portfolio) | 70 |
| Portfolio Turnover Rate (for Tax-Managed Small-Cap Portfolio) | 41% |
| Total Advisory Fees Paid | $809499 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

References to the Fund's investments are to the Fund's pro rata share of the investments of Tax-Managed Small-Cap Portfolio, an affiliated investment company in which the Fund invests substantially all of its assets.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](g35982g46k43.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 0.4% |
| Consumer Staples | 1.4% |
| Utilities | 2.2% |
| Short-Term Investments | 2.8% |
| Real Estate | 5.7% |
| Materials | 6.2% |
| Health Care | 9.9% |
| Information Technology | 10.6% |
| Consumer Discretionary | 14.2% |
| Financials | 20.6% |
| Industrials | 26.0% |

---

#### Top Ten Holdings (% of total investments)<sup>Footnote Reference a</sup>

---

| | |
|:---|:---|
| &nbsp;&nbsp;Commerce Bancshares, Inc. | &nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;Donaldson Co., Inc. | &nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;White Mountains Insurance Group Ltd. | &nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;Community Financial System, Inc. | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;Dorman Products, Inc. | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;Wyndham Hotels & Resorts, Inc. | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;U.S. Physical Therapy, Inc. | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;CSW Industrials, Inc. | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;Franklin Electric Co., Inc. | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;Essential Properties Realty Trust, Inc. | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;25.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g35982g49w49.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report October 31, 2025

# ECMGX-TSR-AR

# Eaton Vance Tax-Managed Small-Cap Fund
![Image](g35982g49g65.jpg)

# Class I EIMGX

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about the Eaton Vance Tax-Managed Small-Cap Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last year?<sup>**Footnote Reference \***</sup>
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $87 | 0.89% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Expenses in the table reflect the expenses of both the Fund and Tax-Managed Small-Cap Portfolio, the Portfolio in which it invests. |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Russell 2000<sup><sup>®</sup></sup> Index (the Index):

↓ An out-of-index position in AptarGroup, Inc. hurt as management warning of headwinds in certain end markets caused investor distress

↓ Not owning Bloom Energy Corporation hurt returns, as clean energy shares climbed due to its connection to Artificial Intelligence data center infrastructure

↓ An out-of-index position in Chemed Corporation hurt due to headwinds from Medicare revenue caps in its health care business and weakening demand

↓ An overweight position in Cohen & Steers, Inc. hurt due to the business underperforming as high interest rates pressured real estate valuations

↑ An out-of-index position in Woodward, Inc. helped as its shares rose on higher government spending in aerospace and defense. The stock was sold by period end.

↑ An overweight position in ESCO Technologies, Inc. also benefitted from increased defense spending and growing naval offerings through strategic acquisitions

↑ An out-of-index position in Allegro MicroSystems, Inc. helped returns as shares rose on growth in the auto, data center, and robotics automation markets

↑ An out-of-index position in AZEK Co., Inc. helped due to strong demand, margin growth, operational discipline, and James Hardie merger. The stock was sold by period end.

## Fund Performance
Comparison of the change in value of a $1,000,000 investment for the period indicated.

![Growth of 10K Chart](g35982g87i59.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Index** |
| **10/15** | $1000000 | $1000000 | $1000000 |
| **11/15** | $1015176 | $1005544 | $1032529 |
| **12/15** | $963189 | $984904 | $980686 |
| **1/16** | $903125 | $929331 | $894450 |
| **2/16** | $906150 | $929032 | $894410 |
| **3/16** | $975721 | $994441 | $965794 |
| **4/16** | $975289 | $1000604 | $980952 |
| **5/16** | $1013315 | $1018505 | $1003047 |
| **6/16** | $1000352 | $1020600 | $1002415 |
| **7/16** | $1036217 | $1061104 | $1062266 |
| **8/16** | $1050477 | $1063811 | $1081051 |
| **9/16** | $1048749 | $1065483 | $1093092 |
| **10/16** | $1031464 | $1042431 | $1041127 |
| **11/16** | $1117887 | $1089082 | $1157225 |
| **12/16** | $1147855 | $1110333 | $1189650 |
| **1/17** | $1149685 | $1131232 | $1194343 |
| **2/17** | $1180338 | $1173304 | $1217392 |
| **3/17** | $1188115 | $1174102 | $1218985 |
| **4/17** | $1191317 | $1186547 | $1232353 |
| **5/17** | $1183540 | $1198690 | $1207282 |
| **6/17** | $1213735 | $1209508 | $1249016 |
| **7/17** | $1221970 | $1232313 | $1258295 |
| **8/17** | $1207330 | $1234688 | $1242287 |
| **9/17** | $1265432 | $1264799 | $1319817 |
| **10/17** | $1281901 | $1292400 | $1331067 |
| **11/17** | $1323076 | $1331643 | $1369428 |
| **12/17** | $1325582 | $1344953 | $1363901 |
| **1/18** | $1373034 | $1415846 | $1399545 |
| **2/18** | $1328133 | $1363659 | $1345353 |
| **3/18** | $1340889 | $1336285 | $1362753 |
| **4/18** | $1345991 | $1341363 | $1374535 |
| **5/18** | $1424057 | $1379230 | $1457970 |
| **6/18** | $1433751 | $1388250 | $1468417 |
| **7/18** | $1457222 | $1434321 | $1494009 |
| **8/18** | $1514368 | $1484691 | $1558416 |
| **9/18** | $1510286 | $1487149 | $1520933 |
| **10/18** | $1359768 | $1377646 | $1355734 |
| **11/18** | $1393953 | $1405238 | $1377284 |
| **12/18** | $1252855 | $1274453 | $1213682 |
| **1/19** | $1375165 | $1383845 | $1350219 |
| **2/19** | $1454502 | $1432513 | $1420414 |
| **3/19** | $1437973 | $1453431 | $1390686 |
| **4/19** | $1501883 | $1511469 | $1437928 |
| **5/19** | $1439626 | $1413659 | $1326096 |
| **6/19** | $1539898 | $1512950 | $1419821 |
| **7/19** | $1567997 | $1535440 | $1427996 |
| **8/19** | $1525023 | $1504139 | $1357490 |
| **9/19** | $1532736 | $1530538 | $1385734 |
| **10/19** | $1529981 | $1563486 | $1422229 |
| **11/19** | $1583974 | $1622917 | $1480775 |
| **12/19** | $1598322 | $1669777 | $1523473 |
| **1/20** | $1574886 | $1667953 | $1474612 |
| **2/20** | $1445989 | $1531392 | $1350476 |
| **3/20** | $1202257 | $1320798 | $1057065 |
| **4/20** | $1326467 | $1495725 | $1202258 |
| **5/20** | $1395016 | $1575714 | $1280494 |
| **6/20** | $1403805 | $1611738 | $1325757 |
| **7/20** | $1467667 | $1703258 | $1362451 |
| **8/20** | $1521570 | $1826649 | $1439217 |
| **9/20** | $1446575 | $1760139 | $1391142 |
| **10/20** | $1485830 | $1722150 | $1420278 |
| **11/20** | $1663356 | $1931655 | $1682070 |
| **12/20** | $1800005 | $2018556 | $1827570 |
| **1/21** | $1800005 | $2009578 | $1919538 |
| **2/21** | $1914011 | $2072392 | $2039173 |
| **3/21** | $1971014 | $2146672 | $2059654 |
| **4/21** | $2039771 | $2257331 | $2102904 |
| **5/21** | $2042709 | $2267636 | $2107240 |
| **6/21** | $2037420 | $2323553 | $2148067 |
| **7/21** | $2038595 | $2362846 | $2070503 |
| **8/21** | $2072680 | $2430229 | $2116816 |
| **9/21** | $2013914 | $2321190 | $2054402 |
| **10/21** | $2116754 | $2478159 | $2141795 |
| **11/21** | $2040946 | $2440439 | $2052547 |
| **12/21** | $2182542 | $2536540 | $2098398 |
| **1/22** | $2005182 | $2387300 | $1896377 |
| **2/22** | $2069619 | $2327165 | $1916621 |
| **3/22** | $2051117 | $2402650 | $1940476 |
| **4/22** | $1910761 | $2187030 | $1748156 |
| **5/22** | $1867378 | $2184098 | $1750798 |
| **6/22** | $1765300 | $2001379 | $1606807 |
| **7/22** | $1920968 | $2189145 | $1774562 |
| **8/22** | $1809959 | $2107447 | $1738250 |
| **9/22** | $1663223 | $1912026 | $1571664 |
| **10/22** | $1850790 | $2068823 | $1744687 |
| **11/22** | $1920330 | $2176808 | $1785439 |
| **12/22** | $1826293 | $2049348 | $1669560 |
| **1/23** | $1995845 | $2190493 | $1832285 |
| **2/23** | $1999788 | $2139295 | $1801336 |
| **3/23** | $1948528 | $2196498 | $1715269 |
| **4/23** | $1936699 | $2219900 | $1684431 |
| **5/23** | $1869667 | $2228537 | $1668871 |
| **6/23** | $1992559 | $2380714 | $1804553 |
| **7/23** | $2043819 | $2466055 | $1914908 |
| **8/23** | $1966929 | $2418451 | $1819108 |
| **9/23** | $1831551 | $2303250 | $1712014 |
| **10/23** | $1713916 | $2242193 | $1595256 |
| **11/23** | $1863095 | $2451274 | $1739642 |
| **12/23** | $2033470 | $2581294 | $1952198 |
| **1/24** | $1987422 | $2609902 | $1876270 |
| **2/24** | $2101541 | $2751177 | $1982357 |
| **3/24** | $2189634 | $2839923 | $2053324 |
| **4/24** | $2050821 | $2714962 | $1908805 |
| **5/24** | $2110217 | $2843236 | $2004565 |
| **6/24** | $2088194 | $2931255 | $1986022 |
| **7/24** | $2228341 | $2985744 | $2187800 |
| **8/24** | $2258373 | $3050740 | $2155119 |
| **9/24** | $2275057 | $3113847 | $2170181 |
| **10/24** | $2221668 | $3090980 | $2138836 |
| **11/24** | $2455246 | $3296605 | $2373453 |
| **12/24** | $2280746 | $3195843 | $2177440 |
| **1/25** | $2342742 | $3296730 | $2234531 |
| **2/25** | $2278680 | $3233552 | $2115007 |
| **3/25** | $2174665 | $3044937 | $1971041 |
| **4/25** | $2103715 | $3024509 | $1925506 |
| **5/25** | $2193953 | $3216220 | $2028329 |
| **6/25** | $2219440 | $3379614 | $2138572 |
| **7/25** | $2167777 | $3454041 | $2175670 |
| **8/25** | $2276613 | $3533974 | $2331115 |
| **9/25** | $2187753 | $3655937 | $2403644 |
| **10/25** | $2131957 | $3734291 | $2447129 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class I | (4.04)% | 7.48% | 7.86% |
| Russell 3000<sup>®</sup> Index | 20.81% | 16.73% | 14.07% |
| Russell 2000<sup>®</sup> Index | 14.41% | 11.49% | 9.35% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $116869920 |
| # of Portfolio Holdings (for Tax-Managed Small-Cap Portfolio) | 70 |
| Portfolio Turnover Rate (for Tax-Managed Small-Cap Portfolio) | 41% |
| Total Advisory Fees Paid | $809499 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

References to the Fund's investments are to the Fund's pro rata share of the investments of Tax-Managed Small-Cap Portfolio, an affiliated investment company in which the Fund invests substantially all of its assets.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](g35982g46k43.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 0.4% |
| Consumer Staples | 1.4% |
| Utilities | 2.2% |
| Short-Term Investments | 2.8% |
| Real Estate | 5.7% |
| Materials | 6.2% |
| Health Care | 9.9% |
| Information Technology | 10.6% |
| Consumer Discretionary | 14.2% |
| Financials | 20.6% |
| Industrials | 26.0% |

---

#### Top Ten Holdings (% of total investments)<sup>Footnote Reference a</sup>

---

| | |
|:---|:---|
| &nbsp;&nbsp;Commerce Bancshares, Inc. | &nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;Donaldson Co., Inc. | &nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;White Mountains Insurance Group Ltd. | &nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;Community Financial System, Inc. | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;Dorman Products, Inc. | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;Wyndham Hotels & Resorts, Inc. | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;U.S. Physical Therapy, Inc. | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;CSW Industrials, Inc. | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;Franklin Electric Co., Inc. | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;Essential Properties Realty Trust, Inc. | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;25.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g35982g49w49.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report October 31, 2025

# EIMGX-TSR-AR

------

(b) Not applicable

#### Item 2. Code of Ethics
The registrant (sometimes referred to as the "Fund") has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-262-1122. The registrant has not amended the code of ethics as described in Form N-CSR during the period covered by this report. The registrant has not granted any waiver, including an implicit waiver, from a provision of the code of ethics as described in Form N-CSR during the period covered by this report.

------

#### Item 3. Audit Committee Financial Expert
The registrant's Board of Trustees has determined that George J. Gorman, an "independent" Trustee, is an "audit committee financial expert" serving on its audit committee. Under applicable securities laws, a person who is determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or the liabilities that are greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and Board of Trustees in the absence of such designation or identification.

#### Item 4. Principal Accountant Fees and Services
Eaton Vance Emerging and Frontier Countries Equity Fund, Eaton Vance Emerging Markets Local Income Fund, Eaton Vance Floating-Rate Fund, Eaton Vance Floating-Rate Advantage Fund, Eaton Vance Floating-Rate & High Income Fund, Eaton Vance Global Equity Income Fund, Eaton Vance Global Income Builder Fund, Eaton Vance Global Macro Absolute Return Fund, Eaton Vance Global Macro Absolute Return Advantage Fund, Eaton Vance Diversified Currency Income Fund (formerly, Eaton Vance Global Sovereign Opportunities Fund), Eaton Vance Government Opportunities Fund, Eaton Vance High Income Opportunities Fund, Eaton Vance Multi-Asset Credit Fund, Eaton Vance Short Duration Government Income Fund, Eaton Vance Short Duration High Income Fund, Eaton Vance Strategic Income Fund, Eaton Vance Tax-Managed Equity Asset Allocation Fund, Eaton Vance Tax-Managed Multi-Cap Growth Fund, Eaton Vance Tax-Managed Small-Cap Fund and Eaton Vance Tax-Managed Value Fund (the "Fund(s)") are series of Eaton Vance Mutual Funds Trust (the "Trust"), a Massachusetts business trust, which, including the Funds, contains a total of 29 series (the "Series"). The Trust is registered under the Investment Company Act of 1940 as an open-end management investment company. This Form N-CSR relates to the Funds' annual reports.

#### (a)-(d)
The following tables present the aggregate fees billed to each Fund for each Fund's fiscal years ended October 31, 2024 and October 31, 2025 by the registrant's principal accountant, Deloitte & Touche LLP ("D&T"), for professional services rendered for the audit of the Funds' annual financial statements and fees billed for other services rendered by D&T during those periods.

---

| | | |
|:---|:---|:---|
| **Eaton Vance Emerging and Frontier Countries Equity Fund** | **Eaton Vance Emerging and Frontier Countries Equity Fund** | |
| **Fiscal Years Ended** | **10/31/24** |<br>**10/31/25** |
|  Audit Fees | $25800 | $27200 |
|  Audit-Related Fees<sup>(1)</sup> | $0 | $0 |
|  Tax Fees<sup>(2)</sup> | $0 | $0 |
|  All Other Fees<sup>(3)</sup> | $0 | $0 |
|  Total | $25800 | $27200 |
| **Eaton Vance Emerging Markets Local Income Fund**<br> **Fiscal Years Ended** | **10/31/24** | **10/31/25** |
|  Audit Fees | $25800 | $25800 |
|  Audit-Related Fees<sup>(1)</sup> | $0 | $0 |
|  Tax Fees<sup>(2)</sup> | $0 | $0 |
|  All Other Fees<sup>(3)</sup> | $0 | $0 |
|  Total | $25800 | $25800 |

---

------

---

| | | |
|:---|:---|:---|
| **Eaton Vance Floating-Rate Fund** | **Eaton Vance Floating-Rate Fund** | |
| **Fiscal Years Ended** | **10/31/24** |<br>**10/31/25** |
|  Audit Fees | $25800 | 25800 |
|  Audit-Related Fees<sup>(1)</sup> | $0 | $0 |
|  Tax Fees<sup>(2)</sup> | $0 | $0 |
|  All Other Fees<sup>(3)</sup> | $0 | $0 |
|  Total | $25800 | $25800 |
| **Eaton Vance Floating-Rate Advantage Fund** | **Eaton Vance Floating-Rate Advantage Fund** |  |
| **Fiscal Years Ended** | **10/31/24** | **10/31/25** |
|  Audit Fees | $25800 | $25800 |
|  Audit-Related Fees<sup>(1)</sup> | $0 | $0 |
|  Tax Fees<sup>(2)</sup> | $0 | $0 |
|  All Other Fees<sup>(3)</sup> | $0 | $0 |
|  Total | $25800 | $25800 |
| **Eaton Vance Floating-Rate & High Income Fund** | **Eaton Vance Floating-Rate & High Income Fund** |  |
| **Fiscal Years Ended** | **10/31/24** | **10/31/25** |
|  Audit Fees | $38200 | $38200 |
|  Audit-Related Fees<sup>(1)</sup> | $0 | $0 |
|  Tax Fees<sup>(2)</sup> | $0 | $0 |
|  All Other Fees<sup>(3)</sup> | $0 | $0 |
|  Total | $38200 | $38200 |
| **Eaton Vance Global Equity Income Fund** | **Eaton Vance Global Equity Income Fund** |  |
| **Fiscal Years Ended** | **10/31/24** | **10/31/25** |
|  Audit Fees | $49600 | $49600 |
|  Audit-Related Fees<sup>(1)</sup> | $0 | $0 |
|  Tax Fees<sup>(2)</sup> | $0 | $0 |
|  All Other Fees<sup>(3)</sup> | $0 | $0 |
|  Total | $49600 | $49600 |
| **Eaton Vance Global Income Builder Fund** | **Eaton Vance Global Income Builder Fund** |  |
| **Fiscal Years Ended** | **10/31/24** | **10/31/25** |
|  Audit Fees | $60000 | $60000 |
|  Audit-Related Fees<sup>(1)</sup> | $0 | $0 |
|  Tax Fees<sup>(2)</sup> | $0 | $0 |
|  All Other Fees<sup>(3)</sup> | $0 | $142 |
|  Total | $60000 | $60142 |
| **Eaton Vance Global Macro Absolute Return Fund** | **Eaton Vance Global Macro Absolute Return Fund** |  |
| **Fiscal Years Ended** | **10/31/24** | **10/31/25** |
|  Audit Fees | $25800 | $25800 |
|  Audit-Related Fees<sup>(1)</sup> | $0 | $0 |
|  Tax Fees<sup>(2)</sup> | $0 | $0 |
|  All Other Fees<sup>(3)</sup> | $0 | $0 |
|  Total | $25800 | $25800 |
| **Eaton Vance Global Macro Absolute Return Advantage Fund** | **Eaton Vance Global Macro Absolute Return Advantage Fund** |  |
| **Fiscal Years Ended** | **10/31/24** | **10/31/25** |
|  Audit Fees | $25800 | $25800 |
|  Audit-Related Fees<sup>(1)</sup> | $0 | $0 |
|  Tax Fees<sup>(2)</sup> | $0 | $0 |
|  All Other Fees<sup>(3)</sup> | $0 | $0 |
|  Total | $25800 | $25800 |

---

------

---

| | | |
|:---|:---|:---|
| **Eaton Vance Diversified Currency Income Fund (formerly, Eaton Vance Global Sovereign<br>Opportunities Fund)** | | |
| **Fiscal Years Ended** |<br>**10/31/24** |<br>**10/31/25** |
|  Audit Fees | $23700 | $23700 |
|  Audit-Related Fees<sup>(1)</sup> | $0 | $0 |
|  Tax Fees<sup>(2)</sup> | $0 | $0 |
|  All Other Fees<sup>(3)</sup> | $0 | $318 |
|  Total | $23700 | $24018 |
| **Eaton Vance Government Opportunities Fund** |  |  |
| **Fiscal Years Ended** | **10/31/24** | **10/31/25** |
|  Audit Fees | $68400 | $66058 |
|  Audit-Related Fees<sup>(1)</sup> | $0 | $0 |
|  Tax Fees<sup>(2)</sup> | $0 | $0 |
|  All Other Fees<sup>(3)</sup> | $0 | $297 |
|  Total | $68400 | $66355 |
| **Eaton Vance High Income Opportunities Fund** |  |  |
| **Fiscal Years Ended** | **10/31/24** | **10/31/25** |
|  Audit Fees | $25800 | $25800 |
|  Audit-Related Fees<sup>(1)</sup> | $0 | $0 |
|  Tax Fees<sup>(2)</sup> | $0 | $0 |
|  All Other Fees<sup>(3)</sup> | $0 | $0 |
|  Total | $25800 | $25800 |
| **Eaton Vance Multi-Asset Credit Fund** |  |  |
| **Fiscal Years Ended** | **10/31/24** | **10/31/25** |
|  Audit Fees | $83300 | $83300 |
|  Audit-Related Fees<sup>(1)</sup> | $0 | $0 |
|  Tax Fees<sup>(2)</sup> | $0 | $0 |
|  All Other Fees<sup>(3)</sup> | $0 | $1055 |
|  Total | $83300 | $84355 |
| **Eaton Vance Short Duration Government Income Fund** |  |  |
| **Fiscal Years Ended** | **10/31/24** | **10/31/25** |
|  Audit Fees | $98400 | $96583 |
|  Audit-Related Fees<sup>(1)</sup> | $0 | $0 |
|  Tax Fees<sup>(2)</sup> | $0 | $0 |
|  All Other Fees<sup>(3)</sup> | $0 | $172 |
|  Total | $98400 | $96755 |
| **Eaton Vance Short Duration High Income Fund** |  |  |
| **Fiscal Years Ended** | **10/31/24** | **10/31/25** |
|  Audit Fees | $63400 | $63400 |
|  Audit-Related Fees<sup>(1)</sup> | $0 | $0 |
|  Tax Fees<sup>(2)</sup> | $0 | $0 |
|  All Other Fees<sup>(3)</sup> | $0 | $125 |
|  Total | $63400 | $63525 |

---

------

---

| | | |
|:---|:---|:---|
| **Eaton Vance Strategic Income Fund**<br> **Fiscal Years Ended** | **10/31/24** | **10/31/25** |
|  Audit Fees | $54200 | $54200 |
|  Audit-Related Fees<sup>(1)</sup> | $0 | $0 |
|  Tax Fees<sup>(2)</sup> | $0 | $0 |
|  All Other Fees<sup>(3)</sup> | $0 | $0 |
|  Total | $54200 | $54200 |
| **Eaton Vance Tax-Managed Equity Asset Allocation Fund** |  |  |
| **Fiscal Years Ended** | **10/31/24** | **10/31/25** |
|  Audit Fees | $38200 | $38200 |
|  Audit-Related Fees<sup>(1)</sup> | $0 | $0 |
|  Tax Fees<sup>(2)</sup> | $0 | $0 |
|  All Other Fees<sup>(3)</sup> | $0 | $0 |
|  Total | $38200 | $38200 |
| **Eaton Vance Tax-Managed Multi-Cap Growth Fund** |  |  |
| **Fiscal Years Ended10/31/24** |  | **10/31/25** |
|  Audit Fees | $23700 | $23700 |
|  Audit-Related Fees<sup>(1)</sup> | $0 | $0 |
|  Tax Fees<sup>(2)</sup> | $0 | $0 |
|  All Other Fees<sup>(3)</sup> | $0 | $0 |
|  Total | $23700 | $23700 |
| **Eaton Vance Tax-Managed Small-Cap Fund** |  |  |
| **Fiscal Years Ended** | **10/31/24** | **10/31/25** |
|  Audit Fees | $23700 | $23700 |
|  Audit-Related Fees<sup>(1)</sup> | $0 | $0 |
|  Tax Fees<sup>(2)</sup> | $0 | $0 |
|  All Other Fees<sup>(3)</sup> | $0 | $0 |
|  Total | $23700 | $23700 |
| **Eaton Vance Tax-Managed Value Fund**<br> **Fiscal Years Ended** | **10/31/24** | **10/31/25** |
|  Audit Fees | $25800 | $25800 |
|  Audit-Related Fees<sup>(1)</sup> | $0 | $0 |
|  Tax Fees<sup>(2)</sup> | $0 | $0 |
|  All Other Fees<sup>(3)</sup> | $0 | $0 |
|  Total | $25800 | $25800 |

---

<sup>(1)</sup> Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under the category of audit fees.

<sup>(2)</sup> Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation and other related tax compliance/planning matters.

<sup>(3)</sup> All other fees consist of the aggregate fees billed for products and services provided by the principal accountant other than audit, audit-related, and tax services.

------

The various Series comprising the Trust have varying fiscal year ends (January 31, February 28/29, September 30, October 31, or December 31). The following table presents the aggregate audit, audit-related, tax, and other fees billed to all of the Series in the Trust by D&T for the last two fiscal years of each Series.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fiscal Years Ended** | **12/31/23** | **1/31/24** | **2/29/24** | **9/30/24** | **10/31/24** | **12/31/24** | **1/31/25** | **2/28/25** | **9/30/25** | **10/31/25** |
|  Audit Fees | $142400 | $166600 | $27600 | $131767 | $854800 | $151200 | $166400 | $28900 | $140755 | $828441 |
|  Audit-Related Fees<sup>(1)</sup> | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
|  Tax Fees<sup>(2)</sup> | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
|  All Other Fees<sup>(3)</sup> | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $2109 |
|  Total | $142400 | $166600 | $27600 | $131767 | $854800 | $151200 | $166400 | $28900 | $140755 | $830550 |

---

<sup>(1)</sup> Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under the category of audit fees.

<sup>(2)</sup> Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation and other related tax compliance/planning matters.

<sup>(3)</sup> All other fees consist of the aggregate fees billed for products and services provided by the principal accountant other than audit, audit-related, and tax services.

(e)(1) The registrant's audit committee has adopted policies and procedures relating to the pre-approval of services provided by the registrant's principal accountant (the "Pre-Approval Policies"). The Pre-Approval Policies establish a framework intended to assist the audit committee in the proper discharge of its pre-approval responsibilities. As a general matter, the Pre-Approval Policies (i) specify certain types of audit, audit-related, tax, and other services determined to be pre-approved by the audit committee; and (ii) delineate specific procedures governing the mechanics of the pre-approval process, including the approval and monitoring of audit and non-audit service fees. Unless a service is specifically pre-approved under the Pre-Approval Policies, it must be separately pre-approved by the audit committee.

The Pre-Approval Policies and the types of audit and non-audit services pre-approved therein must be reviewed and ratified by the registrant's audit committee at least annually. The registrant's audit committee maintains full responsibility for the appointment, compensation, and oversight of the work of the registrant's principal accountant.

(e)(2) No services described in paragraphs (b)-(d) above were approved by the registrant's audit committee pursuant to the "de minimis exception" set forth in Rule 2-01(c)(7)(i)(C) of Regulation S-X.

(f) Not applicable.

------

(g) The following table presents (i) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed for services rendered to all of the Series in the Trust by D&T for the last two fiscal years of each Series; and (ii) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed for services rendered to the Eaton Vance organization by D&T for the last 2 fiscal years of each Series.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fiscal Years Ended** | **12/31/23** | **1/31/24** | **2/29/24** | **9/30/24** | **10/31/24** | **12/31/24** | **1/31/25** | **2/28/25** | **9/30/25** | **10/31/25** |
|  **Registrant<sup>(1)</sup>** | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $2109 |
|  **Eaton Vance<sup>(2)</sup>** | $52836 | $52836 | $52836 | $18490 | $18490 | $18490 | $18490 | $18490 | $18490 | $18490 |

---

<sup>(1)</sup> Includes all of the Series of the Trust. During the fiscal years reported above, certain of the Funds were "feeder" funds in a "master-feeder" fund structure or funds of funds.

<sup>(2)</sup> Various subsidiaries of Morgan Stanley act in either an investment advisory and/or service provider capacity with respect to the Series and/or their respective "master" funds (if applicable).

(h) The registrant's audit committee has considered whether the provision by the registrant's principal accountant of non-audit services to the registrant's investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is compatible with maintaining the principal accountant's independence.

(i) Not applicable.

(j) Not applicable.

#### Item 5. Audit Committee of Listed Registrants
Not applicable.

#### Item 6. Schedule of Investments
(a) Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 7 of this Form N-CSR.

(b) Not applicable.

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

------

## Eaton Vance

## Global Macro Absolute Return Fund

## Annual Financial Statements and Additional Information
October 31, 2025

------

![](g35982imgd68223c611.gif)

------

**This report must be preceded or accompanied by a current summary prospectus or prospectus. Before investing, investors should consider carefully the investment objective, risks, and charges and expenses of a mutual fund. This and other important information is contained in the prospectus and/or statement of additional information, which can be obtained by calling 1-800-262-1122 or from a financial intermediary. Prospective investors should read the prospectus carefully before investing.**

------

#### Annual Financial Statements and Additional Information October 31, 2025
Eaton Vance

Global Macro Absolute Return Fund

---

| | |
|:---|:---|
| **[**Table of Contents**](#xx_3b802df7-b93e-4c7f-8d76-960adebb010e_1)** |  |
| [Item 7 of Form N-CSR:](#xx_b40ef309-4987-43d2-87eb-fa4844296843_1) | [Item 7 of Form N-CSR:](#xx_b40ef309-4987-43d2-87eb-fa4844296843_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#xx_b40ef309-4987-43d2-87eb-fa4844296843_1) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#xx_b40ef309-4987-43d2-87eb-fa4844296843_3) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx_b40ef309-4987-43d2-87eb-fa4844296843_4) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx_447a226b-a563-435d-a8a9-2efeb8650414_1) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx_a7b48ba3-c8ba-49c6-9d6f-c713d59530dc_1) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#xx_ba9253c1-b1a0-4481-9ef5-b2ea2b385466_1) | 15 |
| [Federal Tax Information](#xx_89657092-63f5-44aa-a684-0109d910a8b6_1) | 16 |
| [Global Macro Portfolio](#xx_a16ab3d4-263d-4744-b644-e954bc47f28f_1) | [Global Macro Portfolio](#xx_a16ab3d4-263d-4744-b644-e954bc47f28f_1) |
| [Items 6 and 7 of Form N-CSR:](#xx_a16ab3d4-263d-4744-b644-e954bc47f28f_1) | [Items 6 and 7 of Form N-CSR:](#xx_a16ab3d4-263d-4744-b644-e954bc47f28f_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Portfolio of Investments](#xx_a16ab3d4-263d-4744-b644-e954bc47f28f_1) | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Statements](#xx_5dcfb40b-e26a-48d8-9cea-9892e848ddea_1) | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#xx_2f47281e-84ae-4fed-83a0-818671d7065c_1) | 70 |
| Item 11 of Form N-CSR: | Item 11 of Form N-CSR: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Board of Trustees' Contract Approval](#xx_e44f4540-87c1-48cd-8b26-6991efadb32c_1) | 71 |

---

Items 8 and 9 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7.

------

[**Table of Contents**](#JOB_EV_AR_da65d7d0-3803-492b-bc5e-d1cca7923e55_TOC)

Eaton Vance

Global Macro Absolute Return Fund

October 31, 2025

Statement of Assets and Liabilities

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**October 31, 2025** |
| Assets |  |
| Investment in Global Macro Portfolio, at value (identified cost $2,896,494,371) | &nbsp;&nbsp;$2983350313 |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4956508 |
| **Total assets** | &nbsp;&nbsp;**$2988306821** |
| Liabilities |  |
| Payable for Fund shares redeemed | &nbsp;&nbsp;$2000504 |
| Payable to affiliates: |  |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66201 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agency fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16030 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 |
| Payable for transfer and dividend disbursing agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263638 |
| Payable for printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184884 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100315 |
| **Total liabilities** | &nbsp;&nbsp;**$2631614** |
| **Net Assets** | &nbsp;&nbsp;**$2985675207** |
| Sources of Net Assets |  |
| Paid-in capital | &nbsp;&nbsp;$3488208006 |
| Accumulated loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(502532799) |
| **Net Assets** | &nbsp;&nbsp;**$2985675207** |
| Class A Shares |  |
| **Net Assets** | &nbsp;&nbsp;$246550286 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27892781 |
| **Net Asset Value and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$8.84 |
| **Maximum Offering Price Per Share<br> (100 ÷ 96.75 of net asset value per share)** | &nbsp;&nbsp;$9.14 |
| Class C Shares |  |
| **Net Assets** | &nbsp;&nbsp;$17646540 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1988476 |
| **Net Asset Value and Offering Price Per Share\*<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$8.87 |
| Class I Shares |  |
| **Net Assets** | &nbsp;&nbsp;$2533673150 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287334675 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$8.82 |
| Class R Shares |  |
| **Net Assets** | &nbsp;&nbsp;$1965610 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221997 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$8.85 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_da65d7d0-3803-492b-bc5e-d1cca7923e55_TOC)

Eaton Vance

Global Macro Absolute Return Fund

October 31, 2025

Statement of Assets and Liabilities — continued

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**October 31, 2025** |
| Class R6 Shares |  |
| **Net Assets** | &nbsp;&nbsp;$185839621 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21098807 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$8.81 |

---

---

| | |
|:---|:---|
| On sales of $100,000 or more, the offering price of Class A shares is reduced. | On sales of $100,000 or more, the offering price of Class A shares is reduced. |
| \* | Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge. |

---

*2*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_da65d7d0-3803-492b-bc5e-d1cca7923e55_TOC)

Eaton Vance

Global Macro Absolute Return Fund

October 31, 2025

Statement of Operations

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended** |
|  | &nbsp;&nbsp;&nbsp;**October 31, 2025** |
| Investment Income |  |
| Dividend income allocated from Portfolio (net of foreign taxes withheld of $253,461) | &nbsp;&nbsp;$19085058 |
| Interest income allocated from Portfolio (net of foreign taxes withheld of $3,917,889) | &nbsp;&nbsp;&nbsp;&nbsp;159552847 |
| Other income allocated from Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400287 |
| Expenses, excluding interest and dividend expense, allocated from Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14957464) |
| Interest and dividend expense allocated from Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10526418) |
| Waiver and/or reimbursement of expenses by affiliates allocated from Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412812 |
| **Total investment income from Portfolio** | &nbsp;&nbsp;**$153967122** |
| Expenses |  |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$446598 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159847 |
| &nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9054 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61788 |
| Transfer and dividend disbursing agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1545376 |
| Legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131061 |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191231 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172698 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62911 |
| **Total expenses** | &nbsp;&nbsp;**$2781064** |
| **Net investment income** | &nbsp;&nbsp;**$151186058** |
| Realized and Unrealized Gain (Loss) from Portfolio |  |
| Net realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;Investment transactions (net of foreign capital gains taxes of $142,742) | &nbsp;&nbsp;$27848891 |
| &nbsp;&nbsp;&nbsp;Written options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490410 |
| &nbsp;&nbsp;&nbsp;Securities sold short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;867466 |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4694909) |
| &nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(698579) |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24809643 |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56289685) |
| **Net realized loss** | &nbsp;&nbsp;**$(7666763)** |
| Change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Investments (including net decrease in accrued foreign capital gains taxes of $1,120) | &nbsp;&nbsp;$124675794 |
| &nbsp;&nbsp;&nbsp;Written options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905812 |
| &nbsp;&nbsp;&nbsp;Securities sold short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6956572) |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1265277) |
| &nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4991781) |
| &nbsp;&nbsp;&nbsp;Foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960372 |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2692332) |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$110636016** |
| **Net realized and unrealized gain** | &nbsp;&nbsp;**$102969253** |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$254155311** |

---

*3*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_da65d7d0-3803-492b-bc5e-d1cca7923e55_TOC)

Eaton Vance

Global Macro Absolute Return Fund

October 31, 2025

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
|  | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$151186058 | &nbsp;&nbsp;$117376562 |
| &nbsp;&nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7666763) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59331184) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110636016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80440622 |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$254155311** | &nbsp;&nbsp;**$138486000** |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(10386224) | &nbsp;&nbsp;$(8294256) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(799607) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(868143) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(110993263) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(75623680) |
| &nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(99843) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74154) |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10921792) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11129638) |
| **Total distributions to shareholders** | &nbsp;&nbsp;**$(133200729)** | &nbsp;&nbsp;**$(95989871)** |
| Transactions in shares of beneficial interest: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$78731322 | &nbsp;&nbsp;$5297195 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(222104) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4629136) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;1019846603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20769702) |
| &nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484517 |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3974733) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52867036) |
| **Net increase (decrease) in net assets from Fund share transactions** | &nbsp;&nbsp;**$1094564513** | &nbsp;&nbsp;**$(72484162)** |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;**$1215519095** | &nbsp;&nbsp;**$(29988033)** |
| Net Assets |  |  |
| At beginning of year | &nbsp;&nbsp;$1770156112 | &nbsp;&nbsp;$1800144145 |
| **At end of year** | &nbsp;&nbsp;**$2985675207** | &nbsp;&nbsp;**$1770156112** |

---

*4*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_da65d7d0-3803-492b-bc5e-d1cca7923e55_TOC)

Eaton Vance

Global Macro Absolute Return Fund

October 31, 2025

Financial Highlights

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$8.38 | &nbsp;&nbsp;$8.16 | &nbsp;&nbsp;$7.91 | &nbsp;&nbsp;$8.66 | &nbsp;&nbsp;$8.64 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.57 | &nbsp;&nbsp;$0.56 | &nbsp;&nbsp;$0.48 | &nbsp;&nbsp;$0.42 | &nbsp;&nbsp;$0.37 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.79) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.96** | &nbsp;&nbsp;**$0.67** | &nbsp;&nbsp;**$0.70** | &nbsp;&nbsp;**$(0.37)** | &nbsp;&nbsp;**$0.35** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.50) | &nbsp;&nbsp;$(0.45) | &nbsp;&nbsp;$(0.38) | &nbsp;&nbsp;$(0.33) | &nbsp;&nbsp;$(0.33) |
| Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total distributions** | &nbsp;&nbsp;**$(0.50)** | &nbsp;&nbsp;**$(0.45)** | &nbsp;&nbsp;**$(0.45)** | &nbsp;&nbsp;**$(0.38)** | &nbsp;&nbsp;**$(0.33)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$8.84** | &nbsp;&nbsp;**$8.38** | &nbsp;&nbsp;**$8.16** | &nbsp;&nbsp;**$7.91** | &nbsp;&nbsp;**$8.66** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.89%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.31%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.86%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4.27)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.11%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$246550 | &nbsp;&nbsp;$157927 | &nbsp;&nbsp;$148689 | &nbsp;&nbsp;$163369 | &nbsp;&nbsp;$276486 |
| Ratios (as a percentage of average daily net assets):<sup>(3)(4)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10% |
| &nbsp;&nbsp;&nbsp;Net expenses<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20% |
| Portfolio Turnover of the Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

<sup>(3)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(4)</sup> Includes the Fund's share of the Portfolio's allocated expenses.

<sup>(5)</sup> Includes interest and/or dividend expense, including on securities sold short and/or reverse repurchase agreements if applicable, of 0.48%, 0.41%, 0.37%, 0.08% and 0.06% of average daily net assets for the years ended October 31, 2025, 2024, 2023, 2022 and 2021, respectively.

<sup>(6)</sup> Includes a reduction by the investment adviser of a portion of the Portfolio's adviser fee due to the Portfolio's investment in the Liquidity Fund (equal to 0.02%, 0.01%, 0.01% and less than 0.01% of average daily net assets for the years ended October 31, 2025, 2024, 2023 and 2022, respectively).

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_da65d7d0-3803-492b-bc5e-d1cca7923e55_TOC)

Eaton Vance

Global Macro Absolute Return Fund

October 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$8.41 | &nbsp;&nbsp;$8.19 | &nbsp;&nbsp;$7.95 | &nbsp;&nbsp;$8.69 | &nbsp;&nbsp;$8.68 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.52 | &nbsp;&nbsp;$0.49 | &nbsp;&nbsp;$0.43 | &nbsp;&nbsp;$0.37 | &nbsp;&nbsp;$0.31 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.79) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.89** | &nbsp;&nbsp;**$0.61** | &nbsp;&nbsp;**$0.64** | &nbsp;&nbsp;**$(0.42)** | &nbsp;&nbsp;**$0.28** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.43) | &nbsp;&nbsp;$(0.39) | &nbsp;&nbsp;$(0.33) | &nbsp;&nbsp;$(0.28) | &nbsp;&nbsp;$(0.27) |
| Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total distributions** | &nbsp;&nbsp;**$(0.43)** | &nbsp;&nbsp;**$(0.39)** | &nbsp;&nbsp;**$(0.40)** | &nbsp;&nbsp;**$(0.32)** | &nbsp;&nbsp;**$(0.27)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$8.87** | &nbsp;&nbsp;**$8.41** | &nbsp;&nbsp;**$8.19** | &nbsp;&nbsp;**$7.95** | &nbsp;&nbsp;**$8.69** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.89%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.61%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.06%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4.91)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.37%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$17647 | &nbsp;&nbsp;$16992 | &nbsp;&nbsp;$21089 | &nbsp;&nbsp;$26640 | &nbsp;&nbsp;$36557 |
| Ratios (as a percentage of average daily net assets):<sup>(3)(4)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80% |
| &nbsp;&nbsp;&nbsp;Net expenses<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.27%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.21%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.84%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.49% |
| Portfolio Turnover of the Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

<sup>(3)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(4)</sup> Includes the Fund's share of the Portfolio's allocated expenses.

<sup>(5)</sup> Includes interest and/or dividend expense, including on securities sold short and/or reverse repurchase agreements if applicable, of 0.48%, 0.41%, 0.37%, 0.08% and 0.06% of average daily net assets for the years ended October 31, 2025, 2024, 2023, 2022 and 2021, respectively.

<sup>(6)</sup> Includes a reduction by the investment adviser of a portion of the Portfolio's adviser fee due to the Portfolio's investment in the Liquidity Fund (equal to 0.02%, 0.01%, 0.01% and less than 0.01% of average daily net assets for the years ended October 31, 2025, 2024, 2023 and 2022, respectively).

*6*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_da65d7d0-3803-492b-bc5e-d1cca7923e55_TOC)

Eaton Vance

Global Macro Absolute Return Fund

October 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$8.36 | &nbsp;&nbsp;$8.14 | &nbsp;&nbsp;$7.90 | &nbsp;&nbsp;$8.64 | &nbsp;&nbsp;$8.63 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.59 | &nbsp;&nbsp;$0.58 | &nbsp;&nbsp;$0.51 | &nbsp;&nbsp;$0.45 | &nbsp;&nbsp;$0.39 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.79) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.98** | &nbsp;&nbsp;**$0.70** | &nbsp;&nbsp;**$0.72** | &nbsp;&nbsp;**$(0.34)** | &nbsp;&nbsp;**$0.37** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.52) | &nbsp;&nbsp;$(0.48) | &nbsp;&nbsp;$(0.40) | &nbsp;&nbsp;$(0.34) | &nbsp;&nbsp;$(0.36) |
| Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total distributions** | &nbsp;&nbsp;**$(0.52)** | &nbsp;&nbsp;**$(0.48)** | &nbsp;&nbsp;**$(0.48)** | &nbsp;&nbsp;**$(0.40)** | &nbsp;&nbsp;**$(0.36)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$8.82** | &nbsp;&nbsp;**$8.36** | &nbsp;&nbsp;**$8.14** | &nbsp;&nbsp;**$7.90** | &nbsp;&nbsp;**$8.64** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.19%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.59%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.17%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4.00)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.31%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$2533673 | &nbsp;&nbsp;$1413301 | &nbsp;&nbsp;$1401233 | &nbsp;&nbsp;$1413454 | &nbsp;&nbsp;$1851665 |
| Ratios (as a percentage of average daily net assets):<sup>(3)(4)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% |
| &nbsp;&nbsp;&nbsp;Net expenses<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% |
| Portfolio Turnover of the Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

<sup>(3)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(4)</sup> Includes the Fund's share of the Portfolio's allocated expenses.

<sup>(5)</sup> Includes interest and/or dividend expense, including on securities sold short and/or reverse repurchase agreements if applicable, of 0.48%, 0.41%, 0.37%, 0.08% and 0.06% of average daily net assets for the years ended October 31, 2025, 2024, 2023, 2022 and 2021, respectively.

<sup>(6)</sup> Includes a reduction by the investment adviser of a portion of the Portfolio's adviser fee due to the Portfolio's investment in the Liquidity Fund (equal to 0.02%, 0.01%, 0.01% and less than 0.01% of average daily net assets for the years ended October 31, 2025, 2024, 2023 and 2022, respectively).

*7*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_da65d7d0-3803-492b-bc5e-d1cca7923e55_TOC)

Eaton Vance

Global Macro Absolute Return Fund

October 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class R** | &nbsp;&nbsp;&nbsp;**Class R** | &nbsp;&nbsp;&nbsp;**Class R** | &nbsp;&nbsp;&nbsp;**Class R** | &nbsp;&nbsp;&nbsp;**Class R** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$8.39 | &nbsp;&nbsp;$8.17 | &nbsp;&nbsp;$7.93 | &nbsp;&nbsp;$8.67 | &nbsp;&nbsp;$8.66 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.56 | &nbsp;&nbsp;$0.55 | &nbsp;&nbsp;$0.47 | &nbsp;&nbsp;$0.41 | &nbsp;&nbsp;$0.36 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;(0.79) | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.94** | &nbsp;&nbsp;**$0.65** | &nbsp;&nbsp;**$0.68** | &nbsp;&nbsp;**$(0.38)** | &nbsp;&nbsp;**$0.33** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.48) | &nbsp;&nbsp;$(0.43) | &nbsp;&nbsp;$(0.37) | &nbsp;&nbsp;$(0.31) | &nbsp;&nbsp;$(0.32) |
| Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total distributions** | &nbsp;&nbsp;**$(0.48)** | &nbsp;&nbsp;**$(0.43)** | &nbsp;&nbsp;**$(0.44)** | &nbsp;&nbsp;**$(0.36)** | &nbsp;&nbsp;**$(0.32)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$8.85** | &nbsp;&nbsp;**$8.39** | &nbsp;&nbsp;**$8.17** | &nbsp;&nbsp;**$7.93** | &nbsp;&nbsp;**$8.67** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**11.47%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.16%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.62%** | &nbsp;&nbsp;&nbsp;&nbsp;**(4.45)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.78%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$1966 | &nbsp;&nbsp;$1685 | &nbsp;&nbsp;$1171 | &nbsp;&nbsp;$1267 | &nbsp;&nbsp;$1274 |
| Ratios (as a percentage of average daily net assets):<sup>(3)(4)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29% |
| &nbsp;&nbsp;&nbsp;Net expenses<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.76%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.02% |
| Portfolio Turnover of the Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

<sup>(3)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(4)</sup> Includes the Fund's share of the Portfolio's allocated expenses.

<sup>(5)</sup> Includes interest and/or dividend expense, including on securities sold short and/or reverse repurchase agreements if applicable, of 0.48%, 0.41%, 0.37%, 0.08% and 0.06% of average daily net assets for the years ended October 31, 2025, 2024, 2023, 2022 and 2021, respectively.

<sup>(6)</sup> Includes a reduction by the investment adviser of a portion of the Portfolio's adviser fee due to the Portfolio's investment in the Liquidity Fund (equal to 0.02%, 0.01%, 0.01% and less than 0.01% of average daily net assets for the years ended October 31, 2025, 2024, 2023 and 2022, respectively).

*8*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_da65d7d0-3803-492b-bc5e-d1cca7923e55_TOC)

Eaton Vance

Global Macro Absolute Return Fund

October 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;&nbsp;**Class R6** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$8.35 | &nbsp;&nbsp;$8.13 | &nbsp;&nbsp;$7.89 | &nbsp;&nbsp;$8.63 | &nbsp;&nbsp;$8.62 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.61 | &nbsp;&nbsp;$0.58 | &nbsp;&nbsp;$0.51 | &nbsp;&nbsp;$0.45 | &nbsp;&nbsp;$0.40 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.78) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.98** | &nbsp;&nbsp;**$0.70** | &nbsp;&nbsp;**$0.72** | &nbsp;&nbsp;**$(0.33)** | &nbsp;&nbsp;**$0.37** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.52) | &nbsp;&nbsp;$(0.48) | &nbsp;&nbsp;$(0.40) | &nbsp;&nbsp;$(0.35) | &nbsp;&nbsp;$(0.36) |
| Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total distributions** | &nbsp;&nbsp;**$(0.52)** | &nbsp;&nbsp;**$(0.48)** | &nbsp;&nbsp;**$(0.48)** | &nbsp;&nbsp;**$(0.41)** | &nbsp;&nbsp;**$(0.36)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$8.81** | &nbsp;&nbsp;**$8.35** | &nbsp;&nbsp;**$8.13** | &nbsp;&nbsp;**$7.89** | &nbsp;&nbsp;**$8.63** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.17%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.68%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.27%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3.80)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.37%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$185840 | &nbsp;&nbsp;$180251 | &nbsp;&nbsp;$227962 | &nbsp;&nbsp;$252269 | &nbsp;&nbsp;$376984 |
| Ratios (as a percentage of average daily net assets):<sup>(3)(4)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% |
| &nbsp;&nbsp;&nbsp;Net expenses<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.56% |
| Portfolio Turnover of the Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

<sup>(3)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(4)</sup> Includes the Fund's share of the Portfolio's allocated expenses.

<sup>(5)</sup> Includes interest and/or dividend expense, including on securities sold short and/or reverse repurchase agreements if applicable, of 0.48%, 0.41%, 0.37%, 0.08% and 0.06% of average daily net assets for the years ended October 31, 2025, 2024, 2023, 2022 and 2021, respectively.

<sup>(6)</sup> Includes a reduction by the investment adviser of a portion of the Portfolio's adviser fee due to the Portfolio's investment in the Liquidity Fund (equal to 0.02%, 0.01%, 0.01% and less than 0.01% of average daily net assets for the years ended October 31, 2025, 2024, 2023 and 2022, respectively).

*9*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_da65d7d0-3803-492b-bc5e-d1cca7923e55_TOC)

Eaton Vance

Global Macro Absolute Return Fund

October 31, 2025

Notes to Financial Statements

------

1 Significant Accounting Policies

Eaton Vance Global Macro Absolute Return Fund (the Fund) is a non-diversified series of Eaton Vance Mutual Funds Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund offers five classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective November 5, 2020, Class C shares automatically convert to Class A shares eight years after their purchase as described in the Fund's prospectus. Class I, Class R and Class R6 shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses and net investment income and losses, other than class-specific expenses, are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Sub-accounting, recordkeeping and similar administrative fees payable to financial intermediaries, which are a component of transfer and dividend disbursing agent fees on the Statement of Operations, are not allocated to Class R6 shares. Each class of shares differs in its distribution plan and certain other class-specific expenses. The Fund invests its assets in interests in Global Macro Portfolio (the Portfolio), a Massachusetts business trust, having the same investment objective and policies as the Fund. The value of the Fund's investment in the Portfolio reflects the Fund's proportionate interest in the net assets of the Portfolio (approximately 100% at October 31, 2025). The performance of the Fund is directly affected by the performance of the Portfolio. The consolidated financial statements of the Portfolio, including the consolidated portfolio of investments, are included elsewhere in this report and should be read in conjunction with the Fund's financial statements.

The following is a summary of significant accounting policies of the Fund. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.

A Investment Valuation—Valuation of securities by the Portfolio is discussed in Note 1A of the Portfolio's Notes to Consolidated Financial Statements, which are included elsewhere in this report.

B Income—The Fund's net investment income or loss consists of the Fund's pro rata share of the net investment income or loss of the Portfolio, less all actual and accrued expenses of the Fund.

C Federal and Other Taxes—The Fund's policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary.

In addition to the requirements of the Internal Revenue Code, the Fund may also be required to recognize its pro rata share of the capital gains taxes incurred by the Portfolio. In doing so, the daily net asset value would reflect the Fund's pro rata share of the estimated reserve for such taxes incurred by the Portfolio.

As of October 31, 2025, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

D Expenses—The majority of expenses of the Trust are directly identifiable to an individual fund. Expenses which are not readily identifiable to a specific fund are allocated taking into consideration, among other things, the nature and type of expense and the relative size of the funds.

E Use of Estimates—The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

F Indemnifications—Under the Trust's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Trust) could be deemed to have personal liability for the obligations of the Trust. However, the Trust's Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and the By-laws provide that the Trust shall assume, upon request by the shareholder, the defense on behalf of any Fund shareholders. Moreover, the By-laws also provide for indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

G Other—Investment transactions are accounted for on a trade date basis.

H Segment Reporting—During this reporting period, the Fund adopted FASB Accounting Standards Update No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures* (ASU 2023-07), which requires incremental disclosures related to a public entity's reportable segments. The Fund operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. In connection

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[**Table of Contents**](#JOB_EV_AR_da65d7d0-3803-492b-bc5e-d1cca7923e55_TOC)

Eaton Vance

Global Macro Absolute Return Fund

October 31, 2025

Notes to Financial Statements — continued

------

with the adoption of ASU 2023-07, the Fund's President acts as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's financial statements.

2 Distributions to Shareholders and Income Tax Information

The Fund expects to pay any required income distributions monthly and intends to distribute annually all or substantially all of its net realized capital gains. The Fund may include in its distributions amounts attributable to the imputed interest on foreign currency exposures and certain other derivative positions which, in certain circumstances, may result in a return of capital for federal income tax purposes. Distributions to shareholders are recorded on the ex-dividend date. Distributions are declared separately for each class of shares. Shareholders may reinvest income and capital gain distributions in additional shares of the same class of the Fund at the net asset value as of the ex-dividend date or, at the election of the shareholder, receive distributions in cash. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

The tax character of distributions declared for the years ended October 31, 2025 and October 31, 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$133200729 | &nbsp;&nbsp;&nbsp;&nbsp;$95989871 |

---

During the year ended October 31, 2025, accumulated loss was increased by $3,455,308 and paid-in capital was increased by $3,455,308 due to the Fund's use of equalization accounting. Tax equalization accounting allows the Fund to treat as a distribution that portion of redemption proceeds representing a redeeming shareholder's portion of undistributed taxable income and net capital gains. These reclassifications had no effect on the net assets or net asset value per share of the Fund.

As of October 31, 2025, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$35320488 |
| Deferred capital losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(417678625) |
| Net unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(120174662) |
| **Accumulated loss** | &nbsp;&nbsp;&nbsp;&nbsp;**$(502532799)** |

---

At October 31, 2025, the Fund, for federal income tax purposes, had deferred capital losses of $417,678,625 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund's next taxable year, can be carried forward for an unlimited period, and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at October 31, 2025, $32,996,116 are short-term and $384,682,509 are long-term.

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[**Table of Contents**](#JOB_EV_AR_da65d7d0-3803-492b-bc5e-d1cca7923e55_TOC)

Eaton Vance

Global Macro Absolute Return Fund

October 31, 2025

Notes to Financial Statements — continued

------

3 Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Eaton Vance Management (EVM), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory services rendered to the Fund. The investment adviser fee is computed at an annual rate as a percentage of the Fund's average daily net assets that are not invested in other investment companies for which EVM or its affiliates serve as investment adviser or administrator as follows and is payable monthly:

---

| | |
|:---|:---|
| **Average Daily Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Annual Fee Rate** |
| Up to $500 million | &nbsp;&nbsp;&nbsp;&nbsp;0.615% |
| $500 million but less than $1 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.595% |
| $1 billion but less than $1.5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.575% |
| $1.5 billion but less than $2 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.555% |
| $2 billion but less than $3 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.520% |
| $3 billion but less than $5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.490% |
| $5 billion but less than $10 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.475% |
| $10 billion and over | &nbsp;&nbsp;&nbsp;&nbsp;0.465% |

---

For the year ended October 31, 2025, the Fund incurred no investment adviser fee on such assets. Pursuant to an investment sub-advisory agreement, EVM has delegated a portion of the investment management of the Fund to Morgan Stanley Investment Management Limited. (MSIM Ltd.), an affiliate of EVM and an indirect, wholly-owned subsidiary of Morgan Stanley. EVM pays MSIM Ltd. a portion of its investment adviser fee for sub-advisory services provided to the Fund. To the extent the Fund's assets are invested in the Portfolio, the Fund is allocated its share of the Portfolio's investment adviser fee. The Portfolio has engaged Boston Management and Research (BMR) to render investment advisory services. See Note 2 of the Portfolio's Notes to Consolidated Financial Statements which are included elsewhere in this report. EVM also serves as the administrator of the Fund, but receives no compensation.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended October 31, 2025, EVM earned $57,088 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations. The Fund was informed that Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund's principal underwriter, received $8,198 as its portion of the sales charge on sales of Class A shares for the year ended October 31, 2025. The Fund was informed that Morgan Stanley affiliated broker-dealers, which may be deemed to be affiliates of EVM and EVD, also received a portion of the sales charge on sales of Class A shares for the year ended October 31, 2025 in the amount of $3,077. EVD also received distribution and service fees from Class A, Class C and Class R shares (see Note 4) and contingent deferred sales charges (see Note 5).

Trustees and officers of the Fund who are members of EVM's or BMR's organizations receive remuneration for their services to the Fund out of the investment adviser fee. Certain officers and Trustees of the Fund and the Portfolio are officers of the above organizations.

4 Distribution Plans

The Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the year ended October 31, 2025 amounted to $446,598 for Class A shares.

The Fund also has in effect distribution plans for Class C shares (Class C Plan) and Class R shares (Class R Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the year ended October 31, 2025, the Fund paid or accrued to EVD $119,885 for Class C shares. The Class R Plan requires the Fund to pay EVD an amount up to 0.50% per annum of its average daily net assets attributable to Class R shares for providing ongoing distribution services and facilities to the Fund. The Trustees of the Trust have currently limited Class R distribution payments to 0.25% per annum of the average daily net assets attributable to Class R shares. For the year ended October 31, 2025, the Fund paid or accrued to EVD $4,527 for Class R shares.

Pursuant to the Class C and Class R Plans, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the year ended October 31, 2025 amounted to $39,962 and $4,527 for Class C and Class R shares, respectively.

Distribution and service fees are subject to the limitations contained in the Financial Industry Regulatory Authority Rule 2341(d).

------

[**Table of Contents**](#JOB_EV_AR_da65d7d0-3803-492b-bc5e-d1cca7923e55_TOC)

Eaton Vance

Global Macro Absolute Return Fund

October 31, 2025

Notes to Financial Statements — continued

------

5 Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within 12 months of purchase. Class A shares may be subject to a 0.75% CDSC if redeemed within 12 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the year ended October 31, 2025, the Fund was informed that EVD received $1,199 and $542 of CDSCs paid by Class A and Class C shareholders, respectively.

6 Investment Transactions

For the year ended October 31, 2025, increases and decreases in the Fund's investment in the Portfolio aggregated $1,074,138,058 and $118,299,586, respectively.

7 Shares of Beneficial Interest

The Fund's Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value). Such shares may be issued in a number of different series (such as the Fund) and classes. Transactions in Fund shares, including direct exchanges

pursuant to share class conversions, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2024** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 12764649 | &nbsp;&nbsp;&nbsp;&nbsp;$110928442 | &nbsp;&nbsp;&nbsp;&nbsp; 4195083 | &nbsp;&nbsp;&nbsp;&nbsp;$35099025 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 1146693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9849334 | &nbsp;&nbsp;&nbsp;&nbsp; 931036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7772131 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp; (4873928) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (42046454) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4498988) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37573961) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp; **9037414** | &nbsp;&nbsp;&nbsp;&nbsp;**$78731322** | &nbsp;&nbsp;&nbsp;&nbsp; **627131** | &nbsp;&nbsp;&nbsp;&nbsp;**$5297195** |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 580361 | &nbsp;&nbsp;&nbsp;&nbsp;$5061606 | &nbsp;&nbsp;&nbsp;&nbsp; 201918 | &nbsp;&nbsp;&nbsp;&nbsp;$1698625 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 88559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 761880 | &nbsp;&nbsp;&nbsp;&nbsp; 99689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 835406 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp; (701446) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6045590) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (855475) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7163167) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp; **(32526)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(222104)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(553868)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(4629136)** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;155399346 | &nbsp;&nbsp;&nbsp;&nbsp;$1338888373 | &nbsp;&nbsp;&nbsp;&nbsp;49828770 | &nbsp;&nbsp;&nbsp;&nbsp;$415599195 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 10997347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94353480 | &nbsp;&nbsp;&nbsp;&nbsp; 7445262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62046514 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(48203902) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (413395250) | &nbsp;&nbsp;&nbsp;&nbsp;(60270001) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(498415411) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp;**118192791** | &nbsp;&nbsp;&nbsp;&nbsp;**$1019846603** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2995969)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(20769702)** |
| **Class R** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 70341 | &nbsp;&nbsp;&nbsp;&nbsp;$606117 | &nbsp;&nbsp;&nbsp;&nbsp; 72585 | &nbsp;&nbsp;&nbsp;&nbsp;$611406 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 11624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99843 | &nbsp;&nbsp;&nbsp;&nbsp; 8854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74155 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp; (60781) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (522535) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (23960) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (201044) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp; **21184** | &nbsp;&nbsp;&nbsp;&nbsp;**$183425** | &nbsp;&nbsp;&nbsp;&nbsp; **57479** | &nbsp;&nbsp;&nbsp;&nbsp;**$484517** |

---

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[**Table of Contents**](#JOB_EV_AR_da65d7d0-3803-492b-bc5e-d1cca7923e55_TOC)

Eaton Vance

Global Macro Absolute Return Fund

October 31, 2025

Notes to Financial Statements — continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2024** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 5783725 | &nbsp;&nbsp;&nbsp;&nbsp;$49625092 | &nbsp;&nbsp;&nbsp;&nbsp; 3255342 | &nbsp;&nbsp;&nbsp;&nbsp;$27167888 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 293068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2508071 | &nbsp;&nbsp;&nbsp;&nbsp; 219980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1830632 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp; (6568622) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (56107896) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9908784) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(81865556) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp; **(491829)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(3974733)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(6433462)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(52867036)** |

---

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[**Table of Contents**](#JOB_EV_AR_da65d7d0-3803-492b-bc5e-d1cca7923e55_TOC)

Eaton Vance

Global Macro Absolute Return Fund

October 31, 2025

Report of Independent Registered Public Accounting Firm

------

To the Trustees of Eaton Vance Mutual Funds Trust and Shareholders of Eaton Vance Global Macro Absolute Return Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Eaton Vance Global Macro Absolute Return Fund (the "Fund"), one of the funds constituting Eaton Vance Mutual Funds Trust, as of October 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 22, 2025

We have served as the auditor of one or more Eaton Vance investment companies since 1959.

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[**Table of Contents**](#JOB_EV_AR_da65d7d0-3803-492b-bc5e-d1cca7923e55_TOC)

Eaton Vance

Global Macro Absolute Return Fund

October 31, 2025

Federal Tax Information (Unaudited)

------

The Form 1099-DIV you receive in February 2026 will show the tax status of all distributions paid to your account in calendar year 2025. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of qualified dividend income for individuals, the dividends received deduction for corporations, the foreign tax credit and 163(j) interest dividends.

**Qualified Dividend Income. For the fiscal year ended October 31, 2025, the Fund designates approximately $6,316,524, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate of 15%.**

**Dividends Received Deduction. Corporate shareholders are generally entitled to take the dividends received deduction on the portion of the Fund's dividend distribution that qualifies under tax law. For the Fund's fiscal 2025 ordinary income dividends, 1.82% qualifies for the corporate dividends received deduction.**

#### Foreign Tax Credit. For the fiscal year ended October 31, 2025, the Fund paid foreign taxes of $4,284,918 and recognized foreign source income of $116,132,732.
**163(j) Interest Dividends. For the fiscal year ended October 31, 2025, the Fund designates 85.99% of distributions from net investment income as a 163(j) interest dividend.**

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[**Table of Contents**](#JOB_EV_AR_da65d7d0-3803-492b-bc5e-d1cca7923e55_TOC)

Global Macro Portfolio

October 31, 2025

Consolidated Portfolio of Investments

------

Collateralized Mortgage Obligations — 1.0%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Federal Home Loan Mortgage Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;Series 1817, Class Z, 6.50%, 2/15/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0<sup>(1)</sup> | &nbsp;&nbsp;$78 |
| &nbsp;&nbsp;&nbsp;Series 1927, Class ZA, 6.50%, 1/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp; 2239 |
| &nbsp;&nbsp;&nbsp;Series 2344, Class ZD, 6.50%, 8/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 | &nbsp;&nbsp;&nbsp;&nbsp; 91669 |
| &nbsp;&nbsp;&nbsp;Series 2458, Class ZB, 7.00%, 6/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207 | &nbsp;&nbsp;&nbsp;&nbsp; 216363 |
| Federal National Mortgage Association: |  |  |
| &nbsp;&nbsp;&nbsp;Series 1996-35, Class Z, 7.00%, 7/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp;Series 1998-16, Class H, 7.00%, 4/18/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;&nbsp; 21294 |
| &nbsp;&nbsp;&nbsp;Series 1998-44, Class ZA, 6.50%, 7/20/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40498 |
| &nbsp;&nbsp;&nbsp;Series 1999-25, Class Z, 6.00%, 6/25/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 | &nbsp;&nbsp;&nbsp;&nbsp; 49432 |
| &nbsp;&nbsp;&nbsp;Series 2000-2, Class ZE, 7.50%, 2/25/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp; 8693 |
| &nbsp;&nbsp;&nbsp;Series 2000-49, Class A, 8.00%, 3/18/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp;Series 2001-31, Class ZA, 6.00%, 7/25/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376 | &nbsp;&nbsp;&nbsp;&nbsp; 379334 |
| &nbsp;&nbsp;&nbsp;Series 2001-74, Class QE, 6.00%, 12/25/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147 | &nbsp;&nbsp;&nbsp;&nbsp; 151969 |
| &nbsp;&nbsp;&nbsp;Series 2009-48, Class WA, 5.765%, 7/25/39<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569 | &nbsp;&nbsp;&nbsp;&nbsp; 581770 |
| &nbsp;&nbsp;&nbsp;Series 2011-38, Class SA, 0.608%, (13.157% - 30-day SOFR Average x 3.00), 5/25/41<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648 | &nbsp;&nbsp;&nbsp;&nbsp; 509933 |
| JPM Lending Facility, 10.984%, (SOFR + 7.00%), 7/15/29<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7013 | &nbsp;&nbsp;&nbsp;&nbsp; 7075598 |
| Unison Trust, Series 2021-1, Class A, 6.50%, 4/25/50<sup>(2)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19668 | &nbsp;&nbsp;&nbsp;&nbsp; 18943197 |
| Total Collateralized Mortgage Obligations<br> (identified cost $28,740,389) |  | &nbsp;&nbsp;**$28072108** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Common Stocks — 5.1%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Argentina — 0.3% | Argentina — 0.3% | Argentina — 0.3% |
| Banco BBVA Argentina SA ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30300 | &nbsp;&nbsp;$502071 |
| Banco Macro SA ADR<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17600 | &nbsp;&nbsp;&nbsp;&nbsp; 1592096 |
| Central Puerto SA ADR<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19600 | &nbsp;&nbsp;&nbsp;&nbsp; 304976 |
| Corp. America Airports SA<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp; 155120 |
| Cresud SA ADR<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7800 | &nbsp;&nbsp;&nbsp;&nbsp; 96486 |
| Empresa Distribuidora Y Comercializadora Norte ADR<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3900 | &nbsp;&nbsp;&nbsp;&nbsp; 129909 |
| Grupo Financiero Galicia SA ADR<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48900 | &nbsp;&nbsp;&nbsp;&nbsp; 2891457 |
| Grupo Supervielle SA ADR<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25100 | &nbsp;&nbsp;&nbsp;&nbsp; 311742 |
| IRSA Inversiones y Representaciones SA ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6100 | &nbsp;&nbsp;&nbsp;&nbsp; 94550 |
| Loma Negra Cia Industrial Argentina SA ADR<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10300 | &nbsp;&nbsp;&nbsp;&nbsp; 112991 |
| Pampa Energia SA ADR<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7800 | &nbsp;&nbsp;&nbsp;&nbsp; 669240 |
| Telecom Argentina SA ADR<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17400 | &nbsp;&nbsp;&nbsp;&nbsp; 195750 |
| Transportadora de Gas del Sur SA, Class B ADR<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13900 | &nbsp;&nbsp;&nbsp;&nbsp; 432707 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Argentina (continued) | Argentina (continued) | Argentina (continued) |
| Vista Energy SAB de CV ADR<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;$726750 |
| YPF SA ADR<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37700 | &nbsp;&nbsp;&nbsp;&nbsp; 1373411 |
|  |  | &nbsp;&nbsp;**$9589256** |
| Belgium — 0.0%<sup>†</sup> | Belgium — 0.0%<sup>†</sup> | Belgium — 0.0%<sup>†</sup> |
| Cenergy Holdings SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30003 | &nbsp;&nbsp;$497137 |
|  |  | &nbsp;&nbsp;**$497137** |
| Brazil — 0.2% | Brazil — 0.2% | Brazil — 0.2% |
| Adecoagro SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;$56420 |
| Arcos Dorados Holdings, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29500 | &nbsp;&nbsp;&nbsp;&nbsp; 211515 |
| Vale SA ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384000 | &nbsp;&nbsp;&nbsp;&nbsp; 4642560 |
|  |  | &nbsp;&nbsp;**$4910495** |
| Bulgaria — 0.2% | Bulgaria — 0.2% | Bulgaria — 0.2% |
| Eurohold Bulgaria AD<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5122901 | &nbsp;&nbsp;$5356867 |
|  |  | &nbsp;&nbsp;**$5356867** |
| Canada — 0.0%<sup>†</sup> | Canada — 0.0%<sup>†</sup> | Canada — 0.0%<sup>†</sup> |
| Amaroq Ltd.<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305700 | &nbsp;&nbsp;$340156 |
| Lithium Argentina AG<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27800 | &nbsp;&nbsp;&nbsp;&nbsp; 117038 |
|  |  | &nbsp;&nbsp;**$457194** |
| Chile — 0.3% | Chile — 0.3% | Chile — 0.3% |
| Banco de Chile | &nbsp;&nbsp;&nbsp;&nbsp;9434000 | &nbsp;&nbsp;$1632291 |
| Banco de Credito e Inversiones SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18660 | &nbsp;&nbsp;&nbsp;&nbsp; 957655 |
| Banco Santander Chile | 13640000 | &nbsp;&nbsp;&nbsp;&nbsp; 985533 |
| Cencosud SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267000 | &nbsp;&nbsp;&nbsp;&nbsp; 827009 |
| Empresas CMPC SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236000 | &nbsp;&nbsp;&nbsp;&nbsp; 340823 |
| Empresas COPEC SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77700 | &nbsp;&nbsp;&nbsp;&nbsp; 555056 |
| Enel Americas SA | &nbsp;&nbsp;&nbsp;&nbsp;1411000 | &nbsp;&nbsp;&nbsp;&nbsp; 133398 |
| Enel Chile SA | &nbsp;&nbsp;&nbsp;&nbsp;5964000 | &nbsp;&nbsp;&nbsp;&nbsp; 455219 |
| Falabella SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133000 | &nbsp;&nbsp;&nbsp;&nbsp; 837497 |
| Latam Airlines Group SA | 44290000 | &nbsp;&nbsp;&nbsp;&nbsp; 1006566 |
| Sociedad Quimica y Minera de Chile SA, Series B, PFC Shares<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29000 | &nbsp;&nbsp;&nbsp;&nbsp; 1410968 |
|  |  | &nbsp;&nbsp;**$9142015** |
| Cyprus — 0.6% | Cyprus — 0.6% | Cyprus — 0.6% |
| Bank of Cyprus Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;1975000 | &nbsp;&nbsp;$18175604 |
|  |  | &nbsp;&nbsp;**$18175604** |
| Georgia — 0.1% | Georgia — 0.1% | Georgia — 0.1% |
| Georgia Capital PLC<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133952 | &nbsp;&nbsp;$4558445 |
|  |  | &nbsp;&nbsp;**$4558445** |

---

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_da65d7d0-3803-492b-bc5e-d1cca7923e55_TOC)

Global Macro Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Greece — 0.5% | Greece — 0.5% | Greece — 0.5% |
| Alpha Bank SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475881 | &nbsp;&nbsp;$1865553 |
| Athens International Airport SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4813 | &nbsp;&nbsp;&nbsp;&nbsp; 55560 |
| Eurobank Ergasias Services and Holdings SA, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532767 | &nbsp;&nbsp;&nbsp;&nbsp; 2004058 |
| Hellenic Telecommunications Organization SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32062 | &nbsp;&nbsp;&nbsp;&nbsp; 602086 |
| Ideal Holdings SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22813 | &nbsp;&nbsp;&nbsp;&nbsp; 154451 |
| JUMBO SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24694 | &nbsp;&nbsp;&nbsp;&nbsp; 783607 |
| LAMDA Development SA<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11288 | &nbsp;&nbsp;&nbsp;&nbsp; 96280 |
| Metlen Energy & Metals PLC<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19150 | &nbsp;&nbsp;&nbsp;&nbsp; 974600 |
| Motor Oil (Hellas) Corinth Refineries SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10566 | &nbsp;&nbsp;&nbsp;&nbsp; 316637 |
| National Bank of Greece SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151255 | &nbsp;&nbsp;&nbsp;&nbsp; 2223224 |
| OPAP SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30140 | &nbsp;&nbsp;&nbsp;&nbsp; 623121 |
| Optima bank SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77763 | &nbsp;&nbsp;&nbsp;&nbsp; 720146 |
| Piraeus Financial Holdings SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227337 | &nbsp;&nbsp;&nbsp;&nbsp; 1775550 |
| Public Power Corp. SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40935 | &nbsp;&nbsp;&nbsp;&nbsp; 710924 |
| Qualco Group SA<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52437 | &nbsp;&nbsp;&nbsp;&nbsp; 325244 |
| Titan SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11942 | &nbsp;&nbsp;&nbsp;&nbsp; 534706 |
|  |  | &nbsp;&nbsp;**$13765747** |
| Iceland — 0.4% | Iceland — 0.4% | Iceland — 0.4% |
| Arion Banki Hf.<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1881577 | &nbsp;&nbsp;$2634644 |
| Eik fasteignafelag Hf. | &nbsp;&nbsp;&nbsp;&nbsp;3253209 | &nbsp;&nbsp;&nbsp;&nbsp; 367334 |
| Eimskipafelag Islands Hf. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220734 | &nbsp;&nbsp;&nbsp;&nbsp; 541664 |
| Festi Hf. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239676 | &nbsp;&nbsp;&nbsp;&nbsp; 602613 |
| Hagar Hf. | &nbsp;&nbsp;&nbsp;&nbsp;1767490 | &nbsp;&nbsp;&nbsp;&nbsp; 1559847 |
| Hampidjan Hf. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356548 | &nbsp;&nbsp;&nbsp;&nbsp; 332066 |
| Heimar Hf. | &nbsp;&nbsp;&nbsp;&nbsp;2553766 | &nbsp;&nbsp;&nbsp;&nbsp; 768213 |
| Icelandair Group Hf.<sup>(6)</sup> | 37016623 | &nbsp;&nbsp;&nbsp;&nbsp; 242261 |
| Islandsbanki Hf. | &nbsp;&nbsp;&nbsp;&nbsp;1833939 | &nbsp;&nbsp;&nbsp;&nbsp; 1772337 |
| Kvika banki Hf. | &nbsp;&nbsp;&nbsp;&nbsp;6468924 | &nbsp;&nbsp;&nbsp;&nbsp; 900144 |
| Olgerdin Egill Skallagrims Hf.<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3273323 | &nbsp;&nbsp;&nbsp;&nbsp; 429844 |
| Reitir fasteignafelag Hf. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875641 | &nbsp;&nbsp;&nbsp;&nbsp; 870958 |
| Siminn Hf. | &nbsp;&nbsp;&nbsp;&nbsp;2504884 | &nbsp;&nbsp;&nbsp;&nbsp; 276925 |
| Skagi Hf. | &nbsp;&nbsp;&nbsp;&nbsp;2290750 | &nbsp;&nbsp;&nbsp;&nbsp; 359093 |
|  |  | &nbsp;&nbsp;**$11657943** |
| India — 0.5% | India — 0.5% | India — 0.5% |
| Ambuja Cements Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44100 | &nbsp;&nbsp;$280431 |
| Apollo Hospitals Enterprise Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3200 | &nbsp;&nbsp;&nbsp;&nbsp; 276933 |
| Asian Paints Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10400 | &nbsp;&nbsp;&nbsp;&nbsp; 294343 |
| Bharti Airtel Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12800 | &nbsp;&nbsp;&nbsp;&nbsp; 296399 |
| Dabur India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51100 | &nbsp;&nbsp;&nbsp;&nbsp; 280532 |
| DLF Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32600 | &nbsp;&nbsp;&nbsp;&nbsp; 277517 |
| Fortis Healthcare Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22900 | &nbsp;&nbsp;&nbsp;&nbsp; 263748 |
| HDFC Asset Management Co. Ltd.<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4300 | &nbsp;&nbsp;&nbsp;&nbsp; 260462 |
| HDFC Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25200 | &nbsp;&nbsp;&nbsp;&nbsp; 280195 |
| HDFC Life Insurance Co. Ltd.<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33800 | &nbsp;&nbsp;&nbsp;&nbsp; 278406 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| India (continued) | India (continued) | India (continued) |
| Hero MotoCorp Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp;$280891 |
| Hindustan Aeronautics Ltd.<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5200 | &nbsp;&nbsp;&nbsp;&nbsp; 273930 |
| Hindustan Unilever Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9800 | &nbsp;&nbsp;&nbsp;&nbsp; 272168 |
| ICICI Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17700 | &nbsp;&nbsp;&nbsp;&nbsp; 268202 |
| ICICI Prudential Life Insurance Co. Ltd.<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42800 | &nbsp;&nbsp;&nbsp;&nbsp; 284835 |
| Infosys Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72500 | &nbsp;&nbsp;&nbsp;&nbsp; 1208002 |
| ITC Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61900 | &nbsp;&nbsp;&nbsp;&nbsp; 293005 |
| Jindal Steel Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25200 | &nbsp;&nbsp;&nbsp;&nbsp; 302549 |
| JSW Steel Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21400 | &nbsp;&nbsp;&nbsp;&nbsp; 290589 |
| Lodha Developers Ltd.<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21000 | &nbsp;&nbsp;&nbsp;&nbsp; 283673 |
| Marico Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34600 | &nbsp;&nbsp;&nbsp;&nbsp; 280474 |
| Maruti Suzuki India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 273173 |
| Max Healthcare Institute Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21400 | &nbsp;&nbsp;&nbsp;&nbsp; 276646 |
| Muthoot Finance Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7700 | &nbsp;&nbsp;&nbsp;&nbsp; 275892 |
| Nippon Life India Asset Management Ltd.<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28300 | &nbsp;&nbsp;&nbsp;&nbsp; 278669 |
| Oberoi Realty Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15700 | &nbsp;&nbsp;&nbsp;&nbsp; 314330 |
| One 97 Communications Ltd.<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19700 | &nbsp;&nbsp;&nbsp;&nbsp; 288857 |
| Persistent Systems Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18700 | &nbsp;&nbsp;&nbsp;&nbsp; 1244450 |
| Reliance Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17900 | &nbsp;&nbsp;&nbsp;&nbsp; 299518 |
| SBI Life Insurance Co. Ltd.<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13700 | &nbsp;&nbsp;&nbsp;&nbsp; 301428 |
| State Bank of India | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28300 | &nbsp;&nbsp;&nbsp;&nbsp; 298776 |
| Tata Consultancy Services Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35900 | &nbsp;&nbsp;&nbsp;&nbsp; 1235560 |
| Tata Steel Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144200 | &nbsp;&nbsp;&nbsp;&nbsp; 296766 |
| TVS Motor Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp; 276463 |
| UltraTech Cement Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 268941 |
| Varun Beverages Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56600 | &nbsp;&nbsp;&nbsp;&nbsp; 299097 |
| Wipro Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428000 | &nbsp;&nbsp;&nbsp;&nbsp; 1159104 |
|  |  | &nbsp;&nbsp;**$14214954** |
| Luxembourg — 0.0%<sup>†</sup> | Luxembourg — 0.0%<sup>†</sup> | Luxembourg — 0.0%<sup>†</sup> |
| Alvotech SA<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159503 | &nbsp;&nbsp;$1205255 |
|  |  | &nbsp;&nbsp;**$1205255** |
| Nigeria — 0.1% | Nigeria — 0.1% | Nigeria — 0.1% |
| Access Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;6421995 | &nbsp;&nbsp;$109377 |
| Fidelity Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;1982801 | &nbsp;&nbsp;&nbsp;&nbsp; 26356 |
| First HoldCo PLC | 15062000 | &nbsp;&nbsp;&nbsp;&nbsp; 332117 |
| Guaranty Trust Holding Co. PLC | &nbsp;&nbsp;&nbsp;&nbsp;3866699 | &nbsp;&nbsp;&nbsp;&nbsp; 241286 |
| Nigerian Breweries PLC<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542654 | &nbsp;&nbsp;&nbsp;&nbsp; 27154 |
| Transnational Corp. of Nigeria PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213337 | &nbsp;&nbsp;&nbsp;&nbsp; 7464 |
| United Bank for Africa PLC | 15370000 | &nbsp;&nbsp;&nbsp;&nbsp; 430323 |
| Zenith Bank PLC | 11224146 | &nbsp;&nbsp;&nbsp;&nbsp; 493822 |
|  |  | &nbsp;&nbsp;**$1667899** |
| Philippines — 0.2% | Philippines — 0.2% | Philippines — 0.2% |
| Ayala Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47840 | &nbsp;&nbsp;$380177 |

---

*18*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_da65d7d0-3803-492b-bc5e-d1cca7923e55_TOC)

Global Macro Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Philippines (continued) | Philippines (continued) | Philippines (continued) |
| Ayala Land, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1510100 | &nbsp;&nbsp;$510104 |
| Bank of the Philippine Islands | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393220 | &nbsp;&nbsp;&nbsp;&nbsp; 704186 |
| BDO Unibank, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422827 | &nbsp;&nbsp;&nbsp;&nbsp; 958947 |
| International Container Terminal Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162290 | &nbsp;&nbsp;&nbsp;&nbsp; 1463756 |
| SM Investments Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93640 | &nbsp;&nbsp;&nbsp;&nbsp; 1158730 |
| SM Prime Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2655600 | &nbsp;&nbsp;&nbsp;&nbsp; 1010807 |
|  |  | &nbsp;&nbsp;**$6186707** |
| Puerto Rico — 0.1% | Puerto Rico — 0.1% | Puerto Rico — 0.1% |
| Liberty Latin America Ltd., Class C<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244800 | &nbsp;&nbsp;$1936368 |
|  |  | &nbsp;&nbsp;**$1936368** |
| Slovenia — 0.1% | Slovenia — 0.1% | Slovenia — 0.1% |
| Nova Ljubljanska Banka DD GDR<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115472 | &nbsp;&nbsp;$4632899 |
|  |  | &nbsp;&nbsp;**$4632899** |
| South Korea — 0.5% | South Korea — 0.5% | South Korea — 0.5% |
| CJ CheilJedang Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1064 | &nbsp;&nbsp;$171114 |
| Coway Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5175 | &nbsp;&nbsp;&nbsp;&nbsp; 323592 |
| GS Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6660 | &nbsp;&nbsp;&nbsp;&nbsp; 223853 |
| Hana Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12528 | &nbsp;&nbsp;&nbsp;&nbsp; 750534 |
| Hyundai Mobis Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7440 | &nbsp;&nbsp;&nbsp;&nbsp; 1645263 |
| Industrial Bank of Korea | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30909 | &nbsp;&nbsp;&nbsp;&nbsp; 418878 |
| Kakao Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21045 | &nbsp;&nbsp;&nbsp;&nbsp; 959120 |
| Kangwon Land, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15842 | &nbsp;&nbsp;&nbsp;&nbsp; 187556 |
| KB Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16402 | &nbsp;&nbsp;&nbsp;&nbsp; 1338954 |
| KT Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp; 275 |
| KT&G Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9638 | &nbsp;&nbsp;&nbsp;&nbsp; 907050 |
| LG Uplus Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32397 | &nbsp;&nbsp;&nbsp;&nbsp; 346311 |
| Meritz Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8257 | &nbsp;&nbsp;&nbsp;&nbsp; 639868 |
| NAVER Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4421 | &nbsp;&nbsp;&nbsp;&nbsp; 828567 |
| Samsung C&T Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13419 | &nbsp;&nbsp;&nbsp;&nbsp; 2123573 |
| Samsung Fire & Marine Insurance Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1997 | &nbsp;&nbsp;&nbsp;&nbsp; 618080 |
| Samsung Life Insurance Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8697 | &nbsp;&nbsp;&nbsp;&nbsp; 939878 |
| Shinhan Financial Group Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22148 | &nbsp;&nbsp;&nbsp;&nbsp; 1137577 |
| SK Telecom Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16968 | &nbsp;&nbsp;&nbsp;&nbsp; 621230 |
| Woori Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28795 | &nbsp;&nbsp;&nbsp;&nbsp; 512600 |
|  |  | &nbsp;&nbsp;**$14693873** |
| Switzerland — 0.0%<sup>†</sup> | Switzerland — 0.0%<sup>†</sup> | Switzerland — 0.0%<sup>†</sup> |
| Oculis Holding AG<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18040 | &nbsp;&nbsp;$355921 |
|  |  | &nbsp;&nbsp;**$355921** |
| Vietnam — 1.0% | Vietnam — 1.0% | Vietnam — 1.0% |
| Asia Commercial Bank JSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473400 | &nbsp;&nbsp;$459444 |
| Bank for Foreign Trade of Vietnam JSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390958 | &nbsp;&nbsp;&nbsp;&nbsp; 885169 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Vietnam (continued) | Vietnam (continued) | Vietnam (continued) |
| Binh Minh Plastics JSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37000 | &nbsp;&nbsp;$238596 |
| Coteccons Construction JSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242000 | &nbsp;&nbsp;&nbsp;&nbsp; 951320 |
| Duc Giang Chemicals JSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73500 | &nbsp;&nbsp;&nbsp;&nbsp; 268005 |
| FPT Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713377 | &nbsp;&nbsp;&nbsp;&nbsp; 2814747 |
| FPT Digital Retail JSC<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181125 | &nbsp;&nbsp;&nbsp;&nbsp; 1020387 |
| Gemadept Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470000 | &nbsp;&nbsp;&nbsp;&nbsp; 1216537 |
| Hoa Phat Group JSC<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;843750 | &nbsp;&nbsp;&nbsp;&nbsp; 857011 |
| IDICO Corp. JSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161460 | &nbsp;&nbsp;&nbsp;&nbsp; 233319 |
| Khang Dien House Trading & Investment JSC<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667456 | &nbsp;&nbsp;&nbsp;&nbsp; 908900 |
| KIDO Group Corp.<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13562 | &nbsp;&nbsp;&nbsp;&nbsp; 26604 |
| Kinh Bac City Development Holding Corp.<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748800 | &nbsp;&nbsp;&nbsp;&nbsp; 995809 |
| Masan Group Corp.<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287600 | &nbsp;&nbsp;&nbsp;&nbsp; 870024 |
| Military Commercial Joint Stock Bank | &nbsp;&nbsp;&nbsp;&nbsp;1471877 | &nbsp;&nbsp;&nbsp;&nbsp; 1320432 |
| Mobile World Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;929098 | &nbsp;&nbsp;&nbsp;&nbsp; 2913045 |
| Nam Long Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634900 | &nbsp;&nbsp;&nbsp;&nbsp; 958000 |
| Phat Dat Real Estate Development Corp.<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458136 | &nbsp;&nbsp;&nbsp;&nbsp; 391897 |
| Phu Nhuan Jewelry JSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292140 | &nbsp;&nbsp;&nbsp;&nbsp; 1050900 |
| Refrigeration Electrical Engineering Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380599 | &nbsp;&nbsp;&nbsp;&nbsp; 953906 |
| Saigon Beer Alcohol Beverage Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454900 | &nbsp;&nbsp;&nbsp;&nbsp; 792548 |
| Saigon Thuong Tin Commercial JSB<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456800 | &nbsp;&nbsp;&nbsp;&nbsp; 962642 |
| SSI Securities Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1337000 | &nbsp;&nbsp;&nbsp;&nbsp; 1740225 |
| Techcom Securities JSC<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667738 | &nbsp;&nbsp;&nbsp;&nbsp; 1148210 |
| Vietnam Dairy Products JSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107381 | &nbsp;&nbsp;&nbsp;&nbsp; 235076 |
| Vietnam Joint Stock Commercial Bank for Industry & Trade | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293100 | &nbsp;&nbsp;&nbsp;&nbsp; 545694 |
| Vietnam Prosperity JSC Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562500 | &nbsp;&nbsp;&nbsp;&nbsp; 612308 |
| Vietnam Technological & Commercial Joint Stock Bank | &nbsp;&nbsp;&nbsp;&nbsp;1180800 | &nbsp;&nbsp;&nbsp;&nbsp; 1573815 |
| Vingroup JSC<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221738 | &nbsp;&nbsp;&nbsp;&nbsp; 1612312 |
| Vinh Hoan Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348300 | &nbsp;&nbsp;&nbsp;&nbsp; 780078 |
|  |  | &nbsp;&nbsp;**$29336960** |
| Total Common Stocks<br> (identified cost $110,372,280) |  | &nbsp;&nbsp;**$152341539** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Convertible Bonds — 0.0%<sup>†</sup>

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| China — 0.0%<sup>†</sup> | China — 0.0%<sup>†</sup> | China — 0.0%<sup>†</sup> | China — 0.0%<sup>†</sup> |
| Shimao Group Holdings Ltd., 0.00%, 7/21/26<sup>(5)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479 | &nbsp;&nbsp;$23375 |
| Sunac China Holdings Ltd., 1.00% PIK to 9/30/26, 9/30/32<sup>(7)(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595 | &nbsp;&nbsp;&nbsp;&nbsp; 80320 |
| Total Convertible Bonds<br> (identified cost $885,721) |  |  | &nbsp;&nbsp;**$103695** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

*19*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_da65d7d0-3803-492b-bc5e-d1cca7923e55_TOC)

Global Macro Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

Credit Linked Notes — 0.9%

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Paraguay — 0.0%<sup>†</sup> | Paraguay — 0.0%<sup>†</sup> | Paraguay — 0.0%<sup>†</sup> | Paraguay — 0.0%<sup>†</sup> |
| Itau BBA International PLC (Ministry of Finance of Paraguay), 9.03%, 2/19/30<sup>(9)</sup> | PYG | &nbsp;&nbsp;&nbsp;&nbsp;8217630 | &nbsp;&nbsp;$1165753 |
|  |  |  | &nbsp;&nbsp;**$1165753** |
| South Africa — 0.9% | South Africa — 0.9% | South Africa — 0.9% | South Africa — 0.9% |
| Absa Bank Ltd. (Arab Republic of Egypt): |  |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 1/8/26<sup>(10)</sup> | EGP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208175 | &nbsp;&nbsp;$4217874 |
| &nbsp;&nbsp;&nbsp;0.00%, 4/23/26<sup>(10)</sup> | EGP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471325 | &nbsp;&nbsp;&nbsp;&nbsp; 8914847 |
| &nbsp;&nbsp;&nbsp;0.00%, 10/22/26<sup>(10)</sup> | EGP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581325 | &nbsp;&nbsp;&nbsp;&nbsp; 9942138 |
| Absa Bank Ltd. (United Republic of Tanzania): |  |  |  |
| &nbsp;&nbsp;&nbsp;13.50%, 8/2/35<sup>(11)</sup> | TZS | &nbsp;&nbsp;&nbsp;&nbsp;4316000 | &nbsp;&nbsp;&nbsp;&nbsp; 1843619 |
| &nbsp;&nbsp;&nbsp;13.75%, 9/27/50<sup>(11)</sup> | TZS | &nbsp;&nbsp;&nbsp;&nbsp;1442100 | &nbsp;&nbsp;&nbsp;&nbsp; 623580 |
|  |  |  | &nbsp;&nbsp;**$25542058** |
| Total Credit Linked Notes<br> (identified cost $26,588,893) |  |  | &nbsp;&nbsp;**$26707811** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Foreign Corporate Bonds — 4.5%

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Argentina — 0.0%<sup>†</sup> | Argentina — 0.0%<sup>†</sup> | Argentina — 0.0%<sup>†</sup> | Argentina — 0.0%<sup>†</sup> |
| Generacion Mediterranea SA/Central Termica Roca SA: |  |  |  |
| &nbsp;&nbsp;&nbsp;11.00%, 11/1/31<sup>(7)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216 | &nbsp;&nbsp;$123209 |
| &nbsp;&nbsp;&nbsp;11.00%, 11/1/31<sup>(5)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1157 | &nbsp;&nbsp;&nbsp;&nbsp; 659969 |
|  |  |  | &nbsp;&nbsp;**$783178** |
| China — 0.1% | China — 0.1% | China — 0.1% | China — 0.1% |
| KWG Group Holdings Ltd., 7.875%, 8/30/24<sup>(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1571 | &nbsp;&nbsp;$98384 |
| Shimao Group Holdings Ltd.: |  |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, (2.00% cash or 3.00% PIK), 7/21/32<sup>(5)(12)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554 | &nbsp;&nbsp;&nbsp;&nbsp; 17991 |
| &nbsp;&nbsp;&nbsp;2.00%, (2.00% cash or 3.00% PIK), 7/21/33<sup>(5)(12)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830 | &nbsp;&nbsp;&nbsp;&nbsp; 24186 |
| &nbsp;&nbsp;&nbsp;2.00%, (2.00% cash or 3.00% PIK), 1/21/34<sup>(5)(12)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830 | &nbsp;&nbsp;&nbsp;&nbsp; 20034 |
| &nbsp;&nbsp;&nbsp;5.00%, (5.00% cash or 6.00% PIK), 7/21/31<sup>(5)(12)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3024 | &nbsp;&nbsp;&nbsp;&nbsp; 113415 |
| Sunac China Holdings Ltd.: |  |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, (5.00% cash or 6.00% PIK), 9/30/26<sup>(7)(8)(12)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506 | &nbsp;&nbsp;&nbsp;&nbsp; 78690 |
| &nbsp;&nbsp;&nbsp;6.25%, (5.25% cash or 6.25% PIK), 9/30/27<sup>(7)(8)(12)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507 | &nbsp;&nbsp;&nbsp;&nbsp; 77953 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| China (continued) | China (continued) | China (continued) | China (continued) |
| Sunac China Holdings Ltd.: (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;6.50%, (5.50% cash or 6.50% PIK), 9/30/27<sup>(7)(8)(12)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1016 | &nbsp;&nbsp;$157483 |
| &nbsp;&nbsp;&nbsp;6.75%, (5.75% cash or 6.75% PIK), 9/30/28<sup>(7)(8)(12)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1528 | &nbsp;&nbsp;&nbsp;&nbsp; 236797 |
| &nbsp;&nbsp;&nbsp;7.00%, (6.00% cash or 7.00% PIK), 9/30/29<sup>(7)(8)(12)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1531 | &nbsp;&nbsp;&nbsp;&nbsp; 237370 |
| &nbsp;&nbsp;&nbsp;7.25%, (6.25% cash or 7.25% PIK), 9/30/30<sup>(7)(8)(12)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721 | &nbsp;&nbsp;&nbsp;&nbsp; 111657 |
| Times China Holdings Ltd.: |  |  |  |
| &nbsp;&nbsp;&nbsp;5.55%, 6/4/24<sup>(7)(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3999 | &nbsp;&nbsp;&nbsp;&nbsp; 149963 |
| &nbsp;&nbsp;&nbsp;6.75%, 7/16/23<sup>(7)(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2966 | &nbsp;&nbsp;&nbsp;&nbsp; 105679 |
|  |  |  | &nbsp;&nbsp;**$1429602** |
| Georgia — 0.2% | Georgia — 0.2% | Georgia — 0.2% | Georgia — 0.2% |
| Bank of Georgia JSC, 9.50% to 7/16/29<sup>(7)(13)(14)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3777 | &nbsp;&nbsp;$3909290 |
| TBC Bank Group PLC, 22.00%, 6/5/28<sup>(5)</sup> | UZS | 41540000 | &nbsp;&nbsp;&nbsp;&nbsp; 3468849 |
|  |  |  | &nbsp;&nbsp;**$7378139** |
| Hungary — 0.2% | Hungary — 0.2% | Hungary — 0.2% | Hungary — 0.2% |
| MBH Bank Nyrt: |  |  |  |
| &nbsp;&nbsp;&nbsp;5.25% to 1/29/29, 1/29/30<sup>(7)(14)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3369 | &nbsp;&nbsp;$3976210 |
| &nbsp;&nbsp;&nbsp;6.875% to 5/8/30, 11/8/35<sup>(7)(14)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1069 | &nbsp;&nbsp;&nbsp;&nbsp; 1318330 |
|  |  |  | &nbsp;&nbsp;**$5294540** |
| Iceland — 0.0% | Iceland — 0.0% | Iceland — 0.0% | Iceland — 0.0% |
| Wow Air Hf.: |  |  |  |
| &nbsp;&nbsp;&nbsp;0.00%<sup>(8)(13)(15)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;0.00%, (3 mo. EURIBOR + 9.00%)<sup>(8)(13)(15)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3600 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
|  |  |  | &nbsp;&nbsp;**$0** |
| India — 0.2% | India — 0.2% | India — 0.2% | India — 0.2% |
| Porteast Investment Pvt Ltd., 0.00%, 5/29/28 | INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510000 | &nbsp;&nbsp;$6218672 |
| Reliance Communications Ltd., 6.50%, 11/6/20<sup>(7)(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp; 27000 |
|  |  |  | &nbsp;&nbsp;**$6245672** |
| Kazakhstan — 0.5% | Kazakhstan — 0.5% | Kazakhstan — 0.5% | Kazakhstan — 0.5% |
| Development Bank of Kazakhstan JSC, 13.00%, 4/15/27<sup>(5)</sup> | KZT | &nbsp;&nbsp;&nbsp;&nbsp;3466500 | &nbsp;&nbsp;$6169870 |
| ForteBank JSC: |  |  |  |
| &nbsp;&nbsp;&nbsp;7.75%, 2/4/30<sup>(5)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4690 | &nbsp;&nbsp;&nbsp;&nbsp; 4777247 |
| &nbsp;&nbsp;&nbsp;9.75% to 11/3/30<sup>(7)(13)(16)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4550 | &nbsp;&nbsp;&nbsp;&nbsp; 4527250 |
|  |  |  | &nbsp;&nbsp;**$15474367** |

---

*20*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_da65d7d0-3803-492b-bc5e-d1cca7923e55_TOC)

Global Macro Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Mexico — 0.0%<sup>†</sup> | Mexico — 0.0%<sup>†</sup> | Mexico — 0.0%<sup>†</sup> | Mexico — 0.0%<sup>†</sup> |
| Alpha Holding SA de CV: |  |  |  |
| &nbsp;&nbsp;&nbsp;9.00%, 2/10/25<sup>(7)(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3667 | &nbsp;&nbsp;$27504 |
| &nbsp;&nbsp;&nbsp;10.00%, 12/19/22<sup>(7)(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1741 | &nbsp;&nbsp;&nbsp;&nbsp; 13059 |
|  |  |  | &nbsp;&nbsp;**$40563** |
| Mongolia — 0.1% | Mongolia — 0.1% | Mongolia — 0.1% | Mongolia — 0.1% |
| State Bank LLC, 8.90%, 9/25/28<sup>(7)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2510 | &nbsp;&nbsp;$2509829 |
|  |  |  | &nbsp;&nbsp;**$2509829** |
| Supranational — 0.3% | Supranational — 0.3% | Supranational — 0.3% | Supranational — 0.3% |
| Asian Development Bank, 14.50%, 6/26/28 | UZS | 17111900 | &nbsp;&nbsp;$1425830 |
| Corp. Andina de Fomento, 8.25%, 4/26/34 | INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346000 | &nbsp;&nbsp;&nbsp;&nbsp; 4083167 |
| European Bank for Reconstruction & Development: |  |  |  |
| &nbsp;&nbsp;&nbsp;17.20%, 4/9/26<sup>(7)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2600 | &nbsp;&nbsp;&nbsp;&nbsp; 2743910 |
| &nbsp;&nbsp;&nbsp;17.35%, 3/1/27<sup>(7)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606 | &nbsp;&nbsp;&nbsp;&nbsp; 631830 |
|  |  |  | &nbsp;&nbsp;**$8884737** |
| Tunisia — 0.0%<sup>†</sup> | Tunisia — 0.0%<sup>†</sup> | Tunisia — 0.0%<sup>†</sup> | Tunisia — 0.0%<sup>†</sup> |
| Tunisian Republic, 3.28%, 8/9/27 | JPY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;$624685 |
|  |  |  | &nbsp;&nbsp;**$624685** |
| Uzbekistan — 1.9% | Uzbekistan — 1.9% | Uzbekistan — 1.9% | Uzbekistan — 1.9% |
| Ipoteka-Bank ATIB: |  |  |  |
| &nbsp;&nbsp;&nbsp;17.50%, 10/9/28<sup>(7)</sup> | UZS | 41010000 | &nbsp;&nbsp;$3390903 |
| &nbsp;&nbsp;&nbsp;20.50%, 4/25/27<sup>(7)</sup> | UZS | 42080000 | &nbsp;&nbsp;&nbsp;&nbsp; 3635415 |
| JSCB Agrobank: |  |  |  |
| &nbsp;&nbsp;&nbsp;9.25%, 10/2/29<sup>(7)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7973 | &nbsp;&nbsp;&nbsp;&nbsp; 8699058 |
| &nbsp;&nbsp;&nbsp;20.75%, 9/15/28 | UZS | 127710000 | &nbsp;&nbsp;&nbsp;&nbsp; 10632286 |
| Uzbek Industrial & Construction Bank ATB: |  |  |  |
| &nbsp;&nbsp;&nbsp;9.45% to 10/23/30<sup>(7)(13)(14)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7110 | &nbsp;&nbsp;&nbsp;&nbsp; 7225884 |
| &nbsp;&nbsp;&nbsp;19.95%, 4/25/28<sup>(7)</sup> | UZS | 43950000 | &nbsp;&nbsp;&nbsp;&nbsp; 3808209 |
| &nbsp;&nbsp;&nbsp;21.00%, 7/24/27<sup>(7)</sup> | UZS | 232110000 | &nbsp;&nbsp;&nbsp;&nbsp; 20221729 |
|  |  |  | &nbsp;&nbsp;**$57613484** |
| Venezuela — 1.0% | Venezuela — 1.0% | Venezuela — 1.0% | Venezuela — 1.0% |
| Petroleos de Venezuela SA: |  |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, 4/12/27<sup>(7)(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17640 | &nbsp;&nbsp;$3942518 |
| &nbsp;&nbsp;&nbsp;5.50%, 4/12/37<sup>(7)(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5317 | &nbsp;&nbsp;&nbsp;&nbsp; 1188238 |
| &nbsp;&nbsp;&nbsp;6.00%, 10/28/22<sup>(7)(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11013 | &nbsp;&nbsp;&nbsp;&nbsp; 2175139 |
| &nbsp;&nbsp;&nbsp;6.00%, 5/16/24<sup>(7)(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16707 | &nbsp;&nbsp;&nbsp;&nbsp; 3733938 |
| &nbsp;&nbsp;&nbsp;6.00%, 11/15/26<sup>(7)(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10821 | &nbsp;&nbsp;&nbsp;&nbsp; 2418414 |
| &nbsp;&nbsp;&nbsp;8.50%, 10/20/27 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 113500 |
| &nbsp;&nbsp;&nbsp;8.50%, 10/20/27 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8674 | &nbsp;&nbsp;&nbsp;&nbsp; 9844423 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Venezuela (continued) | Venezuela (continued) | Venezuela (continued) | Venezuela (continued) |
| Petroleos de Venezuela SA: (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;9.00%, 11/17/21<sup>(7)(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7192 | &nbsp;&nbsp;$1632561 |
| &nbsp;&nbsp;&nbsp;9.75%, 5/17/35<sup>(7)(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6860 | &nbsp;&nbsp;&nbsp;&nbsp; 1670507 |
| &nbsp;&nbsp;&nbsp;12.75%, 2/17/22<sup>(7)(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7868 | &nbsp;&nbsp;&nbsp;&nbsp; 2092808 |
|  |  |  | &nbsp;&nbsp;**$28812046** |
| Total Foreign Corporate Bonds<br> (identified cost $142,553,017) |  |  | &nbsp;&nbsp;**$135090842** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Insurance Linked Securities — 0.6%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Reinsurance Side Cars — 0.3% |  |  |
| Eden Re II Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022A, 0.00%, 3/20/26<sup>(5)(15)(17)(18)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10974 | &nbsp;&nbsp;$14910 |
| &nbsp;&nbsp;&nbsp;Series 2022B, 0.00%, 3/20/26<sup>(5)(15)(17)(18)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9412 | &nbsp;&nbsp;&nbsp;&nbsp; 26117 |
| &nbsp;&nbsp;&nbsp;Series 2023B, 0.00%, 3/19/27<sup>(5)(15)(17)(18)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7394 | &nbsp;&nbsp;&nbsp;&nbsp; 98192 |
| &nbsp;&nbsp;&nbsp;Series 2024A, 0.00%, 3/17/28<sup>(5)(15)(17)(18)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31579 | &nbsp;&nbsp;&nbsp;&nbsp; 176056 |
| &nbsp;&nbsp;&nbsp;Series 2024B, 0.00%, 3/17/28<sup>(5)(15)(17)(18)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6667 | &nbsp;&nbsp;&nbsp;&nbsp; 191780 |
| &nbsp;&nbsp;&nbsp;Series 2025A, 0.00%, 3/19/30<sup>(5)(15)(17)(18)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4253200 |
| Mt. Logan Re Ltd., Series A-1<sup>(15)(18)(19)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4400 | &nbsp;&nbsp;&nbsp;&nbsp; 5610662 |
|  |  | &nbsp;&nbsp;**$10370917** |
| Segregated Account/Funds — 0.3% |  |  |
| PartnerRe ILS Fund SAC Ltd.<sup>(6)(15)(18)(19)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5700000 | &nbsp;&nbsp;$7453890 |
|  |  | &nbsp;&nbsp;**$7453890** |
| Total Insurance Linked Securities<br> (identified cost $14,120,386) |  | &nbsp;&nbsp;**$17824807** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Loan Participation Notes — 0.2%

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Uzbekistan — 0.2% | Uzbekistan — 0.2% | Uzbekistan — 0.2% | Uzbekistan — 0.2% |
| Europe Asia Investment Finance BV (borrower - Joint Stock Commercial Bank "Asaka"), 18.70%, 7/21/26<sup>(7)(15)(20)</sup> | UZS | 62624565 | &nbsp;&nbsp;$5226997 |
| Total Loan Participation Notes<br> (identified cost $5,321,586) |  |  | &nbsp;&nbsp;**$5226997** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

*21*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_da65d7d0-3803-492b-bc5e-d1cca7923e55_TOC)

Global Macro Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

Rights — 0.0%<sup>†</sup>

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Vietnam — 0.0%<sup>†</sup> | Vietnam — 0.0%<sup>†</sup> | Vietnam — 0.0%<sup>†</sup> |
| Nam Long Investment Corp., Exp. 11/20/25<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634900 | &nbsp;&nbsp;$92255 |
| Total Rights<br> (identified cost $0) |  | &nbsp;&nbsp;**$92255** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Senior Floating-Rate Loans — 1.3%<sup>(21)</sup>

---

| | | |
|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Argentina — 0.5% | Argentina — 0.5% | Argentina — 0.5% |
| Provincia De Neuquen: |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 11.401%, (1 mo. USD Term SOFR + 7.30%), 5/28/27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;787 | &nbsp;&nbsp;$794650 |
| &nbsp;&nbsp;&nbsp;Term Loan, 11.401%, (1 mo. USD Term SOFR + 7.30%), 5/28/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;699 | &nbsp;&nbsp;&nbsp;&nbsp; 705595 |
| &nbsp;&nbsp;&nbsp;Term Loan, 11.401%, (1 mo. USD Term SOFR + 7.30%), 5/28/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830 | &nbsp;&nbsp;&nbsp;&nbsp; 837896 |
| VMOS SA: |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 9.282% - 9.705%, (3 mo. USD Term SOFR + 5.50%, 6 mo. USD Term SOFR + 5.50%), 7/8/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3920 | &nbsp;&nbsp;&nbsp;&nbsp; 3892620 |
| &nbsp;&nbsp;&nbsp;Term Loan, 7/8/30<sup>(22)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8141 | &nbsp;&nbsp;&nbsp;&nbsp; 8084673 |
|  |  | &nbsp;&nbsp;**$14315434** |
| Suriname — 0.8% | Suriname — 0.8% | Suriname — 0.8% |
| Staatsolie Maatschappij Suriname NV, Revolving Loan, 4/25/32<sup>(22)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;$25000000 |
|  |  | &nbsp;&nbsp;**$25000000** |
| Uzbekistan — 0.0%<sup>†</sup> | Uzbekistan — 0.0%<sup>†</sup> | Uzbekistan — 0.0%<sup>†</sup> |
| Navoi Mining & Metallurgical Co., Term Loan, 8.63%, (3 mo. USD Term SOFR + 4.76%), 4/23/27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122 | &nbsp;&nbsp;$121172 |
|  |  | &nbsp;&nbsp;**$121172** |
| Total Senior Floating-Rate Loans<br> (identified cost $39,535,139) |  | &nbsp;&nbsp;**$39436606** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Sovereign Government Bonds — 45.0%

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Albania — 1.6% | Albania — 1.6% | Albania — 1.6% | Albania — 1.6% |
| Albania Government International Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;3.50%, 11/23/31<sup>(7)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3050 | &nbsp;&nbsp;$3519915 |
| &nbsp;&nbsp;&nbsp;4.75%, 2/14/35<sup>(7)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6476 | &nbsp;&nbsp;&nbsp;&nbsp; 7691738 |
| &nbsp;&nbsp;&nbsp;5.90%, 6/9/28<sup>(7)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6602 | &nbsp;&nbsp;&nbsp;&nbsp; 8149107 |
| Albanian Government Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;3.70%, 1/10/28 | ALL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31600 | &nbsp;&nbsp;&nbsp;&nbsp; 376913 |
| &nbsp;&nbsp;&nbsp;3.90%, 1/22/30 | ALL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90600 | &nbsp;&nbsp;&nbsp;&nbsp; 1083205 |
| &nbsp;&nbsp;&nbsp;4.05%, 2/7/32 | ALL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247000 | &nbsp;&nbsp;&nbsp;&nbsp; 2901933 |
| &nbsp;&nbsp;&nbsp;4.30%, 7/10/27 | ALL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293600 | &nbsp;&nbsp;&nbsp;&nbsp; 3534897 |
| &nbsp;&nbsp;&nbsp;4.70%, 2/23/27 | ALL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78200 | &nbsp;&nbsp;&nbsp;&nbsp; 944388 |
| &nbsp;&nbsp;&nbsp;4.95%, 7/22/29 | ALL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;876300 | &nbsp;&nbsp;&nbsp;&nbsp; 10856779 |
| &nbsp;&nbsp;&nbsp;5.25%, 1/26/29 | ALL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487600 | &nbsp;&nbsp;&nbsp;&nbsp; 6074240 |
| &nbsp;&nbsp;&nbsp;5.25%, 1/23/35 | ALL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107600 | &nbsp;&nbsp;&nbsp;&nbsp; 1324185 |
| &nbsp;&nbsp;&nbsp;5.59%, 2/19/40 | ALL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81000 | &nbsp;&nbsp;&nbsp;&nbsp; 955267 |
| &nbsp;&nbsp;&nbsp;6.13%, 7/25/34 | ALL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36300 | &nbsp;&nbsp;&nbsp;&nbsp; 467066 |
|  |  |  | &nbsp;&nbsp;**$47879633** |
| Angola — 1.1% | Angola — 1.1% | Angola — 1.1% | Angola — 1.1% |
| Angola Government International Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;9.125%, 11/26/49<sup>(7)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4001 | &nbsp;&nbsp;$3364897 |
| &nbsp;&nbsp;&nbsp;9.244%, 1/15/31<sup>(7)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6981 | &nbsp;&nbsp;&nbsp;&nbsp; 6824732 |
| &nbsp;&nbsp;&nbsp;9.375%, 5/8/48<sup>(7)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5866 | &nbsp;&nbsp;&nbsp;&nbsp; 5041387 |
| &nbsp;&nbsp;&nbsp;9.875%, 10/15/35<sup>(7)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18617 | &nbsp;&nbsp;&nbsp;&nbsp; 18044371 |
|  |  |  | &nbsp;&nbsp;**$33275387** |
| Argentina — 0.3% | Argentina — 0.3% | Argentina — 0.3% | Argentina — 0.3% |
| Provincia de Cordoba: |  |  |  |
| &nbsp;&nbsp;&nbsp;9.75%, 7/2/32<sup>(5)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5382 | &nbsp;&nbsp;$5538885 |
| &nbsp;&nbsp;&nbsp;9.75%, 7/2/32<sup>(7)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2254 | &nbsp;&nbsp;&nbsp;&nbsp; 2319704 |
|  |  |  | &nbsp;&nbsp;**$7858589** |
| Armenia — 0.8% | Armenia — 0.8% | Armenia — 0.8% | Armenia — 0.8% |
| Republic of Armenia Treasury Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;9.00%, 4/29/26 | AMD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254810 | &nbsp;&nbsp;$670914 |
| &nbsp;&nbsp;&nbsp;9.00%, 10/29/35 | AMD | &nbsp;&nbsp;&nbsp;&nbsp;1866560 | &nbsp;&nbsp;&nbsp;&nbsp; 4795915 |
| &nbsp;&nbsp;&nbsp;9.25%, 4/29/28 | AMD | &nbsp;&nbsp;&nbsp;&nbsp;1439030 | &nbsp;&nbsp;&nbsp;&nbsp; 3841254 |
| &nbsp;&nbsp;&nbsp;9.60%, 10/29/33 | AMD | &nbsp;&nbsp;&nbsp;&nbsp;3896075 | &nbsp;&nbsp;&nbsp;&nbsp; 10472167 |
| &nbsp;&nbsp;&nbsp;9.75%, 10/29/50 | AMD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618877 | &nbsp;&nbsp;&nbsp;&nbsp; 1649935 |
| &nbsp;&nbsp;&nbsp;9.75%, 10/29/52 | AMD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;673150 | &nbsp;&nbsp;&nbsp;&nbsp; 1789034 |
|  |  |  | &nbsp;&nbsp;**$23219219** |

---

*22*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_da65d7d0-3803-492b-bc5e-d1cca7923e55_TOC)

Global Macro Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Bahamas — 0.0%<sup>†</sup> | Bahamas — 0.0%<sup>†</sup> | Bahamas — 0.0%<sup>†</sup> | Bahamas — 0.0%<sup>†</sup> |
| Bahamas Government International Bonds, 6.625%, 5/15/33<sup>(7)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1267 | &nbsp;&nbsp;$1221388 |
|  |  |  | &nbsp;&nbsp;**$1221388** |
| Benin — 0.3% | Benin — 0.3% | Benin — 0.3% | Benin — 0.3% |
| Benin Government International Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, 1/19/32<sup>(7)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2988 | &nbsp;&nbsp;$3308896 |
| &nbsp;&nbsp;&nbsp;4.95%, 1/22/35<sup>(7)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2117 | &nbsp;&nbsp;&nbsp;&nbsp; 2285612 |
| &nbsp;&nbsp;&nbsp;6.875%, 1/19/52<sup>(7)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4284 | &nbsp;&nbsp;&nbsp;&nbsp; 4573829 |
|  |  |  | &nbsp;&nbsp;**$10168337** |
| Bolivia — 0.0%<sup>†</sup> | Bolivia — 0.0%<sup>†</sup> | Bolivia — 0.0%<sup>†</sup> | Bolivia — 0.0%<sup>†</sup> |
| Bolivia Government International Bonds, 4.50%, 3/20/28<sup>(7)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468 | &nbsp;&nbsp;$393120 |
|  |  |  | &nbsp;&nbsp;**$393120** |
| Bosnia and Herzegovina — 0.1% | Bosnia and Herzegovina — 0.1% | Bosnia and Herzegovina — 0.1% | Bosnia and Herzegovina — 0.1% |
| Federation of Bosnia & Herzegovina Eurobond, 5.50%, 7/17/30<sup>(7)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1538 | &nbsp;&nbsp;$1849354 |
|  |  |  | &nbsp;&nbsp;**$1849354** |
| Brazil — 4.2% | Brazil — 4.2% | Brazil — 4.2% | Brazil — 4.2% |
| Brazil Letras do Tesouro Nacional: |  |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 1/1/26 | BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;$31797748 |
| &nbsp;&nbsp;&nbsp;0.00%, 4/1/26 | BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383200 | &nbsp;&nbsp;&nbsp;&nbsp; 67345663 |
| Brazil Notas do Tesouro Nacional, 6.00%, 8/15/30<sup>(23)</sup> | BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32500 | &nbsp;&nbsp;&nbsp;&nbsp; 25967931 |
|  |  |  | &nbsp;&nbsp;**$125111342** |
| Colombia — 0.6% | Colombia — 0.6% | Colombia — 0.6% | Colombia — 0.6% |
| Colombia TES, 6.00%, 4/28/28 | COP | 80730000 | &nbsp;&nbsp;$19038123 |
|  |  |  | &nbsp;&nbsp;**$19038123** |
| Ecuador — 0.7% | Ecuador — 0.7% | Ecuador — 0.7% | Ecuador — 0.7% |
| Ecuador Government International Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 7/31/30<sup>(7)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9234 | &nbsp;&nbsp;$7237219 |
| &nbsp;&nbsp;&nbsp;6.90%, 7/31/30<sup>(7)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12994 | &nbsp;&nbsp;&nbsp;&nbsp; 11886667 |
| &nbsp;&nbsp;&nbsp;6.90%, 7/31/35<sup>(7)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4143 | &nbsp;&nbsp;&nbsp;&nbsp; 3184693 |
|  |  |  | &nbsp;&nbsp;**$22308579** |
| Egypt — 2.8% | Egypt — 2.8% | Egypt — 2.8% | Egypt — 2.8% |
| Egypt Government Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;19.98%, 5/20/30 | EGP | &nbsp;&nbsp;&nbsp;&nbsp;1722389 | &nbsp;&nbsp;$36383189 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Egypt (continued) | Egypt (continued) | Egypt (continued) | Egypt (continued) |
| Egypt Government Bonds: (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;24.458%, 10/1/27 | EGP | &nbsp;&nbsp;&nbsp;&nbsp;2246693 | &nbsp;&nbsp;$48374720 |
|  |  |  | &nbsp;&nbsp;**$84757909** |
| Ethiopia — 0.9% | Ethiopia — 0.9% | Ethiopia — 0.9% | Ethiopia — 0.9% |
| Ethiopia Government International Bonds, 6.625%, 12/11/24<sup>(7)(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24357 | &nbsp;&nbsp;$25818420 |
|  |  |  | &nbsp;&nbsp;**$25818420** |
| Georgia — 0.0%<sup>†</sup> | Georgia — 0.0%<sup>†</sup> | Georgia — 0.0%<sup>†</sup> | Georgia — 0.0%<sup>†</sup> |
| Georgia Government International Bonds, 2.75%, 4/22/26<sup>(7)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1214 | &nbsp;&nbsp;$1191316 |
|  |  |  | &nbsp;&nbsp;**$1191316** |
| Ghana — 0.2% | Ghana — 0.2% | Ghana — 0.2% | Ghana — 0.2% |
| Ghana Cocoa Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;13.00%, 8/30/27 | GHS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1237 | &nbsp;&nbsp;$106684 |
| &nbsp;&nbsp;&nbsp;13.00%, 8/28/28 | GHS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4122 | &nbsp;&nbsp;&nbsp;&nbsp; 341252 |
| Republic of Ghana Government Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;8.35% (5.00% cash and 3.35% PIK), 2/16/27 | GHS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21009 | &nbsp;&nbsp;&nbsp;&nbsp; 1765922 |
| &nbsp;&nbsp;&nbsp;8.65% (5.00% cash and 3.65% PIK), 2/13/29 | GHS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2030 | &nbsp;&nbsp;&nbsp;&nbsp; 152737 |
| &nbsp;&nbsp;&nbsp;8.80% (5.00% cash and 3.80% PIK), 2/12/30 | GHS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10176 | &nbsp;&nbsp;&nbsp;&nbsp; 733384 |
| &nbsp;&nbsp;&nbsp;8.95% (5.00% cash and 3.95% PIK), 2/11/31 | GHS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4860 | &nbsp;&nbsp;&nbsp;&nbsp; 337708 |
| &nbsp;&nbsp;&nbsp;9.25% (5.00% cash and 4.25% PIK), 2/8/33 | GHS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8052 | &nbsp;&nbsp;&nbsp;&nbsp; 530702 |
| &nbsp;&nbsp;&nbsp;9.55% (5.00% cash and 4.55% PIK), 2/6/35 | GHS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3549 | &nbsp;&nbsp;&nbsp;&nbsp; 226596 |
| &nbsp;&nbsp;&nbsp;9.70% (5.00% cash and 4.70% PIK), 2/5/36 | GHS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5555 | &nbsp;&nbsp;&nbsp;&nbsp; 351410 |
| &nbsp;&nbsp;&nbsp;9.85% (5.00% cash and 4.85% PIK), 2/3/37 | GHS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2463 | &nbsp;&nbsp;&nbsp;&nbsp; 154933 |
| &nbsp;&nbsp;&nbsp;10.00% (5.00% cash and 5.00% PIK), 2/2/38 | GHS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3308 | &nbsp;&nbsp;&nbsp;&nbsp; 207525 |
|  |  |  | &nbsp;&nbsp;**$4908853** |
| Honduras — 0.1% | Honduras — 0.1% | Honduras — 0.1% | Honduras — 0.1% |
| Honduras Government International Bonds, 8.625%, 11/27/34<sup>(7)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1414 | &nbsp;&nbsp;$1516869 |
|  |  |  | &nbsp;&nbsp;**$1516869** |
| India — 0.8% | India — 0.8% | India — 0.8% | India — 0.8% |
| India Government Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;7.09%, 8/5/54 | INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470600 | &nbsp;&nbsp;$5211595 |
| &nbsp;&nbsp;&nbsp;7.24%, 8/18/55 | INR | &nbsp;&nbsp;&nbsp;&nbsp;1356750 | &nbsp;&nbsp;&nbsp;&nbsp; 15394471 |
| &nbsp;&nbsp;&nbsp;7.30%, 6/19/53 | INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396000 | &nbsp;&nbsp;&nbsp;&nbsp; 4501467 |
|  |  |  | &nbsp;&nbsp;**$25107533** |
| Israel — 0.3% | Israel — 0.3% | Israel — 0.3% | Israel — 0.3% |
| Israel Government International Bonds, 5.75%, 3/12/54 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1065 | &nbsp;&nbsp;$1044246 |

---

*23*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_da65d7d0-3803-492b-bc5e-d1cca7923e55_TOC)

Global Macro Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Israel (continued) | Israel (continued) | Israel (continued) | Israel (continued) |
| State of Israel, 3.80%, 5/13/60<sup>(7)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11472 | &nbsp;&nbsp;$7906184 |
|  |  |  | &nbsp;&nbsp;**$8950430** |
| Jordan — 0.0%<sup>†</sup> | Jordan — 0.0%<sup>†</sup> | Jordan — 0.0%<sup>†</sup> | Jordan — 0.0%<sup>†</sup> |
| Jordan Government International Bonds, 7.375%, 10/10/47<sup>(7)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1033 | &nbsp;&nbsp;$1046331 |
|  |  |  | &nbsp;&nbsp;**$1046331** |
| Kazakhstan — 1.0% | Kazakhstan — 1.0% | Kazakhstan — 1.0% | Kazakhstan — 1.0% |
| Kazakhstan Government Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 4/18/28 | KZT | &nbsp;&nbsp;&nbsp;&nbsp;3721366 | &nbsp;&nbsp;$5357289 |
| &nbsp;&nbsp;&nbsp;5.50%, 9/20/28 | KZT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22984 | &nbsp;&nbsp;&nbsp;&nbsp; 32190 |
| &nbsp;&nbsp;&nbsp;5.50%, 4/24/32 | KZT | &nbsp;&nbsp;&nbsp;&nbsp;4933059 | &nbsp;&nbsp;&nbsp;&nbsp; 5222079 |
| &nbsp;&nbsp;&nbsp;7.22%, 12/10/28 | KZT | &nbsp;&nbsp;&nbsp;&nbsp;3288706 | &nbsp;&nbsp;&nbsp;&nbsp; 4749620 |
| &nbsp;&nbsp;&nbsp;7.68%, 8/13/29 | KZT | &nbsp;&nbsp;&nbsp;&nbsp;4275318 | &nbsp;&nbsp;&nbsp;&nbsp; 5977599 |
| &nbsp;&nbsp;&nbsp;8.44%, 5/10/31 | KZT | &nbsp;&nbsp;&nbsp;&nbsp;1808788 | &nbsp;&nbsp;&nbsp;&nbsp; 2374693 |
| &nbsp;&nbsp;&nbsp;10.55%, 7/28/29 | KZT | &nbsp;&nbsp;&nbsp;&nbsp;1226683 | &nbsp;&nbsp;&nbsp;&nbsp; 1888588 |
| &nbsp;&nbsp;&nbsp;14.00%, 5/12/31 | KZT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50566 | &nbsp;&nbsp;&nbsp;&nbsp; 84039 |
| &nbsp;&nbsp;&nbsp;14.00%, 5/19/32 | KZT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34476 | &nbsp;&nbsp;&nbsp;&nbsp; 56772 |
| &nbsp;&nbsp;&nbsp;14.45%, 6/5/33 | KZT | &nbsp;&nbsp;&nbsp;&nbsp;1429724 | &nbsp;&nbsp;&nbsp;&nbsp; 2434926 |
| &nbsp;&nbsp;&nbsp;14.50%, 3/6/34 | KZT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657741 | &nbsp;&nbsp;&nbsp;&nbsp; 1099162 |
|  |  |  | &nbsp;&nbsp;**$29276957** |
| Kuwait — 1.1% | Kuwait — 1.1% | Kuwait — 1.1% | Kuwait — 1.1% |
| Kuwait International Government Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;4.136%, 10/9/30<sup>(7)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17360 | &nbsp;&nbsp;$17329634 |
| &nbsp;&nbsp;&nbsp;4.652%, 10/9/35<sup>(7)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14991 | &nbsp;&nbsp;&nbsp;&nbsp; 15071499 |
|  |  |  | &nbsp;&nbsp;**$32401133** |
| Lebanon — 0.4% | Lebanon — 0.4% | Lebanon — 0.4% | Lebanon — 0.4% |
| Lebanon Government International Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;5.80%, 4/14/20<sup>(7)(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9642 | &nbsp;&nbsp;$2210428 |
| &nbsp;&nbsp;&nbsp;6.00%, 1/27/23<sup>(7)(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2239 | &nbsp;&nbsp;&nbsp;&nbsp; 515071 |
| &nbsp;&nbsp;&nbsp;6.10%, 10/4/22<sup>(7)(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8285 | &nbsp;&nbsp;&nbsp;&nbsp; 1903479 |
| &nbsp;&nbsp;&nbsp;6.15%, 6/19/20<sup>(7)(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485 | &nbsp;&nbsp;&nbsp;&nbsp; 111368 |
| &nbsp;&nbsp;&nbsp;6.20%, 2/26/25<sup>(7)(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1763 | &nbsp;&nbsp;&nbsp;&nbsp; 404637 |
| &nbsp;&nbsp;&nbsp;6.25%, 5/27/22<sup>(7)(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1414 | &nbsp;&nbsp;&nbsp;&nbsp; 324469 |
| &nbsp;&nbsp;&nbsp;6.25%, 11/4/24<sup>(7)(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1549 | &nbsp;&nbsp;&nbsp;&nbsp; 355495 |
| &nbsp;&nbsp;&nbsp;6.25%, 6/12/25<sup>(7)(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517 | &nbsp;&nbsp;&nbsp;&nbsp; 119169 |
| &nbsp;&nbsp;&nbsp;6.375%, 3/9/20<sup>(7)(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp; 75663 |
| &nbsp;&nbsp;&nbsp;6.40%, 5/26/23<sup>(7)(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14228 | &nbsp;&nbsp;&nbsp;&nbsp; 3272440 |
| &nbsp;&nbsp;&nbsp;6.60%, 11/27/26<sup>(7)(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431 | &nbsp;&nbsp;&nbsp;&nbsp; 98708 |
| &nbsp;&nbsp;&nbsp;6.65%, 4/22/24<sup>(7)(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2717 | &nbsp;&nbsp;&nbsp;&nbsp; 623551 |
| &nbsp;&nbsp;&nbsp;6.65%, 11/3/28<sup>(7)(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;683 | &nbsp;&nbsp;&nbsp;&nbsp; 157192 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Lebanon (continued) | Lebanon (continued) | Lebanon (continued) | Lebanon (continued) |
| Lebanon Government International Bonds: (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;6.85%, 3/23/27<sup>(7)(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603 | &nbsp;&nbsp;$138407 |
| &nbsp;&nbsp;&nbsp;6.85%, 5/25/29<sup>(7)(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5619 | &nbsp;&nbsp;&nbsp;&nbsp; 1295286 |
| &nbsp;&nbsp;&nbsp;7.00%, 3/20/28<sup>(7)(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2590 | &nbsp;&nbsp;&nbsp;&nbsp; 596995 |
| &nbsp;&nbsp;&nbsp;7.00%, 4/22/31<sup>(7)(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1851 | &nbsp;&nbsp;&nbsp;&nbsp; 428941 |
| &nbsp;&nbsp;&nbsp;7.00%, 3/23/32<sup>(7)(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;961 | &nbsp;&nbsp;&nbsp;&nbsp; 223313 |
| &nbsp;&nbsp;&nbsp;7.25%, 3/23/37<sup>(7)(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;981 | &nbsp;&nbsp;&nbsp;&nbsp; 227107 |
| &nbsp;&nbsp;&nbsp;8.25%, 4/12/21<sup>(7)(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520 | &nbsp;&nbsp;&nbsp;&nbsp; 119763 |
|  |  |  | &nbsp;&nbsp;**$13201482** |
| Mexico — 2.5% | Mexico — 2.5% | Mexico — 2.5% | Mexico — 2.5% |
| Mexican Bonos, 7.75%, 11/23/34 | MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;839582 | &nbsp;&nbsp;$42630645 |
| Mexico Udibonos, 2.75%, 11/27/31 | MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627757 | &nbsp;&nbsp;&nbsp;&nbsp; 30851982 |
|  |  |  | &nbsp;&nbsp;**$73482627** |
| Mongolia — 0.2% | Mongolia — 0.2% | Mongolia — 0.2% | Mongolia — 0.2% |
| Mongolia Government International Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, 2/25/30<sup>(5)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;$615939 |
| &nbsp;&nbsp;&nbsp;6.625%, 2/25/30<sup>(7)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4200 | &nbsp;&nbsp;&nbsp;&nbsp; 4311571 |
| &nbsp;&nbsp;&nbsp;7.875%, 6/5/29<sup>(7)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 427020 |
|  |  |  | &nbsp;&nbsp;**$5354530** |
| Montenegro — 0.5% | Montenegro — 0.5% | Montenegro — 0.5% | Montenegro — 0.5% |
| Montenegro Government International Bonds, 4.875%, 4/1/32<sup>(7)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11663 | &nbsp;&nbsp;$13699369 |
|  |  |  | &nbsp;&nbsp;**$13699369** |
| New Zealand — 2.9% | New Zealand — 2.9% | New Zealand — 2.9% | New Zealand — 2.9% |
| New Zealand Government Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;2.50%, 9/20/40<sup>(7)(23)</sup> | NZD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23217 | &nbsp;&nbsp;$13095607 |
| &nbsp;&nbsp;&nbsp;2.75%, 4/15/37<sup>(7)</sup> | NZD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11330 | &nbsp;&nbsp;&nbsp;&nbsp; 5586729 |
| &nbsp;&nbsp;&nbsp;4.25%, 5/15/34 | NZD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26957 | &nbsp;&nbsp;&nbsp;&nbsp; 15772734 |
| &nbsp;&nbsp;&nbsp;4.25%, 5/15/36 | NZD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp; 11520171 |
| &nbsp;&nbsp;&nbsp;4.50%, 5/15/35 | NZD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41020 | &nbsp;&nbsp;&nbsp;&nbsp; 24292302 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/15/54 | NZD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1360 | &nbsp;&nbsp;&nbsp;&nbsp; 786286 |
| New Zealand Government Bonds Inflation-Linked, 3.25%, 9/20/50<sup>(23)</sup> | NZD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27383 | &nbsp;&nbsp;&nbsp;&nbsp; 16583613 |
|  |  |  | &nbsp;&nbsp;**$87637442** |
| Nigeria — 0.4% | Nigeria — 0.4% | Nigeria — 0.4% | Nigeria — 0.4% |
| Nigeria Government Bonds, 17.95%, 6/25/32 | NGN | 15974759 | &nbsp;&nbsp;$12174750 |
|  |  |  | &nbsp;&nbsp;**$12174750** |

---

*24*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_da65d7d0-3803-492b-bc5e-d1cca7923e55_TOC)

Global Macro Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Paraguay — 0.6% | Paraguay — 0.6% | Paraguay — 0.6% | Paraguay — 0.6% |
| Paraguay Government Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;7.90%, 2/9/31<sup>(5)</sup> | PYG | 57442000 | &nbsp;&nbsp;$7689898 |
| &nbsp;&nbsp;&nbsp;7.90%, 2/9/31<sup>(7)</sup> | PYG | 20133000 | &nbsp;&nbsp;&nbsp;&nbsp; 2695253 |
| &nbsp;&nbsp;&nbsp;8.50%, 3/4/35<sup>(5)</sup> | PYG | 44954000 | &nbsp;&nbsp;&nbsp;&nbsp; 5994092 |
|  |  |  | &nbsp;&nbsp;**$16379243** |
| Peru — 1.5% | Peru — 1.5% | Peru — 1.5% | Peru — 1.5% |
| Peru Government Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;6.90%, 8/12/37 | PEN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46031 | &nbsp;&nbsp;$14253784 |
| &nbsp;&nbsp;&nbsp;7.60%, 8/12/39<sup>(5)(7)</sup> | PEN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93478 | &nbsp;&nbsp;&nbsp;&nbsp; 30276086 |
|  |  |  | &nbsp;&nbsp;**$44529870** |
| Philippines — 0.6% | Philippines — 0.6% | Philippines — 0.6% | Philippines — 0.6% |
| Philippines Government Bonds, 6.25%, 1/14/36 | PHP | &nbsp;&nbsp;&nbsp;&nbsp;1024000 | &nbsp;&nbsp;$17130597 |
|  |  |  | &nbsp;&nbsp;**$17130597** |
| Poland — 2.3% | Poland — 2.3% | Poland — 2.3% | Poland — 2.3% |
| Republic of Poland Government Bonds, 2.00%, 8/25/36<sup>(23)</sup> | PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279391 | &nbsp;&nbsp;$68391727 |
|  |  |  | &nbsp;&nbsp;**$68391727** |
| Romania — 2.0% | Romania — 2.0% | Romania — 2.0% | Romania — 2.0% |
| Romania Government International Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;1.75%, 7/13/30<sup>(7)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1058 | &nbsp;&nbsp;$1095707 |
| &nbsp;&nbsp;&nbsp;2.00%, 4/14/33<sup>(7)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;847 | &nbsp;&nbsp;&nbsp;&nbsp; 793044 |
| &nbsp;&nbsp;&nbsp;2.625%, 12/2/40<sup>(7)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4247 | &nbsp;&nbsp;&nbsp;&nbsp; 3255926 |
| &nbsp;&nbsp;&nbsp;2.75%, 4/14/41<sup>(7)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;847 | &nbsp;&nbsp;&nbsp;&nbsp; 651749 |
| &nbsp;&nbsp;&nbsp;2.875%, 4/13/42<sup>(7)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp; 689619 |
| &nbsp;&nbsp;&nbsp;3.375%, 1/28/50<sup>(7)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529 | &nbsp;&nbsp;&nbsp;&nbsp; 396897 |
| &nbsp;&nbsp;&nbsp;3.75%, 2/7/34<sup>(7)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127 | &nbsp;&nbsp;&nbsp;&nbsp; 130381 |
| &nbsp;&nbsp;&nbsp;3.875%, 10/29/35<sup>(7)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2340 | &nbsp;&nbsp;&nbsp;&nbsp; 2347716 |
| &nbsp;&nbsp;&nbsp;4.625%, 4/3/49<sup>(7)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4763 | &nbsp;&nbsp;&nbsp;&nbsp; 4367129 |
| &nbsp;&nbsp;&nbsp;5.125%, 6/15/48<sup>(7)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516 | &nbsp;&nbsp;&nbsp;&nbsp; 430895 |
| &nbsp;&nbsp;&nbsp;5.625%, 2/22/36<sup>(7)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3166 | &nbsp;&nbsp;&nbsp;&nbsp; 3599744 |
| &nbsp;&nbsp;&nbsp;5.625%, 5/30/37<sup>(7)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509 | &nbsp;&nbsp;&nbsp;&nbsp; 571807 |
| &nbsp;&nbsp;&nbsp;5.75%, 3/24/35<sup>(7)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1566 | &nbsp;&nbsp;&nbsp;&nbsp; 1535474 |
| &nbsp;&nbsp;&nbsp;5.875%, 7/11/32<sup>(7)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2065 | &nbsp;&nbsp;&nbsp;&nbsp; 2486261 |
| &nbsp;&nbsp;&nbsp;6.00%, 5/25/34<sup>(7)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516 | &nbsp;&nbsp;&nbsp;&nbsp; 519850 |
| &nbsp;&nbsp;&nbsp;6.00%, 9/24/44<sup>(7)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4459 | &nbsp;&nbsp;&nbsp;&nbsp; 4956436 |
| &nbsp;&nbsp;&nbsp;6.125%, 10/7/37<sup>(7)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8170 | &nbsp;&nbsp;&nbsp;&nbsp; 9439267 |
| &nbsp;&nbsp;&nbsp;6.25%, 9/10/34<sup>(7)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2075 | &nbsp;&nbsp;&nbsp;&nbsp; 2511823 |
| &nbsp;&nbsp;&nbsp;6.50%, 10/7/45<sup>(7)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5720 | &nbsp;&nbsp;&nbsp;&nbsp; 6549133 |
| &nbsp;&nbsp;&nbsp;6.75%, 7/11/39<sup>(7)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5683 | &nbsp;&nbsp;&nbsp;&nbsp; 6817831 |
| &nbsp;&nbsp;&nbsp;7.50%, 2/10/37<sup>(7)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3752 | &nbsp;&nbsp;&nbsp;&nbsp; 4122100 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Romania (continued) | Romania (continued) | Romania (continued) | Romania (continued) |
| Romania Government International Bonds: (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;7.625%, 1/17/53<sup>(7)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1032 | &nbsp;&nbsp;$1148454 |
|  |  |  | &nbsp;&nbsp;**$58417243** |
| Serbia — 0.7% | Serbia — 0.7% | Serbia — 0.7% | Serbia — 0.7% |
| Serbia Treasury Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, 8/20/32 | RSD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211870 | &nbsp;&nbsp;$2050844 |
| &nbsp;&nbsp;&nbsp;7.00%, 10/26/31 | RSD | &nbsp;&nbsp;&nbsp;&nbsp;1644350 | &nbsp;&nbsp;&nbsp;&nbsp; 18099735 |
|  |  |  | &nbsp;&nbsp;**$20150579** |
| South Africa — 3.9% | South Africa — 3.9% | South Africa — 3.9% | South Africa — 3.9% |
| Republic of South Africa Government Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;8.75%, 1/31/44 | ZAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75899 | &nbsp;&nbsp;$3922925 |
| &nbsp;&nbsp;&nbsp;8.75%, 2/28/48 | ZAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114101 | &nbsp;&nbsp;&nbsp;&nbsp; 5874066 |
| &nbsp;&nbsp;&nbsp;8.875%, 2/28/35 | ZAR | &nbsp;&nbsp;&nbsp;&nbsp;1830350 | &nbsp;&nbsp;&nbsp;&nbsp; 105813619 |
|  |  |  | &nbsp;&nbsp;**$115610610** |
| Sri Lanka — 1.3% | Sri Lanka — 1.3% | Sri Lanka — 1.3% | Sri Lanka — 1.3% |
| Sri Lanka Government Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;8.75%, 3/15/36<sup>(2)</sup> | LKR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75128 | &nbsp;&nbsp;$202843 |
| &nbsp;&nbsp;&nbsp;8.75%, 9/15/37<sup>(2)</sup> | LKR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75128 | &nbsp;&nbsp;&nbsp;&nbsp; 199882 |
| &nbsp;&nbsp;&nbsp;8.75%, 9/15/38<sup>(2)</sup> | LKR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75128 | &nbsp;&nbsp;&nbsp;&nbsp; 198278 |
| &nbsp;&nbsp;&nbsp;8.75%, 9/15/39<sup>(2)</sup> | LKR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75128 | &nbsp;&nbsp;&nbsp;&nbsp; 197044 |
| &nbsp;&nbsp;&nbsp;8.75%, 9/15/40<sup>(2)</sup> | LKR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75128 | &nbsp;&nbsp;&nbsp;&nbsp; 195934 |
| &nbsp;&nbsp;&nbsp;8.75%, 9/15/41<sup>(2)</sup> | LKR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75128 | &nbsp;&nbsp;&nbsp;&nbsp; 194700 |
| &nbsp;&nbsp;&nbsp;8.75%, 9/15/42<sup>(2)</sup> | LKR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75128 | &nbsp;&nbsp;&nbsp;&nbsp; 190011 |
| &nbsp;&nbsp;&nbsp;8.75%, 9/15/43<sup>(2)</sup> | LKR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75128 | &nbsp;&nbsp;&nbsp;&nbsp; 189024 |
| &nbsp;&nbsp;&nbsp;9.00%, 10/1/32 | LKR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249000 | &nbsp;&nbsp;&nbsp;&nbsp; 765251 |
| &nbsp;&nbsp;&nbsp;9.00%, 6/1/33 | LKR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp; 121103 |
| &nbsp;&nbsp;&nbsp;9.00%, 11/1/33 | LKR | &nbsp;&nbsp;&nbsp;&nbsp;2231000 | &nbsp;&nbsp;&nbsp;&nbsp; 6717475 |
| &nbsp;&nbsp;&nbsp;9.75%, 7/1/30 | LKR | &nbsp;&nbsp;&nbsp;&nbsp;1396000 | &nbsp;&nbsp;&nbsp;&nbsp; 4601776 |
| &nbsp;&nbsp;&nbsp;10.25%, 9/15/34 | LKR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;836000 | &nbsp;&nbsp;&nbsp;&nbsp; 2668904 |
| &nbsp;&nbsp;&nbsp;10.35%, 10/15/29 | LKR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184000 | &nbsp;&nbsp;&nbsp;&nbsp; 621189 |
| &nbsp;&nbsp;&nbsp;11.00%, 10/15/28 | LKR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820000 | &nbsp;&nbsp;&nbsp;&nbsp; 2822594 |
| &nbsp;&nbsp;&nbsp;11.00%, 9/15/29 | LKR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571000 | &nbsp;&nbsp;&nbsp;&nbsp; 1963574 |
| &nbsp;&nbsp;&nbsp;11.00%, 12/15/29 | LKR | &nbsp;&nbsp;&nbsp;&nbsp;1043000 | &nbsp;&nbsp;&nbsp;&nbsp; 3594579 |
| &nbsp;&nbsp;&nbsp;11.00%, 5/15/30 | LKR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94000 | &nbsp;&nbsp;&nbsp;&nbsp; 324253 |
| &nbsp;&nbsp;&nbsp;11.00%, 10/15/30 | LKR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329000 | &nbsp;&nbsp;&nbsp;&nbsp; 1136246 |
| &nbsp;&nbsp;&nbsp;11.25%, 3/15/31 | LKR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77000 | &nbsp;&nbsp;&nbsp;&nbsp; 266028 |
| &nbsp;&nbsp;&nbsp;11.50%, 12/15/32 | LKR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374000 | &nbsp;&nbsp;&nbsp;&nbsp; 1296954 |
| &nbsp;&nbsp;&nbsp;11.75%, 6/15/29 | LKR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85000 | &nbsp;&nbsp;&nbsp;&nbsp; 298253 |
| Sri Lanka Government International Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;1.00% to 12/15/25, 6/15/38<sup>(5)(24)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4348 | &nbsp;&nbsp;&nbsp;&nbsp; 2830895 |
| &nbsp;&nbsp;&nbsp;3.10% to 7/15/27, 1/15/30<sup>(5)(24)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2247 | &nbsp;&nbsp;&nbsp;&nbsp; 2123415 |

---

*25*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_da65d7d0-3803-492b-bc5e-d1cca7923e55_TOC)

Global Macro Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Sri Lanka (continued) | Sri Lanka (continued) | Sri Lanka (continued) | Sri Lanka (continued) |
| Sri Lanka Government International Bonds: (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;3.35% to 9/15/27, 3/15/33<sup>(5)(24)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4223 | &nbsp;&nbsp;$3690738 |
| &nbsp;&nbsp;&nbsp;3.60% to 8/15/27, 2/15/38<sup>(5)(24)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;841 | &nbsp;&nbsp;&nbsp;&nbsp; 778972 |
|  |  |  | &nbsp;&nbsp;**$38189915** |
| Suriname — 1.8% | Suriname — 1.8% | Suriname — 1.8% | Suriname — 1.8% |
| Suriname Government International Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;7.70%, 11/6/30<sup>(5)(16)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5364 | &nbsp;&nbsp;$5402889 |
| &nbsp;&nbsp;&nbsp;7.95%, (4.95% cash and 3.00% PIK), 7/15/33<sup>(5)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6815 | &nbsp;&nbsp;&nbsp;&nbsp; 6814831 |
| &nbsp;&nbsp;&nbsp;7.95%, (4.95% cash and 3.00% PIK), 7/15/33<sup>(7)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6577 | &nbsp;&nbsp;&nbsp;&nbsp; 6577423 |
| &nbsp;&nbsp;&nbsp;8.50%, 11/6/35<sup>(5)(16)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22352 | &nbsp;&nbsp;&nbsp;&nbsp; 23050500 |
| &nbsp;&nbsp;&nbsp;9.00%, Oil-Linked, 12/31/50<sup>(5)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7265 | &nbsp;&nbsp;&nbsp;&nbsp; 8645350 |
| &nbsp;&nbsp;&nbsp;9.00%, Oil-Linked, 12/31/50<sup>(7)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2997 | &nbsp;&nbsp;&nbsp;&nbsp; 3566430 |
|  |  |  | &nbsp;&nbsp;**$54057423** |
| Tajikistan — 0.0%<sup>†</sup> | Tajikistan — 0.0%<sup>†</sup> | Tajikistan — 0.0%<sup>†</sup> | Tajikistan — 0.0%<sup>†</sup> |
| Republic of Tajikistan International Bonds, 7.125%, 9/14/27<sup>(7)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284 | &nbsp;&nbsp;$285977 |
|  |  |  | &nbsp;&nbsp;**$285977** |
| Tunisia — 0.1% | Tunisia — 0.1% | Tunisia — 0.1% | Tunisia — 0.1% |
| Tunisian Republic: |  |  |  |
| &nbsp;&nbsp;&nbsp;3.50%, 2/3/33 | JPY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;$1620284 |
| &nbsp;&nbsp;&nbsp;4.30%, 8/2/30 | JPY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp; 119058 |
|  |  |  | &nbsp;&nbsp;**$1739342** |
| Turkey — 1.7% | Turkey — 1.7% | Turkey — 1.7% | Turkey — 1.7% |
| Turkiye Government Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;26.20%, 10/5/33 | TRY | &nbsp;&nbsp;&nbsp;&nbsp;1161046 | &nbsp;&nbsp;$24927008 |
| &nbsp;&nbsp;&nbsp;27.70%, 9/27/34 | TRY | &nbsp;&nbsp;&nbsp;&nbsp;1027406 | &nbsp;&nbsp;&nbsp;&nbsp; 22635469 |
| &nbsp;&nbsp;&nbsp;30.00%, 9/12/29 | TRY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96899 | &nbsp;&nbsp;&nbsp;&nbsp; 2123076 |
|  |  |  | &nbsp;&nbsp;**$49685553** |
| Uganda — 1.8% | Uganda — 1.8% | Uganda — 1.8% | Uganda — 1.8% |
| Republic of Uganda Government Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;14.375%, 2/3/33 | UGX | &nbsp;&nbsp;&nbsp;&nbsp;2150500 | &nbsp;&nbsp;$566994 |
| &nbsp;&nbsp;&nbsp;15.00%, 6/18/43 | UGX | 14727300 | &nbsp;&nbsp;&nbsp;&nbsp; 3649911 |
| &nbsp;&nbsp;&nbsp;15.80%, 6/23/39 | UGX | 158551700 | &nbsp;&nbsp;&nbsp;&nbsp; 41932504 |
| &nbsp;&nbsp;&nbsp;16.25%, 11/8/35 | UGX | 31164200 | &nbsp;&nbsp;&nbsp;&nbsp; 8736376 |
|  |  |  | &nbsp;&nbsp;**$54885785** |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Ukraine — 1.4% | Ukraine — 1.4% | Ukraine — 1.4% | Ukraine — 1.4% |
| Ukraine Government International Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;0.00% to 2/1/27, 2/1/35<sup>(7)(24)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4736 | &nbsp;&nbsp;$2431681 |
| &nbsp;&nbsp;&nbsp;0.00% to 2/1/27, 2/1/36<sup>(7)(24)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4550 | &nbsp;&nbsp;&nbsp;&nbsp; 2333386 |
| &nbsp;&nbsp;&nbsp;0.00%, GDP-Linked, 8/1/41<sup>(7)(25)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36962 | &nbsp;&nbsp;&nbsp;&nbsp; 31457028 |
| &nbsp;&nbsp;&nbsp;4.50% to 2/1/27, 2/1/29<sup>(7)(24)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1026 | &nbsp;&nbsp;&nbsp;&nbsp; 710604 |
| &nbsp;&nbsp;&nbsp;4.50% to 2/1/27, 2/1/34<sup>(7)(24)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4888 | &nbsp;&nbsp;&nbsp;&nbsp; 2755382 |
| &nbsp;&nbsp;&nbsp;4.50% to 2/1/27, 2/1/35<sup>(7)(24)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3032 | &nbsp;&nbsp;&nbsp;&nbsp; 1690589 |
| &nbsp;&nbsp;&nbsp;4.50% to 2/1/27, 2/1/36<sup>(7)(24)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2268 | &nbsp;&nbsp;&nbsp;&nbsp; 1250750 |
|  |  |  | &nbsp;&nbsp;**$42629420** |
| United Arab Emirates — 0.0%<sup>†</sup> | United Arab Emirates — 0.0%<sup>†</sup> | United Arab Emirates — 0.0%<sup>†</sup> | United Arab Emirates — 0.0%<sup>†</sup> |
| Abu Dhabi Government International Bonds, 4.25%, 10/2/35<sup>(5)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1337 | &nbsp;&nbsp;$1337629 |
|  |  |  | &nbsp;&nbsp;**$1337629** |
| Uzbekistan — 0.8% | Uzbekistan — 0.8% | Uzbekistan — 0.8% | Uzbekistan — 0.8% |
| National Bank of Uzbekistan, 19.875%, 7/5/27<sup>(7)</sup> | UZS | 90660000 | &nbsp;&nbsp;$7801373 |
| Republic of Uzbekistan Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;15.50%, 2/25/28<sup>(7)</sup> | UZS | 78000000 | &nbsp;&nbsp;&nbsp;&nbsp; 6717928 |
| &nbsp;&nbsp;&nbsp;16.25%, 10/12/26<sup>(7)</sup> | UZS | 112430000 | &nbsp;&nbsp;&nbsp;&nbsp; 9679944 |
| &nbsp;&nbsp;&nbsp;16.625%, 5/29/27<sup>(7)</sup> | UZS | 12500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1071687 |
|  |  |  | &nbsp;&nbsp;**$25270932** |
| Venezuela — 0.6% | Venezuela — 0.6% | Venezuela — 0.6% | Venezuela — 0.6% |
| Venezuela Government International Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, 12/9/20<sup>(7)(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3746 | &nbsp;&nbsp;$858208 |
| &nbsp;&nbsp;&nbsp;7.00%, 12/1/18<sup>(7)(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3003 | &nbsp;&nbsp;&nbsp;&nbsp; 709759 |
| &nbsp;&nbsp;&nbsp;7.00%, 3/31/38<sup>(7)(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 138300 |
| &nbsp;&nbsp;&nbsp;7.65%, 4/21/25<sup>(7)(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4103 | &nbsp;&nbsp;&nbsp;&nbsp; 1063087 |
| &nbsp;&nbsp;&nbsp;7.75%, 10/13/19<sup>(7)(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4829 | &nbsp;&nbsp;&nbsp;&nbsp; 1154686 |
| &nbsp;&nbsp;&nbsp;8.25%, 10/13/24<sup>(7)(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8767 | &nbsp;&nbsp;&nbsp;&nbsp; 2271400 |
| &nbsp;&nbsp;&nbsp;9.00%, 5/7/23<sup>(7)(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5424 | &nbsp;&nbsp;&nbsp;&nbsp; 1403951 |
| &nbsp;&nbsp;&nbsp;9.25%, 9/15/27<sup>(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15767 | &nbsp;&nbsp;&nbsp;&nbsp; 4869638 |
| &nbsp;&nbsp;&nbsp;9.25%, 5/7/28<sup>(7)(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2190 | &nbsp;&nbsp;&nbsp;&nbsp; 627683 |
| &nbsp;&nbsp;&nbsp;9.375%, 1/13/34<sup>(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1027 | &nbsp;&nbsp;&nbsp;&nbsp; 328743 |
| &nbsp;&nbsp;&nbsp;11.75%, 10/21/26<sup>(7)(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020 | &nbsp;&nbsp;&nbsp;&nbsp; 605910 |
| &nbsp;&nbsp;&nbsp;11.95%, 8/5/31<sup>(7)(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6026 | &nbsp;&nbsp;&nbsp;&nbsp; 1772129 |
| &nbsp;&nbsp;&nbsp;12.75%, 8/23/22<sup>(7)(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6984 | &nbsp;&nbsp;&nbsp;&nbsp; 2054082 |
| &nbsp;&nbsp;&nbsp;13.625%, 8/15/18<sup>(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;942 | &nbsp;&nbsp;&nbsp;&nbsp; 277984 |
| &nbsp;&nbsp;&nbsp;13.625%, 8/15/18<sup>(7)(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;768 | &nbsp;&nbsp;&nbsp;&nbsp; 226637 |
|  |  |  | &nbsp;&nbsp;**$18362197** |

---

*26*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_da65d7d0-3803-492b-bc5e-d1cca7923e55_TOC)

Global Macro Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Zambia — 0.1% | Zambia — 0.1% | Zambia — 0.1% | Zambia — 0.1% |
| Zambia Government Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;16.00%, 10/27/28 | ZMW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14104 | &nbsp;&nbsp;$638262 |
| &nbsp;&nbsp;&nbsp;18.99%, 10/27/40 | ZMW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17392 | &nbsp;&nbsp;&nbsp;&nbsp; 786688 |
| &nbsp;&nbsp;&nbsp;19.00%, 8/18/35 | ZMW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8815 | &nbsp;&nbsp;&nbsp;&nbsp; 416225 |
| &nbsp;&nbsp;&nbsp;19.00%, 9/29/35 | ZMW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3085 | &nbsp;&nbsp;&nbsp;&nbsp; 145844 |
|  |  |  | &nbsp;&nbsp;**$1987019** |
| Total Sovereign Government Bonds<br> (identified cost $1,263,116,999) |  |  | &nbsp;&nbsp;**$1341890083** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Sovereign Loans — 1.6%

---

| | | | |
|:---|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Bahamas — 0.3% | Bahamas — 0.3% | Bahamas — 0.3% | Bahamas — 0.3% |
| Commonwealth of the Bahamas, 8.887%, (6 mo. EURIBOR + 6.85%), 11/24/28<sup>(4)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7009 | &nbsp;&nbsp;$8329074 |
|  |  |  | &nbsp;&nbsp;**$8329074** |
| Ivory Coast — 0.0%<sup>†</sup> | Ivory Coast — 0.0%<sup>†</sup> | Ivory Coast — 0.0%<sup>†</sup> | Ivory Coast — 0.0%<sup>†</sup> |
| Republic of Ivory Coast, Term Loan, 7.781%, (6 mo. EURIBOR + 5.75%), 1/6/28<sup>(4)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1333 | &nbsp;&nbsp;$1535906 |
|  |  |  | &nbsp;&nbsp;**$1535906** |
| Tanzania — 1.3% | Tanzania — 1.3% | Tanzania — 1.3% | Tanzania — 1.3% |
| Government of the United Republic of Tanzania, Term Loan, 10.42%, (6 mo. USD Term SOFR + 6.30%), 4/28/31<sup>(4)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38018 | &nbsp;&nbsp;$37748014 |
|  |  |  | &nbsp;&nbsp;**$37748014** |
| Total Sovereign Loans<br> (identified cost $47,226,279) |  |  | &nbsp;&nbsp;**$47612994** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

U.S. Government Agency Mortgage-Backed Securities — 0.1%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Federal Home Loan Mortgage Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;4.263%, (COF + 1.254%), with maturity at 2029<sup>(26)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;$2633 |
| &nbsp;&nbsp;&nbsp;4.417%, (COF + 1.254%), with maturity at 2035<sup>(26)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | &nbsp;&nbsp;&nbsp;&nbsp; 45016 |
| &nbsp;&nbsp;&nbsp;4.50%, with maturity at 2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59 | &nbsp;&nbsp;&nbsp;&nbsp; 58965 |
| &nbsp;&nbsp;&nbsp;4.671%, (COF + 1.251%), with maturity at 2030<sup>(26)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 | &nbsp;&nbsp;&nbsp;&nbsp; 47537 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Federal Home Loan Mortgage Corp.: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;6.493%, (1 yr. CMT + 2.348%), with maturity at 2036<sup>(26)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238 | &nbsp;&nbsp;$243738 |
| &nbsp;&nbsp;&nbsp;6.60%, with maturity at 2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176 | &nbsp;&nbsp;&nbsp;&nbsp; 181733 |
| &nbsp;&nbsp;&nbsp;7.00%, with various maturities to 2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257 | &nbsp;&nbsp;&nbsp;&nbsp; 261847 |
| &nbsp;&nbsp;&nbsp;7.50%, with various maturities to 2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526 | &nbsp;&nbsp;&nbsp;&nbsp; 552943 |
| &nbsp;&nbsp;&nbsp;8.00%, with various maturities to 2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 | &nbsp;&nbsp;&nbsp;&nbsp; 44467 |
| Federal National Mortgage Association: |  |  |
| &nbsp;&nbsp;&nbsp;4.21%, (COF + 1.254%), with various maturities to 2035<sup>(26)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88 | &nbsp;&nbsp;&nbsp;&nbsp; 86455 |
| &nbsp;&nbsp;&nbsp;4.25%, (COF + 1.302%), with maturity at 2033<sup>(26)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238 | &nbsp;&nbsp;&nbsp;&nbsp; 232396 |
| &nbsp;&nbsp;&nbsp;4.306%, (COF + 1.35%), with maturity at 2027<sup>(26)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp; 7887 |
| &nbsp;&nbsp;&nbsp;5.118%, (COF + 1.791%), with maturity at 2035<sup>(26)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459 | &nbsp;&nbsp;&nbsp;&nbsp; 452101 |
| &nbsp;&nbsp;&nbsp;6.00%, with maturity at 2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | &nbsp;&nbsp;&nbsp;&nbsp; 28475 |
| &nbsp;&nbsp;&nbsp;6.353%, (COF + 2.004%), with maturity at 2032<sup>(26)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96 | &nbsp;&nbsp;&nbsp;&nbsp; 97570 |
| &nbsp;&nbsp;&nbsp;6.40%, (1 yr. CMT + 2.15%), with maturity at 2028<sup>(26)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp; 3780 |
| &nbsp;&nbsp;&nbsp;6.50%, with maturity at 2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196 | &nbsp;&nbsp;&nbsp;&nbsp; 199212 |
| &nbsp;&nbsp;&nbsp;7.00%, with various maturities to 2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 239462 |
| &nbsp;&nbsp;&nbsp;8.50%, with various maturities to 2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356 | &nbsp;&nbsp;&nbsp;&nbsp; 375368 |
| &nbsp;&nbsp;&nbsp;9.00%, with various maturities to 2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp; 8974 |
| &nbsp;&nbsp;&nbsp;11.50%, with maturity at 2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 | &nbsp;&nbsp;&nbsp;&nbsp; 42186 |
| Government National Mortgage Association: |  |  |
| &nbsp;&nbsp;&nbsp;6.50%, with maturity at 2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86 | &nbsp;&nbsp;&nbsp;&nbsp; 89520 |
| &nbsp;&nbsp;&nbsp;7.00%, with various maturities to 2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 92848 |
| &nbsp;&nbsp;&nbsp;7.50%, with maturity at 2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp; 3163 |
| Total U.S. Government Agency Mortgage-Backed Securities<br> (identified cost $3,614,212) |  | &nbsp;&nbsp;**$3398276** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

U.S. Government Guaranteed Small Business Administration Loans — 0.1%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| SBA IO Trust:<br> Interest Only:<sup>(27)(28)</sup><br> Series 2018-2, Class A, 2.666%, 7/25/44<sup>(5)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53805 | &nbsp;&nbsp;$2710982 |
| Total U.S. Government Guaranteed Small Business Administration Loans<br> (identified cost $14,297,065) |  | &nbsp;&nbsp;**$2710982** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

*27*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_da65d7d0-3803-492b-bc5e-d1cca7923e55_TOC)

Global Macro Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

Short-Term Investments — 39.6%

Affiliated Fund — 15.3%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 4.00%<sup>(29)</sup> | 456966755 | &nbsp;&nbsp;$456966755 |
| Total Affiliated Fund<br> (identified cost $456,966,755) |  | &nbsp;&nbsp;**$456966755** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Repurchase Agreements — 3.3%

---

| | | | |
|:---|:---|:---|:---|
| **<br>Description** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Bank of America: |  |  |  |
| &nbsp;&nbsp;&nbsp;Dated 10/31/25 with an interest rate of 3.00%, collateralized by USD 1,553,000 Kazakhstan Government International Bonds, 6.50%, due 7/21/45 and a market value, including accrued interest, of $1,775,000<sup>(30)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1768 | &nbsp;&nbsp;$1768479 |
| Barclays Bank PLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;Dated 6/13/25 with an interest rate of 0.85%, collateralized by EUR 2,000,000 Republic of Poland Government International Bonds, 2.75%, due 5/25/32 and a market value, including accrued interest, of $2,304,023<sup>(30)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2058 | &nbsp;&nbsp;&nbsp;&nbsp; 2371577 |
| &nbsp;&nbsp;&nbsp;Dated 6/13/25 with an interest rate of 1.00%, collateralized by EUR 1,200,000 Republic of Poland Government International Bonds, 1.00%, due 3/7/29 and a market value, including accrued interest, of $1,336,766<sup>(30)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1196 | &nbsp;&nbsp;&nbsp;&nbsp; 1377993 |
| &nbsp;&nbsp;&nbsp;Dated 6/13/25 with an interest rate of 1.35%, collateralized by EUR 4,000,000 Republic of Poland Government International Bonds, 1.00%, due 3/7/29 and a market value, including accrued interest, of $4,455,888<sup>(30)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3985 | &nbsp;&nbsp;&nbsp;&nbsp; 4593310 |
| &nbsp;&nbsp;&nbsp;Dated 10/29/25 with an interest rate of 3.00%, collateralized by USD 1,759,000 Bahrain Government International Bonds, 7.75%, due 4/18/35 and a market value, including accrued interest, of $1,970,252<sup>(30)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2076 | &nbsp;&nbsp;&nbsp;&nbsp; 2075620 |
| &nbsp;&nbsp;&nbsp;Dated 10/29/25 with an interest rate of 3.45%, collateralized by USD 2,972,000 Republic of Armenia International Bonds, 3.60%, due 2/2/31 and a market value, including accrued interest, of $2,756,670<sup>(30)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2887 | &nbsp;&nbsp;&nbsp;&nbsp; 2886555 |
| &nbsp;&nbsp;&nbsp;Dated 10/29/25 with an interest rate of 3.45%, collateralized by USD 4,548,000 Kazakhstan Government International Bonds, 4.875%, due 10/14/44 and a market value, including accrued interest, of $4,257,727<sup>(30)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4480 | &nbsp;&nbsp;&nbsp;&nbsp; 4479780 |
| &nbsp;&nbsp;&nbsp;Dated 10/29/25 with an interest rate of 3.50%, collateralized by USD 1,274,000 Kazakhstan Government International Bonds, 6.50%, due 7/21/45 and a market value, including accrued interest, of $1,456,117<sup>(30)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1530 | &nbsp;&nbsp;&nbsp;&nbsp; 1530393 |
| &nbsp;&nbsp;&nbsp;Dated 10/29/25 with an interest rate of 3.50%, collateralized by USD 2,035,000 Bahrain Government International Bonds, 6.00%, due 9/19/44 and a market value, including accrued interest, of $1,908,842<sup>(30)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2004 | &nbsp;&nbsp;&nbsp;&nbsp; 2004475 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Description** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Barclays Bank PLC: (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;Dated 10/29/25 with an interest rate of 3.50%, collateralized by USD 2,648,000 Bahrain Government International Bonds, 5.625%, due 5/18/34 and a market value, including accrued interest, of $2,646,151<sup>(30)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2790 | &nbsp;&nbsp;$2790330 |
| &nbsp;&nbsp;&nbsp;Dated 10/29/25 with an interest rate of 3.55%, collateralized by USD 2,046,000 Panama Government International Bonds, 4.50%, due 4/16/50 and a market value, including accrued interest, of $1,601,333<sup>(30)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1678 | &nbsp;&nbsp;&nbsp;&nbsp; 1677720 |
| Citibank, N.A.: |  |  |  |
| &nbsp;&nbsp;&nbsp;Dated 10/30/25 with an interest rate of 3.15%, collateralized by USD 1,538,000 Bahrain Government International Bonds, 7.50%, due 2/12/36 and a market value, including accrued interest, of $1,723,151<sup>(30)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1807 | &nbsp;&nbsp;&nbsp;&nbsp; 1806750 |
| Nomura International PLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;Dated 10/30/25 with an interest rate of 1.00%, collateralized by USD 2,135,000 Bahrain Government International Bonds, 7.50%, due 9/20/47 and a market value, including accrued interest, of $2,319,165<sup>(30)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2423 | &nbsp;&nbsp;&nbsp;&nbsp; 2423332 |
| &nbsp;&nbsp;&nbsp;Dated 10/30/25 with an interest rate of 1.90%, collateralized by EUR 1,956,000 Republic of Poland Government International Bonds, 1.00%, due 3/7/29 and a market value, including accrued interest, of $2,178,929<sup>(30)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2177 | &nbsp;&nbsp;&nbsp;&nbsp; 2176527 |
| &nbsp;&nbsp;&nbsp;Dated 10/30/25 with an interest rate of 3.05%, collateralized by USD 7,845,000 Senegal Government International Bonds, 6.25%, due 5/23/33 and a market value, including accrued interest, of $5,862,905<sup>(30)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5956 | &nbsp;&nbsp;&nbsp;&nbsp; 5955532 |
| &nbsp;&nbsp;&nbsp;Dated 10/30/25 with an interest rate of 3.35%, collateralized by USD 5,257,000 Republic of Azerbaijan International Bonds, 3.50%, due 9/1/32 and a market value, including accrued interest, of $4,956,895<sup>(30)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5180 | &nbsp;&nbsp;&nbsp;&nbsp; 5180379 |
| &nbsp;&nbsp;&nbsp;Dated 10/30/25 with an interest rate of 3.40%, collateralized by EUR 2,526,000 Republic of Cameroon International Bonds, 5.95%, due 7/7/32 and a market value, including accrued interest, of $2,435,258<sup>(30)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2537 | &nbsp;&nbsp;&nbsp;&nbsp; 2536947 |
| &nbsp;&nbsp;&nbsp;Dated 10/30/25 with an interest rate of 3.45%, collateralized by USD 555,000 Kazakhstan Government International Bonds, 6.50%, due 7/21/45 and a market value, including accrued interest, of $634,337<sup>(30)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663 | &nbsp;&nbsp;&nbsp;&nbsp; 663170 |
| &nbsp;&nbsp;&nbsp;Dated 10/30/25 with an interest rate of 3.45%, collateralized by USD 1,031,000 Republic of Cameroon International Bonds, 9.50%, due 7/31/31 and a market value, including accrued interest, of $1,006,293<sup>(30)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1053 | &nbsp;&nbsp;&nbsp;&nbsp; 1052780 |
| &nbsp;&nbsp;&nbsp;Dated 10/30/25 with an interest rate of 3.50%, collateralized by USD 3,909,000 Senegal Government International Bonds, 7.75%, due 6/10/31 and a market value, including accrued interest, of $3,201,513<sup>(30)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3275 | &nbsp;&nbsp;&nbsp;&nbsp; 3275351 |

---

*28*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_da65d7d0-3803-492b-bc5e-d1cca7923e55_TOC)

Global Macro Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **<br>Description** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Nomura International PLC: (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;Dated 10/30/25 with an interest rate of 3.50%, collateralized by USD 5,800,000 Indonesia Government International Bonds, 5.45%, due 9/20/52 and a market value, including accrued interest, of $5,886,583<sup>(30)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6171 | &nbsp;&nbsp;$6170665 |
| &nbsp;&nbsp;&nbsp;Dated 10/30/25 with an interest rate of 3.50%, collateralized by USD 6,174,000 Senegal Government International Bonds, 6.75%, due 3/13/48 and a market value, including accrued interest, of $4,036,182<sup>(30)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4065 | &nbsp;&nbsp;&nbsp;&nbsp; 4064653 |
| &nbsp;&nbsp;&nbsp;Dated 10/30/25 with an interest rate of 3.50%, collateralized by USD 8,900,000 Indonesia Government International Bonds, 4.30%, due 3/31/52 and a market value, including accrued interest, of $7,579,384<sup>(30)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7944 | &nbsp;&nbsp;&nbsp;&nbsp; 7944496 |
| &nbsp;&nbsp;&nbsp;Dated 10/30/25 with an interest rate of 3.50%, collateralized by USD 13,290,000 Indonesia Government International Bonds, 5.65%, due 1/11/53 and a market value, including accrued interest, of $13,962,569<sup>(30)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14656 | &nbsp;&nbsp;&nbsp;&nbsp; 14655811 |
| &nbsp;&nbsp;&nbsp;Dated 10/30/25 with an interest rate of 3.50%, collateralized by USD 15,700,000 Indonesia Government International Bonds, 4.20%, due 10/15/50 and a market value, including accrued interest, of $13,252,669<sup>(30)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13889 | &nbsp;&nbsp;&nbsp;&nbsp; 13888777 |
| &nbsp;&nbsp;&nbsp;Dated 10/30/25 with an interest rate of 3.55%, collateralized by USD 626,000 Republic of Azerbaijan International Bonds, 3.50%, due 9/1/32 and a market value, including accrued interest, of $590,264<sup>(30)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;617 | &nbsp;&nbsp;&nbsp;&nbsp; 616876 |
| Total Repurchase Agreements<br> (identified cost $99,985,653) |  |  | &nbsp;&nbsp;**$99968278** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Sovereign Government Securities — 6.0%

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Albania — 0.0%<sup>†</sup> | Albania — 0.0%<sup>†</sup> | Albania — 0.0%<sup>†</sup> | Albania — 0.0%<sup>†</sup> |
| Albanian Treasury Bills, 0.00%, 3/12/26 | ALL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95800 | &nbsp;&nbsp;$1131176 |
|  |  |  | &nbsp;&nbsp;**$1131176** |
| Egypt — 1.5% | Egypt — 1.5% | Egypt — 1.5% | Egypt — 1.5% |
| Egypt Treasury Bills: |  |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 12/9/25 | EGP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2550 | &nbsp;&nbsp;$52703 |
| &nbsp;&nbsp;&nbsp;0.00%, 12/23/25 | EGP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269900 | &nbsp;&nbsp;&nbsp;&nbsp; 5522680 |
| &nbsp;&nbsp;&nbsp;0.00%, 1/6/26 | EGP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347975 | &nbsp;&nbsp;&nbsp;&nbsp; 7050388 |
| &nbsp;&nbsp;&nbsp;0.00%, 2/17/26 | EGP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53950 | &nbsp;&nbsp;&nbsp;&nbsp; 1065191 |
| &nbsp;&nbsp;&nbsp;0.00%, 3/31/26 | EGP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122450 | &nbsp;&nbsp;&nbsp;&nbsp; 2351265 |
| &nbsp;&nbsp;&nbsp;0.00%, 5/12/26 | EGP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62750 | &nbsp;&nbsp;&nbsp;&nbsp; 1171301 |
| &nbsp;&nbsp;&nbsp;0.00%, 7/7/26 | EGP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795325 | &nbsp;&nbsp;&nbsp;&nbsp; 14358105 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Egypt (continued) | Egypt (continued) | Egypt (continued) | Egypt (continued) |
| Egypt Treasury Bills: (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 10/27/26 | EGP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705225 | &nbsp;&nbsp;$12017676 |
|  |  |  | &nbsp;&nbsp;**$43589309** |
| Kazakhstan — 0.3% | Kazakhstan — 0.3% | Kazakhstan — 0.3% | Kazakhstan — 0.3% |
| Kazakhstan Treasury Bills, 0.00%, 5/15/26 | KZT | &nbsp;&nbsp;&nbsp;&nbsp;4997394 | &nbsp;&nbsp;$8620521 |
|  |  |  | &nbsp;&nbsp;**$8620521** |
| Nigeria — 3.9% | Nigeria — 3.9% | Nigeria — 3.9% | Nigeria — 3.9% |
| Nigeria OMO Bills: |  |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 11/18/25 | NGN | &nbsp;&nbsp;&nbsp;&nbsp;4260121 | &nbsp;&nbsp;$2970673 |
| &nbsp;&nbsp;&nbsp;0.00%, 11/25/25 | NGN | &nbsp;&nbsp;&nbsp;&nbsp;2054614 | &nbsp;&nbsp;&nbsp;&nbsp; 1420976 |
| &nbsp;&nbsp;&nbsp;0.00%, 12/16/25 | NGN | &nbsp;&nbsp;&nbsp;&nbsp;1502738 | &nbsp;&nbsp;&nbsp;&nbsp; 1033994 |
| &nbsp;&nbsp;&nbsp;0.00%, 12/23/25 | NGN | &nbsp;&nbsp;&nbsp;&nbsp;1027307 | &nbsp;&nbsp;&nbsp;&nbsp; 697610 |
| &nbsp;&nbsp;&nbsp;0.00%, 12/30/25 | NGN | &nbsp;&nbsp;&nbsp;&nbsp;3081922 | &nbsp;&nbsp;&nbsp;&nbsp; 2084112 |
| &nbsp;&nbsp;&nbsp;0.00%, 1/6/26 | NGN | &nbsp;&nbsp;&nbsp;&nbsp;3097010 | &nbsp;&nbsp;&nbsp;&nbsp; 2085886 |
| &nbsp;&nbsp;&nbsp;0.00%, 1/13/26 | NGN | 13884874 | &nbsp;&nbsp;&nbsp;&nbsp; 9315352 |
| &nbsp;&nbsp;&nbsp;0.00%, 1/27/26 | NGN | 15321808 | &nbsp;&nbsp;&nbsp;&nbsp; 10203892 |
| &nbsp;&nbsp;&nbsp;0.00%, 2/3/26 | NGN | &nbsp;&nbsp;&nbsp;&nbsp;4314691 | &nbsp;&nbsp;&nbsp;&nbsp; 2862692 |
| &nbsp;&nbsp;&nbsp;0.00%, 2/17/26 | NGN | &nbsp;&nbsp;&nbsp;&nbsp;5463081 | &nbsp;&nbsp;&nbsp;&nbsp; 3607442 |
| &nbsp;&nbsp;&nbsp;0.00%, 2/25/26 | NGN | &nbsp;&nbsp;&nbsp;&nbsp;1006474 | &nbsp;&nbsp;&nbsp;&nbsp; 658899 |
| &nbsp;&nbsp;&nbsp;0.00%, 3/10/26 | NGN | 18923000 | &nbsp;&nbsp;&nbsp;&nbsp; 12310091 |
| &nbsp;&nbsp;&nbsp;0.00%, 3/24/26 | NGN | 22938287 | &nbsp;&nbsp;&nbsp;&nbsp; 14803966 |
| &nbsp;&nbsp;&nbsp;0.00%, 4/7/26 | NGN | &nbsp;&nbsp;&nbsp;&nbsp;2568268 | &nbsp;&nbsp;&nbsp;&nbsp; 1651321 |
| &nbsp;&nbsp;&nbsp;0.00%, 4/21/26 | NGN | &nbsp;&nbsp;&nbsp;&nbsp;9001319 | &nbsp;&nbsp;&nbsp;&nbsp; 5745847 |
| &nbsp;&nbsp;&nbsp;0.00%, 4/28/26 | NGN | 23260644 | &nbsp;&nbsp;&nbsp;&nbsp; 14752596 |
| &nbsp;&nbsp;&nbsp;0.00%, 6/23/26 | NGN | 21793235 | &nbsp;&nbsp;&nbsp;&nbsp; 13535350 |
| &nbsp;&nbsp;&nbsp;0.00%, 6/30/26 | NGN | 25135829 | &nbsp;&nbsp;&nbsp;&nbsp; 15437238 |
| &nbsp;&nbsp;&nbsp;0.00%, 7/7/26 | NGN | &nbsp;&nbsp;&nbsp;&nbsp;2568268 | &nbsp;&nbsp;&nbsp;&nbsp; 1576554 |
|  |  |  | &nbsp;&nbsp;**$116754491** |
| Uruguay — 0.3% | Uruguay — 0.3% | Uruguay — 0.3% | Uruguay — 0.3% |
| Uruguay Monetary Regulation Bills: |  |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 11/7/25 | UYU | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25818 | &nbsp;&nbsp;$647079 |
| &nbsp;&nbsp;&nbsp;0.00%, 12/5/25 | UYU | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107000 | &nbsp;&nbsp;&nbsp;&nbsp; 2665272 |
| &nbsp;&nbsp;&nbsp;0.00%, 12/19/25 | UYU | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87558 | &nbsp;&nbsp;&nbsp;&nbsp; 2174385 |
| &nbsp;&nbsp;&nbsp;0.00%, 12/30/25 | UYU | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91105 | &nbsp;&nbsp;&nbsp;&nbsp; 2258003 |
| &nbsp;&nbsp;&nbsp;0.00%, 3/6/26 | UYU | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25818 | &nbsp;&nbsp;&nbsp;&nbsp; 630780 |
|  |  |  | &nbsp;&nbsp;**$8375519** |
| Total Sovereign Government Securities<br> (identified cost $173,702,381) |  |  | &nbsp;&nbsp;**$178471016** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

*29*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_da65d7d0-3803-492b-bc5e-d1cca7923e55_TOC)

Global Macro Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

U.S. Treasury Obligations — 15.0%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| U.S. Treasury Bills: |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 11/13/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94000 | &nbsp;&nbsp;$93899263 |
| &nbsp;&nbsp;&nbsp;0.00%, 11/20/25<sup>(31)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85675 | &nbsp;&nbsp;&nbsp;&nbsp; 85517923 |
| &nbsp;&nbsp;&nbsp;0.00%, 12/4/25<sup>(31)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51639 | &nbsp;&nbsp;&nbsp;&nbsp; 51466936 |
| &nbsp;&nbsp;&nbsp;0.00%, 12/11/25<sup>(31)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp; 29877352 |
| &nbsp;&nbsp;&nbsp;0.00%, 12/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp; 79613676 |
| &nbsp;&nbsp;&nbsp;0.00%, 1/8/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107700 | &nbsp;&nbsp;&nbsp;&nbsp; 106954133 |
| Total U.S. Treasury Obligations<br> (identified cost $447,225,201) |  | &nbsp;&nbsp;**$447329283** |
| Total Short-Term Investments<br> (identified cost $1,177,879,990) |  | &nbsp;&nbsp;**$1182735332** |

---

---

| | |
|:---|:---|
| Total Purchased Options — 0.2%<br> (identified cost $8,742,315) | &nbsp;&nbsp;**$4945187** |
| Total Investments — 100.2%<br> (identified cost $2,882,994,271) | &nbsp;&nbsp;**$2988189514** |
| Less Unfunded Loan Commitments — (1.1)% | &nbsp;&nbsp;**$(33140505)** |
| Net Investments — 99.1%<br> (identified cost $2,849,853,766) | &nbsp;&nbsp;**$2955049009** |
| Total Written Options — (0.0)%<sup>†</sup><br> (premiums received $1,992,229) | &nbsp;&nbsp;**$(1090477)** |

---

---

| |
|:---|
| Securities Sold Short — (4.8)% |
| Exchange-Traded Funds — (1.7)% |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| United States — (1.7)% | United States — (1.7)% | United States — (1.7)% |
| iShares Broad USD High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;(802332) | &nbsp;&nbsp;$(30151637) |
| iShares JPMorgan USD Emerging Markets Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;(220663) | &nbsp;&nbsp;&nbsp;&nbsp; (21331492) |
| Total Exchange-Traded Funds<br> (proceeds $47,879,178) |  | &nbsp;&nbsp;**$(51483129)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Sovereign Government Bonds — (3.1)%

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp; **Value** |
| Armenia — (0.1)% | Armenia — (0.1)% | Armenia — (0.1)% | Armenia — (0.1)% |
| Republic of Armenia International Bonds, 3.60%, 2/2/31<sup>(7)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2972) | &nbsp;&nbsp;$(2730219) |
|  |  |  | &nbsp;&nbsp;**$(2730219)** |
| Azerbaijan — (0.2)% | Azerbaijan — (0.2)% | Azerbaijan — (0.2)% | Azerbaijan — (0.2)% |
| Republic of Azerbaijan International Bonds, 3.50%, 9/1/32<sup>(7)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5883) | &nbsp;&nbsp;$(5512841) |
|  |  |  | &nbsp;&nbsp;**$(5512841)** |
| Bahrain — (0.3)% | Bahrain — (0.3)% | Bahrain — (0.3)% | Bahrain — (0.3)% |
| Bahrain Government International Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, 5/18/34<sup>(7)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2648) | &nbsp;&nbsp;$(2578710) |
| &nbsp;&nbsp;&nbsp;6.00%, 9/19/44<sup>(7)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2035) | &nbsp;&nbsp;&nbsp;&nbsp; (1894597) |
| &nbsp;&nbsp;&nbsp;7.50%, 2/12/36<sup>(7)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1538) | &nbsp;&nbsp;&nbsp;&nbsp; (1697839) |
| &nbsp;&nbsp;&nbsp;7.50%, 9/20/47<sup>(7)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2135) | &nbsp;&nbsp;&nbsp;&nbsp; (2300928) |
| &nbsp;&nbsp;&nbsp;7.75%, 4/18/35<sup>(7)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1759) | &nbsp;&nbsp;&nbsp;&nbsp; (1965329) |
|  |  |  | &nbsp;&nbsp;**$(10437403)** |
| Cameroon — (0.1)% | Cameroon — (0.1)% | Cameroon — (0.1)% | Cameroon — (0.1)% |
| Republic of Cameroon Government International Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;5.95%, 7/7/32<sup>(7)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2526) | &nbsp;&nbsp;$(2379726) |
| &nbsp;&nbsp;&nbsp;9.50%, 7/31/31<sup>(7)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(719) | &nbsp;&nbsp;&nbsp;&nbsp; (684504) |
|  |  |  | &nbsp;&nbsp;**$(3064230)** |
| Indonesia — (1.4)% | Indonesia — (1.4)% | Indonesia — (1.4)% | Indonesia — (1.4)% |
| Indonesia Government International Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;4.20%, 10/15/50 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15700) | &nbsp;&nbsp;$(13223362) |
| &nbsp;&nbsp;&nbsp;4.30%, 3/31/52 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8900) | &nbsp;&nbsp;&nbsp;&nbsp; (7546429) |
| &nbsp;&nbsp;&nbsp;5.45%, 9/20/52 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5800) | &nbsp;&nbsp;&nbsp;&nbsp; (5850583) |
| &nbsp;&nbsp;&nbsp;5.65%, 1/11/53 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13290) | &nbsp;&nbsp;&nbsp;&nbsp; (13733132) |
|  |  |  | &nbsp;&nbsp;**$(40353506)** |
| Kazakhstan — (0.3)% | Kazakhstan — (0.3)% | Kazakhstan — (0.3)% | Kazakhstan — (0.3)% |
| Kazakhstan Government International Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, 10/14/44<sup>(7)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4548) | &nbsp;&nbsp;$(4247257) |
| &nbsp;&nbsp;&nbsp;6.50%, 7/21/45<sup>(7)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3382) | &nbsp;&nbsp;&nbsp;&nbsp; (3804389) |
|  |  |  | &nbsp;&nbsp;**$(8051646)** |

---

*30*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_da65d7d0-3803-492b-bc5e-d1cca7923e55_TOC)

Global Macro Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp; **Value** |
| Poland — (0.3)% | Poland — (0.3)% | Poland — (0.3)% | Poland — (0.3)% |
| Republic of Poland Government International Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;1.00%, 3/7/29<sup>(7)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7156) | &nbsp;&nbsp;$(7917573) |
| &nbsp;&nbsp;&nbsp;2.75%, 5/25/32<sup>(7)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2000) | &nbsp;&nbsp;&nbsp;&nbsp; (2276233) |
|  |  |  | &nbsp;&nbsp;**$(10193806)** |
| Senegal — (0.4)% | Senegal — (0.4)% | Senegal — (0.4)% | Senegal — (0.4)% |
| Senegal Government International Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;6.25%, 5/23/33<sup>(7)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7228) | &nbsp;&nbsp;$(5203526) |
| &nbsp;&nbsp;&nbsp;6.75%, 3/13/48<sup>(7)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5808) | &nbsp;&nbsp;&nbsp;&nbsp; (3744642) |
| &nbsp;&nbsp;&nbsp;7.75%, 6/10/31<sup>(7)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3909) | &nbsp;&nbsp;&nbsp;&nbsp; (3082858) |
|  |  |  | &nbsp;&nbsp;**$(12031026)** |
| Total Sovereign Government Bonds<br> (proceeds $88,241,832) |  |  | &nbsp;&nbsp;**$(92374677)** |
| Total Securities Sold Short<br> (proceeds $136,121,010) |  |  | &nbsp;&nbsp;**$(143857806)** |

---

---

| | |
|:---|:---|
| Other Assets, Less Liabilities — 5.7% | &nbsp;&nbsp;**$173249603** |
| Net Assets — 100.0% | &nbsp;&nbsp;**$2983350329** |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category in the Consolidated Portfolio of Investments is based on net assets. | The percentage shown for each investment category in the Consolidated Portfolio of Investments is based on net assets. |
| <sup>†</sup> | Amount is less than 0.05% or (0.05)%, as applicable. |
| <sup>(1)</sup> | Principal amount is less than $500. |
| <sup>(2)</sup> | Weighted average fixed-rate coupon that changes/updates monthly. Rate shown is the rate at October 31, 2025. |
| <sup>(3)</sup> | 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 October 31, 2025. |
| <sup>(4)</sup> | Variable rate security. The stated interest rate represents the rate in effect at October 31, 2025. |
| <sup>(5)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At October 31, 2025, the aggregate value of these securities is $150,801,606 or 5.1% of the Portfolio's net assets. |
| <sup>(6)</sup> | Non-income producing security. |
| <sup>(7)</sup> | Security exempt from registration under Regulation S of the Securities Act of 1933, as amended, 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, as amended. At October 31, 2025, the aggregate value of these securities is $438,694,565 or 14.7% of the Portfolio's net assets. |

---

<sup>(8)</sup> Issuer is in default with respect to interest and/or principal payments or has declared bankruptcy and is non-income producing. For a variable rate security, interest rate has been adjusted to reflect non-accrual status.

<sup>(9)</sup> Security whose performance is linked to the price of an underlying security issued by the Ministry of Finance of Paraguay. The investment is subject to credit risk of the issuing financial institution (Itau BBA International PLC) in addition to the market risk of the underlying security.

<sup>(10)</sup> Security whose performance is linked to the price of an underlying security issued by the Arab Republic of Egypt. The investment is subject to credit risk of the issuing financial institution (Absa Bank Ltd.) in addition to the market risk of the underlying security.

<sup>(11)</sup> Security whose performance is linked to the price of an underlying security issued by the United Republic of Tanzania. The investment is subject to credit risk of the issuing financial institution (Absa Bank Ltd.) in addition to the market risk of the underlying security.

<sup>(12)</sup> Represents a payment-in-kind security which may pay interest in additional principal at the issuer's discretion.

<sup>(13)</sup> Perpetual security with no stated maturity date but may be subject to calls by the issuer.

<sup>(14)</sup> Security converts to variable rate after the indicated fixed-rate coupon period.

<sup>(15)</sup> Security is valued using significant unobservable inputs and is categorized as Level 3 in the fair value hierarchy.

<sup>(16)</sup> When-issued security.

<sup>(17)</sup> Quantity held represents principal in USD.

<sup>(18)</sup> Security is subject to risk of loss depending on the occurrence, frequency and severity of the loss events that are covered by underlying reinsurance contracts and that may occur during a specified risk period.

<sup>(19)</sup> Restricted security (see Note 5).

<sup>(20)</sup> Limited recourse note whose payments by the issuer are limited to amounts received by the issuer from the borrower pursuant to a loan agreement with the borrower.

<sup>(21)</sup> Senior floating-rate loans (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 typically have an expected average life of approximately two to four years. Senior Loans typically have rates of interest which are redetermined periodically by reference to a base lending rate, plus a spread. These base lending rates are primarily the Secured Overnight Financing Rate ("SOFR") and secondarily, the prime rate offered by one or more major United States banks (the "Prime Rate"). Base lending rates may be subject to a floor, or minimum rate. Rates for SOFR are generally 1 or 3-month tenors and may also be subject to a credit spread adjustment. Senior Loans are generally subject to contractual restrictions that must be satisfied before they can be bought or sold.

<sup>(22)</sup> Unfunded or partially unfunded loan commitments. The stated interest rate reflects the reference rate and spread for the funded portion, if any. At October 31, 2025, the total value of unfunded loan commitments is $33,084,672. See Note 1F for description.

<sup>(23)</sup> 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.

*31*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_da65d7d0-3803-492b-bc5e-d1cca7923e55_TOC)

Global Macro Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

<sup>(24)</sup> Step coupon security. Interest rate represents the rate in effect at October 31, 2025.

<sup>(25)</sup> Amounts payable in respect of the security are contingent upon and determined by reference to Ukraine's GDP and Real GDP Growth Rate. Principal amount represents the notional amount used to calculate payments due to the security holder and does not represent an entitlement for payment.

<sup>(26)</sup> Adjustable rate mortgage security whose interest rate generally adjusts monthly based on a weighted average of interest rates on the underlying mortgages. The coupon rate may not reflect the applicable index value as interest rates on the underlying mortgages may adjust on various dates and at various intervals and may be subject to lifetime ceilings and lifetime floors and lookback periods. Rate shown is the coupon rate at October 31, 2025.

<sup>(27)</sup> Interest only security that entitles the holder to receive only a portion of the interest payments on the underlying loans. Principal amount shown is the notional amount of the underlying loans on which coupon interest is calculated.

<sup>(28)</sup> The stated interest rate represents the weighted average fixed interest rate at October 31, 2025 of all interest only securities comprising the trust.

<sup>(29)</sup> May be deemed to be an affiliated investment company (see Note 9). The rate shown is the annualized seven-day yield as of October 31, 2025.

<sup>(30)</sup> Open repurchase agreement with no specific maturity date. Either party may terminate the agreement upon demand.

<sup>(31)</sup> Security (or a portion thereof) has been pledged to cover collateral requirements on open derivative contracts.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchased Currency Options (OTC) — 0.0%<sup>†</sup>** | **Purchased Currency Options (OTC) — 0.0%<sup>†</sup>** | **Purchased Currency Options (OTC) — 0.0%<sup>†</sup>** | **Purchased Currency Options (OTC) — 0.0%<sup>†</sup>** | **Purchased Currency Options (OTC) — 0.0%<sup>†</sup>** | **Purchased Currency Options (OTC) — 0.0%<sup>†</sup>** | **Purchased Currency Options (OTC) — 0.0%<sup>†</sup>** | **Purchased Currency Options (OTC) — 0.0%<sup>†</sup>** |
| **Description** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Notional Amount** | &nbsp;&nbsp;**Notional Amount** | &nbsp;&nbsp;**Exercise<br> Price** | &nbsp;&nbsp;**Exercise<br> Price** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Value** |
| Call USD vs. Put INR | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp; 4915000 | &nbsp;&nbsp;INR | &nbsp;&nbsp;88.86 | &nbsp;&nbsp;4/21/26 | &nbsp;&nbsp;$76409 |
| Put USD vs. Call CNH | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;USD | &nbsp;&nbsp;21400000 | &nbsp;&nbsp;CNH | &nbsp;&nbsp; 7.00 | &nbsp;&nbsp;1/26/26 | &nbsp;&nbsp; 47358 |
| Put USD vs. Call CNH | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;USD | &nbsp;&nbsp;24900000 | &nbsp;&nbsp;CNH | &nbsp;&nbsp; 7.00 | &nbsp;&nbsp;1/29/26 | &nbsp;&nbsp; 58789 |
| Put USD vs. Call CNH | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;USD | &nbsp;&nbsp;18000000 | &nbsp;&nbsp;CNH | &nbsp;&nbsp; 7.00 | &nbsp;&nbsp;1/22/26 | &nbsp;&nbsp; 37386 |
| Put USD vs. Call CNH | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;USD | &nbsp;&nbsp; 1020000 | &nbsp;&nbsp;CNH | &nbsp;&nbsp; 7.00 | &nbsp;&nbsp;1/29/26 | &nbsp;&nbsp; 2408 |
| Put USD vs. Call CNH | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;USD | &nbsp;&nbsp; 8810000 | &nbsp;&nbsp;CNH | &nbsp;&nbsp; 7.00 | &nbsp;&nbsp;1/26/26 | &nbsp;&nbsp; 19496 |
| Put USD vs. Call INR | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp; 7200000 | &nbsp;&nbsp;INR | &nbsp;&nbsp;87.00 | &nbsp;&nbsp;2/18/26 | &nbsp;&nbsp; 10541 |
| Put USD vs. Call INR | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp;11298000 | &nbsp;&nbsp;INR | &nbsp;&nbsp;89.13 | &nbsp;&nbsp;4/15/26 | &nbsp;&nbsp; 84803 |
| Put USD vs. Call INR | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;USD | &nbsp;&nbsp;11298000 | &nbsp;&nbsp;INR | &nbsp;&nbsp;89.23 | &nbsp;&nbsp;4/15/26 | &nbsp;&nbsp; 89876 |
| Put USD vs. Call INR | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;USD | &nbsp;&nbsp;11300000 | &nbsp;&nbsp;INR | &nbsp;&nbsp;88.73 | &nbsp;&nbsp;4/22/26 | &nbsp;&nbsp; 67484 |
| Put USD vs. Call INR | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;USD | &nbsp;&nbsp; 9400000 | &nbsp;&nbsp;INR | &nbsp;&nbsp;87.00 | &nbsp;&nbsp;&nbsp;&nbsp;2/5/26 | &nbsp;&nbsp; 11919 |
| Put USD vs. Call INR | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;USD | &nbsp;&nbsp; 7500000 | &nbsp;&nbsp;INR | &nbsp;&nbsp;87.00 | &nbsp;&nbsp;&nbsp;&nbsp;2/9/26 | &nbsp;&nbsp; 10095 |
| Put USD vs. Call INR | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;USD | &nbsp;&nbsp; 3700000 | &nbsp;&nbsp;INR | &nbsp;&nbsp;87.00 | &nbsp;&nbsp;2/10/26 | &nbsp;&nbsp; 5039 |
| Put USD vs. Call INR | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;INR | &nbsp;&nbsp;87.00 | &nbsp;&nbsp;2/10/26 | &nbsp;&nbsp; 5448 |
| Put USD vs. Call INR | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp; 4915000 | &nbsp;&nbsp;INR | &nbsp;&nbsp;88.86 | &nbsp;&nbsp;4/21/26 | &nbsp;&nbsp; 31657 |
| Put USD vs. Call INR | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp;15600000 | &nbsp;&nbsp;INR | &nbsp;&nbsp;85.50 | &nbsp;&nbsp;1/25/29 | &nbsp;&nbsp; 51683 |
| Put USD vs. Call INR | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp; 8400000 | &nbsp;&nbsp;INR | &nbsp;&nbsp;85.50 | &nbsp;&nbsp;1/25/29 | &nbsp;&nbsp; 27829 |
| Put USD vs. Call INR | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp; 8000000 | &nbsp;&nbsp;INR | &nbsp;&nbsp;85.50 | &nbsp;&nbsp;1/30/29 | &nbsp;&nbsp; 26640 |
| Put USD vs. Call INR | &nbsp;&nbsp;Nomura International PLC | &nbsp;&nbsp;USD | &nbsp;&nbsp;18900000 | &nbsp;&nbsp;INR | &nbsp;&nbsp;87.00 | &nbsp;&nbsp;2/10/26 | &nbsp;&nbsp; 25742 |
| Put USD vs. Call INR | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;USD | &nbsp;&nbsp; 1010000 | &nbsp;&nbsp;INR | &nbsp;&nbsp;87.00 | &nbsp;&nbsp;2/24/26 | &nbsp;&nbsp; 1578 |
| **Total** |  |  |  |  |  |  | &nbsp;&nbsp;**$692180** |

---

---

| | |
|:---|:---|
| <sup>†</sup> | Amount is less than 0.05% or (0.05)%, as applicable. |

---

*32*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_da65d7d0-3803-492b-bc5e-d1cca7923e55_TOC)

Global Macro Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Purchased Put Options (Exchange-Traded) — 0.2%** | **Purchased Put Options (Exchange-Traded) — 0.2%** | **Purchased Put Options (Exchange-Traded) — 0.2%** | **Purchased Put Options (Exchange-Traded) — 0.2%** | **Purchased Put Options (Exchange-Traded) — 0.2%** | **Purchased Put Options (Exchange-Traded) — 0.2%** |
| **Description** | &nbsp;&nbsp;&nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Exercise<br> Price** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Value** |
| E-Mini S&P 500 Index Futures 12/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 66 | $&nbsp;&nbsp;22684200 | $&nbsp;&nbsp;&nbsp;5350.00 | &nbsp;&nbsp;12/19/25 | &nbsp;&nbsp;$22935 |
| E-Mini S&P 500 Index Futures 12/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 64 | &nbsp;&nbsp;21996800 | &nbsp;&nbsp;&nbsp;5400.00 | &nbsp;&nbsp;12/19/25 | &nbsp;&nbsp; 23840 |
| E-Mini S&P 500 Index Futures 12/2025 | &nbsp;&nbsp;&nbsp;&nbsp;214 | &nbsp;&nbsp;73551800 | &nbsp;&nbsp;&nbsp;5450.00 | &nbsp;&nbsp;12/19/25 | &nbsp;&nbsp; 85065 |
| ICE Brent Crude Oil Futures 06/2026 | &nbsp;&nbsp;&nbsp;&nbsp;206 | &nbsp;&nbsp;13404420 | &nbsp;&nbsp; 42.00 | &nbsp;&nbsp; 4/27/26 | &nbsp;&nbsp; 90640 |
| ICE Brent Crude Oil Futures 06/2026 | &nbsp;&nbsp;&nbsp;&nbsp;166 | &nbsp;&nbsp;10801620 | &nbsp;&nbsp; 50.00 | &nbsp;&nbsp; 4/27/26 | &nbsp;&nbsp; 180940 |
| ICE Brent Crude Oil Futures 06/2026 | &nbsp;&nbsp;&nbsp;&nbsp;445 | &nbsp;&nbsp;28956150 | &nbsp;&nbsp; 60.00 | &nbsp;&nbsp; 4/27/26 | &nbsp;&nbsp;1557500 |
| ICE Brent Crude Oil Futures 12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;114 | &nbsp;&nbsp; 7417980 | &nbsp;&nbsp; 50.00 | &nbsp;&nbsp;10/27/26 | &nbsp;&nbsp; 255360 |
| ICE Brent Crude Oil Futures 12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;201 | &nbsp;&nbsp;13079070 | &nbsp;&nbsp; 55.00 | &nbsp;&nbsp;10/27/26 | &nbsp;&nbsp; 703500 |
| ICE Brent Crude Oil Futures 12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp; 2993220 | &nbsp;&nbsp; 58.00 | &nbsp;&nbsp;10/27/26 | &nbsp;&nbsp; 207000 |
| ICE Brent Crude Oil Futures 12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;208 | &nbsp;&nbsp;13534560 | &nbsp;&nbsp; 60.00 | &nbsp;&nbsp;10/27/26 | &nbsp;&nbsp;1100320 |
| **Total** |  |  |  |  | &nbsp;&nbsp;**$4227100** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Purchased Put Options (OTC) — 0.0%<sup>†</sup>** | **Purchased Put Options (OTC) — 0.0%<sup>†</sup>** | **Purchased Put Options (OTC) — 0.0%<sup>†</sup>** | **Purchased Put Options (OTC) — 0.0%<sup>†</sup>** | **Purchased Put Options (OTC) — 0.0%<sup>†</sup>** | **Purchased Put Options (OTC) — 0.0%<sup>†</sup>** | **Purchased Put Options (OTC) — 0.0%<sup>†</sup>** |
| **Description** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Exercise<br> Price** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Value** |
| iShares 20+ Year Treasury Bond ETF | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;1508 | $&nbsp;&nbsp;13565968 | $&nbsp;&nbsp;80.00 | &nbsp;&nbsp;1/16/26 | &nbsp;&nbsp;$25907 |
| **Total** |  |  |  |  |  | &nbsp;&nbsp;**$25907** |

---

---

| | |
|:---|:---|
| <sup>†</sup> | Amount is less than 0.05% or (0.05)%, as applicable. |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Written Currency Options (OTC) — (0.0)%<sup>†</sup>** | **Written Currency Options (OTC) — (0.0)%<sup>†</sup>** | **Written Currency Options (OTC) — (0.0)%<sup>†</sup>** | **Written Currency Options (OTC) — (0.0)%<sup>†</sup>** | **Written Currency Options (OTC) — (0.0)%<sup>†</sup>** | **Written Currency Options (OTC) — (0.0)%<sup>†</sup>** | **Written Currency Options (OTC) — (0.0)%<sup>†</sup>** | **Written Currency Options (OTC) — (0.0)%<sup>†</sup>** |
| **Description** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Notional Amount** | &nbsp;&nbsp;**Notional Amount** | &nbsp;&nbsp;**Exercise<br> Price** | &nbsp;&nbsp;**Exercise<br> Price** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Value** |
| Call USD vs. Put BRL (Digital Option) | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;USD | &nbsp;&nbsp; 1897000 | &nbsp;&nbsp;BRL | &nbsp;&nbsp; 7.00 | &nbsp;&nbsp;7/12/27 | &nbsp;&nbsp;$(482083) |
| Call USD vs. Put BRL (Digital Option) | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;USD | &nbsp;&nbsp; 1518000 | &nbsp;&nbsp;BRL | &nbsp;&nbsp; 7.00 | &nbsp;&nbsp;7/14/27 | &nbsp;&nbsp; (387072) |
| Call USD vs. Put INR | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp; 7200000 | &nbsp;&nbsp;INR | &nbsp;&nbsp; 91.00 | &nbsp;&nbsp;2/18/26 | &nbsp;&nbsp; (17280) |
| Call USD vs. Put INR | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;USD | &nbsp;&nbsp; 9400000 | &nbsp;&nbsp;INR | &nbsp;&nbsp; 91.00 | &nbsp;&nbsp;&nbsp;&nbsp;2/5/26 | &nbsp;&nbsp; (17597) |
| Call USD vs. Put INR | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;USD | &nbsp;&nbsp; 7500000 | &nbsp;&nbsp;INR | &nbsp;&nbsp; 91.00 | &nbsp;&nbsp;&nbsp;&nbsp;2/9/26 | &nbsp;&nbsp; (15090) |
| Call USD vs. Put INR | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;USD | &nbsp;&nbsp; 3700000 | &nbsp;&nbsp;INR | &nbsp;&nbsp; 91.00 | &nbsp;&nbsp;2/10/26 | &nbsp;&nbsp; (7592) |
| Call USD vs. Put INR | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;INR | &nbsp;&nbsp; 91.00 | &nbsp;&nbsp;2/10/26 | &nbsp;&nbsp; (8208) |
| Call USD vs. Put INR | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp; 4915000 | &nbsp;&nbsp;INR | &nbsp;&nbsp; 88.86 | &nbsp;&nbsp;4/21/26 | &nbsp;&nbsp; (76409) |
| Call USD vs. Put INR | &nbsp;&nbsp;Nomura International PLC | &nbsp;&nbsp;USD | &nbsp;&nbsp;18900000 | &nbsp;&nbsp;INR | &nbsp;&nbsp; 91.00 | &nbsp;&nbsp;2/10/26 | &nbsp;&nbsp; (38783) |
| Call USD vs. Put INR | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;USD | &nbsp;&nbsp; 1010000 | &nbsp;&nbsp;INR | &nbsp;&nbsp; 91.00 | &nbsp;&nbsp;2/24/26 | &nbsp;&nbsp; (2636) |
| Put USD vs. Call INR | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp; 7200000 | &nbsp;&nbsp;INR | &nbsp;&nbsp; 85.00 | &nbsp;&nbsp;2/18/26 | &nbsp;&nbsp; (2678) |
| Put USD vs. Call INR | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;USD | &nbsp;&nbsp; 9400000 | &nbsp;&nbsp;INR | &nbsp;&nbsp; 84.50 | &nbsp;&nbsp;&nbsp;&nbsp;2/5/26 | &nbsp;&nbsp; (1880) |
| Put USD vs. Call INR | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;USD | &nbsp;&nbsp; 7500000 | &nbsp;&nbsp;INR | &nbsp;&nbsp; 84.50 | &nbsp;&nbsp;&nbsp;&nbsp;2/9/26 | &nbsp;&nbsp; (1687) |
| Put USD vs. Call INR | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;USD | &nbsp;&nbsp; 3700000 | &nbsp;&nbsp;INR | &nbsp;&nbsp; 84.50 | &nbsp;&nbsp;2/10/26 | &nbsp;&nbsp; (855) |
| Put USD vs. Call INR | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;INR | &nbsp;&nbsp; 84.50 | &nbsp;&nbsp;2/10/26 | &nbsp;&nbsp; (924) |
| Put USD vs. Call INR | &nbsp;&nbsp;Nomura International PLC | &nbsp;&nbsp;USD | &nbsp;&nbsp;18900000 | &nbsp;&nbsp;INR | &nbsp;&nbsp; 84.50 | &nbsp;&nbsp;2/10/26 | &nbsp;&nbsp; (4366) |

---

*33*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_da65d7d0-3803-492b-bc5e-d1cca7923e55_TOC)

Global Macro Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Written Currency Options (OTC)<sup>†</sup> (continued)** | **Written Currency Options (OTC)<sup>†</sup> (continued)** | **Written Currency Options (OTC)<sup>†</sup> (continued)** | **Written Currency Options (OTC)<sup>†</sup> (continued)** | **Written Currency Options (OTC)<sup>†</sup> (continued)** | **Written Currency Options (OTC)<sup>†</sup> (continued)** | **Written Currency Options (OTC)<sup>†</sup> (continued)** | **Written Currency Options (OTC)<sup>†</sup> (continued)** |
| **Description** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Notional Amount** | &nbsp;&nbsp;**Notional Amount** | &nbsp;&nbsp;**Exercise<br> Price** | &nbsp;&nbsp;**Exercise<br> Price** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Value** |
| Put USD vs. Call INR | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;USD | &nbsp;&nbsp; 1010000 | &nbsp;&nbsp;INR | &nbsp;&nbsp; 84.50 | &nbsp;&nbsp;2/24/26 | &nbsp;&nbsp;$(308) |
| Put USD vs. Call KRW | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;USD | &nbsp;&nbsp; 8500000 | &nbsp;&nbsp;KRW | &nbsp;&nbsp;1300.00 | &nbsp;&nbsp;1/26/26 | &nbsp;&nbsp; (2873) |
| Put USD vs. Call KRW | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;USD | &nbsp;&nbsp;18200000 | &nbsp;&nbsp;KRW | &nbsp;&nbsp;1310.00 | &nbsp;&nbsp;&nbsp;&nbsp;2/5/26 | &nbsp;&nbsp; (11703) |
| Put USD vs. Call KRW | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp;11600000 | &nbsp;&nbsp;KRW | &nbsp;&nbsp;1300.00 | &nbsp;&nbsp;1/22/26 | &nbsp;&nbsp; (3526) |
| Put USD vs. Call KRW | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;USD | &nbsp;&nbsp; 4050000 | &nbsp;&nbsp;KRW | &nbsp;&nbsp;1300.00 | &nbsp;&nbsp;1/26/26 | &nbsp;&nbsp; (1369) |
| Put USD vs. Call KRW | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;USD | &nbsp;&nbsp; 7720000 | &nbsp;&nbsp;KRW | &nbsp;&nbsp;1310.00 | &nbsp;&nbsp;&nbsp;&nbsp;2/9/26 | &nbsp;&nbsp; (5558) |
| **Total** |  |  |  |  |  |  | &nbsp;&nbsp;**$(1090477)** |

---

---

| | |
|:---|:---|
| <sup>†</sup> | Amount is less than 0.05% or (0.05)%, as applicable. |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts (Centrally Cleared)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared)** |
| **Currency Purchased** | **Currency Purchased** | &nbsp;&nbsp;&nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;&nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;&nbsp;&nbsp;**Settlement<br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> Appreciation<br> (Depreciation)** |
| CLP | &nbsp;&nbsp;&nbsp;&nbsp; 3634000000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 3789451 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$66666 |
| CLP | &nbsp;&nbsp;&nbsp;&nbsp; 3298000000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 3460858 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38723 |
| CLP | &nbsp;&nbsp;&nbsp;&nbsp; 562000000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 585905 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10446 |
| CLP | &nbsp;&nbsp;&nbsp;&nbsp; 168000000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 175206 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3062 |
| COP | &nbsp;&nbsp;&nbsp;&nbsp;100531800000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 25316813 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 610176 |
| COP | &nbsp;&nbsp;&nbsp;&nbsp;112329000000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 28755120 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 214348 |
| COP | &nbsp;&nbsp;&nbsp;&nbsp; 59323000000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 15099714 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 199592 |
| COP | &nbsp;&nbsp;&nbsp;&nbsp; 39373000000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 10036196 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 118037 |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 178505 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 210463 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4208) |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 1260735 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 1463285 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6554) |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 1973123 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8837) |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 2391000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 2775140 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12430) |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 3425074 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 3975349 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17805) |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 4505975 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 5229908 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (23424) |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 1074599 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 1266991 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25333) |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 1140819 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 1345067 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (26894) |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 1388729 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 1637362 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (32738) |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 7536663 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 8747509 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (39180) |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 2794329 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 3294615 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (65874) |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 3052674 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 3599213 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (71964) |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 3441739 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 4057935 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (81136) |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 7420000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 8748449 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (174919) |
| INR | &nbsp;&nbsp;&nbsp;&nbsp; 831000000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 9391316 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (52352) |
| INR | &nbsp;&nbsp;&nbsp;&nbsp; 1109000000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 12531484 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (68294) |
| INR | &nbsp;&nbsp;&nbsp;&nbsp; 1524360000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 17224024 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (92925) |
| KRW | &nbsp;&nbsp;&nbsp;&nbsp; 5024800000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 3539314 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16806) |
| KRW | &nbsp;&nbsp;&nbsp;&nbsp; 3089030000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 2183276 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17790) |
| KRW | &nbsp;&nbsp;&nbsp;&nbsp; 26666000000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 19262748 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (569226) |
| KRW | &nbsp;&nbsp;&nbsp;&nbsp; 28526640000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 20604886 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (607009) |

---

*34*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_da65d7d0-3803-492b-bc5e-d1cca7923e55_TOC)

Global Macro Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** |
| **Currency Purchased** | **Currency Purchased** | &nbsp;&nbsp;&nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;&nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;&nbsp;&nbsp;**Settlement<br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> Appreciation<br> (Depreciation)** |
| PHP | &nbsp;&nbsp;&nbsp;&nbsp; 120035475 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 2062465 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(18928) |
| PHP | &nbsp;&nbsp;&nbsp;&nbsp; 136000000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 2336128 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20803) |
| PHP | &nbsp;&nbsp;&nbsp;&nbsp; 225514525 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 3863667 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24407) |
| PHP | &nbsp;&nbsp;&nbsp;&nbsp; 281800000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 4841924 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (44436) |
| TWD | &nbsp;&nbsp;&nbsp;&nbsp; 107495000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 3534613 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (38807) |
| TWD | &nbsp;&nbsp;&nbsp;&nbsp; 116843000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 3844089 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (44280) |
| TWD | &nbsp;&nbsp;&nbsp;&nbsp; 126190000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 4149349 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (45569) |
| TWD | &nbsp;&nbsp;&nbsp;&nbsp; 116842000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 3851202 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (51425) |
| TWD | &nbsp;&nbsp;&nbsp;&nbsp; 393000000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 13089964 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (309353) |
| TWD | &nbsp;&nbsp;&nbsp;&nbsp; 410600000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 13704940 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (351966) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 8054817 | &nbsp;&nbsp;&nbsp;&nbsp;CLP | &nbsp;&nbsp;&nbsp;&nbsp; 7662000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (75499) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 25097320 | &nbsp;&nbsp;&nbsp;&nbsp;COP | &nbsp;&nbsp;&nbsp;&nbsp; 98961241749 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (424625) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 27445299 | &nbsp;&nbsp;&nbsp;&nbsp;COP | &nbsp;&nbsp;&nbsp;&nbsp;108232000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (467559) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 45430208 | &nbsp;&nbsp;&nbsp;&nbsp;COP | &nbsp;&nbsp;&nbsp;&nbsp;180387000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1091309) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 57021794 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp; 48363056 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1140112 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 39659778 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp; 33637456 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 792970 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 36972043 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp; 31357853 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 739231 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 30951305 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp; 26251361 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 618850 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 29868584 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp; 25333050 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 597202 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 19124982 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp; 16220861 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 382391 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 15087081 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp; 12796114 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 301656 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 13986880 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp; 11862977 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 279658 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 13813322 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp; 11715775 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 276188 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 12977256 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp; 11006664 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 259471 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 12678610 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp; 10753368 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 253500 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 9444080 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp; 8010000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188828 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 7307073 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp; 6197497 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 146100 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 7065035 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp; 5992212 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 141261 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 4778004 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp; 4052466 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95533 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 4057934 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp; 3441739 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81136 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 2913443 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp; 2471038 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58252 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 2844516 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp; 2412577 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56874 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 2608417 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp; 2212329 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52153 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 1448437 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp; 1228492 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28960 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 5843557 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp; 5034681 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26173 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 650969 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp; 552119 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13016 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 618338 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp; 524443 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12363 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 626440 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp; 539727 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2806 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 72487 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp; 61480 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1449 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 11569235 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp;189909000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 158492 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 6586255 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp;108078000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92353 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 7917254 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp;130318000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87055 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 4904087 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp; 80275000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80738 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 3765563 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp; 61759000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54754 |

---

*35*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_da65d7d0-3803-492b-bc5e-d1cca7923e55_TOC)

Global Macro Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** |
| **Currency Purchased** | **Currency Purchased** | &nbsp;&nbsp;&nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;&nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;&nbsp;&nbsp;**Settlement<br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> Appreciation<br> (Depreciation)** |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 5542311 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp; 91365000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$52616 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 5751030 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp; 95007010000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42503 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 4888378 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp; 80756000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36128 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 2711093 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp; 44819790000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18082 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 2499304 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp; 41600908000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (300) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 4245315 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp; 70739692000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5102) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 5808829 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp; 514000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32381 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 3780825 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp; 335000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16020 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 232047 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp; 20532875 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1294 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 1811549 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp; 161400000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2300) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 2897199 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp; 258039000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2701) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 3618233 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp; 322200000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2723) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 2895948 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp; 258000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3514) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 3389640 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp; 302000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4303) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 2613074 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp; 233000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5432) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 3624042 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp; 323000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5904) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 3277183 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp; 292149100 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6054) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 4269023 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp; 380460000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6672) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 3620693 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp; 322821000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7242) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 5430783 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp; 484100000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9641) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 5362051 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp; 478000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9821) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 5067295 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp; 451800000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10135) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 4488782 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp; 400332000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10239) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 4541122 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp; 405000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10358) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 7750135 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp; 691157000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17243) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 14057753 | &nbsp;&nbsp;&nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp; 19462397022 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 414134 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 631988 | &nbsp;&nbsp;&nbsp;&nbsp;PEN | &nbsp;&nbsp;&nbsp;&nbsp; 2193000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18574) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 5695247 | &nbsp;&nbsp;&nbsp;&nbsp;PEN | &nbsp;&nbsp;&nbsp;&nbsp; 20000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (237834) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 9142596 | &nbsp;&nbsp;&nbsp;&nbsp;PEN | &nbsp;&nbsp;&nbsp;&nbsp; 32000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (350334) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 10434352 | &nbsp;&nbsp;&nbsp;&nbsp;PEN | &nbsp;&nbsp;&nbsp;&nbsp; 36425018 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (371278) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 15650788 | &nbsp;&nbsp;&nbsp;&nbsp;PEN | &nbsp;&nbsp;&nbsp;&nbsp; 55000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (665185) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 9474431 | &nbsp;&nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp; 542000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 247182 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 7518929 | &nbsp;&nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp; 428000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 232466 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 7452811 | &nbsp;&nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp; 426350000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 194439 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 5920278 | &nbsp;&nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp; 337000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 183040 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 3959355 | &nbsp;&nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp; 226501232 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103297 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 3127031 | &nbsp;&nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp; 178000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96680 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 4028164 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 123000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28126 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 4026033 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 123100000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22743 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 4021579 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 123000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21541 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 4018295 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 123000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18256 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 3464618 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 106000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17431 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 2408584 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 73852000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6870 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 2140970 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 65655000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5828 |

---

*36*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_da65d7d0-3803-492b-bc5e-d1cca7923e55_TOC)

Global Macro Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** |
| **Currency Purchased** | **Currency Purchased** | &nbsp;&nbsp;&nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;&nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;&nbsp;&nbsp;**Settlement<br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> Appreciation<br> (Depreciation)** |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 1985910 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 60888000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5793 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 1873362 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 57456000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4856 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 1745137 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 53524000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4502 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 1605744 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 49261000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3744 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 1218034 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 37390000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2088 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 2408606 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 74002000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2013 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 2408591 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 74016000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1543 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 2140966 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 65809000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 815 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 1305803 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 40143000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 327 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 678834 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 20874000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) |
| PHP | &nbsp;&nbsp;&nbsp;&nbsp; 11302903 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 193017 | &nbsp;&nbsp;&nbsp;&nbsp;5/7/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (948) |
| PHP | &nbsp;&nbsp;&nbsp;&nbsp; 112697097 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 1939709 | &nbsp;&nbsp;&nbsp;&nbsp;5/7/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24653) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 1339525 | &nbsp;&nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp; 75000000 | &nbsp;&nbsp;&nbsp;&nbsp;5/7/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65054 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 535762 | &nbsp;&nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp; 30000000 | &nbsp;&nbsp;&nbsp;&nbsp;5/7/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25974 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 339571 | &nbsp;&nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp; 19000000 | &nbsp;&nbsp;&nbsp;&nbsp;5/7/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16705 |
| PHP | &nbsp;&nbsp;&nbsp;&nbsp; 68406815 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 1171570 | &nbsp;&nbsp;&nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9233) |
| PHP | &nbsp;&nbsp;&nbsp;&nbsp; 119239000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 2036011 | &nbsp;&nbsp;&nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9957) |
| PHP | &nbsp;&nbsp;&nbsp;&nbsp; 106754500 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 1825487 | &nbsp;&nbsp;&nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11564) |
| PHP | &nbsp;&nbsp;&nbsp;&nbsp; 129200000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 2208358 | &nbsp;&nbsp;&nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13052) |
| PHP | &nbsp;&nbsp;&nbsp;&nbsp; 50564500 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 878039 | &nbsp;&nbsp;&nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18870) |
| PHP | &nbsp;&nbsp;&nbsp;&nbsp; 262740000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 4492050 | &nbsp;&nbsp;&nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (27693) |
| PHP | &nbsp;&nbsp;&nbsp;&nbsp; 103868066 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 1798426 | &nbsp;&nbsp;&nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (33547) |
| PHP | &nbsp;&nbsp;&nbsp;&nbsp; 103885200 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 1803876 | &nbsp;&nbsp;&nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (38706) |
| PHP | &nbsp;&nbsp;&nbsp;&nbsp; 104549700 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 1819917 | &nbsp;&nbsp;&nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (43457) |
| PHP | &nbsp;&nbsp;&nbsp;&nbsp; 368000000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 6306770 | &nbsp;&nbsp;&nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (53884) |
| PHP | &nbsp;&nbsp;&nbsp;&nbsp; 143090000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 2492206 | &nbsp;&nbsp;&nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (60887) |
| PHP | &nbsp;&nbsp;&nbsp;&nbsp; 139748462 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 2436340 | &nbsp;&nbsp;&nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (61799) |
| PHP | &nbsp;&nbsp;&nbsp;&nbsp; 175721200 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 3062946 | &nbsp;&nbsp;&nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (77172) |
| PHP | &nbsp;&nbsp;&nbsp;&nbsp; 168920000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 2954180 | &nbsp;&nbsp;&nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (83969) |
| PHP | &nbsp;&nbsp;&nbsp;&nbsp; 339018400 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 5896998 | &nbsp;&nbsp;&nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (136554) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 4632929 | &nbsp;&nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp; 260000000 | &nbsp;&nbsp;&nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215130 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 3551515 | &nbsp;&nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp; 200000000 | &nbsp;&nbsp;&nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 153207 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 3379580 | &nbsp;&nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp; 190000000 | &nbsp;&nbsp;&nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 151188 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 3546414 | &nbsp;&nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp; 200000000 | &nbsp;&nbsp;&nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 148106 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 3544717 | &nbsp;&nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp; 200000000 | &nbsp;&nbsp;&nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 146409 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 3028683 | &nbsp;&nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp; 170000000 | &nbsp;&nbsp;&nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140122 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 3027605 | &nbsp;&nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp; 170000000 | &nbsp;&nbsp;&nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 139043 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 3003019 | &nbsp;&nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp; 169100000 | &nbsp;&nbsp;&nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 129750 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 2350033 | &nbsp;&nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp; 131200000 | &nbsp;&nbsp;&nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120743 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 1996791 | &nbsp;&nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp; 112000000 | &nbsp;&nbsp;&nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93739 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 1790671 | &nbsp;&nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp; 100000000 | &nbsp;&nbsp;&nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91517 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 1781578 | &nbsp;&nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp; 100000000 | &nbsp;&nbsp;&nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82425 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 1773710 | &nbsp;&nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp; 100000000 | &nbsp;&nbsp;&nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74556 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 1773458 | &nbsp;&nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp; 100000000 | &nbsp;&nbsp;&nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74305 |

---

*37*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_da65d7d0-3803-492b-bc5e-d1cca7923e55_TOC)

Global Macro Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** |
| **Currency Purchased** | **Currency Purchased** | &nbsp;&nbsp;&nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;&nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;&nbsp;&nbsp;**Settlement<br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> Appreciation<br> (Depreciation)** |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 1496577 | &nbsp;&nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp; 84000000 | &nbsp;&nbsp;&nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$69287 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 1073146 | &nbsp;&nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp; 59800000 | &nbsp;&nbsp;&nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57052 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 1203556 | &nbsp;&nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp; 67700000 | &nbsp;&nbsp;&nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53228 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$4651353** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts (OTC)** | **Forward Foreign Currency Exchange Contracts (OTC)** | **Forward Foreign Currency Exchange Contracts (OTC)** | **Forward Foreign Currency Exchange Contracts (OTC)** | **Forward Foreign Currency Exchange Contracts (OTC)** | **Forward Foreign Currency Exchange Contracts (OTC)** | **Forward Foreign Currency Exchange Contracts (OTC)** | **Forward Foreign Currency Exchange Contracts (OTC)** |
| **Currency Purchased** | **Currency Purchased** | &nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Settlement<br> Date** | &nbsp;&nbsp;**Unrealized<br> Appreciation** | &nbsp;&nbsp;**Unrealized<br> (Depreciation)** |
| EUR | &nbsp;&nbsp; 60425038 | &nbsp;&nbsp;PLN | &nbsp;&nbsp; 257289811 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;11/4/25 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(20671) |
| NGN | &nbsp;&nbsp; 1448081000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 1023379 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;11/4/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (8464) |
| NGN | &nbsp;&nbsp; 1442964000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 1023379 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;11/4/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (12050) |
| PLN | &nbsp;&nbsp; 257289811 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 60630324 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;11/4/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (215952) |
| KZT | &nbsp;&nbsp; 562081183 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 1016937 | &nbsp;&nbsp;ICBC Standard Bank plc | &nbsp;&nbsp;11/5/25 | &nbsp;&nbsp;&nbsp;&nbsp; 43705 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| EUR | &nbsp;&nbsp; 922676 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 1063472 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;11/7/25 | &nbsp;&nbsp;&nbsp;&nbsp; 231 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| EUR | &nbsp;&nbsp; 7559149 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 8837185 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;11/7/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (122661) |
| EUR | &nbsp;&nbsp; 9082449 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 10624531 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;11/7/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (153878) |
| EUR | &nbsp;&nbsp; 1919323 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 2216963 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;11/7/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4282) |
| EUR | &nbsp;&nbsp; 10100402 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 11788899 | &nbsp;&nbsp;State Street Bank and Trust Company | &nbsp;&nbsp;11/7/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (144705) |
| EUR | &nbsp;&nbsp; 2794703 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 3239258 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;11/7/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (17400) |
| KZT | &nbsp;&nbsp; 8230859620 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 15475657 | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;11/7/25 | &nbsp;&nbsp;&nbsp;&nbsp; 46843 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 14514143 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 12437896 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;11/7/25 | &nbsp;&nbsp;&nbsp;&nbsp; 175181 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 16299972 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 13890000 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;11/7/25 | &nbsp;&nbsp;&nbsp;&nbsp; 286960 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| EGP | &nbsp;&nbsp; 20768129 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 431053 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;11/10/25 | &nbsp;&nbsp;&nbsp;&nbsp; 7658 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| KZT | &nbsp;&nbsp; 1844378071 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 3326200 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;11/10/25 | &nbsp;&nbsp;&nbsp;&nbsp; 149057 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| KZT | &nbsp;&nbsp; 1615926095 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 2953081 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;11/10/25 | &nbsp;&nbsp;&nbsp;&nbsp; 91717 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| KZT | &nbsp;&nbsp; 1593660678 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 2918792 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;11/10/25 | &nbsp;&nbsp;&nbsp;&nbsp; 84052 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| KZT | &nbsp;&nbsp; 1113818048 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 2017056 | &nbsp;&nbsp;ICBC Standard Bank plc | &nbsp;&nbsp;11/10/25 | &nbsp;&nbsp;&nbsp;&nbsp; 81649 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| EGP | &nbsp;&nbsp; 44494091 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 874663 | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;11/12/25 | &nbsp;&nbsp;&nbsp;&nbsp; 64586 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| PLN | &nbsp;&nbsp; 257289811 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 60593613 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;11/13/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (213355) |
| ISK | &nbsp;&nbsp; 248252179 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 1712084 | &nbsp;&nbsp;Bank of America, N.A. | &nbsp;&nbsp;11/14/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (267) |
| USD | &nbsp;&nbsp; 787440 | &nbsp;&nbsp;RUB | &nbsp;&nbsp; 65200000 | &nbsp;&nbsp;ICBC Standard Bank plc | &nbsp;&nbsp;11/14/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (15220) |
| USD | &nbsp;&nbsp; 5659051 | &nbsp;&nbsp;RUB | &nbsp;&nbsp; 483000000 | &nbsp;&nbsp;ICBC Standard Bank plc | &nbsp;&nbsp;11/14/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (287028) |
| EGP | &nbsp;&nbsp; 116035345 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 2399407 | &nbsp;&nbsp;Bank of America, N.A. | &nbsp;&nbsp;11/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 45784 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| EGP | &nbsp;&nbsp; 150175000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 3112926 | &nbsp;&nbsp;HSBC Bank USA, N.A. | &nbsp;&nbsp;11/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 51685 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| PLN | &nbsp;&nbsp; 257289811 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 60372364 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;11/18/25 | &nbsp;&nbsp;&nbsp;&nbsp; 19378 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| ISK | &nbsp;&nbsp; 460227000 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 3171136 | &nbsp;&nbsp;Bank of America, N.A. | &nbsp;&nbsp;12/3/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (7562) |
| ISK | &nbsp;&nbsp; 615587511 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 4238708 | &nbsp;&nbsp;Bank of America, N.A. | &nbsp;&nbsp;12/4/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (7470) |
| ISK | &nbsp;&nbsp; 671284224 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 4622215 | &nbsp;&nbsp;Bank of America, N.A. | &nbsp;&nbsp;12/5/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (8993) |
| KZT | &nbsp;&nbsp; 1670116143 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 2998413 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;12/8/25 | &nbsp;&nbsp;&nbsp;&nbsp; 122224 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| KZT | &nbsp;&nbsp; 1633644584 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 2953081 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;12/8/25 | &nbsp;&nbsp;&nbsp;&nbsp; 99408 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| HKD | &nbsp;&nbsp; 23300000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 3017670 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;12/9/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (17246) |

---

*38*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_da65d7d0-3803-492b-bc5e-d1cca7923e55_TOC)

Global Macro Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** |
| **Currency Purchased** | **Currency Purchased** | &nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Settlement<br> Date** | &nbsp;&nbsp;**Unrealized<br> Appreciation** | &nbsp;&nbsp;**Unrealized<br> (Depreciation)** |
| HKD | &nbsp;&nbsp; 132190000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 17121948 | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;12/9/25 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(99374) |
| USD | &nbsp;&nbsp; 3008856 | &nbsp;&nbsp;HKD | &nbsp;&nbsp; 23300000 | &nbsp;&nbsp;Bank of America, N.A. | &nbsp;&nbsp;12/9/25 | &nbsp;&nbsp;&nbsp;&nbsp; 8432 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 16324650 | &nbsp;&nbsp;HKD | &nbsp;&nbsp; 126400000 | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;12/9/25 | &nbsp;&nbsp;&nbsp;&nbsp; 47675 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 747763 | &nbsp;&nbsp;HKD | &nbsp;&nbsp; 5790000 | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;12/9/25 | &nbsp;&nbsp;&nbsp;&nbsp; 2164 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| EGP | &nbsp;&nbsp; 64900401 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 1312886 | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;12/11/25 | &nbsp;&nbsp;&nbsp;&nbsp; 42551 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| EUR | &nbsp;&nbsp; 5331507 | &nbsp;&nbsp;ISK | &nbsp;&nbsp; 761126000 | &nbsp;&nbsp;Bank of America, N.A. | &nbsp;&nbsp;12/12/25 | &nbsp;&nbsp;&nbsp;&nbsp; 121655 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| EUR | &nbsp;&nbsp; 6295008 | &nbsp;&nbsp;ISK | &nbsp;&nbsp; 914349861 | &nbsp;&nbsp;Bank of America, N.A. | &nbsp;&nbsp;12/12/25 | &nbsp;&nbsp;&nbsp;&nbsp; 19316 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| ISK | &nbsp;&nbsp; 743773092 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 5120641 | &nbsp;&nbsp;Bank of America, N.A. | &nbsp;&nbsp;12/12/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (15713) |
| ISK | &nbsp;&nbsp; 761128145 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 5331522 | &nbsp;&nbsp;Bank of America, N.A. | &nbsp;&nbsp;12/12/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (121656) |
| KZT | &nbsp;&nbsp; 772489059 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 1404270 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;12/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 35562 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| AUD | &nbsp;&nbsp; 11140000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 7315939 | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (23604) |
| AUD | &nbsp;&nbsp; 18230000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 12039931 | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (106425) |
| AUD | &nbsp;&nbsp; 11140000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 7314034 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (21700) |
| EUR | &nbsp;&nbsp; 3781470 | &nbsp;&nbsp;HUF | &nbsp;&nbsp;1500000000 | &nbsp;&nbsp;Bank of America, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (76879) |
| EUR | &nbsp;&nbsp; 4648978 | &nbsp;&nbsp;HUF | &nbsp;&nbsp;1843099999 | &nbsp;&nbsp;Bank of America, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (91506) |
| EUR | &nbsp;&nbsp; 7834915 | &nbsp;&nbsp;HUF | &nbsp;&nbsp;3100000001 | &nbsp;&nbsp;HSBC Bank USA, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (135916) |
| EUR | &nbsp;&nbsp; 7695265 | &nbsp;&nbsp;HUF | &nbsp;&nbsp;3047999999 | &nbsp;&nbsp;HSBC Bank USA, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (143140) |
| EUR | &nbsp;&nbsp; 1969816 | &nbsp;&nbsp;ISK | &nbsp;&nbsp; 282767109 | &nbsp;&nbsp;Bank of America, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 34394 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| EUR | &nbsp;&nbsp; 95868 | &nbsp;&nbsp;ISK | &nbsp;&nbsp; 13924754 | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 382 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| EUR | &nbsp;&nbsp; 5594363 | &nbsp;&nbsp;ISK | &nbsp;&nbsp; 815658141 | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2107) |
| EUR | &nbsp;&nbsp; 12386098 | &nbsp;&nbsp;PLN | &nbsp;&nbsp; 52881207 | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2142) |
| EUR | &nbsp;&nbsp; 19618406 | &nbsp;&nbsp;PLN | &nbsp;&nbsp; 84206122 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (124467) |
| EUR | &nbsp;&nbsp; 27324070 | &nbsp;&nbsp;PLN | &nbsp;&nbsp; 117000000 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (97464) |
| EUR | &nbsp;&nbsp; 5080189 | &nbsp;&nbsp;RON | &nbsp;&nbsp; 25981103 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (6469) |
| EUR | &nbsp;&nbsp; 550750 | &nbsp;&nbsp;RON | &nbsp;&nbsp; 2830000 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3721) |
| ISK | &nbsp;&nbsp; 1059667320 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 7328773 | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (67540) |
| ISK | &nbsp;&nbsp; 849261038 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 5846892 | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (23291) |
| ISK | &nbsp;&nbsp; 2414338330 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 16621951 | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (66214) |
| KZT | &nbsp;&nbsp; 1278258794 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 2294570 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 86275 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| KZT | &nbsp;&nbsp; 1201603000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 2163102 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 74966 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| KZT | &nbsp;&nbsp; 162921267 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 297573 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 5879 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| MXN | &nbsp;&nbsp; 3900000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 207210 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1766 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| MYR | &nbsp;&nbsp; 9906000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 2361608 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 6337 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| MYR | &nbsp;&nbsp; 3680500 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 878925 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 867 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| MYR | &nbsp;&nbsp; 1227100 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 292969 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 359 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| MYR | &nbsp;&nbsp; 393400 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 93787 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 252 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| MYR | &nbsp;&nbsp; 8344400 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 1995552 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (894) |
| MYR | &nbsp;&nbsp; 14255800 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 3400716 | &nbsp;&nbsp;Credit Agricole Corporate and Investment Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 7011 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| MYR | &nbsp;&nbsp; 13728400 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 3278189 | &nbsp;&nbsp;Credit Agricole Corporate and Investment Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 3468 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| MYR | &nbsp;&nbsp; 12578100 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 3008899 | &nbsp;&nbsp;Credit Agricole Corporate and Investment Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2212) |
| MYR | &nbsp;&nbsp; 9069300 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 2162653 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 5286 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| MYR | &nbsp;&nbsp; 2369900 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 565946 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 558 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

*39*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_da65d7d0-3803-492b-bc5e-d1cca7923e55_TOC)

Global Macro Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** |
| **Currency Purchased** | **Currency Purchased** | &nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Settlement<br> Date** | &nbsp;&nbsp;**Unrealized<br> Appreciation** | &nbsp;&nbsp;**Unrealized<br> (Depreciation)** |
| MYR | &nbsp;&nbsp; 784500 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 187343 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;$185 | &nbsp;&nbsp;$— |
| MYR | &nbsp;&nbsp; 9086400 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 2176383 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4357) |
| MYR | &nbsp;&nbsp; 14006300 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 3343191 | &nbsp;&nbsp;State Street Bank and Trust Company | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 4895 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| MYR | &nbsp;&nbsp; 11280800 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 2693922 | &nbsp;&nbsp;State Street Bank and Trust Company | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 2656 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| MYR | &nbsp;&nbsp; 11122100 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 2662382 | &nbsp;&nbsp;State Street Bank and Trust Company | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3739) |
| SEK | &nbsp;&nbsp; 8000000 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 728574 | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 2419 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| SEK | &nbsp;&nbsp; 192980000 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 17563675 | &nbsp;&nbsp;HSBC Bank USA, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 71471 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| SEK | &nbsp;&nbsp; 50000000 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 4543771 | &nbsp;&nbsp;HSBC Bank USA, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 26462 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| SEK | &nbsp;&nbsp; 27700000 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 2540983 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (12763) |
| SEK | &nbsp;&nbsp; 45207191 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 4851576 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (80755) |
| SEK | &nbsp;&nbsp; 60000000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 6446842 | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (114901) |
| SEK | &nbsp;&nbsp; 45032809 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 4834123 | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (81705) |
| SEK | &nbsp;&nbsp; 63700000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 6841725 | &nbsp;&nbsp;HSBC Bank USA, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (119314) |
| SEK | &nbsp;&nbsp; 65000000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 7000481 | &nbsp;&nbsp;HSBC Bank USA, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (140878) |
| THB | &nbsp;&nbsp; 474705500 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 14663171 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 68295 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| THB | &nbsp;&nbsp; 440654500 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 13609798 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 64969 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 13572938 | &nbsp;&nbsp;AUD | &nbsp;&nbsp; 20510000 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 146925 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 13234900 | &nbsp;&nbsp;AUD | &nbsp;&nbsp; 20000000 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 142738 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 20023047 | &nbsp;&nbsp;GBP | &nbsp;&nbsp; 14750000 | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 644915 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 8517615 | &nbsp;&nbsp;GBP | &nbsp;&nbsp; 6320000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 214578 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 1469035 | &nbsp;&nbsp;GBP | &nbsp;&nbsp; 1100000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 23886 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 1315788 | &nbsp;&nbsp;JPY | &nbsp;&nbsp; 192167417 | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 63464 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 2070506 | &nbsp;&nbsp;MXN | &nbsp;&nbsp; 38557572 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 4448 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 9049095 | &nbsp;&nbsp;MXN | &nbsp;&nbsp; 169000000 | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (6550) |
| USD | &nbsp;&nbsp; 14296500 | &nbsp;&nbsp;MXN | &nbsp;&nbsp; 267000000 | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (10349) |
| USD | &nbsp;&nbsp; 1244553 | &nbsp;&nbsp;MXN | &nbsp;&nbsp; 23000000 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 12128 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 1244553 | &nbsp;&nbsp;MXN | &nbsp;&nbsp; 23000000 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 12128 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 1515583 | &nbsp;&nbsp;MXN | &nbsp;&nbsp; 28020000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 14167 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 1515583 | &nbsp;&nbsp;MXN | &nbsp;&nbsp; 28020000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 14167 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 3771540 | &nbsp;&nbsp;MXN | &nbsp;&nbsp; 71000000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (32903) |
| USD | &nbsp;&nbsp; 5896352 | &nbsp;&nbsp;MXN | &nbsp;&nbsp; 111000000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (51439) |
| USD | &nbsp;&nbsp; 8713459 | &nbsp;&nbsp;MXN | &nbsp;&nbsp; 164000000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (74268) |
| USD | &nbsp;&nbsp; 13760890 | &nbsp;&nbsp;MXN | &nbsp;&nbsp; 259000000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (117289) |
| USD | &nbsp;&nbsp; 7942971 | &nbsp;&nbsp;MXN | &nbsp;&nbsp; 147948157 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 15361 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 5050260 | &nbsp;&nbsp;MXN | &nbsp;&nbsp; 94067662 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 9767 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 24459411 | &nbsp;&nbsp;NZD | &nbsp;&nbsp; 41000000 | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 954234 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 5965710 | &nbsp;&nbsp;NZD | &nbsp;&nbsp; 10000000 | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 232740 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 2982855 | &nbsp;&nbsp;NZD | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 116370 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 28078674 | &nbsp;&nbsp;NZD | &nbsp;&nbsp; 47030686 | &nbsp;&nbsp;HSBC Bank USA, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1116122 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 7066939 | &nbsp;&nbsp;NZD | &nbsp;&nbsp; 11836848 | &nbsp;&nbsp;HSBC Bank USA, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 280910 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 2814224 | &nbsp;&nbsp;NZD | &nbsp;&nbsp; 4713716 | &nbsp;&nbsp;HSBC Bank USA, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 111865 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 8372205 | &nbsp;&nbsp;NZD | &nbsp;&nbsp; 14038832 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 323785 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 7812722 | &nbsp;&nbsp;NZD | &nbsp;&nbsp; 13100000 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 302531 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 2400343 | &nbsp;&nbsp;SAR | &nbsp;&nbsp; 9020000 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1737) |

---

*40*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_da65d7d0-3803-492b-bc5e-d1cca7923e55_TOC)

Global Macro Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** |
| **Currency Purchased** | **Currency Purchased** | &nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Settlement<br> Date** | &nbsp;&nbsp;**Unrealized<br> Appreciation** | &nbsp;&nbsp;**Unrealized<br> (Depreciation)** |
| USD | &nbsp;&nbsp; 4383952 | &nbsp;&nbsp;SAR | &nbsp;&nbsp; 16480000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(4769) |
| USD | &nbsp;&nbsp; 27376494 | &nbsp;&nbsp;THB | &nbsp;&nbsp; 863300000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 585831 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 1604967 | &nbsp;&nbsp;THB | &nbsp;&nbsp; 52060000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (10603) |
| USD | &nbsp;&nbsp; 9056448 | &nbsp;&nbsp;TRY | &nbsp;&nbsp; 399360844 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (112679) |
| USD | &nbsp;&nbsp; 24177911 | &nbsp;&nbsp;ZAR | &nbsp;&nbsp; 424000000 | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (205559) |
| USD | &nbsp;&nbsp; 8680128 | &nbsp;&nbsp;ZAR | &nbsp;&nbsp; 150074891 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 49594 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 53368989 | &nbsp;&nbsp;ZAR | &nbsp;&nbsp; 934000000 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (343654) |
| USD | &nbsp;&nbsp; 24489399 | &nbsp;&nbsp;ZAR | &nbsp;&nbsp; 431482264 | &nbsp;&nbsp;HSBC Bank USA, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (324362) |
| USD | &nbsp;&nbsp; 3736380 | &nbsp;&nbsp;ZAR | &nbsp;&nbsp; 64970000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 73 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| UYU | &nbsp;&nbsp; 83200000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 2052547 | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 24970 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| UYU | &nbsp;&nbsp; 92200000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 2292392 | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 9856 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 17927666 | &nbsp;&nbsp;BHD | &nbsp;&nbsp; 6766439 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;12/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (8940) |
| EGP | &nbsp;&nbsp; 40346016 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 805712 | &nbsp;&nbsp;Bank of America, N.A. | &nbsp;&nbsp;1/5/26 | &nbsp;&nbsp;&nbsp;&nbsp; 27798 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 16071181 | &nbsp;&nbsp;BRL | &nbsp;&nbsp; 92840000 | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;1/5/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (945260) |
| USD | &nbsp;&nbsp; 14258443 | &nbsp;&nbsp;BRL | &nbsp;&nbsp; 82160000 | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;1/5/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (800484) |
| VND | &nbsp;&nbsp;59917770000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 2256790 | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;1/8/26 | &nbsp;&nbsp;&nbsp;&nbsp; 12284 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| VND | &nbsp;&nbsp;15779945275 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 594550 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;1/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 2741 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| KZT | &nbsp;&nbsp; 1181108000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 2131002 | &nbsp;&nbsp;ICBC Standard Bank plc | &nbsp;&nbsp;1/21/26 | &nbsp;&nbsp;&nbsp;&nbsp; 44551 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| NGN | &nbsp;&nbsp; 1625307000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 1056775 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;1/21/26 | &nbsp;&nbsp;&nbsp;&nbsp; 57798 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| EGP | &nbsp;&nbsp; 350043323 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 7113256 | &nbsp;&nbsp;Bank of America, N.A. | &nbsp;&nbsp;1/22/26 | &nbsp;&nbsp;&nbsp;&nbsp; 77051 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| KZT | &nbsp;&nbsp; 1774859000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 3196504 | &nbsp;&nbsp;ICBC Standard Bank plc | &nbsp;&nbsp;1/22/26 | &nbsp;&nbsp;&nbsp;&nbsp; 71812 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| KZT | &nbsp;&nbsp; 1417856000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 2551248 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;1/23/26 | &nbsp;&nbsp;&nbsp;&nbsp; 58944 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| VND | &nbsp;&nbsp;15803132700 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 594550 | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;1/26/26 | &nbsp;&nbsp;&nbsp;&nbsp; 3159 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 929793 | &nbsp;&nbsp;UGX | &nbsp;&nbsp;3277519000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;1/30/26 | &nbsp;&nbsp;&nbsp;&nbsp; 7586 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 929793 | &nbsp;&nbsp;UGX | &nbsp;&nbsp;3280308000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;1/30/26 | &nbsp;&nbsp;&nbsp;&nbsp; 6801 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 1636435 | &nbsp;&nbsp;UGX | &nbsp;&nbsp;5776615000 | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;2/3/26 | &nbsp;&nbsp;&nbsp;&nbsp; 14076 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 295575 | &nbsp;&nbsp;GHS | &nbsp;&nbsp; 4238543 | &nbsp;&nbsp;ICBC Standard Bank plc | &nbsp;&nbsp;2/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (68581) |
| USD | &nbsp;&nbsp; 10183541 | &nbsp;&nbsp;KWD | &nbsp;&nbsp; 3113948 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;2/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (233) |
| USD | &nbsp;&nbsp; 10086564 | &nbsp;&nbsp;KWD | &nbsp;&nbsp; 3084496 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;2/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (891) |
| USD | &nbsp;&nbsp; 15129845 | &nbsp;&nbsp;KWD | &nbsp;&nbsp; 4633552 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;2/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (23602) |
| NGN | &nbsp;&nbsp; 238404000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 150603 | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;2/26/26 | &nbsp;&nbsp;&nbsp;&nbsp; 11126 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 137171 | &nbsp;&nbsp;NGN | &nbsp;&nbsp; 238404000 | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;2/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (24557) |
| NGN | &nbsp;&nbsp; 274343000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 144772 | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;2/27/26 | &nbsp;&nbsp;&nbsp;&nbsp; 41278 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 739075 | &nbsp;&nbsp;NGN | &nbsp;&nbsp;1280817000 | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;2/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (129531) |
| TRY | &nbsp;&nbsp; 177847351 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 3472185 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;3/23/26 | &nbsp;&nbsp;&nbsp;&nbsp; 306286 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 3354001 | &nbsp;&nbsp;TRY | &nbsp;&nbsp; 177847351 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;3/23/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (424469) |
| UZS | &nbsp;&nbsp;11412500000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 711059 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;3/25/26 | &nbsp;&nbsp;&nbsp;&nbsp; 200482 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| TRY | &nbsp;&nbsp; 214771711 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 4029520 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;3/26/26 | &nbsp;&nbsp;&nbsp;&nbsp; 522538 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 751073 | &nbsp;&nbsp;TRY | &nbsp;&nbsp; 40257809 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;3/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (102186) |
| USD | &nbsp;&nbsp; 3223565 | &nbsp;&nbsp;TRY | &nbsp;&nbsp; 174513902 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;3/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (475234) |
| USD | &nbsp;&nbsp; 35078290 | &nbsp;&nbsp;BRL | &nbsp;&nbsp; 195800000 | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;4/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (92877) |
| USD | &nbsp;&nbsp; 33709280 | &nbsp;&nbsp;BRL | &nbsp;&nbsp; 187400000 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;4/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 46988 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| KZT | &nbsp;&nbsp; 2953494000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 5142324 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; 130291 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 1859585 | &nbsp;&nbsp;UGX | &nbsp;&nbsp;6629420000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; 24075 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

*41*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_da65d7d0-3803-492b-bc5e-d1cca7923e55_TOC)

Global Macro Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** |
| **Currency Purchased** | **Currency Purchased** | &nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Settlement<br> Date** | &nbsp;&nbsp;**Unrealized<br> Appreciation** | &nbsp;&nbsp;**Unrealized<br> (Depreciation)** |
| USD | &nbsp;&nbsp; 929792 | &nbsp;&nbsp;UGX | &nbsp;&nbsp;3319359000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;4/16/26 | &nbsp;&nbsp;$10750 | &nbsp;&nbsp;$— |
| KZT | &nbsp;&nbsp; 3532159000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 6170788 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;4/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; 132465 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| KZT | &nbsp;&nbsp; 2949123000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 5142324 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;4/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; 120482 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| KZT | &nbsp;&nbsp; 2947066000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 5142324 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;4/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; 116811 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 1859585 | &nbsp;&nbsp;UGX | &nbsp;&nbsp;6648016000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;4/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; 19281 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 1394689 | &nbsp;&nbsp;UGX | &nbsp;&nbsp;4992985645 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;4/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; 12530 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 929792 | &nbsp;&nbsp;UGX | &nbsp;&nbsp;3347252964 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;4/22/26 | &nbsp;&nbsp;&nbsp;&nbsp; 4099 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| KZT | &nbsp;&nbsp; 1461865000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 2551248 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;4/23/26 | &nbsp;&nbsp;&nbsp;&nbsp; 51549 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| KZT | &nbsp;&nbsp; 2921179000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 5102496 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;4/24/26 | &nbsp;&nbsp;&nbsp;&nbsp; 96579 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 1394689 | &nbsp;&nbsp;UGX | &nbsp;&nbsp;5027853000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;5/4/26 | &nbsp;&nbsp;&nbsp;&nbsp; 7427 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 929792 | &nbsp;&nbsp;UGX | &nbsp;&nbsp;3347253000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;5/4/26 | &nbsp;&nbsp;&nbsp;&nbsp; 6234 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| EUR | &nbsp;&nbsp; 1356959 | &nbsp;&nbsp;RON | &nbsp;&nbsp; 7457167 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (91839) |
| RON | &nbsp;&nbsp; 7457167 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 1394906 | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp; 47668 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 929792 | &nbsp;&nbsp;UGX | &nbsp;&nbsp;3416987000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;7/24/26 | &nbsp;&nbsp;&nbsp;&nbsp; 14197 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 929792 | &nbsp;&nbsp;UGX | &nbsp;&nbsp;3407689000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;7/28/26 | &nbsp;&nbsp;&nbsp;&nbsp; 17987 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| EUR | &nbsp;&nbsp; 22163377 | &nbsp;&nbsp;PLN | &nbsp;&nbsp; 96665570 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;9/2/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (161136) |
| EUR | &nbsp;&nbsp; 22725719 | &nbsp;&nbsp;PLN | &nbsp;&nbsp; 99361390 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;9/4/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (227847) |
| EUR | &nbsp;&nbsp; 45446906 | &nbsp;&nbsp;PLN | &nbsp;&nbsp; 197921277 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;9/8/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (232669) |
| EUR | &nbsp;&nbsp; 33348061 | &nbsp;&nbsp;PLN | &nbsp;&nbsp; 145197458 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;9/9/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (159525) |
| MNT | &nbsp;&nbsp; 1760852600 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 459753 | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;9/28/26 | &nbsp;&nbsp;&nbsp;&nbsp; 7610 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| MNT | &nbsp;&nbsp; 1814276000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 472837 | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;10/5/26 | &nbsp;&nbsp;&nbsp;&nbsp; 8283 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| UZS | &nbsp;&nbsp; 6387596000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 396745 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;10/5/26 | &nbsp;&nbsp;&nbsp;&nbsp; 91518 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| UZS | &nbsp;&nbsp; 3518712735 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 218554 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;10/7/26 | &nbsp;&nbsp;&nbsp;&nbsp; 50281 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| KZT | &nbsp;&nbsp; 3140674000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 5142323 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;10/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 127644 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 929792 | &nbsp;&nbsp;UGX | &nbsp;&nbsp;3430934000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;10/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; 33105 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 929792 | &nbsp;&nbsp;UGX | &nbsp;&nbsp;3458828000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;10/21/26 | &nbsp;&nbsp;&nbsp;&nbsp; 26059 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| KZT | &nbsp;&nbsp; 3109972000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 5102497 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;10/23/26 | &nbsp;&nbsp;&nbsp;&nbsp; 102458 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 929792 | &nbsp;&nbsp;UGX | &nbsp;&nbsp;3454179000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;10/23/26 | &nbsp;&nbsp;&nbsp;&nbsp; 27762 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| KZT | &nbsp;&nbsp; 4754781000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 7857843 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;10/27/26 | &nbsp;&nbsp;&nbsp;&nbsp; 89644 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 5308408 | &nbsp;&nbsp;OMR | &nbsp;&nbsp; 2044528 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;10/29/26 | &nbsp;&nbsp;&nbsp;&nbsp; 677 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 4824081 | &nbsp;&nbsp;OMR | &nbsp;&nbsp; 1857990 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;10/29/26 | &nbsp;&nbsp;&nbsp;&nbsp; 616 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 4422074 | &nbsp;&nbsp;OMR | &nbsp;&nbsp; 1703157 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;10/29/26 | &nbsp;&nbsp;&nbsp;&nbsp; 564 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 4020067 | &nbsp;&nbsp;OMR | &nbsp;&nbsp; 1548325 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;10/29/26 | &nbsp;&nbsp;&nbsp;&nbsp; 513 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 1859585 | &nbsp;&nbsp;UGX | &nbsp;&nbsp;6926954000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;11/3/26 | &nbsp;&nbsp;&nbsp;&nbsp; 56025 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 632592 | &nbsp;&nbsp;JPY | &nbsp;&nbsp; 91126520 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;1/7/27 | &nbsp;&nbsp;&nbsp;&nbsp; 20259 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 4993351 | &nbsp;&nbsp;KWD | &nbsp;&nbsp; 1508004 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;3/3/27 | &nbsp;&nbsp;&nbsp;&nbsp; 34018 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| UZS | &nbsp;&nbsp; 2119371000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 118170 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;10/25/27 | &nbsp;&nbsp;&nbsp;&nbsp; 32945 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| UZS | &nbsp;&nbsp; 2223163000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 124352 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;11/8/27 | &nbsp;&nbsp;&nbsp;&nbsp; 33923 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;**$10613806** | &nbsp;&nbsp;**$(8314072)** |

---

*42*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_da65d7d0-3803-492b-bc5e-d1cca7923e55_TOC)

Global Macro Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** |
| **Description** | &nbsp;&nbsp;&nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Position** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> Appreciation<br> (Depreciation)** |
| **Commodity Futures** |  |  |  |  |  |
| Gold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;12/29/25 | &nbsp;&nbsp;&nbsp;&nbsp;$26776550 | &nbsp;&nbsp;&nbsp;&nbsp;$(1373094) |
| **Equity Futures** |  |  |  |  |  |
| Euro Stoxx Bank | &nbsp;&nbsp;&nbsp;&nbsp;(1335) | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;&nbsp;12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17861480) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (60013) |
| STOXX Europe 600 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(462) | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;&nbsp;12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15243509) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (422103) |
| **Interest Rate Futures** |  |  |  |  |  |
| U.S. Ultra-Long Treasury Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35656688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 685080 |
| Euro-Bobl | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(211) | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28761916) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (128901) |
| Euro-Bund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(474) | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(70693019) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (708811) |
| Euro-Buxl | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2141532) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (82991) |
| Japan 10-Year Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;&nbsp;12/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (882746) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7332 |
| U.S. 2-Year Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;&nbsp;12/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3540117) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7156 |
| U.S. 5-Year Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(732) | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;&nbsp;12/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(79942407) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3580) |
| U.S. 10-Year Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(543) | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;&nbsp;12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61180829) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6814 |
| U.S. Long Treasury Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38) | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;&nbsp;12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4457875) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1962) |
| U.S. Ultra 10-Year Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30) | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;&nbsp;12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3464531) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (50156) |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**$(2125229)** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swaps (Centrally Cleared)** | **Interest Rate Swaps (Centrally Cleared)** | **Interest Rate Swaps (Centrally Cleared)** | **Interest Rate Swaps (Centrally Cleared)** | **Interest Rate Swaps (Centrally Cleared)** | **Interest Rate Swaps (Centrally Cleared)** | **Interest Rate Swaps (Centrally Cleared)** | **Interest Rate Swaps (Centrally Cleared)** | **Interest Rate Swaps (Centrally Cleared)** |
| **Notional Amount<br> (000's omitted)** | **Notional Amount<br> (000's omitted)** | **Portfolio<br> Pays/<br> Receives<br> Floating<br> Rate** | **Floating Rate** | **Annual<br> Fixed Rate** | **Termination<br> Date** | **Value** | **Unamortized<br> Upfront<br> Receipts<br> (Payments)** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| COP | 49902611 | Receives | Colombia Overnight Interbank Reference Rate<br> (pays quarterly) | 8.34%<br> (pays quarterly) | 6/18/28 | $224573 | $(33889) | $190684 |
| COP | 13674000 | Receives | Colombia Overnight Interbank Reference Rate<br> (pays quarterly) | 8.35%<br> (pays quarterly) | 6/18/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60011 | &nbsp;&nbsp;&nbsp; 16026 | &nbsp;&nbsp;&nbsp; 76037 |
| COP | 26557000 | Receives | Colombia Overnight Interbank Reference Rate<br> (pays quarterly) | 8.37%<br> (pays quarterly) | 6/18/28 | &nbsp;&nbsp;&nbsp;&nbsp;114098 | &nbsp;&nbsp;&nbsp;&nbsp;(11093) | &nbsp;&nbsp;&nbsp; 103005 |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | Receives | 1-day Euro Short-Term Rate<br> (pays annually) | 2.60%<br> (pays annually) | 1/24/28 | &nbsp;&nbsp;&nbsp;&nbsp;(42796) | &nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp; (42775) |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3629 | Pays | 6-month EURIBOR<br> (pays semi-annually) | 3.03%<br> (pays annually) | 10/10/29 | &nbsp;&nbsp;&nbsp;&nbsp;122852 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 122852 |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | Pays | 6-month EURIBOR<br> (pays semi-annually) | 3.17%<br> (pays annually) | 10/17/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48151 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 48151 |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1781 | Pays | 6-month EURIBOR<br> (pays semi-annually) | 3.01%<br> (pays annually) | 10/27/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58526 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 58526 |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | Pays | 6-month EURIBOR<br> (pays semi-annually) | 3.26%<br> (pays annually) | 10/17/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23755 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 23755 |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | Pays | 6-month EURIBOR<br> (pays semi-annually) | 3.31%<br> (pays annually) | 10/18/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50752 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 50752 |

---

*43*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_da65d7d0-3803-492b-bc5e-d1cca7923e55_TOC)

Global Macro Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** |
| **Notional Amount<br> (000's omitted)** | **Notional Amount<br> (000's omitted)** | **Portfolio<br> Pays/<br> Receives<br> Floating<br> Rate** | **Floating Rate** | **Annual<br> Fixed Rate** | **Termination<br> Date** | **Value** | **Unamortized<br> Upfront<br> Receipts<br> (Payments)** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | Pays | 6-month EURIBOR<br> (pays semi-annually) | 3.20%<br> (pays annually) | 10/19/32 | $44279 | $— | $44279 |
| ILS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34611 | Pays | 3-month ILS TELBOR<br> (pays annually) | 3.66%<br> (pays annually) | 10/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23662 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 23662 |
| ILS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35288 | Pays | 3-month ILS TELBOR<br> (pays annually) | 3.52%<br> (pays annually) | 12/17/30 | &nbsp;&nbsp;&nbsp;&nbsp;(31655) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (31655) |
| ILS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18821 | Pays | 3-month ILS TELBOR<br> (pays annually) | 3.80%<br> (pays annually) | 12/17/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3549 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3549 |
| ILS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17857 | Pays | 3-month ILS TELBOR<br> (pays annually) | 3.91%<br> (pays annually) | 12/17/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50084 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 50084 |
| INR | &nbsp;&nbsp;&nbsp;&nbsp;987000 | Pays | 1-day INR FBIL MIBOR<br> (pays semi-annually) | 5.68%<br> (pays semi-annually) | 9/17/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13103 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 13103 |
| INR | &nbsp;&nbsp;&nbsp;&nbsp;329000 | Pays | 1-day INR FBIL MIBOR<br> (pays semi-annually) | 5.69%<br> (pays semi-annually) | 9/17/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6430 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6430 |
| KRW | 23234000 | Pays | 3-month KRW Certificate of Deposit Rate<br> (pays quarterly) | 2.32%<br> (pays quarterly) | 6/18/27 | &nbsp;&nbsp;&nbsp;&nbsp;(78604) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (78604) |
| KRW | 30205000 | Pays | 3-month KRW Certificate of Deposit Rate<br> (pays quarterly) | 2.33%<br> (pays quarterly) | 6/18/27 | &nbsp;&nbsp;&nbsp;&nbsp;(99578) | &nbsp;&nbsp;&nbsp; 2379 | &nbsp;&nbsp;&nbsp;&nbsp; (97199) |
| KRW | 32714000 | Pays | 3-month KRW Certificate of Deposit Rate<br> (pays quarterly) | 2.34%<br> (pays quarterly) | 6/18/27 | &nbsp;&nbsp;&nbsp;&nbsp;(104684) | &nbsp;&nbsp;&nbsp; 5039 | &nbsp;&nbsp;&nbsp;&nbsp; (99645) |
| KRW | 48862000 | Pays | 3-month KRW Certificate of Deposit Rate<br> (pays quarterly) | 2.34%<br> (pays quarterly) | 6/18/27 | &nbsp;&nbsp;&nbsp;&nbsp;(154785) | &nbsp;&nbsp;&nbsp;&nbsp; (224) | &nbsp;&nbsp;&nbsp;&nbsp; (155009) |
| KRW | 32187000 | Pays | 3-month KRW Certificate of Deposit Rate<br> (pays quarterly) | 2.33%<br> (pays quarterly) | 9/17/27 | &nbsp;&nbsp;&nbsp;&nbsp;(126701) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (126701) |
| KRW | 54597000 | Pays | 3-month KRW Certificate of Deposit Rate<br> (pays quarterly) | 2.33%<br> (pays quarterly) | 9/17/27 | &nbsp;&nbsp;&nbsp;&nbsp;(212922) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (212922) |
| KRW | 22802000 | Pays | 3-month KRW Certificate of Deposit Rate<br> (pays quarterly) | 2.33%<br> (pays quarterly) | 9/17/27 | &nbsp;&nbsp;&nbsp;&nbsp;(87092) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (87092) |
| KRW | 2025000 | Receives | 3-month KRW Certificate of Deposit Rate<br> (pays quarterly) | 2.63%<br> (pays quarterly) | 3/19/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31956 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 31956 |
| KRW | 3652000 | Receives | 3-month KRW Certificate of Deposit Rate<br> (pays quarterly) | 2.69%<br> (pays quarterly) | 3/19/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45487 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 45487 |
| KRW | 7485000 | Receives | 3-month KRW Certificate of Deposit Rate<br> (pays quarterly) | 2.69%<br> (pays quarterly) | 3/19/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90967 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 90967 |
| KRW | 2985000 | Receives | 3-month KRW Certificate of Deposit Rate<br> (pays quarterly) | 2.70%<br> (pays quarterly) | 3/19/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34473 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 34473 |
| KRW | 2853000 | Receives | 3-month KRW Certificate of Deposit Rate<br> (pays quarterly) | 2.79%<br> (pays quarterly) | 3/19/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17081 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 17081 |
| KRW | 3788000 | Receives | 3-month KRW Certificate of Deposit Rate<br> (pays quarterly) | 2.79%<br> (pays quarterly) | 3/19/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22564 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 22564 |

---

*44*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_da65d7d0-3803-492b-bc5e-d1cca7923e55_TOC)

Global Macro Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** |
| **Notional Amount<br> (000's omitted)** | **Notional Amount<br> (000's omitted)** | **Portfolio<br> Pays/<br> Receives<br> Floating<br> Rate** | **Floating Rate** | **Annual<br> Fixed Rate** | **Termination<br> Date** | **Value** | **Unamortized<br> Upfront<br> Receipts<br> (Payments)** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| KRW | 7577000 | Receives | 3-month KRW Certificate of Deposit Rate<br> (pays quarterly) | 2.81%<br> (pays quarterly) | 3/19/35 | $39408 | $— | $39408 |
| KRW | 6995000 | Receives | 3-month KRW Certificate of Deposit Rate<br> (pays quarterly) | 2.65%<br> (pays quarterly) | 9/17/35 | &nbsp;&nbsp;&nbsp;&nbsp;113162 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 113162 |
| KRW | 11900000 | Receives | 3-month KRW Certificate of Deposit Rate<br> (pays quarterly) | 2.65%<br> (pays quarterly) | 9/17/35 | &nbsp;&nbsp;&nbsp;&nbsp;190630 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 190630 |
| KRW | 5874000 | Receives | 3-month KRW Certificate of Deposit Rate<br> (pays quarterly) | 2.65%<br> (pays quarterly) | 9/19/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94941 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 94941 |
| MXN | &nbsp;&nbsp;&nbsp;&nbsp;884900 | Pays | Mexico Interbank TIIE 28 Day<br> (pays monthly) | 6.93%<br> (pays monthly) | 12/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;(37828) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (37828) |
| MXN | &nbsp;&nbsp;&nbsp;&nbsp;567000 | Pays | Mexico Interbank TIIE 28 Day<br> (pays monthly) | 6.94%<br> (pays monthly) | 12/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;(22877) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (22877) |
| MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13120 | Pays | Mexico Interbank TIIE 28 Day<br> (pays monthly) | 9.13%<br> (pays monthly) | 11/6/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48553 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 48553 |
| NZD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16680 | Receives | 3-month NZD Bank Bill<br> (pays quarterly) | 4.20%<br> (pays semi-annually) | 6/18/35 | &nbsp;&nbsp;&nbsp;&nbsp;(570555) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (570555) |
| NZD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | Receives | 3-month NZD Bank Bill<br> (pays quarterly) | 4.21%<br> (pays semi-annually) | 6/18/35 | &nbsp;&nbsp;&nbsp;&nbsp;(102776) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (102776) |
| NZD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20520 | Receives | 3-month NZD Bank Bill<br> (pays quarterly) | 4.25%<br> (pays semi-annually) | 6/18/35 | &nbsp;&nbsp;&nbsp;&nbsp;(748697) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (748697) |
| PLN | &nbsp;&nbsp;&nbsp;&nbsp;461230 | Receives | 6-month PLN WIBOR<br> (pays quarterly) | 4.36%<br> (pays annually) | 9/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;(208028) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (208028) |
| PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90904 | Receives | 6-month PLN WIBOR<br> (pays quarterly) | 4.49%<br> (pays annually) | 8/12/32 | &nbsp;&nbsp;&nbsp;&nbsp;(32714) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (32714) |
| PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90904 | Pays | 6-month PLN WIBOR<br> (pays semi-annually) | 4.59%<br> (pays annually) | 8/12/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39109 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 39109 |
| PLN | &nbsp;&nbsp;&nbsp;&nbsp;390150 | Receives | 6-month PLN WIBOR<br> (pays quarterly) | 4.61%<br> (pays annually) | 9/9/32 | &nbsp;&nbsp;&nbsp;&nbsp;(324206) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (324206) |
| PLN | &nbsp;&nbsp;&nbsp;&nbsp;390150 | Pays | 6-month PLN WIBOR<br> (pays semi-annually) | 4.71%<br> (pays annually) | 9/9/32 | &nbsp;&nbsp;&nbsp;&nbsp;342969 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 342969 |
| PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11653 | Receives | 6-month PLN WIBOR<br> (pays semi-annually) | 4.27%<br> (pays annually) | 6/18/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29537 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 29537 |
| PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45541 | Receives | 6-month PLN WIBOR<br> (pays semi-annually) | 4.31%<br> (pays annually) | 6/18/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70258 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 70258 |
| PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60296 | Receives | 6-month PLN WIBOR<br> (pays semi-annually) | 4.34%<br> (pays annually) | 6/18/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58953 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 58953 |
| PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38470 | Receives | 6-month PLN WIBOR<br> (pays semi-annually) | 4.44%<br> (pays annually) | 12/17/35 | &nbsp;&nbsp;&nbsp;&nbsp;(47725) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (47725) |
| TWD | &nbsp;&nbsp;&nbsp;&nbsp;391100 | Receives | 3-month TWD TAIBOR<br> (pays quarterly) | 1.49%<br> (pays quarterly) | 6/18/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32551 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 32551 |
| TWD | &nbsp;&nbsp;&nbsp;&nbsp;485375 | Receives | 3-month TWD TAIBOR<br> (pays quarterly) | 1.49%<br> (pays quarterly) | 6/18/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39668 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 39668 |
| TWD | &nbsp;&nbsp;&nbsp;&nbsp;876475 | Receives | 3-month TWD TAIBOR<br> (pays quarterly) | 1.54%<br> (pays quarterly) | 9/17/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46971 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 46971 |
| TWD | &nbsp;&nbsp;&nbsp;&nbsp;413000 | Receives | 3-month TWD TAIBOR<br> (pays quarterly) | 1.90%<br> (pays quarterly) | 9/18/29 | &nbsp;&nbsp;&nbsp;&nbsp;(131936) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (131936) |

---

*45*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_da65d7d0-3803-492b-bc5e-d1cca7923e55_TOC)

Global Macro Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** |
| **Notional Amount<br> (000's omitted)** | **Notional Amount<br> (000's omitted)** | **Portfolio<br> Pays/<br> Receives<br> Floating<br> Rate** | **Floating Rate** | **Annual<br> Fixed Rate** | **Termination<br> Date** | **Value** | **Unamortized<br> Upfront<br> Receipts<br> (Payments)** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| TWD | &nbsp;&nbsp;&nbsp;&nbsp;171800 | Receives | 3-month TWD TAIBOR<br> (pays quarterly) | 1.62%<br> (pays quarterly) | 12/18/29 | $10419 | $— | $10419 |
| TWD | &nbsp;&nbsp;&nbsp;&nbsp;200691 | Receives | 3-month TWD TAIBOR<br> (pays quarterly) | 1.63%<br> (pays quarterly) | 12/18/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9661 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 9661 |
| TWD | &nbsp;&nbsp;&nbsp;&nbsp;177400 | Receives | 3-month TWD TAIBOR<br> (pays quarterly) | 1.91%<br> (pays quarterly) | 3/19/30 | &nbsp;&nbsp;&nbsp;&nbsp;(63000) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (63000) |
| TWD | &nbsp;&nbsp;&nbsp;&nbsp;162600 | Receives | 3-month TWD TAIBOR<br> (pays quarterly) | 1.91%<br> (pays quarterly) | 3/19/30 | &nbsp;&nbsp;&nbsp;&nbsp;(58220) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (58220) |
| TWD | &nbsp;&nbsp;&nbsp;&nbsp;153100 | Receives | 3-month TWD TAIBOR<br> (pays quarterly) | 1.55%<br> (pays quarterly) | 6/18/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29947 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 29947 |
| TWD | &nbsp;&nbsp;&nbsp;&nbsp;198850 | Receives | 3-month TWD TAIBOR<br> (pays quarterly) | 1.58%<br> (pays quarterly) | 6/18/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31226 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 31226 |
| TWD | &nbsp;&nbsp;&nbsp;&nbsp;187400 | Receives | 3-month TWD TAIBOR<br> (pays quarterly) | 1.78%<br> (pays quarterly) | 6/18/30 | &nbsp;&nbsp;&nbsp;&nbsp;(28986) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (28986) |
| TWD | &nbsp;&nbsp;&nbsp;&nbsp;101400 | Receives | 3-month TWD TAIBOR<br> (pays quarterly) | 1.79%<br> (pays quarterly) | 6/18/30 | &nbsp;&nbsp;&nbsp;&nbsp;(17562) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (17562) |
| TWD | &nbsp;&nbsp;&nbsp;&nbsp;134000 | Receives | 3-month TWD TAIBOR<br> (pays quarterly) | 1.79%<br> (pays quarterly) | 6/18/30 | &nbsp;&nbsp;&nbsp;&nbsp;(23931) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (23931) |
| TWD | &nbsp;&nbsp;&nbsp;&nbsp;351950 | Receives | 3-month TWD TAIBOR<br> (pays quarterly) | 1.60%<br> (pays quarterly) | 9/17/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50815 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 50815 |
| TWD | &nbsp;&nbsp;&nbsp;&nbsp;443600 | Receives | 3-month TWD TAIBOR<br> (pays quarterly) | 1.64%<br> (pays quarterly) | 9/17/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35647 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 35647 |
| TWD | &nbsp;&nbsp;&nbsp;&nbsp;220000 | Receives | 3-month TWD TAIBOR<br> (pays quarterly) | 1.76%<br> (pays quarterly) | 9/17/30 | &nbsp;&nbsp;&nbsp;&nbsp;(25471) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (25471) |
| TWD | &nbsp;&nbsp;&nbsp;&nbsp;504010 | Receives | 3-month TWD TAIBOR<br> (pays quarterly) | 1.77%<br> (pays quarterly) | 12/17/30 | &nbsp;&nbsp;&nbsp;&nbsp;(58138) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (58138) |
| **Total** |  |  |  |  |  | **$(1040689)** | **$(21741)** | **$(1062430)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Credit Default Swaps - Buy Protection (Centrally Cleared)** | **Credit Default Swaps - Buy Protection (Centrally Cleared)** | **Credit Default Swaps - Buy Protection (Centrally Cleared)** | **Credit Default Swaps - Buy Protection (Centrally Cleared)** | **Credit Default Swaps - Buy Protection (Centrally Cleared)** |  |
| **Reference Entity** | &nbsp;&nbsp;**Notional<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Termination<br> Date** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**Unamortized<br> Upfront<br> Receipts<br> (Payments)** | &nbsp;&nbsp;**Unrealized<br> Appreciation<br> (Depreciation)** |
| iTraxx Europe Crossover Index (ITRAXX.XO.44.V1) | 25095 &nbsp;&nbsp;5.00%<br> (pays quarterly)<sup>(1)</sup> | &nbsp;&nbsp;12/20/30 | &nbsp;&nbsp;$(3149315) | &nbsp;&nbsp;$3115834 | &nbsp;&nbsp;$(33481) |
| Malaysia | $24670 &nbsp;&nbsp;1.00%<br> (pays quarterly)<sup>(1)</sup> | &nbsp;&nbsp;12/20/30 | &nbsp;&nbsp;&nbsp;&nbsp; (734898) | &nbsp;&nbsp;&nbsp;&nbsp; 680056 | &nbsp;&nbsp;&nbsp;&nbsp; (54842) |
| Markit CDX Emerging Markets Index (CDX.EM.43.V1) | 47214 &nbsp;&nbsp;1.00%<br> (pays quarterly)<sup>(1)</sup> | &nbsp;&nbsp; 6/20/30 | &nbsp;&nbsp;&nbsp;&nbsp; 409349 | &nbsp;&nbsp;&nbsp;&nbsp;(1421006) | &nbsp;&nbsp;&nbsp;&nbsp;(1011657) |
| Markit CDX North America High Yield Index (CDX.NA.HY.44.V1) | &nbsp;&nbsp;&nbsp;1783 &nbsp;&nbsp;5.00%<br> (pays quarterly)<sup>(1)</sup> | &nbsp;&nbsp; 6/20/30 | &nbsp;&nbsp;&nbsp;&nbsp; (145015) | &nbsp;&nbsp;&nbsp;&nbsp; 75722 | &nbsp;&nbsp;&nbsp;&nbsp; (69293) |
| Markit CDX North America High Yield Index (CDX.NA.HY.45.V1) | &nbsp;&nbsp;&nbsp;9700 &nbsp;&nbsp;5.00%<br> (pays quarterly)<sup>(1)</sup> | &nbsp;&nbsp;12/20/30 | &nbsp;&nbsp;&nbsp;&nbsp; (758489) | &nbsp;&nbsp;&nbsp;&nbsp; 731464 | &nbsp;&nbsp;&nbsp;&nbsp; (27025) |
| Markit CDX North America Investment Grade Index (CDX.NA.IG.45.V1) | 59024 &nbsp;&nbsp;1.00%<br> (pays quarterly)<sup>(1)</sup> | &nbsp;&nbsp;12/20/30 | &nbsp;&nbsp;&nbsp;&nbsp;(1359528) | &nbsp;&nbsp;&nbsp;&nbsp; 1325519 | &nbsp;&nbsp;&nbsp;&nbsp; (34009) |
| Poland | 27220 &nbsp;&nbsp;1.00%<br> (pays quarterly)<sup>(1)</sup> | &nbsp;&nbsp;12/20/30 | &nbsp;&nbsp;&nbsp;&nbsp; (513070) | &nbsp;&nbsp;&nbsp;&nbsp; 431591 | &nbsp;&nbsp;&nbsp;&nbsp; (81479) |

---

*46*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_da65d7d0-3803-492b-bc5e-d1cca7923e55_TOC)

Global Macro Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Credit Default Swaps - Buy Protection (Centrally Cleared) (continued)** | **Credit Default Swaps - Buy Protection (Centrally Cleared) (continued)** | **Credit Default Swaps - Buy Protection (Centrally Cleared) (continued)** | **Credit Default Swaps - Buy Protection (Centrally Cleared) (continued)** | **Credit Default Swaps - Buy Protection (Centrally Cleared) (continued)** |  |
| **Reference Entity** | &nbsp;&nbsp;**Notional<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Termination<br> Date** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**Unamortized<br> Upfront<br> Receipts<br> (Payments)** | &nbsp;&nbsp;**Unrealized<br> Appreciation<br> (Depreciation)** |
| Qatar | $&nbsp;&nbsp;&nbsp;46882 &nbsp;&nbsp;1.00%<br> (pays quarterly)<sup>(1)</sup> | &nbsp;&nbsp;12/20/30 | &nbsp;&nbsp;$(1630847) | &nbsp;&nbsp;$1498566 | &nbsp;&nbsp;$(132281) |
| Saudi Arabia | 115076 &nbsp;&nbsp;1.00%<br> (pays quarterly)<sup>(1)</sup> | &nbsp;&nbsp;12/20/30 | &nbsp;&nbsp;&nbsp;&nbsp;(2181280) | &nbsp;&nbsp;&nbsp;&nbsp; 1657031 | &nbsp;&nbsp;&nbsp;&nbsp; (524249) |
| South Africa | &nbsp;&nbsp;&nbsp;82523 &nbsp;&nbsp;1.00%<br> (pays quarterly)<sup>(1)</sup> | &nbsp;&nbsp;12/20/30 | &nbsp;&nbsp;&nbsp;&nbsp; 1829834 | &nbsp;&nbsp;&nbsp;&nbsp;(2559451) | &nbsp;&nbsp;&nbsp;&nbsp; (729617) |
| South Africa | &nbsp;&nbsp;&nbsp;&nbsp;9666 &nbsp;&nbsp;1.00%<br> (pays quarterly)<sup>(1)</sup> | &nbsp;&nbsp; 6/20/31 | &nbsp;&nbsp;&nbsp;&nbsp; 313772 | &nbsp;&nbsp;&nbsp;&nbsp; (830398) | &nbsp;&nbsp;&nbsp;&nbsp; (516626) |
| Turkey | &nbsp;&nbsp;&nbsp;98450 &nbsp;&nbsp;1.00%<br> (pays quarterly)<sup>(1)</sup> | &nbsp;&nbsp;12/20/30 | &nbsp;&nbsp;&nbsp;&nbsp; 6145876 | &nbsp;&nbsp;&nbsp;&nbsp;(6802446) | &nbsp;&nbsp;&nbsp;&nbsp; (656570) |
| **Total** |  |  | &nbsp;&nbsp;**$(1773611)** | &nbsp;&nbsp;**$(2097518)** | &nbsp;&nbsp;**$(3871129)** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit Default Swaps - Sell Protection (OTC)** | **Credit Default Swaps - Sell Protection (OTC)** | **Credit Default Swaps - Sell Protection (OTC)** | **Credit Default Swaps - Sell Protection (OTC)** | **Credit Default Swaps - Sell Protection (OTC)** | **Credit Default Swaps - Sell Protection (OTC)** | **Credit Default Swaps - Sell Protection (OTC)** | **Credit Default Swaps - Sell Protection (OTC)** | **Credit Default Swaps - Sell Protection (OTC)** |
| **Reference Entity** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Notional<br> Amount\*\*<br> (000's omitted)** | &nbsp;&nbsp;**Contract Annual<br> Fixed Rate\*** | &nbsp;&nbsp;**Current<br> Market<br> Annual<br> Fixed Rate\*\*\*** | &nbsp;&nbsp;**Termination<br> Date** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**Unamortized<br> Upfront<br> Receipts<br> (Payments)** | &nbsp;&nbsp;**Unrealized<br> Appreciation<br> (Depreciation)** |
| India | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;$2000 | &nbsp;&nbsp;1.00%<br> (pays quarterly)<sup>(1)</sup> | &nbsp;&nbsp;0.69% | &nbsp;&nbsp;12/20/30 | &nbsp;&nbsp;$31558 | &nbsp;&nbsp;$(36766) | &nbsp;&nbsp;$(5208) |
| India | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;1.00%<br> (pays quarterly)<sup>(1)</sup> | &nbsp;&nbsp;0.69 | &nbsp;&nbsp;12/20/30 | &nbsp;&nbsp;&nbsp;&nbsp; 78896 | &nbsp;&nbsp;&nbsp;&nbsp;(96652) | &nbsp;&nbsp;&nbsp;&nbsp;(17756) |
| Petroleos Mexicanos | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp; 2469 | &nbsp;&nbsp;1.00%<br> (pays quarterly)<sup>(1)</sup> | &nbsp;&nbsp;1.29 | &nbsp;&nbsp;12/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; (5349) | &nbsp;&nbsp;&nbsp;&nbsp; 42014 | &nbsp;&nbsp;&nbsp;&nbsp; 36665 |
| Petroleos Mexicanos | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp; 3209 | &nbsp;&nbsp;1.00%<br> (pays quarterly)<sup>(1)</sup> | &nbsp;&nbsp;1.29 | &nbsp;&nbsp;12/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; (6953) | &nbsp;&nbsp;&nbsp;&nbsp; 46085 | &nbsp;&nbsp;&nbsp;&nbsp; 39132 |
| Petroleos Mexicanos | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp; 3075 | &nbsp;&nbsp;1.00%<br> (pays quarterly)<sup>(1)</sup> | &nbsp;&nbsp;1.48 | &nbsp;&nbsp; 6/20/27 | &nbsp;&nbsp;&nbsp;&nbsp;(20125) | &nbsp;&nbsp;&nbsp;&nbsp; 83677 | &nbsp;&nbsp;&nbsp;&nbsp; 63552 |
| Petroleos Mexicanos | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp; 5717 | &nbsp;&nbsp;1.00%<br> (pays quarterly)<sup>(1)</sup> | &nbsp;&nbsp;1.48 | &nbsp;&nbsp; 6/20/27 | &nbsp;&nbsp;&nbsp;&nbsp;(37415) | &nbsp;&nbsp;&nbsp;&nbsp;133329 | &nbsp;&nbsp;&nbsp;&nbsp; 95914 |
| Petroleos Mexicanos | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;&nbsp;&nbsp;10759 | &nbsp;&nbsp;4.00%<br> (pays monthly) | &nbsp;&nbsp;1.19 | &nbsp;&nbsp; 7/6/26 | &nbsp;&nbsp;&nbsp;&nbsp;129258 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;129258 |
| Petroleos Mexicanos | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;&nbsp;&nbsp;10516 | &nbsp;&nbsp;4.20%<br> (pays monthly) | &nbsp;&nbsp;1.25 | &nbsp;&nbsp; 7/6/26 | &nbsp;&nbsp;&nbsp;&nbsp;135283 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;135283 |
| Petroleos Mexicanos | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;&nbsp;&nbsp; 2512 | &nbsp;&nbsp;1.00%<br> (pays quarterly)<sup>(1)</sup> | &nbsp;&nbsp;1.18 | &nbsp;&nbsp; 6/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; 475 | &nbsp;&nbsp;&nbsp;&nbsp; 61562 | &nbsp;&nbsp;&nbsp;&nbsp; 62037 |
| Petroleos Mexicanos | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;1.00%<br> (pays quarterly)<sup>(1)</sup> | &nbsp;&nbsp;1.18 | &nbsp;&nbsp; 6/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; 14983 | &nbsp;&nbsp;&nbsp;&nbsp; 14986 |
| Petroleos Mexicanos | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;&nbsp;&nbsp; 1146 | &nbsp;&nbsp;1.00%<br> (pays quarterly)<sup>(1)</sup> | &nbsp;&nbsp;1.18 | &nbsp;&nbsp; 6/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 8940 | &nbsp;&nbsp;&nbsp;&nbsp; 8942 |
| Petroleos Mexicanos | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;&nbsp;&nbsp; 1146 | &nbsp;&nbsp;1.00%<br> (pays quarterly)<sup>(1)</sup> | &nbsp;&nbsp;1.48 | &nbsp;&nbsp; 6/20/27 | &nbsp;&nbsp;&nbsp;&nbsp; (7500) | &nbsp;&nbsp;&nbsp;&nbsp; 25798 | &nbsp;&nbsp;&nbsp;&nbsp; 18298 |
| Petroleos Mexicanos | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;&nbsp;&nbsp; 5789 | &nbsp;&nbsp;1.00%<br> (pays quarterly)<sup>(1)</sup> | &nbsp;&nbsp;1.48 | &nbsp;&nbsp; 6/20/27 | &nbsp;&nbsp;&nbsp;&nbsp;(37886) | &nbsp;&nbsp;&nbsp;&nbsp;131199 | &nbsp;&nbsp;&nbsp;&nbsp; 93313 |
| Petroleos Mexicanos | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp;&nbsp; 2193 | &nbsp;&nbsp;1.00%<br> (pays quarterly)<sup>(1)</sup> | &nbsp;&nbsp;1.45 | &nbsp;&nbsp; 6/20/27 | &nbsp;&nbsp;&nbsp;&nbsp;(13253) | &nbsp;&nbsp;&nbsp;&nbsp; 55357 | &nbsp;&nbsp;&nbsp;&nbsp; 42104 |
| **Total** |  | &nbsp;&nbsp;**$57531** |  |  |  | &nbsp;&nbsp;**$246994** | &nbsp;&nbsp;**$469526** | &nbsp;&nbsp;**$716520** |

---

*47*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_da65d7d0-3803-492b-bc5e-d1cca7923e55_TOC)

Global Macro Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Credit Default Swaps - Buy Protection (OTC)** | **Credit Default Swaps - Buy Protection (OTC)** | **Credit Default Swaps - Buy Protection (OTC)** | **Credit Default Swaps - Buy Protection (OTC)** | **Credit Default Swaps - Buy Protection (OTC)** | **Credit Default Swaps - Buy Protection (OTC)** | **Credit Default Swaps - Buy Protection (OTC)** |
| **Reference Entity** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Notional<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Termination<br> Date** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**Unamortized<br> Upfront<br> Receipts<br> (Payments)** | &nbsp;&nbsp;**Unrealized<br> Appreciation<br> (Depreciation)** |
| Saudi Arabia | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;$14533 &nbsp;&nbsp;1.00%<br> (pays quarterly)<sup>(1)</sup> | &nbsp;&nbsp;6/20/31 | &nbsp;&nbsp;$(257785) | &nbsp;&nbsp;$(150832) | &nbsp;&nbsp;$(408617) |
| Saudi Arabia | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;&nbsp;&nbsp;28800 &nbsp;&nbsp;1.00%<br> (pays quarterly)<sup>(1)</sup> | &nbsp;&nbsp;6/20/35 | &nbsp;&nbsp;&nbsp;&nbsp; (84024) | &nbsp;&nbsp;&nbsp;&nbsp;(291645) | &nbsp;&nbsp;&nbsp;&nbsp;(375669) |
| **Total** |  |  |  | &nbsp;&nbsp;**$(341809)** | &nbsp;&nbsp;**$(442477)** | &nbsp;&nbsp;**$(784286)** |

---

\* 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.

\*\* 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 October 31, 2025, such maximum potential amount for all open credit default swaps in which the Portfolio is the seller was $57,531,000.

\*\*\* 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.

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Total Return Swaps (OTC)** | **Total Return Swaps (OTC)** | **Total Return Swaps (OTC)** | **Total Return Swaps (OTC)** | **Total Return Swaps (OTC)** | **Total Return Swaps (OTC)** | **Total Return Swaps (OTC)** |
| **Counterparty** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional Amount<br> (000's omitted)** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional Amount<br> (000's omitted)** | &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio Receives** | &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio Pays** | &nbsp;&nbsp;&nbsp;&nbsp;**Termination<br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> Appreciation<br> (Depreciation)** |
| JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;Excess Return on USD - SOFR Index minus 0.85% plus Negative Return on J.P. Morgan EMBI Global Diversified Index (pays monthly) | &nbsp;&nbsp;&nbsp;&nbsp;Positive Return on J.P. Morgan EMBI Global Diversified Index (pays monthly) | &nbsp;&nbsp;&nbsp;&nbsp;11/14/25 | &nbsp;&nbsp;&nbsp;&nbsp;$(175443) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**$(175443)** |

---

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ADR | – American Depositary Receipt |
| CMT | – Constant Maturity Treasury |
| COF | – Cost of Funds 11th District |
| EURIBOR | – Euro Interbank Offered Rate |
| FBIL | – Financial Benchmarks India Ltd. |
| GDP | – Gross Domestic Product |
| GDR | – Global Depositary Receipt |
| MIBOR | – Mumbai Interbank Offered Rate |

---

---

| | |
|:---|:---|
| OTC | – Over-the-counter |
| PFC Shares | – Preference Shares |
| PIK | – Payment In Kind |
| SOFR | – Secured Overnight Financing Rate |
| TAIBOR | – Taipei Interbank Offered Rate |
| TELBOR | – Tel Aviv Interbank Offered Rate |
| WIBOR | – Warsaw Interbank Offered Rate |

---

---

| | |
|:---|:---|
| **Currency Abbreviations:** | **Currency Abbreviations:** |
| ALL | – Albanian Lek |
| AMD | – Armenian Dram |
| AUD | – Australian Dollar |

---

---

| | |
|:---|:---|
| BHD | – Bahraini Dinar |
| BRL | – Brazilian Real |
| CLP | – Chilean Peso |

---

*48*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_da65d7d0-3803-492b-bc5e-d1cca7923e55_TOC)

Global Macro Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

---

| | |
|:---|:---|
| CNH | – Yuan Renminbi Offshore |
| COP | – Colombian Peso |
| EGP | – Egyptian Pound |
| EUR | – Euro |
| GBP | – British Pound Sterling |
| GHS | – Ghanaian Cedi |
| HKD | – Hong Kong Dollar |
| HUF | – Hungarian Forint |
| IDR | – Indonesian Rupiah |
| ILS | – Israeli Shekel |
| INR | – Indian Rupee |
| ISK | – Icelandic Krona |
| JPY | – Japanese Yen |
| KRW | – South Korean Won |
| KWD | – Kuwaiti Dinar |
| KZT | – Kazakhstani Tenge |
| LKR | – Sri Lankan Rupee |
| MNT | – Mongolia Tughrik |
| MXN | – Mexican Peso |
| MYR | – Malaysian Ringgit |
| NGN | – Nigerian Naira |
| NZD | – New Zealand Dollar |

---

---

| | |
|:---|:---|
| OMR | – Omani Rial |
| PEN | – Peruvian Sol |
| PHP | – Philippine Peso |
| PLN | – Polish Zloty |
| PYG | – Paraguayan Guarani |
| RON | – Romanian Leu |
| RSD | – Serbian Dinar |
| RUB | – Russian Ruble |
| SAR | – Saudi Riyal |
| SEK | – Swedish Krona |
| THB | – Thai Baht |
| TRY | – Turkish Lira |
| TWD | – New Taiwan Dollar |
| TZS | – Tanzanian Schilling |
| UGX | – Ugandan Shilling |
| USD | – United States Dollar |
| UYU | – Uruguayan Peso |
| UZS | – Uzbekistani Som |
| VND | – Viet Nam Dong |
| ZAR | – South African Rand |
| ZMW | – Zambian Kwacha |

---

*49*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_da65d7d0-3803-492b-bc5e-d1cca7923e55_TOC)

Global Macro Portfolio

October 31, 2025

Consolidated Statement of Assets and Liabilities

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**October 31, 2025** |
| Assets |  |
| Unaffiliated investments, at value (identified cost $2,392,887,011) | &nbsp;&nbsp;$2498082254 |
| Affiliated investments, at value (identified cost $456,966,755) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456966755 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3539887 |
| Deposits for derivatives collateral: |  |
| &nbsp;&nbsp;&nbsp;Centrally cleared derivatives | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38440025 |
| &nbsp;&nbsp;&nbsp;OTC derivatives | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2800000 |
| Cash collateral for securities sold short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77609268 |
| Foreign currency, at value (identified cost $41,915,203) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41994517 |
| Interest and dividends receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31155052 |
| Dividends receivable from affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1456001 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111382495 |
| Receivable for variation margin on open centrally cleared derivatives | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;652468 |
| Receivable for open forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10613806 |
| Receivable for open swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;739484 |
| Upfront payments on open OTC swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575895 |
| Tax reclaims receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2122 |
| Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304346 |
| **Total assets** | &nbsp;&nbsp;**$3276314375** |
| Liabilities |  |
| Cash collateral due to brokers | &nbsp;&nbsp;$2800000 |
| Payable for reverse repurchase agreements, including accrued interest of $534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;803584 |
| Written options outstanding, at value (premiums received $1,992,229) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1090477 |
| Payable for investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98475231 |
| Payable for when-issued securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32177015 |
| Payable for securities sold short, at value (proceeds $136,121,010) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143857806 |
| Payable for variation margin on open futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276648 |
| Payable for open forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8314072 |
| Payable for open swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;982693 |
| Payable for closed swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42759 |
| Upfront receipts on open OTC swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602944 |
| Payable to affiliates: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment adviser fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1328141 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9222 |
| &nbsp;&nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304346 |
| Interest payable on securities sold short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1220534 |
| Accrued foreign capital gains taxes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8454 |
| Accrued expenses and other liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670120 |
| **Total liabilities** | &nbsp;&nbsp;**$292964046** |
| **Net Assets applicable to investors' interest in Portfolio** | &nbsp;&nbsp;**$2983350329** |

---

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_da65d7d0-3803-492b-bc5e-d1cca7923e55_TOC)

Global Macro Portfolio

October 31, 2025

Consolidated Statement of Operations

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended** |
|  | &nbsp;&nbsp;&nbsp;**October 31, 2025** |
| Investment Income |  |
| Dividend income (net of foreign taxes withheld of $253,461) | &nbsp;&nbsp;$6883699 |
| Dividend income from affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12201359 |
| Interest income (net of foreign taxes withheld of $3,917,889) | &nbsp;&nbsp;&nbsp;&nbsp;159552847 |
| Other income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400287 |
| **Total investment income** | &nbsp;&nbsp;**$179038192** |
| Expenses |  |
| Investment adviser fee | &nbsp;&nbsp;$12742861 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109074 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1683004 |
| Legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322323 |
| Interest expense and fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246798 |
| Interest and dividend expense on securities sold short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10279620 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100202 |
| **Total expenses** | &nbsp;&nbsp;**$25483882** |
| Deduct: |  |
| &nbsp;&nbsp;&nbsp;Waiver and/or reimbursement of expenses by affiliates | &nbsp;&nbsp;$412812 |
| **Total expense reductions** | &nbsp;&nbsp;**$412812** |
| **Net expenses** | &nbsp;&nbsp;**$25071070** |
| **Net investment income** | &nbsp;&nbsp;**$153967122** |
| Realized and Unrealized Gain (Loss) |  |
| Net realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;Investment transactions (net of foreign capital gains taxes of $142,742) | &nbsp;&nbsp;$27848891 |
| &nbsp;&nbsp;&nbsp;Written options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490410 |
| &nbsp;&nbsp;&nbsp;Securities sold short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;867466 |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4694909) |
| &nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(698579) |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24809643 |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56289685) |
| **Net realized loss** | &nbsp;&nbsp;**$(7666763)** |
| Change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Investments (including net decrease in accrued foreign capital gains taxes of $1,120) | &nbsp;&nbsp;$124675794 |
| &nbsp;&nbsp;&nbsp;Written options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905812 |
| &nbsp;&nbsp;&nbsp;Securities sold short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6956572) |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1265277) |
| &nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4991781) |
| &nbsp;&nbsp;&nbsp;Foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960372 |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2692332) |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$110636016** |
| **Net realized and unrealized gain** | &nbsp;&nbsp;**$102969253** |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$256936375** |

---

*51*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_da65d7d0-3803-492b-bc5e-d1cca7923e55_TOC)

Global Macro Portfolio

October 31, 2025

Consolidated Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
|  | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$153967122 | &nbsp;&nbsp;$119779198 |
| &nbsp;&nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7666763) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59331184) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110636016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80440622 |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$256936375** | &nbsp;&nbsp;**$140888636** |
| Capital transactions: |  |  |
| &nbsp;&nbsp;&nbsp;Contributions | &nbsp;&nbsp;$1074138058 | &nbsp;&nbsp;$161853240 |
| &nbsp;&nbsp;&nbsp;Withdrawals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(118299586) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(324302845) |
| **Net increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp;**$955838472** | &nbsp;&nbsp;**$(162449605)** |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;**$1212774847** | &nbsp;&nbsp;**$(21560969)** |
| Net Assets |  |  |
| At beginning of year | &nbsp;&nbsp;$1770575482 | &nbsp;&nbsp;$1792136451 |
| **At end of year** | &nbsp;&nbsp;**$2983350329** | &nbsp;&nbsp;**$1770575482** |

---

*52*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_da65d7d0-3803-492b-bc5e-d1cca7923e55_TOC)

Global Macro Portfolio

October 31, 2025

Consolidated Financial Highlights

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| <br>Ratios/Supplemental Data | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Ratios (as a percentage of average daily net assets):<sup>(1)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% |
| &nbsp;&nbsp;&nbsp;Net expenses<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88% |
| **Total Return** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.26%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.70%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.29%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3.93)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.52%** |
| **Net assets, end of year (000's omitted)** | &nbsp;&nbsp;**$2983350** | &nbsp;&nbsp;**$1770575** | &nbsp;&nbsp;**$1792136** | &nbsp;&nbsp;**$1855794** | &nbsp;&nbsp;**$2563864** |

---

<sup>(1)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Portfolio.

<sup>(2)</sup> Includes interest and/or dividend expense, including on securities sold short and/or reverse repurchase agreements if applicable, of 0.48%, 0.41%, 0.37%, 0.08% and 0.06% of average daily net assets for the years ended October 31, 2025, 2024, 2023, 2022 and 2021, respectively.

<sup>(3)</sup> Includes a reduction by the investment adviser of a portion of its adviser fee due to the Portfolio's investment in the Liquidity Fund (equal to 0.02%, 0.01%, 0.01% and less than 0.01% of average daily net assets for the years ended October 31, 2025, 2024, 2023 and 2022, respectively).

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_da65d7d0-3803-492b-bc5e-d1cca7923e55_TOC)

Global Macro Portfolio

October 31, 2025

Notes to Consolidated Financial Statements

------

1 Significant Accounting Policies

Global Macro Portfolio (the Portfolio) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a non-diversified, open-end management investment company. The Portfolio's investment objective is total return. The Declaration of Trust permits the Trustees to issue interests in the Portfolio. At October 31, 2025, Eaton Vance Global Macro Absolute Return Fund held an interest of approximately 100% in the Portfolio.

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 October 31, 2025 were $17,464,010 or 0.6% of the Portfolio's consolidated net assets. The accompanying consolidated financial statements include the accounts of the Subsidiary. Intercompany balances and transactions have been eliminated in consolidation.

The following is a summary of significant accounting policies of the Portfolio. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Portfolio is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.

A Investment Valuation—The following methodologies are used to determine the market value or fair value of investments.

**Debt Obligations. Debt obligations are generally valued on the basis of valuations provided by third party pricing services, as derived from such services' pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and ask prices, broker/dealer quotations, prices or yields of securities with similar characteristics, interest rates, anticipated prepayments, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Short-term debt obligations purchased with a remaining maturity of sixty days or less for which a valuation from a third party pricing service is not readily available may be valued at amortized cost, which approximates fair value.**

**Senior Floating-Rate Loans. Interests in senior floating-rate loans are valued generally at the average mean of bid and ask quotations obtained from a third party pricing service.**

**Equity Securities. Equity securities listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and ask prices on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ National Market System are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and ask prices.**

**Derivatives. U.S. exchange-traded options are valued at the mean between the bid and ask prices at valuation time as reported by the Options Price Reporting Authority. Non-U.S. exchange-traded options and over-the-counter options (including options on securities, indices and foreign currencies) are valued by a third party pricing service using techniques that consider factors including the value of the underlying instrument, the volatility of the underlying instrument and the period of time until option expiration. 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 futures contracts as described below. Forward foreign currency exchange contracts are generally valued at the mean of the average bid and average ask prices that are reported by currency dealers to a third party pricing service at the valuation time. Such third party pricing service valuations are supplied for specific settlement periods and the Portfolio's forward foreign currency exchange contracts are valued at an interpolated rate between the closest preceding and subsequent settlement period reported by the third party pricing service. Swaps are normally valued using valuations provided by a third party pricing service. Such pricing service valuations are based on the present value of fixed and projected floating rate cash flows over the term of the swap contract, and in the case of credit default swaps, based on credit spread quotations obtained from broker/dealers and expected default recovery rates determined by the pricing service using proprietary models. In the case of total return swaps, pricing service valuations are based on the value of the underlying index or instrument and reference interest rate. Future cash flows on swaps are discounted to their present value using swap rates provided by electronic data services or by broker/dealers.**

**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.**

**Other. Investments in management investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value as of the close of each business day. Exchange-traded funds are valued at the official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded.**

------

[**Table of Contents**](#JOB_EV_AR_da65d7d0-3803-492b-bc5e-d1cca7923e55_TOC)

Global Macro Portfolio

October 31, 2025

Notes to Consolidated Financial Statements — continued

------

**Fair Valuation. In connection with Rule 2a-5 of the 1940 Act, the Trustees have designated the Portfolio's investment adviser as its valuation designee. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued by the investment adviser, as valuation designee, at fair value using methods that most fairly reflect the security's "fair value", which is the amount that the Portfolio might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security's disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company's or entity's financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.**

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

C Income—Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount. Inflation adjustments to the principal amount of inflation-adjusted bonds and notes are reflected as interest income. Deflation adjustments to the principal amount of an inflation-adjusted bond or note are reflected as reductions to interest income to the extent of interest income previously recorded on such bond or note. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. However, if the ex-dividend date has passed, certain dividends from foreign securities are recorded as the Portfolio is informed of the ex-dividend date. Withholding taxes on foreign interest, dividends and capital gains have been provided for in accordance with the Portfolio's understanding of the applicable countries' tax rules and rates. As a result of several court cases in certain countries across the European Union (EU), the Portfolio filed additional tax reclaims for previously withheld taxes on dividends earned in those countries. Income recognized, if any, for EU reclaims and interest thereon is reflected as other income in the Consolidated Statement of Operations, and any related receivable, if any, is reflected as European Union tax reclaims receivable in the Consolidated Statement of Assets and Liabilities. Any fees associated with these filings are reflected in miscellaneous expenses in the Consolidated Statement of Operations. When uncertainty exists as to the ultimate resolution of these proceedings, the likelihood of receipt of these EU reclaims, and the potential timing of payment, no amounts are reflected in the financial statements. For U.S. income tax purposes, EU reclaims received by the Portfolio, if any, may reduce the amount of foreign taxes Fund shareholders can use as tax deductions or credits on their income tax returns. In the event that EU reclaims received by the Portfolio during a fiscal year exceed foreign withholding taxes paid by the Portfolio, and the Portfolio previously passed through to its shareholders foreign taxes incurred by the Portfolio to be used as a credit or deduction on a shareholder's income tax return, the Portfolio may be required to enter into a closing agreement with the Internal Revenue Service in order to pay the associated tax liability on behalf of the Fund's shareholders.

D Federal and Other Taxes—The Portfolio has elected to be treated as a partnership for federal tax purposes. No provision is made by the Portfolio for federal or state taxes on any taxable income of the Portfolio because each investor in the Portfolio is ultimately responsible for the payment of any taxes on its share of taxable income. Since at least one of the Portfolio's investors is a regulated investment company that invests all or substantially all of its assets in the Portfolio, the Portfolio normally must satisfy the applicable source of income and diversification requirements (under the Internal Revenue Code) in order for its investors to satisfy them. The Portfolio will allocate, at least annually among its investors, each investor's distributive share of the Portfolio's net investment income, net realized capital gains and losses and any other items of income, gain, loss, deduction or credit.

In addition to the requirements of the Internal Revenue Code, the Portfolio may also be subject to local taxes on the recognition of capital gains in certain countries. In determining the daily net asset value, the Portfolio estimates the accrual for such taxes, if any, based on the unrealized appreciation on certain portfolio securities and the related tax rates. Taxes attributable to unrealized appreciation are included in the change in unrealized appreciation (depreciation) on investments. Capital gains taxes on securities sold are included in net realized gain (loss) on investments.

The Subsidiary is treated as a controlled foreign corporation under the Internal Revenue Code and is not expected to be subject to U.S. federal income tax. The Portfolio is treated as a U.S. shareholder of the Subsidiary. As a result, the Portfolio is required to include in gross income for U.S. federal tax purposes all of the Subsidiary's income, whether or not such income is distributed by the Subsidiary. If a net loss is realized by the Subsidiary, such loss is not generally available to offset the income earned by the Portfolio.

As of October 31, 2025, the Portfolio had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Portfolio files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

E Foreign Currency Translation—Investment valuations, other assets, and liabilities initially expressed in foreign currencies are translated each business day into U.S. dollars based upon current exchange rates. Purchases and sales of foreign investment securities and income and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates in effect on the respective dates of such transactions. Recognized gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.

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Global Macro Portfolio

October 31, 2025

Notes to Consolidated Financial Statements — continued

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F Unfunded Loan Commitments—The Portfolio may enter into certain loan agreements all or a portion of which may be unfunded. The Portfolio is obligated to fund these commitments at the borrower's discretion. These commitments, if any, are disclosed in the accompanying Consolidated Portfolio of Investments.

G Use of Estimates—The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

H Indemnifications—Under the Portfolio's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Portfolio. Under Massachusetts law, if certain conditions prevail, interestholders in the Portfolio could be deemed to have personal liability for the obligations of the Portfolio. However, the Portfolio's Declaration of Trust contains an express disclaimer of liability on the part of Portfolio interestholders. Additionally, in the normal course of business, the Portfolio enters into agreements with service providers that may contain indemnification clauses. The Portfolio's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet occurred.

I Financial and Commodities Futures Contracts—Upon entering into a financial or commodities futures contract, the Portfolio 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 Portfolio each business day, depending on the daily fluctuations in the value of the underlying security, index or commodity, and are recorded as unrealized gains or losses by the Portfolio. Gains (losses) are realized upon the expiration or closing of the financial or commodities futures contracts. Should market conditions change unexpectedly, the Portfolio may not achieve the anticipated benefits of the financial or commodities 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.

J Forward Foreign Currency Exchange Contracts—The Portfolio may enter into forward foreign currency exchange contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date. The forward foreign currency exchange contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded as unrealized until such time as the contracts have been closed. While forward foreign currency exchange contracts are privately negotiated agreements between the Portfolio and a counterparty, certain contracts may be "centrally cleared", whereby all payments made or received by the Portfolio pursuant to the contract are with a central clearing party (CCP) rather than the original counterparty. The CCP guarantees the performance of the original parties to the contract. Upon entering into centrally cleared contracts, the Portfolio is required to deposit with the CCP, either in cash or securities, an amount of initial margin determined by the CCP, which is subject to adjustment. For centrally cleared contracts, the daily change in valuation is recorded as a receivable or payable for variation margin and settled in cash with the CCP daily. Risks may arise upon entering these contracts from the potential inability of counterparties to meet the terms of their contracts and from movements in the value of a foreign currency relative to the U.S. dollar. In the case of centrally cleared contracts, counterparty risk is minimal due to protections provided by the CCP.

K Purchased Options—Upon the purchase of a call or put option, the premium paid by the Portfolio is included in the Consolidated Statement of Assets and Liabilities as an investment. The amount of the investment is subsequently marked-to-market to reflect the current market value of the option purchased, in accordance with the Portfolio's policies on investment valuations discussed above. Premiums paid for purchasing options that expire are treated as realized losses. Premiums paid for purchasing options that are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain or loss. An option on a futures contract gives the holder the right to enter into a specified futures contract. As the purchaser of an index option, the Portfolio has the right to receive a cash payment equal to any depreciation in the value of the index below the exercise price of the option (in the case of a put) or equal to any appreciation in the value of the index over the exercise price of the option (in the case of a call) as of the valuation date of the option. The risk associated with purchasing options is limited to the premium originally paid. Purchased options traded over-the-counter involve risk that the issuer or counterparty will fail to perform its contractual obligations.

L Written Options—Upon the writing of a call or a put option, the premium received by the Portfolio is included in the Consolidated Statement of Assets and Liabilities as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option written, in accordance with the Portfolio's policies on investment valuations discussed above. Premiums received from writing options that expire are treated as realized gains. Premiums received from writing options that are exercised or are closed are added to or offset against the proceeds or amount paid on the transaction to determine the realized gain or loss. When an index option is exercised, the Portfolio is required to deliver an amount of cash determined by the excess of the exercise price of the option over the value of the index (in the case of a put) or the excess of the value of the index over the exercise price of the option (in the case of a call) at contract termination. The Portfolio, as a writer of an option, may have no control over whether the underlying instrument may be sold (call) or purchased (put) and, as a result, bears the market risk of an unfavorable change in the price of the instrument underlying the written option. The Portfolio may also bear the risk of not being able to enter into a closing transaction if a liquid secondary market does not exist.

M Interest Rate Swaps—Swap contracts are privately negotiated agreements between the Portfolio and a counterparty. Certain swap contracts may be centrally cleared. Pursuant to interest rate swap agreements, the Portfolio either makes floating-rate payments to the counterparty (or CCP in the case of centrally cleared swaps) based on a benchmark interest rate in exchange for fixed-rate payments or the Portfolio makes fixed-rate payments to the counterparty (or CCP in the case of a centrally cleared swap) in exchange for payments on a floating benchmark interest rate. Payments received or made, including amortization of upfront payments/receipts, if any (which are amortized over the life of the swap contract), are recorded as realized gains or losses.

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Global Macro Portfolio

October 31, 2025

Notes to Consolidated Financial Statements — continued

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During the term of the outstanding swap agreement, changes in the underlying value of the swap are recorded as unrealized gains or losses. For centrally cleared swaps, the daily change in valuation is recorded as a receivable or payable for variation margin and settled in cash with the CCP daily. The value of the swap is determined by changes in the relationship between two rates of interest. The Portfolio is exposed to credit loss in the event of non-performance by the swap counterparty. In the case of centrally cleared swaps, counterparty risk is minimal due to protections provided by the CCP. Risk may also arise from movements in interest rates.

N Inflation Swaps—Pursuant to inflation swap agreements, the Portfolio either makes floating-rate payments to the counterparty (or CCP in the case of centrally cleared swaps) based on a benchmark index in exchange for fixed-rate payments or the Portfolio makes fixed-rate payments to the counterparty (or CCP in the case of centrally cleared swaps) in exchange for floating-rate payments based on the return of a benchmark index. By design, the benchmark index is an inflation index, such as the Consumer Price Index. The accounting policy for payments received or made and changes in the underlying value of the inflation swap are the same as for interest rate swaps as described above. The value of the swap is determined by changes in the relationship between the rate of interest and the benchmark index. The Portfolio is exposed to credit loss in the event of nonperformance by the swap counterparty. In the case of centrally cleared swaps, counterparty risk is minimal due to protections provided by the CCP. Risk may also arise from the unanticipated movements in value of interest rates or the index.

O Credit Default Swaps—When the Portfolio is the buyer of a credit default swap contract, the Portfolio is entitled to receive the par (or other agreed-upon) value of a referenced debt obligation (or basket of debt obligations) from the counterparty (or CCP in the case of a centrally cleared swap) to the contract if a credit event by a third party, such as a U.S. or foreign corporate issuer or sovereign issuer, on the debt obligation occurs. In return, the Portfolio pays the counterparty a periodic stream of payments over the term of the contract provided that no credit event has occurred. If no credit event occurs, the Portfolio would have spent the stream of payments and received no proceeds from the contract. When the Portfolio is the seller of a credit default swap contract, it receives the stream of payments, but is obligated to pay to the buyer of the protection an amount up to the notional amount of the swap and in certain instances take delivery of securities of the reference entity upon the occurrence of a credit event, as defined under the terms of that particular swap agreement. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring, obligation acceleration and repudiation/moratorium. If the Portfolio is a seller of protection and a credit event occurs, the maximum potential amount of future payments that the Portfolio could be required to make would be an amount equal to the notional amount of the agreement. This potential amount would be partially offset by any recovery value of the respective referenced obligation, or net amount received from the settlement of a buy protection credit default swap agreement entered into by the Portfolio for the same referenced obligation. As the seller, the Portfolio may create economic leverage to its portfolio because, in addition to its total net assets, the Portfolio is subject to investment exposure on the notional amount of the swap. The interest fee paid or received on the swap contract, which is based on a specified interest rate on a fixed notional amount, is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as realized gain upon receipt or realized loss upon payment. The Portfolio also records an increase or decrease to unrealized appreciation (depreciation) in an amount equal to the daily valuation. For centrally cleared swaps, the daily change in valuation is recorded as a receivable or payable for variation margin and settled in cash with the CCP daily. All upfront payments and receipts, if any, are amortized over the life of the swap contract as realized gains or losses. Those upfront payments or receipts for non-centrally cleared swaps are recorded as other assets or other liabilities, respectively, net of amortization. For financial reporting purposes, unamortized upfront payments or receipts, if any, are netted with unrealized appreciation or depreciation on swap contracts to determine the market value of swaps as presented in Notes 6 and 10. These transactions involve certain risks, including the risk that the seller may be unable to fulfill the transaction. In the case of centrally cleared swaps, counterparty risk is minimal due to protections provided by the CCP.

P Total Return Swaps—In a total return swap, the buyer receives a periodic return equal to the total return of a specified security, securities or index for a specified period of time. In return, the buyer pays the counterparty a fixed or variable stream of payments, typically based upon short-term interest rates, possibly plus or minus an agreed upon spread. During the term of the outstanding swap agreement, changes in the underlying value of the swap are recorded as unrealized gains and losses. Periodic payments received or made are recorded as realized gains or losses. The Portfolio is exposed to credit loss in the event of nonperformance by the swap counterparty. Risk may also arise from the unanticipated movements in value of exchange rates, interest rates, securities, or the index.

Q Swaptions—A purchased swaption contract grants the Portfolio, in return for payment of the purchase price, the right, but not the obligation, to enter into a new swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, at some designated future time on specified terms. When the Portfolio purchases a swaption, the premium paid to the writer is recorded as an investment and subsequently marked-to-market to reflect the current value of the swaption. A written swaption gives the Portfolio the obligation, if exercised by the purchaser, to enter into a swap contract according to the terms of the underlying agreement. When the Portfolio writes a swaption, the premium received by the Portfolio is recorded as a liability and subsequently marked-to-market to reflect the current value of the swaption. When a swaption is exercised, the cost of the swap is adjusted by the amount of the premium paid or received. When a swaption expires or an unexercised swaption is closed, a gain or loss is recognized in the amount of the premium paid or received, plus the cost to close. The Portfolio's risk for purchased swaptions is limited to the premium paid. The writer of a swaption bears the risk of unfavorable changes in the preset terms of the underlying swap contract. Purchased swaptions traded over-the-counter involve risk that the issuer or counterparty will fail to perform its contractual obligations.

R Forward Volatility Agreements—Forward volatility agreements are transactions in which two parties agree to the purchase or sale of an option straddle on an underlying exchange rate at the expiration of the agreement. The strike volatility rate is determined at the trade date. At expiration, the amount settled is determined based on the Black Scholes formula, the then current spot exchange rate, interest rates, and the agreed upon implied volatility, and is

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October 31, 2025

Notes to Consolidated Financial Statements — continued

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recorded as a realized gain or loss. Changes in the value of the forward volatility agreement prior to the expiration date are recorded as unrealized gains or losses. The primary risk associated with forward volatility agreements is the change in the volatility of the underlying exchange rate.

S When-Issued Securities and Delayed Delivery Transactions—The Portfolio may purchase securities on a delayed delivery, when-issued or forward commitment basis, including TBA (To Be Announced) securities. Payment and delivery may take place after the customary settlement period for that security. At the time the transaction is negotiated, the price of the security that will be delivered is fixed. Securities purchased on a delayed delivery, when-issued or forward commitment basis are marked-to-market daily and begin earning interest on settlement date. Such security purchases are subject to the risk that when delivered they will be worth less than the agreed upon payment price. Losses may also arise if the counterparty does not perform under the contract. A forward purchase commitment may also be closed by entering into an offsetting commitment. If an offsetting commitment is entered into, the Portfolio will realize a gain or loss on investments based on the price established when the Portfolio entered into the commitment.

T Repurchase Agreements—A repurchase agreement is the purchase by the Portfolio of securities from a counterparty in exchange for cash that is coupled with an agreement to resell those securities to the counterparty at a specified date and price. When a repurchase agreement is entered, the Portfolio typically receives securities with a value that equals or exceeds the repurchase price, including any accrued interest earned on the agreement. The value of such securities will be marked-to-market daily, and cash or additional securities will be exchanged between the parties as needed. Except in the case of a repurchase agreement entered to settle a short sale, the value of the securities delivered to the Portfolio will be at least equal to 90% of the repurchase price during the term of the repurchase agreement. The terms of a repurchase agreement entered to settle a short sale may provide that the cash purchase price paid by the Portfolio is more than the value of purchased securities that effectively collateralize the repurchase price payable by the counterparty. In the event of insolvency of the counterparty to a repurchase agreement, recovery of the repurchase price owed to the Portfolio may be delayed. Such an insolvency also may result in a loss to the extent that the value of the purchased securities decreases during the delay or that value has otherwise not been maintained at an amount at least equal to the repurchase price.

U Reverse Repurchase Agreements—Under a reverse repurchase agreement, the Portfolio temporarily transfers possession of a portfolio security to another party, such as a bank or broker/dealer, in return for cash. At the same time, the Portfolio agrees to repurchase the security at an agreed upon time and price, which reflects an interest payment. In periods of increased demand for a security, the Portfolio may receive a payment from the counterparty for the use of the security, which is recorded as interest income. Because the Portfolio retains effective control over the transferred security, the transaction is accounted for as a secured borrowing. The Portfolio may enter into such agreements when it believes it is able to invest the cash acquired at a rate higher than the cost of the agreement, which would increase earned income. When the Portfolio enters into a reverse repurchase agreement, any fluctuations in the market value of either the securities transferred to another party or the securities in which the proceeds may be invested would affect the market value of the Portfolio's assets. Because reverse repurchase agreements may be considered to be the practical equivalent of borrowing funds (and the counterparty making a loan), they constitute a form of leverage. The Portfolio segregates cash or liquid assets equal to its obligation to repurchase the security. During the term of the agreement, the Portfolio may also be obligated to pledge additional cash and/or securities in the event of a decline in the fair value of the transferred security. In the event the counterparty to a reverse repurchase agreement becomes insolvent, recovery of the security transferred by the Portfolio may be delayed or the Portfolio may incur a loss equal to the amount by which the value of the security transferred by the Portfolio exceeds the repurchase price payable by the Portfolio.

V Securities Sold Short—A short sale is a transaction in which the Portfolio sells a security it does not own in anticipation of a decline in the market value of that security. To complete such a transaction, the Portfolio must borrow the security to make delivery to the buyer with an obligation to replace such borrowed security at a later date. Until the security is replaced, the Portfolio is required to repay the lender any dividends or interest, which accrue during the period of the loan. The proceeds received from a short sale are recorded as a liability and the Portfolio records an unrealized gain or loss to the extent of the difference between the proceeds received and the value of the open short position on the day of determination. A gain, limited to the price at which the Portfolio sold the security short, or a loss, potentially unlimited as there is no upward limit on the price of a security, is recorded when the short position is terminated. Interest and dividends payable on securities sold short are recorded as an expense.

W Stripped Mortgage-Backed Securities—The Portfolio may invest in Interest Only (IO) and Principal Only (PO) securities, forms of stripped mortgage-backed securities, whereby the IO security receives all the interest and the PO security receives all the principal on a pool of mortgage assets. The yield to maturity on an IO security is extremely sensitive to the rate of principal payments (including prepayments) on the related underlying mortgage assets, and a rapid rate of principal payments may have a material adverse effect on the yield to maturity from these securities. If the underlying mortgages experience greater than anticipated prepayments of principal, the Portfolio may fail to recoup its initial investment in an IO security. The market value of IO and PO securities can be unusually volatile due to changes in interest rates.

X Segment Reporting—During this reporting period, the Portfolio adopted FASB Accounting Standards Update No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures* (ASU 2023-07), which requires incremental disclosures related to a public entity's reportable segments. The Portfolio operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. In connection with the adoption of ASU 2023-07, the Portfolio's President acts as the Portfolio's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Portfolio's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Portfolio's financial statements.

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Global Macro Portfolio

October 31, 2025

Notes to Consolidated Financial Statements — continued

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2 Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory services rendered to the Portfolio and the Subsidiary. The Portfolio and Subsidiary each pay BMR a fee computed at an annual rate as a percentage of its respective average daily net assets as follows and is payable monthly:

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| | |
|:---|:---|
| **Average Daily Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Annual Fee Rate** |
| Up to $500 million | &nbsp;&nbsp;&nbsp;&nbsp;0.615% |
| $500 million but less than $1 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.595% |
| $1 billion but less than $1.5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.575% |
| $1.5 billion but less than $2 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.555% |
| $2 billion but less than $3 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.520% |
| $3 billion but less than $5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.490% |
| $5 billion but less than $10 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.475% |
| $10 billion and over | &nbsp;&nbsp;&nbsp;&nbsp;0.465% |

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BMR contractually agreed to reduce its investment advisory fee rate on average daily net assets of $5 billion and over from 0.490% to the rates as stated above. This contractual reduction cannot be terminated or reduced without Trustee and shareholder approval. In determining the investment adviser fee for the Portfolio and Subsidiary, the applicable advisory fee rate is based on the average daily net assets of the Portfolio (inclusive of its interest in the Subsidiary). Such fee rate is then assessed separately on the Portfolio's average daily net assets (exclusive of its interest in the Subsidiary) and the Subsidiary's average daily net assets to determine the amount of the investment adviser fee. For the year ended October 31, 2025, the Portfolio's investment adviser fee amounted to $12,742,861 or 0.58% of the Portfolio's consolidated average daily net assets.

The Portfolio may invest in a money market fund, the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio (the "Liquidity Fund"), an open-end management investment company managed by Morgan Stanley Investment Management Inc., a wholly-owned subsidiary of Morgan Stanley. The investment adviser fee paid by the Portfolio is reduced by an amount equal to its pro rata share of the advisory and administration fees paid by the Portfolio due to its investment in the Liquidity Fund. For the year ended October 31, 2025, the investment adviser fee paid was reduced by $412,812 relating to the Portfolio's investment in the Liquidity Fund.

Pursuant to an investment sub-advisory agreement, BMR has delegated a portion of the investment management of the Portfolio to Morgan Stanley Investment Management Limited (MSIM Ltd.), an affiliate of BMR and an indirect, wholly-owned subsidiary of Morgan Stanley. BMR pays MSIM Ltd. a portion of its investment adviser fee for sub-advisory services provided to the Portfolio.

Trustees and officers of the Portfolio who are members of BMR's organization receive remuneration for their services to the Portfolio out of the investment adviser fee. Trustees of the Portfolio who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. Certain officers and Trustees of the Portfolio are officers of the above organization.

3 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations and including maturities, paydowns and securities sold short, for the year ended October 31, 2025 were as follows:

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;&nbsp;&nbsp;**Sales** |
| Investments (non-U.S. Government) | &nbsp;&nbsp;&nbsp;&nbsp;$2046473893 | &nbsp;&nbsp;&nbsp;&nbsp;$1570831716 |
| U.S. Government and Agency Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115026994 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**$2046473893** | &nbsp;&nbsp;&nbsp;&nbsp;**$1685858710** |

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Global Macro Portfolio

October 31, 2025

Notes to Consolidated Financial Statements — continued

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4 Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments of the Portfolio, including open derivative contracts, securities sold short, reverse repurchase agreements and the Portfolio's investment in the Subsidiary at October 31, 2025, as determined on a federal income tax basis, were as follows:

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| | |
|:---|:---|
| **Aggregate cost** | &nbsp;&nbsp;**$3064714997** |
| Gross unrealized appreciation | &nbsp;&nbsp;$132333006 |
| Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(243190749) |
| **Net unrealized depreciation** | &nbsp;&nbsp;**$(110857743)** |

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5 Restricted Securities

At October 31, 2025, the Portfolio owned the following securities (representing 0.4% 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' valuation designee.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | &nbsp;&nbsp;&nbsp;&nbsp;**Date(s) of<br> Acquisition** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Cost** | &nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| **Insurance Linked Securities** |  |  |  |  |
| Mt. Logan Re Ltd., Series A-1 | &nbsp;&nbsp;&nbsp;&nbsp;12/30/20 | &nbsp;&nbsp;&nbsp;&nbsp;4400 | &nbsp;&nbsp;&nbsp;&nbsp;$4400000 | &nbsp;&nbsp;&nbsp;&nbsp;$5610662 |
| PartnerRe ILS Fund SAC Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1/2/24 | &nbsp;&nbsp;&nbsp;&nbsp;5700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5700000 | &nbsp;&nbsp;&nbsp;&nbsp; 7453890 |
| **Total Restricted Securities** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**$10100000** | &nbsp;&nbsp;&nbsp;&nbsp;**$13064552** |

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6 Financial Instruments

The Portfolio may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include written options, swaptions, forward foreign currency exchange contracts, futures contracts, forward volatility agreements and swap contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Portfolio has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at October 31, 2025 is included in the Consolidated Portfolio of Investments. At October 31, 2025, 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 invested in commodities-linked derivative instruments, including commodity futures contracts and options thereon and total return swap contracts based on commodity indices, that provide exposure to the investment returns of certain commodities. Commodities-linked derivative instruments are used to enhance total return and/or as a substitute for the purchase or sale of commodities and to manage certain investment risks.

Credit Risk: The Portfolio entered into credit default swap contracts to manage certain investment risks and/or to enhance total return or as a substitute for the purchase or sale of securities.

Equity Price Risk: The Portfolio entered 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 engaged in forward foreign currency exchange contracts, currency options and forward volatility agreements 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.

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October 31, 2025

Notes to Consolidated Financial Statements — continued

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Interest Rate Risk: The Portfolio utilized various interest rate derivatives including interest rate futures contracts and options thereon, interest rate swaps and swaptions, inflation swaps and total return 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 Portfolio enters into over-the-counter (OTC) derivatives that may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in the Portfolio's net assets below a certain level over a certain period of time, which would trigger a payment by the Portfolio for those derivatives in a liability position. At October 31, 2025, the fair value of derivatives with credit-related contingent features in a net liability position was $10,050,282. The aggregate fair value of assets pledged as collateral by the Portfolio for such liability was $6,842,301 at October 31, 2025.

The OTC derivatives in which the Portfolio invests (except for written options as the Portfolio, not the counterparty, is obligated to perform) are subject to the risk that the counterparty to the contract fails to perform its obligations under the contract. To mitigate this risk, the Portfolio (and Subsidiary) has entered into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with substantially all its derivative counterparties. An ISDA Master Agreement is a bilateral agreement between the Portfolio and a counterparty that governs certain OTC derivatives and typically contains, among other things, set-off provisions in the event of a default and/or termination event as defined under the relevant ISDA Master Agreement. Under an ISDA Master Agreement, the Portfolio (and Subsidiary) may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy or insolvency. Certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event the Portfolio's net assets decline by a stated percentage or the Portfolio fails to meet the terms of its ISDA Master Agreements, which would cause the counterparty to accelerate payment by the Portfolio of any net liability owed to it.

The collateral requirements for derivatives traded under an ISDA Master Agreement are governed by a Credit Support Annex to the ISDA Master Agreement. Collateral requirements are determined at the close of business each day and are typically based on changes in market values for each transaction under an ISDA Master Agreement and netted into one amount for such agreement. Generally, the amount of collateral due from or to a counterparty is subject to a minimum transfer threshold amount before a transfer is required, which may vary by counterparty. Collateral pledged for the benefit of the Portfolio (and Subsidiary) and/or counterparty is held in segregated accounts by the Portfolio's custodian and cannot be sold, re-pledged, assigned or otherwise used while pledged. The portion of such collateral representing cash, if any, is reflected as deposits for derivatives collateral and, in the case of cash pledged by a counterparty for the benefit of the Portfolio, a corresponding liability on the Consolidated Statement of Assets and Liabilities. Securities pledged by the Portfolio as collateral, if any, are identified as such in the Consolidated Portfolio of Investments. The carrying amount of the liability for cash collateral due to brokers at October 31, 2025 approximated its fair value. If measured at fair value, such liability would have been considered as Level 2 in the fair value hierarchy (see Note 10) at October 31, 2025. Because the Subsidiary is not registered under the 1940 Act, it may not be able to negotiate terms with its counterparties that are equivalent to those a registered portfolio may negotiate. As a result, the Subsidiary may have greater exposure to those counterparties than a registered portfolio.

------

[**Table of Contents**](#JOB_EV_AR_da65d7d0-3803-492b-bc5e-d1cca7923e55_TOC)

Global Macro Portfolio

October 31, 2025

Notes to Consolidated Financial Statements — continued

------

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at October 31, 2025 was as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;**Fair Value** |
| **Consolidated Statement of Assets and Liabilities Caption** | &nbsp;&nbsp;**Commodity** | &nbsp;&nbsp;**Credit** | &nbsp;&nbsp;**Equity<br> Price** | &nbsp;&nbsp;**Foreign<br> Exchange** | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Total** |
| Unaffiliated investments, at value | &nbsp;&nbsp;$4095260 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$131840 | &nbsp;&nbsp;$692180 | &nbsp;&nbsp;$25907 | &nbsp;&nbsp;$4945187 |
| Not applicable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8698831<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12144853<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3107160<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23950844 |
| Receivable for open forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10613806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10613806 |
| Receivable/Payable for open swap contracts; Upfront payments/receipts on open OTC swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375475 |
| **Total Asset Derivatives** | &nbsp;&nbsp;**$4095260** | &nbsp;&nbsp;**$9074306** | &nbsp;&nbsp;**$131840** | &nbsp;&nbsp;**$23450839** | &nbsp;&nbsp;**$3133067** | &nbsp;&nbsp;**$39885312** |
| **Derivatives not subject to master netting or similar agreements** | &nbsp;&nbsp;**$4095260** | &nbsp;&nbsp;**$8698831** | &nbsp;&nbsp;**$131840** | &nbsp;&nbsp;**$12144853** | &nbsp;&nbsp;**$3107160** | &nbsp;&nbsp;**$28177944** |
| **Total Asset Derivatives subject to master netting or similar agreements** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$375475** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$11305986** | &nbsp;&nbsp;**$25907** | &nbsp;&nbsp;**$11707368** |
| Written options outstanding, at value | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(1090477) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(1090477) |
| Not applicable | &nbsp;&nbsp;&nbsp;&nbsp;(1373094)<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(10472442)<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(482116)<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7493500)<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(4417868)<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(24239020) |
| Payable for open forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8314072) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8314072) |
| Payable/Receivable for open swap contracts; Upfront payments/receipts on open OTC swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(470290) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(175443) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(645733) |
| **Total Liability Derivatives** | &nbsp;&nbsp;**$(1373094)** | &nbsp;&nbsp;**$(10942732)** | &nbsp;&nbsp;**$(482116)** | &nbsp;&nbsp;**$(16898049)** | &nbsp;&nbsp;**$(4593311)** | &nbsp;&nbsp;**$(34289302)** |
| **Derivatives not subject to master netting or similar agreements** | &nbsp;&nbsp;**$(1373094)** | &nbsp;&nbsp;**$(10472442)** | &nbsp;&nbsp;**$(482116)** | &nbsp;&nbsp;**$(7493500)** | &nbsp;&nbsp;**$(4417868)** | &nbsp;&nbsp;**$(24239020)** |
| **Total Liability Derivatives subject to master netting or similar agreements** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$(470290)** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$(9404549)** | &nbsp;&nbsp;**$(175443)** | &nbsp;&nbsp;**$(10050282)** |

---

<sup>(1)</sup> Only the current day's variation margin on open futures contracts and centrally cleared derivatives is reported within the Consolidated Statement of Assets and Liabilities as Receivable or Payable for variation margin on open futures contracts and centrally cleared derivatives, as applicable.

The Portfolio's derivative assets and liabilities at fair value by risk, which are reported gross in the Consolidated Statement of Assets and Liabilities, are presented in the table above. The following tables present the Portfolio's derivative assets and liabilities by counterparty, net of amounts available for offset under a master netting agreement and net of the related collateral received by the Portfolio (and Subsidiary) for such assets and pledged by the Portfolio (and Subsidiary) for such liabilities as of October 31, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | &nbsp;&nbsp;&nbsp;**Derivative<br> Assets Subject to<br> Master Netting<br> Agreement** | &nbsp;&nbsp;&nbsp;**Derivatives<br> Available<br> for Offset** | &nbsp;&nbsp;&nbsp;**Non-cash<br> Collateral<br> Received<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;**Cash<br> Collateral<br> Received<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;**Net Amount<br> of Derivative<br> Assets<sup>(b)</sup>** |
| Bank of America, N.A. | &nbsp;&nbsp;&nbsp;$334430 | &nbsp;&nbsp;&nbsp;$(330046) | &nbsp;&nbsp;&nbsp;$(4384) | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(226155) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Citibank, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2329252 | &nbsp;&nbsp;&nbsp;&nbsp;(1491457) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(790000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47795 |
| Credit Agricole Corporate and Investment Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2212) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8267 |

---

------

[**Table of Contents**](#JOB_EV_AR_da65d7d0-3803-492b-bc5e-d1cca7923e55_TOC)

Global Macro Portfolio

October 31, 2025

Notes to Consolidated Financial Statements — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | &nbsp;&nbsp;&nbsp;**Derivative<br> Assets Subject to<br> Master Netting<br> Agreement** | &nbsp;&nbsp;&nbsp;**Derivatives<br> Available<br> for Offset** | &nbsp;&nbsp;&nbsp;**Non-cash<br> Collateral<br> Received<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;**Cash<br> Collateral<br> Received<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;**Net Amount<br> of Derivative<br> Assets<sup>(b)</sup>** |
| Deutsche Bank AG | &nbsp;&nbsp;&nbsp;$2404771 | &nbsp;&nbsp;&nbsp;$(124467) | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$(2010000) | &nbsp;&nbsp;&nbsp;$270304 |
| Goldman Sachs International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(510720) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| HSBC Bank USA, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1658515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(863610) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(793209) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1696 |
| ICBC Standard Bank plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(241717) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(410318) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Nomura International PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25742) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Standard Chartered Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2933099 | &nbsp;&nbsp;&nbsp;&nbsp;(1486935) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;1446164 |
| State Street Bank and Trust Company | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7551) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(136564) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(316940) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161115 |
|  | &nbsp;&nbsp;&nbsp;**$11707368** | &nbsp;&nbsp;&nbsp;**$(5857494)** | &nbsp;&nbsp;&nbsp;**$(1114533)** | &nbsp;&nbsp;&nbsp;**$(2800000)** | &nbsp;&nbsp;&nbsp;**$1935341** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | &nbsp;&nbsp;&nbsp;**Derivative<br> Liabilities Subject to<br> Master Netting<br> Agreement** | &nbsp;&nbsp;&nbsp;**Derivatives<br> Available<br> for Offset** | &nbsp;&nbsp;&nbsp;**Non-cash<br> Collateral<br> Pledged<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;**Cash<br> Collateral<br> Pledged<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;**Net Amount<br> of Derivative<br> Liabilities<sup>(c)</sup>** |
| Bank of America, N.A. | &nbsp;&nbsp;&nbsp;$(330046) | &nbsp;&nbsp;&nbsp;$330046 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1864273) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226155 | &nbsp;&nbsp;&nbsp;&nbsp;1542167 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(95951) |
| BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(351204) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351204 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Citibank, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1491457) | &nbsp;&nbsp;&nbsp;&nbsp;1491457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Credit Agricole Corporate and Investment Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2212) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Deutsche Bank AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(124467) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Goldman Sachs International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1567859) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510720 | &nbsp;&nbsp;&nbsp;&nbsp;1057139 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| HSBC Bank USA, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(863610) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;863610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| ICBC Standard Bank plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(370829) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129112 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1269233) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785374 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(73541) |
| Nomura International PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43149) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17407) |
| Standard Chartered Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1486935) | &nbsp;&nbsp;&nbsp;&nbsp;1486935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| State Street Bank and Trust Company | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(148444) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(140893) |
| UBS AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(136564) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp;**$(10050282)** | &nbsp;&nbsp;&nbsp;**$5857494** | &nbsp;&nbsp;&nbsp;**$3864996** | &nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;**$(327792)** |

---

<sup>(a)</sup> In some instances, the total collateral received and/or pledged may be more than the amount shown due to overcollateralization.

<sup>(b)</sup> Net amount represents the net amount due from the counterparty in the event of default.

<sup>(c)</sup> Net amount represents the net amount payable to the counterparty in the event of default.

Information with respect to reverse repurchase agreements at October 31, 2025 is included at Note 8.

------

[**Table of Contents**](#JOB_EV_AR_da65d7d0-3803-492b-bc5e-d1cca7923e55_TOC)

Global Macro Portfolio

October 31, 2025

Notes to Consolidated Financial Statements — continued

------

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Consolidated Statement of Operations by risk exposure for the year ended October 31, 2025 was as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Consolidated Statement of Operations Caption** | &nbsp;&nbsp;**Commodity** | &nbsp;&nbsp;**Credit** | &nbsp;&nbsp;**Equity<br> Price** | &nbsp;&nbsp;**Foreign<br> Exchange** | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Total** |
| Net realized gain (loss): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment transactions<sup>(1)</sup> | &nbsp;&nbsp;$1316790 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(720305) | &nbsp;&nbsp;$(152397) | &nbsp;&nbsp;$444088 |
| &nbsp;&nbsp;&nbsp;Written options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490410 |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(530311) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(8674358) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4509760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4694909) |
| &nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(321090) | &nbsp;&nbsp;&nbsp;&nbsp;(5172908) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1490) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4796909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(698579) |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(56289685) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(56289685) |
| **Total** | &nbsp;&nbsp;**$465389** | &nbsp;&nbsp;**$(5172908)** | &nbsp;&nbsp;**$(8675848)** | &nbsp;&nbsp;**$(56519580)** | &nbsp;&nbsp;**$9154272** | &nbsp;&nbsp;**$(60748675)** |
| Change in unrealized appreciation (depreciation): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments<sup>(1)</sup> | &nbsp;&nbsp;$224300 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(2189002) | &nbsp;&nbsp;$(836483) | &nbsp;&nbsp;$(66777) | &nbsp;&nbsp;$(2867962) |
| &nbsp;&nbsp;&nbsp;Written options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905812 |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;(1226551) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(1110958) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1072232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1265277) |
| &nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(67837) | &nbsp;&nbsp;&nbsp;&nbsp;(2431210) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(2492734) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4991781) |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2692332) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2692332) |
| **Total** | &nbsp;&nbsp;**$(1070088)** | &nbsp;&nbsp;**$(2431210)** | &nbsp;&nbsp;**$(3299960)** | &nbsp;&nbsp;**$(2623003)** | &nbsp;&nbsp;**$(1487279)** | &nbsp;&nbsp;**$(10911540)** |

---

<sup>(1)</sup> Relates to purchased options and swaptions.

The average notional cost of futures contracts and average notional amounts of other derivative contracts outstanding during the year ended October 31, 2025, which are indicative of the volume of these derivative types, were approximately as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures<br> Contracts — Long** | &nbsp;&nbsp;&nbsp;&nbsp;**Futures<br> Contracts — Short** | &nbsp;&nbsp;&nbsp;&nbsp;**Forward<br> Foreign Currency<br> Exchange Contracts<sup>1</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Forward<br> Volatility Agreements** | &nbsp;&nbsp;&nbsp;&nbsp;**Purchased<br> Swaptions** |
| $152490000 | &nbsp;&nbsp;&nbsp;&nbsp;$288367000 | &nbsp;&nbsp;&nbsp;&nbsp;$2372178000 | &nbsp;&nbsp;&nbsp;&nbsp;$17913000 | &nbsp;&nbsp;&nbsp;&nbsp;$6018000 |

---

---

| |
|:---|
| **Swap<br> Contracts** |
| $1586615000 |

---

<sup>1</sup> The average notional amount for forward foreign currency exchange contracts is based on the absolute value of notional amounts of currency purchased and currency sold.

The average principal amount of purchased and written currency options contracts outstanding during the year ended October 31, 2025, which are indicative of the volume of these derivative types, were approximately $93,706,000 and $95,558,000, respectively.

The average number of purchased options contracts outstanding during the year ended October 31, 2025, which is indicative of the volume of this derivative type, was 1,528.

------

[**Table of Contents**](#JOB_EV_AR_da65d7d0-3803-492b-bc5e-d1cca7923e55_TOC)

Global Macro Portfolio

October 31, 2025

Notes to Consolidated Financial Statements — continued

------

7 Line of Credit

The Portfolio participates with other portfolios and funds managed by BMR and its affiliates in a $650 million unsecured revolving line of credit agreement with a group of banks, which is in effect through October 20, 2026. Borrowings are made by the Portfolio solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Portfolio based on its borrowings generally at an amount above either the Secured Overnight Financing Rate (SOFR) or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. In connection with the renewal of the agreement in October 2025, an arrangement fee of $150,000 was incurred that was allocated to the participating portfolios and funds. Because the line of credit is not available exclusively to the Portfolio, it may be unable to borrow some or all of its requested amounts at any particular time. The Portfolio did not have any significant borrowings or allocated fees during the year ended October 31, 2025.

8 Reverse Repurchase Agreements

Reverse repurchase agreements outstanding as of October 31, 2025 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | &nbsp;&nbsp;&nbsp;&nbsp;**Trade<br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Interest<br> Rate Paid<br> (Received)** |  | **Principal<br> Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value<br> Including<br> Accrued<br> Interest** |
| JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;10/21/25 | &nbsp;&nbsp;&nbsp;&nbsp;11/5/25 | &nbsp;&nbsp;&nbsp;&nbsp;2.70% | &nbsp;&nbsp;&nbsp;&nbsp;NZD | 1403320 | &nbsp;&nbsp;&nbsp;&nbsp;$803584 |
| **Total** |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**$803584** |

---

At October 31, 2025, the type of securities pledged as collateral for all open reverse repurchase agreements was U.S. Government Agency Mortgage-Backed Securities.

For the year ended October 31, 2025, the average borrowings under settled reverse repurchase agreements and the average annual interest rate paid were approximately $7,460,000 and 4.17%, respectively. 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 October 31, 2025. If measured at fair value, borrowings under the reverse repurchase agreements would have been considered as Level 2 in the fair value hierarchy (see Note 10) at October 31, 2025.

Reverse repurchase agreements entered into by the Portfolio are subject to Master Repurchase Agreements (MRA), which permit the Portfolio, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from the Portfolio.

The following tables present the Portfolio's repurchase and reverse repurchase agreements net of amounts available for offset under an MRA and net of the related collateral pledged by the Portfolio as of October 31, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | &nbsp;&nbsp;&nbsp;&nbsp;**Repurchase<br> Agreements** | &nbsp;&nbsp;&nbsp;&nbsp;**Liabilities<br> Available for<br> Offset** | &nbsp;&nbsp;&nbsp;&nbsp;**Securities<br> Collateral<br> Received<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Cash<br> Collateral<br> Received<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Net<br> Amount<sup>(b)</sup>** |
| Bank of America | &nbsp;&nbsp;&nbsp;&nbsp;$1768479 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(1768479) | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— |
| Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25787753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24693769) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1093984 |
| Citibank, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1806750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1723151) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83599 |
| Nomura International PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70605296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(67902946) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2702350 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**$99968278** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$(96088345)** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$3879933** |

---

------

[**Table of Contents**](#JOB_EV_AR_da65d7d0-3803-492b-bc5e-d1cca7923e55_TOC)

Global Macro Portfolio

October 31, 2025

Notes to Consolidated Financial Statements — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | &nbsp;&nbsp;&nbsp;&nbsp;**Reverse<br> Repurchase<br> Agreements\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Assets<br> Available for<br> Offset** | &nbsp;&nbsp;&nbsp;&nbsp;**Securities<br> Collateral<br> Pledged<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Cash<br> Collateral<br> Pledged<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Net<br> Amount<sup>(c)</sup>** |
| JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;$(803584) | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$803584 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**$(803584)** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$803584** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** |

---

\* Including accrued interest.

<sup>(a)</sup> In some instances, the total collateral received and/or pledged may be more than the amount shown due to overcollateralization.

<sup>(b)</sup> Net amount represents the net amount receivable from the counterparty in the event of default.

<sup>(c)</sup> Net amount represents the net amount payable to the counterparty in the event of default.

9 Affiliated Investments

At October 31, 2025, the value of the Portfolio's investment in funds that may be deemed to be affiliated was $456,966,755, which represents 15.3% of the Portfolio's net assets. Transactions in such investments by the Portfolio for the year ended October 31, 2025 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Value,<br> beginning<br> of period** | **Purchases** | **Sales<br> proceeds** | **Net realized<br> gain (loss)** | **Change in<br> unrealized<br> appreciation<br> (depreciation)** | **Value, end<br> of period** | **Dividend<br> income** | **Shares,<br> end of period** |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| Liquidity Fund | $128853494 | $1992240070 | $(1664126809) | $— | $— | $456966755 | $12201359 | 456966755 |

---

10 Fair Value Measurements

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 October 31, 2025, the hierarchy of inputs used in valuing the Portfolio's investments and open derivative instruments, which are carried at fair value, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$28072108 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$28072108 |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 17701367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 134,640,172\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 152341539 |
| Convertible Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103695 |
| Credit Linked Notes | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26707811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26707811 |
| Foreign Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135090842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135090842 |
| Insurance Linked Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17824807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17824807 |
| Loan Participation Notes | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5226997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5226997 |
| Rights | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92255 |
| Senior Floating-Rate Loans (Less Unfunded Loan Commitments) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6296101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6296101 |

---

------

[**Table of Contents**](#JOB_EV_AR_da65d7d0-3803-492b-bc5e-d1cca7923e55_TOC)

Global Macro Portfolio

October 31, 2025

Notes to Consolidated Financial Statements — continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Description (continued)** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Sovereign Government Bonds | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$1341890083 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$1341890083 |
| Sovereign Loans | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47612994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47612994 |
| U.S. Government Agency Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3398276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3398276 |
| U.S. Government Guaranteed Small Business Administration Loans | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2710982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2710982 |
| Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated Fund | &nbsp;&nbsp;&nbsp;&nbsp;456966755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 456966755 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99968278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99968278 |
| &nbsp;&nbsp;&nbsp;Sovereign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178471016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178471016 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 447329283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 447329283 |
| Purchased Currency Options | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 692180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 692180 |
| Purchased Put Options | &nbsp;&nbsp;&nbsp;&nbsp; 4227100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4253007 |
| **Total Investments** | &nbsp;&nbsp;**$478895222** | &nbsp;&nbsp;&nbsp;&nbsp;**$2453101983** | &nbsp;&nbsp;&nbsp;&nbsp;**$23051804** | &nbsp;&nbsp;&nbsp;&nbsp;**$2955049009** |
| Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$22758659 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$22758659 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; 706382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 706382 |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11475084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11475084 |
| **Total** | &nbsp;&nbsp;**$479601604** | &nbsp;&nbsp;&nbsp;&nbsp;**$2487335726** | &nbsp;&nbsp;&nbsp;&nbsp;**$23051804** | &nbsp;&nbsp;&nbsp;&nbsp;**$2989989134** |
| **Liability Description** |  |  |  |  |
| Securities Sold Short | &nbsp;&nbsp;$(51483129) | &nbsp;&nbsp;&nbsp;&nbsp;$(92374677) | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(143857806) |
| Written Currency Options | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1090477) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1090477) |
| Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15807572) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15807572) |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2831611) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2831611) |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14559642) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14559642) |
| **Total** | &nbsp;&nbsp;**$(54314740)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(123832368)** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$(178147108)** |

---

\* 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.

------

[**Table of Contents**](#JOB_EV_AR_da65d7d0-3803-492b-bc5e-d1cca7923e55_TOC)

Global Macro Portfolio

October 31, 2025

Notes to Consolidated Financial Statements — continued

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Foreign<br> Corporate<br> Bonds** | &nbsp;&nbsp;**Insurance<br> Linked Securities\*** | &nbsp;&nbsp;**Loan<br> Participation<br> Notes** | &nbsp;&nbsp;**Total** |
| **Balance as of October 31, 2024** | &nbsp;&nbsp;**$0** | &nbsp;&nbsp;**$20806857** | &nbsp;&nbsp;**$15771698** | &nbsp;&nbsp;**$36578555** |
| Realized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17417) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1919864) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1937281) |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1184863) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1907690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 722827 |
| Cost of purchases | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4000000 |
| Proceeds from sales, including return of capital | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5779770) | &nbsp;&nbsp;&nbsp;&nbsp;(10786975) | &nbsp;&nbsp;&nbsp;&nbsp;(16566745) |
| Accrued discount (premium) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 254448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 254448 |
| Transfers to Level 3 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Transfers from Level 3 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| **Balance as of October 31, 2025** | &nbsp;&nbsp;**$0** | &nbsp;&nbsp;**$17824807** | &nbsp;&nbsp;**$5226997** | &nbsp;&nbsp;**$23051804** |
| **Change in net unrealized appreciation (depreciation) on investments still held as of October 31, 2025** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$(426520)** | &nbsp;&nbsp;**$234221** | &nbsp;&nbsp;**$(192299)** |

---

\* The Portfolio's investments in Insurance Linked Securities were primarily valued on the basis of broker quotations.

The following is a summary of quantitative information about significant unobservable valuation inputs for Level 3 investments held as of October 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type of Investment** | &nbsp;&nbsp;**Fair Value as of<br> October 31, 2025** | &nbsp;&nbsp;**Valuation Technique** | &nbsp;&nbsp;**Unobservable Input** | &nbsp;&nbsp;**Input** | &nbsp;&nbsp;&nbsp;&nbsp;**Impact to<br> Valuation from an<br> Increase to Input\*** |
| Foreign Corporate Bonds | &nbsp;&nbsp;$0 | &nbsp;&nbsp;Estimated Recovery Value | &nbsp;&nbsp;Estimated Recovery Value Percentage | &nbsp;&nbsp; 0% | &nbsp;&nbsp;&nbsp;&nbsp;Increase |
| Loan Participation Notes | &nbsp;&nbsp;&nbsp;&nbsp;5226997 | &nbsp;&nbsp;Matrix Pricing | &nbsp;&nbsp;Adjusted Credit Spread to the Central Bank of Uzbekistan Quoted Policy Rate | &nbsp;&nbsp;5.32% | &nbsp;&nbsp;&nbsp;&nbsp;Decrease |

---

\* Represents the directional change in the fair value of the Level 3 investments that would result from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect.

11 Risks and Uncertainties

#### Risks Associated with Foreign Investments
Foreign investments can be adversely affected by political, economic and market developments abroad, including the imposition of economic and other sanctions by the United States or another country, and by acts of terrorism and war. There may be less publicly available information about foreign issuers because they may not be subject to reporting practices, requirements or regulations comparable to those to which United States companies are subject. Foreign markets may be smaller, less liquid and more volatile than the major markets in the United States. Trading in foreign markets typically involves higher expense than trading in the United States. The Portfolio may have difficulties enforcing its legal or contractual rights in a foreign country. Securities that trade or are denominated in currencies other than the U.S. dollar may be adversely affected by fluctuations in currency exchange rates.

Emerging market securities often involve greater risks than developed market securities. Investment markets within emerging market countries are typically smaller, less liquid, less developed and more volatile than those in more developed markets like the United States, and may be focused in certain economic sectors. The information available about an emerging market issuer may be less reliable than for comparable issuers in more developed capital markets. Governmental actions can have a significant effect on the economic conditions in emerging market countries. It may be more difficult to make a claim or obtain a judgment in the courts of these countries than it is in the United States. The possibility of fraud, negligence, undue influence being exerted by an issuer or refusal to recognize ownership exists in some emerging markets. Disruptions due to work stoppages and trading improprieties in foreign securities markets have caused such markets to close. Emerging market securities are also subject to speculative trading, which contributes to their volatility.

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[**Table of Contents**](#JOB_EV_AR_da65d7d0-3803-492b-bc5e-d1cca7923e55_TOC)

Global Macro Portfolio

October 31, 2025

Notes to Consolidated Financial Statements — continued

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Economic data as reported by sovereign entities may be delayed, inaccurate or fraudulent. In the event of a default by a sovereign entity, there are typically no assets to be seized or cash flows to be attached. Furthermore, the willingness or ability of a sovereign entity to restructure defaulted debt may be limited. Therefore, losses on sovereign defaults may far exceed the losses from the default of a similarly rated U.S. debt issuer.

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[**Table of Contents**](#JOB_EV_AR_da65d7d0-3803-492b-bc5e-d1cca7923e55_TOC)

Global Macro Portfolio

October 31, 2025

Report of Independent Registered Public Accounting Firm

------

To the Trustees and Investors of Global Macro Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying consolidated statement of assets and liabilities of Global Macro Portfolio and subsidiary (the "Portfolio"), including the consolidated portfolio of investments, as of October 31, 2025, the related consolidated statement of operations for the year then ended, the consolidated statements of changes in net assets for each of the two years in the period then ended, the consolidated financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Portfolio as of October 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Portfolio's management. Our responsibility is to express an opinion on the Portfolio's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolio in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB and in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Portfolio is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Portfolio's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities and senior loans owned as of October 31, 2025, by correspondence with the custodian, brokers, and agent banks; when replies were not received from brokers and agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 22, 2025

We have served as the auditor of one or more Eaton Vance investment companies since 1959.

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[**Table of Contents**](#JOB_EV_AR_da65d7d0-3803-492b-bc5e-d1cca7923e55_TOC)

Eaton Vance

Global Macro Absolute Return Fund

October 31, 2025

Board of Trustees' Contract Approval

------

Overview of the Contract Review Process

The Investment Company Act of 1940, as amended (the "1940 Act"), provides, in substance, that the investment advisory agreement between a fund and its investment adviser will continue in effect from year-to-year only if its continuation is approved on an annual basis by a vote of the fund's board of trustees, including a majority of the trustees who are not "interested persons" of the fund ("independent trustees"), cast in person at a meeting called for the purpose of considering such approval.

At a meeting held on June 12, 2025, the Boards of Trustees/Directors (collectively, the "Board") that oversee the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the "Eaton Vance Funds"), including a majority of the independent trustees (the "Independent Trustees"), voted to approve the continuation of existing investment advisory agreements and sub-advisory agreements<sup>1</sup> for each of the Eaton Vance Funds for an additional one-year period. The Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee comprised of all of the Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of meetings held between April and June 2025, as well as certain additional information provided in response to specific requests from the Independent Trustees as members of the Contract Review Committee. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee's annual evaluation of the investment advisory agreements and sub-advisory agreements.

In connection with its evaluation of the investment advisory agreements and sub-advisory agreements, the Board (directly or through one or more of its committees) considered various information relating to the Eaton Vance Funds. This included information applicable to all or groups of the Eaton Vance Funds, which is referenced immediately below, and information applicable to the particular Eaton Vance Fund covered by this report (each Eaton Vance Fund is referred to below as a "fund"). (For funds that invest through one or more underlying portfolios, references to "each fund" in this section may include information that was considered at the portfolio-level.)

*Information about Fees, Performance and Expenses*

• A report from an independent data provider comparing advisory and other fees paid by each fund to such fees paid by comparable funds, as identified by the independent data provider ("comparable funds");

• A report from an independent data provider comparing each fund's total expense ratio (and its components) to those of comparable funds;

• A report from an independent data provider comparing the investment performance of each fund to the investment performance of comparable funds and, as applicable, benchmark indices, over various time periods;

• In certain instances, data regarding investment performance relative to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board (a committee exclusively comprised of Independent Trustees);

• Comparative information concerning the fees charged and services provided by the adviser and sub-adviser to each fund in managing other accounts (which may include other funds, collective investment trusts and institutional accounts) with the same or substantially similar investment objective as the fund and with a significant overlap in holdings based on criteria set by the Board, if any;

• Profitability analyses on a fund-by-fund basis for the adviser and its affiliates and for each sub-adviser not affiliated with the adviser;

*Information about Portfolio Management and Trading*

• Descriptions of the investment management services provided to each fund, as well as each of the funds' investment strategies and policies;

• The procedures and processes used by the adviser to determine the value of fund assets, including, when necessary, the determination of "fair value" by the adviser in its role as each fund's valuation designee and actions taken to monitor and test the effectiveness of such procedures and processes;

• Information about the policies and practices of each fund's adviser and sub-adviser with respect to trading, including their processes for seeking best execution of portfolio transactions;

• Information about the allocation of brokerage transactions and the benefits, if any, received by the adviser and sub-adviser to each fund as a result of brokerage allocation, including, as applicable, information concerning the acquisition of research through client commission arrangements and policies with respect to "soft dollars";

• Data relating to the portfolio turnover rate of each fund and related information regarding active management in the context of particular strategies;

*Information about each Adviser and Sub-Adviser*

• Reports regarding the financial results and condition of the adviser and certain of its affiliates and of each sub-adviser not affiliated with the adviser;

• Information regarding the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and, for portfolio managers and certain other investment professionals, information relating to their responsibilities with respect to managing other funds and investment accounts, as applicable;

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;Not all Eaton Vance Funds have entered into a sub-advisory agreement with a sub-adviser. Accordingly, references to "sub-adviser" or "sub-advisory agreement" in this "Overview" section may not be applicable to the particular Eaton Vance Fund covered by this report. Eaton Vance Management and Boston Management and Research are referred to collectively as the "adviser."

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[**Table of Contents**](#JOB_EV_AR_da65d7d0-3803-492b-bc5e-d1cca7923e55_TOC)

Eaton Vance

Global Macro Absolute Return Fund

October 31, 2025

Board of Trustees' Contract Approval — continued

------

• Information regarding the adviser's and its parent company's (Morgan Stanley's) efforts to retain and attract talented investment professionals, including in the context of a competitive marketplace for talent;

• Information regarding the adviser's compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals' investments in the fund(s) they manage;

• The personal trading codes of ethics of the adviser and its affiliates and the sub-adviser of each fund, together with information relating to compliance with, and the administration of, such codes;

• Policies and procedures relating to proxy voting, including regular reporting with respect to fund proxy voting activities;

• Information regarding the handling of corporate actions and class actions, as well as information regarding litigation and other regulatory matters;

• Information concerning the resources devoted to compliance efforts undertaken by the adviser and its affiliates and the sub-adviser of each fund, including descriptions of their various compliance programs and their record of compliance and remediation;

• Information concerning the business continuity and disaster recovery plans of the adviser and its affiliates and the sub-adviser of each fund;

• A description of the adviser's oversight of sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters, if any;

*Other Relevant Information*

• Information regarding ongoing initiatives to further integrate and harmonize, where applicable, the investment management and other departments of the adviser and its affiliates with the overall investment management infrastructure of Morgan Stanley, in light of Morgan Stanley's acquisition of Eaton Vance Corp. on March 1, 2021;

• Information concerning the nature, cost, and character of the administrative and other non-investment advisory services provided by the adviser and its affiliates;

• Information concerning oversight of the relationship with the custodian, subcustodians, fund accountants, and other third-party service providers by the adviser and/or administrator to each of the funds;

• Information concerning efforts to maintain policies and procedures with respect to various regulations applicable to the funds, including, without limitation, Rule 22e-4 (the Liquidity Risk Management Rule), Rule 12d1-4 (the Fund-of-Funds Rule), Rule 18f-4 (the Derivatives Rule), and Rule 2a-5 (the Fair Valuation Rule);

• For the Eaton Vance Fund structured as an interval fund, information regarding the interval fund's periodic repurchase offers under Rule 23c-3 and related policies and procedures;

• For each Eaton Vance Fund structured as an exchange-listed closed-end fund, information concerning the benefits of the closed-end fund structure, as well as, where relevant, the closed-end fund's market prices (including as compared to the closed-end fund's net asset value (NAV)), trading volume data, continued use of auction preferred shares (where applicable), distribution rates, and other relevant matters;

• The risks that the adviser and/or its affiliates incur in connection with the management and operation of the funds, including, among others, litigation, regulatory, entrepreneurial, data privacy and cybersecurity, and other business risks (and the associated costs of such risks, if any); and

• The terms of each investment advisory agreement and sub-advisory agreement.

During the various meetings of the Board and its committees over the course of the year leading up to the June 12, 2025 meeting, the Board and its committees received information from portfolio managers and other investment professionals of the adviser and sub-advisers of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds' investment objectives. The Board and its committees also received information regarding risk management techniques employed in connection with the management of the funds. The Board and its committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance, and other issues with respect to the funds, and received and participated in reports and presentations provided by the adviser, sub-advisers, and certain other service providers, with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees met in executive sessions and held regular video or telephone conferences to discuss, among other topics, matters relating to the continuation of investment advisory agreements and sub-advisory agreements.

Each of the Contract Review Committee and the Board was advised throughout the contract review process by Kirkland & Ellis LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee and the members of the Board, with the advice of such counsel, exercised their own business judgment in determining the material factors to be considered in evaluating each investment advisory agreement and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory agreement and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee and Board may have placed varying emphasis on particular factors in reaching conclusions with respect to each investment advisory agreement and sub-advisory agreement. In evaluating each investment advisory agreement and sub-advisory agreement, including the fee structures and other terms contained in such agreements, the members of the Contract Review Committee and Board were also informed by multiple years of analysis and discussion with the adviser and sub-adviser to each of the Eaton Vance Funds.

------

[**Table of Contents**](#JOB_EV_AR_da65d7d0-3803-492b-bc5e-d1cca7923e55_TOC)

Eaton Vance

Global Macro Absolute Return Fund

October 31, 2025

Board of Trustees' Contract Approval — continued

------

Results of the Contract Review Process

Based on its consideration of the foregoing, and such other information it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory agreement between Eaton Vance Global Macro Absolute Return Fund (the "Fund") and Eaton Vance Management ("EVM"), as well as the investment advisory agreement between Global Macro Portfolio (the "Portfolio"), the portfolio in which the Fund invests, and Boston Management and Research ("BMR") (EVM, with respect to the Fund, and BMR, with respect to the Portfolio, are each referred to herein as the "Adviser"), and the sub-advisory agreement between EVM and Eaton Vance Advisers International Ltd. (the "Sub-adviser"), an affiliate of the Advisers, with respect to the Fund, and the sub-advisory agreement between BMR and the Sub-adviser, with respect to the Portfolio, including their respective fee structures, are in the interests of shareholders and, therefore, recommended to the Board approval of each agreement. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreements for the Fund and the Portfolio (together, the "investment advisory agreements") and the sub-advisory agreements for the Fund and the Portfolio (together, the "sub-advisory agreements").

*Nature, Extent and Quality of Services*

In considering whether to approve the investment advisory agreements and sub-advisory agreements for the Fund and the Portfolio, the Board evaluated the nature, extent and quality of services provided to the Fund and to the Portfolio by the applicable Adviser and the Sub-adviser, respectively.

The Board considered each Adviser's and the Sub-adviser's management capabilities and investment processes in light of the types of investments held by the Fund and the Portfolio, including the education and experience of the investment professionals who provide services to the Fund and the Portfolio, including recent changes to such personnel. The Board considered each Adviser's expertise with respect to global markets and in-house research capabilities. The Board also considered the resources available to the Sub-adviser in fulfilling its duties under the sub-advisory agreements and the abilities and experience of the Sub-adviser's investment professionals in implementing the investment strategies of the Fund and the Portfolio. In particular, the Board considered the expertise of the Sub-adviser's investment professionals with respect to global markets and in-house research capabilities. The Board considered the international investment capabilities of the Sub-adviser, which is based in London, and the benefits to the Fund and the Portfolio of having portfolio management services involving investments in international securities provided by investment professionals located abroad. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of each Adviser and other factors, including the reputation and resources of each Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Fund and the Portfolio, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Fund and the Portfolio, including the provision of administrative services. The Board also considered the business-related and other risks to which each Adviser or its affiliates may be subject in managing the Fund and the Portfolio.

The Board noted that, under the terms of the investment advisory agreement of the Fund, EVM may invest assets of the Fund directly in securities, for which it would receive a fee, or in the Portfolio, for which it receives no separate fee but for which BMR receives an advisory fee from the Portfolio. The Board considered the potential benefits to the Fund of the ability to make direct investments, such as an improved ability to manage the Fund's general market exposures, either by investing in specific securities or through the use of certain derivatives.

The Board considered the compliance programs of each Adviser and relevant affiliates thereof, including the Sub-adviser. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, compliance with policies and procedures, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered relevant examinations of the Adviser and its affiliates by regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

The Board considered other administrative services provided or overseen by EVM and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by each Adviser and the Sub-adviser, taken as a whole, are appropriate and consistent with the terms of the applicable investment advisory agreement and the applicable sub-advisory agreement.

*Fund Performance*

The Board compared the Fund's investment performance to that of comparable funds identified by an independent data provider (the peer group), as well as an appropriate benchmark index. The Board's review included comparative performance data with respect to the Fund for the one-, three-, five- and ten-year periods ended December 31, 2024. In this regard, the Board noted that the performance of the Fund was higher than the median performance of the Fund's peer group for the three-year period. The Board also noted that the performance of the Fund was higher than its primary performance benchmark index for the three-year period. The Board concluded that the performance of the Fund was satisfactory.

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[**Table of Contents**](#JOB_EV_AR_da65d7d0-3803-492b-bc5e-d1cca7923e55_TOC)

Eaton Vance

Global Macro Absolute Return Fund

October 31, 2025

Board of Trustees' Contract Approval — continued

------

*Management Fees and Expenses*

The Board considered contractual fee rates payable by the Portfolio and by the Fund for advisory and administrative services (referred to collectively as "management fees"). As part of its review, the Board considered the Fund's management fees and total expense ratio for the one-year period ended December 31, 2024, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered certain factors identified by management in response to inquiries from the Contract Review Committee regarding the Fund's total expense ratio relative to comparable funds. The Board noted that the Portfolio has established a wholly-owned subsidiary to accommodate the Portfolio's commodity-related investments. The subsidiary is managed by BMR pursuant to a separate investment advisory agreement that is subject to annual approval by the Board. The subsidiary's fee rates are the same as those charged to the Portfolio, and the Portfolio will not pay any additional management fees with respect to its assets invested in the subsidiary.

After considering the foregoing information, and in light of the nature, extent and quality of the services provided by each Adviser and the Sub-adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.

*Profitability and "Fall-Out" Benefits*

The Board considered the level of profits realized by each Adviser and relevant affiliates thereof, including the Sub-adviser, in providing investment advisory and administrative services to the Fund, to the Portfolio and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by each Adviser and its affiliates to third parties in respect of distribution or other services.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by each Adviser and its affiliates, including the Sub-adviser, are not excessive.

The Board also considered direct or indirect fall-out benefits received by each Adviser and its affiliates, including the Sub-adviser, in connection with their respective relationships with the Fund and the Portfolio, including the benefits of research services that may be available to each Adviser or the Sub-adviser as a result of securities transactions effected for the Fund and the Portfolio and other investment advisory clients.

*Economies of Scale*

In reviewing management fees and profitability, the Board also considered the extent to which the applicable Adviser and its affiliates, on the one hand, and the Fund and the Portfolio, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund and the Portfolio increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. To assist in the evaluation of the sharing of any economies of scale, the Board received data for recent years showing asset levels, Adviser profitability and total expense ratios. Based upon the foregoing, the Board concluded that the Fund currently shares in the benefits from economies of scale, if any, when they are realized by each Adviser. The Board also concluded that the structure of the advisory fees, which include breakpoints at several asset levels, will allow the Fund and the Portfolio to continue to benefit from any economies of scale in the future.

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[**Table of Contents**](#JOB_EV_AR_da65d7d0-3803-492b-bc5e-d1cca7923e55_TOC)

EAGMX-NCSR&nbsp;&nbsp;&nbsp;&nbsp;10.31.25

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## Eaton Vance

## Strategic Income Fund

## Annual Financial Statements and Additional Information
October 31, 2025

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![](g35982img2bcb3cbc11.gif)

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**This report must be preceded or accompanied by a current summary prospectus or prospectus. Before investing, investors should consider carefully the investment objective, risks, and charges and expenses of a mutual fund. This and other important information is contained in the prospectus and/or statement of additional information, which can be obtained by calling 1-800-262-1122 or from a financial intermediary. Prospective investors should read the prospectus carefully before investing.**

------

#### Annual Financial Statements and Additional Information October 31, 2025
Eaton Vance

Strategic Income Fund

---

| | |
|:---|:---|
| **[**Table of Contents**](#xx_d9b749dc-3531-4bce-9137-f9155efecede_1)** |  |
| [Item 6 and 7 of Form N-CSR:](#xx_f1cb297f-39c2-4326-8598-89dbcc2ae98a_1) | [Item 6 and 7 of Form N-CSR:](#xx_f1cb297f-39c2-4326-8598-89dbcc2ae98a_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Portfolio of Investments](#xx_f1cb297f-39c2-4326-8598-89dbcc2ae98a_1) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#xx_1852c11a-1dfa-4816-b256-4dd5dd5618c1_1) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#xx_1852c11a-1dfa-4816-b256-4dd5dd5618c1_2) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx_1852c11a-1dfa-4816-b256-4dd5dd5618c1_3) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx_a432bd5b-d66d-4412-9a1d-9b0b3700d66b_1) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx_ab0eb071-8656-4470-b746-92b8fcb13f7a_1) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#xx_bfecc4ee-6a57-4445-aaeb-e734d401ac37_1) | 15 |
| [Federal Tax Information](#xx_4720c93c-5c6c-4ab7-92f9-1f4923ffb2ce_1) | 16 |
| [Global Opportunities Portfolio](#xx_471850ce-ad03-4df9-b72d-20fefcb80da6_1) | [Global Opportunities Portfolio](#xx_471850ce-ad03-4df9-b72d-20fefcb80da6_1) |
| [Items 6 and 7 of Form N-CSR:](#xx_471850ce-ad03-4df9-b72d-20fefcb80da6_1) | [Items 6 and 7 of Form N-CSR:](#xx_471850ce-ad03-4df9-b72d-20fefcb80da6_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Portfolio of Investments](#xx_471850ce-ad03-4df9-b72d-20fefcb80da6_1) | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Statements](#xx_4ed697be-2cc2-4649-8757-78231beb2c33_1) | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#xx_628e8279-046f-4f36-af27-143eb181606d_1) | 73 |
| Item 11 of Form N-CSR: | Item 11 of Form N-CSR: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Board of Trustees' Contract Approval](#xx_b9e17851-b9d9-4865-836d-9dc423e9b634_1) | 74 |

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Items 8 and 9 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7.

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[**Table of Contents**](#JOB_EV_AR_d86710f8-700a-4d42-b872-764752b88c6a_TOC)

Eaton Vance

Strategic Income Fund

October 31, 2025

Portfolio of Investments

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Investments in Affiliated Portfolios (the Portfolios)

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| | | |
|:---|:---|:---|
| **Description** | **Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| Emerging Markets Local Income Portfolio |  |  |
| &nbsp;&nbsp;&nbsp;(identified cost $120,672,576) | $139323655 | &nbsp;&nbsp;&nbsp;&nbsp;1.0% |
| Global Macro Absolute Return Advantage Portfolio |  |  |
| &nbsp;&nbsp;&nbsp;(identified cost $2,166,363,732) | &nbsp;&nbsp; 2351047084 | &nbsp;&nbsp;&nbsp;17.5 |
| Global Opportunities Portfolio |  |  |
| &nbsp;&nbsp;&nbsp;(identified cost $9,102,243,371) | &nbsp;&nbsp; 9346937298 | &nbsp;&nbsp;&nbsp;69.3 |
| High Income Opportunities Portfolio |  |  |
| &nbsp;&nbsp;&nbsp;(identified cost $530,314,523) | &nbsp;&nbsp; 539287017 | &nbsp;&nbsp;&nbsp;&nbsp;4.0 |
| Senior Debt Portfolio |  |  |
| &nbsp;&nbsp;&nbsp;(identified cost $513,942,176) | &nbsp;&nbsp; 519735999 | &nbsp;&nbsp;&nbsp;&nbsp;3.9 |
| Total Investments in Affiliated Portfolios<br> (identified cost $12,433,536,378) | **$12896331053** | &nbsp;&nbsp;**95.7%** |

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&nbsp;&nbsp;&nbsp;&nbsp;

Investments in Affiliated Investment Funds

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| | | | |
|:---|:---|:---|:---|
| **Security** | **Shares** | **Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Fixed Income Funds** |  |  |  |
| Eaton Vance Emerging Markets Debt Opportunities Fund, Class R6 | 68000425 | $570523568 | &nbsp;&nbsp;&nbsp;&nbsp;4.2% |
| Total Investments in Affiliated Investment Funds<br> (identified cost $552,616,432) |  | **$570523568** | &nbsp;&nbsp;&nbsp;&nbsp;**4.2%** |
| Total Investments<br> (identified cost $12,986,152,810) |  | **$13466854621** | &nbsp;&nbsp;&nbsp;&nbsp;**99.9%** |
| Other Assets, Less Liabilities |  | **$14088099** | &nbsp;&nbsp;&nbsp;&nbsp;**0.1%** |
| Net Assets |  | **$13480942720** | &nbsp;&nbsp;**100.0%** |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_d86710f8-700a-4d42-b872-764752b88c6a_TOC)

Eaton Vance

Strategic Income Fund

October 31, 2025

Statement of Assets and Liabilities

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**October 31, 2025** |
| Assets |  |
| Affiliated investments, at value (identified cost, $12,986,152,810) | &nbsp;&nbsp;$13466854621 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111423 |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30266418 |
| Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12522 |
| **Total assets** | &nbsp;&nbsp;**$13497244984** |
| Liabilities |  |
| Payable for Fund shares redeemed | &nbsp;&nbsp;$13674392 |
| Payable to affiliates: |  |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490050 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agency fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36286 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 |
| &nbsp;&nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12522 |
| Payable for transfer and dividend disbursing agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1056677 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1032295 |
| **Total liabilities** | &nbsp;&nbsp;**$16302264** |
| **Net Assets** | &nbsp;&nbsp;**$13480942720** |
| Sources of Net Assets |  |
| Paid-in capital | &nbsp;&nbsp;$13447432229 |
| Distributable earnings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33510491 |
| **Net Assets** | &nbsp;&nbsp;**$13480942720** |
| Class A Shares |  |
| **Net Assets** | &nbsp;&nbsp;$956499004 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139343642 |
| **Net Asset Value and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$6.86 |
| **Maximum Offering Price Per Share <br> (100 ÷ 96.75 of net asset value per share)** | &nbsp;&nbsp;$7.09 |
| Class C Shares |  |
| **Net Assets** | &nbsp;&nbsp;$346593230 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53583877 |
| **Net Asset Value and Offering Price Per Share\*<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$6.47 |
| Class I Shares |  |
| **Net Assets** | &nbsp;&nbsp;$12157169479 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1773899493 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$6.85 |
| Class R Shares |  |
| **Net Assets** | &nbsp;&nbsp;$20681007 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3008350 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$6.87 |

---

---

| | |
|:---|:---|
| On sales of $100,000 or more, the offering price of Class A shares is reduced. | On sales of $100,000 or more, the offering price of Class A shares is reduced. |
| \* | Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge. |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_d86710f8-700a-4d42-b872-764752b88c6a_TOC)

Eaton Vance

Strategic Income Fund

October 31, 2025

Statement of Operations

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended** |
|  | &nbsp;&nbsp;&nbsp;**October 31, 2025** |
| Investment Income |  |
| Dividends allocated from Portfolios (net of foreign taxes withheld of $405,762) | &nbsp;&nbsp;$33133888 |
| Dividend income from Affiliated Investment Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34786473 |
| Interest income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581 |
| Interest income allocated from Portfolios (net of foreign taxes withheld of $6,020,565) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;687303708 |
| Other income allocated from Portfolios | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1780020 |
| Expenses, excluding interest and dividend expense and fees, allocated from Portfolios | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59639534) |
| Interest and dividend expense and fees allocated from Portfolios | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48704890) |
| Waiver and/or reimbursement of expenses by affiliates allocated from Portfolios | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447783 |
| **Total investment income** | &nbsp;&nbsp;**$649108029** |
| Expenses |  |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$2039644 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2508165 |
| &nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68618 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74851 |
| Transfer and dividend disbursing agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5343716 |
| Legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444074 |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1463426 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618315 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120660 |
| **Total expenses** | &nbsp;&nbsp;**$12681969** |
| **Net investment income** | &nbsp;&nbsp;**$636426060** |
| Realized and Unrealized Gain (Loss) |  |
| Net realized gain (loss) allocated from Portfolios: |  |
| &nbsp;&nbsp;&nbsp;Investment transactions | &nbsp;&nbsp;$73234130 |
| &nbsp;&nbsp;&nbsp;Written options and swaptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4261902) |
| &nbsp;&nbsp;&nbsp;Securities sold short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1547816 |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15378351) |
| &nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2334513) |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2666500) |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(117101701) |
| &nbsp;&nbsp;&nbsp;Non-deliverable bond forward contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(95714) |
| **Net realized loss** | &nbsp;&nbsp;**$(67056735)** |
| Change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Investments — Affiliated Investment Funds | &nbsp;&nbsp;$28089316 |
| Change in unrealized appreciation (depreciation) allocated from Portfolios: |  |
| &nbsp;&nbsp;&nbsp;Investments (including net increase in accrued foreign capital gains taxes of $318,527) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460839992 |
| &nbsp;&nbsp;&nbsp;Written options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1974647 |
| &nbsp;&nbsp;&nbsp;Securities sold short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9670049) |
| &nbsp;&nbsp;&nbsp;TBA sale commitments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6533314 |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47337347 |
| &nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(277124) |
| &nbsp;&nbsp;&nbsp;Foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1583964) |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11414317) |
| &nbsp;&nbsp;&nbsp;Non-deliverable bond forward contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(493034) |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$521336128** |
| **Net realized and unrealized gain** | &nbsp;&nbsp;**$454279393** |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$1090705453** |

---

*3*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_d86710f8-700a-4d42-b872-764752b88c6a_TOC)

Eaton Vance

Strategic Income Fund

October 31, 2025

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
|  | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$636426060 | &nbsp;&nbsp;$329593580 |
| &nbsp;&nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(67056735) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(86849485) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521336128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277721416 |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$1090705453** | &nbsp;&nbsp;**$520465511** |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(56333781) | &nbsp;&nbsp;$(43302340) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15588166) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7753332) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(620357678) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(290631378) |
| &nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(931174) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(254959) |
| **Total distributions to shareholders** | &nbsp;&nbsp;**$(693210799)** | &nbsp;&nbsp;**$(341942009)** |
| Tax return of capital to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(5023229) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(933232) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35320855) |
| &nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31861) |
| **Total tax return of capital to shareholders** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$(41309177)** |
| Transactions in shares of beneficial interest: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$179163130 | &nbsp;&nbsp;$69856855 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144860440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79303355 |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5862968251 | &nbsp;&nbsp;&nbsp;&nbsp;2515107470 |
| &nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11076290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6285279 |
| **Net increase in net assets from Fund share transactions** | &nbsp;&nbsp;**$6198068111** | &nbsp;&nbsp;**$2670552959** |
| **Net increase in net assets** | &nbsp;&nbsp;**$6595562765** | &nbsp;&nbsp;**$2807767284** |
| Net Assets |  |  |
| At beginning of year | &nbsp;&nbsp;$6885379955 | &nbsp;&nbsp;$4077612671 |
| **At end of year** | &nbsp;&nbsp;**$13480942720** | &nbsp;&nbsp;**$6885379955** |

---

*4*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_d86710f8-700a-4d42-b872-764752b88c6a_TOC)

Eaton Vance

Strategic Income Fund

October 31, 2025

Financial Highlights

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$6.59 | &nbsp;&nbsp;$6.35 | &nbsp;&nbsp;$6.48 | &nbsp;&nbsp;$7.18 | &nbsp;&nbsp;$7.18 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.43 | &nbsp;&nbsp;$0.40 | &nbsp;&nbsp;$0.38 | &nbsp;&nbsp;$0.30 | &nbsp;&nbsp;$0.30 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01<sup>(2)</sup> |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.73** | &nbsp;&nbsp;**$0.70** | &nbsp;&nbsp;**$0.33** | &nbsp;&nbsp;**$(0.36)** | &nbsp;&nbsp;**$0.31** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.46) | &nbsp;&nbsp;$(0.41) | &nbsp;&nbsp;$(0.38) | &nbsp;&nbsp;$(0.32) | &nbsp;&nbsp;$(0.28) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)<sup>(3)</sup> |
| Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) |
| **Total distributions** | &nbsp;&nbsp;**$(0.46)** | &nbsp;&nbsp;**$(0.46)** | &nbsp;&nbsp;**$(0.46)** | &nbsp;&nbsp;**$(0.34)** | &nbsp;&nbsp;**$(0.31)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$6.86** | &nbsp;&nbsp;**$6.59** | &nbsp;&nbsp;**$6.35** | &nbsp;&nbsp;**$6.48** | &nbsp;&nbsp;**$7.18** |
| **Total Return<sup>(4)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.46%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.26%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.11%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4.99)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.01%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$956499 | &nbsp;&nbsp;$744264 | &nbsp;&nbsp;$650558 | &nbsp;&nbsp;$617011 | &nbsp;&nbsp;$697690 |
| Ratios (as a percentage of average daily net assets):<sup>(5)(6)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08% |
| &nbsp;&nbsp;&nbsp;Net expenses<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46%<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43%<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20%<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07%<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.08% |
| Portfolio Turnover of the Fund<sup>(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> The per share amount is not in accord with the net realized and unrealized gain (loss) for the period because of the timing of Fund share transactions and the amount of the per share realized and unrealized gains and losses at such time.

<sup>(3)</sup> Amount is less than $(0.005).

<sup>(4)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

<sup>(5)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(6)</sup> Includes the Fund's share of the Portfolios' allocated expenses.

<sup>(7)</sup> Includes interest and/or dividend expense, including on securities sold short and/or reverse repurchase agreements if applicable, of 0.51%, 0.44%, 0.20%, 0.06% and 0.06% of average daily net assets for the years ended October 31, 2025, 2024, 2023, 2022 and 2021 respectively.

<sup>(8)</sup> Includes a reduction by the investment adviser of a portion of the Portfolios' adviser fee due to the Portfolios' investment in the Liquidity Fund and in other affiliated funds (equal to less than 0.005%, equal to less than 0.01%, 0.02% and less than 0.01% of average daily net assets for the years ended October 31, 2025, 2024, 2023 and 2022, respectively).

<sup>(9)</sup> Percentage includes both the Fund's contributions to and withdrawals from the Portfolios and purchases and sales of securities held directly by the Fund, if any.

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_d86710f8-700a-4d42-b872-764752b88c6a_TOC)

Eaton Vance

Strategic Income Fund

October 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$6.21 | &nbsp;&nbsp;$5.98 | &nbsp;&nbsp;$6.10 | &nbsp;&nbsp;$6.76 | &nbsp;&nbsp;$6.77 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.36 | &nbsp;&nbsp;$0.33 | &nbsp;&nbsp;$0.31 | &nbsp;&nbsp;$0.24 | &nbsp;&nbsp;$0.23 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)<sup>(2)</sup> |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.65** | &nbsp;&nbsp;**$0.62** | &nbsp;&nbsp;**$0.27** | &nbsp;&nbsp;**$(0.39)** | &nbsp;&nbsp;**$0.23** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.39) | &nbsp;&nbsp;$(0.35) | &nbsp;&nbsp;$(0.32) | &nbsp;&nbsp;$(0.25) | &nbsp;&nbsp;$(0.21) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)<sup>(2)</sup> |
| Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) |
| **Total distributions** | &nbsp;&nbsp;**$(0.39)** | &nbsp;&nbsp;**$(0.39)** | &nbsp;&nbsp;**$(0.39)** | &nbsp;&nbsp;**$(0.27)** | &nbsp;&nbsp;**$(0.24)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$6.47** | &nbsp;&nbsp;**$6.21** | &nbsp;&nbsp;**$5.98** | &nbsp;&nbsp;**$6.10** | &nbsp;&nbsp;**$6.76** |
| **Total Return<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.72%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.50%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.36%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(5.85)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.36%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$346593 | &nbsp;&nbsp;$191391 | &nbsp;&nbsp;$108638 | &nbsp;&nbsp;$126342 | &nbsp;&nbsp;$160918 |
| Ratios (as a percentage of average daily net assets):<sup>(4)(5)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83% |
| &nbsp;&nbsp;&nbsp;Net expenses<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.95%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.35% |
| Portfolio Turnover of the Fund<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> Amount is less than $(0.005).

<sup>(3)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

<sup>(4)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(5)</sup> Includes the Fund's share of the Portfolios' allocated expenses.

<sup>(6)</sup> Includes interest and/or dividend expense, including on securities sold short and/or reverse repurchase agreements if applicable, of 0.51%, 0.44%, 0.20%, 0.06% and 0.06% of average daily net assets for the years ended October 31, 2025, 2024, 2023, 2022 and 2021 respectively.

<sup>(7)</sup> Includes a reduction by the investment adviser of a portion of the Portfolios' adviser fee due to the Portfolios' investment in the Liquidity Fund and in other affiliated funds (equal to less than 0.005%, equal to less than 0.01%, 0.02% and less than 0.01% of average daily net assets for the years ended October 31, 2025, 2024, 2023 and 2022, respectively).

<sup>(8)</sup> Percentage includes both the Fund's contributions to and withdrawals from the Portfolios and purchases and sales of securities held directly by the Fund, if any.

*6*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_d86710f8-700a-4d42-b872-764752b88c6a_TOC)

Eaton Vance

Strategic Income Fund

October 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$6.58 | &nbsp;&nbsp;$6.34 | &nbsp;&nbsp;$6.47 | &nbsp;&nbsp;$7.16 | &nbsp;&nbsp;$7.17 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.45 | &nbsp;&nbsp;$0.42 | &nbsp;&nbsp;$0.39 | &nbsp;&nbsp;$0.32 | &nbsp;&nbsp;$0.31 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(2)(3)</sup> |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.75** | &nbsp;&nbsp;**$0.72** | &nbsp;&nbsp;**$0.35** | &nbsp;&nbsp;**$(0.33)** | &nbsp;&nbsp;**$0.31** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.48) | &nbsp;&nbsp;$(0.43) | &nbsp;&nbsp;$(0.39) | &nbsp;&nbsp;$(0.33) | &nbsp;&nbsp;$(0.29) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)<sup>(2)</sup> |
| Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) |
| **Total distributions** | &nbsp;&nbsp;**$(0.48)** | &nbsp;&nbsp;**$(0.48)** | &nbsp;&nbsp;**$(0.48)** | &nbsp;&nbsp;**$(0.36)** | &nbsp;&nbsp;**$(0.32)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$6.85** | &nbsp;&nbsp;**$6.58** | &nbsp;&nbsp;**$6.34** | &nbsp;&nbsp;**$6.47** | &nbsp;&nbsp;**$7.16** |
| **Total Return<sup>(4)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.75%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.55%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.37%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4.77)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.27%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$12157169 | &nbsp;&nbsp;$5940720 | &nbsp;&nbsp;$3315739 | &nbsp;&nbsp;$2290663 | &nbsp;&nbsp;$2075516 |
| Ratios (as a percentage of average daily net assets):<sup>(5)(6)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83% |
| &nbsp;&nbsp;&nbsp;Net expenses<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20%<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18%<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95%<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82%<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30% |
| Portfolio Turnover of the Fund<sup>(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> Amount is less than $0.005 or $(0.005), as applicable.

<sup>(3)</sup> The per share amount is not in accord with the net realized and unrealized gain (loss) for the period because of the timing of Fund share transactions and the amount of the per share realized and unrealized gains and losses at such time.

<sup>(4)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

<sup>(5)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(6)</sup> Includes the Fund's share of the Portfolios' allocated expenses.

<sup>(7)</sup> Includes interest and/or dividend expense, including on securities sold short and/or reverse repurchase agreements if applicable, of 0.51%, 0.44%, 0.20%, 0.06% and 0.06% of average daily net assets for the years ended October 31, 2025, 2024, 2023, 2022 and 2021 respectively.

<sup>(8)</sup> Includes a reduction by the investment adviser of a portion of the Portfolios' adviser fee due to the Portfolios' investment in the Liquidity Fund and in other affiliated funds (equal to less than 0.005%, equal to less than 0.01%, 0.02% and less than 0.01% of average daily net assets for the years ended October 31, 2025, 2024, 2023 and 2022, respectively).

<sup>(9)</sup> Percentage includes both the Fund's contributions to and withdrawals from the Portfolios and purchases and sales of securities held directly by the Fund, if any.

*7*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_d86710f8-700a-4d42-b872-764752b88c6a_TOC)

Eaton Vance

Strategic Income Fund

October 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class R** | &nbsp;&nbsp;&nbsp;**Class R** | &nbsp;&nbsp;&nbsp;**Class R** | &nbsp;&nbsp;&nbsp;**Class R** | &nbsp;&nbsp;&nbsp;**Class R** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$6.60 | &nbsp;&nbsp;$6.36 | &nbsp;&nbsp;$6.49 | &nbsp;&nbsp;$7.19 | &nbsp;&nbsp;$7.20 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.41 | &nbsp;&nbsp;$0.39 | &nbsp;&nbsp;$0.36 | &nbsp;&nbsp;$0.28 | &nbsp;&nbsp;$0.26 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;(0.66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02<sup>(2)</sup> |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.71** | &nbsp;&nbsp;**$0.68** | &nbsp;&nbsp;**$0.32** | &nbsp;&nbsp;**$(0.38)** | &nbsp;&nbsp;**$0.28** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.44) | &nbsp;&nbsp;$(0.39) | &nbsp;&nbsp;$(0.37) | &nbsp;&nbsp;$(0.30) | &nbsp;&nbsp;$(0.26) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.00)<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(0.00)<sup>(3)</sup> |
| Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) |
| **Total distributions** | &nbsp;&nbsp;**$(0.44)** | &nbsp;&nbsp;**$(0.44)** | &nbsp;&nbsp;**$(0.45)** | &nbsp;&nbsp;**$(0.32)** | &nbsp;&nbsp;**$(0.29)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$6.87** | &nbsp;&nbsp;**$6.60** | &nbsp;&nbsp;**$6.36** | &nbsp;&nbsp;**$6.49** | &nbsp;&nbsp;**$7.19** |
| **Total Return<sup>(4)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.17%** | &nbsp;&nbsp;&nbsp;&nbsp;**10.98%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.85%** | &nbsp;&nbsp;&nbsp;&nbsp;**(5.21)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.75%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$20681 | &nbsp;&nbsp;$9004 | &nbsp;&nbsp;$2678 | &nbsp;&nbsp;$2254 | &nbsp;&nbsp;$2720 |
| Ratios (as a percentage of average daily net assets):<sup>(5)(6)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33% |
| &nbsp;&nbsp;&nbsp;Net expenses<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70%<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.69%<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45%<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32%<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.57% |
| Portfolio Turnover of the Fund<sup>(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> The per share amount is not in accord with the net realized and unrealized gain (loss) for the period because of the timing of Fund share transactions and the amount of the per share realized and unrealized gains and losses at such time.

<sup>(3)</sup> Amount is less than $(0.005).

<sup>(4)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

<sup>(5)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(6)</sup> Includes the Fund's share of the Portfolios' allocated expenses.

<sup>(7)</sup> Includes interest and/or dividend expense, including on securities sold short and/or reverse repurchase agreements if applicable, of 0.51%, 0.44%, 0.20%, 0.06% and 0.06% of average daily net assets for the years ended October 31, 2025, 2024, 2023, 2022 and 2021 respectively.

<sup>(8)</sup> Includes a reduction by the investment adviser of a portion of the Portfolios' adviser fee due to the Portfolios' investment in the Liquidity Fund and in other affiliated funds (equal to less than 0.005%, equal to less than 0.01%, 0.02% and less than 0.01% of average daily net assets for the years ended October 31, 2025, 2024, 2023 and 2022, respectively).

<sup>(9)</sup> Percentage includes both the Fund's contributions to and withdrawals from the Portfolios and purchases and sales of securities held directly by the Fund, if any.

*8*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_d86710f8-700a-4d42-b872-764752b88c6a_TOC)

Eaton Vance

Strategic Income Fund

October 31, 2025

Notes to Financial Statements

------

1 Significant Accounting Policies

Eaton Vance Strategic Income Fund (the Fund) is a diversified series of Eaton Vance Mutual Funds Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund offers four classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 6). Effective November 5, 2020, Class C shares automatically convert to Class A shares eight years after their purchase as described in the Fund's prospectus. Class I and Class R shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses and net investment income and losses, other than class-specific expenses, are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Each class of shares differs in its distribution plan and certain other class-specific expenses. The Fund's investment objective is total return. The Fund currently pursues its objective by investing in interests in five portfolios (the Portfolios) managed by Boston Management and Research (BMR), an affiliate of Eaton Vance Management (EVM), which are Massachusetts business trusts, and in shares of Eaton Vance Emerging Markets Debt Opportunities Fund, a series of Eaton Vance Series Fund, Inc., a Maryland corporation (the Affiliated Investment Fund). The value of the Fund's investments in the Portfolios reflects the Fund's proportionate interest in each Portfolio's net assets. The Portfolios and the Fund's proportionate interest in each of their net assets at October 31, 2025 were as follows: Emerging Markets Local Income Portfolio (9.8%), Global Macro Absolute Return Advantage Portfolio (40.4%), Global Opportunities Portfolio (98.7%), High Income Opportunities Portfolio (31.6%) and Senior Debt Portfolio (9.4%). The performance of the Fund is directly affected by the performance of the Portfolios and the Affiliated Investment Fund. The financial statements of Global Opportunities Portfolio, including the portfolio of investments, are included elsewhere in this report and should be read in conjunction with the Fund's financial statements. A copy of each other Portfolio's financial statements and the Affiliated Investment Fund's financial statements are available by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the Securities and Exchange Commission's website at www.sec.gov.

The following is a summary of significant accounting policies of the Fund. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.

A Investment Valuation— Valuation of securities by Global Opportunities Portfolio is discussed in Note 1A of such Portfolio's Notes to Consolidated Financial Statements, which are included elsewhere in this report. Such policies are consistent with those of the other Portfolios in which the Fund invests.

Additional valuation policies for the other Portfolios are as follows:

**Senior Floating-Rate Loans. Interests in senior floating-rate loans (Senior Loans) are valued generally at the average mean of bid and ask quotations obtained from a third party pricing service. Senior Loans, for which a valuation is not available or deemed unreliable, are fair valued by the investment adviser utilizing one or more of the valuation techniques described below to assess the likelihood that the borrower will make a full repayment of the loan underlying such Senior Loan. If the investment adviser believes that there is a reasonable likelihood of full repayment, the investment adviser will determine fair value using a matrix pricing approach that considers the yield on the Senior Loan relative to yields on other Senior Loans issued by companies of comparable credit quality. If the investment adviser believes there is not a reasonable likelihood of full repayment, the investment adviser will determine fair value using analyses that include, but are not limited to: (i) a comparison of the value of the borrower's outstanding equity and debt to that of comparable public companies; (ii) a discounted cash flow analysis; or (iii) when the investment adviser believes it is likely that a borrower will be liquidated or sold, an analysis of the terms of such liquidation or sale. In certain cases, the investment adviser will use a combination of analytical methods to determine fair value, such as when only a portion of a borrower's assets are likely to be sold. In conducting its assessment and analyses for purposes of determining fair value of a Senior Loan, the investment adviser will use its discretion and judgment in considering and appraising relevant factors. Junior Loans (i.e., subordinated loans and second lien loans) are valued in the same manner as Senior Loans.**

The Fund's investment in the Affiliated Investment Fund is valued at the closing net asset value per share.

B Income—The Fund's net investment income or loss includes the Fund's pro rata share of the net investment income or loss of the Portfolios, less all actual and accrued expenses of the Fund. Dividend income on investments in the Affiliated Investment Fund is recorded on the ex-dividend date for dividends received in cash and/or securities. Distributions from the Affiliated Investment Fund are recorded as dividend income, capital gains or return of capital based on the nature of the distribution.

C Federal and Other Taxes—The Fund's policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary.

In addition to the requirements of the Internal Revenue Code, the Fund may also be required to recognize its pro rata share of the capital gains taxes incurred by the Portfolios. In doing so, the daily net asset value would reflect the Fund's pro rata share of the estimated reserve for such taxes incurred by the Portfolios.

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[**Table of Contents**](#JOB_EV_AR_d86710f8-700a-4d42-b872-764752b88c6a_TOC)

Eaton Vance

Strategic Income Fund

October 31, 2025

Notes to Financial Statements — continued

------

As of October 31, 2025, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

D Expenses—The majority of expenses of the Trust are directly identifiable to an individual fund. Expenses which are not readily identifiable to a specific fund are allocated taking into consideration, among other things, the nature and type of expense and the relative size of the funds.

E Use of Estimates—The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

F Indemnifications—Under the Trust's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Trust) could be deemed to have personal liability for the obligations of the Trust. However, the Trust's Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and the By-laws provide that the Trust shall assume, upon request by the shareholder, the defense on behalf of any Fund shareholders. Moreover, the By-laws also provide for indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

G Other—Investment transactions are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost.

H Segment Reporting—During this reporting period, the Fund adopted FASB Accounting Standards Update No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures* (ASU 2023-07), which requires incremental disclosures related to a public entity's reportable segments. The Fund operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. In connection with the adoption of ASU 2023-07, the Fund's President acts as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's financial statements.

2 Distributions to Shareholders and Income Tax Information

The Fund expects to pay any required income distributions monthly and intends to distribute annually all or substantially all of its net realized capital gains. The Fund may include in its distributions amounts attributable to the imputed interest on foreign currency exposures and certain other derivative positions which, in certain circumstances, may result in a return of capital for federal income tax purposes. Distributions to shareholders are recorded on the ex-dividend date. Distributions are declared separately for each class of shares. Shareholders may reinvest income and capital gain distributions in additional shares of the same class of the Fund at the net asset value as of the ex-dividend date or, at the election of the shareholder, receive distributions in cash. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

The tax character of distributions declared for the years ended October 31, 2025 and October 31, 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$693210799 | &nbsp;&nbsp;&nbsp;&nbsp;$341942009 |
| Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$41309177 |

---

During the year ended October 31, 2025, distributable earnings was decreased by $7,608,400 and paid-in capital was increased by $7,608,400 due to the Fund's use of equalization accounting. Tax equalization accounting allows the Fund to treat as a distribution that portion of redemption proceeds representing a redeeming shareholder's portion of undistributed taxable income and net capital gains. These reclassifications had no effect on the net assets or net asset value per share of the Fund.

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[**Table of Contents**](#JOB_EV_AR_d86710f8-700a-4d42-b872-764752b88c6a_TOC)

Eaton Vance

Strategic Income Fund

October 31, 2025

Notes to Financial Statements — continued

------

As of October 31, 2025, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

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| | |
|:---|:---|
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$35200641 |
| Deferred capital losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(168938815) |
| Net unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167248665 |
| **Distributable earnings** | &nbsp;&nbsp;&nbsp;&nbsp;**$33510491** |

---

At October 31, 2025, the Fund, for federal income tax purposes, had deferred capital losses of $168,938,815 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund's next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at October 31, 2025, $16,941,037 are short-term and $151,997,778 are long-term. Utilization of these deferred capital losses may be limited in accordance with certain income tax regulations.

The cost and unrealized appreciation (depreciation) of investments of the Fund, including the Portfolios, at October 31, 2025, as determined on a federal income tax basis, were as follows:

---

| | |
|:---|:---|
| **Aggregate cost** | &nbsp;&nbsp;**$13299599106** |
| Gross unrealized appreciation | &nbsp;&nbsp;$167255515 |
| Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| **Net unrealized appreciation** | &nbsp;&nbsp;**$167255515** |

---

3 Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by EVM, an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory services rendered to the Fund. The investment adviser fee is computed at an annual rate as a percentage of the Fund's average daily net assets that are not invested in other investment companies for which EVM or its affiliates serve as investment adviser or administrator as follows and is payable monthly:

---

| | |
|:---|:---|
| **Average Daily Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Annual Fee Rate** |
| Up to $500 million | &nbsp;&nbsp;&nbsp;&nbsp;0.615% |
| $500 million but less than $1 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.595% |
| $1 billion but less than $1.5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.575% |
| $1.5 billion but less than $2 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.555% |
| $2 billion but less than $3 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.520% |
| $3 billion and over | &nbsp;&nbsp;&nbsp;&nbsp;0.490% |

---

For the year ended October 31, 2025, the Fund incurred no investment adviser fee on such assets. To the extent the Fund's assets are invested in the Portfolios, the Fund is allocated its share of the Portfolios' investment adviser fees. The Portfolios have engaged BMR to render investment advisory services. For the year ended October 31, 2025, the Fund's allocated portion of the investment adviser fees paid by the Portfolios totaled $54,633,331 or 0.57% of the Fund's average daily net assets. EVM also serves as the administrator of the Fund, but receives no compensation.

The Portfolios may invest in a money market fund, the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio (the Liquidity Fund), an open-end management investment company managed by Morgan Stanley Investment Management Inc., a wholly-owned subsidiary of Morgan Stanley, and in other affiliated funds. The investment adviser fee paid by the Portfolios is reduced by an amount equal to their pro rata share of the advisory and administration fees paid by the Portfolios due to their investments in the Liquidity Fund and in other affiliated funds. For the year ended October 31, 2025, the Fund's allocated share of the reduction of the investment adviser fee paid by the Portfolios was $447,783 relating to the Portfolios' investments in the Liquidity Fund and in other affiliated funds.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended October 31, 2025, EVM earned $122,220 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on

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[**Table of Contents**](#JOB_EV_AR_d86710f8-700a-4d42-b872-764752b88c6a_TOC)

Eaton Vance

Strategic Income Fund

October 31, 2025

Notes to Financial Statements — continued

------

the Statement of Operations. The Fund was informed that Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund's principal underwriter, received $251,413 as its portion of the sales charge on sales of Class A shares for the year ended October 31, 2025. The Fund was informed that Morgan Stanley affiliated broker-dealers, which may be deemed to be affiliates of EVM, BMR and EVD, also received a portion of the sales charge on sales of Class A shares for the year ended October 31, 2025 in the amount of $73,097. EVD also received distribution and service fees from Class A, Class C and Class R shares (see Note 5) and contingent deferred sales charges (see Note 6).

Trustees and officers of the Fund and the Portfolios who are members of EVM's or BMR's organizations receive remuneration for their services to the Fund out of the investment adviser fee. Certain officers and Trustees of the Fund and the Portfolios are officers of the above organizations.

4 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations and investments in the Portfolios, aggregated $243,086,473 and $0, respectively, for the year ended October 31, 2025.

5 Distribution Plans

The Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the year ended October 31, 2025 amounted to $2,039,644 for Class A shares.

The Fund also has in effect distribution plans for Class C shares (Class C Plan) and Class R shares (Class R Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the year ended October 31, 2025, the Fund paid or accrued to EVD $1,881,124 for Class C shares.

The Class R Plan requires the Fund to pay EVD an amount up to 0.50% per annum of its average daily net assets attributable to Class R shares for providing ongoing distribution services and facilities to the Fund. The Trustees of the Trust have currently limited Class R distribution payments to 0.25% per annum of the average daily net assets attributable to Class R shares. For the year ended October 31, 2025, the Fund paid or accrued to EVD $34,309 for Class R shares.

Pursuant to the Class C and Class R Plans, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the year ended October 31, 2025 amounted to $627,041 and $34,309 for Class C and Class R shares, respectively.

Distribution and service fees are subject to the limitations contained in the Financial Industry Regulatory Authority Rule 2341(d).

6 Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within 12 months of purchase. Class A shares may be subject to a 0.75% CDSC if redeemed within 12 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the year ended October 31, 2025, the Fund was informed that EVD received $12,466 and $63,019 of CDSCs paid by Class A and Class C shareholders, respectively.

7 Investment Transactions

For the year ended October 31, 2025, increases and decreases in the Fund's investments in the Portfolios were as follows:

---

| | | |
|:---|:---|:---|
| **Portfolio** | &nbsp;&nbsp;&nbsp;&nbsp;**Contributions** | &nbsp;&nbsp;&nbsp;&nbsp;**Withdrawals** |
| Emerging Markets Local Income Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(11811350) |
| Global Macro Absolute Return Advantage Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925515225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18800716) |
| Global Opportunities Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4231254307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(399921586) |
| High Income Opportunities Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201015566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5127468) |
| Senior Debt Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357521592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4529194) |

---

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[**Table of Contents**](#JOB_EV_AR_d86710f8-700a-4d42-b872-764752b88c6a_TOC)

Eaton Vance

Strategic Income Fund

October 31, 2025

Notes to Financial Statements — continued

------

8 Shares of Beneficial Interest

The Fund's Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value). Such shares may be issued in a number of different series (such as the Fund) and classes. Transactions in Fund shares, including direct exchanges pursuant to share class conversions, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2024** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 51012836 | &nbsp;&nbsp;&nbsp;&nbsp;$343584350 | &nbsp;&nbsp;&nbsp;&nbsp; 31153978 | &nbsp;&nbsp;&nbsp;&nbsp;$206374860 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 7930335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53294347 | &nbsp;&nbsp;&nbsp;&nbsp; 6871873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45317859 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp; (32489954) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (217715567) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27601994) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (181835864) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp; **26453217** | &nbsp;&nbsp;&nbsp;&nbsp;**$179163130** | &nbsp;&nbsp;&nbsp;&nbsp; **10423857** | &nbsp;&nbsp;&nbsp;&nbsp;**$69856855** |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 28301563 | &nbsp;&nbsp;&nbsp;&nbsp;$179852720 | &nbsp;&nbsp;&nbsp;&nbsp; 16642588 | &nbsp;&nbsp;&nbsp;&nbsp;$104178052 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 2318880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14699068 | &nbsp;&nbsp;&nbsp;&nbsp; 1303829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8109722 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp; (7844794) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (49691348) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5298203) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (32984419) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp; **22775649** | &nbsp;&nbsp;&nbsp;&nbsp;**$144860440** | &nbsp;&nbsp;&nbsp;&nbsp; **12648214** | &nbsp;&nbsp;&nbsp;&nbsp;**$79303355** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;1098185319 | &nbsp;&nbsp;&nbsp;&nbsp;$7381276829 | &nbsp;&nbsp;&nbsp;&nbsp;554311470 | &nbsp;&nbsp;&nbsp;&nbsp;$3668331568 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 87927064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 590869261 | &nbsp;&nbsp;&nbsp;&nbsp; 46558574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 306795894 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp; (314640783) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2109177839) | &nbsp;&nbsp;&nbsp;&nbsp;(221471321) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1460019992) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp; **871471600** | &nbsp;&nbsp;&nbsp;&nbsp;**$5862968251** | &nbsp;&nbsp;&nbsp;&nbsp;**379398723** | &nbsp;&nbsp;&nbsp;&nbsp;**$2515107470** |
| **Class R** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 2307692 | &nbsp;&nbsp;&nbsp;&nbsp;$15513355 | &nbsp;&nbsp;&nbsp;&nbsp; 1012934 | &nbsp;&nbsp;&nbsp;&nbsp;$6757599 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 137128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 924618 | &nbsp;&nbsp;&nbsp;&nbsp; 42465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 280770 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp; (799915) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5361683) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (113064) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (753090) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp; **1644905** | &nbsp;&nbsp;&nbsp;&nbsp;**$11076290** | &nbsp;&nbsp;&nbsp;&nbsp; **942335** | &nbsp;&nbsp;&nbsp;&nbsp;**$6285279** |

---

9 Affiliated Investments

At October 31, 2025, the value of the Fund's investment in affiliated funds was $570,523,568, which represents 4.2% of the Fund's net assets. Transactions in such investments by the Fund for the year ended October 31, 2025 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Value,<br> beginning<br> of period** | **Purchases** | **Sales<br> proceeds** | **Net realized<br> gain (loss)** | **Change in<br> unrealized<br> appreciation<br> (depreciation)** | **Value, end<br> of period** | **Dividend<br> income** | **Shares,<br> end of period** |
| Eaton Vance Emerging Markets Debt Opportunities Fund, Class R6 | $299347779 | $243086473 | $— | $— | $28089316 | $570523568 | $34786473 | 68000425 |

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[**Table of Contents**](#JOB_EV_AR_d86710f8-700a-4d42-b872-764752b88c6a_TOC)

Eaton Vance

Strategic Income Fund

October 31, 2025

Notes to Financial Statements — continued

------

10 Fair Value Measurements

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 October 31, 2025, the hierarchy of inputs used in valuing the Fund's investments in securities and investments in the Portfolios, which are carried at fair value, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Investments in Portfolios | &nbsp;&nbsp;$12896331053 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$12896331053 |
| Investments in Affiliated Investment Funds | &nbsp;&nbsp;&nbsp;&nbsp; 570523568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 570523568 |
| **Total Investments** | &nbsp;&nbsp;**$13466854621** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$13466854621** |

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[**Table of Contents**](#JOB_EV_AR_d86710f8-700a-4d42-b872-764752b88c6a_TOC)

Eaton Vance

Strategic Income Fund

October 31, 2025

Report of Independent Registered Public Accounting Firm

------

To the Trustees of Eaton Vance Mutual Funds Trust and Shareholders of Eaton Vance Strategic Income Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Eaton Vance Strategic Income Fund (the "Fund"), one of the funds constituting Eaton Vance Mutual Funds Trust, including the portfolio of investments, as of October 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the transfer agent. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 22, 2025

We have served as the auditor of one or more Eaton Vance investment companies since 1959.

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[**Table of Contents**](#JOB_EV_AR_d86710f8-700a-4d42-b872-764752b88c6a_TOC)

Eaton Vance

Strategic Income Fund

October 31, 2025

Federal Tax Information (Unaudited)

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The Form 1099-DIV you receive in February 2026 will show the tax status of all distributions paid to your account in calendar year 2025. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of qualified dividend income for individuals and 163(j) interest dividends.

**Qualified Dividend Income. For the fiscal year ended October 31, 2025, the Fund designates approximately $7,798,235, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate of 15%.**

**163(j) Interest Dividends. For the fiscal year ended October 31, 2025, the Fund designates 89.55% of distributions from net investment income as a 163(j) interest dividend.**

------

[**Table of Contents**](#JOB_EV_AR_d86710f8-700a-4d42-b872-764752b88c6a_TOC)

Global Opportunities Portfolio

October 31, 2025

Consolidated Portfolio of Investments

------

Asset-Backed Securities — 10.2%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Abry Liquid Credit CLO Ltd., Series 2025-1A, Class D, 7.20%, (3 mo. SOFR + 3.25%), 10/20/38<sup>(1)(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;$5017075 |
| ACHM Mortgage Trust, Series 2024-HE1, Class B, 7.26%, 5/25/39<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695 | &nbsp;&nbsp;&nbsp;&nbsp; 724720 |
| AIMCO CLO 11 Ltd., Series 2020-11A, Class D1R2, 6.832%, (3 mo. SOFR + 2.95%), 7/17/37<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4032056 |
| Allegany Park CLO Ltd., Series 2019-1A, Class ERR, 10.284%, (3 mo. SOFR + 6.40%), 1/20/35<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 995664 |
| AMSR Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-SFR1, Class G, 4.612%, 6/17/38<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250 | &nbsp;&nbsp;&nbsp;&nbsp; 2146376 |
| &nbsp;&nbsp;&nbsp;Series 2022-SFR1, Class G, 5.00%, 3/17/39<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14000 | &nbsp;&nbsp;&nbsp;&nbsp; 13758947 |
| ARES LXI CLO Ltd., Series 2021-61A, Class ER, 10.724%, (3 mo. SOFR + 6.84%), 4/20/37<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3350 | &nbsp;&nbsp;&nbsp;&nbsp; 3370211 |
| Babson CLO Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-4A, Class D1R, 7.134%, (3 mo. SOFR + 3.25%), 10/20/37<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5040340 |
| &nbsp;&nbsp;&nbsp;Series 2024-3A, Class E, 9.784%, (3 mo. SOFR + 5.90%), 7/20/37<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2017928 |
| Ballyrock CLO 14 Ltd., Series 2020-14A, Class C2R, 8.134%, (3 mo. SOFR + 4.25%), 7/20/37<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2519813 |
| Ballyrock CLO 15 Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-1A, Class D1R, 6.755%, (3 mo. SOFR + 2.85%), 1/15/38<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp; 7029246 |
| &nbsp;&nbsp;&nbsp;Series 2021-1A, Class ER, 9.155%, (3 mo. SOFR + 5.25%), 1/15/38<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1946200 |
| Ballyrock CLO 16 Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-16A, Class C1R, 6.634%, (3 mo. SOFR + 2.75%), 4/20/38<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2968071 |
| &nbsp;&nbsp;&nbsp;Series 2021-16A, Class DR, 9.034%, (3 mo. SOFR + 5.15%), 4/20/38<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2822367 |
| Ballyrock CLO 18 Ltd., Series 2021-18A, Class DR, 9.655%, (3 mo. SOFR + 5.75%), 4/15/38<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1944286 |
| Ballyrock CLO Ltd., Series 2019-2A, Class DR3, 10.039%, (3 mo. SOFR + 6.15%), 10/25/38<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6021594 |
| Barings CLO Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-2A, Class ER, 9.063%, (3 mo. SOFR + 5.10%), 10/20/38<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3015690 |
| &nbsp;&nbsp;&nbsp;Series 2025-1A, Class D2, 7.534%, (3 mo. SOFR + 3.65%), 4/20/38<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3022278 |
| &nbsp;&nbsp;&nbsp;Series 2025-1A, Class E, 8.484%, (3 mo. SOFR + 4.60%), 4/20/38<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 3945528 |
| Battalion CLO 18 Ltd., Series 2024-25A, Class D, 8.234%, (3 mo. SOFR + 4.35%), 3/13/37<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5034750 |
| Battalion CLO XXII Ltd., Series 2021-22A, Class D, 7.496%, (3 mo. SOFR + 3.612%), 1/20/35<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1922982 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Battalion CLO XXIX Ltd., Series 2025-29A, Class D1, 7.581%, (3 mo. SOFR + 3.30%), 3/31/38<sup>(1)(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;$5032120 |
| Bear Mountain Park CLO Ltd., Series 2022-1A, Class ER, 9.855%, (3 mo. SOFR + 5.95%), 7/15/37<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1375 | &nbsp;&nbsp;&nbsp;&nbsp; 1379828 |
| Benefit Street Partners CLO 41 Ltd., Series 2025-41A, Class D1, 7.068%, (3 mo. SOFR + 2.75%), 7/25/38<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5012000 |
| Benefit Street Partners CLO XII-B Ltd., Series 2017-12BRA, Class D1, 6.955%, (3 mo. SOFR + 3.05%), 10/15/37<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3023088 |
| Benefit Street Partners CLO XVI Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2018-16A, Class D1R2, 6.582%, (3 mo. SOFR + 2.70%), 1/17/38<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2005130 |
| &nbsp;&nbsp;&nbsp;Series 2018-16A, Class D2R2, 7.882%, (3 mo. SOFR + 4.00%), 1/17/38<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2509640 |
| Benefit Street Partners CLO XXII Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-22A, Class DRR, 6.634%, (3 mo. SOFR + 2.75%), 4/20/35<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2008958 |
| &nbsp;&nbsp;&nbsp;Series 2020-22A, Class ERR, 8.784%, (3 mo. SOFR + 4.90%), 4/20/35<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1990574 |
| Birch Grove CLO 14 Ltd., Series 2025-14A, Class D1, 7.83%, (3 mo. SOFR + 3.50%), 7/22/37<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5010605 |
| Blueberry Park CLO Ltd., Series 2024-1A, Class D2, 8.134%, (3 mo. SOFR + 4.25%), 10/20/37<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1505096 |
| BlueMountain CLO Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2015-3A, Class A1R, 5.146%, (3 mo. SOFR + 1.262%), 4/20/31<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830 | &nbsp;&nbsp;&nbsp;&nbsp; 830177 |
| &nbsp;&nbsp;&nbsp;Series 2015-3A, Class DR, 9.546%, (3 mo. SOFR + 5.662%), 4/20/31<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1751360 |
| &nbsp;&nbsp;&nbsp;Series 2016-3A, Class ER, 10.423%, (3 mo. SOFR + 6.212%), 11/15/30<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 980056 |
| BlueMountain CLO XXVI Ltd., Series 2019-26A, Class D1R, 7.646%, (3 mo. SOFR + 3.762%), 10/20/34<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3505387 |
| BlueMountain CLO XXX Ltd., Series 2020-30A, Class ER, 10.605%, (3 mo. SOFR + 6.70%), 4/15/35<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1950960 |
| BlueMountain CLO XXXIV Ltd., Series 2022-34A, Class E, 11.434%, (3 mo. SOFR + 7.55%), 4/20/35<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 990332 |
| Bridge Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-SFR1, Class E1, 4.30%, 8/17/40<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2915 | &nbsp;&nbsp;&nbsp;&nbsp; 2798540 |
| &nbsp;&nbsp;&nbsp;Series 2024-SFR1, Class E2, 5.50%, 8/17/40<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 967486 |
| &nbsp;&nbsp;&nbsp;Series 2025-SFR1, Class E, 4.35%, 9/17/42<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1450 | &nbsp;&nbsp;&nbsp;&nbsp; 1350001 |
| Brookhaven Park CLO Ltd., Series 2024-1A, Class D, 7.484%, (3 mo. SOFR + 3.60%), 4/19/37<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3021033 |

---

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_d86710f8-700a-4d42-b872-764752b88c6a_TOC)

Global Opportunities Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Bryant Park Funding Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-19A, Class D1R, 6.705%, (3 mo. SOFR + 2.80%), 4/15/38<sup>(1)(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5250 | &nbsp;&nbsp;$5258227 |
| &nbsp;&nbsp;&nbsp;Series 2023-20A, Class DR, 7.305%, (3 mo. SOFR + 3.40%), 4/15/38<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5016730 |
| &nbsp;&nbsp;&nbsp;Series 2023-21A, Class D1R, 6.661%, (3 mo. SOFR + 2.75%), (3 mo. SOFR + 2.75%), 10/18/38<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2999256 |
| &nbsp;&nbsp;&nbsp;Series 2023-21A, Class ER, 9.161%, (3 mo. SOFR + 5.25%), 10/18/38<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3004470 |
| &nbsp;&nbsp;&nbsp;Series 2024-22A, Class D, 8.205%, (3 mo. SOFR + 4.30%), 4/15/37<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6046272 |
| Cajun Global LLC: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-1A, Class A2, 6.554%, 2/20/55<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12400 | &nbsp;&nbsp;&nbsp;&nbsp; 12726943 |
| &nbsp;&nbsp;&nbsp;Series 2025-2A, Class A2, 5.912%, 11/20/55<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9988960 |
| &nbsp;&nbsp;&nbsp;Series 2025-2A, Class M, 8.72%, 11/20/55<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17500 | &nbsp;&nbsp;&nbsp;&nbsp; 17500000 |
| Canyon Capital CLO Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2016-1A, Class ER, 9.916%, (3 mo. SOFR + 6.012%), 7/15/31<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 3954504 |
| &nbsp;&nbsp;&nbsp;Series 2016-2A, Class ER, 10.166%, (3 mo. SOFR + 6.262%), 10/15/31<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 958937 |
| &nbsp;&nbsp;&nbsp;Series 2017-1A, Class E, 10.416%, (3 mo. SOFR + 6.512%), 7/15/30<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1988326 |
| &nbsp;&nbsp;&nbsp;Series 2018-1A, Class E, 9.916%, (3 mo. SOFR + 6.012%), 7/15/31<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1997616 |
| &nbsp;&nbsp;&nbsp;Series 2022-1A, Class D, 7.094%, (3 mo. SOFR + 3.20%), 4/15/35<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp; 1883782 |
| Carlyle U.S. CLO Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-3A, Class DRR, 11.224%, (3 mo. SOFR + 7.34%), 4/20/37<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3035841 |
| &nbsp;&nbsp;&nbsp;Series 2019-4A, Class CR, 7.105%, (3 mo. SOFR + 3.20%), 4/15/35<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1754828 |
| &nbsp;&nbsp;&nbsp;Series 2019-4A, Class DR, 10.505%, (3 mo. SOFR + 6.60%), 4/15/35<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2013616 |
| CFMT LLC: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-HB11, Class M3, 4.00%, 2/25/37<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7600 | &nbsp;&nbsp;&nbsp;&nbsp; 7432580 |
| &nbsp;&nbsp;&nbsp;Series 2023-HB11, Class M4, 4.00%, 2/25/37<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2075 | &nbsp;&nbsp;&nbsp;&nbsp; 2010021 |
| &nbsp;&nbsp;&nbsp;Series 2023-HB12, Class M4, 4.25%, 4/25/33<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11000 | &nbsp;&nbsp;&nbsp;&nbsp; 10673004 |
| &nbsp;&nbsp;&nbsp;Series 2024-HB13, Class M4, 3.00%, 5/25/34<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4740498 |
| CIFC Funding Ltd., Series 2022-3A, Class D, 7.62%, (3 mo. SOFR + 3.75%), 4/21/35<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3750 | &nbsp;&nbsp;&nbsp;&nbsp; 3761659 |
| Crown City CLO III, Series 2021-1A, Class C, 7.446%, (3 mo. SOFR + 3.562%), 7/20/34<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 986115 |
| Crown Point CLO 10 Ltd., Series 2021-10A, Class E, 10.996%, (3 mo. SOFR + 7.112%), 7/20/34<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2005210 |
| Dryden CLO Ltd., Series 2018-55A, Class E, 9.566%, (3 mo. SOFR + 5.662%), 4/15/31<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 985176 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Dryden Senior Loan Fund, Series 2016-42A, Class ERR, 10.405%, (3 mo. SOFR + 6.50%), 7/15/37<sup>(1)(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;$2004990 |
| Elmwood CLO 14 Ltd., Series 2022-1A, Class DR, 7.179%, (3 mo. SOFR + 2.90%), 10/20/38<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2015748 |
| Elmwood CLO 16 Ltd., Series 2022-3A, Class DR, 7.684%, (3 mo. SOFR + 3.80%), 4/20/37<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2016232 |
| Elmwood CLO 32 Ltd., Series 2024-8A, Class D1, 6.734%, (3 mo. SOFR + 2.85%), 10/18/37<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3019839 |
| Elmwood CLO 40 Ltd., Series 2025-3A, Class E, 9.132%, (3 mo. SOFR + 5.25%), 3/22/38<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2026304 |
| Elmwood CLO VI Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-3A, Class D1RR, 6.984%, (3 mo. SOFR + 3.10%), 7/18/37<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp; 1304861 |
| &nbsp;&nbsp;&nbsp;Series 2020-3A, Class ERR, 9.784%, (3 mo. SOFR + 5.90%), 7/18/37<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 985424 |
| Empower CLO Ltd., Series 2024-1A, Class D1, 7.608%, (3 mo. SOFR + 3.75%), 4/25/37<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3020031 |
| Finance of America HECM Buyout, Series 2024-HB1, Class M4, 6.00%, 10/1/34<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11200 | &nbsp;&nbsp;&nbsp;&nbsp; 10725452 |
| FirstKey Homes Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-SFR1, Class F3, 3.686%, 8/17/38<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19405 | &nbsp;&nbsp;&nbsp;&nbsp; 19091506 |
| &nbsp;&nbsp;&nbsp;Series 2021-SFR1, Class G, 3.835%, 8/17/38<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37071 | &nbsp;&nbsp;&nbsp;&nbsp; 36376301 |
| &nbsp;&nbsp;&nbsp;Series 2021-SFR2, Class G, 3.406%, 9/17/38<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12501 | &nbsp;&nbsp;&nbsp;&nbsp; 12093950 |
| &nbsp;&nbsp;&nbsp;Series 2021-SFR3, Class G, 3.981%, 12/17/38<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9268 | &nbsp;&nbsp;&nbsp;&nbsp; 8942509 |
| FMC GMSR Issuer Trust, Series 2022-GT2, Class A, 7.90%, 7/25/27<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6250 | &nbsp;&nbsp;&nbsp;&nbsp; 6287894 |
| FMC Issuer Trust-FMSR, Series 2024-FT1, Class A, 6.559%, 9/25/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37000 | &nbsp;&nbsp;&nbsp;&nbsp; 37261908 |
| Galaxy 31 CLO Ltd., Series 2023-31A, Class DR, 7.105%, (3 mo. SOFR + 3.20%), 7/15/38<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp; 2303813 |
| Galaxy 33 CLO Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-33A, Class D1, 7.434%, (3 mo. SOFR + 3.55%), 4/20/37<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2006716 |
| &nbsp;&nbsp;&nbsp;Series 2024-33A, Class E, 10.534%, (3 mo. SOFR + 6.65%), 4/20/37<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp; 2305897 |
| Galaxy 34 CLO Ltd., Series 2024-34A, Class E, 9.784%, (3 mo. SOFR + 5.90%), 10/20/37<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3005490 |
| Goddard Funding LLC, Series 2022-1A, Class A2, 6.864%, 10/30/52<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6825 | &nbsp;&nbsp;&nbsp;&nbsp; 6905573 |
| Golub Capital Partners ABS Funding, Series 2024-2A, Class B, 7.19%, 7/25/34<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5012355 |
| Golub Capital Partners CLO 53B Ltd., Series 2021-53A, Class DR, 6.284%, (3 mo. SOFR + 2.40%), 7/20/34<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1970144 |
| Golub Capital Partners CLO 72 B Ltd., Series 2024-72A, Class D, 7.858%, (3 mo. SOFR + 4.00%), 4/25/37<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3520587 |

---

*18*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_d86710f8-700a-4d42-b872-764752b88c6a_TOC)

Global Opportunities Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Golub Capital Partners CLO 74 B Ltd., Series 2024-74A, Class E, 9.958%, (3 mo. SOFR + 6.10%), 7/25/37<sup>(1)(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;$2016584 |
| Gracie Point International Funding LLC, Series 2025-1A, Class C, 7.065%, (30-day SOFR Average + 2.75%), 8/15/28<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 752183 |
| HalseyPoint CLO 5 Ltd., Series 2021-5A, Class D, 7.60%, (3 mo. SOFR + 3.762%), 1/30/35<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3512943 |
| Harvest U.S. CLO Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-2A, Class D1, 7.155%, (3 mo. SOFR + 3.25%), 10/15/37<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3514749 |
| &nbsp;&nbsp;&nbsp;Series 2024-2A, Class E, 10.805%, (3 mo. SOFR + 6.90%), 10/15/37<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1009202 |
| &nbsp;&nbsp;&nbsp;Series 2024-3A, Class D1, 7.184%, (3 mo. SOFR + 3.30%), 1/18/38<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1006190 |
| Highbridge Loan Management, Series 3A-2014, Class DR, 10.646%, (3 mo. SOFR + 6.762%), 7/18/29<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2754 | &nbsp;&nbsp;&nbsp;&nbsp; 2553446 |
| Home Partners of America Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-2, Class F, 3.799%, 12/17/26<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28897 | &nbsp;&nbsp;&nbsp;&nbsp; 28192888 |
| &nbsp;&nbsp;&nbsp;Series 2021-2, Class G, 4.505%, 12/17/26<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44793 | &nbsp;&nbsp;&nbsp;&nbsp; 43771748 |
| HTS Fund II LLC, Series 2025-1, Class B, 6.571%, 6/23/45<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150 | &nbsp;&nbsp;&nbsp;&nbsp; 1150895 |
| KKR CLO 48 Ltd., Series 48-A, Class D1R, 6.834%, (3 mo. SOFR + 2.95%), 10/20/38<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4021412 |
| KKR CLO 52 Ltd., Series 2023-52A, Class D1R, 6.994%, (3 mo. SOFR + 3.10%), 7/16/38<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5035470 |
| LoanDepot GMSR Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-GT1, Class A, 6.882%, (1 mo. SOFR + 2.85%), 5/16/30<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78929 | &nbsp;&nbsp;&nbsp;&nbsp; 79126265 |
| &nbsp;&nbsp;&nbsp;Series 2025-GT1, Class B, 7.582%, (1 mo. SOFR + 3.55%), 5/16/30<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13071 | &nbsp;&nbsp;&nbsp;&nbsp; 13105885 |
| Madison Park Funding XXII Ltd., Series 2016-22A, Class D1R2, 6.805%, (3 mo. SOFR + 2.90%), 1/15/38<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3012423 |
| Madison Park Funding XXXVI Ltd., Series 2019-36A, Class ERR, 9.505%, (3 mo. SOFR + 5.60%), 4/15/35<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1938372 |
| Magnetite XXII Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-22A, Class DJ, 8.055%, (3 mo. SOFR + 4.15%), 7/15/36<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2004850 |
| &nbsp;&nbsp;&nbsp;Series 2019-22A, Class DRR, 6.805%, (3 mo. SOFR + 2.90%), 7/15/36<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3507137 |
| Marble Point CLO XXIV Ltd., Series 2022-1A, Class D1, 8.124%, (3 mo. SOFR + 4.24%), 4/20/35<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2005244 |
| MFA Trust, Series 2024-NPL1, Class A1, 6.33% to 10/25/25, 9/25/54<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5568 | &nbsp;&nbsp;&nbsp;&nbsp; 5578390 |
| Navigator Aviation Ltd., Series 2024-1, Class B, 6.09%, 8/15/49<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5042 | &nbsp;&nbsp;&nbsp;&nbsp; 5052860 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Neuberger Berman CLO XVII Ltd., Series 2014-17A, Class ER3, 10.607%, (3 mo. SOFR + 6.75%), 7/22/38<sup>(1)(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;$2025718 |
| Neuberger Berman Loan Advisers CLO 28 Ltd., Series 2018-28A, Class ER, 10.834%, (3 mo. SOFR + 6.95%), 10/20/38<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3063090 |
| Neuberger Berman Loan Advisers CLO 59 Ltd., Series 2024-59A, Class E, 8.66%, (3 mo. SOFR + 4.80%), 1/23/39<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2012790 |
| New Mountain CLO 3 Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;Series CLO-3A, Class D1R, 6.834%, (3 mo. SOFR + 2.95%), 10/20/38<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5034100 |
| &nbsp;&nbsp;&nbsp;Series CLO-3A, Class ER, 9.234%, (3 mo. SOFR + 5.35%), 10/20/38<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp; 4512825 |
| New Mountain CLO 6 Ltd., Series CLO-6A, Class D2, 8.184%, (3 mo. SOFR + 4.30%), 10/15/37<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2013192 |
| New Mountain CLO 7 Ltd., Series CLO-7A, Class D2, 7.734%, (3 mo. SOFR + 3.85%), 3/31/38<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2007114 |
| NRZ Excess Spread-Collateralized Notes: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-GNT1, Class A, 3.474%, 11/25/26<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1739 | &nbsp;&nbsp;&nbsp;&nbsp; 1704033 |
| &nbsp;&nbsp;&nbsp;Series 2024-FNT1, Class A, 7.398%, 11/25/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26046 | &nbsp;&nbsp;&nbsp;&nbsp; 26536595 |
| Oaktree CLO Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-4A, Class D2RR, 8.584%, (3 mo. SOFR + 4.70%), 7/20/37<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3015444 |
| &nbsp;&nbsp;&nbsp;Series 2019-4A, Class ERR, 10.474%, (3 mo. SOFR + 6.59%), 7/20/37<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2506335 |
| &nbsp;&nbsp;&nbsp;Series 2025-32A, Class D3, 8.361%, (3 mo. SOFR + 4.25%), 7/15/38<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2949201 |
| OCP CLO Ltd., Series 2024-32A, Class D1, 7.61%, (3 mo. SOFR + 3.75%), 4/23/37<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5038745 |
| Octagon 60 Ltd., Series 2022-1A, Class ER, 10.884%, (3 mo. SOFR + 7.00%), 10/20/37<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2542233 |
| Octagon Investment Partners 49 Ltd., Series 2020-5A, Class D1R, 7.955%, (3 mo. SOFR + 4.05%), 4/15/37<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2006164 |
| Orion CLO Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-4A, Class E, 9.884%, (3 mo. SOFR + 6.00%), 10/20/37<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2004926 |
| &nbsp;&nbsp;&nbsp;Series 2025-6A, Class E, 9.30%, (3 mo. SOFR + 5.25%), 10/20/38<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp; 5972988 |
| Pagaya AI Technology in Housing Trust, Series 2023-1, Class F, 3.60%, 10/25/40<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp; 3815287 |
| Palmer Square CLO Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2015-1A, Class DR4, 10.977%, (3 mo. SOFR + 6.762%), 5/21/34<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1986800 |
| &nbsp;&nbsp;&nbsp;Series 2018-1A, Class CR, 7.784%, (3 mo. SOFR + 3.90%), 4/18/37<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp; 4528732 |

---

*19*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_d86710f8-700a-4d42-b872-764752b88c6a_TOC)

Global Opportunities Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Palmer Square CLO Ltd.: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-2A, Class ER, 9.005%, (3 mo. SOFR + 5.10%), 2/15/38<sup>(1)(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;$2006760 |
| &nbsp;&nbsp;&nbsp;Series 2023-2A, Class ER, 10.284%, (3 mo. SOFR + 6.40%), 7/20/38<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4033316 |
| Progress Residential Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-SFR9, Class F, 4.053%, 11/17/40<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 968674 |
| &nbsp;&nbsp;&nbsp;Series 2022-SFR1, Class H, 5.25%, 2/17/41<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16150 | &nbsp;&nbsp;&nbsp;&nbsp; 15198907 |
| &nbsp;&nbsp;&nbsp;Series 2022-SFR3, Class F, 6.60%, 4/17/39<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2507534 |
| Regatta 31 Funding Ltd., Series 2025-1A, Class D, 8.758%, (3 mo. SOFR + 4.90%), 3/25/38<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3009378 |
| Retained Vantage Data Centers Issuer LLC, Series 2023-1A, Class A2B, 5.25%, 9/15/48<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 7249021 |
| RMF Buyout Issuance Trust, Series 2021-HB1, Class M5, 6.00%, 11/25/31<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp; 4310342 |
| RR 35 Ltd., Series 2024-35A, Class D, 9.255%, (3 mo. SOFR + 5.35%), 1/15/40<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7500 | &nbsp;&nbsp;&nbsp;&nbsp; 7563495 |
| RR 38 Ltd., Series 2025-38A, Class C2, 7.555%, (3 mo. SOFR + 3.65%), 4/15/40<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4061676 |
| Saluda Grade Alternative Mortgage Trust, Series 2025-NPL2, Class A1, 7.774% to 4/25/28, 5/25/30<sup>(1)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29190 | &nbsp;&nbsp;&nbsp;&nbsp; 29153313 |
| Sandstone Peak Ltd., Series 2021-1A, Class DR, 7.255%, (3 mo. SOFR + 3.35%), 10/15/34<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4014724 |
| Santander Bank Auto Credit-Linked Notes: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-A, Class E, 7.762%, 6/15/32<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1423 | &nbsp;&nbsp;&nbsp;&nbsp; 1437178 |
| &nbsp;&nbsp;&nbsp;Series 2024-B, Class F, 8.881%, 1/18/33<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020 | &nbsp;&nbsp;&nbsp;&nbsp; 2029169 |
| Service Experts Issuer LLC, Series 2025-1A, Class B, 7.62%, 1/20/37<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1257203 |
| Silver Point CLO 12 Ltd., Series 2025-12A, Class D1, 6.629%, (3 mo. SOFR + 2.65%), 10/15/38<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4016876 |
| Sixth Street CLO XV Ltd., Series 2020-15A, Class D1R, 7.015%, (3 mo. SOFR + 3.15%), 10/24/37<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5051210 |
| Sixth Street CLO XX Ltd., Series 2021-20A, Class D1R, 6.832%, (3 mo. SOFR + 2.95%), 7/17/38<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4026540 |
| Sixth Street CLO XXII Ltd., Series 2023-22A, Class D2R, 7.62%, (3 mo. SOFR + 3.75%), 4/21/38<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp; 1403753 |
| Sprite Ltd., Series 2021-1, Class C, 8.835%, 11/15/46<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3393 | &nbsp;&nbsp;&nbsp;&nbsp; 3406261 |
| STAR Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-SFR1, Class F, 6.548%, (1 mo. SOFR + 2.514%), 4/17/38<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;931 | &nbsp;&nbsp;&nbsp;&nbsp; 929981 |
| &nbsp;&nbsp;&nbsp;Series 2021-SFR1, Class G, 7.348%, (1 mo. SOFR + 3.314%), 4/17/38<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16589 | &nbsp;&nbsp;&nbsp;&nbsp; 16577301 |
| &nbsp;&nbsp;&nbsp;Series 2021-SFR1, Class H, 8.598%, (1 mo. SOFR + 4.564%), 4/17/38<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp; 1601931 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| STAR Trust: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-SFR2, Class G, 7.547%, (1 mo. SOFR + 3.514%), 1/17/39<sup>(1)(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;$4009342 |
| &nbsp;&nbsp;&nbsp;Series 2022-SFR3, Class E2, 7.732%, (1 mo. SOFR + 3.70%), 5/17/39<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10031955 |
| &nbsp;&nbsp;&nbsp;Series 2022-SFR3, Class F, 8.532%, (1 mo. SOFR + 4.50%), 5/17/39<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4035 | &nbsp;&nbsp;&nbsp;&nbsp; 4057777 |
| &nbsp;&nbsp;&nbsp;Series 2024-SFR4, Class C, 6.482%, (1 mo. SOFR + 2.45%), 10/17/41<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8576 | &nbsp;&nbsp;&nbsp;&nbsp; 8613851 |
| &nbsp;&nbsp;&nbsp;Series 2024-SFR4, Class D, 6.982%, (1 mo. SOFR + 2.95%), 10/17/41<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14650 | &nbsp;&nbsp;&nbsp;&nbsp; 14772591 |
| &nbsp;&nbsp;&nbsp;Series 2025-SFR5, Class D, 6.483%, (1 mo. SOFR + 2.45%), 2/17/42<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9670 | &nbsp;&nbsp;&nbsp;&nbsp; 9683176 |
| &nbsp;&nbsp;&nbsp;Series 2025-SFR5, Class E, 6.983%, (1 mo. SOFR + 2.95%), 2/17/42<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2505288 |
| &nbsp;&nbsp;&nbsp;Series 2025-SFR6, Class C, 6.033%, (1 mo. SOFR + 2.00%), 8/17/42<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2450 | &nbsp;&nbsp;&nbsp;&nbsp; 2456584 |
| &nbsp;&nbsp;&nbsp;Series 2025-SFR6, Class D, 6.433%, (1 mo. SOFR + 2.40%), 8/17/42<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5050 | &nbsp;&nbsp;&nbsp;&nbsp; 5076628 |
| TCW CLO Ltd., Series 2024-3A, Class E, 10.484%, (3 mo. SOFR + 6.60%), 10/20/37<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2006694 |
| Texas Debt Capital CLO Ltd., Series 2025-1A, Class E, 8.365%, (3 mo. SOFR + 4.50%), 4/24/38<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2996808 |
| TRESTLES CLO Ltd., Series 2017-1A, Class ERR, 9.808%, (3 mo. SOFR + 5.95%), 7/25/37<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2750 | &nbsp;&nbsp;&nbsp;&nbsp; 2788258 |
| Tricon Residential Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-SFR1, Class G, 4.133%, 7/17/38<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3551 | &nbsp;&nbsp;&nbsp;&nbsp; 3503573 |
| &nbsp;&nbsp;&nbsp;Series 2025-SFR1, Class D, 6.032%, (1 mo. SOFR + 2.00%), 3/17/42<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4015166 |
| Truist Bank Auto Credit-Linked Notes, Series 2025-1, Class C, 6.807%, 9/26/33<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4718 | &nbsp;&nbsp;&nbsp;&nbsp; 4705131 |
| UPX HIL Issuer Trust, Series 2025-1, Class C, 7.67%, 1/25/47<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4857 | &nbsp;&nbsp;&nbsp;&nbsp; 4875547 |
| VB-S1 Issuer LLC, Series 2024-1A, Class F, 8.871%, 5/15/54<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4750 | &nbsp;&nbsp;&nbsp;&nbsp; 4931574 |
| VINE Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-SFR1, Class E1, 4.75%, 12/17/40<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14286804 |
| &nbsp;&nbsp;&nbsp;Series 2024-SFR1, Class E1, 4.50%, 3/17/41<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4623041 |
| Voya CLO Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2013-1A, Class DR, 10.646%, (3 mo. SOFR + 6.742%), 10/15/30<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4637145 |
| &nbsp;&nbsp;&nbsp;Series 2015-3A, Class DR, 10.346%, (3 mo. SOFR + 6.462%), 10/20/31<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1917198 |
| &nbsp;&nbsp;&nbsp;Series 2018-2A, Class E, 9.416%, (3 mo. SOFR + 5.512%), 7/15/31<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 967974 |
| &nbsp;&nbsp;&nbsp;Series 2024-2A, Class D, 7.084%, (3 mo. SOFR + 3.20%), 7/20/37<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3005295 |
| Wellfleet CLO Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-1A, Class CRR, 6.684%, (3 mo. SOFR + 2.80%), 7/20/32<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2501540 |

---

*20*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_d86710f8-700a-4d42-b872-764752b88c6a_TOC)

Global Opportunities Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Wellfleet CLO Ltd.: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-2A, Class E, 11.126%, (3 mo. SOFR + 7.222%), 7/15/34<sup>(1)(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;$984159 |
| Wingspire Equipment Finance LLC, Series 2025-1A, Class E, 7.45%, 9/20/33<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp; 5981367 |
| Total Asset-Backed Securities<br> (identified cost $949,025,733) |  | &nbsp;&nbsp;**$966739045** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Closed-End Funds — 0.1%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Nuveen Global High Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83400 | &nbsp;&nbsp;$1080864 |
| PGIM Global High Yield Fund, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430326 | &nbsp;&nbsp;&nbsp;&nbsp; 5439321 |
| Western Asset High Income Opportunity Fund, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383997 | &nbsp;&nbsp;&nbsp;&nbsp; 1482228 |
| Total Closed-End Funds<br> (identified cost $8,409,895) |  | &nbsp;&nbsp;**$8002413** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Collateralized Mortgage Obligations — 44.7%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| A&D Mortgage Trust, Series 2024-NQM6, Class B1A, 7.282%, 1/25/70<sup>(1)(4)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1440 | &nbsp;&nbsp;$1473320 |
| Asset Based Lending LLC: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-RTL1, Class A1, 6.075% to 3/25/27, 9/25/29<sup>(1)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11050 | &nbsp;&nbsp;&nbsp;&nbsp; 11134252 |
| &nbsp;&nbsp;&nbsp;Series 2025-RTL1, Class A2, 8.024% to 8/25/25, 6/25/30<sup>(1)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1519015 |
| BofA Lending Facility, 8.27%, (SOFR + 4.00%), 6/16/28<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4454 | &nbsp;&nbsp;&nbsp;&nbsp; 4470434 |
| Brean Asset-Backed Securities Trust, Series 2023-RM6, Class A1, 5.25% to 1/25/28, 1/25/63<sup>(1)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3464 | &nbsp;&nbsp;&nbsp;&nbsp; 3466827 |
| Cascade Funding Mortgage Trust, Series 2025-HB16, Class M4, 3.00%, 3/25/35<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9300 | &nbsp;&nbsp;&nbsp;&nbsp; 8684999 |
| Cascade MH Asset Trust, Series 2022-MH1, Class A, 4.25% to 7/25/27, 8/25/54<sup>(1)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2434 | &nbsp;&nbsp;&nbsp;&nbsp; 2376846 |
| Center Street Lending Resi-Investor ABS Mortgage Trust, Series 2024-RTL1, Class A1, 6.892% to 5/25/27, 10/25/29<sup>(1)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8450 | &nbsp;&nbsp;&nbsp;&nbsp; 8581299 |
| CFMT LLC: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-HB13, Class M3, 3.00%, 5/25/34<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150 | &nbsp;&nbsp;&nbsp;&nbsp; 1094075 |
| &nbsp;&nbsp;&nbsp;Series 2024-R1, Class M1, 4.00% to 10/25/26, 10/25/54<sup>(1)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5770 | &nbsp;&nbsp;&nbsp;&nbsp; 5412225 |
| &nbsp;&nbsp;&nbsp;Series 2024-R1, Class M2, 4.00% to 10/25/26, 10/25/54<sup>(1)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9932 | &nbsp;&nbsp;&nbsp;&nbsp; 9088138 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| CFMT LLC: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-HB14, Class M2, 3.00%, 6/25/34<sup>(1)(4)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;$1201745 |
| &nbsp;&nbsp;&nbsp;Series 2024-HB14, Class M3, 3.00%, 6/25/34<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1550 | &nbsp;&nbsp;&nbsp;&nbsp; 1479556 |
| &nbsp;&nbsp;&nbsp;Series 2024-HB14, Class M4, 3.00%, 6/25/34<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8500 | &nbsp;&nbsp;&nbsp;&nbsp; 8024659 |
| &nbsp;&nbsp;&nbsp;Series 2024-HB15, Class M3, 4.00%, 8/25/34<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 965924 |
| &nbsp;&nbsp;&nbsp;Series 2024-HB15, Class M4, 4.00%, 8/25/34<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3750 | &nbsp;&nbsp;&nbsp;&nbsp; 3606534 |
| Champs Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-1, Class A, 8.784%, 7/25/59<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38330 | &nbsp;&nbsp;&nbsp;&nbsp; 39758609 |
| &nbsp;&nbsp;&nbsp;Series 2024-2, Class A, 8.587%, 11/25/59<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33937 | &nbsp;&nbsp;&nbsp;&nbsp; 35477885 |
| &nbsp;&nbsp;&nbsp;Series 2024-3, Class A, 8.463%, 1/25/60<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63915 | &nbsp;&nbsp;&nbsp;&nbsp; 66669850 |
| &nbsp;&nbsp;&nbsp;Series 2025-1, Class A, 7.848%, 4/25/60<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71605 | &nbsp;&nbsp;&nbsp;&nbsp; 74976956 |
| &nbsp;&nbsp;&nbsp;Series 2025-2, Class A, 8.04%, 10/25/60<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91833 | &nbsp;&nbsp;&nbsp;&nbsp; 95179409 |
| CHNGE Mortgage Trust, Series 2022-NQ, Class M1, 5.82% to 8/25/25, 6/25/67<sup>(1)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1764 | &nbsp;&nbsp;&nbsp;&nbsp; 1776979 |
| Dominion Mortgage Trust, Series 2025-RTL1, Class A2, 8.019% to 9/25/27, 3/25/30<sup>(1)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp; 9235854 |
| EFMT, Series 2024-RM2, Class A1A, 5.00%, 7/25/54<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17108 | &nbsp;&nbsp;&nbsp;&nbsp; 16804115 |
| FARM Mortgage Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-1, Class B, 2.957%, 1/25/52<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2381 | &nbsp;&nbsp;&nbsp;&nbsp; 1821344 |
| &nbsp;&nbsp;&nbsp;Series 2023-1, Class B, 3.039%, 3/25/52<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2471 | &nbsp;&nbsp;&nbsp;&nbsp; 1889358 |
| &nbsp;&nbsp;&nbsp;Series 2024-1, Class B, 5.087%, 10/1/53<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3316 | &nbsp;&nbsp;&nbsp;&nbsp; 2977842 |
| &nbsp;&nbsp;&nbsp;Series 2025-1, Class B, 5.628%, 8/1/55<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3781 | &nbsp;&nbsp;&nbsp;&nbsp; 3360389 |
| Federal Home Loan Mortgage Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2182, Class ZC, 7.50%, 9/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15082 |
| &nbsp;&nbsp;&nbsp;Series 4273, Class SP, 0.189%, (11.695% - 30-day SOFR Average x 2.667), 11/15/43<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516 | &nbsp;&nbsp;&nbsp;&nbsp; 440139 |
| &nbsp;&nbsp;&nbsp;Series 5071, Class SP, 0.00%, (3.30% - 30-day SOFR Average, Floor 0.00%), 2/25/51<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4319 | &nbsp;&nbsp;&nbsp;&nbsp; 1874517 |
| &nbsp;&nbsp;&nbsp;Series 5083, Class SK, 0.00%, (3.867% - 30-day SOFR Average x 1.333, Floor 0.00%), 3/25/51<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3411 | &nbsp;&nbsp;&nbsp;&nbsp; 1513764 |
| &nbsp;&nbsp;&nbsp;Series 5152, Class ZP, 3.00%, 7/25/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10785 | &nbsp;&nbsp;&nbsp;&nbsp; 6832717 |
| &nbsp;&nbsp;&nbsp;Series 5159, Class ZT, 3.00%, 11/25/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1621 | &nbsp;&nbsp;&nbsp;&nbsp; 1155642 |
| &nbsp;&nbsp;&nbsp;Series 5270, Class ZU, 6.00%, 11/25/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3786 | &nbsp;&nbsp;&nbsp;&nbsp; 3908394 |
| &nbsp;&nbsp;&nbsp;Series 5300, Class EY, 6.00%, 12/25/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10900 | &nbsp;&nbsp;&nbsp;&nbsp; 11294289 |
| &nbsp;&nbsp;&nbsp;Series 5324, Class MZ, 6.00%, 7/25/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3823 | &nbsp;&nbsp;&nbsp;&nbsp; 3972897 |
| &nbsp;&nbsp;&nbsp;Series 5327, Class B, 6.00%, 8/25/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20607693 |
| &nbsp;&nbsp;&nbsp;Series 5543, Class CS, 6.952%, (19.50% - 30-day SOFR Average x 3.00), 10/25/53<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6832 | &nbsp;&nbsp;&nbsp;&nbsp; 7240702 |
| &nbsp;&nbsp;&nbsp;Series 5353, Class AZ, 6.50%, 11/25/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9677 | &nbsp;&nbsp;&nbsp;&nbsp; 10288091 |
| &nbsp;&nbsp;&nbsp;Series 5362, Class JB, 6.00%, 12/25/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14599 | &nbsp;&nbsp;&nbsp;&nbsp; 15122614 |
| &nbsp;&nbsp;&nbsp;Series 5379, Class EZ, 5.50%, 2/25/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8806 | &nbsp;&nbsp;&nbsp;&nbsp; 8865515 |
| &nbsp;&nbsp;&nbsp;Series 5381, Class Z, 5.50%, 2/25/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14843 | &nbsp;&nbsp;&nbsp;&nbsp; 14762242 |
| &nbsp;&nbsp;&nbsp;Series 5391, Class EZ, 5.50%, 3/25/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17532 | &nbsp;&nbsp;&nbsp;&nbsp; 17783193 |

---

*21*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_d86710f8-700a-4d42-b872-764752b88c6a_TOC)

Global Opportunities Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Federal Home Loan Mortgage Corp.: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series 5399, Class MZ, 6.00%, 4/25/54 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5026 | &nbsp;&nbsp;$5213063 |
| &nbsp;&nbsp;&nbsp;Series 5402, Class BZ, 6.00%, 4/25/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8795 | &nbsp;&nbsp;&nbsp;&nbsp; 9131527 |
| &nbsp;&nbsp;&nbsp;Series 5410, Class KY, 6.00%, 5/25/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10372950 |
| &nbsp;&nbsp;&nbsp;Series 5413, Class LZ, 6.00%, 5/25/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4376 | &nbsp;&nbsp;&nbsp;&nbsp; 4546208 |
| &nbsp;&nbsp;&nbsp;Series 5413, Class MZ, 6.00%, 5/25/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12856 | &nbsp;&nbsp;&nbsp;&nbsp; 13336272 |
| &nbsp;&nbsp;&nbsp;Series 5414, Class CZ, 5.50%, 5/25/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35606 | &nbsp;&nbsp;&nbsp;&nbsp; 36130966 |
| &nbsp;&nbsp;&nbsp;Series 5428, Class Z, 6.00%, 7/25/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15898 | &nbsp;&nbsp;&nbsp;&nbsp; 16519078 |
| &nbsp;&nbsp;&nbsp;Series 5429, Class DZ, 6.00%, 7/25/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13072 | &nbsp;&nbsp;&nbsp;&nbsp; 13557411 |
| &nbsp;&nbsp;&nbsp;Series 5446, Class AZ, 6.00%, 8/25/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23043 | &nbsp;&nbsp;&nbsp;&nbsp; 23895584 |
| &nbsp;&nbsp;&nbsp;Series 5453, Class DZ, 5.50%, 9/25/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14273 | &nbsp;&nbsp;&nbsp;&nbsp; 14121152 |
| &nbsp;&nbsp;&nbsp;Series 5461, Class Z, 6.50%, 10/25/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5478 | &nbsp;&nbsp;&nbsp;&nbsp; 5457121 |
| &nbsp;&nbsp;&nbsp;Series 5468, Class ZW, 6.50%, 11/25/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6908 | &nbsp;&nbsp;&nbsp;&nbsp; 6900428 |
| &nbsp;&nbsp;&nbsp;Series 5478, Class SG, 6.308%, (15.51% - 30-day SOFR Average x 2.20), 12/25/54<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37968 | &nbsp;&nbsp;&nbsp;&nbsp; 39772071 |
| &nbsp;&nbsp;&nbsp;Series 5481, Class HZ, 5.50%, 12/25/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9035 | &nbsp;&nbsp;&nbsp;&nbsp; 9122839 |
| &nbsp;&nbsp;&nbsp;Series 5489, Class S, 6.418%, (15.62% - 30-day SOFR Average x 2.20), 1/25/55<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10792 | &nbsp;&nbsp;&nbsp;&nbsp; 11431911 |
| &nbsp;&nbsp;&nbsp;Series 5491, Class CZ, 5.50%, 1/25/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13907 | &nbsp;&nbsp;&nbsp;&nbsp; 14092083 |
| &nbsp;&nbsp;&nbsp;Series 5493, Class KZ, 5.50%, 1/25/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16165 | &nbsp;&nbsp;&nbsp;&nbsp; 16234064 |
| &nbsp;&nbsp;&nbsp;Series 5499, Class HZ, 5.50%, 2/25/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7725 | &nbsp;&nbsp;&nbsp;&nbsp; 7727757 |
| &nbsp;&nbsp;&nbsp;Series 5499, Class MZ, 6.00%, 2/25/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26148 | &nbsp;&nbsp;&nbsp;&nbsp; 27014488 |
| &nbsp;&nbsp;&nbsp;Series 5500, Class EZ, 5.50%, 1/25/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12952 | &nbsp;&nbsp;&nbsp;&nbsp; 12970837 |
| &nbsp;&nbsp;&nbsp;Series 5500, Class SC, 8.452%, (21.00% - 30-day SOFR Average x 3.00), 10/25/54<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32174 | &nbsp;&nbsp;&nbsp;&nbsp; 35449668 |
| &nbsp;&nbsp;&nbsp;Series 5500, Class ZG, 5.50%, 10/25/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19955 | &nbsp;&nbsp;&nbsp;&nbsp; 20134463 |
| &nbsp;&nbsp;&nbsp;Series 5502, Class DZ, 5.50%, 2/25/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22924 | &nbsp;&nbsp;&nbsp;&nbsp; 23133582 |
| &nbsp;&nbsp;&nbsp;Series 5508, Class AS, 8.452%, (21.00% - 30-day SOFR Average x 3.00), 2/25/55<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32317 | &nbsp;&nbsp;&nbsp;&nbsp; 35826955 |
| &nbsp;&nbsp;&nbsp;Series 5508, Class DS, 8.452%, (21.00% - 30-day SOFR Average x 3.00), 2/25/55<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10594 | &nbsp;&nbsp;&nbsp;&nbsp; 12011060 |
| &nbsp;&nbsp;&nbsp;Series 5508, Class SC, 8.452%, (21.00% - 30-day SOFR Average x 3.00), 2/25/55<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29670 | &nbsp;&nbsp;&nbsp;&nbsp; 33419796 |
| &nbsp;&nbsp;&nbsp;Series 5510, Class GZ, 5.50%, 2/25/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18182 | &nbsp;&nbsp;&nbsp;&nbsp; 18277955 |
| &nbsp;&nbsp;&nbsp;Series 5511, Class LT, 8.133%, (30-day SOFR Average + 3.95%), 3/25/55<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6400 | &nbsp;&nbsp;&nbsp;&nbsp; 6672685 |
| &nbsp;&nbsp;&nbsp;Series 5511, Class SQ, 6.669%, (23.40% - 30-day SOFR Average x 4.00), 3/25/55<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18702 | &nbsp;&nbsp;&nbsp;&nbsp; 19612023 |
| &nbsp;&nbsp;&nbsp;Series 5511, Class TE, 8.133%, (30-day SOFR Average + 3.95%), 3/25/55<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2623 | &nbsp;&nbsp;&nbsp;&nbsp; 2740460 |
| &nbsp;&nbsp;&nbsp;Series 5513, Class GZ, 5.50%, 6/25/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31118 | &nbsp;&nbsp;&nbsp;&nbsp; 31249586 |
| &nbsp;&nbsp;&nbsp;Series 5513, Class MQ, 8.133%, (30-day SOFR Average + 3.95%), 6/25/54<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29384 | &nbsp;&nbsp;&nbsp;&nbsp; 30454935 |
| &nbsp;&nbsp;&nbsp;Series 5516, Class HZ, 6.00%, 3/25/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26018 | &nbsp;&nbsp;&nbsp;&nbsp; 27396910 |
| &nbsp;&nbsp;&nbsp;Series 5516, Class MC, 7.483%, (30-day SOFR Average + 3.30%), 3/25/55<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10461 | &nbsp;&nbsp;&nbsp;&nbsp; 10777938 |
| &nbsp;&nbsp;&nbsp;Series 5517, Class NA, 8.133%, (30-day SOFR Average + 3.95%), 3/25/55<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6816 | &nbsp;&nbsp;&nbsp;&nbsp; 7103340 |
| &nbsp;&nbsp;&nbsp;Series 5535, Class MB, 8.233%, (30-day SOFR Average + 4.05%), 5/25/55<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15483 | &nbsp;&nbsp;&nbsp;&nbsp; 15967186 |
| &nbsp;&nbsp;&nbsp;Series 5544, Class CZ, 6.00%, 5/25/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51263 | &nbsp;&nbsp;&nbsp;&nbsp; 53149394 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Federal Home Loan Mortgage Corp.: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series 5545, Class DZ, 6.00%, 6/25/55 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50237 | &nbsp;&nbsp;$52220640 |
| &nbsp;&nbsp;&nbsp;Series 5549, Class MB, 8.883%, (30-day SOFR Average + 4.70%), 2/25/55<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8514 | &nbsp;&nbsp;&nbsp;&nbsp; 8702757 |
| &nbsp;&nbsp;&nbsp;Series 5557, Class UM, 8.323%, (30-day SOFR Average + 4.14%), 6/25/55<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10449 | &nbsp;&nbsp;&nbsp;&nbsp; 10729197 |
| &nbsp;&nbsp;&nbsp;Series 5563, Class TB, 8.25%, (21.15% - 30-day SOFR Average x 3.00), 6/25/55<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46190 | &nbsp;&nbsp;&nbsp;&nbsp; 48144754 |
| &nbsp;&nbsp;&nbsp;Series 5563, Class TV, 8.16%, (21.06% - 30-day SOFR Average x 3.00), 8/25/55<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28506 | &nbsp;&nbsp;&nbsp;&nbsp; 29729425 |
| &nbsp;&nbsp;&nbsp;Series 5572, Class GZ, 6.00%, 9/25/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9712 | &nbsp;&nbsp;&nbsp;&nbsp; 10064675 |
| &nbsp;&nbsp;&nbsp;Series 5575, Class TA, 8.25%, (21.15% - 30-day SOFR Average x 3.00), 9/25/55<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40514 | &nbsp;&nbsp;&nbsp;&nbsp; 42360561 |
| &nbsp;&nbsp;&nbsp;Series 5592, Class TE, 7.20%, (21.30% - 30-day SOFR Average x 3.00), 10/25/55<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10816 | &nbsp;&nbsp;&nbsp;&nbsp; 11232794 |
| &nbsp;&nbsp;&nbsp;Series 5592, Class ZC, 6.00%, 5/25/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7689 | &nbsp;&nbsp;&nbsp;&nbsp; 7672646 |
| Interest Only:<sup>(7)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Series 380, Class C1, 3.00%, 1/25/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26008 | &nbsp;&nbsp;&nbsp;&nbsp; 4567793 |
| &nbsp;&nbsp;&nbsp;Series 380, Class C5, 3.50%, 1/25/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7924 | &nbsp;&nbsp;&nbsp;&nbsp; 1563239 |
| &nbsp;&nbsp;&nbsp;Series 2631, Class DS, 2.752%, (6.986% - 30-day SOFR Average), 6/15/33<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | &nbsp;&nbsp;&nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp;Series 2956, Class SL, 2.652%, (6.886% - 30-day SOFR Average), 6/15/32<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267 | &nbsp;&nbsp;&nbsp;&nbsp; 19494 |
| &nbsp;&nbsp;&nbsp;Series 3114, Class TS, 2.302%, (6.536% - 30-day SOFR Average), 9/15/30<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378 | &nbsp;&nbsp;&nbsp;&nbsp; 12135 |
| &nbsp;&nbsp;&nbsp;Series 3153, Class JI, 2.272%, (6.506% - 30-day SOFR Average), 5/15/36<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;756 | &nbsp;&nbsp;&nbsp;&nbsp; 53626 |
| &nbsp;&nbsp;&nbsp;Series 4007, Class JI, 4.00%, 2/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418 | &nbsp;&nbsp;&nbsp;&nbsp; 61064 |
| &nbsp;&nbsp;&nbsp;Series 4067, Class JI, 3.50%, 6/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345 | &nbsp;&nbsp;&nbsp;&nbsp; 6325 |
| &nbsp;&nbsp;&nbsp;Series 4070, Class S, 1.752%, (5.986% - 30-day SOFR Average), 6/15/32<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2980 | &nbsp;&nbsp;&nbsp;&nbsp; 171625 |
| &nbsp;&nbsp;&nbsp;Series 4095, Class HS, 1.752%, (5.986% - 30-day SOFR Average), 7/15/32<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466 | &nbsp;&nbsp;&nbsp;&nbsp; 16690 |
| &nbsp;&nbsp;&nbsp;Series 4109, Class ES, 1.802%, (6.036% - 30-day SOFR Average), 12/15/41<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81 | &nbsp;&nbsp;&nbsp;&nbsp; 9191 |
| &nbsp;&nbsp;&nbsp;Series 4109, Class SA, 1.852%, (6.086% - 30-day SOFR Average), 9/15/32<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1384 | &nbsp;&nbsp;&nbsp;&nbsp; 84122 |
| &nbsp;&nbsp;&nbsp;Series 4149, Class S, 1.902%, (6.136% - 30-day SOFR Average), 1/15/33<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;957 | &nbsp;&nbsp;&nbsp;&nbsp; 58982 |
| &nbsp;&nbsp;&nbsp;Series 4163, Class GS, 1.852%, (6.086% - 30-day SOFR Average), 11/15/32<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;873 | &nbsp;&nbsp;&nbsp;&nbsp; 54754 |
| &nbsp;&nbsp;&nbsp;Series 4169, Class AS, 1.902%, (6.136% - 30-day SOFR Average), 2/15/33<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1095 | &nbsp;&nbsp;&nbsp;&nbsp; 70003 |
| &nbsp;&nbsp;&nbsp;Series 4188, Class AI, 3.50%, 4/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188 | &nbsp;&nbsp;&nbsp;&nbsp; 2371 |
| &nbsp;&nbsp;&nbsp;Series 4189, Class SQ, 1.802%, (6.036% - 30-day SOFR Average), 12/15/42<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414 | &nbsp;&nbsp;&nbsp;&nbsp; 46067 |
| &nbsp;&nbsp;&nbsp;Series 4203, Class QS, 1.902%, (6.136% - 30-day SOFR Average), 5/15/43<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975 | &nbsp;&nbsp;&nbsp;&nbsp; 73771 |
| &nbsp;&nbsp;&nbsp;Series 4332, Class IK, 4.00%, 4/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396 | &nbsp;&nbsp;&nbsp;&nbsp; 69853 |
| &nbsp;&nbsp;&nbsp;Series 4343, Class PI, 4.00%, 5/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1063 | &nbsp;&nbsp;&nbsp;&nbsp; 196989 |
| &nbsp;&nbsp;&nbsp;Series 4370, Class IO, 3.50%, 9/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 | &nbsp;&nbsp;&nbsp;&nbsp; 202 |
| &nbsp;&nbsp;&nbsp;Series 4381, Class SK, 1.802%, (6.036% - 30-day SOFR Average), 6/15/44<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1134 | &nbsp;&nbsp;&nbsp;&nbsp; 101243 |

---

*22*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_d86710f8-700a-4d42-b872-764752b88c6a_TOC)

Global Opportunities Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Interest Only: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series 4388, Class MS, 1.752%, (5.986% - 30-day SOFR Average), 9/15/44<sup>(6)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1123 | &nbsp;&nbsp;$122359 |
| &nbsp;&nbsp;&nbsp;Series 4408, Class IP, 3.50%, 4/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1590 | &nbsp;&nbsp;&nbsp;&nbsp; 188349 |
| &nbsp;&nbsp;&nbsp;Series 4497, Class CS, 1.852%, (6.086% - 30-day SOFR Average), 9/15/44<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634 | &nbsp;&nbsp;&nbsp;&nbsp; 19901 |
| &nbsp;&nbsp;&nbsp;Series 4507, Class MI, 3.50%, 8/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286 | &nbsp;&nbsp;&nbsp;&nbsp; 8539 |
| &nbsp;&nbsp;&nbsp;Series 4507, Class SJ, 1.832%, (6.066% - 30-day SOFR Average), 9/15/45<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2934 | &nbsp;&nbsp;&nbsp;&nbsp; 349092 |
| &nbsp;&nbsp;&nbsp;Series 4520, Class PI, 4.00%, 8/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6445 | &nbsp;&nbsp;&nbsp;&nbsp; 775841 |
| &nbsp;&nbsp;&nbsp;Series 4528, Class BS, 1.802%, (6.036% - 30-day SOFR Average), 7/15/45<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1385 | &nbsp;&nbsp;&nbsp;&nbsp; 127169 |
| &nbsp;&nbsp;&nbsp;Series 4629, Class QI, 3.50%, 11/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1488 | &nbsp;&nbsp;&nbsp;&nbsp; 267971 |
| &nbsp;&nbsp;&nbsp;Series 4637, Class IP, 3.50%, 4/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69 | &nbsp;&nbsp;&nbsp;&nbsp; 856 |
| &nbsp;&nbsp;&nbsp;Series 4644, Class TI, 3.50%, 1/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1285 | &nbsp;&nbsp;&nbsp;&nbsp; 160989 |
| &nbsp;&nbsp;&nbsp;Series 4744, Class IO, 4.00%, 11/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1347 | &nbsp;&nbsp;&nbsp;&nbsp; 275211 |
| &nbsp;&nbsp;&nbsp;Series 4749, Class IL, 4.00%, 12/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1069 | &nbsp;&nbsp;&nbsp;&nbsp; 218713 |
| &nbsp;&nbsp;&nbsp;Series 4768, Class IO, 4.00%, 3/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1321 | &nbsp;&nbsp;&nbsp;&nbsp; 269643 |
| &nbsp;&nbsp;&nbsp;Series 5051, Class S, 0.00%, (3.60% - 30-day SOFR Average, Floor 0.00%), 12/25/50<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15984 | &nbsp;&nbsp;&nbsp;&nbsp; 505596 |
| &nbsp;&nbsp;&nbsp;Series 5070, Class CI, 2.00%, 2/25/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34389 | &nbsp;&nbsp;&nbsp;&nbsp; 4622366 |
| &nbsp;&nbsp;&nbsp;Series 5156, Class IP, 3.00%, 12/25/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17039 | &nbsp;&nbsp;&nbsp;&nbsp; 2666370 |
| &nbsp;&nbsp;&nbsp;Series 5236, Class TI, 3.00%, 1/25/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62215 | &nbsp;&nbsp;&nbsp;&nbsp; 10624133 |
| &nbsp;&nbsp;&nbsp;Series 5293, Class CI, 2.50%, 4/25/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24490 | &nbsp;&nbsp;&nbsp;&nbsp; 3918672 |
| Principal Only:<sup>(8)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Series 4417, Class KO, 0.00%, 12/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520 | &nbsp;&nbsp;&nbsp;&nbsp; 371835 |
| &nbsp;&nbsp;&nbsp;Series 4478, Class PO, 0.00%, 5/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732 | &nbsp;&nbsp;&nbsp;&nbsp; 549092 |
| &nbsp;&nbsp;&nbsp;Series 5357, Class EO, 0.00%, 11/25/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4108 | &nbsp;&nbsp;&nbsp;&nbsp; 3570065 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-HQA3, Class B2, 11.797%, (30-day SOFR Average + 7.614%), 9/25/49<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1413242 |
| &nbsp;&nbsp;&nbsp;Series 2020-DNA6, Class B2, 9.833%, (30-day SOFR Average + 5.65%), 12/25/50<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6900 | &nbsp;&nbsp;&nbsp;&nbsp; 7983171 |
| &nbsp;&nbsp;&nbsp;Series 2021-DNA2, Class B2, 10.183%, (30-day SOFR Average + 6.00%), 8/25/33<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6610 | &nbsp;&nbsp;&nbsp;&nbsp; 8153787 |
| &nbsp;&nbsp;&nbsp;Series 2021-DNA3, Class B2, 10.433%, (30-day SOFR Average + 6.25%), 10/25/33<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6500 | &nbsp;&nbsp;&nbsp;&nbsp; 8082166 |
| &nbsp;&nbsp;&nbsp;Series 2021-DNA5, Class B2, 9.683%, (30-day SOFR Average + 5.50%), 1/25/34<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53570 | &nbsp;&nbsp;&nbsp;&nbsp; 64139131 |
| &nbsp;&nbsp;&nbsp;Series 2021-DNA6, Class B2, 11.683%, (30-day SOFR Average + 7.50%), 10/25/41<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21140 | &nbsp;&nbsp;&nbsp;&nbsp; 22317633 |
| &nbsp;&nbsp;&nbsp;Series 2021-HQA1, Class B2, 9.183%, (30-day SOFR Average + 5.00%), 8/25/33<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35825 | &nbsp;&nbsp;&nbsp;&nbsp; 41908701 |
| &nbsp;&nbsp;&nbsp;Series 2021-HQA2, Class B2, 9.633%, (30-day SOFR Average + 5.45%), 12/25/33<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4425 | &nbsp;&nbsp;&nbsp;&nbsp; 5251843 |
| &nbsp;&nbsp;&nbsp;Series 2022-DNA4, Class B2, 14.433%, (30-day SOFR Average + 10.25%), 5/25/42<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32500 | &nbsp;&nbsp;&nbsp;&nbsp; 36545541 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-DNA5, Class B2, 17.083%, (30-day SOFR Average + 12.90%), 6/25/42<sup>(1)(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30359 | &nbsp;&nbsp;$35588827 |
| Federal National Mortgage Association: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2009-62, Class WA, 5.586%, 8/25/39<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp; 290964 |
| &nbsp;&nbsp;&nbsp;Series 2013-6, Class TA, 1.50%, 1/25/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp; 288085 |
| &nbsp;&nbsp;&nbsp;Series 2021-56, Class GZ, 3.00%, 7/25/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1437 | &nbsp;&nbsp;&nbsp;&nbsp; 927570 |
| &nbsp;&nbsp;&nbsp;Series 2021-61, Class LZ, 2.50%, 9/25/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4018 | &nbsp;&nbsp;&nbsp;&nbsp; 2625378 |
| &nbsp;&nbsp;&nbsp;Series 2023-12, Class LW, 6.00%, 4/25/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11482 | &nbsp;&nbsp;&nbsp;&nbsp; 11893654 |
| &nbsp;&nbsp;&nbsp;Series 2023-12, Class ZB, 6.00%, 4/25/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5189 | &nbsp;&nbsp;&nbsp;&nbsp; 5351795 |
| &nbsp;&nbsp;&nbsp;Series 2023-14, Class EL, 6.00%, 4/25/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63163 | &nbsp;&nbsp;&nbsp;&nbsp; 66111374 |
| &nbsp;&nbsp;&nbsp;Series 2024-87, Class LZ, 6.00%, 12/25/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1806 | &nbsp;&nbsp;&nbsp;&nbsp; 1845255 |
| &nbsp;&nbsp;&nbsp;Series 2024-90, Class ES, 6.418%, (15.62% - 30-day SOFR Average x 2.20), 10/25/54<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40758 | &nbsp;&nbsp;&nbsp;&nbsp; 44034838 |
| &nbsp;&nbsp;&nbsp;Series 2024-98, Class S, 6.418%, (15.62% - 30-day SOFR Average x 2.20), 1/25/55<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11080 | &nbsp;&nbsp;&nbsp;&nbsp; 11720273 |
| &nbsp;&nbsp;&nbsp;Series 2024-102, Class SA, 6.418%, (15.62% - 30-day SOFR Average x 2.20), 1/25/55<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16998 | &nbsp;&nbsp;&nbsp;&nbsp; 18066195 |
| &nbsp;&nbsp;&nbsp;Series 2024-105, Class AS, 6.48%, (21.817% - 30-day SOFR Average x 3.667), 1/25/55<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19875 | &nbsp;&nbsp;&nbsp;&nbsp; 21445149 |
| &nbsp;&nbsp;&nbsp;Series 2024-105, Class KT, 0.125%, 1/25/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31516 | &nbsp;&nbsp;&nbsp;&nbsp; 26915049 |
| &nbsp;&nbsp;&nbsp;Series 2025-3, Class BZ, 5.50%, 2/25/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3130 | &nbsp;&nbsp;&nbsp;&nbsp; 3123650 |
| &nbsp;&nbsp;&nbsp;Series 2025-4, Class BZ, 5.50%, 7/25/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11498 | &nbsp;&nbsp;&nbsp;&nbsp; 11601826 |
| &nbsp;&nbsp;&nbsp;Series 2025-4, Class HZ, 5.50%, 9/25/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18977 | &nbsp;&nbsp;&nbsp;&nbsp; 19147655 |
| &nbsp;&nbsp;&nbsp;Series 2025-5, Class GZ, 6.00%, 2/25/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1046 | &nbsp;&nbsp;&nbsp;&nbsp; 1085471 |
| &nbsp;&nbsp;&nbsp;Series 2025-7, Class EZ, 5.50%, 2/25/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10266 | &nbsp;&nbsp;&nbsp;&nbsp; 10355538 |
| &nbsp;&nbsp;&nbsp;Series 2025-10, Class AS, 8.602%, (21.15% - 30-day SOFR Average x 3.00), 2/25/55<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12273 | &nbsp;&nbsp;&nbsp;&nbsp; 13605205 |
| &nbsp;&nbsp;&nbsp;Series 2025-12, Class ES, 8.602%, (21.15% - 30-day SOFR Average x 3.00), 3/25/55<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22003 | &nbsp;&nbsp;&nbsp;&nbsp; 24196298 |
| &nbsp;&nbsp;&nbsp;Series 2025-12, Class FM, 8.183%, (30-day SOFR Average + 4.00%), 3/25/55<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9104 | &nbsp;&nbsp;&nbsp;&nbsp; 9455011 |
| &nbsp;&nbsp;&nbsp;Series 2025-15, Class FM, 8.033%, (30-day SOFR Average + 3.85%), 4/25/55<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8399 | &nbsp;&nbsp;&nbsp;&nbsp; 8748164 |
| &nbsp;&nbsp;&nbsp;Series 2025-29, Class MH, 8.233%, (30-day SOFR Average + 4.05%), 2/25/55<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14354 | &nbsp;&nbsp;&nbsp;&nbsp; 14893224 |
| &nbsp;&nbsp;&nbsp;Series 2025-35, Class MT, 8.452%, (30-day SOFR Average + 5.00%), 5/25/55<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13602 | &nbsp;&nbsp;&nbsp;&nbsp; 14115827 |
| &nbsp;&nbsp;&nbsp;Series 2025-40, Class SG, 7.449%, (21.193% - 30-day SOFR Average x 3.286), 2/25/55<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32886 | &nbsp;&nbsp;&nbsp;&nbsp; 34983428 |
| &nbsp;&nbsp;&nbsp;Series 2025-85, Class TH, 7.20%, (21.30% - 30-day SOFR Average x 3.00), 10/25/55<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50720 | &nbsp;&nbsp;&nbsp;&nbsp; 52601004 |
| &nbsp;&nbsp;&nbsp;Series 2025-85, Class TN, 6.60%, (36.60% - 30-day SOFR Average x 6.00), 10/25/55<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29575 | &nbsp;&nbsp;&nbsp;&nbsp; 29682307 |
| Interest Only:<sup>(7)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Series 2004-46, Class SI, 1.703%, (5.886% - 30-day SOFR Average), 5/25/34<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468 | &nbsp;&nbsp;&nbsp;&nbsp; 18298 |
| &nbsp;&nbsp;&nbsp;Series 2005-17, Class SA, 2.403%, (6.586% - 30-day SOFR Average), 3/25/35<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;643 | &nbsp;&nbsp;&nbsp;&nbsp; 57046 |
| &nbsp;&nbsp;&nbsp;Series 2005-105, Class S, 2.403%, (6.586% - 30-day SOFR Average), 12/25/35<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531 | &nbsp;&nbsp;&nbsp;&nbsp; 42403 |

---

*23*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_d86710f8-700a-4d42-b872-764752b88c6a_TOC)

Global Opportunities Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Interest Only: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series 2006-44, Class IS, 2.303%, (6.486% - 30-day SOFR Average), 6/25/36<sup>(6)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478 | &nbsp;&nbsp;$41165 |
| &nbsp;&nbsp;&nbsp;Series 2006-65, Class PS, 2.923%, (7.106% - 30-day SOFR Average), 7/25/36<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469 | &nbsp;&nbsp;&nbsp;&nbsp; 53003 |
| &nbsp;&nbsp;&nbsp;Series 2006-96, Class SN, 2.903%, (7.086% - 30-day SOFR Average), 10/25/36<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428 | &nbsp;&nbsp;&nbsp;&nbsp; 31407 |
| &nbsp;&nbsp;&nbsp;Series 2006-104, Class SD, 2.343%, (6.526% - 30-day SOFR Average), 11/25/36<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513 | &nbsp;&nbsp;&nbsp;&nbsp; 43980 |
| &nbsp;&nbsp;&nbsp;Series 2006-104, Class SE, 2.333%, (6.516% - 30-day SOFR Average), 11/25/36<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342 | &nbsp;&nbsp;&nbsp;&nbsp; 28601 |
| &nbsp;&nbsp;&nbsp;Series 2007-50, Class LS, 2.153%, (6.336% - 30-day SOFR Average), 6/25/37<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;779 | &nbsp;&nbsp;&nbsp;&nbsp; 76022 |
| &nbsp;&nbsp;&nbsp;Series 2008-26, Class SA, 1.903%, (6.086% - 30-day SOFR Average), 4/25/38<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;837 | &nbsp;&nbsp;&nbsp;&nbsp; 74641 |
| &nbsp;&nbsp;&nbsp;Series 2008-61, Class S, 1.803%, (5.986% - 30-day SOFR Average), 7/25/38<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1319 | &nbsp;&nbsp;&nbsp;&nbsp; 77314 |
| &nbsp;&nbsp;&nbsp;Series 2011-101, Class IC, 3.50%, 10/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | &nbsp;&nbsp;&nbsp;&nbsp; 102 |
| &nbsp;&nbsp;&nbsp;Series 2011-101, Class IE, 3.50%, 10/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | &nbsp;&nbsp;&nbsp;&nbsp; 82 |
| &nbsp;&nbsp;&nbsp;Series 2011-104, Class IM, 3.50%, 10/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74 | &nbsp;&nbsp;&nbsp;&nbsp; 594 |
| &nbsp;&nbsp;&nbsp;Series 2012-52, Class DI, 3.50%, 5/25/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346 | &nbsp;&nbsp;&nbsp;&nbsp; 4736 |
| &nbsp;&nbsp;&nbsp;Series 2012-124, Class IO, 1.444%, 11/25/42<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1632 | &nbsp;&nbsp;&nbsp;&nbsp; 73184 |
| &nbsp;&nbsp;&nbsp;Series 2012-139, Class LS, 1.721%, (6.036% - 30-day SOFR Average), 12/25/42<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp; 282974 |
| &nbsp;&nbsp;&nbsp;Series 2012-147, Class SA, 1.803%, (5.986% - 30-day SOFR Average), 1/25/43<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2218 | &nbsp;&nbsp;&nbsp;&nbsp; 233495 |
| &nbsp;&nbsp;&nbsp;Series 2012-150, Class PS, 1.853%, (6.036% - 30-day SOFR Average), 1/25/43<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3118 | &nbsp;&nbsp;&nbsp;&nbsp; 345524 |
| &nbsp;&nbsp;&nbsp;Series 2012-150, Class SK, 1.853%, (6.036% - 30-day SOFR Average), 1/25/43<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3467 | &nbsp;&nbsp;&nbsp;&nbsp; 402530 |
| &nbsp;&nbsp;&nbsp;Series 2013-11, Class IO, 4.00%, 1/25/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5669 | &nbsp;&nbsp;&nbsp;&nbsp; 630498 |
| &nbsp;&nbsp;&nbsp;Series 2013-12, Class SP, 1.353%, (5.536% - 30-day SOFR Average), 11/25/41<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207 | &nbsp;&nbsp;&nbsp;&nbsp; 3150 |
| &nbsp;&nbsp;&nbsp;Series 2013-15, Class DS, 1.903%, (6.086% - 30-day SOFR Average), 3/25/33<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1925 | &nbsp;&nbsp;&nbsp;&nbsp; 122389 |
| &nbsp;&nbsp;&nbsp;Series 2013-23, Class CS, 1.953%, (6.136% - 30-day SOFR Average), 3/25/33<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1018 | &nbsp;&nbsp;&nbsp;&nbsp; 65920 |
| &nbsp;&nbsp;&nbsp;Series 2013-64, Class PS, 1.953%, (6.136% - 30-day SOFR Average), 4/25/43<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1369 | &nbsp;&nbsp;&nbsp;&nbsp; 113275 |
| &nbsp;&nbsp;&nbsp;Series 2013-66, Class JI, 3.00%, 7/25/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2470 | &nbsp;&nbsp;&nbsp;&nbsp; 371187 |
| &nbsp;&nbsp;&nbsp;Series 2013-75, Class SC, 1.953%, (6.136% - 30-day SOFR Average), 7/25/42<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1175 | &nbsp;&nbsp;&nbsp;&nbsp; 25258 |
| &nbsp;&nbsp;&nbsp;Series 2014-32, Class EI, 4.00%, 6/25/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622 | &nbsp;&nbsp;&nbsp;&nbsp; 115030 |
| &nbsp;&nbsp;&nbsp;Series 2014-41, Class SA, 1.753%, (5.936% - 30-day SOFR Average), 7/25/44<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;966 | &nbsp;&nbsp;&nbsp;&nbsp; 139426 |
| &nbsp;&nbsp;&nbsp;Series 2014-43, Class PS, 1.803%, (5.986% - 30-day SOFR Average), 3/25/42<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;679 | &nbsp;&nbsp;&nbsp;&nbsp; 41399 |
| &nbsp;&nbsp;&nbsp;Series 2014-55, Class IN, 3.50%, 7/25/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1457 | &nbsp;&nbsp;&nbsp;&nbsp; 269719 |
| &nbsp;&nbsp;&nbsp;Series 2014-64, Class BI, 3.50%, 3/25/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp;Series 2014-67, Class IH, 4.00%, 10/25/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050 | &nbsp;&nbsp;&nbsp;&nbsp; 222496 |
| &nbsp;&nbsp;&nbsp;Series 2014-80, Class CI, 3.50%, 12/25/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;838 | &nbsp;&nbsp;&nbsp;&nbsp; 160297 |
| &nbsp;&nbsp;&nbsp;Series 2014-89, Class IO, 3.50%, 1/25/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1405 | &nbsp;&nbsp;&nbsp;&nbsp; 265305 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Interest Only: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series 2015-6, Class IM, 0.00%, (5.181% - 30-day SOFR Average x 1.333, Floor 0.00%), 6/25/43<sup>(6)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1960 | &nbsp;&nbsp;$69845 |
| &nbsp;&nbsp;&nbsp;Series 2015-14, Class KI, 3.00%, 3/25/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1856 | &nbsp;&nbsp;&nbsp;&nbsp; 294918 |
| &nbsp;&nbsp;&nbsp;Series 2015-22, Class GI, 3.50%, 4/25/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444 | &nbsp;&nbsp;&nbsp;&nbsp; 80966 |
| &nbsp;&nbsp;&nbsp;Series 2015-31, Class SG, 1.803%, (5.986% - 30-day SOFR Average), 5/25/45<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2211 | &nbsp;&nbsp;&nbsp;&nbsp; 339621 |
| &nbsp;&nbsp;&nbsp;Series 2015-36, Class IL, 3.00%, 6/25/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1257 | &nbsp;&nbsp;&nbsp;&nbsp; 179913 |
| &nbsp;&nbsp;&nbsp;Series 2015-52, Class MI, 3.50%, 7/25/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2414 | &nbsp;&nbsp;&nbsp;&nbsp; 456578 |
| &nbsp;&nbsp;&nbsp;Series 2015-93, Class BS, 1.853%, (6.036% - 30-day SOFR Average), 8/25/45<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1019 | &nbsp;&nbsp;&nbsp;&nbsp; 81073 |
| &nbsp;&nbsp;&nbsp;Series 2018-21, Class IO, 3.00%, 4/25/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3292 | &nbsp;&nbsp;&nbsp;&nbsp; 545945 |
| &nbsp;&nbsp;&nbsp;Series 2021-94, Class CI, 3.00%, 1/25/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9475 | &nbsp;&nbsp;&nbsp;&nbsp; 1578972 |
| &nbsp;&nbsp;&nbsp;Series 2023-39, Class AI, 2.00%, 7/25/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85871 | &nbsp;&nbsp;&nbsp;&nbsp; 11202735 |
| Federal National Mortgage Association Connecticut Avenue Securities: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-R06, Class 2B1, 8.047%, (30-day SOFR Average + 3.864%), 9/25/39<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726 | &nbsp;&nbsp;&nbsp;&nbsp; 743569 |
| &nbsp;&nbsp;&nbsp;Series 2021-R01, Class 1B2, 10.183%, (30-day SOFR Average + 6.00%), 10/25/41<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8500 | &nbsp;&nbsp;&nbsp;&nbsp; 8856049 |
| FIGRE Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-HE2, Class A, 6.512%, 5/25/53<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3474 | &nbsp;&nbsp;&nbsp;&nbsp; 3553228 |
| &nbsp;&nbsp;&nbsp;Series 2023-HE3, Class A, 6.436%, 11/25/53<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3839 | &nbsp;&nbsp;&nbsp;&nbsp; 3934531 |
| &nbsp;&nbsp;&nbsp;Series 2024-HE1, Class C, 6.749%, 3/25/54<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1010 | &nbsp;&nbsp;&nbsp;&nbsp; 1035152 |
| &nbsp;&nbsp;&nbsp;Series 2024-HE2, Class C, 6.72%, 5/25/54<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1399 | &nbsp;&nbsp;&nbsp;&nbsp; 1433065 |
| Flagstar Mortgage Trust, Series 2023-6INV, Class B4, 3.478%, 8/25/51<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4011 | &nbsp;&nbsp;&nbsp;&nbsp; 3395668 |
| FREED Mortgage Trust, Series 2022-HE1, Class A, 7.00%, 10/25/37<sup>(1)</sup><sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1410 | &nbsp;&nbsp;&nbsp;&nbsp; 1437895 |
| GMAC Financiera SA de CV Sociedad Financiera de Objeto Ltdo, Series 2007-2U, Class A, 3.99%, 3/25/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619665 | &nbsp;&nbsp;&nbsp;&nbsp; 6462309 |
| Government National Mortgage Association: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-139, Class ZJ, 2.50%, 8/20/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1793 | &nbsp;&nbsp;&nbsp;&nbsp; 1171440 |
| &nbsp;&nbsp;&nbsp;Series 2022-31, Class ZD, 3.00%, 2/20/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 178094 |
| &nbsp;&nbsp;&nbsp;Series 2022-173, Class S, 7.393%, (22.733% - 30-day SOFR Average x 3.667), 10/20/52<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5653 | &nbsp;&nbsp;&nbsp;&nbsp; 6235601 |
| &nbsp;&nbsp;&nbsp;Series 2022-189, Class US, 7.393%, (22.733% - 30-day SOFR Average x 3.667), 11/20/52<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8383 | &nbsp;&nbsp;&nbsp;&nbsp; 9257209 |
| &nbsp;&nbsp;&nbsp;Series 2022-195, Class AS, 7.645%, (23.125% - 30-day SOFR Average x 3.70), 11/20/52<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3895 | &nbsp;&nbsp;&nbsp;&nbsp; 4429595 |
| &nbsp;&nbsp;&nbsp;Series 2022-197, Class SW, 6.279%, (16.32% - 30-day SOFR Average x 2.40), 11/20/52<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5450 | &nbsp;&nbsp;&nbsp;&nbsp; 5700288 |
| &nbsp;&nbsp;&nbsp;Series 2023-53, Class AL, 5.50%, 4/20/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20410518 |
| &nbsp;&nbsp;&nbsp;Series 2023-53, Class SE, 7.209%, (22.55% - 30-day SOFR Average x 3.667), 4/20/53<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11848 | &nbsp;&nbsp;&nbsp;&nbsp; 12868607 |
| &nbsp;&nbsp;&nbsp;Series 2023-56, Class ZE, 6.00%, 4/20/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18373 | &nbsp;&nbsp;&nbsp;&nbsp; 19080797 |

---

*24*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_d86710f8-700a-4d42-b872-764752b88c6a_TOC)

Global Opportunities Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Government National Mortgage Association: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-63, Class LB, 6.00%, 5/20/53 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12347 | &nbsp;&nbsp;$12834327 |
| &nbsp;&nbsp;&nbsp;Series 2023-63, Class S, 7.209%, (22.55% - 30-day SOFR Average x 3.667), 5/20/53<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23168 | &nbsp;&nbsp;&nbsp;&nbsp; 25155767 |
| &nbsp;&nbsp;&nbsp;Series 2023-64, Class LB, 6.00%, 5/20/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5036 | &nbsp;&nbsp;&nbsp;&nbsp; 5235132 |
| &nbsp;&nbsp;&nbsp;Series 2023-65, Class SB, 7.209%, (22.55% - 30-day SOFR Average x 3.667), 5/20/53<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5366 | &nbsp;&nbsp;&nbsp;&nbsp; 5752630 |
| &nbsp;&nbsp;&nbsp;Series 2023-65, Class SD, 7.209%, (22.55% - 30-day SOFR Average x 3.667), 5/20/53<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11130 | &nbsp;&nbsp;&nbsp;&nbsp; 12266304 |
| &nbsp;&nbsp;&nbsp;Series 2023-66, Class S, 7.209%, (22.55% - 30-day SOFR Average x 3.667), 5/20/53<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4283 | &nbsp;&nbsp;&nbsp;&nbsp; 4644644 |
| &nbsp;&nbsp;&nbsp;Series 2023-66, Class SD, 7.209%, (22.55% - 30-day SOFR Average x 3.667), 5/20/53<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3823 | &nbsp;&nbsp;&nbsp;&nbsp; 4145890 |
| &nbsp;&nbsp;&nbsp;Series 2023-83, Class S, 7.054%, (22.868% - 30-day SOFR Average x 3.78), 6/20/53<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4882 | &nbsp;&nbsp;&nbsp;&nbsp; 5284954 |
| &nbsp;&nbsp;&nbsp;Series 2023-84, Class MW, 6.00%, 6/20/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5478 | &nbsp;&nbsp;&nbsp;&nbsp; 5720999 |
| &nbsp;&nbsp;&nbsp;Series 2023-84, Class SN, 7.033%, (22.387% - 30-day SOFR Average x 3.67), 6/20/53<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5090 | &nbsp;&nbsp;&nbsp;&nbsp; 5495576 |
| &nbsp;&nbsp;&nbsp;Series 2023-89, Class SD, 6.843%, (22.183% - 30-day SOFR Average x 3.667), 6/20/53<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6815 | &nbsp;&nbsp;&nbsp;&nbsp; 7263213 |
| &nbsp;&nbsp;&nbsp;Series 2023-96, Class BL, 6.00%, 7/20/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10391814 |
| &nbsp;&nbsp;&nbsp;Series 2023-96, Class DB, 6.00%, 7/20/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp; 8314348 |
| &nbsp;&nbsp;&nbsp;Series 2023-97, Class CB, 6.00%, 7/20/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20634640 |
| &nbsp;&nbsp;&nbsp;Series 2023-99, Class AL, 6.00%, 7/20/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3119116 |
| &nbsp;&nbsp;&nbsp;Series 2023-100, Class AY, 6.00%, 7/20/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13236 | &nbsp;&nbsp;&nbsp;&nbsp; 13758767 |
| &nbsp;&nbsp;&nbsp;Series 2023-100, Class JL, 6.00%, 7/20/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11099 | &nbsp;&nbsp;&nbsp;&nbsp; 11536283 |
| &nbsp;&nbsp;&nbsp;Series 2023-107, Class DZ, 5.50%, 7/20/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7740 | &nbsp;&nbsp;&nbsp;&nbsp; 7965494 |
| &nbsp;&nbsp;&nbsp;Series 2023-116, Class CY, 6.00%, 8/20/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2618 | &nbsp;&nbsp;&nbsp;&nbsp; 2719961 |
| &nbsp;&nbsp;&nbsp;Series 2023-133, Class S, 9.049%, (21.60% - 30-day SOFR Average x 3.00), 9/20/53<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8623 | &nbsp;&nbsp;&nbsp;&nbsp; 9664281 |
| &nbsp;&nbsp;&nbsp;Series 2023-146, Class BY, 6.00%, 10/20/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5318 | &nbsp;&nbsp;&nbsp;&nbsp; 5515742 |
| &nbsp;&nbsp;&nbsp;Series 2023-149, Class S, 8.899%, (21.45% - 30-day SOFR Average x 3.00), 10/20/53<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5141 | &nbsp;&nbsp;&nbsp;&nbsp; 5739229 |
| &nbsp;&nbsp;&nbsp;Series 2023-150, Class AS, 11.42%, (27.528% - 30-day SOFR Average x 3.85), 10/20/53<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1864 | &nbsp;&nbsp;&nbsp;&nbsp; 2201472 |
| &nbsp;&nbsp;&nbsp;Series 2023-150, Class ZH, 6.00%, 10/20/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2502 | &nbsp;&nbsp;&nbsp;&nbsp; 2604773 |
| &nbsp;&nbsp;&nbsp;Series 2023-151, Class DZ, 6.00%, 10/20/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6349 | &nbsp;&nbsp;&nbsp;&nbsp; 6619691 |
| &nbsp;&nbsp;&nbsp;Series 2023-153, Class SM, 11.265%, (28.00% - 30-day SOFR Average x 4.00), 10/20/53<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5720 | &nbsp;&nbsp;&nbsp;&nbsp; 6725163 |
| &nbsp;&nbsp;&nbsp;Series 2023-164, Class EL, 6.00%, 11/20/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9325 | &nbsp;&nbsp;&nbsp;&nbsp; 9674282 |
| &nbsp;&nbsp;&nbsp;Series 2023-165, Class DY, 6.00%, 11/20/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81056 | &nbsp;&nbsp;&nbsp;&nbsp; 83547062 |
| &nbsp;&nbsp;&nbsp;Series 2023-165, Class EY, 6.50%, 11/20/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp; 26185915 |
| &nbsp;&nbsp;&nbsp;Series 2023-169, Class JW, 6.50%, 11/20/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5255528 |
| &nbsp;&nbsp;&nbsp;Series 2023-173, Class AX, 6.00%, 11/20/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8555 | &nbsp;&nbsp;&nbsp;&nbsp; 8874572 |
| &nbsp;&nbsp;&nbsp;Series 2023-182, Class EL, 6.00%, 12/20/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12883 | &nbsp;&nbsp;&nbsp;&nbsp; 13351359 |
| &nbsp;&nbsp;&nbsp;Series 2023-186, Class HL, 6.00%, 12/20/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5445 | &nbsp;&nbsp;&nbsp;&nbsp; 5664672 |
| &nbsp;&nbsp;&nbsp;Series 2023-186, Class ZM, 5.50%, 12/20/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33175 | &nbsp;&nbsp;&nbsp;&nbsp; 34044890 |
| &nbsp;&nbsp;&nbsp;Series 2024-1, Class GL, 6.00%, 1/20/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2597494 |
| &nbsp;&nbsp;&nbsp;Series 2024-3, Class CY, 6.00%, 1/20/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2073 | &nbsp;&nbsp;&nbsp;&nbsp; 2153691 |
| &nbsp;&nbsp;&nbsp;Series 2024-6, Class CB, 6.00%, 1/20/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5220067 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Government National Mortgage Association: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-6, Class LB, 6.00%, 1/20/54 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6784 | &nbsp;&nbsp;$7049479 |
| &nbsp;&nbsp;&nbsp;Series 2024-14, Class CY, 5.50%, 1/20/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12142 | &nbsp;&nbsp;&nbsp;&nbsp; 12372836 |
| &nbsp;&nbsp;&nbsp;Series 2024-23, Class KZ, 5.50%, 2/20/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10958 | &nbsp;&nbsp;&nbsp;&nbsp; 11271005 |
| &nbsp;&nbsp;&nbsp;Series 2024-24, Class NZ, 6.00%, 2/20/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3889 | &nbsp;&nbsp;&nbsp;&nbsp; 4037353 |
| &nbsp;&nbsp;&nbsp;Series 2024-25, Class GL, 6.00%, 2/20/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2804 | &nbsp;&nbsp;&nbsp;&nbsp; 2914190 |
| &nbsp;&nbsp;&nbsp;Series 2024-26, Class NZ, 6.00%, 2/20/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15818 | &nbsp;&nbsp;&nbsp;&nbsp; 16480381 |
| &nbsp;&nbsp;&nbsp;Series 2024-40, Class DB, 6.00%, 1/20/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1906 | &nbsp;&nbsp;&nbsp;&nbsp; 1980305 |
| &nbsp;&nbsp;&nbsp;Series 2024-42, Class DZ, 6.00%, 3/20/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9576 | &nbsp;&nbsp;&nbsp;&nbsp; 9753318 |
| &nbsp;&nbsp;&nbsp;Series 2024-44, Class LM, 6.00%, 3/20/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24976 | &nbsp;&nbsp;&nbsp;&nbsp; 25969774 |
| &nbsp;&nbsp;&nbsp;Series 2024-44, Class ML, 6.00%, 3/20/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10835 | &nbsp;&nbsp;&nbsp;&nbsp; 11266202 |
| &nbsp;&nbsp;&nbsp;Series 2024-45, Class DN, 6.00%, 3/20/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4214 | &nbsp;&nbsp;&nbsp;&nbsp; 4363666 |
| &nbsp;&nbsp;&nbsp;Series 2024-46, Class AL, 6.00%, 3/20/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30945 | &nbsp;&nbsp;&nbsp;&nbsp; 32183735 |
| &nbsp;&nbsp;&nbsp;Series 2024-59, Class LG, 6.00%, 4/20/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12663 | &nbsp;&nbsp;&nbsp;&nbsp; 13169205 |
| &nbsp;&nbsp;&nbsp;Series 2024-81, Class HZ, 6.00%, 5/20/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6172 | &nbsp;&nbsp;&nbsp;&nbsp; 6417138 |
| &nbsp;&nbsp;&nbsp;Series 2024-95, Class GZ, 5.50%, 6/20/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10497 | &nbsp;&nbsp;&nbsp;&nbsp; 10790359 |
| &nbsp;&nbsp;&nbsp;Series 2024-99, Class DZ, 6.00%, 6/20/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3988 | &nbsp;&nbsp;&nbsp;&nbsp; 4150142 |
| &nbsp;&nbsp;&nbsp;Series 2024-108, Class KZ, 6.00%, 7/20/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41193 | &nbsp;&nbsp;&nbsp;&nbsp; 42860139 |
| &nbsp;&nbsp;&nbsp;Series 2024-112, Class EZ, 6.00%, 7/20/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2371 | &nbsp;&nbsp;&nbsp;&nbsp; 2465492 |
| &nbsp;&nbsp;&nbsp;Series 2024-112, Class LZ, 6.00%, 7/20/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3001 | &nbsp;&nbsp;&nbsp;&nbsp; 3125966 |
| &nbsp;&nbsp;&nbsp;Series 2024-126, Class KY, 6.00%, 8/20/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5176 | &nbsp;&nbsp;&nbsp;&nbsp; 5261441 |
| &nbsp;&nbsp;&nbsp;Series 2024-126, Class ZB, 6.00%, 8/20/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8333 | &nbsp;&nbsp;&nbsp;&nbsp; 8626351 |
| &nbsp;&nbsp;&nbsp;Series 2024-127, Class UZ, 6.00%, 8/20/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17575 | &nbsp;&nbsp;&nbsp;&nbsp; 17969716 |
| &nbsp;&nbsp;&nbsp;Series 2024-127, Class ZQ, 5.00%, 8/20/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6302 | &nbsp;&nbsp;&nbsp;&nbsp; 6318469 |
| &nbsp;&nbsp;&nbsp;Series 2024-131, Class TL, 6.00%, 8/20/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5100 | &nbsp;&nbsp;&nbsp;&nbsp; 5196314 |
| &nbsp;&nbsp;&nbsp;Series 2024-132, Class AZ, 6.00%, 8/20/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5235 | &nbsp;&nbsp;&nbsp;&nbsp; 5422878 |
| &nbsp;&nbsp;&nbsp;Series 2024-148, Class GB, 6.00%, 9/20/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6818 | &nbsp;&nbsp;&nbsp;&nbsp; 7086183 |
| &nbsp;&nbsp;&nbsp;Series 2024-148, Class LZ, 5.50%, 9/20/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16059 | &nbsp;&nbsp;&nbsp;&nbsp; 16488206 |
| &nbsp;&nbsp;&nbsp;Series 2024-167, Class LZ, 5.50%, 10/20/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8874 | &nbsp;&nbsp;&nbsp;&nbsp; 9100056 |
| &nbsp;&nbsp;&nbsp;Series 2024-167, Class MZ, 5.50%, 10/20/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5415 | &nbsp;&nbsp;&nbsp;&nbsp; 5556970 |
| &nbsp;&nbsp;&nbsp;Series 2024-167, Class NZ, 6.00%, 10/20/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1356 | &nbsp;&nbsp;&nbsp;&nbsp; 1410324 |
| &nbsp;&nbsp;&nbsp;Series 2024-172, Class BZ, 5.50%, 10/20/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9125 | &nbsp;&nbsp;&nbsp;&nbsp; 9368715 |
| &nbsp;&nbsp;&nbsp;Series 2024-183, Class ZA, 6.00%, 8/20/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6666 | &nbsp;&nbsp;&nbsp;&nbsp; 6900079 |
| &nbsp;&nbsp;&nbsp;Series 2024-196, Class Z, 5.50%, 12/20/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3013 | &nbsp;&nbsp;&nbsp;&nbsp; 3007364 |
| &nbsp;&nbsp;&nbsp;Series 2025-39, Class CM, 8.084%, (30-day SOFR Average + 3.90%), 3/20/55<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27677 | &nbsp;&nbsp;&nbsp;&nbsp; 28735966 |
| &nbsp;&nbsp;&nbsp;Series 2025-41, Class MT, 7.117%, (30-day SOFR Average + 2.933%), 3/20/65<sup>(2)(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22805 | &nbsp;&nbsp;&nbsp;&nbsp; 23191390 |
| &nbsp;&nbsp;&nbsp;Series 2025-41, Class QM, 8.084%, (30-day SOFR Average + 3.90%), 3/20/55<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11420 | &nbsp;&nbsp;&nbsp;&nbsp; 11857367 |
| &nbsp;&nbsp;&nbsp;Series 2025-44, Class HZ, 6.00%, 3/20/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5578 | &nbsp;&nbsp;&nbsp;&nbsp; 5718485 |
| &nbsp;&nbsp;&nbsp;Series 2025-62, Class FM, 8.384%, (30-day SOFR Average + 4.20%), 4/20/55<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41128 | &nbsp;&nbsp;&nbsp;&nbsp; 42589733 |
| &nbsp;&nbsp;&nbsp;Series 2025-62, Class MF, 8.384%, (30-day SOFR Average + 4.20%), 4/20/55<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16338 | &nbsp;&nbsp;&nbsp;&nbsp; 16772120 |
| &nbsp;&nbsp;&nbsp;Series 2025-63, Class FT, 8.00%, (26.40% - 30-day SOFR Average x 4.00, Cap 8.00%), 4/20/55<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10783 | &nbsp;&nbsp;&nbsp;&nbsp; 11101572 |

---

*25*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_d86710f8-700a-4d42-b872-764752b88c6a_TOC)

Global Opportunities Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Government National Mortgage Association: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-64, Class FM, 8.444%, (30-day SOFR Average + 4.26%), 4/20/55<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22078 | &nbsp;&nbsp;$22858303 |
| &nbsp;&nbsp;&nbsp;Series 2025-69, Class VN, 10.00%, (68.667% - 30-day SOFR Average x 13.333, Cap 10.00%), 4/20/55<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15995 | &nbsp;&nbsp;&nbsp;&nbsp; 16750428 |
| &nbsp;&nbsp;&nbsp;Series 2025-82, Class FL, 8.684%, (30-day SOFR Average + 4.50%), 5/20/55<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5415 | &nbsp;&nbsp;&nbsp;&nbsp; 5615791 |
| &nbsp;&nbsp;&nbsp;Series 2025-83, Class MU, 8.484%, (30-day SOFR Average + 4.30%), 4/20/55<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26523 | &nbsp;&nbsp;&nbsp;&nbsp; 27228277 |
| &nbsp;&nbsp;&nbsp;Series 2025-90, Class MB, 8.484%, (30-day SOFR Average + 4.30%), 5/20/55<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19647 | &nbsp;&nbsp;&nbsp;&nbsp; 20195678 |
| &nbsp;&nbsp;&nbsp;Series 2025-98, Class GT, 8.40%, (21.30% - 30-day SOFR Average x 3.00), 6/20/55<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68163 | &nbsp;&nbsp;&nbsp;&nbsp; 71712593 |
| &nbsp;&nbsp;&nbsp;Series 2025-98, Class TA, 8.70%, (34.50% - 30-day SOFR Average x 6.00), 6/20/55<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16465 | &nbsp;&nbsp;&nbsp;&nbsp; 17146813 |
| &nbsp;&nbsp;&nbsp;Series 2025-98, Class TE, 8.40%, (25.60% - 30-day SOFR Average x 4.00), 6/20/55<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16794 | &nbsp;&nbsp;&nbsp;&nbsp; 17513418 |
| &nbsp;&nbsp;&nbsp;Series 2025-98, Class TK, 8.52%, (25.72% - 30-day SOFR Average x 4.00), 6/20/55<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10373 | &nbsp;&nbsp;&nbsp;&nbsp; 10881638 |
| &nbsp;&nbsp;&nbsp;Series 2025-105, Class TA, 8.40%, (25.60% - 30-day SOFR Average x 4.00), 6/20/55<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32589 | &nbsp;&nbsp;&nbsp;&nbsp; 34054510 |
| &nbsp;&nbsp;&nbsp;Series 2025-105, Class TM, 8.40%, (21.30% - 30-day SOFR Average x 3.00), 6/20/55<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36551 | &nbsp;&nbsp;&nbsp;&nbsp; 38347564 |
| &nbsp;&nbsp;&nbsp;Series 2025-110, Class DT, 8.40%, (21.30% - 30-day SOFR Average x 3.00), 6/20/55<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25026 | &nbsp;&nbsp;&nbsp;&nbsp; 26240406 |
| &nbsp;&nbsp;&nbsp;Series 2025-114, Class GT, 8.40%, (21.30% - 30-day SOFR Average x 3.00), 7/20/55<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101983 | &nbsp;&nbsp;&nbsp;&nbsp; 107003666 |
| &nbsp;&nbsp;&nbsp;Series 2025-115, Class F, 8.40%, (21.30% - 30-day SOFR Average x 3.00), 7/20/55<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44557 | &nbsp;&nbsp;&nbsp;&nbsp; 46746771 |
| &nbsp;&nbsp;&nbsp;Series 2025-118, Class SP, 8.40%, (21.30% - 30-day SOFR Average x 3.00), 7/20/55<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28053 | &nbsp;&nbsp;&nbsp;&nbsp; 28307822 |
| &nbsp;&nbsp;&nbsp;Series 2025-134, Class GZ, 6.00%, 8/20/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3972 | &nbsp;&nbsp;&nbsp;&nbsp; 4072050 |
| &nbsp;&nbsp;&nbsp;Series 2025-139, Class MT, 7.484%, (30-day SOFR Average + 3.30%), 4/20/55<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12355 | &nbsp;&nbsp;&nbsp;&nbsp; 12614627 |
| &nbsp;&nbsp;&nbsp;Series 2025-174, Class TC, 7.60%, (26.40% - 30-day SOFR Average x 4.00), 10/20/55<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp; 31236710 |
| &nbsp;&nbsp;&nbsp;Series 2025-174, Class TH, 7.50%, (36.00% - 30-day SOFR Average x 6.00), 9/20/55<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14667 | &nbsp;&nbsp;&nbsp;&nbsp; 15172349 |
| Interest Only:<sup>(7)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Series 2014-68, Class KI, 0.478%, 10/20/42<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1811 | &nbsp;&nbsp;&nbsp;&nbsp; 66518 |
| &nbsp;&nbsp;&nbsp;Series 2017-104, Class SD, 2.055%, (6.086% - 1 mo. SOFR), 7/20/47<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3493 | &nbsp;&nbsp;&nbsp;&nbsp; 440351 |
| &nbsp;&nbsp;&nbsp;Series 2017-121, Class DS, 0.355%, (4.386% - 1 mo. SOFR), 8/20/47<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2299 | &nbsp;&nbsp;&nbsp;&nbsp; 102470 |
| &nbsp;&nbsp;&nbsp;Series 2017-137, Class AS, 0.355%, (4.386% - 1 mo. SOFR), 9/20/47<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3126 | &nbsp;&nbsp;&nbsp;&nbsp; 136619 |
| &nbsp;&nbsp;&nbsp;Series 2020-116, Class MI, 2.00%, 8/20/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14588 | &nbsp;&nbsp;&nbsp;&nbsp; 1886870 |
| &nbsp;&nbsp;&nbsp;Series 2020-134, Class LI, 2.50%, 9/20/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6033 | &nbsp;&nbsp;&nbsp;&nbsp; 878525 |
| &nbsp;&nbsp;&nbsp;Series 2020-146, Class IQ, 2.00%, 10/20/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14913 | &nbsp;&nbsp;&nbsp;&nbsp; 1837476 |
| &nbsp;&nbsp;&nbsp;Series 2020-146, Class QI, 2.00%, 10/20/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7963 | &nbsp;&nbsp;&nbsp;&nbsp; 974768 |
| &nbsp;&nbsp;&nbsp;Series 2020-149, Class NI, 2.50%, 10/20/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11697 | &nbsp;&nbsp;&nbsp;&nbsp; 1855546 |
| &nbsp;&nbsp;&nbsp;Series 2020-151, Class AI, 2.00%, 10/20/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44317 | &nbsp;&nbsp;&nbsp;&nbsp; 5730644 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Interest Only: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-151, Class HI, 2.50%, 10/20/50 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1017 | &nbsp;&nbsp;$161070 |
| &nbsp;&nbsp;&nbsp;Series 2020-154, Class PI, 2.50%, 10/20/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10360 | &nbsp;&nbsp;&nbsp;&nbsp; 1628368 |
| &nbsp;&nbsp;&nbsp;Series 2020-167, Class KI, 2.00%, 11/20/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24653 | &nbsp;&nbsp;&nbsp;&nbsp; 3044065 |
| &nbsp;&nbsp;&nbsp;Series 2020-173, Class DI, 2.00%, 11/20/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18540 | &nbsp;&nbsp;&nbsp;&nbsp; 2402238 |
| &nbsp;&nbsp;&nbsp;Series 2020-176, Class HI, 2.50%, 11/20/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25306 | &nbsp;&nbsp;&nbsp;&nbsp; 3991998 |
| &nbsp;&nbsp;&nbsp;Series 2020-185, Class BI, 2.00%, 12/20/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6340 | &nbsp;&nbsp;&nbsp;&nbsp; 825338 |
| &nbsp;&nbsp;&nbsp;Series 2020-191, Class AI, 2.00%, 12/20/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23801 | &nbsp;&nbsp;&nbsp;&nbsp; 3078358 |
| &nbsp;&nbsp;&nbsp;Series 2021-15, Class AI, 2.00%, 1/20/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27063 | &nbsp;&nbsp;&nbsp;&nbsp; 3541912 |
| &nbsp;&nbsp;&nbsp;Series 2021-23, Class TI, 2.50%, 2/20/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9748 | &nbsp;&nbsp;&nbsp;&nbsp; 1513895 |
| &nbsp;&nbsp;&nbsp;Series 2021-30, Class AI, 2.00%, 2/20/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3391 | &nbsp;&nbsp;&nbsp;&nbsp; 447200 |
| &nbsp;&nbsp;&nbsp;Series 2021-46, Class IM, 2.50%, 3/20/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2197 | &nbsp;&nbsp;&nbsp;&nbsp; 334635 |
| &nbsp;&nbsp;&nbsp;Series 2021-56, Class SE, 0.00%, (2.30% - 30-day SOFR Average, Floor 0.00%), 10/20/50<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4541 | &nbsp;&nbsp;&nbsp;&nbsp; 29126 |
| &nbsp;&nbsp;&nbsp;Series 2021-77, Class SB, 0.00%, (3.636% - 1 mo. SOFR, Floor 0.00%), 5/20/51<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10287 | &nbsp;&nbsp;&nbsp;&nbsp; 240731 |
| &nbsp;&nbsp;&nbsp;Series 2021-97, Class IG, 2.50%, 8/20/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30017 | &nbsp;&nbsp;&nbsp;&nbsp; 3518027 |
| &nbsp;&nbsp;&nbsp;Series 2021-114, Class MI, 3.00%, 6/20/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7586 | &nbsp;&nbsp;&nbsp;&nbsp; 1262116 |
| &nbsp;&nbsp;&nbsp;Series 2021-121, Class TI, 3.00%, 7/20/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26798 | &nbsp;&nbsp;&nbsp;&nbsp; 3557336 |
| &nbsp;&nbsp;&nbsp;Series 2021-122, Class NI, 3.00%, 7/20/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5064 | &nbsp;&nbsp;&nbsp;&nbsp; 852054 |
| &nbsp;&nbsp;&nbsp;Series 2021-125, Class SA, 0.00%, (3.636% - 1 mo. SOFR, Floor 0.00%), 7/20/51<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13676 | &nbsp;&nbsp;&nbsp;&nbsp; 353650 |
| &nbsp;&nbsp;&nbsp;Series 2021-154, Class MI, 3.00%, 9/20/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36919 | &nbsp;&nbsp;&nbsp;&nbsp; 5182571 |
| &nbsp;&nbsp;&nbsp;Series 2021-160, Class IT, 2.50%, 9/20/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14111 | &nbsp;&nbsp;&nbsp;&nbsp; 1631369 |
| &nbsp;&nbsp;&nbsp;Series 2021-175, Class AS, 0.00%, (1.686% - 1 mo. SOFR, Floor 0.00%), 10/20/51<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22238 | &nbsp;&nbsp;&nbsp;&nbsp; 63005 |
| &nbsp;&nbsp;&nbsp;Series 2021-175, Class SB, 0.00%, (1.686% - 1 mo. SOFR, Floor 0.00%), 10/20/51<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11194 | &nbsp;&nbsp;&nbsp;&nbsp; 31627 |
| &nbsp;&nbsp;&nbsp;Series 2021-193, Class IU, 3.00%, 11/20/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33711 | &nbsp;&nbsp;&nbsp;&nbsp; 4746822 |
| &nbsp;&nbsp;&nbsp;Series 2021-193, Class YS, 0.00%, (2.45% - 30-day SOFR Average, Floor 0.00%), 11/20/51<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21150 | &nbsp;&nbsp;&nbsp;&nbsp; 154210 |
| &nbsp;&nbsp;&nbsp;Series 2021-201, Class PI, 3.00%, 11/20/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20304 | &nbsp;&nbsp;&nbsp;&nbsp; 2328371 |
| &nbsp;&nbsp;&nbsp;Series 2021-209, Class IW, 3.00%, 11/20/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14883 | &nbsp;&nbsp;&nbsp;&nbsp; 1985561 |
| &nbsp;&nbsp;&nbsp;Series 2022-104, Class IO, 2.50%, 6/20/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20701 | &nbsp;&nbsp;&nbsp;&nbsp; 2993406 |
| &nbsp;&nbsp;&nbsp;Series 2022-119, Class CS, 0.00%, (3.00% - 30-day SOFR Average, Floor 0.00%), 7/20/52<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165054 | &nbsp;&nbsp;&nbsp;&nbsp; 1021847 |
| &nbsp;&nbsp;&nbsp;Series 2022-119, Class SC, 0.00%, (3.00% - 30-day SOFR Average, Floor 0.00%), 7/20/52<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18339 | &nbsp;&nbsp;&nbsp;&nbsp; 113539 |
| &nbsp;&nbsp;&nbsp;Series 2022-119, Class TA, 0.00%, (3.90% - 30-day SOFR Average, Floor 0.00%), 7/20/52<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36679 | &nbsp;&nbsp;&nbsp;&nbsp; 498066 |
| &nbsp;&nbsp;&nbsp;Series 2022-119, Class TI, 0.00%, (3.85% - 30-day SOFR Average, Floor 0.00%), 7/20/52<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366786 | &nbsp;&nbsp;&nbsp;&nbsp; 4606575 |
| &nbsp;&nbsp;&nbsp;Series 2022-126, Class AS, 0.00%, (3.69% - 30-day SOFR Average, Floor 0.00%), 7/20/52<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49219 | &nbsp;&nbsp;&nbsp;&nbsp; 687678 |

---

*26*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_d86710f8-700a-4d42-b872-764752b88c6a_TOC)

Global Opportunities Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Interest Only: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-126, Class SC, 0.00%, (3.73% - 30-day SOFR Average, Floor 0.00%), 7/20/52<sup>(6)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36679 | &nbsp;&nbsp;$536329 |
| &nbsp;&nbsp;&nbsp;Series 2022-135, Class SA, 0.00%, (3.00% - 30-day SOFR Average, Floor 0.00%), 6/20/52<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105994 | &nbsp;&nbsp;&nbsp;&nbsp; 865752 |
| &nbsp;&nbsp;&nbsp;Series 2023-13, Class SA, 1.216%, (5.40% - 30-day SOFR Average), 1/20/53<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7267 | &nbsp;&nbsp;&nbsp;&nbsp; 332060 |
| &nbsp;&nbsp;&nbsp;Series 2023-19, Class SD, 2.116%, (6.30% - 30-day SOFR Average), 2/20/53<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11900 | &nbsp;&nbsp;&nbsp;&nbsp; 758165 |
| &nbsp;&nbsp;&nbsp;Series 2023-20, Class HS, 2.116%, (6.30% - 30-day SOFR Average), 2/20/53<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8229 | &nbsp;&nbsp;&nbsp;&nbsp; 522857 |
| &nbsp;&nbsp;&nbsp;Series 2023-22, Class ES, 2.116%, (6.30% - 30-day SOFR Average), 2/20/53<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10972 | &nbsp;&nbsp;&nbsp;&nbsp; 697143 |
| &nbsp;&nbsp;&nbsp;Series 2023-22, Class SA, 1.516%, (5.70% - 30-day SOFR Average), 2/20/53<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14158 | &nbsp;&nbsp;&nbsp;&nbsp; 679256 |
| &nbsp;&nbsp;&nbsp;Series 2023-24, Class SB, 0.966%, (5.15% - 30-day SOFR Average), 2/20/53<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21944 | &nbsp;&nbsp;&nbsp;&nbsp; 787864 |
| &nbsp;&nbsp;&nbsp;Series 2023-24, Class SG, 2.116%, (6.30% - 30-day SOFR Average), 2/20/53<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10972 | &nbsp;&nbsp;&nbsp;&nbsp; 697143 |
| &nbsp;&nbsp;&nbsp;Series 2023-32, Class SA, 2.116%, (6.30% - 30-day SOFR Average), 2/20/53<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37030 | &nbsp;&nbsp;&nbsp;&nbsp; 2352858 |
| &nbsp;&nbsp;&nbsp;Series 2023-38, Class LS, 2.116%, (6.30% - 30-day SOFR Average), 3/20/53<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34840 | &nbsp;&nbsp;&nbsp;&nbsp; 2174879 |
| &nbsp;&nbsp;&nbsp;Series 2023-38, Class SD, 2.066%, (6.25% - 30-day SOFR Average), 3/20/53<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42507 | &nbsp;&nbsp;&nbsp;&nbsp; 2409548 |
| &nbsp;&nbsp;&nbsp;Series 2023-38, Class SG, 2.016%, (6.20% - 30-day SOFR Average), 3/20/53<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27509 | &nbsp;&nbsp;&nbsp;&nbsp; 1682738 |
| &nbsp;&nbsp;&nbsp;Series 2023-47, Class HS, 2.116%, (6.30% - 30-day SOFR Average), 3/20/53<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11613 | &nbsp;&nbsp;&nbsp;&nbsp; 724960 |
| &nbsp;&nbsp;&nbsp;Series 2023-47, Class SC, 2.066%, (6.25% - 30-day SOFR Average), 3/20/53<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17486 | &nbsp;&nbsp;&nbsp;&nbsp; 1074139 |
| &nbsp;&nbsp;&nbsp;Series 2023-53, Class SK, 2.016%, (6.20% - 30-day SOFR Average), 4/20/53<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23487 | &nbsp;&nbsp;&nbsp;&nbsp; 1421181 |
| &nbsp;&nbsp;&nbsp;Series 2024-64, Class EI, 6.50%, 4/20/64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10767 | &nbsp;&nbsp;&nbsp;&nbsp; 1360960 |
| GS Mortgage-Backed Securities Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-PJ6, Class B4, 3.188%, 1/25/53<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1842 | &nbsp;&nbsp;&nbsp;&nbsp; 1143881 |
| &nbsp;&nbsp;&nbsp;Series 2024-PJ1, Class B3, 7.026%, 6/25/54<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5627 | &nbsp;&nbsp;&nbsp;&nbsp; 5785244 |
| &nbsp;&nbsp;&nbsp;Series 2025-PJ8, Class B3, 6.563%, 2/25/56<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3422 | &nbsp;&nbsp;&nbsp;&nbsp; 3320466 |
| &nbsp;&nbsp;&nbsp;Series 2025-NQM2, Class B1, 7.382%, 6/25/65<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp;&nbsp; 878729 |
| JPM Lending Facility, 10.984%, (SOFR + 7.00%), 7/15/29<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60225 | &nbsp;&nbsp;&nbsp;&nbsp; 60766905 |
| LHOME Mortgage Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-RTL3, Class A1, 8.00% to 3/25/26, 8/25/28<sup>(1)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12010 | &nbsp;&nbsp;&nbsp;&nbsp; 12059335 |
| &nbsp;&nbsp;&nbsp;Series 2023-RTL4, Class A1, 7.628% to 10/25/25, 11/25/28<sup>(1)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13631 | &nbsp;&nbsp;&nbsp;&nbsp; 13729927 |
| LoanDepot GMSR Master Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-GT2, Class A, 7.181%, (1 mo. SOFR + 3.15%), 7/16/30<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20099798 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| LoanDepot GMSR Master Trust: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-GT2, Class B, 7.881%, (1 mo. SOFR + 3.85%), 7/16/30<sup>(1)(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;$12059855 |
| Mello Warehouse Securitization Trust, Series 2025-1, Class F, 10.491%, (1 mo. SOFR + 6.50%), 5/25/59<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp; 9224236 |
| MFRA Trust, Series 2025-NQM1, Class B1, 7.034%, 3/25/70<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2736 | &nbsp;&nbsp;&nbsp;&nbsp; 2763046 |
| NRZ Excess Spread-Collateralized Notes, Series 2025-FHT1, Class A, 6.545%, 3/25/32<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52142 | &nbsp;&nbsp;&nbsp;&nbsp; 53116749 |
| NYMT Loan Trust, Series 2024-BPL1, Class A1, 7.154% to 7/25/26, 2/25/29<sup>(1)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11820 | &nbsp;&nbsp;&nbsp;&nbsp; 11880076 |
| Onity Loan Investment Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-HB2, Class M3, 5.00%, 8/25/37<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1467513 |
| &nbsp;&nbsp;&nbsp;Series 2024-HB2, Class M4, 5.00%, 8/25/37<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7750 | &nbsp;&nbsp;&nbsp;&nbsp; 7440533 |
| PNMAC GMSR Issuer Trust, Series 2024-GT1, Class A, 7.191%, (1 mo. SOFR + 3.20%), 3/25/29<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41000 | &nbsp;&nbsp;&nbsp;&nbsp; 41415141 |
| PRPM LLC: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-NQM1, Class B1, 7.435%, 12/25/68<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp; 9123845 |
| &nbsp;&nbsp;&nbsp;Series 2024-RCF1, Class A3, 4.00% to 1/25/26, 1/25/54<sup>(1)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp; 2607419 |
| &nbsp;&nbsp;&nbsp;Series 2024-RCF3, Class A3, 4.00% to 5/25/26, 5/25/54<sup>(1)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1440518 |
| &nbsp;&nbsp;&nbsp;Series 2024-RCF3, Class M1, 4.00% to 5/25/26, 5/25/54<sup>(1)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 957351 |
| &nbsp;&nbsp;&nbsp;Series 2024-RCF3, Class M2, 4.00% to 5/25/26, 5/25/54<sup>(1)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 3695586 |
| &nbsp;&nbsp;&nbsp;Series 2024-RCF4, Class M1, 4.00% to 7/25/26, 7/25/54<sup>(1)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3100 | &nbsp;&nbsp;&nbsp;&nbsp; 2923781 |
| &nbsp;&nbsp;&nbsp;Series 2024-RCF5, Class M1, 4.00% to 8/25/26, 8/25/54<sup>(1)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4003 | &nbsp;&nbsp;&nbsp;&nbsp; 3815202 |
| &nbsp;&nbsp;&nbsp;Series 2025-NQM1, Class M1A, 6.645%, 11/25/69<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10221 | &nbsp;&nbsp;&nbsp;&nbsp; 10496404 |
| &nbsp;&nbsp;&nbsp;Series 2025-RCF1, Class M3, 4.50% to 2/25/27, 2/25/55<sup>(1)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp; 1579807 |
| &nbsp;&nbsp;&nbsp;Series 2025-RCF3, Class M1A, 5.25%, 7/25/55<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp; 1086619 |
| &nbsp;&nbsp;&nbsp;Series 2025-RCF3, Class M1B, 5.25%, 7/25/55<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 959667 |
| Rain City Mortgage Trust, Series 2024-RTL1, Class A1, 6.53%, 9/25/29<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7350 | &nbsp;&nbsp;&nbsp;&nbsp; 7445593 |
| RCO Trust, Series 2025-PR1, Class A, 6.25% to 7/28/28, 3/2/55<sup>(1)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17550 | &nbsp;&nbsp;&nbsp;&nbsp; 17513757 |
| Saluda Grade Alternative Mortgage Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-RTL4, Class A1, 7.50%, 2/25/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15500 | &nbsp;&nbsp;&nbsp;&nbsp; 15613620 |
| &nbsp;&nbsp;&nbsp;Series 2024-RTL5, Class A1, 7.762% to 9/25/26, 4/25/30<sup>(1)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp; 12152938 |

---

*27*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_d86710f8-700a-4d42-b872-764752b88c6a_TOC)

Global Opportunities Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Santander Mortgage Asset Receivable Trust, Series 2025-NQM1, Class M1B, 6.966%, 1/25/65<sup>(1)(4)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;$3060470 |
| Sequoia Mortgage Trust, Series 2024-3, Class B4, 6.275%, 4/25/54<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1513 | &nbsp;&nbsp;&nbsp;&nbsp; 1435957 |
| SUA LLC, Series 2025-1, Class B, 6.995%, 5/25/40<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4034637 |
| Unison Trust, Series 2021-1, Class A, 6.50%, 4/25/50<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47203 | &nbsp;&nbsp;&nbsp;&nbsp; 45463673 |
| Total Collateralized Mortgage Obligations<br> (identified cost $4,174,556,550) |  | &nbsp;&nbsp;**$4231014588** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Commercial Mortgage-Backed Securities — 5.8%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount\*<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| BAHA Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-MAR, Class C, 7.516%, 12/10/41<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7823 | &nbsp;&nbsp;$8172507 |
| &nbsp;&nbsp;&nbsp;Series 2024-MAR, Class D, 8.907%, 12/10/41<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21000 | &nbsp;&nbsp;&nbsp;&nbsp; 22060609 |
| &nbsp;&nbsp;&nbsp;Series 2024-MAR, Class E, 10.957%, 12/10/41<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36000 | &nbsp;&nbsp;&nbsp;&nbsp; 38795666 |
| BAMLL Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-BHP, Class B, 6.932%, (1 mo. SOFR + 2.90%), 8/15/39<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp; 8056392 |
| &nbsp;&nbsp;&nbsp;Series 2024-BHP, Class C, 7.632%, (1 mo. SOFR + 3.60%), 8/15/39<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp; 1702767 |
| BFLD Commercial Mortgage Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-660F, Class C, 6.115%, (1 mo. SOFR + 2.15%), 11/15/42<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6400 | &nbsp;&nbsp;&nbsp;&nbsp; 6428378 |
| &nbsp;&nbsp;&nbsp;Series 2025-660F, Class D, 6.715%, (1 mo. SOFR + 2.75%), 11/15/42<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13300 | &nbsp;&nbsp;&nbsp;&nbsp; 13362236 |
| BFLD Mortgage Trust, Series 2024-VICT, Class A, 5.922%, (1 mo. SOFR + 1.89%), 7/15/41<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3300 | &nbsp;&nbsp;&nbsp;&nbsp; 3316289 |
| BPR Commercial Mortgage Trust, Series 2024-PARK, Class E, 9.687%, 11/5/39<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7300 | &nbsp;&nbsp;&nbsp;&nbsp; 7924495 |
| BX Commercial Mortgage Trust, Series 2022-CSMO, Class B, 7.173%, (1 mo. SOFR + 3.141%), 6/15/27<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp; 12117492 |
| BX Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-DELC, Class E, 9.318%, (1 mo. SOFR + 5.286%), 5/15/38<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1521228 |
| &nbsp;&nbsp;&nbsp;Series 2025-GW, Class D, 6.782%, (1 mo. SOFR + 2.75%), 7/15/42<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3950 | &nbsp;&nbsp;&nbsp;&nbsp; 3975302 |
| &nbsp;&nbsp;&nbsp;Series 2025-GW, Class E, 7.682%, (1 mo. SOFR + 3.65%), 7/15/42<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19750 | &nbsp;&nbsp;&nbsp;&nbsp; 19915936 |
| COMM Mortgage Trust, Series 2025-167G, Class D, 6.951%, 8/10/40<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20220 | &nbsp;&nbsp;&nbsp;&nbsp; 20651165 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount\*<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Durst Commercial Mortgage Trust, Series 2025-151, Class D, 6.791%, 8/10/42<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20700 | &nbsp;&nbsp;$21347173 |
| Extended Stay America Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-ESH, Class D, 6.75%, (1 mo. SOFR + 2.60%), 10/15/42<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6750 | &nbsp;&nbsp;&nbsp;&nbsp; 6813831 |
| &nbsp;&nbsp;&nbsp;Series 2025-ESH, Class E, 7.50%, (1 mo. SOFR + 3.35%), 10/15/42<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11100 | &nbsp;&nbsp;&nbsp;&nbsp; 11226132 |
| &nbsp;&nbsp;&nbsp;Series 2025-ESH, Class F, 8.25%, (1 mo. SOFR + 4.10%), 10/15/42<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5766 | &nbsp;&nbsp;&nbsp;&nbsp; 5842358 |
| Fontainebleau Miami Beach Mortgage Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-FBLU, Class D, 6.632%, (1 mo. SOFR + 2.60%), 12/15/39<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25134400 |
| &nbsp;&nbsp;&nbsp;Series 2024-FBLU, Class F, 8.282%, (1 mo. SOFR + 4.25%), 12/15/39<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21240 | &nbsp;&nbsp;&nbsp;&nbsp; 21420001 |
| &nbsp;&nbsp;&nbsp;Series 2024-FBLU, Class G, 9.682%, (1 mo. SOFR + 5.65%), 12/15/39<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29000 | &nbsp;&nbsp;&nbsp;&nbsp; 29431300 |
| Great Wolf Trust, Series 2024-WOLF, Class F, 8.47%, (1 mo. SOFR + 4.438%), 3/15/39<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7500 | &nbsp;&nbsp;&nbsp;&nbsp; 7587705 |
| GWT Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-WLF2, Class D, 6.972%, (1 mo. SOFR + 2.939%), 5/15/41<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10800 | &nbsp;&nbsp;&nbsp;&nbsp; 10880196 |
| &nbsp;&nbsp;&nbsp;Series 2024-WLF2, Class E, 7.671%, (1 mo. SOFR + 3.638%), 5/15/41<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp; 7078845 |
| Harvest Commercial Capital Loan Trust, Series 2019-1, Class M6, 6.337%, 9/25/46<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9500 | &nbsp;&nbsp;&nbsp;&nbsp; 9198563 |
| HLTN Commercial Mortgage Trust, Series 2024-DPLO, Class D, 7.371%, (1 mo. SOFR + 3.339%), 6/15/41<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1005334 |
| Hudson Yards Mortgage Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-SPRL, Class E, 6.678%, 1/13/40<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2070126 |
| &nbsp;&nbsp;&nbsp;Series 2025-SPRL, Class F, 7.403%, 1/13/40<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1779196 |
| ICNQ Mortgage Trust, Series 2024-MF, Class E, 6.348%, 12/10/34<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11850 | &nbsp;&nbsp;&nbsp;&nbsp; 11850720 |
| INTOWN Mortgage Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-STAY, Class D, 6.882%, (1 mo. SOFR + 2.85%), 3/15/42<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25126070 |
| &nbsp;&nbsp;&nbsp;Series 2025-STAY, Class E, 7.882%, (1 mo. SOFR + 3.85%), 3/15/42<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13900 | &nbsp;&nbsp;&nbsp;&nbsp; 13972344 |
| JPMBB Commercial Mortgage Securities Trust, Series 2014-C22, Class D, 4.51%, 9/15/47<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895 | &nbsp;&nbsp;&nbsp;&nbsp; 615330 |
| NYC Commercial Mortgage Trust, Series 2025-3BP, Class D, 6.473%, (1 mo. SOFR + 2.441%), 2/15/42<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21100 | &nbsp;&nbsp;&nbsp;&nbsp; 21124885 |
| ORL Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-GLKS, Class E, 7.222%, (1 mo. SOFR + 3.19%), 12/15/39<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8250 | &nbsp;&nbsp;&nbsp;&nbsp; 8296396 |
| &nbsp;&nbsp;&nbsp;Series 2024-GLKS, Class F, 8.471%, (1 mo. SOFR + 4.438%), 12/15/39<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23550 | &nbsp;&nbsp;&nbsp;&nbsp; 23512355 |

---

*28*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_d86710f8-700a-4d42-b872-764752b88c6a_TOC)

Global Opportunities Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount\*<br> (000's omitted)** | **Principal<br> Amount\*<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| ROCK Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-CNTR, Class D, 7.109%, 11/13/41<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750 | &nbsp;&nbsp;$1832868 |
| &nbsp;&nbsp;&nbsp;Series 2024-CNTR, Class E, 8.819%, 11/13/41<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp; 21167272 |
| SHR Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-LXRY, Class D, 7.632%, (1 mo. SOFR + 3.60%), 10/15/41<sup>(1)(2)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7959 | &nbsp;&nbsp;&nbsp;&nbsp; 7987566 |
| &nbsp;&nbsp;&nbsp;Series 2024-LXRY, Class E, 8.482%, (1 mo. SOFR + 4.45%), 10/15/41<sup>(1)(2)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3032687 |
| Taurus U.K. DAC: |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-UK3A, Class D, 6.771%, (SONIA + 2.80), 7/20/35<sup>(1)(2)</sup> | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3150 | &nbsp;&nbsp;&nbsp;&nbsp; 4135899 |
| &nbsp;&nbsp;&nbsp;Series 2025-UK3A, Class E, 7.771%, (SONIA + 3.80%), 7/20/35<sup>(1)(2)</sup> | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3750 | &nbsp;&nbsp;&nbsp;&nbsp; 4916299 |
| TX Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-HOU, Class D, 7.271%, (1 mo. SOFR + 3.239%), 6/15/39<sup>(1)(2)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2450 | &nbsp;&nbsp;&nbsp;&nbsp; 2457371 |
| &nbsp;&nbsp;&nbsp;Series 2024-HOU, Class E, 8.42%, (1 mo. SOFR + 4.387%), 6/15/39<sup>(1)(2)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6029897 |
| U.K. Logistics DAC, Series 2024-1A, Class E, 8.987%, (SONIA + 5.00), 5/17/34<sup>(1)(2)</sup> | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250 | &nbsp;&nbsp;&nbsp;&nbsp; 2962924 |
| VCC Trust, Series 2025-MC1, Class A1, 8.163% to 5/25/28, 5/25/55<sup>(1)(5)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21596 | &nbsp;&nbsp;&nbsp;&nbsp; 21481258 |
| Velocity Commercial Capital Loan Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-4, Class M2, 6.17%, 9/25/55<sup>(1)(4)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1221 | &nbsp;&nbsp;&nbsp;&nbsp; 1219624 |
| &nbsp;&nbsp;&nbsp;Series 2025-4, Class M4, 9.35%, 9/25/55<sup>(1)(4)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1495 | &nbsp;&nbsp;&nbsp;&nbsp; 1495902 |
| Wells Fargo Commercial Mortgage Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-1918, Class C, 6.692%, 9/15/40<sup>(1)(4)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5455 | &nbsp;&nbsp;&nbsp;&nbsp; 5494465 |
| &nbsp;&nbsp;&nbsp;Series 2025-1918, Class D, 8.623%, 9/15/40<sup>(1)(4)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9500 | &nbsp;&nbsp;&nbsp;&nbsp; 9635605 |
| WHARF Commercial Mortgage Trust, Series 2025-DC, Class E, 7.724%, , 7/15/40<sup>(1)(4)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16250 | &nbsp;&nbsp;&nbsp;&nbsp; 16703577 |
| Willowbrook Mall: |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-WBRK, Class D, 6.075%, 3/5/35<sup>(1)(4)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2451325 |
| &nbsp;&nbsp;&nbsp;Series 2025-WBRK, Class E, 6.075%, 3/5/35<sup>(1)(4)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5875 | &nbsp;&nbsp;&nbsp;&nbsp; 5517448 |
| Total Commercial Mortgage-Backed Securities<br> (identified cost $548,496,291) |  |  | &nbsp;&nbsp;**$551835709** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Common Stocks — 1.0%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Argentina — 0.0%<sup>†</sup> | Argentina — 0.0%<sup>†</sup> | Argentina — 0.0%<sup>†</sup> |
| Banco BBVA Argentina SA ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11800 | &nbsp;&nbsp;$195526 |
| Banco Macro SA ADR<sup>(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6800 | &nbsp;&nbsp;&nbsp;&nbsp; 615128 |
| Central Puerto SA ADR<sup>(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7600 | &nbsp;&nbsp;&nbsp;&nbsp; 118256 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Argentina (continued) | Argentina (continued) | Argentina (continued) |
| Corp. America Airports SA<sup>(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700 | &nbsp;&nbsp;$59832 |
| Cresud SA ADR<sup>(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 37110 |
| Empresa Distribuidora Y Comercializadora Norte ADR<sup>(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 49965 |
| Grupo Financiero Galicia SA ADR<sup>(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19000 | &nbsp;&nbsp;&nbsp;&nbsp; 1123470 |
| Grupo Supervielle SA ADR<sup>(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9800 | &nbsp;&nbsp;&nbsp;&nbsp; 121716 |
| IRSA Inversiones y Representaciones SA ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp; 37200 |
| Loma Negra Cia Industrial Argentina SA ADR<sup>(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 43880 |
| Pampa Energia SA ADR<sup>(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 257400 |
| Telecom Argentina SA ADR<sup>(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6800 | &nbsp;&nbsp;&nbsp;&nbsp; 76500 |
| Transportadora de Gas del Sur SA, Class B ADR<sup>(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5400 | &nbsp;&nbsp;&nbsp;&nbsp; 168102 |
| Vista Energy SAB de CV ADR<sup>(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5900 | &nbsp;&nbsp;&nbsp;&nbsp; 285855 |
| YPF SA ADR<sup>(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14700 | &nbsp;&nbsp;&nbsp;&nbsp; 535521 |
|  |  | &nbsp;&nbsp;**$3725461** |
| Brazil — 0.1% | Brazil — 0.1% | Brazil — 0.1% |
| Adecoagro SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700 | &nbsp;&nbsp;$21762 |
| Arcos Dorados Holdings, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11500 | &nbsp;&nbsp;&nbsp;&nbsp; 82455 |
| Suzano SA ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330200 | &nbsp;&nbsp;&nbsp;&nbsp; 2981706 |
| Vale SA ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553000 | &nbsp;&nbsp;&nbsp;&nbsp; 6685770 |
|  |  | &nbsp;&nbsp;**$9771693** |
| Bulgaria — 0.1% | Bulgaria — 0.1% | Bulgaria — 0.1% |
| Eurohold Bulgaria AD<sup>(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5122844 | &nbsp;&nbsp;$5356808 |
|  |  | &nbsp;&nbsp;**$5356808** |
| Canada — 0.0%<sup>†</sup> | Canada — 0.0%<sup>†</sup> | Canada — 0.0%<sup>†</sup> |
| Lithium Argentina AG<sup>(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10800 | &nbsp;&nbsp;$45468 |
|  |  | &nbsp;&nbsp;**$45468** |
| Colombia — 0.0%<sup>†</sup> | Colombia — 0.0%<sup>†</sup> | Colombia — 0.0%<sup>†</sup> |
| Canacol Energy Ltd.<sup>(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147000 | &nbsp;&nbsp;$236868 |
|  |  | &nbsp;&nbsp;**$236868** |
| Iceland — 0.0%<sup>†</sup> | Iceland — 0.0%<sup>†</sup> | Iceland — 0.0%<sup>†</sup> |
| Siminn Hf. | &nbsp;&nbsp;&nbsp;&nbsp;2023336 | &nbsp;&nbsp;$223688 |
|  |  | &nbsp;&nbsp;**$223688** |
| Mexico — 0.1% | Mexico — 0.1% | Mexico — 0.1% |
| Borr Drilling Ltd.<sup>(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;807106 | &nbsp;&nbsp;$2502029 |
| Orbia Advance Corp. SAB de CV | &nbsp;&nbsp;&nbsp;&nbsp;1917600 | &nbsp;&nbsp;&nbsp;&nbsp; 1736094 |
|  |  | &nbsp;&nbsp;**$4238123** |

---

*29*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_d86710f8-700a-4d42-b872-764752b88c6a_TOC)

Global Opportunities Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Pakistan — 0.0%<sup>†</sup> | Pakistan — 0.0%<sup>†</sup> | Pakistan — 0.0%<sup>†</sup> |
| VEON Ltd. ADR<sup>(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58200 | &nbsp;&nbsp;$2802330 |
|  |  | &nbsp;&nbsp;**$2802330** |
| Peru — 0.0%<sup>†</sup> | Peru — 0.0%<sup>†</sup> | Peru — 0.0%<sup>†</sup> |
| Auna SA, Class A<sup>(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;$1477500 |
|  |  | &nbsp;&nbsp;**$1477500** |
| Puerto Rico — 0.0%<sup>†</sup> | Puerto Rico — 0.0%<sup>†</sup> | Puerto Rico — 0.0%<sup>†</sup> |
| Liberty Latin America Ltd., Class C<sup>(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318000 | &nbsp;&nbsp;$2515380 |
|  |  | &nbsp;&nbsp;**$2515380** |
| Vietnam — 0.7% | Vietnam — 0.7% | Vietnam — 0.7% |
| Asia Commercial Bank JSC | &nbsp;&nbsp;&nbsp;&nbsp;1444200 | &nbsp;&nbsp;$1401626 |
| Bank for Foreign Trade of Vietnam JSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444800 | &nbsp;&nbsp;&nbsp;&nbsp; 1007073 |
| Coteccons Construction JSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711000 | &nbsp;&nbsp;&nbsp;&nbsp; 2794993 |
| Duc Giang Chemicals JSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221400 | &nbsp;&nbsp;&nbsp;&nbsp; 807296 |
| FPT Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2099900 | &nbsp;&nbsp;&nbsp;&nbsp; 8285502 |
| Gemadept Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666000 | &nbsp;&nbsp;&nbsp;&nbsp; 1723859 |
| Hoa Phat Group JSC<sup>(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2273500 | &nbsp;&nbsp;&nbsp;&nbsp; 2309233 |
| IDICO Corp. JSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419900 | &nbsp;&nbsp;&nbsp;&nbsp; 606779 |
| Khang Dien House Trading & Investment JSC<sup>(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1986700 | &nbsp;&nbsp;&nbsp;&nbsp; 2705364 |
| Kinh Bac City Development Holding Corp.<sup>(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2227400 | &nbsp;&nbsp;&nbsp;&nbsp; 2962160 |
| Masan Group Corp.<sup>(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373800 | &nbsp;&nbsp;&nbsp;&nbsp; 1130789 |
| Military Commercial Joint Stock Bank | &nbsp;&nbsp;&nbsp;&nbsp;3369600 | &nbsp;&nbsp;&nbsp;&nbsp; 3022894 |
| Mobile World Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2479200 | &nbsp;&nbsp;&nbsp;&nbsp; 7773153 |
| Nam Long Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1923600 | &nbsp;&nbsp;&nbsp;&nbsp; 2902518 |
| Phat Dat Real Estate Development Corp.<sup>(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1363200 | &nbsp;&nbsp;&nbsp;&nbsp; 1166104 |
| Saigon Thuong Tin Commercial JSB<sup>(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1318100 | &nbsp;&nbsp;&nbsp;&nbsp; 2777710 |
| SSI Securities Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3581300 | &nbsp;&nbsp;&nbsp;&nbsp; 4661382 |
| Vietnam Dairy Products JSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304500 | &nbsp;&nbsp;&nbsp;&nbsp; 666605 |
| Vietnam Joint Stock Commercial Bank for Industry & Trade | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865300 | &nbsp;&nbsp;&nbsp;&nbsp; 1611018 |
| Vietnam Prosperity JSC Bank | &nbsp;&nbsp;&nbsp;&nbsp;1798000 | &nbsp;&nbsp;&nbsp;&nbsp; 1957208 |
| Vietnam Technological & Commercial Joint Stock Bank | &nbsp;&nbsp;&nbsp;&nbsp;3498200 | &nbsp;&nbsp;&nbsp;&nbsp; 4662535 |
| Vingroup JSC<sup>(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;647700 | &nbsp;&nbsp;&nbsp;&nbsp; 4709586 |
| Vinh Hoan Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;977300 | &nbsp;&nbsp;&nbsp;&nbsp; 2188832 |
|  |  | &nbsp;&nbsp;**$63834219** |
| Total Common Stocks<br> (identified cost $91,110,622) |  | &nbsp;&nbsp;**$94227538** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Convertible Bonds — 2.6%

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Australia — 0.0%<sup>†</sup> | Australia — 0.0%<sup>†</sup> | Australia — 0.0%<sup>†</sup> | Australia — 0.0%<sup>†</sup> |
| IREN Ltd., 0.00%, 7/1/31<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;$221655 |
|  |  |  | &nbsp;&nbsp;**$221655** |
| China — 0.3% | China — 0.3% | China — 0.3% | China — 0.3% |
| Alibaba Group Holding Ltd., 0.50%, 6/1/31 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8404 | &nbsp;&nbsp;$14879282 |
| H World Group Ltd., 3.00%, 5/1/26 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2227 | &nbsp;&nbsp;&nbsp;&nbsp; 2453041 |
| JD.com, Inc., 0.25%, 6/1/29 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2965 | &nbsp;&nbsp;&nbsp;&nbsp; 3142900 |
| Kaisa Group Holdings Ltd.: |  |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 12/31/25<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;&nbsp; 479 |
| &nbsp;&nbsp;&nbsp;0.00%, 12/31/26<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;&nbsp;&nbsp; 355 |
| &nbsp;&nbsp;&nbsp;0.00%, 12/31/27<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | &nbsp;&nbsp;&nbsp;&nbsp; 266 |
| &nbsp;&nbsp;&nbsp;0.00%, 12/31/28<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 | &nbsp;&nbsp;&nbsp;&nbsp; 355 |
| &nbsp;&nbsp;&nbsp;0.00%, 12/31/29<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 | &nbsp;&nbsp;&nbsp;&nbsp; 355 |
| &nbsp;&nbsp;&nbsp;0.00%, 12/31/30<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71 | &nbsp;&nbsp;&nbsp;&nbsp; 444 |
| &nbsp;&nbsp;&nbsp;0.00%, 12/31/31<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71 | &nbsp;&nbsp;&nbsp;&nbsp; 444 |
| &nbsp;&nbsp;&nbsp;0.00%, 12/31/32<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134 | &nbsp;&nbsp;&nbsp;&nbsp; 837 |
| Li Auto, Inc., 0.25%, 5/1/28 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp; 1689200 |
| PDD Holdings, Inc., 0.00%, 12/1/25 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2151 | &nbsp;&nbsp;&nbsp;&nbsp; 2141966 |
| Ping An Insurance Group Co. of China Ltd., 0.00%, 6/11/30<sup>(11)</sup> | HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19000 | &nbsp;&nbsp;&nbsp;&nbsp; 2785002 |
| Shimao Group Holdings Ltd., 0.00%, 7/21/26<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408 | &nbsp;&nbsp;&nbsp;&nbsp; 19905 |
| Sunac China Holdings Ltd., 1.00% PIK to 9/30/26, 9/30/32<sup>(11)(12)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258 | &nbsp;&nbsp;&nbsp;&nbsp; 34815 |
| Trip.com Group Ltd., 0.75%, 6/15/29 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3050 | &nbsp;&nbsp;&nbsp;&nbsp; 3737775 |
|  |  |  | &nbsp;&nbsp;**$30887421** |
| Germany — 0.0%<sup>†</sup> | Germany — 0.0%<sup>†</sup> | Germany — 0.0%<sup>†</sup> | Germany — 0.0%<sup>†</sup> |
| TUI AG, 1.95%, 7/26/31<sup>(11)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;$1958929 |
|  |  |  | &nbsp;&nbsp;**$1958929** |
| Israel — 0.1% | Israel — 0.1% | Israel — 0.1% | Israel — 0.1% |
| Nova Ltd., 0.00%, 9/15/30<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880 | &nbsp;&nbsp;$1128674 |
| Wix.com Ltd., 0.00%, 9/15/30<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1730 | &nbsp;&nbsp;&nbsp;&nbsp; 1725675 |
|  |  |  | &nbsp;&nbsp;**$2854349** |
| Singapore — 0.0%<sup>†</sup> | Singapore — 0.0%<sup>†</sup> | Singapore — 0.0%<sup>†</sup> | Singapore — 0.0%<sup>†</sup> |
| Grab Holdings Ltd., 0.00%, 6/15/30<sup>(11)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1760 | &nbsp;&nbsp;$2046880 |
|  |  |  | &nbsp;&nbsp;**$2046880** |

---

*30*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_d86710f8-700a-4d42-b872-764752b88c6a_TOC)

Global Opportunities Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Spain — 0.0%<sup>†</sup> | Spain — 0.0%<sup>†</sup> | Spain — 0.0%<sup>†</sup> | Spain — 0.0%<sup>†</sup> |
| Cellnex Telecom SA, 0.50%, 7/5/28<sup>(11)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;$1683862 |
|  |  |  | &nbsp;&nbsp;**$1683862** |
| Taiwan — 0.0%<sup>†</sup> | Taiwan — 0.0%<sup>†</sup> | Taiwan — 0.0%<sup>†</sup> | Taiwan — 0.0%<sup>†</sup> |
| Wistron Corp., 0.00%, 10/23/30<sup>(11)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;$2063500 |
|  |  |  | &nbsp;&nbsp;**$2063500** |
| United Kingdom — 0.0%<sup>†</sup> | United Kingdom — 0.0%<sup>†</sup> | United Kingdom — 0.0%<sup>†</sup> | United Kingdom — 0.0%<sup>†</sup> |
| Barclays Bank PLC, 1.00%, 2/16/29 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2071 | &nbsp;&nbsp;$2348990 |
|  |  |  | &nbsp;&nbsp;**$2348990** |
| United States — 2.2% | United States — 2.2% | United States — 2.2% | United States — 2.2% |
| Affirm Holdings, Inc., 0.75%, 12/15/29<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2540 | &nbsp;&nbsp;$2763520 |
| Airbnb, Inc., 0.00%, 3/15/26 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1933 | &nbsp;&nbsp;&nbsp;&nbsp; 1904005 |
| Akamai Technologies, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;0.25%, 5/15/33<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3520 | &nbsp;&nbsp;&nbsp;&nbsp; 3564000 |
| &nbsp;&nbsp;&nbsp;1.125%, 2/15/29 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2365 | &nbsp;&nbsp;&nbsp;&nbsp; 2239655 |
| Alnylam Pharmaceuticals, Inc., 0.00%, 9/15/28<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2540 | &nbsp;&nbsp;&nbsp;&nbsp; 2546350 |
| Alphatec Holdings, Inc., 0.75%, 3/15/30<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870 | &nbsp;&nbsp;&nbsp;&nbsp; 1245520 |
| Amphastar Pharmaceuticals, Inc., 2.00%, 3/15/29 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2170 | &nbsp;&nbsp;&nbsp;&nbsp; 1971228 |
| Avnet, Inc., 1.75%, 9/1/30<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1860 | &nbsp;&nbsp;&nbsp;&nbsp; 1837680 |
| Axon Enterprise, Inc., 0.50%, 12/15/27 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 608523 |
| Bentley Systems, Inc., 0.125%, 1/15/26 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1195 | &nbsp;&nbsp;&nbsp;&nbsp; 1187830 |
| Bill Holdings, Inc., 0.00%, 4/1/30<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2330 | &nbsp;&nbsp;&nbsp;&nbsp; 2069040 |
| BlackLine, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 3/15/26 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2455 | &nbsp;&nbsp;&nbsp;&nbsp; 2415106 |
| &nbsp;&nbsp;&nbsp;1.00%, 6/1/29 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1860 | &nbsp;&nbsp;&nbsp;&nbsp; 2002011 |
| Block, Inc., 0.25%, 11/1/27 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1320 | &nbsp;&nbsp;&nbsp;&nbsp; 1214287 |
| Bridgebio Pharma, Inc., 1.75%, 3/1/31<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660 | &nbsp;&nbsp;&nbsp;&nbsp; 1000313 |
| CenterPoint Energy, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 8/1/28<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2260 | &nbsp;&nbsp;&nbsp;&nbsp; 2294239 |
| &nbsp;&nbsp;&nbsp;4.25%, 8/15/26 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1175 | &nbsp;&nbsp;&nbsp;&nbsp; 1295438 |
| Cloudflare, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 8/15/26 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2160 | &nbsp;&nbsp;&nbsp;&nbsp; 3015235 |
| &nbsp;&nbsp;&nbsp;0.00%, 6/15/30<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2350 | &nbsp;&nbsp;&nbsp;&nbsp; 2945564 |
| CMS Energy Corp., 3.375%, 5/1/28 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp; 1984500 |
| Coinbase Global, Inc., 0.00%, 10/1/32<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3940 | &nbsp;&nbsp;&nbsp;&nbsp; 4400980 |
| Confluent, Inc., 0.00%, 1/15/27<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1265 | &nbsp;&nbsp;&nbsp;&nbsp; 1209087 |
| Cytokinetics, Inc., 3.50%, 7/1/27 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1205 | &nbsp;&nbsp;&nbsp;&nbsp; 1708690 |
| Datadog, Inc., 0.00%, 12/1/29<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2604 | &nbsp;&nbsp;&nbsp;&nbsp; 2768052 |
| Dayforce, Inc., 0.25%, 3/15/26 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1205 | &nbsp;&nbsp;&nbsp;&nbsp; 1183611 |
| Dexcom, Inc., 0.375%, 5/15/28 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1285 | &nbsp;&nbsp;&nbsp;&nbsp; 1166459 |
| Digital Realty Trust LP, 1.875%, 11/15/29<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp; 2431560 |
| DigitalOcean Holdings, Inc., 0.00%, 8/15/30<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1180 | &nbsp;&nbsp;&nbsp;&nbsp; 1481490 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| United States (continued) | United States (continued) | United States (continued) | United States (continued) |
| DoorDash, Inc., 0.00%, 5/15/30<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2330 | &nbsp;&nbsp;$2578145 |
| Duke Energy Corp., 4.125%, 4/15/26 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2380 | &nbsp;&nbsp;&nbsp;&nbsp; 2565045 |
| Enovis Corp., 3.875%, 10/15/28 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250 | &nbsp;&nbsp;&nbsp;&nbsp; 2246062 |
| Envista Holdings Corp., 1.75%, 8/15/28 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2010 | &nbsp;&nbsp;&nbsp;&nbsp; 1912012 |
| Etsy, Inc., 0.25%, 6/15/28 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2740 | &nbsp;&nbsp;&nbsp;&nbsp; 2448875 |
| Euronet Worldwide, Inc., 0.625%, 10/1/30<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1730 | &nbsp;&nbsp;&nbsp;&nbsp; 1574300 |
| Evergy, Inc., 4.50%, 12/15/27 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1395 | &nbsp;&nbsp;&nbsp;&nbsp; 1775661 |
| Evolent Health, Inc., 3.50%, 12/1/29 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1455 | &nbsp;&nbsp;&nbsp;&nbsp; 1152360 |
| Exact Sciences Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;0.375%, 3/1/28 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2545 | &nbsp;&nbsp;&nbsp;&nbsp; 2434292 |
| &nbsp;&nbsp;&nbsp;2.00%, 3/1/30<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910 | &nbsp;&nbsp;&nbsp;&nbsp; 1024023 |
| Expedia Group, Inc., 0.00%, 2/15/26 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2010 | &nbsp;&nbsp;&nbsp;&nbsp; 2039145 |
| Federal Realty OP LP, 3.25%, 1/15/29<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1755 | &nbsp;&nbsp;&nbsp;&nbsp; 1755878 |
| Five9, Inc., 1.00%, 3/15/29 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1335 | &nbsp;&nbsp;&nbsp;&nbsp; 1198163 |
| Ford Motor Co., 0.00%, 3/15/26 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1269 | &nbsp;&nbsp;&nbsp;&nbsp; 1331181 |
| Galaxy Digital Holdings LP, 0.50%, 5/1/31<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp; 2074275 |
| Global Payments, Inc., 1.50%, 3/1/31 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2750 | &nbsp;&nbsp;&nbsp;&nbsp; 2487375 |
| Haemonetics Corp., 2.50%, 6/1/29 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1810 | &nbsp;&nbsp;&nbsp;&nbsp; 1702667 |
| Halozyme Therapeutics, Inc., 1.00%, 8/15/28 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2075 | &nbsp;&nbsp;&nbsp;&nbsp; 2726550 |
| Integer Holdings Corp., 1.875%, 3/15/30<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1145 | &nbsp;&nbsp;&nbsp;&nbsp; 997868 |
| InterDigital, Inc., 3.50%, 6/1/27 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 1055250 |
| Ionis Pharmaceuticals, Inc., 1.75%, 6/15/28 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2350 | &nbsp;&nbsp;&nbsp;&nbsp; 3585277 |
| Itron, Inc., 0.00%, 3/15/26 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1350 | &nbsp;&nbsp;&nbsp;&nbsp; 1330425 |
| Jazz Investments I Ltd.: |  |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, 6/15/26 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1715 | &nbsp;&nbsp;&nbsp;&nbsp; 1844911 |
| &nbsp;&nbsp;&nbsp;3.125%, 9/15/30 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1660 | &nbsp;&nbsp;&nbsp;&nbsp; 2031010 |
| Lantheus Holdings, Inc., 2.625%, 12/15/27 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1680 | &nbsp;&nbsp;&nbsp;&nbsp; 1867740 |
| Liberty Broadband Corp., 3.125%, 3/31/53<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1925 | &nbsp;&nbsp;&nbsp;&nbsp; 1908638 |
| Liberty Media Corp.-Liberty Formula One, 2.25%, 8/15/27 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1605 | &nbsp;&nbsp;&nbsp;&nbsp; 2057610 |
| Live Nation Entertainment, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;2.875%, 1/15/30<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2310 | &nbsp;&nbsp;&nbsp;&nbsp; 2458995 |
| &nbsp;&nbsp;&nbsp;2.875%, 10/15/31<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp;&nbsp; 846005 |
| Lumentum Holdings, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;0.375%, 3/15/32<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1130 | &nbsp;&nbsp;&nbsp;&nbsp; 1500075 |
| &nbsp;&nbsp;&nbsp;0.50%, 6/15/28 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2485 | &nbsp;&nbsp;&nbsp;&nbsp; 4069187 |
| MARA Holdings, Inc., 0.00%, 6/1/31<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1580 | &nbsp;&nbsp;&nbsp;&nbsp; 1519170 |
| Marriott Vacations Worldwide Corp., 3.25%, 12/15/27 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp; 1998150 |
| Match Group Financeco 3, Inc., 2.00%, 1/15/30<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1350 | &nbsp;&nbsp;&nbsp;&nbsp; 1225125 |
| Merit Medical Systems, Inc., 3.00%, 2/1/29<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1535 | &nbsp;&nbsp;&nbsp;&nbsp; 1852745 |
| Meritage Homes Corp., 1.75%, 5/15/28 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1430 | &nbsp;&nbsp;&nbsp;&nbsp; 1431554 |
| Microchip Technology, Inc., 0.75%, 6/1/30 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2595 | &nbsp;&nbsp;&nbsp;&nbsp; 2531422 |
| MKS, Inc., 1.25%, 6/1/30 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2520 | &nbsp;&nbsp;&nbsp;&nbsp; 3030300 |
| NCL Corp. Ltd., 1.125%, 2/15/27 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2450 | &nbsp;&nbsp;&nbsp;&nbsp; 2464700 |

---

*31*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_d86710f8-700a-4d42-b872-764752b88c6a_TOC)

Global Opportunities Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| United States (continued) | United States (continued) | United States (continued) | United States (continued) |
| NextEra Energy Capital Holdings, Inc., 3.00%, 3/1/27 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1520 | &nbsp;&nbsp;$1906840 |
| Nutanix, Inc., 0.50%, 12/15/29<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2285 | &nbsp;&nbsp;&nbsp;&nbsp; 2523097 |
| ON Semiconductor Corp., 0.50%, 3/1/29 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4555 | &nbsp;&nbsp;&nbsp;&nbsp; 4238427 |
| Parsons Corp., 2.625%, 3/1/29 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp; 2515700 |
| PG&E Corp., 4.25%, 12/1/27 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3385 | &nbsp;&nbsp;&nbsp;&nbsp; 3482826 |
| Post Holdings, Inc., 2.50%, 8/15/27 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2050 | &nbsp;&nbsp;&nbsp;&nbsp; 2257050 |
| PPL Capital Funding, Inc., 2.875%, 3/15/28 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2285 | &nbsp;&nbsp;&nbsp;&nbsp; 2594046 |
| Progress Software Corp., 3.50%, 3/1/30 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1630 | &nbsp;&nbsp;&nbsp;&nbsp; 1661378 |
| Rapid7, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;0.25%, 3/15/27 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585 | &nbsp;&nbsp;&nbsp;&nbsp; 554317 |
| &nbsp;&nbsp;&nbsp;1.25%, 3/15/29 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710 | &nbsp;&nbsp;&nbsp;&nbsp; 642479 |
| Rivian Automotive, Inc., 4.625%, 3/15/29 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2495 | &nbsp;&nbsp;&nbsp;&nbsp; 2465372 |
| Rubrik, Inc., 0.00%, 6/15/30<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1765 | &nbsp;&nbsp;&nbsp;&nbsp; 1714698 |
| Shift4 Payments, Inc., 0.50%, 8/1/27 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2745 | &nbsp;&nbsp;&nbsp;&nbsp; 2703825 |
| Snowflake, Inc., 0.00%, 10/1/29 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1175 | &nbsp;&nbsp;&nbsp;&nbsp; 2170812 |
| Southern Co., 3.25%, 6/15/28<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3140 | &nbsp;&nbsp;&nbsp;&nbsp; 3202800 |
| Spotify USA, Inc., 0.00%, 3/15/26 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2375 | &nbsp;&nbsp;&nbsp;&nbsp; 3068500 |
| Strategy, Inc., 0.00%, 12/1/29<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6805 | &nbsp;&nbsp;&nbsp;&nbsp; 5945869 |
| Super Micro Computer, Inc., 0.00%, 6/15/30<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2520 | &nbsp;&nbsp;&nbsp;&nbsp; 2977219 |
| Tyler Technologies, Inc., 0.25%, 3/15/26 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1560 | &nbsp;&nbsp;&nbsp;&nbsp; 1627080 |
| Uber Technologies, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 12/15/25 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1410 | &nbsp;&nbsp;&nbsp;&nbsp; 1680917 |
| &nbsp;&nbsp;&nbsp;0.00%, 5/15/28<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1760 | &nbsp;&nbsp;&nbsp;&nbsp; 1860320 |
| &nbsp;&nbsp;&nbsp;0.875%, 12/1/28 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 3646250 |
| Ventas Realty LP, 3.75%, 6/1/26 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880 | &nbsp;&nbsp;&nbsp;&nbsp; 1191960 |
| Western Digital Corp., 3.00%, 11/15/28 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1370 | &nbsp;&nbsp;&nbsp;&nbsp; 5490275 |
| Workiva, Inc., 1.25%, 8/15/28 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2520 | &nbsp;&nbsp;&nbsp;&nbsp; 2502990 |
| XPLR Infrastructure LP, 2.50%, 6/15/26<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3120 | &nbsp;&nbsp;&nbsp;&nbsp; 3065400 |
| Ziff Davis, Inc., 1.75%, 11/1/26 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1130 | &nbsp;&nbsp;&nbsp;&nbsp; 1096100 |
| Zscaler, Inc., 0.00%, 7/15/28<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1760 | &nbsp;&nbsp;&nbsp;&nbsp; 1819840 |
|  |  |  | &nbsp;&nbsp;**$203692526** |
| Total Convertible Bonds<br> (identified cost $228,812,953) |  |  | &nbsp;&nbsp;**$247758112** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Convertible Preferred Stocks — 0.1%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| United States — 0.1% | United States — 0.1% | United States — 0.1% |
| Bank of America Corp., Series L, 7.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;$3783000 |
| Wells Fargo & Co., Series L, Class A, 7.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3100 | &nbsp;&nbsp;&nbsp;&nbsp; 3835475 |
| Total Convertible Preferred Stocks<br> (identified cost $7,401,269) |  | &nbsp;&nbsp;**$7618475** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Exchange-Traded Funds — 0.6%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| iShares Broad USD High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;1393600 | &nbsp;&nbsp;$52371488 |
| ProShares Short VIX Short-Term Futures ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122200 | &nbsp;&nbsp;&nbsp;&nbsp; 6070896 |
| Total Exchange-Traded Funds<br> (identified cost $58,025,182) |  | &nbsp;&nbsp;**$58442384** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Foreign Corporate Bonds — 7.6%

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Angola — 0.2% | Angola — 0.2% | Angola — 0.2% | Angola — 0.2% |
| Azule Energy Finance PLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;8.125%, 1/23/30<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8402 | &nbsp;&nbsp;$8452070 |
| &nbsp;&nbsp;&nbsp;8.125%, 1/23/30<sup>(11)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8638 | &nbsp;&nbsp;&nbsp;&nbsp; 8689476 |
|  |  |  | &nbsp;&nbsp;**$17141546** |
| Argentina — 0.2% | Argentina — 0.2% | Argentina — 0.2% | Argentina — 0.2% |
| Banco Macro SA: |  |  |  |
| &nbsp;&nbsp;&nbsp;8.00%, 6/23/29<sup>(11)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;963 | &nbsp;&nbsp;$972919 |
| &nbsp;&nbsp;&nbsp;8.00%, 6/23/29<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5936 | &nbsp;&nbsp;&nbsp;&nbsp; 5997141 |
| Empresa Distribuidora de Electricidad de Mendoza SA, 9.75% to 7/28/29, 7/28/31<sup>(1)(5)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7420 | &nbsp;&nbsp;&nbsp;&nbsp; 6928425 |
| Generacion Mediterranea SA/Central Termica Roca SA: |  |  |  |
| &nbsp;&nbsp;&nbsp;11.00%, 11/1/31<sup>(11)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 131195 |
| &nbsp;&nbsp;&nbsp;11.00%, 11/1/31<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3775 | &nbsp;&nbsp;&nbsp;&nbsp; 2153040 |
| YPF SA, 8.25%, 1/17/34<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6205 | &nbsp;&nbsp;&nbsp;&nbsp; 6261649 |
|  |  |  | &nbsp;&nbsp;**$22444369** |
| Brazil — 1.3% | Brazil — 1.3% | Brazil — 1.3% | Brazil — 1.3% |
| Adecoagro SA, 7.50%, 7/29/32<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4559 | &nbsp;&nbsp;$4313042 |
| Braskem Netherlands Finance BV: |  |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, 1/10/28<sup>(11)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2164 | &nbsp;&nbsp;&nbsp;&nbsp; 975098 |
| &nbsp;&nbsp;&nbsp;4.50%, 1/31/30<sup>(11)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13287 | &nbsp;&nbsp;&nbsp;&nbsp; 5355857 |
| &nbsp;&nbsp;&nbsp;8.50% to 12/1/25, 1/23/81<sup>(11)(13)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9310 | &nbsp;&nbsp;&nbsp;&nbsp; 2609034 |
| Constellation Oil Services Holding SA: |  |  |  |
| &nbsp;&nbsp;&nbsp;9.375%, 11/7/29<sup>(11)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1162 | &nbsp;&nbsp;&nbsp;&nbsp; 1196860 |
| &nbsp;&nbsp;&nbsp;9.375%, 11/7/29<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5843 | &nbsp;&nbsp;&nbsp;&nbsp; 6018290 |
| Embraer Netherlands Finance BV, 5.40%, 1/9/38 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1186 | &nbsp;&nbsp;&nbsp;&nbsp; 1188965 |
| Gol Finance, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;14.375%, 6/6/30<sup>(11)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1244 | &nbsp;&nbsp;&nbsp;&nbsp; 1263966 |
| &nbsp;&nbsp;&nbsp;14.375%, 6/6/30<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10239 | &nbsp;&nbsp;&nbsp;&nbsp; 10403336 |
| Guara Norte SARL, 5.198%, 6/15/34<sup>(11)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7031 | &nbsp;&nbsp;&nbsp;&nbsp; 6932738 |
| MV24 Capital BV, 6.748%, 6/1/34<sup>(11)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10354 | &nbsp;&nbsp;&nbsp;&nbsp; 10264730 |

---

*32*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_d86710f8-700a-4d42-b872-764752b88c6a_TOC)

Global Opportunities Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Brazil (continued) | Brazil (continued) | Brazil (continued) | Brazil (continued) |
| Oceanica Lux: |  |  |  |
| &nbsp;&nbsp;&nbsp;13.00%, 10/2/29<sup>(11)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4394 | &nbsp;&nbsp;$4359634 |
| &nbsp;&nbsp;&nbsp;13.00%, 10/2/29<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9870 | &nbsp;&nbsp;&nbsp;&nbsp; 9792805 |
| OHI Group SA: |  |  |  |
| &nbsp;&nbsp;&nbsp;13.00%, 7/22/29<sup>(11)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5669 | &nbsp;&nbsp;&nbsp;&nbsp; 5858550 |
| &nbsp;&nbsp;&nbsp;13.00%, 7/22/29<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10441 | &nbsp;&nbsp;&nbsp;&nbsp; 10790257 |
| OI SA, 10.00%, (10.00% cash or 7.50% cash and 6.00% PIK), 6/30/27<sup>(1)(14)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3657 | &nbsp;&nbsp;&nbsp;&nbsp; 1828287 |
| Raizen Fuels Finance SA: |  |  |  |
| &nbsp;&nbsp;&nbsp;6.25%, 7/8/32<sup>(11)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6674 | &nbsp;&nbsp;&nbsp;&nbsp; 5681242 |
| &nbsp;&nbsp;&nbsp;6.25%, 7/8/32<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7597 | &nbsp;&nbsp;&nbsp;&nbsp; 6466946 |
| &nbsp;&nbsp;&nbsp;6.45%, 3/5/34<sup>(11)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448 | &nbsp;&nbsp;&nbsp;&nbsp; 381640 |
| &nbsp;&nbsp;&nbsp;6.70%, 2/25/37<sup>(11)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;957 | &nbsp;&nbsp;&nbsp;&nbsp; 800057 |
| Samarco Mineracao SA, 9.00% PIK to 12/30/25, 6/30/31<sup>(11)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18889 | &nbsp;&nbsp;&nbsp;&nbsp; 18900777 |
| Unigel Luxembourg SA, 13.50%, (13.50% cash or 15.00% PIK), 12/31/27<sup>(11)(14)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp; 227786 |
| Vale SA, Series A6, 0.00%<sup>(15)(16)</sup> | BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50226 | &nbsp;&nbsp;&nbsp;&nbsp; 3916389 |
| Yinson Boronia Production BV: |  |  |  |
| &nbsp;&nbsp;&nbsp;8.947%, 7/31/42<sup>(11)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1924 | &nbsp;&nbsp;&nbsp;&nbsp; 2103219 |
| &nbsp;&nbsp;&nbsp;8.947%, 7/31/42<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2718 | &nbsp;&nbsp;&nbsp;&nbsp; 2970890 |
|  |  |  | &nbsp;&nbsp;**$124600395** |
| Cameroon — 0.1% | Cameroon — 0.1% | Cameroon — 0.1% | Cameroon — 0.1% |
| Golar LNG Ltd., 7.75%, 9/19/29<sup>(1)(11)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;$8280742 |
|  |  |  | &nbsp;&nbsp;**$8280742** |
| Canada — 0.1% | Canada — 0.1% | Canada — 0.1% | Canada — 0.1% |
| Aris Gold Corp., 7.50%, 8/26/27 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1218 | &nbsp;&nbsp;$1229335 |
| Polaris Renewable Energy, Inc., 9.50%, 12/3/29 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3125 | &nbsp;&nbsp;&nbsp;&nbsp; 3250000 |
| Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo U.S. LLC, 9.50%, 5/15/30<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1665 | &nbsp;&nbsp;&nbsp;&nbsp; 1562718 |
|  |  |  | &nbsp;&nbsp;**$6042053** |
| China — 0.2% | China — 0.2% | China — 0.2% | China — 0.2% |
| China Oil & Gas Group Ltd., 4.70%, 6/30/26<sup>(11)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9952 | &nbsp;&nbsp;$9860655 |
| Kaisa Group Holdings Ltd.: |  |  |  |
| &nbsp;&nbsp;&nbsp;6.25%, (5.25% cash or 6.25% PIK), 12/28/28<sup>(1)(14)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 | &nbsp;&nbsp;&nbsp;&nbsp; 916 |
| &nbsp;&nbsp;&nbsp;6.50%, (5.50% cash or 6.50% PIK), 12/28/29<sup>(1)(14)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71 | &nbsp;&nbsp;&nbsp;&nbsp; 1528 |
| &nbsp;&nbsp;&nbsp;6.75%, (5.75% cash or 6.75% PIK), 12/28/30<sup>(1)(14)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 1591 |
| &nbsp;&nbsp;&nbsp;7.00%, (6.00% cash or 7.00% PIK), 12/28/31<sup>(1)(14)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128 | &nbsp;&nbsp;&nbsp;&nbsp; 2341 |
| &nbsp;&nbsp;&nbsp;7.25%, (6.25% cash or 7.25% PIK), 12/28/32<sup>(1)(14)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 1612 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| China (continued) | China (continued) | China (continued) | China (continued) |
| Kaisa Group Holdings Ltd.: (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;7.721%, (6.72% cash or 7.721% PIK), 12/28/27<sup>(1)(14)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;$781 |
| KWG Group Holdings Ltd., 7.875%, 8/30/24<sup>(12)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519 | &nbsp;&nbsp;&nbsp;&nbsp; 32502 |
| Longfor Group Holdings Ltd.: |  |  |  |
| &nbsp;&nbsp;&nbsp;3.375%, 4/13/27<sup>(11)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1943 | &nbsp;&nbsp;&nbsp;&nbsp; 1815663 |
| &nbsp;&nbsp;&nbsp;3.95%, 9/16/29<sup>(11)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4343 | &nbsp;&nbsp;&nbsp;&nbsp; 3648995 |
| Shimao Group Holdings Ltd.: |  |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, (2.00% cash or 3.00% PIK), 7/21/32<sup>(1)(14)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471 | &nbsp;&nbsp;&nbsp;&nbsp; 15321 |
| &nbsp;&nbsp;&nbsp;2.00%, (2.00% cash or 3.00% PIK), 7/21/33<sup>(1)(14)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707 | &nbsp;&nbsp;&nbsp;&nbsp; 20596 |
| &nbsp;&nbsp;&nbsp;2.00%, (2.00% cash or 3.00% PIK), 1/21/34<sup>(1)(14)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707 | &nbsp;&nbsp;&nbsp;&nbsp; 17060 |
| &nbsp;&nbsp;&nbsp;5.00%, (5.00% cash or 6.00% PIK), 7/21/31<sup>(1)(14)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2575 | &nbsp;&nbsp;&nbsp;&nbsp; 96581 |
| Sunac China Holdings Ltd.: |  |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, (5.00% cash or 6.00% PIK), 9/30/26<sup>(11)(12)(14)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219 | &nbsp;&nbsp;&nbsp;&nbsp; 34108 |
| &nbsp;&nbsp;&nbsp;6.25%, (5.25% cash or 6.25% PIK), 9/30/27<sup>(11)(12)(14)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 33788 |
| &nbsp;&nbsp;&nbsp;6.50%, (5.50% cash or 6.50% PIK), 9/30/27<sup>(11)(12)(14)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440 | &nbsp;&nbsp;&nbsp;&nbsp; 68261 |
| &nbsp;&nbsp;&nbsp;6.75%, (5.75% cash or 6.75% PIK), 9/30/28<sup>(11)(12)(14)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;662 | &nbsp;&nbsp;&nbsp;&nbsp; 102639 |
| &nbsp;&nbsp;&nbsp;7.00%, (6.00% cash or 7.00% PIK), 9/30/29<sup>(11)(12)(14)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664 | &nbsp;&nbsp;&nbsp;&nbsp; 102887 |
| &nbsp;&nbsp;&nbsp;7.25%, (6.25% cash or 7.25% PIK), 9/30/30<sup>(11)(12)(14)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313 | &nbsp;&nbsp;&nbsp;&nbsp; 48398 |
| Times China Holdings Ltd.: |  |  |  |
| &nbsp;&nbsp;&nbsp;5.55%, 6/4/24<sup>(11)(12)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2221 | &nbsp;&nbsp;&nbsp;&nbsp; 83287 |
| &nbsp;&nbsp;&nbsp;6.75%, 7/16/23<sup>(11)(12)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1041 | &nbsp;&nbsp;&nbsp;&nbsp; 37091 |
| Yanlord Land HK Co. Ltd., 5.125%, 5/20/26<sup>(11)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 197418 |
|  |  |  | &nbsp;&nbsp;**$16224019** |
| Colombia — 0.3% | Colombia — 0.3% | Colombia — 0.3% | Colombia — 0.3% |
| ABRA Global Finance, 14.00%, (6.00% cash and 8.00% PIK), 10/22/29<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6999 | &nbsp;&nbsp;$6862019 |
| Banco Davivienda SA: |  |  |  |
| &nbsp;&nbsp;&nbsp;6.65% to 4/22/31<sup>(11)(13)(15)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2701 | &nbsp;&nbsp;&nbsp;&nbsp; 2471956 |
| &nbsp;&nbsp;&nbsp;8.125% to 7/2/30, 7/2/35<sup>(11)(13)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920 | &nbsp;&nbsp;&nbsp;&nbsp; 951245 |
| &nbsp;&nbsp;&nbsp;8.125% to 7/2/30, 7/2/35<sup>(1)(13)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6519 | &nbsp;&nbsp;&nbsp;&nbsp; 6740399 |
| Banco de Occidente SA, 10.875% to 5/13/29, 8/13/34<sup>(11)(13)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6504 | &nbsp;&nbsp;&nbsp;&nbsp; 7365780 |
| Canacol Energy Ltd., 5.75%, 11/24/28<sup>(11)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4938 | &nbsp;&nbsp;&nbsp;&nbsp; 1043153 |
| EnfraGen Energia Sur SA/EnfraGen Spain SA/Prime Energia SpA, 5.375%, 12/30/30<sup>(11)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7564 | &nbsp;&nbsp;&nbsp;&nbsp; 7046771 |
|  |  |  | &nbsp;&nbsp;**$32481323** |

---

*33*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_d86710f8-700a-4d42-b872-764752b88c6a_TOC)

Global Opportunities Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| France — 0.0%<sup>†</sup> | France — 0.0%<sup>†</sup> | France — 0.0%<sup>†</sup> | France — 0.0%<sup>†</sup> |
| Atos SE: |  |  |  |
| &nbsp;&nbsp;&nbsp;5.00% to 12/18/25, 12/18/30<sup>(5)(11)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;$3388667 |
| &nbsp;&nbsp;&nbsp;9.00% to 12/18/25, 12/18/29<sup>(5)(11)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396 | &nbsp;&nbsp;&nbsp;&nbsp; 522317 |
|  |  |  | &nbsp;&nbsp;**$3910984** |
| Georgia — 0.2% | Georgia — 0.2% | Georgia — 0.2% | Georgia — 0.2% |
| Bank of Georgia JSC: |  |  |  |
| &nbsp;&nbsp;&nbsp;9.50% to 7/16/29<sup>(1)(13)(15)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;$207005 |
| &nbsp;&nbsp;&nbsp;9.50% to 7/16/29<sup>(11)(13)(15)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9577 | &nbsp;&nbsp;&nbsp;&nbsp; 9912436 |
| TBC Bank Group PLC, 22.00%, 6/5/28<sup>(1)</sup> | UZS | 16650000 | &nbsp;&nbsp;&nbsp;&nbsp; 1390379 |
| TBC Bank JSC: |  |  |  |
| &nbsp;&nbsp;&nbsp;8.894% to 11/6/26<sup>(11)(13)(15)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3481 | &nbsp;&nbsp;&nbsp;&nbsp; 3469585 |
| &nbsp;&nbsp;&nbsp;10.25% to 7/30/29<sup>(11)(13)(15)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6004 | &nbsp;&nbsp;&nbsp;&nbsp; 6286346 |
|  |  |  | &nbsp;&nbsp;**$21265751** |
| Ghana — 0.1% | Ghana — 0.1% | Ghana — 0.1% | Ghana — 0.1% |
| Kosmos Energy Ltd.: |  |  |  |
| &nbsp;&nbsp;&nbsp;7.125%, 4/4/26<sup>(11)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397 | &nbsp;&nbsp;$395155 |
| &nbsp;&nbsp;&nbsp;8.75%, 10/1/31<sup>(11)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11460 | &nbsp;&nbsp;&nbsp;&nbsp; 7712411 |
| Tullow Oil PLC, 10.25%, 5/15/26<sup>(11)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4788 | &nbsp;&nbsp;&nbsp;&nbsp; 4057830 |
|  |  |  | &nbsp;&nbsp;**$12165396** |
| Greece — 0.1% | Greece — 0.1% | Greece — 0.1% | Greece — 0.1% |
| Alpha Bank SA, 7.50% to 6/10/30<sup>(11)(13)(15)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3995 | &nbsp;&nbsp;$5049766 |
| Intralot Capital Luxembourg SA, 6.75%, 10/15/31<sup>(11)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3495949 |
|  |  |  | &nbsp;&nbsp;**$8545715** |
| Guyana — 0.0%<sup>†</sup> | Guyana — 0.0%<sup>†</sup> | Guyana — 0.0%<sup>†</sup> | Guyana — 0.0%<sup>†</sup> |
| Secure International Finance Co., Inc., 10.00%, 6/3/29<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1324 | &nbsp;&nbsp;$1330147 |
|  |  |  | &nbsp;&nbsp;**$1330147** |
| Hong Kong — 0.1% | Hong Kong — 0.1% | Hong Kong — 0.1% | Hong Kong — 0.1% |
| CAS Capital No. 1 Ltd., 4.00% to 7/12/26<sup>(11)(13)(15)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8420 | &nbsp;&nbsp;$8324971 |
| Li & Fung Ltd., 8.375%, 2/5/29<sup>(11)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp; 1663556 |
|  |  |  | &nbsp;&nbsp;**$9988527** |
| Hungary — 0.2% | Hungary — 0.2% | Hungary — 0.2% | Hungary — 0.2% |
| MBH Bank Nyrt: |  |  |  |
| &nbsp;&nbsp;&nbsp;5.25% to 1/29/29, 1/29/30<sup>(11)(13)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5269 | &nbsp;&nbsp;$6218655 |
| &nbsp;&nbsp;&nbsp;6.875% to 5/8/30, 11/8/35<sup>(11)(13)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2366 | &nbsp;&nbsp;&nbsp;&nbsp; 2917838 |
| OTP Bank Nyrt, 7.30% to 1/30/30, 7/30/35<sup>(11)(13)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5614 | &nbsp;&nbsp;&nbsp;&nbsp; 5979454 |
|  |  |  | &nbsp;&nbsp;**$15115947** |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Iceland — 0.0% | Iceland — 0.0% | Iceland — 0.0% | Iceland — 0.0% |
| Wow Air Hf.: |  |  |  |
| &nbsp;&nbsp;&nbsp;0.00%<sup>(12)(15)(17)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;0.00%, (3 mo. EURIBOR + 9.00%)<sup>(12)(15)(17)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
|  |  |  | &nbsp;&nbsp;**$0** |
| India — 0.3% | India — 0.3% | India — 0.3% | India — 0.3% |
| Greenko Wind Projects Mauritius Ltd., 7.25%, 9/27/28<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1128 | &nbsp;&nbsp;$1146608 |
| Piramal Finance Ltd., 7.80%, 1/29/28<sup>(11)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6393 | &nbsp;&nbsp;&nbsp;&nbsp; 6558867 |
| Porteast Investment Pvt Ltd., 0.00%, 5/29/28 | INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730000 | &nbsp;&nbsp;&nbsp;&nbsp; 8901236 |
| Vedanta Resources Finance II PLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;9.475%, 7/24/30<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1834 | &nbsp;&nbsp;&nbsp;&nbsp; 1862778 |
| &nbsp;&nbsp;&nbsp;10.25%, 6/3/28<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3715 | &nbsp;&nbsp;&nbsp;&nbsp; 3843375 |
| &nbsp;&nbsp;&nbsp;11.25%, 12/3/31<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2482 | &nbsp;&nbsp;&nbsp;&nbsp; 2632370 |
|  |  |  | &nbsp;&nbsp;**$24945234** |
| Indonesia — 0.0%<sup>†</sup> | Indonesia — 0.0%<sup>†</sup> | Indonesia — 0.0%<sup>†</sup> | Indonesia — 0.0%<sup>†</sup> |
| Nickel Industries Ltd., 9.00%, 9/30/30<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1010 | &nbsp;&nbsp;$1046830 |
| Pakuwon Jati Tbk. PT, 4.875%, 4/29/28<sup>(11)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1520 | &nbsp;&nbsp;&nbsp;&nbsp; 1490730 |
|  |  |  | &nbsp;&nbsp;**$2537560** |
| Ireland — 0.0%<sup>†</sup> | Ireland — 0.0%<sup>†</sup> | Ireland — 0.0%<sup>†</sup> | Ireland — 0.0%<sup>†</sup> |
| Phoenix Aviation Capital Ltd., 9.25%, 7/15/30<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;$2108674 |
|  |  |  | &nbsp;&nbsp;**$2108674** |
| Jamaica — 0.2% | Jamaica — 0.2% | Jamaica — 0.2% | Jamaica — 0.2% |
| Digicel International Finance Ltd./Difl U.S. LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;8.625%, 8/1/32<sup>(11)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;737 | &nbsp;&nbsp;$734373 |
| &nbsp;&nbsp;&nbsp;8.625%, 8/1/32<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6060 | &nbsp;&nbsp;&nbsp;&nbsp; 6038399 |
| NCB Financial Group Ltd., 11.00%, 7/31/30<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7070 | &nbsp;&nbsp;&nbsp;&nbsp; 7025813 |
|  |  |  | &nbsp;&nbsp;**$13798585** |
| Kazakhstan — 0.2% | Kazakhstan — 0.2% | Kazakhstan — 0.2% | Kazakhstan — 0.2% |
| ForteBank JSC: |  |  |  |
| &nbsp;&nbsp;&nbsp;7.75%, 2/4/30<sup>(11)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2123 | &nbsp;&nbsp;$2162493 |
| &nbsp;&nbsp;&nbsp;7.75%, 2/4/30<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9679 | &nbsp;&nbsp;&nbsp;&nbsp; 9859056 |
| &nbsp;&nbsp;&nbsp;9.75% to 11/3/30<sup>(3)(11)(15)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5260 | &nbsp;&nbsp;&nbsp;&nbsp; 5233700 |
|  |  |  | &nbsp;&nbsp;**$17255249** |
| Luxembourg — 0.2% | Luxembourg — 0.2% | Luxembourg — 0.2% | Luxembourg — 0.2% |
| Alexandrite Lake Lux Holdings SARL: |  |  |  |
| &nbsp;&nbsp;&nbsp;6.75%, 7/30/30<sup>(1)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;$1182305 |
| &nbsp;&nbsp;&nbsp;6.75%, 7/30/30<sup>(11)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4729220 |
| Ardagh Group SA, 9.50%, 12/1/30 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp; 288225 |

---

*34*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_d86710f8-700a-4d42-b872-764752b88c6a_TOC)

Global Opportunities Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Luxembourg (continued) | Luxembourg (continued) | Luxembourg (continued) | Luxembourg (continued) |
| FORESEA Holding SA, 7.50%, 6/15/30<sup>(11)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10983 | &nbsp;&nbsp;$10768192 |
| LHMC Finco 2 SARL: |  |  |  |
| &nbsp;&nbsp;&nbsp;8.625%, (8.625% cash or 9.375% PIK), 5/15/30<sup>(1)(14)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1510 | &nbsp;&nbsp;&nbsp;&nbsp; 1818424 |
| &nbsp;&nbsp;&nbsp;8.625%, (8.625% cash or 9.375% PIK), 5/15/30<sup>(11)(14)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1720 | &nbsp;&nbsp;&nbsp;&nbsp; 2071317 |
|  |  |  | &nbsp;&nbsp;**$20857683** |
| Mexico — 0.6% | Mexico — 0.6% | Mexico — 0.6% | Mexico — 0.6% |
| Alpha Holding SA de CV: |  |  |  |
| &nbsp;&nbsp;&nbsp;9.00%, 2/10/25<sup>(11)(12)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2654 | &nbsp;&nbsp;$19903 |
| &nbsp;&nbsp;&nbsp;10.00%, 12/19/22<sup>(11)(12)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1440 | &nbsp;&nbsp;&nbsp;&nbsp; 10799 |
| Banco Mercantil del Norte SA: |  |  |  |
| &nbsp;&nbsp;&nbsp;5.875% to 1/24/27<sup>(11)(13)(15)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736 | &nbsp;&nbsp;&nbsp;&nbsp; 730480 |
| &nbsp;&nbsp;&nbsp;7.625% to 1/10/28<sup>(11)(13)(15)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;922 | &nbsp;&nbsp;&nbsp;&nbsp; 952865 |
| &nbsp;&nbsp;&nbsp;8.375% to 5/20/31<sup>(11)(13)(15)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1071 | &nbsp;&nbsp;&nbsp;&nbsp; 1121458 |
| &nbsp;&nbsp;&nbsp;8.375% to 10/14/30<sup>(11)(13)(15)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2291 | &nbsp;&nbsp;&nbsp;&nbsp; 2457377 |
| Banco Mercantil del Norte SA/Grand Cayman, 8.375% to 5/20/31<sup>(1)(13)(15)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2002 | &nbsp;&nbsp;&nbsp;&nbsp; 2096320 |
| BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico: |  |  |  |
| &nbsp;&nbsp;&nbsp;5.125% to 1/17/28, 1/18/33<sup>(11)(13)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5354 | &nbsp;&nbsp;&nbsp;&nbsp; 5301210 |
| &nbsp;&nbsp;&nbsp;8.45% to 6/29/33, 6/29/38<sup>(1)(13)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1771 | &nbsp;&nbsp;&nbsp;&nbsp; 1960665 |
| &nbsp;&nbsp;&nbsp;8.45% to 6/29/33, 6/29/38<sup>(11)(13)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7486 | &nbsp;&nbsp;&nbsp;&nbsp; 8287713 |
| Braskem Idesa SAPI, 6.99%, 2/20/32<sup>(11)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4800 | &nbsp;&nbsp;&nbsp;&nbsp; 3080072 |
| Controladora Mabe SA de CV, 5.60%, 10/23/28<sup>(11)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2287 | &nbsp;&nbsp;&nbsp;&nbsp; 2045298 |
| Fideicomiso Irrevocable de Administracion y Fuente de Pago Numero CIB: |  |  |  |
| &nbsp;&nbsp;&nbsp;11.00% to 9/12/27, (11.00% cash and 2.00% PIK), 9/12/30<sup>(11)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6229 | &nbsp;&nbsp;&nbsp;&nbsp; 2242332 |
| &nbsp;&nbsp;&nbsp;11.00% to 9/12/27, (11.00% cash and 2.00% PIK), 9/12/31<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1693 | &nbsp;&nbsp;&nbsp;&nbsp; 609480 |
| Financiera Independencia SAB de CV SOFOM ENR, 10.00% to 3/1/26, 3/1/28<sup>(5)(11)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1121 | &nbsp;&nbsp;&nbsp;&nbsp; 1123803 |
| Grupo Aeromexico SAB de CV: |  |  |  |
| &nbsp;&nbsp;&nbsp;8.625%, 11/15/31<sup>(11)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2656 | &nbsp;&nbsp;&nbsp;&nbsp; 2670095 |
| &nbsp;&nbsp;&nbsp;8.625%, 11/15/31<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9129 | &nbsp;&nbsp;&nbsp;&nbsp; 9177447 |
| Petroleos Mexicanos, 6.75%, 9/21/47 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5480 | &nbsp;&nbsp;&nbsp;&nbsp; 4542828 |
| Total Play Telecomunicaciones SA de CV, 11.125%, 12/31/32<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5060 | &nbsp;&nbsp;&nbsp;&nbsp; 4877840 |
|  |  |  | &nbsp;&nbsp;**$53307985** |
| Mongolia — 0.1% | Mongolia — 0.1% | Mongolia — 0.1% | Mongolia — 0.1% |
| Golomt Bank, 11.00%, 5/20/27<sup>(11)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2272 | &nbsp;&nbsp;$2353995 |
| Mongolian Mining Corp., 8.44%, 4/3/30<sup>(11)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3327 | &nbsp;&nbsp;&nbsp;&nbsp; 3401980 |
| State Bank LLC, 8.90%, 9/25/28<sup>(11)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6640 | &nbsp;&nbsp;&nbsp;&nbsp; 6639548 |
|  |  |  | &nbsp;&nbsp;**$12395523** |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Nigeria — 0.1% | Nigeria — 0.1% | Nigeria — 0.1% | Nigeria — 0.1% |
| Access Bank PLC, 6.125%, 9/21/26<sup>(11)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6696 | &nbsp;&nbsp;$6670280 |
|  |  |  | &nbsp;&nbsp;**$6670280** |
| Pakistan — 0.1% | Pakistan — 0.1% | Pakistan — 0.1% | Pakistan — 0.1% |
| Veon Midco BV, 3.375%, 11/25/27<sup>(11)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9789 | &nbsp;&nbsp;$9197573 |
|  |  |  | &nbsp;&nbsp;**$9197573** |
| Panama — 0.0%<sup>†</sup> | Panama — 0.0%<sup>†</sup> | Panama — 0.0%<sup>†</sup> | Panama — 0.0%<sup>†</sup> |
| Banco Latinoamericano de Comercio Exterior SA, 7.50% to 9/17/32<sup>(1)(13)(15)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2429 | &nbsp;&nbsp;$2484321 |
|  |  |  | &nbsp;&nbsp;**$2484321** |
| Paraguay — 0.0%<sup>†</sup> | Paraguay — 0.0%<sup>†</sup> | Paraguay — 0.0%<sup>†</sup> | Paraguay — 0.0%<sup>†</sup> |
| Frigorifico Concepcion SA: |  |  |  |
| &nbsp;&nbsp;&nbsp;7.70%, 7/21/28<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;907 | &nbsp;&nbsp;$613132 |
| &nbsp;&nbsp;&nbsp;7.70%, 7/21/28<sup>(11)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;914 | &nbsp;&nbsp;&nbsp;&nbsp; 617864 |
|  |  |  | &nbsp;&nbsp;**$1230996** |
| Peru — 0.4% | Peru — 0.4% | Peru — 0.4% | Peru — 0.4% |
| Auna SA: |  |  |  |
| &nbsp;&nbsp;&nbsp;10.00%, 12/18/29<sup>(11)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3516 | &nbsp;&nbsp;$3737838 |
| &nbsp;&nbsp;&nbsp;10.00%, 12/18/29<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5370 | &nbsp;&nbsp;&nbsp;&nbsp; 5708830 |
| Banco de Credito del Peru SA, 5.65% to 10/15/31, 1/15/37<sup>(1)(13)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7308 | &nbsp;&nbsp;&nbsp;&nbsp; 7355794 |
| Camposol SA: |  |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, 2/3/27<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562 | &nbsp;&nbsp;&nbsp;&nbsp; 551987 |
| &nbsp;&nbsp;&nbsp;6.00%, 2/3/27<sup>(11)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4904 | &nbsp;&nbsp;&nbsp;&nbsp; 4816627 |
| Integratel Peru SAA, 7.375%, 4/10/27<sup>(11)</sup> | PEN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp; 494579 |
| Peru LNG SRL, 5.375%, 3/22/30<sup>(11)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4140 | &nbsp;&nbsp;&nbsp;&nbsp; 4000714 |
| Petroleos del Peru SA, 5.625%, 6/19/47<sup>(11)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12095 | &nbsp;&nbsp;&nbsp;&nbsp; 8721160 |
|  |  |  | &nbsp;&nbsp;**$35387529** |
| Russia — 0.0% | Russia — 0.0% | Russia — 0.0% | Russia — 0.0% |
| Tinkoff Bank JSC Via TCS Finance Ltd., 6.00% to 12/20/26<sup>(11)(12)(13)(15)(17)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1226 | &nbsp;&nbsp;$0 |
|  |  |  | &nbsp;&nbsp;**$0** |
| Saudi Arabia — 0.2% | Saudi Arabia — 0.2% | Saudi Arabia — 0.2% | Saudi Arabia — 0.2% |
| Riyad Sukuk Ltd., 6.209% to 7/14/30, 7/14/35<sup>(11)(13)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6060 | &nbsp;&nbsp;$6191613 |
| Saudi Awwal Bank, 5.947% to 9/4/30, 9/4/35<sup>(11)(13)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6170 | &nbsp;&nbsp;&nbsp;&nbsp; 6247497 |
| SNB Funding Ltd., 6.00% to 6/24/30, 6/24/35<sup>(11)(13)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6040 | &nbsp;&nbsp;&nbsp;&nbsp; 6217451 |
|  |  |  | &nbsp;&nbsp;**$18656561** |

---

*35*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_d86710f8-700a-4d42-b872-764752b88c6a_TOC)

Global Opportunities Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Singapore — 0.0%<sup>†</sup> | Singapore — 0.0%<sup>†</sup> | Singapore — 0.0%<sup>†</sup> | Singapore — 0.0%<sup>†</sup> |
| Puma International Financing SA, 7.75%, 4/25/29<sup>(11)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2898 | &nbsp;&nbsp;$3001564 |
|  |  |  | &nbsp;&nbsp;**$3001564** |
| Switzerland — 0.1% | Switzerland — 0.1% | Switzerland — 0.1% | Switzerland — 0.1% |
| VistaJet Malta Finance PLC/Vista Management Holding, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, 2/1/30<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;$1933363 |
| &nbsp;&nbsp;&nbsp;9.50%, 6/1/28<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3121993 |
|  |  |  | &nbsp;&nbsp;**$5055356** |
| Togo — 0.1% | Togo — 0.1% | Togo — 0.1% | Togo — 0.1% |
| Ecobank Transnational, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;10.125%, 10/15/29<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2475 | &nbsp;&nbsp;$2695362 |
| &nbsp;&nbsp;&nbsp;10.125%, 10/15/29<sup>(11)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4216 | &nbsp;&nbsp;&nbsp;&nbsp; 4591371 |
|  |  |  | &nbsp;&nbsp;**$7286733** |
| Turkey — 0.2% | Turkey — 0.2% | Turkey — 0.2% | Turkey — 0.2% |
| Limak Iskenderun Uluslararasi Liman Isletmeciligi AS, 9.50%, 7/10/36<sup>(11)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3638 | &nbsp;&nbsp;$3699309 |
| Limak Yenilenebilir Enerji AS: |  |  |  |
| &nbsp;&nbsp;&nbsp;9.625%, 8/12/30<sup>(11)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;&nbsp; 2002538 |
| &nbsp;&nbsp;&nbsp;9.625%, 8/12/30<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6420 | &nbsp;&nbsp;&nbsp;&nbsp; 6351924 |
| WE Soda Investments Holding PLC, 9.50%, 10/6/28<sup>(11)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3183 | &nbsp;&nbsp;&nbsp;&nbsp; 3196981 |
| Zorlu Enerji Elektrik Uretim AS, 11.00%, 4/23/30<sup>(11)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5062 | &nbsp;&nbsp;&nbsp;&nbsp; 4552072 |
|  |  |  | &nbsp;&nbsp;**$19802824** |
| Ukraine — 0.1% | Ukraine — 0.1% | Ukraine — 0.1% | Ukraine — 0.1% |
| Kernel Holding SA, 6.75%, 10/27/27<sup>(11)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9640 | &nbsp;&nbsp;$8996766 |
| MHP Lux SA, 6.25%, 9/19/29<sup>(11)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1206 | &nbsp;&nbsp;&nbsp;&nbsp; 973635 |
|  |  |  | &nbsp;&nbsp;**$9970401** |
| United Arab Emirates — 0.1% | United Arab Emirates — 0.1% | United Arab Emirates — 0.1% | United Arab Emirates — 0.1% |
| Ittihad International Ltd., 9.75%, 11/9/28<sup>(11)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5647 | &nbsp;&nbsp;$5926128 |
|  |  |  | &nbsp;&nbsp;**$5926128** |
| United Kingdom — 0.0%<sup>†</sup> | United Kingdom — 0.0%<sup>†</sup> | United Kingdom — 0.0%<sup>†</sup> | United Kingdom — 0.0%<sup>†</sup> |
| Global Auto Holdings Ltd./AAG FH U.K. Ltd.: |  |  |  |
| &nbsp;&nbsp;&nbsp;8.375%, 1/15/29<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;$963505 |
| &nbsp;&nbsp;&nbsp;8.75%, 1/15/32<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 950009 |
|  |  |  | &nbsp;&nbsp;**$1913514** |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| United States — 1.1% | United States — 1.1% | United States — 1.1% | United States — 1.1% |
| Ally Financial, Inc., Series B, 4.70% to 5/15/26<sup>(13)(15)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16000 | &nbsp;&nbsp;$15692728 |
| Amynta Agency Borrower, Inc. & Amynta Warranty Borrower, Inc., 7.50%, 7/15/33<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5155855 |
| Avianca Midco 2 PLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;9.00%, 12/1/28<sup>(11)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2160 | &nbsp;&nbsp;&nbsp;&nbsp; 2160000 |
| &nbsp;&nbsp;&nbsp;9.00%, 12/1/28<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8897 | &nbsp;&nbsp;&nbsp;&nbsp; 8897431 |
| &nbsp;&nbsp;&nbsp;9.625%, 2/14/30<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2515 | &nbsp;&nbsp;&nbsp;&nbsp; 2497659 |
| Beach Acquisition Bidco LLC, 10.00%, (10.00% cash or 10.75% PIK), 7/15/33<sup>(1)(14)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5380830 |
| Caesars Entertainment, Inc., 6.50%, 2/15/32<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2522380 |
| Champions Financing, Inc., 8.75%, 2/15/29<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127 | &nbsp;&nbsp;&nbsp;&nbsp; 123240 |
| Clydesdale Acquisition Holdings, Inc., 8.75%, 4/15/30<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5014525 |
| EchoStar Corp., 10.75%, 11/30/29 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3074 | &nbsp;&nbsp;&nbsp;&nbsp; 3386332 |
| Hightower Holding LLC, 9.125%, 1/31/30<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2153702 |
| JB Poindexter & Co., Inc., 8.75%, 12/15/31<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1515 | &nbsp;&nbsp;&nbsp;&nbsp; 1587284 |
| K Hovnanian Enterprises, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;8.00%, 4/1/31<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2044854 |
| &nbsp;&nbsp;&nbsp;8.375%, 10/1/33<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2049458 |
| Level 3 Financing, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, 10/15/30<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1021 | &nbsp;&nbsp;&nbsp;&nbsp; 919857 |
| &nbsp;&nbsp;&nbsp;4.50%, 4/1/30<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;998 | &nbsp;&nbsp;&nbsp;&nbsp; 927187 |
| Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings LLC, 8.25%, 4/15/30<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3116275 |
| NGL Energy Operating LLC/NGL Energy Finance Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;8.125%, 2/15/29<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2048708 |
| &nbsp;&nbsp;&nbsp;8.375%, 2/15/32<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1023387 |
| Olympus Water U.S. Holding Corp., 6.125%, 2/15/33<sup>(1)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4577908 |
| PetSmart LLC/PetSmart Finance Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;7.50%, 9/15/32<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1499925 |
| &nbsp;&nbsp;&nbsp;10.00%, 9/15/33<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1510096 |
| Sinclair Television Group, Inc., 8.125%, 2/15/33<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1020275 |
| Sunoco LP, 7.875% to 9/18/30<sup>(1)(13)(15)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5081325 |
| Transocean International Ltd., 8.25%, 5/15/29<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3020097 |
| Venture Global Calcasieu Pass LLC, 3.875%, 11/1/33<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4417186 |
| Voyager Parent LLC, 9.25%, 7/1/32<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5245540 |
| Warnermedia Holdings, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;5.05%, 3/15/42 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2523 | &nbsp;&nbsp;&nbsp;&nbsp; 2028013 |
| &nbsp;&nbsp;&nbsp;5.141%, 3/15/52 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 381250 |
| WBI Operating LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;6.25%, 10/15/30<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1999490 |
| &nbsp;&nbsp;&nbsp;6.50%, 10/15/33<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2001270 |

---

*36*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_d86710f8-700a-4d42-b872-764752b88c6a_TOC)

Global Opportunities Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| United States (continued) | United States (continued) | United States (continued) | United States (continued) |
| Windstream Services LLC, 7.50%, 10/15/33<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4998 | &nbsp;&nbsp;$4997125 |
|  |  |  | &nbsp;&nbsp;**$104481192** |
| Uzbekistan — 0.2% | Uzbekistan — 0.2% | Uzbekistan — 0.2% | Uzbekistan — 0.2% |
| Ipoteka-Bank ATIB: |  |  |  |
| &nbsp;&nbsp;&nbsp;17.50%, 10/9/28<sup>(11)</sup> | UZS | 19980000 | &nbsp;&nbsp;$1652042 |
| &nbsp;&nbsp;&nbsp;20.50%, 4/25/27<sup>(11)</sup> | UZS | 51340000 | &nbsp;&nbsp;&nbsp;&nbsp; 4435414 |
| JSCB Agrobank, 20.75%, 9/15/28 | UZS | 13770000 | &nbsp;&nbsp;&nbsp;&nbsp; 1146399 |
| Uzbek Industrial & Construction Bank ATB: |  |  |  |
| &nbsp;&nbsp;&nbsp;8.95%, 7/24/29<sup>(11)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7951 | &nbsp;&nbsp;&nbsp;&nbsp; 8602368 |
| &nbsp;&nbsp;&nbsp;9.45% to 10/23/30<sup>(11)(13)(15)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6970 | &nbsp;&nbsp;&nbsp;&nbsp; 7083602 |
|  |  |  | &nbsp;&nbsp;**$22919825** |
| Venezuela — 0.2% | Venezuela — 0.2% | Venezuela — 0.2% | Venezuela — 0.2% |
| Petroleos de Venezuela SA: |  |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, 4/12/27<sup>(11)(12)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5670 | &nbsp;&nbsp;$1267178 |
| &nbsp;&nbsp;&nbsp;5.50%, 4/12/37<sup>(11)(12)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817 | &nbsp;&nbsp;&nbsp;&nbsp; 182689 |
| &nbsp;&nbsp;&nbsp;6.00%, 10/28/22<sup>(11)(12)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2115 | &nbsp;&nbsp;&nbsp;&nbsp; 417777 |
| &nbsp;&nbsp;&nbsp;6.00%, 5/16/24<sup>(11)(12)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12249 | &nbsp;&nbsp;&nbsp;&nbsp; 2737556 |
| &nbsp;&nbsp;&nbsp;6.00%, 11/15/26<sup>(11)(12)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57369 | &nbsp;&nbsp;&nbsp;&nbsp; 12821964 |
| &nbsp;&nbsp;&nbsp;9.00%, 11/17/21<sup>(11)(12)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344 | &nbsp;&nbsp;&nbsp;&nbsp; 78088 |
| &nbsp;&nbsp;&nbsp;9.75%, 5/17/35<sup>(11)(12)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1954 | &nbsp;&nbsp;&nbsp;&nbsp; 475848 |
| &nbsp;&nbsp;&nbsp;12.75%, 2/17/22<sup>(11)(12)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;928 | &nbsp;&nbsp;&nbsp;&nbsp; 246715 |
|  |  |  | &nbsp;&nbsp;**$18227815** |
| Total Foreign Corporate Bonds<br> (identified cost $716,287,402) |  |  | &nbsp;&nbsp;**$718956019** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Government National Mortgage Association Participation Agreements — 1.8%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Government National Mortgage Association Participation Agreements, 5.734%, 1/1/59<sup>(18)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169467 | &nbsp;&nbsp;$170351354 |
| Total Government National Mortgage Association Participation Agreements<br> (identified cost $169,466,569) |  | &nbsp;&nbsp;**$170351354** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Insurance Linked Securities — 2.1%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Reinsurance Side Cars — 1.0% |  |  |
| Eden Re II Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022A, 0.00%, 3/20/26<sup>(1)(17)(19)(20)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79810 | &nbsp;&nbsp;$108438 |
| &nbsp;&nbsp;&nbsp;Series 2022B, 0.00%, 3/20/26<sup>(1)(17)(19)(20)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27451 | &nbsp;&nbsp;&nbsp;&nbsp; 76174 |
| &nbsp;&nbsp;&nbsp;Series 2023A, 0.00%, 3/19/27<sup>(1)(17)(19)(20)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257143 | &nbsp;&nbsp;&nbsp;&nbsp; 620229 |
| &nbsp;&nbsp;&nbsp;Series 2023B, 0.00%, 3/19/27<sup>(1)(17)(19)(20)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31162 | &nbsp;&nbsp;&nbsp;&nbsp; 413809 |
| &nbsp;&nbsp;&nbsp;Series 2024A, 0.00%, 3/17/28<sup>(1)(17)(19)(20)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81053 | &nbsp;&nbsp;&nbsp;&nbsp; 451876 |
| &nbsp;&nbsp;&nbsp;Series 2024B, 0.00%, 3/17/28<sup>(1)(17)(19)(20)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64938 | &nbsp;&nbsp;&nbsp;&nbsp; 1868079 |
| &nbsp;&nbsp;&nbsp;Series 2025A, 0.00%, 3/19/30<sup>(1)(17)(19)(20)</sup> | 37500000 | &nbsp;&nbsp;&nbsp;&nbsp; 39873750 |
| Mt. Logan Re Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;Series 13, Preference Shares<sup>(17)(20)(21)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 32576767 |
| &nbsp;&nbsp;&nbsp;Series 17, Preference Shares<sup>(10)(17)(20)(21)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860 | &nbsp;&nbsp;&nbsp;&nbsp; 2764799 |
| &nbsp;&nbsp;&nbsp;Series 19, Preference Shares<sup>(10)(17)(20)(21)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7464 | &nbsp;&nbsp;&nbsp;&nbsp; 14622823 |
|  |  | &nbsp;&nbsp;**$93376744** |
| Segregated Account/Funds — 1.1% |  |  |
| 1863 Fund Ltd. - Core Nat Cat Fund<sup>(10)(17)(20)</sup> | 50540977 | &nbsp;&nbsp;$63585603 |
| PartnerRe ILS Fund SAC Ltd.<sup>(10)(17)(20)(21)</sup> | 34000000 | &nbsp;&nbsp;&nbsp;&nbsp; 44461800 |
|  |  | &nbsp;&nbsp;**$108047403** |
| Total Insurance Linked Securities<br> (identified cost $141,472,375) |  | &nbsp;&nbsp;**$201424147** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Loan Participation Notes — 0.0%<sup>†</sup>

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Uzbekistan — 0.0%<sup>†</sup> | Uzbekistan — 0.0%<sup>†</sup> | Uzbekistan — 0.0%<sup>†</sup> | Uzbekistan — 0.0%<sup>†</sup> |
| Europe Asia Investment Finance BV (borrower - Joint Stock Commercial Bank "Asaka"), 18.70%, 7/21/26<sup>(11)(17)(22)</sup> | UZS | &nbsp;&nbsp;&nbsp;&nbsp;1841900 | &nbsp;&nbsp;$153735 |
| Total Loan Participation Notes<br> (identified cost $156,517) |  |  | &nbsp;&nbsp;**$153735** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Preferred Stocks — 0.2%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount/<br> Shares** | &nbsp;&nbsp;**Value** |
| United States — 0.2% | United States — 0.2% | United States — 0.2% |
| AH Parent, Inc. (Alliant), Series A, 10.00% cash or 10.50% PIK<sup>(14)(21)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;8224000 | &nbsp;&nbsp;$8405397 |
| Boeing Co., 6.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37000 | &nbsp;&nbsp;&nbsp;&nbsp; 2394640 |

---

*37*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_d86710f8-700a-4d42-b872-764752b88c6a_TOC)

Global Opportunities Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount/<br> Shares** | &nbsp;&nbsp;**Value** |
| United States (continued) | United States (continued) | United States (continued) |
| Hewlett Packard Enterprise Co., 7.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36000 | &nbsp;&nbsp;$2432880 |
| PG&E Corp., Series A, 6.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28000 | &nbsp;&nbsp;&nbsp;&nbsp; 1150800 |
| Total Preferred Stocks<br> (identified cost $13,340,286) |  | &nbsp;&nbsp;**$14383717** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Rights — 0.0%<sup>†</sup>

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| United States — 0.0%<sup>†</sup> | United States — 0.0%<sup>†</sup> | United States — 0.0%<sup>†</sup> |
| Nuveen Global High Income Fund, Exp. 11/20/25<sup>(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83400 | &nbsp;&nbsp;$1001 |
|  |  | &nbsp;&nbsp;**$1001** |
| Vietnam — 0.0%<sup>†</sup> | Vietnam — 0.0%<sup>†</sup> | Vietnam — 0.0%<sup>†</sup> |
| Nam Long Investment Corp., Exp. 11/20/25<sup>(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905200 | &nbsp;&nbsp;$131531 |
|  |  | &nbsp;&nbsp;**$131531** |
| Total Rights<br> (identified cost $0) |  | &nbsp;&nbsp;**$132532** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Senior Floating-Rate Loans — 1.0%<sup>(23)</sup>

---

| | | |
|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Argentina — 0.1% | Argentina — 0.1% | Argentina — 0.1% |
| Telecom Argentina SA, Term Loan, 9.204%, (3 mo. USD Term SOFR + 5.00%), 2/23/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2925 | &nbsp;&nbsp;$2979548 |
| VMOS SA: |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 9.282% - 9.705%, (3 mo. USD Term SOFR + 5.50%, 6 mo. USD Term SOFR + 5.50%), 7/8/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3637 | &nbsp;&nbsp;&nbsp;&nbsp; 3611809 |
| &nbsp;&nbsp;&nbsp;Term Loan, 7/8/30<sup>(24)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7553 | &nbsp;&nbsp;&nbsp;&nbsp; 7501450 |
|  |  | &nbsp;&nbsp;**$14092807** |
| Brazil — 0.0%<sup>†</sup> | Brazil — 0.0%<sup>†</sup> | Brazil — 0.0%<sup>†</sup> |
| Clealco Acucar E Alcool SA, Term Loan, 15.838%, (3 mo. USD Term SOFR + 12.00%), 12/31/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1066 | &nbsp;&nbsp;$1066101 |
|  |  | &nbsp;&nbsp;**$1066101** |
| Jamaica — 0.0%<sup>†</sup> | Jamaica — 0.0%<sup>†</sup> | Jamaica — 0.0%<sup>†</sup> |
| Digicel International Finance Ltd., Term Loan, 9.492%, (3 mo. USD Term SOFR + 5.25%), 8/6/32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3400 | &nbsp;&nbsp;$3355800 |
|  |  | &nbsp;&nbsp;**$3355800** |

---

---

| | | |
|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Paraguay — 0.0%<sup>†</sup> | Paraguay — 0.0%<sup>†</sup> | Paraguay — 0.0%<sup>†</sup> |
| Frigorifico Concepcion SA, Term Loan, 9.631%, (3 mo. USD Term SOFR + 5.50%), 12/8/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3872 | &nbsp;&nbsp;$3934418 |
|  |  | &nbsp;&nbsp;**$3934418** |
| Puerto Rico — 0.1% | Puerto Rico — 0.1% | Puerto Rico — 0.1% |
| Coral-US Co-Borrower LLC, Term Loan, 7.155%, (3 mo. USD Term SOFR + 3.25%), 1/31/32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5502 | &nbsp;&nbsp;$5341637 |
|  |  | &nbsp;&nbsp;**$5341637** |
| Suriname — 0.6% | Suriname — 0.6% | Suriname — 0.6% |
| Staatsolie Maatschappij Suriname NV, Revolving Loan, 4/25/32<sup>(24)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52400 | &nbsp;&nbsp;$52400000 |
|  |  | &nbsp;&nbsp;**$52400000** |
| Tanzania — 0.1% | Tanzania — 0.1% | Tanzania — 0.1% |
| HTA Group Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 8.731%, (3 mo. USD Term SOFR + 4.31%), 9/13/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690 | &nbsp;&nbsp;$686550 |
| &nbsp;&nbsp;&nbsp;Term Loan, 8.731%, (3 mo. USD Term SOFR + 4.31%), 9/13/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4250 | &nbsp;&nbsp;&nbsp;&nbsp; 4228750 |
| PIH Communication LLC, Term Loan, 7.503%, (3 mo. USD Term SOFR + 3.50%), 12/12/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6118 | &nbsp;&nbsp;&nbsp;&nbsp; 6118045 |
|  |  | &nbsp;&nbsp;**$11033345** |
| United States — 0.1% | United States — 0.1% | United States — 0.1% |
| Crash Champions LLC, Term Loan, 2/23/29<sup>(25)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116 | &nbsp;&nbsp;$107610 |
| LBM Acquisition LLC, Term Loan, 6/6/31<sup>(25)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3038 | &nbsp;&nbsp;&nbsp;&nbsp; 2942100 |
| Park River Holdings, Inc., Term Loan, 3/15/31<sup>(25)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4020000 |
| Specialty Building Products Holdings LLC, Term Loan, 10/15/28<sup>(25)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143 | &nbsp;&nbsp;&nbsp;&nbsp; 137508 |
|  |  | &nbsp;&nbsp;**$7207218** |
| Uzbekistan — 0.0%<sup>†</sup> | Uzbekistan — 0.0%<sup>†</sup> | Uzbekistan — 0.0%<sup>†</sup> |
| Navoi Mining & Metallurgical Co., Term Loan, 8.63%, (3 mo. USD Term SOFR + 4.76%), 4/23/27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124 | &nbsp;&nbsp;$123140 |
|  |  | &nbsp;&nbsp;**$123140** |
| Total Senior Floating-Rate Loans<br> (identified cost $98,392,051) |  | &nbsp;&nbsp;**$98554466** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

*38*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_d86710f8-700a-4d42-b872-764752b88c6a_TOC)

Global Opportunities Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

Sovereign Government Bonds — 12.1%

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Brazil — 2.8% | Brazil — 2.8% | Brazil — 2.8% | Brazil — 2.8% |
| Brazil Letras do Tesouro Nacional, 0.00%, 4/1/26 | BRL | &nbsp;&nbsp;&nbsp;&nbsp;1527300 | &nbsp;&nbsp;$268416053 |
|  |  |  | &nbsp;&nbsp;**$268416053** |
| Colombia — 0.6% | Colombia — 0.6% | Colombia — 0.6% | Colombia — 0.6% |
| Colombia TES, 6.00%, 4/28/28 | COP | 232479300 | &nbsp;&nbsp;$54824346 |
|  |  |  | &nbsp;&nbsp;**$54824346** |
| Iceland — 0.1% | Iceland — 0.1% | Iceland — 0.1% | Iceland — 0.1% |
| Republic of Iceland: |  |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, 2/17/42 | ISK | &nbsp;&nbsp;&nbsp;&nbsp;1145294 | &nbsp;&nbsp;$7379729 |
| &nbsp;&nbsp;&nbsp;6.50%, 1/24/31 | ISK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45514 | &nbsp;&nbsp;&nbsp;&nbsp; 357658 |
| &nbsp;&nbsp;&nbsp;7.00%, 9/17/35 | ISK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384686 | &nbsp;&nbsp;&nbsp;&nbsp; 3148788 |
|  |  |  | &nbsp;&nbsp;**$10886175** |
| Indonesia — 0.5% | Indonesia — 0.5% | Indonesia — 0.5% | Indonesia — 0.5% |
| Indonesia Treasury Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;6.75%, 7/15/35 | IDR | 593844000 | &nbsp;&nbsp;$37511444 |
| &nbsp;&nbsp;&nbsp;6.75%, 7/15/35 | IDR | 145728000 | &nbsp;&nbsp;&nbsp;&nbsp; 9205225 |
|  |  |  | &nbsp;&nbsp;**$46716669** |
| Mexico — 2.1% | Mexico — 2.1% | Mexico — 2.1% | Mexico — 2.1% |
| Mexican Bonos, 7.75%, 11/23/34 | MXN | &nbsp;&nbsp;&nbsp;&nbsp;3925110 | &nbsp;&nbsp;$199301516 |
|  |  |  | &nbsp;&nbsp;**$199301516** |
| New Zealand — 0.8% | New Zealand — 0.8% | New Zealand — 0.8% | New Zealand — 0.8% |
| New Zealand Government Bonds Inflation-Linked, 3.25%, 9/20/50<sup>(26)</sup> | NZD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125181 | &nbsp;&nbsp;$75812365 |
|  |  |  | &nbsp;&nbsp;**$75812365** |
| Peru — 2.2% | Peru — 2.2% | Peru — 2.2% | Peru — 2.2% |
| Peru Government Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;5.40%, 8/12/34 | PEN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274698 | &nbsp;&nbsp;$79342909 |
| &nbsp;&nbsp;&nbsp;6.714%, 2/12/55 | PEN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5641 | &nbsp;&nbsp;&nbsp;&nbsp; 1719906 |
| &nbsp;&nbsp;&nbsp;6.85%, 8/12/35<sup>(1)(11)</sup> | PEN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215693 | &nbsp;&nbsp;&nbsp;&nbsp; 67669480 |
| &nbsp;&nbsp;&nbsp;6.90%, 8/12/37 | PEN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192624 | &nbsp;&nbsp;&nbsp;&nbsp; 59647216 |
|  |  |  | &nbsp;&nbsp;**$208379511** |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Romania — 0.1% | Romania — 0.1% | Romania — 0.1% | Romania — 0.1% |
| Romania Government International Bonds, 5.75%, 3/24/35<sup>(11)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5186 | &nbsp;&nbsp;$5084908 |
|  |  |  | &nbsp;&nbsp;**$5084908** |
| Serbia — 0.3% | Serbia — 0.3% | Serbia — 0.3% | Serbia — 0.3% |
| Serbia Treasury Bonds, 4.50%, 8/20/32 | RSD | &nbsp;&nbsp;&nbsp;&nbsp;3319480 | &nbsp;&nbsp;$32131665 |
|  |  |  | &nbsp;&nbsp;**$32131665** |
| South Africa — 2.2% | South Africa — 2.2% | South Africa — 2.2% | South Africa — 2.2% |
| Republic of South Africa Government Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;8.50%, 1/31/37 | ZAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413920 | &nbsp;&nbsp;$22526166 |
| &nbsp;&nbsp;&nbsp;8.875%, 2/28/35 | ZAR | &nbsp;&nbsp;&nbsp;&nbsp;2989040 | &nbsp;&nbsp;&nbsp;&nbsp; 172798153 |
| &nbsp;&nbsp;&nbsp;10.875%, 3/31/38 | ZAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp; 14599110 |
| Republic of South Africa Government International Bonds, 5.875%, 4/20/32 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2063386 |
|  |  |  | &nbsp;&nbsp;**$211986815** |
| Suriname — 0.2% | Suriname — 0.2% | Suriname — 0.2% | Suriname — 0.2% |
| Suriname Government International Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;7.95%, (4.95% cash and 3.00% PIK), 7/15/33<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9547 | &nbsp;&nbsp;$9547426 |
| &nbsp;&nbsp;&nbsp;9.00%, Oil-Linked, 12/31/50<sup>(1)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3652 | &nbsp;&nbsp;&nbsp;&nbsp; 4345880 |
|  |  |  | &nbsp;&nbsp;**$13893306** |
| Uzbekistan — 0.1% | Uzbekistan — 0.1% | Uzbekistan — 0.1% | Uzbekistan — 0.1% |
| National Bank of Uzbekistan, 8.50%, 7/5/29<sup>(11)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3141 | &nbsp;&nbsp;$3365508 |
| Republic of Uzbekistan Bonds, 16.25%, 10/12/26<sup>(11)</sup> | UZS | &nbsp;&nbsp;&nbsp;&nbsp;6450000 | &nbsp;&nbsp;&nbsp;&nbsp; 555329 |
|  |  |  | &nbsp;&nbsp;**$3920837** |
| Venezuela — 0.1% | Venezuela — 0.1% | Venezuela — 0.1% | Venezuela — 0.1% |
| Venezuela Government International Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, 12/9/20<sup>(11)(12)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531 | &nbsp;&nbsp;$121538 |
| &nbsp;&nbsp;&nbsp;7.00%, 3/31/38<sup>(11)(12)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183 | &nbsp;&nbsp;&nbsp;&nbsp; 50618 |
| &nbsp;&nbsp;&nbsp;7.65%, 4/21/25<sup>(11)(12)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | &nbsp;&nbsp;&nbsp;&nbsp; 8291 |
| &nbsp;&nbsp;&nbsp;7.75%, 10/13/19<sup>(11)(12)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1204 | &nbsp;&nbsp;&nbsp;&nbsp; 287972 |
| &nbsp;&nbsp;&nbsp;8.25%, 10/13/24<sup>(11)(12)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 1036374 |
| &nbsp;&nbsp;&nbsp;9.25%, 9/15/27<sup>(12)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22668 | &nbsp;&nbsp;&nbsp;&nbsp; 7001012 |
| &nbsp;&nbsp;&nbsp;9.25%, 5/7/28<sup>(11)(12)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11120 | &nbsp;&nbsp;&nbsp;&nbsp; 3186877 |
| &nbsp;&nbsp;&nbsp;11.75%, 10/21/26<sup>(11)(12)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586 | &nbsp;&nbsp;&nbsp;&nbsp; 175920 |
| &nbsp;&nbsp;&nbsp;11.95%, 8/5/31<sup>(11)(12)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3727 | &nbsp;&nbsp;&nbsp;&nbsp; 1096081 |

---

*39*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_d86710f8-700a-4d42-b872-764752b88c6a_TOC)

Global Opportunities Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Venezuela (continued) | Venezuela (continued) | Venezuela (continued) | Venezuela (continued) |
| Venezuela Government International Bonds: (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;12.75%, 8/23/22<sup>(11)(12)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551 | &nbsp;&nbsp;$161990 |
|  |  |  | &nbsp;&nbsp;**$13126673** |
| Total Sovereign Government Bonds<br> (identified cost $1,065,054,826) |  |  | &nbsp;&nbsp;**$1144480839** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

U.S. Department of Agriculture Loans — 0.1%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| USDA Guaranteed Loans: |  |  |
| &nbsp;&nbsp;&nbsp;6.75%, (U.S. (Fed) Prime Rate - 0.50%), 2/16/43<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264 | &nbsp;&nbsp;$264125 |
| &nbsp;&nbsp;&nbsp;6.75%, (U.S. (Fed) Prime Rate - 0.50%), 2/16/43<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7118 | &nbsp;&nbsp;&nbsp;&nbsp; 7119131 |
| Total U.S. Department of Agriculture Loans<br> (identified cost $7,381,853) |  | &nbsp;&nbsp;**$7383256** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

U.S. Government Agency Commercial Mortgage-Backed Securities — 0.1%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| FRESB Mortgage Trust: |  |  |
| Interest Only:<sup>(7)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-SB91, Class X1, 0.56%, 8/25/41<sup>(4)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21672 | &nbsp;&nbsp;$564731 |
| &nbsp;&nbsp;&nbsp;Series 2021-SB92, Class X1, 0.557%, 8/25/41<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21195 | &nbsp;&nbsp;&nbsp;&nbsp; 573542 |
| Government National Mortgage Association: |  |  |
| Interest Only:<sup>(7)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-101, Class IO, 0.676%, 4/16/63<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25678 | &nbsp;&nbsp;&nbsp;&nbsp; 1320718 |
| &nbsp;&nbsp;&nbsp;Series 2021-132, Class IO, 0.72%, 4/16/63<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62430 | &nbsp;&nbsp;&nbsp;&nbsp; 3360670 |
| &nbsp;&nbsp;&nbsp;Series 2021-144, Class IO, 0.823%, 4/16/63<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24349 | &nbsp;&nbsp;&nbsp;&nbsp; 1499502 |
| &nbsp;&nbsp;&nbsp;Series 2021-186, Class IO, 0.763%, 5/16/63<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45618 | &nbsp;&nbsp;&nbsp;&nbsp; 2471625 |
| &nbsp;&nbsp;&nbsp;Series 2022-3, Class IO, 0.64%, 2/16/61<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65077 | &nbsp;&nbsp;&nbsp;&nbsp; 3153697 |
| Total U.S. Government Agency Commercial Mortgage-Backed Securities<br> (identified cost $15,641,501) |  | &nbsp;&nbsp;**$12944485** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

U.S. Government Agency Mortgage-Backed Securities — 30.2%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Federal Home Loan Mortgage Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;4.417%, (COF + 1.254%), with maturity at 2035<sup>(27)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;$13404 |
| &nbsp;&nbsp;&nbsp;4.671%, (COF + 1.251%), with maturity at 2030<sup>(27)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;&nbsp; 23768 |
| &nbsp;&nbsp;&nbsp;6.00%, with various maturities to 2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9365 | &nbsp;&nbsp;&nbsp;&nbsp; 9611813 |
| &nbsp;&nbsp;&nbsp;6.50%, with maturity at 2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5518 | &nbsp;&nbsp;&nbsp;&nbsp; 5741785 |
| &nbsp;&nbsp;&nbsp;7.00%, with various maturities to 2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1242 | &nbsp;&nbsp;&nbsp;&nbsp; 1312831 |
| Federal National Mortgage Association: |  |  |
| &nbsp;&nbsp;&nbsp;4.21%, (COF + 1.254%), with maturity at 2035<sup>(27)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp; 3720 |
| &nbsp;&nbsp;&nbsp;5.118%, (COF + 1.791%), with maturity at 2035<sup>(27)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196 | &nbsp;&nbsp;&nbsp;&nbsp; 192494 |
| &nbsp;&nbsp;&nbsp;5.50%, with maturity at 2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1161 | &nbsp;&nbsp;&nbsp;&nbsp; 1180183 |
| &nbsp;&nbsp;&nbsp;6.00%, with various maturities to 2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12642 | &nbsp;&nbsp;&nbsp;&nbsp; 12996956 |
| &nbsp;&nbsp;&nbsp;6.50%, with various maturities to 2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66510 | &nbsp;&nbsp;&nbsp;&nbsp; 69166811 |
| &nbsp;&nbsp;&nbsp;8.50%, with maturity at 2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 | &nbsp;&nbsp;&nbsp;&nbsp; 50320 |
| Government National Mortgage Association: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, with maturity at 2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15110 | &nbsp;&nbsp;&nbsp;&nbsp; 15197764 |
| &nbsp;&nbsp;&nbsp;5.50%, with various maturities to 2063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48772 | &nbsp;&nbsp;&nbsp;&nbsp; 49578268 |
| &nbsp;&nbsp;&nbsp;5.50%, with maturity at 2053<sup>(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9750 | &nbsp;&nbsp;&nbsp;&nbsp; 9898441 |
| &nbsp;&nbsp;&nbsp;6.00%, with various maturities to 2064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133829 | &nbsp;&nbsp;&nbsp;&nbsp; 138170800 |
| &nbsp;&nbsp;&nbsp;6.00%, with various maturities to 2054<sup>(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32449 | &nbsp;&nbsp;&nbsp;&nbsp; 33521349 |
| &nbsp;&nbsp;&nbsp;6.50%, with various maturities to 2065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109500 | &nbsp;&nbsp;&nbsp;&nbsp; 114326409 |
| &nbsp;&nbsp;&nbsp;6.50%, with maturity at 2053<sup>(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9785 | &nbsp;&nbsp;&nbsp;&nbsp; 10172568 |
| &nbsp;&nbsp;&nbsp;7.00%, with various maturities to 2064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23792 | &nbsp;&nbsp;&nbsp;&nbsp; 24646020 |
| &nbsp;&nbsp;&nbsp;7.50%, with various maturities to 2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4135 | &nbsp;&nbsp;&nbsp;&nbsp; 4242613 |
| &nbsp;&nbsp;&nbsp;8.00%, with various maturities to 2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1677 | &nbsp;&nbsp;&nbsp;&nbsp; 1721017 |
| Uniform Mortgage-Backed Security: |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 30-Year, TBA<sup>(28)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;908740 | &nbsp;&nbsp;&nbsp;&nbsp; 805299852 |
| &nbsp;&nbsp;&nbsp;5.00%, 30-Year, TBA<sup>(28)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 497617175 |
| &nbsp;&nbsp;&nbsp;5.50%, 30-Year, TBA<sup>(28)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1045600 | &nbsp;&nbsp;&nbsp;&nbsp;1056627785 |
| Total U.S. Government Agency Mortgage-Backed Securities<br> (identified cost $2,847,683,996) |  | &nbsp;&nbsp;**$2861314146** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

*40*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_d86710f8-700a-4d42-b872-764752b88c6a_TOC)

Global Opportunities Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

U.S. Government Guaranteed Small Business Administration Loans — 0.1%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| SBA IO Trust:<br> Interest Only:<sup>(29)(30)</sup><br> Series 2018-1, Class A, 2.515%, 3/25/44<sup>(1)(4)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111588 | &nbsp;&nbsp;$6027719 |
| Total U.S. Government Guaranteed Small Business Administration Loans<br> (identified cost $30,589,843) |  | &nbsp;&nbsp;**$6027719** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Short-Term Investments — 4.9%

Affiliated Fund — 3.0%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 4.00%<sup>(31)</sup> | 279205233 | &nbsp;&nbsp;$279205233 |
| Total Affiliated Fund<br> (identified cost $279,205,233) |  | &nbsp;&nbsp;**$279205233** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Sovereign Government Securities — 0.2%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Nigeria — 0.2% | Nigeria — 0.2% | Nigeria — 0.2% |
| Nigeria OMO Bills, 0.00%, 2/25/26 NGN | 29800442 | &nbsp;&nbsp;$19509181 |
| Total Sovereign Government Securities<br> (identified cost $18,590,705) |  | &nbsp;&nbsp;**$19509181** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

U.S. Treasury Obligations — 1.7%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| U.S. Treasury Bills: |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 11/12/25<sup>(32)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10400 | &nbsp;&nbsp;$10390035 |
| &nbsp;&nbsp;&nbsp;0.00%, 11/13/25<sup>(32)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;&nbsp; 21976423 |
| &nbsp;&nbsp;&nbsp;0.00%, 11/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 3992666 |
| &nbsp;&nbsp;&nbsp;0.00%, 12/4/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp; 29900038 |
| &nbsp;&nbsp;&nbsp;0.00%, 12/18/25<sup>(32)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13500 | &nbsp;&nbsp;&nbsp;&nbsp; 13434808 |
| &nbsp;&nbsp;&nbsp;0.00%, 1/8/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21500 | &nbsp;&nbsp;&nbsp;&nbsp; 21351103 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| U.S. Treasury Bills: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 4/2/26<sup>(32)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61400 | &nbsp;&nbsp;$60450816 |
| Total U.S. Treasury Obligations<br> (identified cost $161,470,928) |  | &nbsp;&nbsp;**$161495889** |
| Total Short-Term Investments<br> (identified cost $459,266,866) |  | &nbsp;&nbsp;**$460210303** |

---

---

| | |
|:---|:---|
| Total Purchased Swaptions — 0.0%<sup>†</sup><br> (identified cost $1,278,920) | &nbsp;&nbsp;**$1383000** |
| Total Investments — 125.3%<br> (identified cost $11,631,851,500) | &nbsp;&nbsp;**$11863337982** |
| Less Unfunded Loan Commitments — (0.6)% | &nbsp;&nbsp;**$(59953250)** |
| Net Investments — 124.7%<br> (identified cost $11,571,898,250) | &nbsp;&nbsp;**$11803384732** |

---

TBA Sale Commitments — (8.6)%

U.S. Government Agency Mortgage-Backed Securities — (8.6)%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Government National Mortgage Association, 3.00%, 30-Year, TBA<sup>(28)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;(908740) | &nbsp;&nbsp;$(817075214) |
| Total U.S. Government Agency Mortgage-Backed Securities<br> (proceeds $823,961,354) |  | &nbsp;&nbsp;**$(817075214)** |
| Total TBA Sale Commitments<br> (proceeds $823,961,354) |  | &nbsp;&nbsp;**$(817075214)** |

---

---

| | |
|:---|:---|
| Other Assets, Less Liabilities — (16.1)% | &nbsp;&nbsp;**$(1520254224)** |
| Net Assets — 100.0% | &nbsp;&nbsp;**$9466055294** |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category in the Consolidated Portfolio of Investments is based on net assets. | The percentage shown for each investment category in the Consolidated Portfolio of Investments is based on net assets. |
| <sup>†</sup> | Amount is less than 0.05% or (0.05)%, as applicable. |
| \* | In U.S. dollars unless otherwise indicated. |
| <sup>(1)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At October 31, 2025, the aggregate value of these securities is $3,019,440,511 or 31.9% of the Portfolio's net assets. |
| <sup>(2)</sup> | Variable rate security. The stated interest rate represents the rate in effect at October 31, 2025. |

---

*41*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_d86710f8-700a-4d42-b872-764752b88c6a_TOC)

Global Opportunities Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

<sup>(3)</sup> When-issued security.

<sup>(4)</sup> Weighted average fixed-rate coupon that changes/updates monthly. Rate shown is the rate at October 31, 2025.

<sup>(5)</sup> Step coupon security. Interest rate represents the rate in effect at October 31, 2025.

<sup>(6)</sup> 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 October 31, 2025.

<sup>(7)</sup> 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.

<sup>(8)</sup> Principal only security that entitles the holder to receive only principal payments on the underlying mortgages.

<sup>(9)</sup> Security (or a portion thereof) has been pledged for the benefit of the counterparty for reverse repurchase agreements.

<sup>(10)</sup> Non-income producing security.

<sup>(11)</sup> Security exempt from registration under Regulation S of the Securities Act of 1933, as amended, 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, as amended. At October 31, 2025, the aggregate value of these securities is $495,022,781 or 5.2% of the Portfolio's net assets.

<sup>(12)</sup> Issuer is in default with respect to interest and/or principal payments or has declared bankruptcy and is non-income producing. For a variable rate security, interest rate has been adjusted to reflect non-accrual status.

<sup>(13)</sup> Security converts to variable rate after the indicated fixed-rate coupon period.

<sup>(14)</sup> Represents a payment-in-kind security which may pay interest in additional principal at the issuer's discretion.

<sup>(15)</sup> Perpetual security with no stated maturity date but may be subject to calls by the issuer.

<sup>(16)</sup> Variable rate security whose coupon rate is linked to the issuer's mining activity revenue. The coupon rate shown represents the rate in effect at October 31, 2025.

<sup>(17)</sup> Security is valued using significant unobservable inputs and is categorized as Level 3 in the fair value hierarchy.

<sup>(18)</sup> Represents a participation interest, through a participation agreement with a financial institution, in mortgage loans guaranteed by Government National Mortgage Association.

<sup>(19)</sup> Quantity held represents principal in USD.

<sup>(20)</sup> Security is subject to risk of loss depending on the occurrence, frequency and severity of the loss events that are covered by underlying reinsurance contracts and that may occur during a specified risk period.

<sup>(21)</sup> Restricted security (see Note 5).

<sup>(22)</sup> Limited recourse note whose payments by the issuer are limited to amounts received by the issuer from the borrower pursuant to a loan agreement with the borrower.

<sup>(23)</sup> Senior floating-rate loans (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 typically have an expected average life of approximately two to four years. Senior Loans typically have rates of interest which are redetermined periodically by reference to a base lending rate, plus a spread. These base lending rates are primarily the Secured Overnight Financing Rate ("SOFR") and secondarily, the prime rate offered by one or more major United States banks (the "Prime Rate"). Base lending rates may be subject to a floor, or minimum rate. Rates for SOFR are generally 1 or 3-month tenors and may also be subject to a credit spread adjustment. Senior Loans are generally subject to contractual restrictions that must be satisfied before they can be bought or sold.

<sup>(24)</sup> Unfunded or partially unfunded loan commitments. The stated interest rate reflects the reference rate and spread for the funded portion, if any. At October 31, 2025, the total value of unfunded loan commitments is $59,901,450. See Note 1F for description.

<sup>(25)</sup> This Senior Loan will settle after October 31, 2025, at which time the interest rate will be determined.

<sup>(26)</sup> 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.

<sup>(27)</sup> Adjustable rate mortgage security whose interest rate generally adjusts monthly based on a weighted average of interest rates on the underlying mortgages. The coupon rate may not reflect the applicable index value as interest rates on the underlying mortgages may adjust on various dates and at various intervals and may be subject to lifetime ceilings and lifetime floors and lookback periods. Rate shown is the coupon rate at October 31, 2025.

<sup>(28)</sup> TBA (To Be Announced) securities are purchased or sold on a forward commitment basis with an approximate principal amount and maturity date. The actual principal amount, which is not expected to differ significantly from the commitment amount, and maturity date are determined upon settlement.

<sup>(29)</sup> Interest only security that entitles the holder to receive only a portion of the interest payments on the underlying loans. Principal amount shown is the notional amount of the underlying loans on which coupon interest is calculated.

<sup>(30)</sup> The stated interest rate represents the weighted average fixed interest rate at October 31, 2025 of all interest only securities comprising the trust.

<sup>(31)</sup> May be deemed to be an affiliated investment company (see Note 9). The rate shown is the annualized seven-day yield as of October 31, 2025.

<sup>(32)</sup> Security (or a portion thereof) has been pledged to cover collateral requirements on open derivative contracts.

*42*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_d86710f8-700a-4d42-b872-764752b88c6a_TOC)

Global Opportunities Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Purchased Interest Rate Swaptions (OTC) — 0.0%<sup>†</sup>** | **Purchased Interest Rate Swaptions (OTC) — 0.0%<sup>†</sup>** | **Purchased Interest Rate Swaptions (OTC) — 0.0%<sup>†</sup>** | **Purchased Interest Rate Swaptions (OTC) — 0.0%<sup>†</sup>** | **Purchased Interest Rate Swaptions (OTC) — 0.0%<sup>†</sup>** | **Purchased Interest Rate Swaptions (OTC) — 0.0%<sup>†</sup>** |
| **Description** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Notional Amount** | &nbsp;&nbsp;**Notional Amount** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Value** |
| Option to enter into interest rate swap expiring 5/6/28 to pay 3.64% and receive SOFR | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp;500000000 | &nbsp;&nbsp;5/4/26 | &nbsp;&nbsp;$1383000 |
| **Total** |  |  |  |  | &nbsp;&nbsp;**$1383000** |

---

---

| | |
|:---|:---|
| <sup>†</sup> | Amount is less than 0.05% or (0.05)%, as applicable. |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts (Centrally Cleared)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared)** |
| **Currency Purchased** | **Currency Purchased** | &nbsp;&nbsp;&nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;&nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;&nbsp;&nbsp;**Settlement<br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> Appreciation<br> (Depreciation)** |
| COP | &nbsp;&nbsp;&nbsp;&nbsp;339516200000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 85499994 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2060687 |
| COP | &nbsp;&nbsp;&nbsp;&nbsp;390877000000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 100060670 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 745878 |
| COP | &nbsp;&nbsp;&nbsp;&nbsp;214495000000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 54596246 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 721669 |
| COP | &nbsp;&nbsp;&nbsp;&nbsp;142361000000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 36287885 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 426788 |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 68547 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 79560 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (356) |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 104338 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 121101 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (542) |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 333904 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 393685 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7872) |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 1084472 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 1278632 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25565) |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 88700000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 104580511 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2091016) |
| IDR | &nbsp;&nbsp;&nbsp;&nbsp; 71755240000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 4310150 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1287 |
| IDR | &nbsp;&nbsp;&nbsp;&nbsp;111619060900 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 6705861 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 806 |
| IDR | &nbsp;&nbsp;&nbsp;&nbsp; 83329087900 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 5007216 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (361) |
| IDR | &nbsp;&nbsp;&nbsp;&nbsp;113389520000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 6815503 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2457) |
| IDR | &nbsp;&nbsp;&nbsp;&nbsp;126430341200 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 7603872 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7264) |
| IDR | &nbsp;&nbsp;&nbsp;&nbsp; 63554531586 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 3864437 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (45743) |
| IDR | &nbsp;&nbsp;&nbsp;&nbsp; 57479001000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 3503117 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (49473) |
| IDR | &nbsp;&nbsp;&nbsp;&nbsp; 86247394000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 5257064 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (74862) |
| IDR | &nbsp;&nbsp;&nbsp;&nbsp;114946988000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 6995875 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (89249) |
| IDR | &nbsp;&nbsp;&nbsp;&nbsp;114966283000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 6998319 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (90533) |
| IDR | &nbsp;&nbsp;&nbsp;&nbsp;114966283000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 6998361 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (90575) |
| IDR | &nbsp;&nbsp;&nbsp;&nbsp;143656933000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 8736662 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (104989) |
| PEN | &nbsp;&nbsp;&nbsp;&nbsp; 57250123 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 16512871 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 470611 |
| PEN | &nbsp;&nbsp;&nbsp;&nbsp; 32116619 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 9268866 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 258660 |
| PEN | &nbsp;&nbsp;&nbsp;&nbsp; 66627000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 19661522 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103648 |
| PEN | &nbsp;&nbsp;&nbsp;&nbsp; 8231853 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 2374139 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67873 |
| PEN | &nbsp;&nbsp;&nbsp;&nbsp; 8231853 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 2374208 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67805 |
| PEN | &nbsp;&nbsp;&nbsp;&nbsp; 2800000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 805500 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25131 |
| PEN | &nbsp;&nbsp;&nbsp;&nbsp; 3551 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 1024 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| TWD | &nbsp;&nbsp;&nbsp;&nbsp; 1575000000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 52459781 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1239774) |
| TWD | &nbsp;&nbsp;&nbsp;&nbsp; 1648030000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 55007677 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1412688) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 81638001 | &nbsp;&nbsp;&nbsp;&nbsp;COP | &nbsp;&nbsp;&nbsp;&nbsp;321906802632 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1381244) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 89275831 | &nbsp;&nbsp;&nbsp;&nbsp;COP | &nbsp;&nbsp;&nbsp;&nbsp;352064000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1520907) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 147778696 | &nbsp;&nbsp;&nbsp;&nbsp;COP | &nbsp;&nbsp;&nbsp;&nbsp;586776000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3549889) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 26733060 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp; 22673655 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 534509 |

---

*43*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_d86710f8-700a-4d42-b872-764752b88c6a_TOC)

Global Opportunities Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** |
| **Currency Purchased** | **Currency Purchased** | &nbsp;&nbsp;&nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;&nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;&nbsp;&nbsp;**Settlement<br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> Appreciation<br> (Depreciation)** |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 18964942 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp; 16085123 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$379191 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 7949549 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp; 6742413 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 158946 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 7306592 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp; 6197089 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 146090 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 7245955 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp; 6145659 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144878 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 3466983 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp; 2940523 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69320 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 1061133 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21217 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 3284747 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp; 2830066 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14712 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 469799 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp; 398460 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9393 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 123019 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp; 104338 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2460 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 49318410 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp;812463595200 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 501274 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 6881332 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp;114244564770 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16911 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 6025780 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp;100030772714 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15398 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 3479758 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp; 57804001100 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6586 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 3641233 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp; 60508183200 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5579 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 3478711 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp; 57804001100 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5539 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 3309664 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp; 54998107000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5085 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 4829713 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp; 80298799800 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4933 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 3672926 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp; 61052109400 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4590 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 3279642 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp; 54507641800 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4532 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 2784323 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp; 46268896500 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4241 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 5207496 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp; 86599465800 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4140 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 2919164 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp; 48525260600 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3508 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 2262392 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp; 37606604700 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2787 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 1204940 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp; 20021167000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1962 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 5888846 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp; 98002177200 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 354 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 3463395 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp; 57647900300 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (397) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 4610799 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp; 76799773100 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3740) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 4820724 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp; 80298799800 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4055) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 8385507 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp; 742000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46745 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 336502 | &nbsp;&nbsp;&nbsp;&nbsp;PEN | &nbsp;&nbsp;&nbsp;&nbsp; 1140000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1684) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 285706 | &nbsp;&nbsp;&nbsp;&nbsp;PEN | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10948) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 457215 | &nbsp;&nbsp;&nbsp;&nbsp;PEN | &nbsp;&nbsp;&nbsp;&nbsp; 1596080 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16269) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 569120 | &nbsp;&nbsp;&nbsp;&nbsp;PEN | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24189) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 568683 | &nbsp;&nbsp;&nbsp;&nbsp;PEN | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24626) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 58720603 | &nbsp;&nbsp;&nbsp;&nbsp;PEN | &nbsp;&nbsp;&nbsp;&nbsp; 198505000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (166712) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 5999829 | &nbsp;&nbsp;&nbsp;&nbsp;PEN | &nbsp;&nbsp;&nbsp;&nbsp; 21000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (229907) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 5695247 | &nbsp;&nbsp;&nbsp;&nbsp;PEN | &nbsp;&nbsp;&nbsp;&nbsp; 20000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (237834) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 6827515 | &nbsp;&nbsp;&nbsp;&nbsp;PEN | &nbsp;&nbsp;&nbsp;&nbsp; 23834000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (242938) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 11666951 | &nbsp;&nbsp;&nbsp;&nbsp;PEN | &nbsp;&nbsp;&nbsp;&nbsp; 41000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (495866) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 22780989 | &nbsp;&nbsp;&nbsp;&nbsp;PEN | &nbsp;&nbsp;&nbsp;&nbsp; 80000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (951336) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 34284735 | &nbsp;&nbsp;&nbsp;&nbsp;PEN | &nbsp;&nbsp;&nbsp;&nbsp; 120000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1313753) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 39123649 | &nbsp;&nbsp;&nbsp;&nbsp;PEN | &nbsp;&nbsp;&nbsp;&nbsp; 136575767 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1392108) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 59757555 | &nbsp;&nbsp;&nbsp;&nbsp;PEN | &nbsp;&nbsp;&nbsp;&nbsp; 210000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2539799) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 10217783 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 312000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71343 |

---

*44*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_d86710f8-700a-4d42-b872-764752b88c6a_TOC)

Global Opportunities Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** |
| **Currency Purchased** | **Currency Purchased** | &nbsp;&nbsp;&nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;&nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;&nbsp;&nbsp;**Settlement<br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> Appreciation<br> (Depreciation)** |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 10191000 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 311600000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$57568 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 10201079 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 312000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54640 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 10192747 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 312000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46308 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 8824971 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 270000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44399 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 6107951 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 187282000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17421 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 5429270 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 166494000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14779 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 5036008 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 154404000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14691 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 4750603 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 145701000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12314 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 4425509 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 135732000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11418 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 4071973 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 124920000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9495 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 3059582 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 93920000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5244 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 6107961 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 187661000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5106 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 6107940 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 187697000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3914 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 5429273 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 166885000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2066 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 3311398 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 101799000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 830 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 1721475 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 52935000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5) |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$(12004237)** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts (OTC)** | **Forward Foreign Currency Exchange Contracts (OTC)** | **Forward Foreign Currency Exchange Contracts (OTC)** | **Forward Foreign Currency Exchange Contracts (OTC)** | **Forward Foreign Currency Exchange Contracts (OTC)** | **Forward Foreign Currency Exchange Contracts (OTC)** | **Forward Foreign Currency Exchange Contracts (OTC)** | **Forward Foreign Currency Exchange Contracts (OTC)** |
| **Currency Purchased** | **Currency Purchased** | &nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Settlement<br> Date** | &nbsp;&nbsp;**Unrealized<br> Appreciation** | &nbsp;&nbsp;**Unrealized<br> (Depreciation)** |
| USD | &nbsp;&nbsp; 5120779 | &nbsp;&nbsp;IDR | &nbsp;&nbsp; 85143186000 | &nbsp;&nbsp;Bank of America, N.A. | &nbsp;&nbsp;11/4/25 | &nbsp;&nbsp;$924 | &nbsp;&nbsp;$— |
| USD | &nbsp;&nbsp; 7342772 | &nbsp;&nbsp;IDR | &nbsp;&nbsp;122036869000 | &nbsp;&nbsp;HSBC Bank USA, N.A. | &nbsp;&nbsp;11/4/25 | &nbsp;&nbsp;&nbsp;&nbsp; 4415 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 4311178 | &nbsp;&nbsp;IDR | &nbsp;&nbsp; 71755240000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;11/4/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3629) |
| EUR | &nbsp;&nbsp; 2130356 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 2455599 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;11/7/25 | &nbsp;&nbsp;&nbsp;&nbsp; 370 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 102672565 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 88700000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;11/7/25 | &nbsp;&nbsp;&nbsp;&nbsp; 415247 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| ISK | &nbsp;&nbsp;2234734000 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 15398153 | &nbsp;&nbsp;Bank of America, N.A. | &nbsp;&nbsp;12/3/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (36719) |
| ISK | &nbsp;&nbsp; 958345278 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 6598811 | &nbsp;&nbsp;Bank of America, N.A. | &nbsp;&nbsp;12/4/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (11630) |
| ISK | &nbsp;&nbsp;1295809310 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 8922463 | &nbsp;&nbsp;Bank of America, N.A. | &nbsp;&nbsp;12/5/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (17359) |
| AUD | &nbsp;&nbsp; 43200000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 28370606 | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (91536) |
| AUD | &nbsp;&nbsp; 70720000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 46706741 | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (412856) |
| AUD | &nbsp;&nbsp; 43180000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 28350088 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (84110) |
| ISK | &nbsp;&nbsp; 13243188 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 91591 | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (844) |
| ISK | &nbsp;&nbsp; 466780210 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 3213633 | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (12802) |
| MXN | &nbsp;&nbsp; 18200492 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 967008 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 8242 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 103665137 | &nbsp;&nbsp;AUD | &nbsp;&nbsp; 157100000 | &nbsp;&nbsp;State Street Bank and Trust Company | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 826204 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 6467470 | &nbsp;&nbsp;CAD | &nbsp;&nbsp; 8888742 | &nbsp;&nbsp;State Street Bank and Trust Company | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 115568 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 39523 | &nbsp;&nbsp;CAD | &nbsp;&nbsp; 54320 | &nbsp;&nbsp;State Street Bank and Trust Company | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 706 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 9366713 | &nbsp;&nbsp;GBP | &nbsp;&nbsp; 6900000 | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 301689 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 535449 | &nbsp;&nbsp;MXN | &nbsp;&nbsp; 10000000 | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (388) |
| USD | &nbsp;&nbsp; 2248888 | &nbsp;&nbsp;MXN | &nbsp;&nbsp; 42000000 | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1628) |

---

*45*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_d86710f8-700a-4d42-b872-764752b88c6a_TOC)

Global Opportunities Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** |
| **Currency Purchased** | **Currency Purchased** | &nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Settlement<br> Date** | &nbsp;&nbsp;**Unrealized<br> Appreciation** | &nbsp;&nbsp;**Unrealized<br> (Depreciation)** |
| USD | &nbsp;&nbsp; 60612875 | &nbsp;&nbsp;MXN | &nbsp;&nbsp; 1132000000 | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(43877) |
| USD | &nbsp;&nbsp; 212481 | &nbsp;&nbsp;MXN | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1854) |
| USD | &nbsp;&nbsp; 531309 | &nbsp;&nbsp;MXN | &nbsp;&nbsp; 10000000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4528) |
| USD | &nbsp;&nbsp; 903045 | &nbsp;&nbsp;MXN | &nbsp;&nbsp; 17000000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (7878) |
| USD | &nbsp;&nbsp; 2125234 | &nbsp;&nbsp;MXN | &nbsp;&nbsp; 40000000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (18114) |
| USD | &nbsp;&nbsp; 24966534 | &nbsp;&nbsp;MXN | &nbsp;&nbsp; 470000000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (217806) |
| USD | &nbsp;&nbsp; 58231411 | &nbsp;&nbsp;MXN | &nbsp;&nbsp; 1096000000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (496328) |
| USD | &nbsp;&nbsp; 33281648 | &nbsp;&nbsp;MXN | &nbsp;&nbsp; 616428543 | &nbsp;&nbsp;State Street Bank and Trust Company | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 251124 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 33708035 | &nbsp;&nbsp;MXN | &nbsp;&nbsp; 627855968 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 65187 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 1283132 | &nbsp;&nbsp;MXN | &nbsp;&nbsp; 23900000 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 2481 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 278171 | &nbsp;&nbsp;MXN | &nbsp;&nbsp; 5181300 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 538 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 38087033 | &nbsp;&nbsp;NZD | &nbsp;&nbsp; 63865787 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;1472969 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 35902738 | &nbsp;&nbsp;NZD | &nbsp;&nbsp; 60200000 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;1390259 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 4846821 | &nbsp;&nbsp;SAR | &nbsp;&nbsp; 18220000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (5273) |
| USD | &nbsp;&nbsp; 16730715 | &nbsp;&nbsp;ZAR | &nbsp;&nbsp; 294800000 | &nbsp;&nbsp;Bank of America, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (222697) |
| USD | &nbsp;&nbsp; 38661848 | &nbsp;&nbsp;ZAR | &nbsp;&nbsp; 678000000 | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (328700) |
| USD | &nbsp;&nbsp; 25808111 | &nbsp;&nbsp;ZAR | &nbsp;&nbsp; 446208795 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 147454 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 85481807 | &nbsp;&nbsp;ZAR | &nbsp;&nbsp; 1496000000 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (550435) |
| USD | &nbsp;&nbsp; 39274285 | &nbsp;&nbsp;ZAR | &nbsp;&nbsp; 691979322 | &nbsp;&nbsp;HSBC Bank USA, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (520188) |
| USD | &nbsp;&nbsp; 22281532 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 19116745 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;1/30/26 | &nbsp;&nbsp;&nbsp;&nbsp; 140626 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 3880931 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 3329698 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;1/30/26 | &nbsp;&nbsp;&nbsp;&nbsp; 24494 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 2670218 | &nbsp;&nbsp;HKD | &nbsp;&nbsp; 20724001 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;1/30/26 | &nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| NGN | &nbsp;&nbsp;7058834000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 4459150 | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;2/26/26 | &nbsp;&nbsp;&nbsp;&nbsp; 329434 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 4061470 | &nbsp;&nbsp;NGN | &nbsp;&nbsp; 7058834000 | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;2/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (727114) |
| NGN | &nbsp;&nbsp;8122940000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 4286512 | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;2/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;1222188 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 21883083 | &nbsp;&nbsp;NGN | &nbsp;&nbsp; 37923382000 | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;2/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(3835256) |
| USD | &nbsp;&nbsp; 139739869 | &nbsp;&nbsp;BRL | &nbsp;&nbsp; 780000000 | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;4/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (369989) |
| USD | &nbsp;&nbsp; 134423399 | &nbsp;&nbsp;BRL | &nbsp;&nbsp; 747300000 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;4/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 187377 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 9607391 | &nbsp;&nbsp;OMR | &nbsp;&nbsp; 3700277 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;10/29/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1226 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 8730834 | &nbsp;&nbsp;OMR | &nbsp;&nbsp; 3362672 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;10/29/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1114 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 8003264 | &nbsp;&nbsp;OMR | &nbsp;&nbsp; 3082449 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;10/29/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1021 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 7275695 | &nbsp;&nbsp;OMR | &nbsp;&nbsp; 2802227 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;10/29/26 | &nbsp;&nbsp;&nbsp;&nbsp; 928 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;**$6911802** | &nbsp;&nbsp;**$(8023538)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Non-Deliverable Bond Forward Contracts<sup>\*</sup>** | **Non-Deliverable Bond Forward Contracts<sup>\*</sup>** | **Non-Deliverable Bond Forward Contracts<sup>\*</sup>** | **Non-Deliverable Bond Forward Contracts<sup>\*</sup>** | **Non-Deliverable Bond Forward Contracts<sup>\*</sup>** | **Non-Deliverable Bond Forward Contracts<sup>\*</sup>** | **Non-Deliverable Bond Forward Contracts<sup>\*</sup>** |
| **Settlement Date** | &nbsp;&nbsp;**Notional Amount<br> (000's omitted)** | &nbsp;&nbsp;**Notional Amount<br> (000's omitted)** | &nbsp;&nbsp;**Reference Entity** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Aggregate Cost** | &nbsp;&nbsp;**Unrealized<br> Appreciation<br> (Depreciation)** |
| 11/7/25 | &nbsp;&nbsp;COP | &nbsp;&nbsp;68318000 | &nbsp;&nbsp;Republic of Colombia,<br> 6.00%, 4/28/28 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;$17723437 | &nbsp;&nbsp;$(129948) |
| 11/7/25 | &nbsp;&nbsp;COP | &nbsp;&nbsp;68318000 | &nbsp;&nbsp;Republic of Colombia,<br> 6.00%, 4/28/28 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;17639321 | &nbsp;&nbsp;&nbsp;&nbsp; 84115 |

---

*46*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_d86710f8-700a-4d42-b872-764752b88c6a_TOC)

Global Opportunities Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Non-Deliverable Bond Forward Contracts<sup>\*</sup> (continued)** | **Non-Deliverable Bond Forward Contracts<sup>\*</sup> (continued)** | **Non-Deliverable Bond Forward Contracts<sup>\*</sup> (continued)** | **Non-Deliverable Bond Forward Contracts<sup>\*</sup> (continued)** | **Non-Deliverable Bond Forward Contracts<sup>\*</sup> (continued)** | **Non-Deliverable Bond Forward Contracts<sup>\*</sup> (continued)** | **Non-Deliverable Bond Forward Contracts<sup>\*</sup> (continued)** |
| **Settlement Date** | &nbsp;&nbsp;**Notional Amount<br> (000's omitted)** | &nbsp;&nbsp;**Notional Amount<br> (000's omitted)** | &nbsp;&nbsp;**Reference Entity** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Aggregate Cost** | &nbsp;&nbsp;**Unrealized<br> Appreciation<br> (Depreciation)** |
| 11/7/25 | &nbsp;&nbsp;COP | &nbsp;&nbsp;48473000 | &nbsp;&nbsp;Republic of Colombia,<br> 6.00%, 4/28/28 | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;$12575136 | &nbsp;&nbsp;$(76218) |
| 11/7/25 | &nbsp;&nbsp;COP | &nbsp;&nbsp;24868000 | &nbsp;&nbsp;Republic of Colombia,<br> 6.00%, 4/28/28 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;&nbsp;&nbsp; 6451395 | &nbsp;&nbsp;&nbsp;&nbsp; (4271) |
| 11/21/25 | &nbsp;&nbsp;COP | &nbsp;&nbsp;13248000 | &nbsp;&nbsp;Republic of Colombia,<br> 6.00%, 4/28/28 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;&nbsp;&nbsp; 3436870 | &nbsp;&nbsp;&nbsp;&nbsp; (20157) |
| 11/25/25 | &nbsp;&nbsp;COP | &nbsp;&nbsp;39691000 | &nbsp;&nbsp;Republic of Colombia,<br> 6.00%, 4/28/28 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;&nbsp;&nbsp;10296861 | &nbsp;&nbsp;&nbsp;&nbsp; (40147) |
| 12/5/25 | &nbsp;&nbsp;COP | &nbsp;&nbsp;13263000 | &nbsp;&nbsp;Republic of Colombia,<br> 6.00%, 4/28/28 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;&nbsp;&nbsp; 3426751 | &nbsp;&nbsp;&nbsp;&nbsp; 14011 |
|  |  |  |  |  |  | &nbsp;&nbsp;**$(172615)** |

---

\* Represents a short-term forward contract to purchase the reference entity denominated in a non-deliverable foreign currency.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** |
| **Description** | &nbsp;&nbsp;&nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Position** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> Appreciation<br> (Depreciation)** |
| **Interest Rate Futures** |  |  |  |  |  |
| U.S. 2-Year Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;12/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;$11036836 | &nbsp;&nbsp;&nbsp;&nbsp;$(8254) |
| U.S. 5-Year Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;18856 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;12/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2059281447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4225287 |
| U.S. 10-Year Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5306 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 597836969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4024802 |
| U.S. Long Treasury Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11731250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78902 |
| U.S. Ultra 10-Year Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1543 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178192391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (255532) |
| U.S. Ultra-Long Treasury Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19162438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 688302 |
| Euro-Bobl | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(71) | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9678180) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (38511) |
| U.S. 5-Year Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63) | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;&nbsp;12/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6880289) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26928 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**$8741924** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Inflation Swaps (Centrally Cleared)** | **Inflation Swaps (Centrally Cleared)** | **Inflation Swaps (Centrally Cleared)** | **Inflation Swaps (Centrally Cleared)** | **Inflation Swaps (Centrally Cleared)** | **Inflation Swaps (Centrally Cleared)** | **Inflation Swaps (Centrally Cleared)** |  |  |  |
| **Notional Amount<br> (000's omitted)** | **Notional Amount<br> (000's omitted)** | **Portfolio<br> Pays/Receives<br> Return on<br> Reference<br> Index** | **Reference Index** | **Portfolio<br> Pays/Receives<br> Rate** | **Annual<br> Rate** | **Termination<br> Date** | **Value** | **Unamortized<br> Upfront<br> Receipts<br> (Payments)** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| USD | 19500 | Pays | Return on CPI-U (NSA)<br> (pays upon termination) | Receives | 2.09%<br> (pays upon<br> termination) | 4/2/29 | $(2892406) | $791380 | $(2101026) |
|  |  |  |  |  |  |  | **$(2892406)** | **$791380** | **$(2101026)** |

---

*47*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_d86710f8-700a-4d42-b872-764752b88c6a_TOC)

Global Opportunities Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Inflation Swaps (OTC)** | **Inflation Swaps (OTC)** | **Inflation Swaps (OTC)** | **Inflation Swaps (OTC)** | **Inflation Swaps (OTC)** | **Inflation Swaps (OTC)** | **Inflation Swaps (OTC)** | **Inflation Swaps (OTC)** | **Inflation Swaps (OTC)** |
| **Counterparty** | &nbsp;&nbsp;**Notional<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Notional<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Portfolio<br> Pays/Receives<br> Return on<br> Reference Index** | &nbsp;&nbsp;**Reference Index** | &nbsp;&nbsp;**Portfolio<br> Pays/Receives<br> Rate** | &nbsp;&nbsp;**Annual<br> Rate** | &nbsp;&nbsp;**Termination<br> Date** | &nbsp;&nbsp;**Value/Unrealized<br> Appreciation<br> (Depreciation)** |
| Bank of America, N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp;19500 | &nbsp;&nbsp;Receives | &nbsp;&nbsp;Return on CPI-U (NSA)<br> (pays upon termination) | &nbsp;&nbsp;Pays | &nbsp;&nbsp;2.09%<br> (pays upon termination) | &nbsp;&nbsp;4/2/29 | &nbsp;&nbsp;$2897846 |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**$2897846** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swaps (Centrally Cleared)** | **Interest Rate Swaps (Centrally Cleared)** | **Interest Rate Swaps (Centrally Cleared)** | **Interest Rate Swaps (Centrally Cleared)** | **Interest Rate Swaps (Centrally Cleared)** | **Interest Rate Swaps (Centrally Cleared)** | **Interest Rate Swaps (Centrally Cleared)** | **Interest Rate Swaps (Centrally Cleared)** | **Interest Rate Swaps (Centrally Cleared)** |
| **Notional Amount<br> (000's omitted)** | **Notional Amount<br> (000's omitted)** | **Portfolio<br> Pays/<br> Receives<br> Floating<br> Rate** | **Floating Rate** | **Annual<br> Fixed Rate** | **Termination<br> Date** | **Value** | **Unamortized<br> Upfront<br> Receipts<br> (Payments)** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| CLP | 70718000 | Receives | 6-month Sinacofi Chile Interbank Rate<br> (pays semi-annually) | 4.84%<br> (pays semi-annually) | 12/17/30 | $(14285) | $— | $(14285) |
| COP | 126735291 | Receives | Colombia Overnight Interbank Reference Rate<br> (pays quarterly) | 8.34%<br> (pays quarterly) | 6/18/28 | &nbsp;&nbsp;&nbsp;&nbsp;570338 | &nbsp;&nbsp;&nbsp;&nbsp;(86065) | &nbsp;&nbsp;&nbsp; 484273 |
| COP | 69875000 | Receives | Colombia Overnight Interbank Reference Rate<br> (pays quarterly) | 8.35%<br> (pays quarterly) | 6/18/28 | &nbsp;&nbsp;&nbsp;&nbsp;306662 | &nbsp;&nbsp;&nbsp; 81893 | &nbsp;&nbsp;&nbsp; 388555 |
| COP | 152374000 | Receives | Colombia Overnight Interbank Reference Rate<br> (pays quarterly) | 8.37%<br> (pays quarterly) | 6/18/28 | &nbsp;&nbsp;&nbsp;&nbsp;654652 | &nbsp;&nbsp;&nbsp;&nbsp;(63676) | &nbsp;&nbsp;&nbsp; 590976 |
| COP | 162713000 | Receives | Colombia Overnight Interbank Reference Rate<br> (pays quarterly) | 8.80%<br> (pays quarterly) | 12/17/30 | &nbsp;&nbsp;&nbsp;&nbsp;707370 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 707370 |
| ILS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207360 | Pays | 3-month ILS TELBOR<br> (pays annually) | 3.71%<br> (pays annually) | 12/17/30 | &nbsp;&nbsp;&nbsp;&nbsp;369970 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 369970 |
| KRW | 100000000 | Receives | 3-month KRW Certificate of Deposit Rate<br> (pays quarterly) | 2.70%<br> (pays quarterly) | 12/17/30 | &nbsp;&nbsp;&nbsp;&nbsp;300172 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 300172 |
| PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162003 | Pays | 6-month PLN WIBOR<br> (pays semi-annually) | 4.10%<br> (pays annually) | 12/17/30 | &nbsp;&nbsp;&nbsp;&nbsp;204765 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 204765 |
| PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107057 | Pays | 6-month PLN WIBOR<br> (pays semi-annually) | 4.11%<br> (pays annually) | 12/17/30 | &nbsp;&nbsp;&nbsp;&nbsp;142435 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 142435 |
| PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399914 | Receives | 6-month PLN WIBOR<br> (pays quarterly) | 4.49%<br> (pays annually) | 8/12/32 | &nbsp;&nbsp;&nbsp;&nbsp;(143917) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (143917) |
| PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399914 | Pays | 6-month PLN WIBOR<br> (pays semi-annually) | 4.59%<br> (pays annually) | 8/12/32 | &nbsp;&nbsp;&nbsp;&nbsp;172051 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 172051 |
| PLN | &nbsp;&nbsp;&nbsp;&nbsp;1716360 | Receives | 6-month PLN WIBOR<br> (pays quarterly) | 4.61%<br> (pays annually) | 9/9/32 | (1426257) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(1426257) |
| PLN | &nbsp;&nbsp;&nbsp;&nbsp;1716360 | Pays | 6-month PLN WIBOR<br> (pays semi-annually) | 4.71%<br> (pays annually) | 9/9/32 | 1508798 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1508798 |
| SGD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | Receives | SORA<br> (pays semi-annually) | 1.53%<br> (pays semi-annually) | 12/17/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53415 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 53415 |
| SGD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18100 | Receives | SORA<br> (pays semi-annually) | 1.53%<br> (pays semi-annually) | 12/17/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16999 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 16999 |

---

*48*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_d86710f8-700a-4d42-b872-764752b88c6a_TOC)

Global Opportunities Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** |
| **Notional Amount<br> (000's omitted)** | **Notional Amount<br> (000's omitted)** | **Portfolio<br> Pays/<br> Receives<br> Floating<br> Rate** | **Floating Rate** | **Annual<br> Fixed Rate** | **Termination<br> Date** | **Value** | **Unamortized<br> Upfront<br> Receipts<br> (Payments)** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| THB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522705 | Receives | Thai Overnight Repurchase Rate<br> (pays quarterly) | 1.30%<br> (pays quarterly) | 12/17/30 | $526 | $— | $526 |
| THB | &nbsp;&nbsp;&nbsp;&nbsp;1682000 | Receives | Thai Overnight Repurchase Rate<br> (pays quarterly) | 1.30%<br> (pays quarterly) | 12/17/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2093) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2093) |
| TWD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469200 | Receives | 3-month TWD TAIBOR<br> (pays quarterly) | 1.26%<br> (pays quarterly) | 3/20/29 | &nbsp;&nbsp;&nbsp;&nbsp;207084 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 207084 |
| TWD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623800 | Receives | 3-month TWD TAIBOR<br> (pays quarterly) | 1.27%<br> (pays quarterly) | 3/20/29 | &nbsp;&nbsp;&nbsp;&nbsp;264538 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 264538 |
| TWD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633800 | Receives | 3-month TWD TAIBOR<br> (pays quarterly) | 1.32%<br> (pays quarterly) | 3/20/29 | &nbsp;&nbsp;&nbsp;&nbsp;232269 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 232269 |
| TWD | &nbsp;&nbsp;&nbsp;&nbsp;1493400 | Receives | 3-month TWD TAIBOR<br> (pays quarterly) | 1.33%<br> (pays quarterly) | 3/20/29 | &nbsp;&nbsp;&nbsp;&nbsp;525784 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 525784 |
| TWD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514000 | Receives | 3-month TWD TAIBOR<br> (pays quarterly) | 1.35%<br> (pays quarterly) | 3/20/29 | &nbsp;&nbsp;&nbsp;&nbsp;170600 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 170600 |
| TWD | &nbsp;&nbsp;&nbsp;&nbsp;2056500 | Receives | 3-month TWD TAIBOR<br> (pays quarterly) | 1.36%<br> (pays quarterly) | 3/20/29 | &nbsp;&nbsp;&nbsp;&nbsp;658880 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 658880 |
| TWD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623900 | Receives | 3-month TWD TAIBOR<br> (pays quarterly) | 1.37%<br> (pays quarterly) | 3/20/29 | &nbsp;&nbsp;&nbsp;&nbsp;192704 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 192704 |
| TWD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623800 | Receives | 3-month TWD TAIBOR<br> (pays quarterly) | 1.38%<br> (pays quarterly) | 3/20/29 | &nbsp;&nbsp;&nbsp;&nbsp;189079 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 189079 |
| TWD | &nbsp;&nbsp;&nbsp;&nbsp;2274000 | Receives | 3-month TWD TAIBOR<br> (pays quarterly) | 1.63%<br> (pays quarterly) | 9/17/30 | &nbsp;&nbsp;&nbsp;&nbsp;199318 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 199318 |
| ZAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;852917 | Pays | 3-month ZAR JIBAR<br> (pays quarterly) | 7.05%<br> (pays quarterly) | 12/17/30 | &nbsp;&nbsp;&nbsp;&nbsp;276170 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 276170 |
| ZAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310673 | Pays | 3-month ZAR JIBAR<br> (pays quarterly) | 7.09%<br> (pays quarterly) | 12/17/30 | &nbsp;&nbsp;&nbsp;&nbsp;129867 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 129867 |
| ZAR | &nbsp;&nbsp;&nbsp;&nbsp;1643200 | Pays | 3-month ZAR JIBAR<br> (pays quarterly) | 8.47%<br> (pays quarterly) | 9/17/35 | 4548630 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4548630 |
| **Total** |  |  |  |  |  | **$11016524** | **$(67848)** | **$10948676** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Credit Default Swaps - Buy Protection (Centrally Cleared)** | **Credit Default Swaps - Buy Protection (Centrally Cleared)** | **Credit Default Swaps - Buy Protection (Centrally Cleared)** | **Credit Default Swaps - Buy Protection (Centrally Cleared)** | **Credit Default Swaps - Buy Protection (Centrally Cleared)** |  |
| **Reference Entity** | &nbsp;&nbsp;**Notional<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Termination<br> Date** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**Unamortized<br> Upfront<br> Receipts<br> (Payments)** | &nbsp;&nbsp;**Unrealized<br> Appreciation<br> (Depreciation)** |
| Markit CDX Emerging Markets Index (CDX.EM.43.V1) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 &nbsp;&nbsp;1.00%<br> (pays quarterly)<sup>(1)</sup> | &nbsp;&nbsp; 6/20/30 | &nbsp;&nbsp;$433 | &nbsp;&nbsp;$(1619) | &nbsp;&nbsp;$(1186) |
| Occidental Petroleum Corp. | 36570 &nbsp;&nbsp;1.00%<br> (pays quarterly)<sup>(1)</sup> | &nbsp;&nbsp;12/20/30 | &nbsp;&nbsp;&nbsp;&nbsp;(92521) | &nbsp;&nbsp;&nbsp;&nbsp; 96478 | &nbsp;&nbsp;&nbsp;&nbsp; 3957 |
| Petroleo Brasileiro S.A. | 15372 &nbsp;&nbsp;1.00%<br> (pays quarterly)<sup>(1)</sup> | &nbsp;&nbsp;12/20/30 | &nbsp;&nbsp;&nbsp;&nbsp;352721 | &nbsp;&nbsp;&nbsp;&nbsp; (380697) | &nbsp;&nbsp;&nbsp;&nbsp;(27976) |
| Turkey | 10725 &nbsp;&nbsp;1.00%<br> (pays quarterly)<sup>(1)</sup> | &nbsp;&nbsp;12/20/30 | &nbsp;&nbsp;&nbsp;&nbsp;669523 | &nbsp;&nbsp;&nbsp;&nbsp; (741048) | &nbsp;&nbsp;&nbsp;&nbsp;(71525) |
| **Total** |  |  | &nbsp;&nbsp;**$930156** | &nbsp;&nbsp;**$(1026886)** | &nbsp;&nbsp;**$(96730)** |

---

*49*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_d86710f8-700a-4d42-b872-764752b88c6a_TOC)

Global Opportunities Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit Default Swaps - Sell Protection (OTC)** | **Credit Default Swaps - Sell Protection (OTC)** | **Credit Default Swaps - Sell Protection (OTC)** | **Credit Default Swaps - Sell Protection (OTC)** | **Credit Default Swaps - Sell Protection (OTC)** | **Credit Default Swaps - Sell Protection (OTC)** | **Credit Default Swaps - Sell Protection (OTC)** | **Credit Default Swaps - Sell Protection (OTC)** |
| **Reference Entity** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Notional<br> Amount\*\*<br> (000's omitted)** | &nbsp;&nbsp;**Current<br> Market<br> Annual<br> Fixed Rate\*\*\*** | &nbsp;&nbsp;**Termination<br> Date** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**Unamortized<br> Upfront<br> Receipts<br> (Payments)** | &nbsp;&nbsp;**Unrealized<br> Appreciation<br> (Depreciation)** |
| Pan American Energy | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;$3190 &nbsp;&nbsp;1.00%<br> (pays quarterly)<sup>(1)</sup> | &nbsp;&nbsp;0.96% | &nbsp;&nbsp;12/20/25 | &nbsp;&nbsp;$3907 | &nbsp;&nbsp;$8485 | &nbsp;&nbsp;$12392 |
| Petroleos Mexicanos | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;&nbsp;&nbsp; 4173 &nbsp;&nbsp;4.00%<br> (pays monthly)<sup>(1)</sup> | &nbsp;&nbsp;1.19 | &nbsp;&nbsp; 7/6/26 | &nbsp;&nbsp;&nbsp;&nbsp; 50130 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 50130 |
| Petroleos Mexicanos | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;&nbsp;&nbsp; 11000 &nbsp;&nbsp;4.20%<br> (pays monthly)<sup>(1)</sup> | &nbsp;&nbsp;1.25 | &nbsp;&nbsp; 7/6/26 | &nbsp;&nbsp;&nbsp;&nbsp;142780 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 142780 |
| Petroleos Mexicanos | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;&nbsp;&nbsp; 2937 &nbsp;&nbsp;4.20%<br> (pays monthly)<sup>(1)</sup> | &nbsp;&nbsp;1.25 | &nbsp;&nbsp; 7/6/26 | &nbsp;&nbsp;&nbsp;&nbsp; 37782 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 37782 |
| Petroleos Mexicanos | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;&nbsp;&nbsp; 17676 &nbsp;&nbsp;1.00%<br> (pays quarterly)<sup>(1)</sup> | &nbsp;&nbsp;1.15 | &nbsp;&nbsp;12/20/25 | &nbsp;&nbsp;&nbsp;&nbsp; 16980 | &nbsp;&nbsp;&nbsp;&nbsp; 46464 | &nbsp;&nbsp;&nbsp;&nbsp; 63444 |
| Petroleos Mexicanos | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp;&nbsp; 25000 &nbsp;&nbsp;1.00%<br> (pays quarterly)<sup>(1)</sup> | &nbsp;&nbsp;1.15 | &nbsp;&nbsp;12/20/25 | &nbsp;&nbsp;&nbsp;&nbsp; 24017 | &nbsp;&nbsp;&nbsp;&nbsp; 58735 | &nbsp;&nbsp;&nbsp;&nbsp; 82752 |
| Petroleos Mexicanos | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp;&nbsp; 10000 &nbsp;&nbsp;1.00%<br> (pays quarterly)<sup>(1)</sup> | &nbsp;&nbsp;1.15 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; 6011 | &nbsp;&nbsp;&nbsp;&nbsp; 79134 | &nbsp;&nbsp;&nbsp;&nbsp; 85145 |
| U.S. Land Banking | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;&nbsp;&nbsp; 60000 &nbsp;&nbsp;5.50%<br> (pays monthly)<sup>(1)</sup> | &nbsp;&nbsp;5.46 | &nbsp;&nbsp;10/10/29 | &nbsp;&nbsp;&nbsp;&nbsp;279067 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 279067 |
| U.S. Single Family Rental | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;&nbsp;&nbsp; 14144 &nbsp;&nbsp;7.85%<br> (pays monthly)<sup>(1)</sup> | &nbsp;&nbsp;7.68 | &nbsp;&nbsp; 3/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;235128 | &nbsp;&nbsp;&nbsp;&nbsp; 16691 | &nbsp;&nbsp;&nbsp;&nbsp; 251819 |
| **Total** |  | &nbsp;&nbsp;**$148120** |  |  | &nbsp;&nbsp;**$795802** | &nbsp;&nbsp;**$209509** | &nbsp;&nbsp;**$1005311** |

---

\* 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.

\*\* 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 October 31, 2025, such maximum potential amount for all open credit default swaps in which the Portfolio is the seller was $148,120,000.

\*\*\* 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.

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Total Return Swaps (OTC)** | **Total Return Swaps (OTC)** | **Total Return Swaps (OTC)** | **Total Return Swaps (OTC)** | **Total Return Swaps (OTC)** | **Total Return Swaps (OTC)** | **Total Return Swaps (OTC)** |
| **Counterparty** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional Amount<br> (000's omitted)** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional Amount<br> (000's omitted)** | &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio Receives** | &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio Pays** | &nbsp;&nbsp;&nbsp;&nbsp;**Termination<br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> Appreciation<br> (Depreciation)** |
| JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;Return on iBoxx USD Liquid High Yield Index (pays upon termiantion) | &nbsp;&nbsp;&nbsp;&nbsp;SOFR (pays upon termination) | &nbsp;&nbsp;&nbsp;&nbsp;12/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;$(278910) |
| UBS AG | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;100278 | &nbsp;&nbsp;&nbsp;&nbsp;Positive return on Diversified Volatility Risk Premia Strategy\*<sup>(a)</sup> (pays monthly) | &nbsp;&nbsp;&nbsp;&nbsp;Negative return on Diversified Volatility Risk Premia Strategy\*<sup>(a)</sup> (pays monthly) | &nbsp;&nbsp;&nbsp;&nbsp;4/7/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(204163) |
| UBS AG | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 50179 | &nbsp;&nbsp;&nbsp;&nbsp;Positive return on Diversified Volatility Risk Premia Strategy\*<sup>(b)</sup> (pays monthly) | &nbsp;&nbsp;&nbsp;&nbsp;Negative return on Diversified Volatility Risk Premia Strategy\*<sup>(b)</sup> (pays monthly) | &nbsp;&nbsp;&nbsp;&nbsp;4/7/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(102164) |

---

*50*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_d86710f8-700a-4d42-b872-764752b88c6a_TOC)

Global Opportunities Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Total Return Swaps (OTC) (continued)** | **Total Return Swaps (OTC) (continued)** | **Total Return Swaps (OTC) (continued)** | **Total Return Swaps (OTC) (continued)** | **Total Return Swaps (OTC) (continued)** | **Total Return Swaps (OTC) (continued)** | **Total Return Swaps (OTC) (continued)** |
| **Counterparty** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional Amount<br> (000's omitted)** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional Amount<br> (000's omitted)** | &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio Receives** | &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio Pays** | &nbsp;&nbsp;&nbsp;&nbsp;**Termination<br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> Appreciation<br> (Depreciation)** |
| UBS AG | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 50045 | &nbsp;&nbsp;&nbsp;&nbsp;Positive return on Diversified Volatility Risk Premia Strategy\*<sup>(c)</sup> (pays monthly) | &nbsp;&nbsp;&nbsp;&nbsp;Negative return on Diversified Volatility Risk Premia Strategy\*<sup>(c)</sup> (pays monthly) | &nbsp;&nbsp;&nbsp;&nbsp;4/7/26 | &nbsp;&nbsp;&nbsp;&nbsp;$(320800) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**$(906037)** |

---

<sup>(a)</sup> The Components of the Volatility Swap along with the value of each Component are listed below:

---

| | | | |
|:---|:---|:---|:---|
| **Component** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional Amount<br> (000's omitted)** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> Appreciation<br> (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;**Percentage of Notional<br> Amount** |
| AU Short Variance Replication Strategy<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$12762 | &nbsp;&nbsp;&nbsp;&nbsp;$61492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.7% |
| EU Short Variance Replication Strategy<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36583) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.7 |
| US Short Variance Replication Strategy<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3720764) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.9 |
| USD Swaption Triangle L1 Strategy<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.6 |
| Gold Short Variance Replication Strategy<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3307839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 |
| Brent Volatility Carry with Protection (Put) Strategy<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31551) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 |
| WTI Volatility Carry with Protection (Put) Strategy<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.0 |
| VIX Volatility Carry with Protection Strategy<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(278801) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.6 |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp;**$100278** | &nbsp;&nbsp;&nbsp;&nbsp;**$(204163)** | &nbsp;&nbsp;&nbsp;&nbsp;**100.0%** |

---

<sup>(b)</sup> The Components of the Volatility Swap along with the value of each Component are listed below:

---

| | | | |
|:---|:---|:---|:---|
| **Component** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional Amount<br> (000's omitted)** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> Appreciation<br> (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;**Percentage of Notional<br> Amount** |
| AU Short Variance Replication Strategy<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$6386 | &nbsp;&nbsp;&nbsp;&nbsp;$30771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.7% |
| EU Short Variance Replication Strategy<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18306) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.7 |
| US Short Variance Replication Strategy<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1861889) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.9 |
| USD Swaption Triangle L1 Strategy<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.6 |
| Gold Short Variance Replication Strategy<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1655258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 |
| Brent Volatility Carry with Protection (Put) Strategy<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15788) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 |
| WTI Volatility Carry with Protection (Put) Strategy<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.0 |
| VIX Volatility Carry with Protection Strategy<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(139513) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.6 |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp;**$50179** | &nbsp;&nbsp;&nbsp;&nbsp;**$(102164)** | &nbsp;&nbsp;&nbsp;&nbsp;**100.0%** |

---

<sup>(c)</sup> The Components of the Volatility Swap along with the value of each Component are listed below:

*51*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_d86710f8-700a-4d42-b872-764752b88c6a_TOC)

Global Opportunities Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **Component** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional Amount<br> (000's omitted)** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> Appreciation<br> (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;**Percentage of Notional<br> Amount** |
| AU Short Variance Replication Strategy<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$6346 | &nbsp;&nbsp;&nbsp;&nbsp;$25607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.7% |
| EU Short Variance Replication Strategy<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5 |
| US Short Variance Replication Strategy<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1809394) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.7 |
| USD Swaption Triangle L1 Strategy<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(135995) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.2 |
| Gold Short Variance Replication Strategy<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1667642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.0 |
| Brent Volatility Carry with Protection (Put) Strategy<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16833) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 |
| WTI Volatility Carry with Protection (Put) Strategy<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.0 |
| VIX Volatility Carry with Protection Strategy<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(90621) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5 |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp;**$50045** | &nbsp;&nbsp;&nbsp;&nbsp;**$(320800)** | &nbsp;&nbsp;&nbsp;&nbsp;**100.0%** |

---

<sup>(1)</sup> The strategy seeks to generate positive returns by monetizing the implied vs. realized volatility premia in the Australian equity market. This strategy consists of exchange-traded written put and call options on the S&P/ASX 200 Index, combined with a position in the underlying index.

<sup>(2)</sup> The strategy seeks to generate positive returns by monetizing the implied vs. realized volatility premia in the European equity market. This strategy consists of exchange-traded written put and call options on the EURO STOXX 50 Index, combined with a short futures position in the underlying index.

<sup>(3)</sup> The strategy seeks to generate positive returns by monetizing the implied vs. realized volatility premia in the U.S. equity market. This strategy consists of exchange-traded written put and call options on the S&P 500 Index, combined with a short futures position in the underlying index.

<sup>(4)</sup> The strategy seeks to capture the volatility risk premium in U.S. rates by selling swaption straddles. The strategy consists of swaptions and U.S. interest rate swaps.

<sup>(5)</sup> The strategy seeks to capture the implied volatility premium of Gold. The strategy consists of exchange-traded written put and call options on GLD ETF, combined with a position in the GLD ETF.

<sup>(6)</sup> The strategy seeks to capture the implied volatility premium of Brent crude oil. The strategy consists of purchased put options and written put and call options on Brent crude oil futures and a long futures position.

<sup>(7)</sup> The strategy seeks to capture the implied volatility premium of WTI crude oil. The strategy consists of purchased put options and written put and call options on WTI crude oil futures and a long futures position.

<sup>(8)</sup> The strategy seeks to provide exposure to the volatility risk premium on VIX. The strategy consists of written put and call options, as well as purchased call options, on VIX futures, combined with a position in VIX futures.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Cross-Currency Swaps (OTC)** | **Cross-Currency Swaps (OTC)** | **Cross-Currency Swaps (OTC)** |  |  |
| **Counterparty** | &nbsp;&nbsp;**Portfolio Receives** | &nbsp;&nbsp;**Portfolio Pays** | &nbsp;&nbsp;**Effective Date/<br> Termination<br> Date<sup>(1)</sup>** | &nbsp;&nbsp;**Value/Unrealized<br> Appreciation<br> (Depreciation)** |
| JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;3-month PLN WIBOR + 0.63% on PLN 527,967,209 (Notional Amount) (pays quarterly) plus EUR equivalent of Notional Amount\* | &nbsp;&nbsp;3-month EURIBOR on EUR equivalent of Notional Amount at effective date (pays quarterly) plus Notional Amount\* | &nbsp;&nbsp;6/11/26/<br> 6/13/29 | &nbsp;&nbsp;$670697 |
|  |  |  |  | &nbsp;&nbsp;**$670697** |

---

<sup>(1)</sup> Effective date represents the date on which the Portfolio and counterparty exchange the currencies and begin interest payment accrual.

\* 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.

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ABS | – Asset-Backed Securities |
| ADR | – American Depositary Receipt |
| COF | – Cost of Funds 11th District |
| CPI-U (NSA) | – Consumer Price Index All Urban Non-Seasonally Adjusted |

---

---

| | |
|:---|:---|
| EURIBOR | – Euro Interbank Offered Rate |
| JIBAR | – Johannesburg Interbank Average Rate |
| OTC | – Over-the-counter |
| PIK | – Payment In Kind |
| SOFR | – Secured Overnight Financing Rate |

---

*52*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_d86710f8-700a-4d42-b872-764752b88c6a_TOC)

Global Opportunities Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

---

| | |
|:---|:---|
| SONIA | – Sterling Overnight Interbank Average |
| SORA | – Singapore Overnight Rate Average |
| STACR | – Structured Agency Credit Risk |
| TAIBOR | – Taipei Interbank Offered Rate |

---

---

| | |
|:---|:---|
| TBA | – To Be Announced |
| TELBOR | – Tel Aviv Interbank Offered Rate |
| WIBOR | – Warsaw Interbank Offered Rate |

---

---

| | |
|:---|:---|
| **Currency Abbreviations:** | **Currency Abbreviations:** |
| AUD | – Australian Dollar |
| BRL | – Brazilian Real |
| CAD | – Canadian Dollar |
| CLP | – Chilean Peso |
| COP | – Colombian Peso |
| EUR | – Euro |
| GBP | – British Pound Sterling |
| HKD | – Hong Kong Dollar |
| IDR | – Indonesian Rupiah |
| ILS | – Israeli Shekel |
| INR | – Indian Rupee |
| ISK | – Icelandic Krona |
| KRW | – South Korean Won |
| MXN | – Mexican Peso |

---

---

| | |
|:---|:---|
| NGN | – Nigerian Naira |
| NZD | – New Zealand Dollar |
| OMR | – Omani Rial |
| PEN | – Peruvian Sol |
| PLN | – Polish Zloty |
| RSD | – Serbian Dinar |
| SAR | – Saudi Riyal |
| SGD | – Singapore Dollar |
| THB | – Thai Baht |
| TWD | – New Taiwan Dollar |
| USD | – United States Dollar |
| UZS | – Uzbekistani Som |
| ZAR | – South African Rand |

---

*53*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_d86710f8-700a-4d42-b872-764752b88c6a_TOC)

Global Opportunities Portfolio

October 31, 2025

Consolidated Statement of Assets and Liabilities

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**October 31, 2025** |
| Assets |  |
| Unaffiliated investments, at value (identified cost $11,292,693,017) | &nbsp;&nbsp;$11524179499 |
| Affiliated investments, at value (identified cost $279,205,233) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279205233 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453972 |
| Deposits for reverse repurchase agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240000 |
| Deposits for forward commitment securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6598000 |
| Deposits for derivatives collateral: |  |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1891565 |
| &nbsp;&nbsp;&nbsp;Centrally cleared derivatives | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49812014 |
| &nbsp;&nbsp;&nbsp;OTC derivatives | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2430000 |
| Foreign currency, at value (identified cost $42,016,738) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41569009 |
| Interest and dividends receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63964580 |
| Dividends receivable from affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952971 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1173101720 |
| Receivable for TBA sale commitments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;823961354 |
| Receivable for variation margin on open centrally cleared derivatives | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2938481 |
| Receivable for open forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6911802 |
| Receivable for open swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4573854 |
| Receivable for open non-deliverable bond forward contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98126 |
| Tax reclaims receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2725 |
| Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134000 |
| **Total assets** | &nbsp;&nbsp;**$13983018905** |
| Liabilities |  |
| Cash collateral due to brokers | &nbsp;&nbsp;$8098000 |
| Payable for reverse repurchase agreements, including accrued interest of $13,480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73120217 |
| Payable for investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78552341 |
| Payable for when-issued/delayed delivery/forward commitment securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3524685083 |
| TBA sale commitments, at value (proceeds receivable $823,961,354) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817075214 |
| Payable for variation margin on open futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356026 |
| Payable for open forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8023538 |
| Payable for open swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;906037 |
| Payable for closed swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134875 |
| Upfront receipts on open OTC swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209509 |
| Payable for open non-deliverable bond forward contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270741 |
| Payable to affiliates: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment adviser fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3961837 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9222 |
| &nbsp;&nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134000 |
| Accrued foreign capital gains taxes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325436 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1101535 |
| **Total liabilities** | &nbsp;&nbsp;**$4516963611** |
| **Net Assets applicable to investors' interest in Portfolio** | &nbsp;&nbsp;**$9466055294** |

---

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_d86710f8-700a-4d42-b872-764752b88c6a_TOC)

Global Opportunities Portfolio

October 31, 2025

Consolidated Statement of Operations

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended** |
|  | &nbsp;&nbsp;&nbsp;**October 31, 2025** |
| Investment Income |  |
| Dividend income (net of foreign taxes withheld of $26,335) | &nbsp;&nbsp;$12058714 |
| Dividend income from affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8906152 |
| Interest income (net of foreign taxes withheld of $388,413) | &nbsp;&nbsp;&nbsp;&nbsp;470103955 |
| Other income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;714335 |
| **Total investment income** | &nbsp;&nbsp;**$491783156** |
| Expenses |  |
| Investment adviser fee | &nbsp;&nbsp;$35155928 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109754 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2018267 |
| Legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678164 |
| Interest expense and fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23686302 |
| Interest expense on securities sold short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1571954 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391289 |
| **Total expenses** | &nbsp;&nbsp;**$63611658** |
| Deduct: |  |
| &nbsp;&nbsp;&nbsp;Waiver and/or reimbursement of expenses by affiliates | &nbsp;&nbsp;$301720 |
| **Total expense reductions** | &nbsp;&nbsp;**$301720** |
| **Net expenses** | &nbsp;&nbsp;**$63309938** |
| **Net investment income** | &nbsp;&nbsp;**$428473218** |
| Realized and Unrealized Gain (Loss) |  |
| Net realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;Investment transactions (net of foreign capital gains taxes of $672,148) | &nbsp;&nbsp;$38356720 |
| &nbsp;&nbsp;&nbsp;Written swaptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(532428) |
| &nbsp;&nbsp;&nbsp;Securities sold short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865670 |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6578602) |
| &nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5925721) |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1058145) |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(98571957) |
| &nbsp;&nbsp;&nbsp;Non-deliverable bond forward contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235631 |
| **Net realized loss** | &nbsp;&nbsp;**$(73208832)** |
| Change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Investments (including net increase in accrued foreign capital gains taxes of $325,436) | &nbsp;&nbsp;$292912968 |
| &nbsp;&nbsp;&nbsp;Securities sold short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(518443) |
| &nbsp;&nbsp;&nbsp;TBA sale commitments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6616339 |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47612920 |
| &nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(934697) |
| &nbsp;&nbsp;&nbsp;Foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2134002) |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17440137) |
| &nbsp;&nbsp;&nbsp;Non-deliverable bond forward contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(172615) |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$325942333** |
| **Net realized and unrealized gain** | &nbsp;&nbsp;**$252733501** |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$681206719** |

---

*55*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_d86710f8-700a-4d42-b872-764752b88c6a_TOC)

Global Opportunities Portfolio

October 31, 2025

Consolidated Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
|  | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$428473218 | &nbsp;&nbsp;$212623005 |
| &nbsp;&nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(73208832) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34734528) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325942333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189720838 |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$681206719** | &nbsp;&nbsp;**$367609315** |
| Capital transactions: |  |  |
| &nbsp;&nbsp;&nbsp;Contributions | &nbsp;&nbsp;$4293087455 | &nbsp;&nbsp;$1967233702 |
| &nbsp;&nbsp;&nbsp;Withdrawals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(416866718) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(419677813) |
| **Net increase in net assets from capital transactions** | &nbsp;&nbsp;**$3876220737** | &nbsp;&nbsp;**$1547555889** |
| **Net increase in net assets** | &nbsp;&nbsp;**$4557427456** | &nbsp;&nbsp;**$1915165204** |
| Net Assets |  |  |
| At beginning of year | &nbsp;&nbsp;$4908627838 | &nbsp;&nbsp;$2993462634 |
| **At end of year** | &nbsp;&nbsp;**$9466055294** | &nbsp;&nbsp;**$4908627838** |

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*56*

*See Notes to Consolidated Financial Statements.*

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[**Table of Contents**](#JOB_EV_AR_d86710f8-700a-4d42-b872-764752b88c6a_TOC)

Global Opportunities Portfolio

October 31, 2025

Consolidated Financial Highlights

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| <br>Ratios/Supplemental Data | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Ratios (as a percentage of average daily net assets):<sup>(1)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% |
| &nbsp;&nbsp;&nbsp;Net expenses<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.22% |
| Portfolio Turnover<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218% |
| **Total Return** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.44%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.62%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.94%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2.97)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.53%** |
| **Net assets, end of year (000's omitted)** | &nbsp;&nbsp;**$9466055** | &nbsp;&nbsp;**$4908628** | &nbsp;&nbsp;**$2993463** | &nbsp;&nbsp;**$2183251** | &nbsp;&nbsp;**$1881061** |

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<sup>(1)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Portfolio.

<sup>(2)</sup> Includes interest and/or dividend expense on securities sold short and/or reverse repurchase agreements of 0.37%, 0.36%, 0.01%, 0.02% and 0.03% of average daily net assets for the years ended October 31, 2025, 2024, 2023, 2022 and 2021, respectively.

<sup>(3)</sup> Includes a reduction by the investment adviser of a portion of its adviser fee due to the Portfolio's investment in the Liquidity Fund (equal to less than 0.005%, less than 0.01%, 0.02% and 0.01% of average daily net assets for the years ended October 31, 2025, 2024, 2023 and 2022, respectively).

<sup>(4)</sup> Includes the effect of To Be Announced (TBA) transactions.

*See Notes to Consolidated Financial Statements.*

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Global Opportunities Portfolio

October 31, 2025

Notes to Consolidated Financial Statements

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1 Significant Accounting Policies

Global Opportunities Portfolio (the Portfolio) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a non-diversified, open-end management investment company. The Portfolio's investment objective is total return. The Declaration of Trust permits the Trustees to issue interests in the Portfolio. At October 31, 2025, Eaton Vance Strategic Income Fund and Eaton Vance International (Cayman Islands) Strategic Income Fund held an interest of 98.7% and 1.3%, respectively, in the Portfolio.

The Portfolio seeks to gain exposure to the commodity markets, in whole or in part, through investments in Eaton Vance GOP 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 net assets of the Subsidiary at October 31, 2025 were $22,201,476 or 0.2% of the Portfolio's consolidated net assets. The accompanying consolidated financial statements include the accounts of the Subsidiary. Intercompany balances and transactions have been eliminated in consolidation.

The following is a summary of significant accounting policies of the Portfolio. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Portfolio is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.

A Investment Valuation—The following methodologies are used to determine the market value or fair value of investments.

**Debt Obligations. Debt obligations are generally valued on the basis of valuations provided by third party pricing services, as derived from such services' pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and ask prices, broker/dealer quotations, prices or yields of securities with similar characteristics, interest rates, anticipated prepayments, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Short-term debt obligations purchased with a remaining maturity of sixty days or less for which a valuation from a third party pricing service is not readily available may be valued at amortized cost, which approximates fair value.**

**Senior Floating-Rate Loans. Interests in senior floating-rate loans (Senior Loans) for which reliable market quotations are readily available are valued generally at the average mean of bid and ask quotations obtained from a third party pricing service.**

**Equity Securities. Equity securities listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and ask prices on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ National Market System are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and ask prices or, in the case of preferred equity securities that are not listed or traded in the over-the-counter market, by a third party pricing service that uses various techniques that consider factors including, but not limited to, prices or yields of securities with similar characteristics, benchmark yields, broker/dealer quotes, quotes of underlying common stock, issuer spreads, as well as industry and economic events.**

**Derivatives. U.S. exchange-traded options are valued at the mean between the bid and ask prices at valuation time as reported by the Options Price Reporting Authority. Non-U.S. exchange-traded options and over-the-counter options (including options on securities, indices and foreign currencies) are valued by a third party pricing service using techniques that consider factors including the value of the underlying instrument, the volatility of the underlying instrument and the period of time until option expiration. Futures contracts are valued at the closing settlement price established by the board of trade or exchange on which they are traded. Forward foreign currency exchange contracts are generally valued at the mean of the average bid and average ask prices that are reported by currency dealers to a third party pricing service at the valuation time. Such third party pricing service valuations are supplied for specific settlement periods and the Portfolio's forward foreign currency exchange contracts are valued at an interpolated rate between the closest preceding and subsequent settlement period reported by the third party pricing service. Non-deliverable bond forward contracts are generally valued based on the current price of the underlying bond as provided by a third party pricing service and current interest rates. Swaps and options on swaps ("swaptions") are normally valued using valuations provided by a third party pricing service. Such pricing service valuations are based on the present value of fixed and projected floating rate cash flows over the term of the swap contract, and in the case of credit default swaps, based on credit spread quotations obtained from broker/dealers and expected default recovery rates determined by the pricing service using proprietary models. In the case of total return swaps, the pricing service valuations are based on the value of the underlying index or instrument and reference interest rate. Future cash flows on swaps are discounted to their present value using swap rates provided by electronic data services or by broker/dealers. Alternatively, swaptions may be valued at the valuation provided by a broker/dealer (usually the counterparty to the option), so determined using similar techniques as those employed by the pricing service.**

**Foreign Securities and Currencies. Foreign securities 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 generally is determined as of the close of trading on the principal exchange on which such securities trade. Events occurring after the close of trading on foreign exchanges may result in adjustments to the**

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Global Opportunities Portfolio

October 31, 2025

Notes to Consolidated Financial Statements — continued

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valuation of foreign securities 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 that meet certain criteria, the Portfolio's Trustees have approved the use of a fair value service that values such securities 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.

**Other. Investments in management investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value as of the close of each business day. Exchange-traded funds are valued at the official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded.**

**Fair Valuation. In connection with Rule 2a-5 of the 1940 Act, the Trustees have designated the Portfolio's investment adviser as its valuation designee. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued by the investment adviser, as valuation designee, at fair value using methods that most fairly reflect the security's "fair value", which is the amount that the Portfolio might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security's disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company's or entity's financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.**

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

C Income—Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount. Inflation adjustments to the principal amount of inflation-adjusted bonds and notes are reflected as interest income. Deflation adjustments to the principal amount of an inflation-adjusted bond or note are reflected as reductions to interest income to the extent of interest income previously recorded on such bond or note. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. However, if the ex-dividend date has passed, certain dividends from foreign securities are recorded as the Portfolio is informed of the ex-dividend date. Withholding taxes on foreign interest, dividends and capital gains have been provided for in accordance with the Portfolio's understanding of the applicable countries' tax rules and rates. Distributions from investment companies are recorded as dividend income, capital gains or return of capital based on the nature of the distribution.

D Federal and Other Taxes—The Portfolio has elected to be treated as a partnership for federal tax purposes. No provision is made by the Portfolio for federal or state taxes on any taxable income of the Portfolio because each investor in the Portfolio is ultimately responsible for the payment of any taxes on its share of taxable income. If one of the Portfolio's investors is a regulated investment company that invests all or substantially all of its assets in the Portfolio, the Portfolio normally must satisfy the applicable source of income and diversification requirements (under the Internal Revenue Code) in order for its investors to satisfy them. The Portfolio will allocate, at least annually among its investors, each investor's distributive share of the Portfolio's net investment income, net realized capital gains and losses and any other items of income, gain, loss, deduction or credit.

In addition to the requirements of the Internal Revenue Code, the Portfolio may also be subject to local taxes on the recognition of capital gains in certain countries. In determining the daily net asset value, the Portfolio estimates the accrual for such taxes, if any, based on the unrealized appreciation on certain portfolio securities and the related tax rates. Taxes attributable to unrealized appreciation are included in the change in unrealized appreciation (depreciation) on investments. Capital gains taxes on securities sold are included in net realized gain (loss) on investments.

The Subsidiary is treated as a controlled foreign corporation under the Internal Revenue Code and is not expected to be subject to U.S. federal income tax. The Portfolio is treated as a U.S. shareholder of the Subsidiary. As a result, the Portfolio is required to include in gross income for U.S. federal tax purposes all of the Subsidiary's income, whether or not such income is distributed by the Subsidiary. If a net loss is realized by the Subsidiary, such loss is not generally available to offset the income earned by the Portfolio.

As of October 31, 2025, the Portfolio had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Portfolio files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

E Foreign Currency Translation—Investment valuations, other assets, and liabilities initially expressed in foreign currencies are translated each business day into U.S. dollars based upon current exchange rates. Purchases and sales of foreign investment securities and income and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates in effect on the respective dates of such transactions. Recognized gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.

F Unfunded Loan Commitments—The Portfolio may enter into certain loan agreements all or a portion of which may be unfunded. The Portfolio is obligated to fund these commitments at the borrower's discretion. These commitments, if any, are disclosed in the accompanying Consolidated Portfolio of Investments.

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Global Opportunities Portfolio

October 31, 2025

Notes to Consolidated Financial Statements — continued

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G Use of Estimates—The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

H Indemnifications—Under the Portfolio's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Portfolio. Under Massachusetts law, if certain conditions prevail, interestholders in the Portfolio could be deemed to have personal liability for the obligations of the Portfolio. However, the Portfolio's Declaration of Trust contains an express disclaimer of liability on the part of Portfolio interestholders. Additionally, in the normal course of business, the Portfolio enters into agreements with service providers that may contain indemnification clauses. The Portfolio's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet occurred.

I Financial and Commodities Futures Contracts—Upon entering into a financial or commodities futures contract, the Portfolio 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 Portfolio each business day, depending on the daily fluctuations in the value of the underlying security, index or commodity and are recorded as unrealized gains or losses by the Portfolio. Gains (losses) are realized upon the expiration or closing of the financial or commodities futures contracts. Should market conditions change unexpectedly, the Portfolio may not achieve the anticipated benefits of the financial or commodities 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.

J Forward Foreign Currency Exchange and Non-Deliverable Bond Forward Contracts—The Portfolio may enter into forward foreign currency exchange contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date. The forward foreign currency exchange contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded as unrealized until such time as the contracts have been closed. While forward foreign currency exchange contracts are privately negotiated agreements between the Portfolio and a counterparty, certain contracts may be "centrally cleared", whereby all payments made or received by the Portfolio pursuant to the contract are with a central clearing party (CCP) rather than the original counterparty. The CCP guarantees the performance of the original parties to the contract. Upon entering into centrally cleared contracts, the Portfolio is required to deposit with the CCP, either in cash or securities, an amount of initial margin determined by the CCP, which is subject to adjustment. For centrally cleared contracts, the daily change in valuation is recorded as a receivable or payable for variation margin and settled in cash with the CCP daily. The Portfolio may also enter into non-deliverable bond forward contracts for the purchase or sale of a bond denominated in a non-deliverable foreign currency at a fixed price on a future date. For non-deliverable bond forward contracts, unrealized gains and losses, based on changes in the value of the contract, and realized gains and losses are accounted for as described above. Risks may arise upon entering these contracts from the potential inability of counterparties to meet the terms of their contracts and from movements in the value of a foreign currency relative to the U.S. dollar. In the case of centrally cleared contracts, counterparty risk is minimal due to protections provided by the CCP.

K Purchased Options—Upon the purchase of a call or put option, the premium paid by the Portfolio is included in the Consolidated Statement of Assets and Liabilities as an investment. The amount of the investment is subsequently marked-to-market to reflect the current market value of the option purchased, in accordance with the Portfolio's policies on investment valuations discussed above. Premiums paid for purchasing options that expire are treated as realized losses. Premiums paid for purchasing options that are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain or loss. The risk associated with purchasing options is limited to the premium originally paid. Purchased options traded over-the-counter involve risk that the issuer or counterparty will fail to perform its contractual obligations.

L Interest Rate Swaps—Swap contracts are privately negotiated agreements between the Portfolio and a counterparty. Certain swap contracts may be centrally cleared. Pursuant to interest rate swap agreements, the Portfolio either makes floating-rate payments to the counterparty (or CCP in the case of centrally cleared swaps) based on a benchmark interest rate in exchange for fixed-rate payments or the Portfolio makes fixed-rate payments to the counterparty (or CCP in the case of a centrally cleared swap) in exchange for payments on a floating benchmark interest rate. Payments received or made, including amortization of upfront payments/receipts, if any (which are amortized over the life of the swap contract), are recorded as realized gains or losses. During the term of the outstanding swap agreement, changes in the underlying value of the swap are recorded as unrealized gains or losses. For centrally cleared swaps, the daily change in valuation is recorded as a receivable or payable for variation margin and settled in cash with the CCP daily. The value of the swap is determined by changes in the relationship between two rates of interest. The Portfolio is exposed to credit loss in the event of non-performance by the swap counterparty. In the case of centrally cleared swaps, counterparty risk is minimal due to protections provided by the CCP. Risk may also arise from movements in interest rates.

M Inflation Swaps—Pursuant to inflation swap agreements, the Portfolio either makes floating-rate payments to the counterparty (or CCP in the case of centrally cleared swaps) based on a benchmark index in exchange for fixed-rate payments or the Portfolio makes fixed-rate payments to the counterparty (or CCP in the case of centrally cleared swaps) in exchange for floating-rate payments based on the return of a benchmark index. By design, the benchmark index is an inflation index, such as the Consumer Price Index. The accounting policy for payments received or made and changes in the underlying value of the inflation swap are the same as for interest rate swaps as described above. The value of the swap is determined by changes in the relationship between the rate of interest and the benchmark index. The Portfolio is exposed to credit loss in the event of nonperformance by the swap counterparty. In the case of centrally cleared swaps, counterparty risk is minimal due to protections provided by the CCP. Risk may also arise from the unanticipated movements in value of interest rates or the index.

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Global Opportunities Portfolio

October 31, 2025

Notes to Consolidated Financial Statements — continued

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N Cross-Currency Swaps—Cross-currency swaps are interest rate swaps in which interest cash flows are exchanged between two parties based on the notional amounts of two different currencies. The notional amounts are typically determined based on the spot exchange rates at the inception of the trade. Cross-currency swaps also involve the exchange of the notional amounts at the start of the contract at the current spot rate with an agreement to re-exchange such amounts at a later date at either the same exchange rate, a specified rate or the then current spot rate. The entire principal value of a cross-currency swap is subject to the risk that the counterparty to the swap will default on its contractual delivery obligations.

O Credit Default Swaps—When the Portfolio is the buyer of a credit default swap contract, the Portfolio is entitled to receive the par (or other agreed-upon) value of a referenced debt obligation (or basket of debt obligations) from the counterparty (or CCP in the case of a centrally cleared swap) to the contract if a credit event by a third party, such as a U.S. or foreign corporate issuer or sovereign issuer, on the debt obligation occurs. In return, the Portfolio pays the counterparty a periodic stream of payments over the term of the contract provided that no credit event has occurred. If no credit event occurs, the Portfolio would have spent the stream of payments and received no proceeds from the contract. When the Portfolio is the seller of a credit default swap contract, it receives the stream of payments, but is obligated to pay to the buyer of the protection an amount up to the notional amount of the swap and in certain instances take delivery of securities of the reference entity upon the occurrence of a credit event, as defined under the terms of that particular swap agreement. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring, obligation acceleration and repudiation/moratorium. If the Portfolio is a seller of protection and a credit event occurs, the maximum potential amount of future payments that the Portfolio could be required to make would be an amount equal to the notional amount of the agreement. This potential amount would be partially offset by any recovery value of the respective referenced obligation, or net amount received from the settlement of a buy protection credit default swap agreement entered into by the Portfolio for the same referenced obligation. As the seller, the Portfolio may create economic leverage to its portfolio because, in addition to its total net assets, the Portfolio is subject to investment exposure on the notional amount of the swap. The interest fee paid or received on the swap contract, which is based on a specified interest rate on a fixed notional amount, is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as realized gain upon receipt or realized loss upon payment. The Portfolio also records an increase or decrease to unrealized appreciation (depreciation) in an amount equal to the daily valuation. For centrally cleared swaps, the daily change in valuation is recorded as a receivable or payable for variation margin and settled in cash with the CCP daily. All upfront payments and receipts, if any, are amortized over the life of the swap contract as realized gains or losses. Those upfront payments or receipts for non-centrally cleared swaps are recorded as other assets or other liabilities, respectively, net of amortization. For financial reporting purposes, unamortized upfront payments or receipts, if any, are netted with unrealized appreciation or depreciation on swap contracts to determine the market value of swaps as presented in Notes 6 and 10. These transactions involve certain risks, including the risk that the seller may be unable to fulfill the transaction. In the case of centrally cleared swaps, counterparty risk is minimal due to protections provided by the CCP.

P Total Return Swaps—In a total return swap, the buyer receives a periodic return equal to the total return of a specified security, securities or index for a specified period of time. In return, the buyer pays the counterparty a fixed or variable stream of payments, typically based upon short-term interest rates, possibly plus or minus an agreed upon spread. During the term of the outstanding swap agreement, changes in the underlying value of the swap are recorded as unrealized gains and losses. Periodic payments received or made are recorded as realized gains or losses. The Portfolio is exposed to credit loss in the event of nonperformance by the swap counterparty. Risk may also arise from the unanticipated movements in value of exchange rates, interest rates, securities, or the index.

Q Swaptions—A purchased swaption contract grants the Portfolio, in return for payment of the purchase price, the right, but not the obligation, to enter into a new swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, at some designated future time on specified terms. When the Portfolio purchases a swaption, the premium paid to the writer is recorded as an investment and subsequently marked-to-market to reflect the current value of the swaption. A written swaption gives the Portfolio the obligation, if exercised by the purchaser, to enter into a swap contract according to the terms of the underlying agreement. When the Portfolio writes a swaption, the premium received by the Portfolio is recorded as a liability and subsequently marked-to-market to reflect the current value of the swaption. When a swaption is exercised, the cost of the swap is adjusted by the amount of the premium paid or received. When a swaption expires or an unexercised swaption is closed, a gain or loss is recognized in the amount of the premium paid or received, plus the cost to close. The Portfolio's risk for purchased swaptions is limited to the premium paid. The writer of a swaption bears the risk of unfavorable changes in the preset terms of the underlying swap contract.

R When-Issued Securities and Delayed Delivery Transactions—The Portfolio may purchase securities on a delayed delivery, when-issued or forward commitment basis, including TBA (To Be Announced) securities. Payment and delivery may take place after the customary settlement period for that security. At the time the transaction is negotiated, the price of the security that will be delivered is fixed. Securities purchased on a delayed delivery, when-issued or forward commitment basis are marked-to-market daily and begin earning interest on settlement date. Such security purchases are subject to the risk that when delivered they will be worth less than the agreed upon payment price. Losses may also arise if the counterparty does not perform under the contract. A forward purchase commitment may also be closed by entering into an offsetting commitment. If an offsetting commitment is entered into, the Portfolio will realize a gain or loss on investments based on the price established when the Portfolio entered into the commitment.

S Forward Sale Commitments—The Portfolio may enter into forward sale commitments to sell generic U.S. government agency mortgage-backed securities to hedge its portfolio positions and/or to enhance return. The proceeds to be received from the forward sale commitment are recorded as an asset and a corresponding liability, which is subsequently valued at approximately the current market value of the underlying security in accordance with the Fund's policies on investment valuations discussed above. The Fund records an unrealized gain or loss on investments to the extent of the difference between the proceeds to be received and the value of the open forward sale commitment on the day of determination. If the forward sale commitment is

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Global Opportunities Portfolio

October 31, 2025

Notes to Consolidated Financial Statements — continued

------

closed through the acquisition of an offsetting purchase commitment or the delivery of securities, the Fund realizes a gain or loss on investments based on the price established when the Fund entered into the commitment. If the Fund enters into a forward sale commitment for the delivery of a security that it does not own or has the right to obtain, it is subject to the risk of loss if the purchase price to settle the commitment is higher than the price at which it was sold.

T Repurchase Agreements—A repurchase agreement is the purchase by the Portfolio of securities from a counterparty in exchange for cash that is coupled with an agreement to resell those securities to the counterparty at a specified date and price. When a repurchase agreement is entered, the Portfolio typically receives securities with a value that equals or exceeds the repurchase price, including any accrued interest earned on the agreement. The value of such securities will be marked-to-market daily, and cash or additional securities will be exchanged between the parties as needed. Except in the case of a repurchase agreement entered to settle a short sale, the value of the securities delivered to the Portfolio will be at least equal to 90% of the repurchase price during the term of the repurchase agreement. The terms of a repurchase agreement entered to settle a short sale may provide that the cash purchase price paid by the Portfolio is more than the value of purchased securities that effectively collateralize the repurchase price payable by the counterparty. In the event of insolvency of the counterparty to a repurchase agreement, recovery of the repurchase price owed to the Portfolio may be delayed. Such an insolvency also may result in a loss to the extent that the value of the purchased securities decreases during the delay or that value has otherwise not been maintained at an amount at least equal to the repurchase price.

U Reverse Repurchase Agreements—Under a reverse repurchase agreement, the Portfolio temporarily transfers possession of a portfolio security to another party, such as a bank or broker/dealer, in return for cash. At the same time, the Portfolio agrees to repurchase the security at an agreed upon time and price, which reflects an interest payment. In periods of increased demand for a security, the Portfolio may receive a payment from the counterparty for the use of the security, which is recorded as interest income. Because the Portfolio retains effective control over the transferred security, the transaction is accounted for as a secured borrowing. The Portfolio may enter into such agreements when it believes it is able to invest the cash acquired at a rate higher than the cost of the agreement, which would increase earned income. When the Portfolio enters into a reverse repurchase agreement, any fluctuations in the market value of either the securities transferred to another party or the securities in which the proceeds may be invested would affect the market value of the Portfolio's assets. Because reverse repurchase agreements may be considered to be the practical equivalent of borrowing funds (and the counterparty making a loan), they constitute a form of leverage. The Portfolio segregates cash or liquid assets equal to its obligation to repurchase the security. During the term of the agreement, the Portfolio may also be obligated to pledge additional cash and/or securities in the event of a decline in the fair value of the transferred security. In the event the counterparty to a reverse repurchase agreement becomes insolvent, recovery of the security transferred by the Portfolio may be delayed or the Portfolio may incur a loss equal to the amount by which the value of the security transferred by the Portfolio exceeds the repurchase price payable by the Portfolio.

V Securities Sold Short—A short sale is a transaction in which the Portfolio sells a security it does not own in anticipation of a decline in the market value of that security. To complete such a transaction, the Portfolio must borrow the security to make delivery to the buyer with an obligation to replace such borrowed security at a later date. Until the security is replaced, the Portfolio is required to repay the lender any dividends or interest, which accrue during the period of the loan. The proceeds received from a short sale are recorded as a liability and the Portfolio records an unrealized gain or loss to the extent of the difference between the proceeds received and the value of the open short position on the day of determination. A gain, limited to the price at which the Portfolio sold the security short, or a loss, potentially unlimited as there is no upward limit on the price of a security, is recorded when the short position is terminated. Interest and dividends payable on securities sold short are recorded as an expense.

W Stripped Mortgage-Backed Securities—The Portfolio may invest in Interest Only (IO) and Principal Only (PO) securities, forms of stripped mortgage-

backed securities, whereby the IO security receives all the interest and the PO security receives all the principal on a pool of mortgage assets. The yield to maturity on an IO security is extremely sensitive to the rate of principal payments (including prepayments) on the related underlying mortgage assets, and a rapid rate of principal payments may have a material adverse effect on the yield to maturity from these securities. If the underlying mortgages experience greater than anticipated prepayments of principal, the Portfolio may fail to recoup its initial investment in an IO security. The market value of IO and PO securities can be unusually volatile due to changes in interest rates.

X Segment Reporting—During this reporting period, the Portfolio adopted FASB Accounting Standards Update No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures* (ASU 2023-07), which requires incremental disclosures related to a public entity's reportable segments. The Portfolio operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. In connection with the adoption of ASU 2023-07, the Portfolio's President acts as the Portfolio's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Portfolio's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Portfolio's financial statements.

------

[**Table of Contents**](#JOB_EV_AR_d86710f8-700a-4d42-b872-764752b88c6a_TOC)

Global Opportunities Portfolio

October 31, 2025

Notes to Consolidated Financial Statements — continued

------

2 Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory services rendered to the Portfolio and the Subsidiary. The Portfolio and Subsidiary each pay BMR a fee computed at an annual rate as a percentage of its respective average daily net assets as follows and is payable monthly:

---

| | |
|:---|:---|
| **Average Daily Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Annual Fee Rate** |
| Up to $500 million | &nbsp;&nbsp;&nbsp;&nbsp;0.615% |
| $500 million but less than $1 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.595% |
| $1 billion but less than $1.5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.575% |
| $1.5 billion but less than $2 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.555% |
| $2 billion but less than $3 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.520% |
| $3 billion and over | &nbsp;&nbsp;&nbsp;&nbsp;0.490% |

---

In determining the investment adviser fee for the Portfolio and Subsidiary, the applicable advisory fee rate is based on the average daily net assets of the Portfolio (inclusive of its interest in the Subsidiary). Such fee rate is then assessed separately on the Portfolio's average daily net assets (exclusive of its interest in the Subsidiary) and the Subsidiary's average daily net assets to determine the amount of the investment adviser fee. For the year ended October 31, 2025, the Portfolio's investment adviser fee amounted to $35,155,928 or 0.52% of the Portfolio's consolidated average daily net assets.

The Portfolio may invest in a money market fund, the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio (the "Liquidity Fund"), an open-end management investment company managed by Morgan Stanley Investment Management Inc., a wholly-owned subsidiary of Morgan Stanley. The investment adviser fee paid by the Portfolio is reduced by an amount equal to its pro rata share of the advisory and administration fees paid by the Portfolio due to its investment in the Liquidity Fund. For the year ended October 31, 2025, the investment adviser fee paid was reduced by $301,720 relating to the Portfolio's investment in the Liquidity Fund.

Trustees and officers of the Portfolio who are members of BMR's organization receive remuneration for their services to the Portfolio out of the investment adviser fee. Trustees of the Portfolio who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. Certain officers and Trustees of the Portfolio are officers of the above organization.

3 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations and including maturities, paydowns, principal repayments on Senior Loans,TBA transactions and securities sold short, for the year ended October 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;&nbsp;&nbsp;**Sales** |
| Investments (non-U.S. Government) | &nbsp;&nbsp;&nbsp;&nbsp;$4671503945 | &nbsp;&nbsp;&nbsp;&nbsp;$2706826898 |
| U.S. Government and Agency Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23352664507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20744049598 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**$28024168452** | &nbsp;&nbsp;&nbsp;&nbsp;**$23450876496** |

---

4 Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments of the Portfolio, including open derivative contracts, reverse repurchase agreements and the Portfolio's investment in the Subsidiary at October 31, 2025, as determined on a federal income tax basis, were as follows:

---

| | |
|:---|:---|
| **Aggregate cost** | &nbsp;&nbsp;**$11574398818** |
| Gross unrealized appreciation | &nbsp;&nbsp;$354436414 |
| Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(198450398) |
| **Net unrealized appreciation** | &nbsp;&nbsp;**$155986016** |

---

------

[**Table of Contents**](#JOB_EV_AR_d86710f8-700a-4d42-b872-764752b88c6a_TOC)

Global Opportunities Portfolio

October 31, 2025

Notes to Consolidated Financial Statements — continued

------

5 Restricted Securities

At October 31, 2025, the Portfolio owned the following securities (representing 1.1% of net assets) which were restricted as to public resale and not registered under the Securities Act of 1933 (excluding Rule 144A securities). The Portfolio has various registration rights (exercisable under a variety of circumstances) with respect to these securities. The value of these securities is determined based on valuations provided by brokers when available, or if not available, they are valued at fair value using methods determined in good faith by or at the direction of the Trustees' valuation designee.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | &nbsp;&nbsp;&nbsp;&nbsp;**Date(s) of<br> Acquisition** | &nbsp;&nbsp;&nbsp;&nbsp;**Principal Amount/<br> Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Cost** | &nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| **Insurance Linked Securities** |  |  |  |  |
| Mt. Logan Re Ltd., Series 13, Preference Shares | &nbsp;&nbsp;&nbsp;&nbsp;1/2/18 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;$6658283 | &nbsp;&nbsp;&nbsp;&nbsp;$32576767 |
| Mt. Logan Re Ltd., Series 17, Preference Shares | &nbsp;&nbsp;&nbsp;&nbsp;1/26/21 | &nbsp;&nbsp;&nbsp;&nbsp;860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 572931 | &nbsp;&nbsp;&nbsp;&nbsp; 2764799 |
| Mt. Logan Re Ltd., Series 19, Preference Shares | &nbsp;&nbsp;&nbsp;&nbsp;2/6/24 | &nbsp;&nbsp;&nbsp;&nbsp;7464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7463900 | &nbsp;&nbsp;&nbsp;&nbsp; 14622823 |
| PartnerRe ILS Fund SAC Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1/2/24 | &nbsp;&nbsp;&nbsp;&nbsp;34000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34000000 | &nbsp;&nbsp;&nbsp;&nbsp; 44461800 |
| **Total Insurance Linked Securities** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**$48695114** | &nbsp;&nbsp;&nbsp;&nbsp;**$94426189** |
| **Preferred Stocks** |  |  |  |  |
| AH Parent, Inc. (Alliant), Series A | &nbsp;&nbsp;&nbsp;&nbsp;9/25/24 | &nbsp;&nbsp;&nbsp;&nbsp;$8224000 | &nbsp;&nbsp;&nbsp;&nbsp;$7880000 | &nbsp;&nbsp;&nbsp;&nbsp;$8405397 |
| **Total Preferred Stocks** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**$7880000** | &nbsp;&nbsp;&nbsp;&nbsp;**$8405397** |
| **Total Restricted Securities** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**$56575114** | &nbsp;&nbsp;&nbsp;&nbsp;**$102831586** |

---

6 Financial Instruments

The Portfolio may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include swaptions, forward foreign currency exchange contracts, non-deliverable bond forward contracts, futures contracts and swap contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Portfolio has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at October 31, 2025 is included in the Consolidated Portfolio of Investments. At October 31, 2025, 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 invested in commodities-linked derivative instruments, including commodity futures contracts and total return swap contracts based on commodity indices, that provide exposure to the investment returns of certain commodities. Commodities-linked derivative instruments are used to enhance total return and/or as a substitute for the purchase or sale of commodities and to manage certain investment risks.

Credit Risk: The Portfolio entered into credit default swaps and swaptions to manage certain investment risks and/or to enhance total return or as a substitute for the purchase or sale of securities.

Equity Price Risk: The Portfolio entered into total return swaps to enhance total return.

Foreign Exchange Risk: The Portfolio engaged in forward foreign currency exchange contracts, currency options 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 utilized various interest rate derivatives including non-deliverable bond forward contracts, interest rate futures contracts, interest rate swaps and swaptions, inflation swaps, total return 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 Portfolio enters into over-the-counter (OTC) derivatives that may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in the Portfolio's net assets below a certain level over a certain period of time, which would trigger a payment by the Portfolio for those derivatives in a liability position. At October 31, 2025, the fair value of derivatives with credit-related contingent features in a net liability position was $9,200,316. The aggregate fair value of assets pledged as collateral by the Portfolio for such liability was $76,183,853 at October 31, 2025.

------

[**Table of Contents**](#JOB_EV_AR_d86710f8-700a-4d42-b872-764752b88c6a_TOC)

Global Opportunities Portfolio

October 31, 2025

Notes to Consolidated Financial Statements — continued

------

The OTC derivatives in which the Portfolio invests (except for written swaptions as the Portfolio, not the counterparty, is obligated to perform) are subject to the risk that the counterparty to the contract fails to perform its obligations under the contract. To mitigate this risk, the Portfolio (and Subsidiary) has entered into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with substantially all its derivative counterparties. An ISDA Master Agreement is a bilateral agreement between the Portfolio and a counterparty that governs certain OTC derivatives and typically contains, among other things, set-off provisions in the event of a default and/or termination event as defined under the relevant ISDA Master Agreement. Under an ISDA Master Agreement, the Portfolio (and Subsidiary) may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy or insolvency. Certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event the Portfolio's net assets decline by a stated percentage or the Portfolio fails to meet the terms of its ISDA Master Agreements, which would cause the counterparty to accelerate payment by the Portfolio of any net liability owed to it.

The collateral requirements for derivatives traded under an ISDA Master Agreement are governed by a Credit Support Annex to the ISDA Master Agreement. Collateral requirements are determined at the close of business each day and are typically based on changes in market values for each transaction under an ISDA Master Agreement and netted into one amount for such agreement. Generally, the amount of collateral due from or to a counterparty is subject to a minimum transfer threshold amount before a transfer is required, which may vary by counterparty. Collateral pledged for the benefit of the Portfolio (and Subsidiary) and/or counterparty is held in segregated accounts by the Portfolio's custodian and cannot be sold, re-pledged, assigned or otherwise used while pledged. The portion of such collateral representing cash, if any, is reflected as deposits for derivatives collateral and, in the case of cash pledged by a counterparty for the benefit of the Portfolio, a corresponding liability on the Consolidated Statement of Assets and Liabilities. Securities pledged by the Portfolio as collateral, if any, are identified as such in the Consolidated Portfolio of Investments. The carrying amount of the liability for cash collateral due to brokers at October 31, 2025 approximated its fair value. If measured at fair value, such liability would have been considered as Level 2 in the fair value hierarchy (see Note 10) at October 31, 2025. Because the Subsidiary is not registered under the 1940 Act, it may not be able to negotiate terms with its counterparties that are equivalent to those a registered portfolio may negotiate. As a result, the Subsidiary may have greater exposure to those counterparties than a registered portfolio.

------

[**Table of Contents**](#JOB_EV_AR_d86710f8-700a-4d42-b872-764752b88c6a_TOC)

Global Opportunities Portfolio

October 31, 2025

Notes to Consolidated Financial Statements — continued

------

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at October 31, 2025 was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;**Fair Value** |
| **Consolidated Statement of Assets and Liabilities Caption** | &nbsp;&nbsp;**Credit** | &nbsp;&nbsp;**Equity<br> Price** | &nbsp;&nbsp;**Foreign<br> Exchange** | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Total** |
| Unaffiliated investments, at value | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1383000 | &nbsp;&nbsp;$1383000 |
| Not applicable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1022677<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7437288<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21647297<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30107262 |
| Receivable for open forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6911802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6911802 |
| Receivable for open swap contracts; Upfront receipts on open OTC swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3568543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4364345 |
| Receivable for open non-deliverable bond forward contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98126 |
| **Total Asset Derivatives** | &nbsp;&nbsp;**$1818479** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$14349090** | &nbsp;&nbsp;**$26696966** | &nbsp;&nbsp;**$42864535** |
| **Derivatives not subject to master netting or similar agreements** | &nbsp;&nbsp;**$1022677** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$7437288** | &nbsp;&nbsp;**$21647297** | &nbsp;&nbsp;**$30107262** |
| **Total Asset Derivatives subject to master netting or similar agreements** | &nbsp;&nbsp;**$795802** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$6911802** | &nbsp;&nbsp;**$5049669** | &nbsp;&nbsp;**$12757273** |
| Not applicable | &nbsp;&nbsp;$(92521) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(19441525)<sup>(1)</sup> | &nbsp;&nbsp;$(4781255)<sup>(1)</sup> | &nbsp;&nbsp;$(24315301) |
| Payable for open forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8023538) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8023538) |
| Payable for open swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(585237) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(320800) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(906037) |
| Payable for open non-deliverable bond forward contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(270741) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(270741) |
| **Total Liability Derivatives** | &nbsp;&nbsp;**$(92521)** | &nbsp;&nbsp;**$(585237)** | &nbsp;&nbsp;**$(27465063)** | &nbsp;&nbsp;**$(5372796)** | &nbsp;&nbsp;**$(33515617)** |
| **Derivatives not subject to master netting or similar agreements** | &nbsp;&nbsp;**$(92521)** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$(19441525)** | &nbsp;&nbsp;**$(4781255)** | &nbsp;&nbsp;**$(24315301)** |
| **Total Liability Derivatives subject to master netting or similar agreements** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$(585237)** | &nbsp;&nbsp;**$(8023538)** | &nbsp;&nbsp;**$(591541)** | &nbsp;&nbsp;**$(9200316)** |

---

<sup>(1)</sup> Only the current day's variation margin on open futures contracts and centrally cleared derivatives is reported within the Statement of Assets and Liabilities as Receivable or Payable for variation margin on open futures contracts and centrally cleared derivatives, as applicable.

The Portfolio's derivative assets and liabilities at fair value by risk, which are reported gross in the Consolidated Statement of Assets and Liabilities, are presented in the table above. The following tables present the Portfolio's derivative assets and liabilities by counterparty, net of amounts available for offset under a master netting agreement and net of the related collateral received by the Portfolio (and Subsidiary) for such assets and pledged by the Portfolio (and Subsidiary) for such liabilities as of October 31, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | &nbsp;&nbsp;&nbsp;**Derivative<br> Assets Subject to<br> Master Netting<br> Agreement** | &nbsp;&nbsp;&nbsp;**Derivatives<br> Available<br> for Offset** | &nbsp;&nbsp;&nbsp;**Non-cash<br> Collateral<br> Received<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;**Cash<br> Collateral<br> Received<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;**Net Amount<br> of Derivative<br> Assets<sup>(b)</sup>** |
| Bank of America, N.A. | &nbsp;&nbsp;&nbsp;$2898770 | &nbsp;&nbsp;&nbsp;$(288405) | &nbsp;&nbsp;&nbsp;$(2573165) | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$37200 |
| Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(88039) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Citibank, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1853311 | &nbsp;&nbsp;&nbsp;&nbsp;(1853311) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Deutsche Bank AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(210000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185812 |
| Goldman Sachs International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(615010) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265007 |
| HSBC Bank USA, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4415) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2083725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(291712) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(1280000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512013 |
| Standard Chartered Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(755410) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;1145337 |
| State Street Bank and Trust Company | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1193602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(940000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253602 |

---

------

[**Table of Contents**](#JOB_EV_AR_d86710f8-700a-4d42-b872-764752b88c6a_TOC)

Global Opportunities Portfolio

October 31, 2025

Notes to Consolidated Financial Statements — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | &nbsp;&nbsp;&nbsp;**Derivative<br> Assets Subject to<br> Master Netting<br> Agreement** | &nbsp;&nbsp;&nbsp;**Derivatives<br> Available<br> for Offset** | &nbsp;&nbsp;&nbsp;**Non-cash<br> Collateral<br> Received<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;**Cash<br> Collateral<br> Received<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;**Net Amount<br> of Derivative<br> Assets<sup>(b)</sup>** |
| UBS AG | &nbsp;&nbsp;&nbsp;$1458835 | &nbsp;&nbsp;&nbsp;$(711237) | &nbsp;&nbsp;&nbsp;$(131891) | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$615707 |
|  | &nbsp;&nbsp;&nbsp;**$12757273** | &nbsp;&nbsp;&nbsp;**$(4607539)** | &nbsp;&nbsp;&nbsp;**$(2705056)** | &nbsp;&nbsp;&nbsp;**$(2430000)** | &nbsp;&nbsp;&nbsp;**$3014678** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | &nbsp;&nbsp;&nbsp;**Derivative<br> Liabilities Subject to<br> Master Netting<br> Agreement** | &nbsp;&nbsp;&nbsp;**Derivatives<br> Available<br> for Offset** | &nbsp;&nbsp;&nbsp;**Non-cash<br> Collateral<br> Pledged<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;**Cash<br> Collateral<br> Pledged<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;**Net Amount<br> of Derivative<br> Liabilities<sup>(c)</sup>** |
| Bank of America, N.A. | &nbsp;&nbsp;&nbsp;$(288405) | &nbsp;&nbsp;&nbsp;$288405 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(129948) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41909) |
| BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(450811) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450811 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Citibank, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;(5437595) | &nbsp;&nbsp;&nbsp;&nbsp;1853311 | &nbsp;&nbsp;&nbsp;&nbsp;3057720 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(526564) |
| Goldman Sachs International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(615010) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| HSBC Bank USA, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(520188) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515773 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(291712) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Standard Chartered Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(755410) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(711237) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp;**$(9200316)** | &nbsp;&nbsp;&nbsp;**$4607539** | &nbsp;&nbsp;&nbsp;**$4024304** | &nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;**$(568473)** |

---

<sup>(a)</sup> In some instances, the total collateral received and/or pledged may be more than the amount shown due to overcollateralization.

<sup>(b)</sup> Net amount represents the net amount due from the counterparty in the event of default.

<sup>(c)</sup> Net amount represents the net amount payable to the counterparty in the event of default.

Information with respect to repurchase and reverse repurchase agreements at October 31, 2025 is included at Note 8.

------

[**Table of Contents**](#JOB_EV_AR_d86710f8-700a-4d42-b872-764752b88c6a_TOC)

Global Opportunities Portfolio

October 31, 2025

Notes to Consolidated Financial Statements — continued

------

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Consolidated Statement of Operations by risk exposure for the year ended October 31, 2025 was as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Consolidated Statement of Operations Caption** | &nbsp;&nbsp;**Commodity** | &nbsp;&nbsp;**Credit** | &nbsp;&nbsp;**Equity<br> Price** | &nbsp;&nbsp;**Foreign<br> Exchange** | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Total** |
| Net realized gain (loss): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment transactions<sup>(1)</sup> | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$608156 | &nbsp;&nbsp;$(5243190) | &nbsp;&nbsp;$(4635034) |
| &nbsp;&nbsp;&nbsp;Written swaptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(532428) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(532428) |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;13173896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(19752498) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6578602) |
| &nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(90299) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6378986) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5925721) |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(98571957) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(98571957) |
| &nbsp;&nbsp;&nbsp;Non-deliverable bond forward contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235631 |
| **Total** | &nbsp;&nbsp;**$13173896** | &nbsp;&nbsp;**$(90299)** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$(97420237)** | &nbsp;&nbsp;**$(31671471)** | &nbsp;&nbsp;**$(116008111)** |
| Change in unrealized appreciation (depreciation): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments<sup>(1)</sup> | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$628974 | &nbsp;&nbsp;$641218 | &nbsp;&nbsp;$1270192 |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1926156) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49539076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47612920 |
| &nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;764612 | &nbsp;&nbsp;&nbsp;&nbsp;(585237) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1114072) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(934697) |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(17440137) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17440137) |
| &nbsp;&nbsp;&nbsp;Non-deliverable bond forward contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(172615) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(172615) |
| **Total** | &nbsp;&nbsp;**$(1926156)** | &nbsp;&nbsp;**$764612** | &nbsp;&nbsp;**$(585237)** | &nbsp;&nbsp;**$(16811163)** | &nbsp;&nbsp;**$48893607** | &nbsp;&nbsp;**$30335663** |

---

<sup>(1)</sup> Relates to purchased options and swaptions.

The average notional cost of futures contracts and average notional amounts of other derivative contracts outstanding during the year ended October 31, 2025, which are indicative of the volume of these derivative types, were approximately as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures<br> Contracts — Long** | &nbsp;&nbsp;&nbsp;&nbsp;**Futures<br> Contracts — Short** | &nbsp;&nbsp;&nbsp;&nbsp;**Forward<br> Foreign Currency<br> Exchange Contracts<sup>1</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Non-Deliverable<br> Bond Forward<br> Contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Purchased<br> Swaptions** |
| $2623804000 | &nbsp;&nbsp;&nbsp;&nbsp;$668999000 | &nbsp;&nbsp;&nbsp;&nbsp;$1986118000 | &nbsp;&nbsp;&nbsp;&nbsp;$23817000 | &nbsp;&nbsp;&nbsp;&nbsp;$256045000 |

---

---

| | | |
|:---|:---|:---|
| **Purchased Put Options** | &nbsp;&nbsp;&nbsp;&nbsp;**Written<br> Swaptions** | &nbsp;&nbsp;&nbsp;&nbsp;**Swap<br> Contracts** |
| $24738000 | &nbsp;&nbsp;&nbsp;&nbsp;$80984000 | &nbsp;&nbsp;&nbsp;&nbsp;$2085495000 |

---

<sup>1</sup> The average notional amount for forward foreign currency exchange contracts is based on the absolute value of notional amounts of currency purchased and currency sold.

------

[**Table of Contents**](#JOB_EV_AR_d86710f8-700a-4d42-b872-764752b88c6a_TOC)

Global Opportunities Portfolio

October 31, 2025

Notes to Consolidated Financial Statements — continued

------

7 Line of Credit

The Portfolio participates with other portfolios and funds managed by BMR and its affiliates in a $650 million unsecured revolving line of credit agreement with a group of banks, which is in effect through October 20, 2026. Borrowings are made by the Portfolio solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Portfolio based on its borrowings generally at an amount above either the Secured Overnight Financing Rate (SOFR) or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. In connection with the renewal of the agreement in October 2025, an arrangement fee of $150,000 was incurred that was allocated to the participating portfolios and funds. Because the line of credit is not available exclusively to the Portfolio, it may be unable to borrow some or all of its requested amounts at any particular time. The Portfolio did not have any significant borrowings or allocated fees during the year ended October 31, 2025.

8 Reverse Repurchase Agreements

Reverse repurchase agreements outstanding as of October 31, 2025 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | &nbsp;&nbsp;&nbsp;&nbsp;**Trade<br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Interest<br> Rate Paid<br> (Received)** | **Principal<br> Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value<br> Including<br> Accrued<br> Interest** |
| Bank of Montreal | &nbsp;&nbsp;&nbsp;&nbsp;10/30/25 | &nbsp;&nbsp;&nbsp;&nbsp;On Demand<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.28% | $21907311 | &nbsp;&nbsp;&nbsp;&nbsp;$21909916 |
| MUFG Securities Americas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10/30/25 | &nbsp;&nbsp;&nbsp;&nbsp;11/10/25 | &nbsp;&nbsp;&nbsp;&nbsp;4.25 | 41309313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41319067 |
| TD Securities (USA) LLC | &nbsp;&nbsp;&nbsp;&nbsp;10/30/25 | &nbsp;&nbsp;&nbsp;&nbsp;On Demand<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.08 | 9890113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9891234 |
| **Total** |  |  |  | $**73106737** | &nbsp;&nbsp;&nbsp;&nbsp;**$73120217** |

---

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

At October 31, 2025, the type of securities pledged by the Portfolio as collateral for all open reverse repurchase agreements was Collateralized Mortgage Obligations and U.S. Government Agency Mortgage-Backed Securities.

At October 31, 2025, the Portfolio held cash collateral of $240,000 from MUFG Securities Americas, Inc.

For the year ended October 31, 2025, the average borrowings under settled reverse repurchase agreements and the average annual interest rate paid were approximately $539,249,000 and 4.35%, respectively. 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 October 31, 2025. If measured at fair value, borrowings under the reverse repurchase agreements would have been considered as Level 2 in the fair value hierarchy (see Note 10) at October 31, 2025.

Reverse repurchase agreements entered into by the Portfolio are subject to Master Repurchase Agreements (MRA), which permit the Portfolio, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from the Portfolio.

The following table presents the Portfolio's reverse repurchase agreements net of amounts available for offset under an MRA and net of the related collateral pledged by the Portfolio as of October 31, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | &nbsp;&nbsp;&nbsp;&nbsp;**Reverse<br> Repurchase<br> Agreements\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Assets<br> Available for<br> Offset** | &nbsp;&nbsp;&nbsp;&nbsp;**Securities<br> Collateral<br> Pledged<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Cash<br> Collateral<br> Pledged<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Net<br> Amount<sup>(b)</sup>** |
| Bank of Montreal | &nbsp;&nbsp;&nbsp;&nbsp;$(21909916) | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$21909916 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— |
| MUFG Securities Americas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41319067) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41319067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| TD Securities (USA) LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9891234) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9891234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**$(73120217)** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$73120217** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** |

---

\* Including accrued interest.

<sup>(a)</sup> In some instances, the total collateral received and/or pledged may be more than the amount shown due to overcollateralization.

<sup>(b)</sup> Net amount represents the net amount payable to the counterparty in the event of default.

------

[**Table of Contents**](#JOB_EV_AR_d86710f8-700a-4d42-b872-764752b88c6a_TOC)

Global Opportunities Portfolio

October 31, 2025

Notes to Consolidated Financial Statements — continued

------

9 Affiliated Investments

At October 31, 2025, the value of the Portfolio's investment in funds that may be deemed to be affiliated was $279,205,233, which represents 3.0% of the Portfolio's net assets. Transactions in such investments by the Portfolio for the year ended October 31, 2025 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Value,<br> beginning<br> of period** | **Purchases** | **Sales<br> proceeds** | **Net realized<br> gain (loss)** | **Change in<br> unrealized<br> appreciation<br> (depreciation)** | **Value, end<br> of period** | **Dividend<br> income** | **Shares,<br> end of period** |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| Liquidity Fund | $126551697 | $5485992446 | $(5333338910) | $— | $— | $279205233 | $8906152 | 279205233 |

---

10 Fair Value Measurements

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 October 31, 2025, the hierarchy of inputs used in valuing the Portfolio's investments and open derivative instruments, which are carried at fair value, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Asset-Backed Securities | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$966739045 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$966739045 |
| Closed-End Funds | &nbsp;&nbsp;&nbsp;&nbsp; 8002413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8002413 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4231014588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4231014588 |
| Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 551835709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 551835709 |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 24812823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69,414,715\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94227538 |
| Convertible Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 247758112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 247758112 |
| Convertible Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 7618475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7618475 |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; 58442384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58442384 |
| Foreign Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 718956019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 718956019 |
| Government National Mortgage Association Participation Agreements | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170351354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170351354 |
| Insurance Linked Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201424147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 201424147 |
| Loan Participation Notes | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 153735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 153735 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 5978320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8405397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14383717 |
| Rights | &nbsp;&nbsp;&nbsp;&nbsp; 1001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 132532 |
| Senior Floating-Rate Loans (Less Unfunded Loan Commitments) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38601216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38601216 |
| Sovereign Government Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1144480839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1144480839 |
| U.S. Department of Agriculture Loans | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7383256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7383256 |
| U.S. Government Agency Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12944485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12944485 |
| U.S. Government Agency Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2861314146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2861314146 |
| U.S. Government Guaranteed Small Business Administration Loans | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6027719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6027719 |

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Global Opportunities Portfolio

October 31, 2025

Notes to Consolidated Financial Statements — continued

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---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Description (continued)** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated Fund | &nbsp;&nbsp;$279205233 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$279205233 |
| &nbsp;&nbsp;&nbsp;Sovereign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19509181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19509181 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 161495889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 161495889 |
| Purchased Interest Rate Swaptions | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1383000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1383000 |
| **Total Investments** | &nbsp;&nbsp;**$384060649** | &nbsp;&nbsp;&nbsp;&nbsp;**$11217746201** | &nbsp;&nbsp;&nbsp;&nbsp;**$201577882** | &nbsp;&nbsp;&nbsp;&nbsp;**$11803384732** |
| Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$14349090 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$14349090 |
| Non-Deliverable Bond Forward Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98126 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; 9044221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9044221 |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17990098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17990098 |
| **Total** | &nbsp;&nbsp;**$393104870** | &nbsp;&nbsp;&nbsp;&nbsp;**$11250183515** | &nbsp;&nbsp;&nbsp;&nbsp;**$201577882** | &nbsp;&nbsp;&nbsp;&nbsp;**$11844866267** |
| **Liability Description** |  |  |  |  |
| TBA Sale Commitments | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(817075214) | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(817075214) |
| Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (27465063) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (27465063) |
| Non-Deliverable Bond Forward Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (270741) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (270741) |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (302297) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (302297) |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5477516) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5477516) |
| **Total** | &nbsp;&nbsp;**$(302297)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(850288534)** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$(850590831)** |

---

\* 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 following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Foreign<br> Corporate Bonds** | &nbsp;&nbsp;**Insurance<br> Linked Securities\*** | &nbsp;&nbsp;**Loan<br> Participation Notes** | &nbsp;&nbsp;**Total** |
| **Balance as of October 31, 2024** | &nbsp;&nbsp;**$0** | &nbsp;&nbsp;**$128235686** | &nbsp;&nbsp;**$7976061** | &nbsp;&nbsp;**$136211747** |
| Realized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17537) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (925644) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (943181) |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 27783134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 902288 | &nbsp;&nbsp;&nbsp;&nbsp; 28685422 |
| Cost of purchases | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 79676193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 79676193 |
| Proceeds from sales, including return of capital | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34253329) | &nbsp;&nbsp;&nbsp;&nbsp;(7802762) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42056091) |
| Accrued discount (premium) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3792 | &nbsp;&nbsp;&nbsp;&nbsp; 3792 |
| Transfers to Level 3 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Transfers from Level 3 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| **Balance as of October 31, 2025** | &nbsp;&nbsp;**$0** | &nbsp;&nbsp;**$201424147** | &nbsp;&nbsp;**$153735** | &nbsp;&nbsp;**$201577882** |
| **Change in net unrealized appreciation (depreciation) on investments still held as of October 31, 2025** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$32831355** | &nbsp;&nbsp;**$6889** | &nbsp;&nbsp;**$32838244** |

---

\* The Portfolio's investments in Insurance Linked Securities were primarily valued on the basis of broker quotations.

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Global Opportunities Portfolio

October 31, 2025

Notes to Consolidated Financial Statements — continued

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The following is a summary of quantitative information about significant unobservable valuation inputs for Level 3 investments held as of October 31, 2025:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type of Investment** | &nbsp;&nbsp;**Fair Value as of<br> October 31, 2025** | &nbsp;&nbsp;**Valuation Technique** | &nbsp;&nbsp;**Unobservable Input** | &nbsp;&nbsp;**Input** | &nbsp;&nbsp;&nbsp;&nbsp;**Impact to<br> Valuation from an<br> Increase to Input\*** |
| Foreign Corporate Bonds | &nbsp;&nbsp;$0 | &nbsp;&nbsp;Estimated Recovery Value | &nbsp;&nbsp;Estimated Recovery Value Percentage | &nbsp;&nbsp; 0% | &nbsp;&nbsp;&nbsp;&nbsp;Increase |
| Loan Participation Notes | &nbsp;&nbsp;&nbsp;&nbsp;153735 | &nbsp;&nbsp;Matrix Pricing | &nbsp;&nbsp;Adjusted Credit Spread to the Central Bank of Uzbekistan Quoted Policy Rate | &nbsp;&nbsp;5.32% | &nbsp;&nbsp;&nbsp;&nbsp;Decrease |

---

\* Represents the directional change in the fair value of the Level 3 investments that would result from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect.

11 Risks and Uncertainties

#### Risks Associated with Foreign Investments
Foreign investments can be adversely affected by political, economic and market developments abroad, including the imposition of economic and other sanctions by the United States or another country, and by acts of terrorism and war. There may be less publicly available information about foreign issuers because they may not be subject to reporting practices, requirements or regulations comparable to those to which United States companies are subject. Foreign markets may be smaller, less liquid and more volatile than the major markets in the United States. Trading in foreign markets typically involves higher expense than trading in the United States. The Portfolio may have difficulties enforcing its legal or contractual rights in a foreign country. Securities that trade or are denominated in currencies other than the U.S. dollar may be adversely affected by fluctuations in currency exchange rates.

Emerging market securities often involve greater risks than developed market securities. Investment markets within emerging market countries are typically smaller, less liquid, less developed and more volatile than those in more developed markets like the United States, and may be focused in certain economic sectors. The information available about an emerging market issuer may be less reliable than for comparable issuers in more developed capital markets. Governmental actions can have a significant effect on the economic conditions in emerging market countries. It may be more difficult to make a claim or obtain a judgment in the courts of these countries than it is in the United States. The possibility of fraud, negligence, undue influence being exerted by an issuer or refusal to recognize ownership exists in some emerging markets. Disruptions due to work stoppages and trading improprieties in foreign securities markets have caused such markets to close. Emerging market securities are also subject to speculative trading, which contributes to their volatility.

Economic data as reported by sovereign entities may be delayed, inaccurate or fraudulent. In the event of a default by a sovereign entity, there are typically no assets to be seized or cash flows to be attached. Furthermore, the willingness or ability of a sovereign entity to restructure defaulted debt may be limited. Therefore, losses on sovereign defaults may far exceed the losses from the default of a similarly rated U.S. debt issuer.

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Global Opportunities Portfolio

October 31, 2025

Report of Independent Registered Public Accounting Firm

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To the Trustees and Investors of Global Opportunities Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying consolidated statement of assets and liabilities of Global Opportunities Portfolio and subsidiary (the "Portfolio"), including the consolidated portfolio of investments, as of October 31, 2025, the related consolidated statement of operations for the year then ended, the consolidated statements of changes in net assets for each of the two years in the period then ended, the consolidated financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Portfolio as of October 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Portfolio's management. Our responsibility is to express an opinion on the Portfolio's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolio in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB and in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Portfolio is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Portfolio's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities and senior loans owned as of October 31, 2025, by correspondence with the custodian, brokers, and agent banks; when replies were not received from brokers and agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 22, 2025

We have served as the auditor of one or more Eaton Vance investment companies since 1959.

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Eaton Vance

Strategic Income Fund

October 31, 2025

Board of Trustees' Contract Approval

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Overview of the Contract Review Process

The Investment Company Act of 1940, as amended (the "1940 Act"), provides, in substance, that the investment advisory agreement between a fund and its investment adviser will continue in effect from year-to-year only if its continuation is approved on an annual basis by a vote of the fund's board of trustees, including a majority of the trustees who are not "interested persons" of the fund ("independent trustees"), cast in person at a meeting called for the purpose of considering such approval.

At a meeting held on June 12, 2025, the Boards of Trustees/Directors (collectively, the "Board") that oversee the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the "Eaton Vance Funds"), including a majority of the independent trustees (the "Independent Trustees"), voted to approve the continuation of existing investment advisory agreements and sub-advisory agreements<sup>1</sup> for each of the Eaton Vance Funds for an additional one-year period. The Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee comprised of all of the Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of meetings held between April and June 2025, as well as certain additional information provided in response to specific requests from the Independent Trustees as members of the Contract Review Committee. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee's annual evaluation of the investment advisory agreements and sub-advisory agreements.

In connection with its evaluation of the investment advisory agreements and sub-advisory agreements, the Board (directly or through one or more of its committees) considered various information relating to the Eaton Vance Funds. This included information applicable to all or groups of the Eaton Vance Funds, which is referenced immediately below, and information applicable to the particular Eaton Vance Fund covered by this report (each Eaton Vance Fund is referred to below as a "fund"). (For funds that invest through one or more underlying portfolios, references to "each fund" in this section may include information that was considered at the portfolio-level.)

*Information about Fees, Performance and Expenses*

• A report from an independent data provider comparing advisory and other fees paid by each fund to such fees paid by comparable funds, as identified by the independent data provider ("comparable funds");

• A report from an independent data provider comparing each fund's total expense ratio (and its components) to those of comparable funds;

• A report from an independent data provider comparing the investment performance of each fund to the investment performance of comparable funds and, as applicable, benchmark indices, over various time periods;

• In certain instances, data regarding investment performance relative to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board (a committee exclusively comprised of Independent Trustees);

• Comparative information concerning the fees charged and services provided by the adviser and sub-adviser to each fund in managing other accounts (which may include other funds, collective investment trusts and institutional accounts) with the same or substantially similar investment objective as the fund and with a significant overlap in holdings based on criteria set by the Board, if any;

• Profitability analyses on a fund-by-fund basis for the adviser and its affiliates and for each sub-adviser not affiliated with the adviser;

*Information about Portfolio Management and Trading*

• Descriptions of the investment management services provided to each fund, as well as each of the funds' investment strategies and policies;

• The procedures and processes used by the adviser to determine the value of fund assets, including, when necessary, the determination of "fair value" by the adviser in its role as each fund's valuation designee and actions taken to monitor and test the effectiveness of such procedures and processes;

• Information about the policies and practices of each fund's adviser and sub-adviser with respect to trading, including their processes for seeking best execution of portfolio transactions;

• Information about the allocation of brokerage transactions and the benefits, if any, received by the adviser and sub-adviser to each fund as a result of brokerage allocation, including, as applicable, information concerning the acquisition of research through client commission arrangements and policies with respect to "soft dollars";

• Data relating to the portfolio turnover rate of each fund and related information regarding active management in the context of particular strategies;

*Information about each Adviser and Sub-Adviser*

• Reports regarding the financial results and condition of the adviser and certain of its affiliates and of each sub-adviser not affiliated with the adviser;

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;Not all Eaton Vance Funds have entered into a sub-advisory agreement with a sub-adviser. Accordingly, references to "sub-adviser" or "sub-advisory agreement" in this "Overview" section may not be applicable to the particular Eaton Vance Fund covered by this report. Eaton Vance Management and Boston Management and Research are referred to collectively as the "adviser."

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[**Table of Contents**](#JOB_EV_AR_d86710f8-700a-4d42-b872-764752b88c6a_TOC)

Eaton Vance

Strategic Income Fund

October 31, 2025

Board of Trustees' Contract Approval — continued

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• Information regarding the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and, for portfolio managers and certain other investment professionals, information relating to their responsibilities with respect to managing other funds and investment accounts, as applicable;

• Information regarding the adviser's and its parent company's (Morgan Stanley's) efforts to retain and attract talented investment professionals, including in the context of a competitive marketplace for talent;

• Information regarding the adviser's compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals' investments in the fund(s) they manage;

• The personal trading codes of ethics of the adviser and its affiliates and the sub-adviser of each fund, together with information relating to compliance with, and the administration of, such codes;

• Policies and procedures relating to proxy voting, including regular reporting with respect to fund proxy voting activities;

• Information regarding the handling of corporate actions and class actions, as well as information regarding litigation and other regulatory matters;

• Information concerning the resources devoted to compliance efforts undertaken by the adviser and its affiliates and the sub-adviser of each fund, including descriptions of their various compliance programs and their record of compliance and remediation;

• Information concerning the business continuity and disaster recovery plans of the adviser and its affiliates and the sub-adviser of each fund;

• A description of the adviser's oversight of sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters, if any;

*Other Relevant Information*

• Information regarding ongoing initiatives to further integrate and harmonize, where applicable, the investment management and other departments of the adviser and its affiliates with the overall investment management infrastructure of Morgan Stanley, in light of Morgan Stanley's acquisition of Eaton Vance Corp. on March 1, 2021;

• Information concerning the nature, cost, and character of the administrative and other non-investment advisory services provided by the adviser and its affiliates;

• Information concerning oversight of the relationship with the custodian, subcustodians, fund accountants, and other third-party service providers by the adviser and/or administrator to each of the funds;

• Information concerning efforts to maintain policies and procedures with respect to various regulations applicable to the funds, including, without limitation, Rule 22e-4 (the Liquidity Risk Management Rule), Rule 12d1-4 (the Fund-of-Funds Rule), Rule 18f-4 (the Derivatives Rule), and Rule 2a-5 (the Fair Valuation Rule);

• For the Eaton Vance Fund structured as an interval fund, information regarding the interval fund's periodic repurchase offers under Rule 23c-3 and related policies and procedures;

• For each Eaton Vance Fund structured as an exchange-listed closed-end fund, information concerning the benefits of the closed-end fund structure, as well as, where relevant, the closed-end fund's market prices (including as compared to the closed-end fund's net asset value (NAV)), trading volume data, continued use of auction preferred shares (where applicable), distribution rates, and other relevant matters;

• The risks that the adviser and/or its affiliates incur in connection with the management and operation of the funds, including, among others, litigation, regulatory, entrepreneurial, data privacy and cybersecurity, and other business risks (and the associated costs of such risks, if any); and

• The terms of each investment advisory agreement and sub-advisory agreement.

During the various meetings of the Board and its committees over the course of the year leading up to the June 12, 2025 meeting, the Board and its committees received information from portfolio managers and other investment professionals of the adviser and sub-advisers of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds' investment objectives. The Board and its committees also received information regarding risk management techniques employed in connection with the management of the funds. The Board and its committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance, and other issues with respect to the funds, and received and participated in reports and presentations provided by the adviser, sub-advisers, and certain other service providers, with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees met in executive sessions and held regular video or telephone conferences to discuss, among other topics, matters relating to the continuation of investment advisory agreements and sub-advisory agreements.

Each of the Contract Review Committee and the Board was advised throughout the contract review process by Kirkland & Ellis LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee and the members of the Board, with the advice of such counsel, exercised their own business judgment in determining the material factors to be considered in evaluating each investment advisory agreement and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory agreement and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee and Board may have placed varying emphasis on particular factors in reaching conclusions with respect to each investment advisory agreement and sub-advisory agreement. In evaluating each investment advisory agreement and sub-advisory agreement, including the fee structures and other terms contained in such agreements, the members of the Contract Review Committee and Board were also informed by multiple years of analysis and discussion with the adviser and sub-adviser to each of the Eaton Vance Funds.

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Eaton Vance

Strategic Income Fund

October 31, 2025

Board of Trustees' Contract Approval — continued

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Results of the Contract Review Process

Based on its consideration of the foregoing, and such other information it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory agreement between Eaton Vance Strategic Income Fund (the "Fund") and Eaton Vance Management ("EVM") as well as the investment advisory agreement between Global Opportunities Portfolio (the "Portfolio"), one of the underlying Funds (as defined below) in which the Fund is authorized to invest, and Boston Management and Research ("BMR") (EVM, with respect to the Fund, and BMR, with respect to the Portfolio, are each referred to herein as the "Adviser"), including their respective fee structures, are in the interests of shareholders and, therefore, recommended to the Board approval of each agreement. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreements for the Fund and the Portfolio.

*Nature, Extent and Quality of Services*

In considering whether to approve the investment advisory agreements for the Fund and the Portfolio, the Board evaluated the nature, extent and quality of services provided to the Fund and the Portfolio by the applicable Adviser. EVM allocates the assets of the Fund among the Portfolio and other funds in the Eaton Vance fund complex (the "underlying Funds") and is also authorized to invest directly in securities or other instruments.

The Board considered each Adviser's management capabilities and investment processes in light of the types of investments held by the Fund and the Portfolio, including the education and experience of the investment professionals who provide services to the Fund and the Portfolio. The Board considered the abilities and experience of each Adviser's investment professionals in analyzing factors relevant to investment in a broad range of income securities. In regard to the Portfolio, the Board considered BMR's expertise with respect to global markets and in-house research capabilities. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of each Adviser and other factors, including the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Fund and the Portfolio, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Fund and the Portfolio, including the provision of administrative services. In approving the advisory agreements, the Board noted that EVM would be responsible for periodic rebalancing of assets among the Portfolio and the underlying Funds and, potentially, for investing in other securities or instruments, but would not receive a separate fee from the Fund for the rebalancing. The Board also considered the business-related and other risks to which each Adviser or its affiliates may be subject in managing the Fund and the Portfolio.

The Board noted that, under the terms of the investment advisory agreement of the Fund, EVM may invest assets of the Fund directly in securities, for which it would receive a fee, or in the Portfolio or in the underlying Funds, for which it receives no separate fee but for which the adviser receives an advisory fee from the Portfolio or the underlying Funds. The Board considered the potential benefits to the Fund of the ability to make direct investments, such as an improved ability to: gain exposure to sectors of the market EVM believes may not be represented or underrepresented by the Portfolio or the underlying Funds; to hedge certain exposures; and/or to otherwise manage the exposures of the Fund.

The Board considered the compliance programs of each Adviser and relevant affiliates thereof. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, compliance with policies and procedures, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered relevant examinations of each Adviser and its affiliates by regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

The Board considered other administrative services provided or overseen by EVM and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by each Adviser, taken as a whole, are appropriate and consistent with the terms of the applicable investment advisory agreement.

*Fund Performance*

The Board noted that, effective January 16, 2024, the Fund changed its name and investment strategies to no longer limit its average duration under normal market conditions to 3.5 years or less. Although the Board considered information comparing the Fund's investment performance to that of comparable funds identified by an independent data provider (the peer group), the Board determined, in light of the recent changes to the Fund, to continue to monitor and evaluate the effectiveness of such changes over time.

*Management Fees and Expenses*

The Board considered contractual fee rates payable by the Fund directly or indirectly through its pro rata share of the expenses of the Portfolio and the underlying Funds for advisory and administrative services (referred to collectively as "management fees"). As part of its review, the Board considered the Fund's management fees and total expense ratio for the one-year period ended December 31, 2024, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered certain factors identified by management in response to requests from the Contract Review Committee regarding the Fund's total expense ratio relative to comparable funds.

------

[**Table of Contents**](#JOB_EV_AR_d86710f8-700a-4d42-b872-764752b88c6a_TOC)

Eaton Vance

Strategic Income Fund

October 31, 2025

Board of Trustees' Contract Approval — continued

------

After considering the foregoing information, and in light of the nature, extent and quality of the services provided by each Adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.

*Profitability and "Fall-Out" Benefits*

The Board considered the level of profits realized by each Adviser and relevant affiliates thereof in providing investment advisory and administrative services to the Fund, to the Portfolio and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by each Adviser and its affiliates to third parties in respect of distribution or other services.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by each Adviser and its affiliates are not excessive.

The Board also considered direct or indirect fall-out benefits received by each Adviser and its affiliates in connection with their respective relationships with the Fund, the Portfolio and the underlying Funds, including the benefits of research services that may be available to each Adviser as a result of securities transactions effected for the Fund, the Portfolio and the underlying Funds and other investment advisory clients.

*Economies of Scale*

In reviewing management fees and profitability, the Board also considered the extent to which the applicable Adviser and its affiliates, on the one hand, and the Fund and the Portfolio, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund and the Portfolio increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. To assist in the evaluation of the sharing of any economies of scale, the Board received data for recent years showing asset levels, Adviser profitability and total expense ratios. The Board noted the structure of the advisory fee, which includes breakpoints at several asset levels for assets directly held by the Fund and includes no separate advisory fee for assets invested in the Portfolio or the underlying Funds. The Board noted that for assets invested in the Portfolio and the underlying Funds, the Fund will automatically receive the benefits of such breakpoints as have been established for the Portfolio and the underlying Funds based on their total assets. Based upon the foregoing, the Board concluded that the Fund currently shares in the benefits from economies of scale, if any, when they are realized by the Adviser. The Board also concluded that the structure of the advisory fees, which include breakpoints at several asset levels, will allow the Fund and the Portfolio to continue to benefit from any economies of scale in the future.

------

[**Table of Contents**](#JOB_EV_AR_d86710f8-700a-4d42-b872-764752b88c6a_TOC)

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------

[**Table of Contents**](#JOB_EV_AR_d86710f8-700a-4d42-b872-764752b88c6a_TOC)

ETSIX-NCSR&nbsp;&nbsp;&nbsp;&nbsp;10.31.25

------

## Eaton Vance

## Tax-Managed Equity Asset Allocation Fund

## Annual Financial Statements and Additional Information
October 31, 2025

------

![](g35982imgddfe177511.gif)

------

**This report must be preceded or accompanied by a current summary prospectus or prospectus. Before investing, investors should consider carefully the investment objective, risks, and charges and expenses of a mutual fund. This and other important information is contained in the prospectus and/or statement of additional information, which can be obtained by calling 1-800-262-1122 or from a financial intermediary. Prospective investors should read the prospectus carefully before investing.**

------

#### Annual Financial Statements and Additional Information October 31, 2025
Eaton Vance

Tax-Managed Equity Asset Allocation Fund

---

| | |
|:---|:---|
| **[**Table of Contents**](#xx_98180cd0-00b0-4035-bbb5-e5ade82ad873_1)** |  |
| [Items 6 and 7 of Form N-CSR:](#xx_74d01c9f-21ee-41fe-a557-446525d8bf5c_1) | [Items 6 and 7 of Form N-CSR:](#xx_74d01c9f-21ee-41fe-a557-446525d8bf5c_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Portfolio of Investments](#xx_74d01c9f-21ee-41fe-a557-446525d8bf5c_1) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#xx_feaf27bb-e19b-4735-a841-2177911e382a_1) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#xx_feaf27bb-e19b-4735-a841-2177911e382a_2) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx_feaf27bb-e19b-4735-a841-2177911e382a_3) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx_ccf90b3c-90a1-4736-80ec-9249125c958f_1) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx_3724540f-e119-43f9-a8bf-f3afc5e03407_1) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#xx_e7de9f84-8bbe-4ac7-bb5c-fc4beafd9dc4_1) | 16 |
| [Federal Tax Information](#xx_26e509d5-597d-4815-a2f1-8c7679e11377_1) | 17 |
| [Item 11 of Form N-CSR:](#xx_125ee2d3-845d-4ff5-b3d3-82aef5e2b4fd_1) | [Item 11 of Form N-CSR:](#xx_125ee2d3-845d-4ff5-b3d3-82aef5e2b4fd_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Board of Trustees' Contract Approval](#xx_125ee2d3-845d-4ff5-b3d3-82aef5e2b4fd_1) | 18 |

---

Items 8 and 9 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7.

------

[**Table of Contents**](#JOB_EV_AR_efadfa2a-e74a-4370-98ad-f023743ebd63_TOC)

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

October 31, 2025

Portfolio of Investments

------

Affiliated Investment Funds — 8.3%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Eaton Vance Global Equity Income Fund, Class I<sup>(1)</sup> | 3685551 | &nbsp;&nbsp;$70983704 |
| Affiliated Investment Funds<br> (identified cost $63,391,872) |  | &nbsp;&nbsp;**$70983704** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Investments in Affiliated Portfolios — 87.9%

---

| | |
|:---|:---|
| **Description** | &nbsp;&nbsp;**Value** |
| Tax-Managed Growth Portfolio<br> (identified cost, $60,514,177) | &nbsp;&nbsp;$318865179 |
| Tax-Managed Multi-Cap Growth Portfolio<br> (identified cost, $49,939,642) | &nbsp;&nbsp;&nbsp;&nbsp;142963559 |
| Tax-Managed Small-Cap Portfolio<br> (identified cost, $65,277,783) | &nbsp;&nbsp;&nbsp;&nbsp; 69543153 |
| Tax-Managed Value Portfolio<br> (identified cost, $132,992,813) | &nbsp;&nbsp;&nbsp;&nbsp;224516294 |
| Total Investments in Affiliated Portfolios<br> (identified cost $308,724,415) | &nbsp;&nbsp;**$755888185** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Debt Obligations — 3.5%<sup>(2)</sup>

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Banks — 2.2% | Banks — 2.2% | Banks — 2.2% |
| Banco Bilbao Vizcaya Argentaria SA, 9.375% to 3/19/29<sup>(3)(4)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;$671498 |
| Banco Mercantil del Norte SA/Grand Cayman: |  |  |
| &nbsp;&nbsp;&nbsp;8.375% to 10/14/30<sup>(3)(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 643573 |
| &nbsp;&nbsp;&nbsp;8.375% to 5/20/31<sup>(3)(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 209423 |
| Banco Santander SA, 9.625% to 5/21/33<sup>(3)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp; 976162 |
| Bank of America Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;6.625% to 5/1/30<sup>(3)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 521203 |
| &nbsp;&nbsp;&nbsp;Series TT, 6.125% to 4/27/27<sup>(3)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp; 430599 |
| Bank of Montreal, 7.70% to 5/26/29, 5/26/84<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;964 | &nbsp;&nbsp;&nbsp;&nbsp; 1023055 |
| Barclays PLC, 8.00% to 3/15/29<sup>(3)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526 | &nbsp;&nbsp;&nbsp;&nbsp; 561674 |
| BNP Paribas SA: |  |  |
| &nbsp;&nbsp;&nbsp;4.625% to 2/25/31<sup>(3)(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203 | &nbsp;&nbsp;&nbsp;&nbsp; 183575 |
| &nbsp;&nbsp;&nbsp;7.75% to 8/16/29<sup>(3)(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505 | &nbsp;&nbsp;&nbsp;&nbsp; 532913 |
| Canadian Imperial Bank of Commerce, 7.00% to 10/28/30, 10/28/85<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970 | &nbsp;&nbsp;&nbsp;&nbsp; 1000861 |
| Citigroup, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;6.875% to 8/15/30<sup>(3)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 309433 |
| &nbsp;&nbsp;&nbsp;6.95% to 2/15/30<sup>(3)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440 | &nbsp;&nbsp;&nbsp;&nbsp; 453205 |
| &nbsp;&nbsp;&nbsp;Series W, 4.00% to 12/10/25<sup>(3)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298 | &nbsp;&nbsp;&nbsp;&nbsp; 297820 |
| Deutsche Bank AG, 8.13% to 4/30/30<sup>(3)(4)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 426796 |
| Farm Credit Bank of Texas, 7.75% to 6/15/29<sup>(3)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429 | &nbsp;&nbsp;&nbsp;&nbsp; 450275 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Banks (continued) | Banks (continued) | Banks (continued) |
| Huntington Bancshares, Inc., Series F, 5.625% to 7/15/30<sup>(3)(4)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395 | &nbsp;&nbsp;$400823 |
| ING Groep NV, 8.00% to 5/16/30<sup>(3)(4)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670 | &nbsp;&nbsp;&nbsp;&nbsp; 726319 |
| JPMorgan Chase & Co., Series KK, 3.65% to 6/1/26<sup>(3)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559 | &nbsp;&nbsp;&nbsp;&nbsp; 552793 |
| KeyCorp, Series D, 5.00% to 9/15/26<sup>(3)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975 | &nbsp;&nbsp;&nbsp;&nbsp; 968603 |
| NatWest Group PLC: |  |  |
| &nbsp;&nbsp;&nbsp;4.60% to 6/28/31<sup>(3)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 182265 |
| &nbsp;&nbsp;&nbsp;8.125% to 11/10/33<sup>(3)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460 | &nbsp;&nbsp;&nbsp;&nbsp; 518473 |
| PNC Financial Services Group, Inc., Series U, 6.00% to 5/15/27<sup>(3)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp; 807477 |
| Royal Bank of Canada: |  |  |
| &nbsp;&nbsp;&nbsp;6.50% to 11/24/35, 11/24/85<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 299674 |
| &nbsp;&nbsp;&nbsp;7.50% to 5/2/29, 5/2/84<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820 | &nbsp;&nbsp;&nbsp;&nbsp; 872227 |
| Societe Generale SA, 5.375% to 11/18/30<sup>(3)(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1034 | &nbsp;&nbsp;&nbsp;&nbsp; 983099 |
| State Street Corp., Series J, 6.70% to 9/15/29<sup>(3)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 241740 |
| Swedbank AB, 7.75% to 3/17/30<sup>(3)(4)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 645191 |
| Toronto-Dominion Bank, 8.125% to 10/31/27, 10/31/82<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975 | &nbsp;&nbsp;&nbsp;&nbsp; 1031046 |
| Truist Financial Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;Series P, 4.95% to 11/13/25<sup>(3)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 125074 |
| &nbsp;&nbsp;&nbsp;Series Q, 5.10% to 3/1/30<sup>(3)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134 | &nbsp;&nbsp;&nbsp;&nbsp; 134565 |
| UBS Group AG: |  |  |
| &nbsp;&nbsp;&nbsp;4.375% to 2/10/31<sup>(3)(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419 | &nbsp;&nbsp;&nbsp;&nbsp; 380375 |
| &nbsp;&nbsp;&nbsp;6.85% to 9/10/29<sup>(3)(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675 | &nbsp;&nbsp;&nbsp;&nbsp; 691832 |
| Wells Fargo & Co., Series BB, 3.90% to 3/15/26<sup>(3)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;984 | &nbsp;&nbsp;&nbsp;&nbsp; 978140 |
|  |  | &nbsp;&nbsp;**$19231781** |
| Capital Markets — 0.1% | Capital Markets — 0.1% | Capital Markets — 0.1% |
| Charles Schwab Corp., Series H, 4.00% to 12/1/30<sup>(3)(4)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1270 | &nbsp;&nbsp;$1192375 |
|  |  | &nbsp;&nbsp;**$1192375** |
| Construction Materials — 0.1% | Construction Materials — 0.1% | Construction Materials — 0.1% |
| Cemex SAB de CV, 7.20% to 6/10/30<sup>(3)(4)(5)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437 | &nbsp;&nbsp;$454567 |
|  |  | &nbsp;&nbsp;**$454567** |
| Diversified Financial Services — 0.3% | Diversified Financial Services — 0.3% | Diversified Financial Services — 0.3% |
| American AgCredit Corp., Series A, 5.25% to 6/15/26<sup>(3)(4)(5)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;914 | &nbsp;&nbsp;$896862 |
| Goldman Sachs Group, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;3.80%, to 5/10/26<sup>(3)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp; 320677 |
| &nbsp;&nbsp;&nbsp;Series V, 4.125% to 11/10/26<sup>(3)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;768 | &nbsp;&nbsp;&nbsp;&nbsp; 758104 |
| &nbsp;&nbsp;&nbsp;Series W, 7.50% to 2/10/29<sup>(3)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 244602 |
| Nomura Holdings, Inc., 7.00% to 7/15/30<sup>(3)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 310868 |
|  |  | &nbsp;&nbsp;**$2531113** |

---

------

[**Table of Contents**](#JOB_EV_AR_efadfa2a-e74a-4370-98ad-f023743ebd63_TOC)

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

October 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Electric Utilities — 0.2% | Electric Utilities — 0.2% | Electric Utilities — 0.2% |
| Dominion Energy, Inc., Series C, 4.35% to 1/15/27<sup>(3)(4)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583 | &nbsp;&nbsp;$574866 |
| Emera, Inc., Series 16-A, 6.75% to 6/15/26, 6/15/76<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp; 453583 |
| Sempra, 4.125% to 1/1/27, 4/1/52<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581 | &nbsp;&nbsp;&nbsp;&nbsp; 568107 |
|  |  | &nbsp;&nbsp;**$1596556** |
| Financial Services — 0.1% | Financial Services — 0.1% | Financial Services — 0.1% |
| Ally Financial, Inc., Series B, 4.70% to 5/15/26<sup>(3)(4)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470 | &nbsp;&nbsp;$460974 |
|  |  | &nbsp;&nbsp;**$460974** |
| Food Products — 0.1% | Food Products — 0.1% | Food Products — 0.1% |
| Land O' Lakes, Inc., 8.00%<sup>(3)(5)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;824 | &nbsp;&nbsp;$815760 |
|  |  | &nbsp;&nbsp;**$815760** |
| Independent Power and Renewable Electricity Producers — 0.1% | Independent Power and Renewable Electricity Producers — 0.1% | Independent Power and Renewable Electricity Producers — 0.1% |
| Algonquin Power & Utilities Corp., 4.75% to 1/18/27, 1/18/82<sup>(4)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408 | &nbsp;&nbsp;$400853 |
|  |  | &nbsp;&nbsp;**$400853** |
| Insurance — 0.1% | Insurance — 0.1% | Insurance — 0.1% |
| Liberty Mutual Group, Inc., 4.125% to 9/15/26, 12/15/51<sup>(4)(5)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1176 | &nbsp;&nbsp;$1149808 |
|  |  | &nbsp;&nbsp;**$1149808** |
| Pipelines — 0.1% | Pipelines — 0.1% | Pipelines — 0.1% |
| Enbridge, Inc., Series NC5, 8.25% to 10/15/28, 1/15/84<sup>(4)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606 | &nbsp;&nbsp;$651168 |
| Energy Transfer LP, Series B, 6.625% to 2/15/28<sup>(3)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359 | &nbsp;&nbsp;&nbsp;&nbsp; 358959 |
|  |  | &nbsp;&nbsp;**$1010127** |
| Telecommunications — 0.1% | Telecommunications — 0.1% | Telecommunications — 0.1% |
| Rogers Communications, Inc., 5.25% to 3/15/27, 3/15/82<sup>(4)(5)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845 | &nbsp;&nbsp;$840657 |
|  |  | &nbsp;&nbsp;**$840657** |
| Total Debt Obligations<br> (identified cost $28,733,439) |  | &nbsp;&nbsp;**$29684571** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Exchange-Traded Funds — 0.0%<sup>†</sup>

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Equity Funds — 0.0%<sup>†</sup> | Equity Funds — 0.0%<sup>†</sup> | Equity Funds — 0.0%<sup>†</sup> |
| iShares Preferred & Income Securities ETF | &nbsp;&nbsp;&nbsp;&nbsp;10500 | &nbsp;&nbsp;$327705 |
| Total Exchange-Traded Funds<br> (identified cost $321,825) |  | &nbsp;&nbsp;**$327705** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Preferred Stocks — 0.3%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Banks — 0.1% | Banks — 0.1% | Banks — 0.1% |
| Citizens Financial Group, Inc., Series H, 7.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5587 | &nbsp;&nbsp;$147553 |
| Comerica, Inc., Series B, 6.875% to 10/1/30<sup>(4)(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;13155 | &nbsp;&nbsp;&nbsp;&nbsp; 337557 |
|  |  | &nbsp;&nbsp;**$485110** |
| Capital Markets — 0.0%<sup>†</sup> | Capital Markets — 0.0%<sup>†</sup> | Capital Markets — 0.0%<sup>†</sup> |
| Bank of New York Mellon Corp., Series K, 6.15% to 3/20/30<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10800 | &nbsp;&nbsp;$278208 |
|  |  | &nbsp;&nbsp;**$278208** |
| Electric Utilities — 0.0%<sup>†</sup> | Electric Utilities — 0.0%<sup>†</sup> | Electric Utilities — 0.0%<sup>†</sup> |
| Brookfield BRP Holdings Canada, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;4.625% | &nbsp;&nbsp;&nbsp;&nbsp;17551 | &nbsp;&nbsp;$270461 |
| &nbsp;&nbsp;&nbsp;7.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4870 | &nbsp;&nbsp;&nbsp;&nbsp; 122626 |
| SCE Trust IV, Series J, 7.431% to 11/30/25<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2004 | &nbsp;&nbsp;&nbsp;&nbsp; 47595 |
|  |  | &nbsp;&nbsp;**$440682** |
| Insurance — 0.2% | Insurance — 0.2% | Insurance — 0.2% |
| American National Group, Inc., 7.375% | &nbsp;&nbsp;&nbsp;&nbsp;12500 | &nbsp;&nbsp;$318125 |
| Aspen Insurance Holdings Ltd., 7.00% | &nbsp;&nbsp;&nbsp;&nbsp;12804 | &nbsp;&nbsp;&nbsp;&nbsp; 322277 |
| Athene Holding Ltd., Series A, 6.35% to 6/30/29<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp; 748500 |
|  |  | &nbsp;&nbsp;**$1388902** |
| Total Preferred Stocks<br> (identified cost $2,723,650) |  | &nbsp;&nbsp;**$2592902** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Short-Term Investments — 0.1%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 4.00%<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;709420 | &nbsp;&nbsp;$709420 |
| Total Short-Term Investments<br> (identified cost $709,420) |  | &nbsp;&nbsp;**$709420** |
| Total Investments — 100.1%<br> (identified cost $404,604,621) |  | &nbsp;&nbsp;**$860186487** |
| Other Assets, Less Liabilities — (0.1)% |  | &nbsp;&nbsp;**$(442648)** |
| Net Assets — 100.0% |  | &nbsp;&nbsp;**$859743839** |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | The percentage shown for each investment category in the Portfolio of Investments is based on net assets. |
| <sup>†</sup> | Amount is less than 0.05% or (0.05)%, as applicable. |
| <sup>(1)</sup> | Affiliated fund (see Note 9). |

---

------

[**Table of Contents**](#JOB_EV_AR_efadfa2a-e74a-4370-98ad-f023743ebd63_TOC)

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

October 31, 2025

Portfolio of Investments — continued

------

<sup>(2)</sup> Debt obligations are hybrid instruments, as determined by the investment adviser. These instruments have characteristics of both equity and debt.

<sup>(3)</sup> Perpetual security with no stated maturity date but may be subject to calls by the issuer.

<sup>(4)</sup> Security converts to variable rate after the indicated fixed-rate coupon period.

<sup>(5)</sup> Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At October 31, 2025, the aggregate value of these securities is $7,782,444 or 0.9% of the Fund's net assets.

<sup>(6)</sup> Security exempt from registration under Regulation S of the Securities Act of 1933, as amended, 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, as amended. At October 31, 2025, the aggregate value of these securities is $1,798,306 or 0.2% of the Fund's net assets.

<sup>(7)</sup> Non-income producing security.

<sup>(8)</sup> May be deemed to be an affiliated investment company (see Note 9). The rate shown is the annualized seven-day yield as of October 31, 2025.

------

[**Table of Contents**](#JOB_EV_AR_efadfa2a-e74a-4370-98ad-f023743ebd63_TOC)

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

October 31, 2025

Statement of Assets and Liabilities

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**October 31, 2025** |
| Assets |  |
| Unaffiliated investments, at value (identified cost $31,778,914) | &nbsp;&nbsp;$32605178 |
| Affiliated investments, at value (identified cost $372,825,707) | &nbsp;&nbsp;&nbsp;&nbsp;827581309 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19518 |
| Foreign currency, at value (identified cost $4,583) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4515 |
| Interest and dividends receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346773 |
| Dividends receivable from affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1114 |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72914 |
| Tax reclaims receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96783 |
| Receivable from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51710 |
| **Total assets** | &nbsp;&nbsp;**$860779814** |
| Liabilities |  |
| Payable for investments purchased | &nbsp;&nbsp;$287 |
| Payable for Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440066 |
| Payable to affiliates: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment adviser fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134421 |
| &nbsp;&nbsp;&nbsp;Administration fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108289 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155122 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agency fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20260 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 |
| Payable for legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104819 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72669 |
| **Total liabilities** | &nbsp;&nbsp;**$1035975** |
| **Net Assets** | &nbsp;&nbsp;**$859743839** |
| Sources of Net Assets |  |
| Paid-in capital | &nbsp;&nbsp;$199812259 |
| Distributable earnings | &nbsp;&nbsp;&nbsp;&nbsp;659931580 |
| **Net Assets** | &nbsp;&nbsp;**$859743839** |
| Class A Shares |  |
| **Net Assets** | &nbsp;&nbsp;$547252687 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13700268 |
| **Net Asset Value and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$39.94 |
| **Maximum Offering Price Per Share<br> (100 ÷ 94.75 of net asset value per share)** | &nbsp;&nbsp;$42.15 |
| Class C Shares |  |
| **Net Assets** | &nbsp;&nbsp;$47901990 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1320911 |
| **Net Asset Value and Offering Price Per Share\*<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$36.26 |
| Class I Shares |  |
| **Net Assets** | &nbsp;&nbsp;$264589162 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6624010 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$39.94 |

---

---

| | |
|:---|:---|
| On sales of $50,000 or more, the offering price of Class A shares is reduced. | On sales of $50,000 or more, the offering price of Class A shares is reduced. |
| \* | Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge. |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_efadfa2a-e74a-4370-98ad-f023743ebd63_TOC)

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

October 31, 2025

Statement of Operations

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended** |
|  | &nbsp;&nbsp;&nbsp;**October 31, 2025** |
| Investment Income |  |
| Dividend income (net of foreign taxes withheld of $10,608) | &nbsp;&nbsp;$262396 |
| Dividend income from affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2045227 |
| Dividend income allocated from affiliated Portfolios (net of foreign taxes withheld of $192,149) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8317587 |
| Interest income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1580409 |
| Securities lending income allocated from affiliated Portfolios, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8375 |
| Expenses allocated from affiliated Portfolios | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4169581) |
| Waiver and/or reimbursement of expenses by affiliates allocated from Portfolios | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5767 |
| **Total investment income** | &nbsp;&nbsp;**$8050180** |
| Expenses |  |
| Investment adviser fee | &nbsp;&nbsp;$1425645 |
| Administration fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1197415 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1308799 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429171 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50174 |
| Transfer and dividend disbursing agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333858 |
| Legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165330 |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30116 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56946 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36530 |
| **Total expenses** | &nbsp;&nbsp;**$5034484** |
| Deduct: |  |
| &nbsp;&nbsp;&nbsp;Waiver and/or reimbursement of expenses by affiliates | &nbsp;&nbsp;$387943 |
| **Total expense reductions** | &nbsp;&nbsp;**$387943** |
| **Net expenses** | &nbsp;&nbsp;**$4646541** |
| **Net investment income** | &nbsp;&nbsp;**$3403639** |
| Realized and Unrealized Gain (Loss) |  |
| Net realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;Investment transactions | &nbsp;&nbsp;$222253 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361 |
| Net realized gain (loss) allocated from affiliated Portfolios: |  |
| &nbsp;&nbsp;&nbsp;Investment transactions | &nbsp;&nbsp;&nbsp;&nbsp;53745302 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48126 |
| **Net realized gain** | &nbsp;&nbsp;**$54016042** |
| Change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;$667029 |
| &nbsp;&nbsp;&nbsp;Investments - affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7591832 |
| &nbsp;&nbsp;&nbsp;Foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7331 |
| Change in unrealized appreciation (depreciation) allocated from affiliated Portfolios: |  |
| &nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;&nbsp;&nbsp;33340745 |
| &nbsp;&nbsp;&nbsp;Foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4433 |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$41611370** |
| **Net realized and unrealized gain** | &nbsp;&nbsp;**$95627412** |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$99031051** |

---

*5*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_efadfa2a-e74a-4370-98ad-f023743ebd63_TOC)

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

October 31, 2025

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
|  | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$3403639 | &nbsp;&nbsp;$2773141 |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54016042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30660247 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41611370 | &nbsp;&nbsp;&nbsp;&nbsp;156154902 |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$99031051** | &nbsp;&nbsp;**$189588290** |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(4156926) | &nbsp;&nbsp;$(2419217) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(311595) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2246457) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1234357) |
| **Total distributions to shareholders** | &nbsp;&nbsp;**$(6714978)** | &nbsp;&nbsp;**$(3653574)** |
| Transactions in shares of beneficial interest: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(29655115) | &nbsp;&nbsp;$(18226564) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2723443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2594057) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26811031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21267992 |
| **Net increase (decrease) in net assets from Fund share transactions** | &nbsp;&nbsp;**$(120641)** | &nbsp;&nbsp;**$447371** |
| **Net increase in net assets** | &nbsp;&nbsp;**$92195432** | &nbsp;&nbsp;**$186382087** |
| Net Assets |  |  |
| At beginning of year | &nbsp;&nbsp;$767548407 | &nbsp;&nbsp;$581166320 |
| **At end of year** | &nbsp;&nbsp;**$859743839** | &nbsp;&nbsp;**$767548407** |

---

*6*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_efadfa2a-e74a-4370-98ad-f023743ebd63_TOC)

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

October 31, 2025

Financial Highlights

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$35.65 | &nbsp;&nbsp;$27.00 | &nbsp;&nbsp;$25.67 | &nbsp;&nbsp;$31.71 | &nbsp;&nbsp;$23.07 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.15 | &nbsp;&nbsp;$0.12 | &nbsp;&nbsp;$0.18 | &nbsp;&nbsp;$0.15 | &nbsp;&nbsp;$0.10 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.69 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$4.58** | &nbsp;&nbsp;**$8.81** | &nbsp;&nbsp;**$1.53** | &nbsp;&nbsp;**$(5.23)** | &nbsp;&nbsp;**$8.79** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.04) | &nbsp;&nbsp;$(0.16) | &nbsp;&nbsp;$(0.14) | &nbsp;&nbsp;$(0.10) | &nbsp;&nbsp;$(0.15) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.71) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total distributions** | &nbsp;&nbsp;**$(0.29)** | &nbsp;&nbsp;**$(0.16)** | &nbsp;&nbsp;**$(0.20)** | &nbsp;&nbsp;**$(0.81)** | &nbsp;&nbsp;**$(0.15)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$39.94** | &nbsp;&nbsp;**$35.65** | &nbsp;&nbsp;**$27.00** | &nbsp;&nbsp;**$25.67** | &nbsp;&nbsp;**$31.71** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.93%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**32.73%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.01%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(16.91)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**38.24%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$547253 | &nbsp;&nbsp;$517186 | &nbsp;&nbsp;$406567 | &nbsp;&nbsp;$405236 | &nbsp;&nbsp;$513507 |
| Ratios (as a percentage of average daily net assets):<sup>(3)(4)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35% |
| Portfolio Turnover of the Fund<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

<sup>(3)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(4)</sup> Includes the Fund's share of the Portfolios' allocated expenses.

<sup>(5)</sup> Includes a reduction by the investment adviser of a portion of the Fund's and Portfolios' adviser fees due to the Fund's and Portfolios' investment in the Liquidity Fund and in other affiliated funds (equal to 0.05% of average daily net assets for the year ended October 31, 2025 and less than 0.005% of average daily net assets for the years ended October 31, 2024, 2023 and 2022).

<sup>(6)</sup> Percentage includes both the Fund's contributions to and withdrawals from the Portfolios and purchases and sales of securities held directly by the Fund, if any.

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_efadfa2a-e74a-4370-98ad-f023743ebd63_TOC)

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

October 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$32.60 | &nbsp;&nbsp;$24.74 | &nbsp;&nbsp;$23.57 | &nbsp;&nbsp;$29.23 | &nbsp;&nbsp;$21.31 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment loss<sup>(1)</sup> | &nbsp;&nbsp;$(0.12) | &nbsp;&nbsp;$(0.11) | &nbsp;&nbsp;$(0.02) | &nbsp;&nbsp;$(0.05) | &nbsp;&nbsp;$(0.10) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.96) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.02 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$3.91** | &nbsp;&nbsp;**$7.86** | &nbsp;&nbsp;**$1.23** | &nbsp;&nbsp;**$(5.01)** | &nbsp;&nbsp;**$7.92** |
| Less Distributions |  |  |  |  |  |
| From net realized gain | &nbsp;&nbsp;$(0.25) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(0.06) | &nbsp;&nbsp;$(0.65) | &nbsp;&nbsp;$— |
| **Total distributions** | &nbsp;&nbsp;**$(0.25)** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$(0.06)** | &nbsp;&nbsp;**$(0.65)** | &nbsp;&nbsp;**$—** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$36.26** | &nbsp;&nbsp;**$32.60** | &nbsp;&nbsp;**$24.74** | &nbsp;&nbsp;**$23.57** | &nbsp;&nbsp;**$29.23** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.11%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**31.73%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.22%** | &nbsp;&nbsp;&nbsp;&nbsp;**(17.53)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**37.17%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$47902 | &nbsp;&nbsp;$40364 | &nbsp;&nbsp;$32698 | &nbsp;&nbsp;$34490 | &nbsp;&nbsp;$43788 |
| Ratios (as a percentage of average daily net assets):<sup>(3)(4)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.01% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.89%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.94%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.97%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.01% |
| &nbsp;&nbsp;&nbsp;Net investment loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.38)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.38)% |
| Portfolio Turnover of the Fund<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

<sup>(3)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(4)</sup> Includes the Fund's share of the Portfolios' allocated expenses.

<sup>(5)</sup> Includes a reduction by the investment adviser of a portion of the Fund's and Portfolios' adviser fees due to the Fund's and Portfolios' investment in the Liquidity Fund and in other affiliated funds (equal to 0.05% of average daily net assets for the year ended October 31, 2025 and less than 0.005% of average daily net assets for the years ended October 31, 2024, 2023 and 2022).

<sup>(6)</sup> Percentage includes both the Fund's contributions to and withdrawals from the Portfolios and purchases and sales of securities held directly by the Fund, if any.

*8*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_efadfa2a-e74a-4370-98ad-f023743ebd63_TOC)

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

October 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$35.65 | &nbsp;&nbsp;$26.99 | &nbsp;&nbsp;$25.67 | &nbsp;&nbsp;$31.70 | &nbsp;&nbsp;$23.06 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.24 | &nbsp;&nbsp;$0.20 | &nbsp;&nbsp;$0.25 | &nbsp;&nbsp;$0.23 | &nbsp;&nbsp;$0.17 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.68 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$4.67** | &nbsp;&nbsp;**$8.89** | &nbsp;&nbsp;**$1.59** | &nbsp;&nbsp;**$(5.14)** | &nbsp;&nbsp;**$8.85** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.13) | &nbsp;&nbsp;$(0.23) | &nbsp;&nbsp;$(0.21) | &nbsp;&nbsp;$(0.18) | &nbsp;&nbsp;$(0.21) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.71) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total distributions** | &nbsp;&nbsp;**$(0.38)** | &nbsp;&nbsp;**$(0.23)** | &nbsp;&nbsp;**$(0.27)** | &nbsp;&nbsp;**$(0.89)** | &nbsp;&nbsp;**$(0.21)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$39.94** | &nbsp;&nbsp;**$35.65** | &nbsp;&nbsp;**$26.99** | &nbsp;&nbsp;**$25.67** | &nbsp;&nbsp;**$31.70** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.20%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**33.09%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.26%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(16.68)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**38.56%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$264589 | &nbsp;&nbsp;$209999 | &nbsp;&nbsp;$141901 | &nbsp;&nbsp;$125810 | &nbsp;&nbsp;$149762 |
| Ratios (as a percentage of average daily net assets):<sup>(3)(4)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60% |
| Portfolio Turnover of the Fund<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

<sup>(3)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(4)</sup> Includes the Fund's share of the Portfolios' allocated expenses.

<sup>(5)</sup> Includes a reduction by the investment adviser of a portion of the Fund's and Portfolios' adviser fees due to the Fund's and Portfolios' investment in the Liquidity Fund and in other affiliated funds (equal to 0.05% of average daily net assets for the year ended October 31, 2025 and less than 0.005% of average daily net assets for the years ended October 31, 2024, 2023 and 2022).

<sup>(6)</sup> Percentage includes both the Fund's contributions to and withdrawals from the Portfolios and purchases and sales of securities held directly by the Fund, if any.

*9*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_efadfa2a-e74a-4370-98ad-f023743ebd63_TOC)

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

October 31, 2025

Notes to Financial Statements

------

1 Significant Accounting Policies

Eaton Vance Tax-Managed Equity Asset Allocation Fund (the Fund) is a diversified series of Eaton Vance Mutual Funds Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund offers three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective November 5, 2020, Class C shares automatically convert to Class A shares eight years after their purchase as described in the Fund's prospectus. Class I shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses and net investment income and losses, other than class-specific expenses, are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Each class of shares differs in its distribution plan and certain other class-specific expenses. The Fund's investment objective is to achieve long-term, after-tax returns for its shareholders. The Fund currently pursues its objective by investing directly in securities, affiliated investment Funds and in interests in four tax-managed equity portfolios managed by Eaton Vance Management (EVM) or its affiliates (the Portfolios), which are Massachusetts business trusts. The value of the Fund's investments in the Portfolios reflects the Fund's proportionate interest in their net assets. The Portfolios and the Fund's proportionate interest in each of their net assets at October 31, 2025 were as follows: Tax-Managed Growth Portfolio (4.7%), Tax-Managed Multi-Cap Growth Portfolio (46.1%), Tax-Managed Small-Cap Portfolio (37.3%) and Tax-Managed Value Portfolio (21.1%). The performance of the Fund is directly affected by the performance of the Portfolios. A copy of each Portfolio's financial statements is available by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the Securities and Exchange Commission's website at www.sec.gov.

The following is a summary of significant accounting policies of the Fund. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.

A Investment Valuation—The valuation policies common to the Portfolios are as follows:

**Equity Securities. Equity securities listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and ask prices on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ National Market System are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and ask prices.**

**Foreign Securities and Currencies. Foreign securities 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 generally is determined as of the close of trading on the principal exchange on which such securities trade. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities 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 that meet certain criteria, the Fund's Trustees have approved the use of a fair value service that values such securities 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.**

**Other. Investments in management investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value as of the close of each business day. Exchange-traded funds are valued at the official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded.**

**Fair Valuation. In connection with Rule 2a-5 of the 1940 Act, the Trustees have designated the Portfolios' investment adviser as its valuation designee. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued by the investment adviser, as valuation designee, at fair value using methods that most fairly reflect the security's "fair value", which is the amount that the Portfolios might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security's disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company's or entity's financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.**

In addition to investing in the Portfolios, the Fund may invest directly in securities. The valuation policies of the Fund are consistent with the valuation policies of the Portfolios. Additional valuation policies of the Fund are as follows:

**Debt Obligations. Debt obligations are generally valued on the basis of valuations provided by third party pricing services, as derived from such services' pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and ask prices, broker/dealer quotations, prices or yields of securities with similar characteristics, interest rates, anticipated prepayments, benchmark curves or information pertaining to the issuer, as well as**

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[**Table of Contents**](#JOB_EV_AR_efadfa2a-e74a-4370-98ad-f023743ebd63_TOC)

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

October 31, 2025

Notes to Financial Statements — continued

------

industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Short-term debt obligations purchased with a remaining maturity of sixty days or less for which a valuation from a third party pricing service is not readily available may be valued at amortized cost, which approximates fair value.

**Preferred Equity Securities. Preferred equity securities that are not listed or traded in the over-the-counter market are valued by a third party pricing service that uses various techniques that consider factors including, but not limited to, prices or yields of securities with similar characteristics, benchmark yields, broker/dealer quotes, quotes of underlying common stock, issuer spreads, as well as industry and economic events.**

B Income—The Fund's net investment income or loss includes the Fund's pro rata share of the net investment income or loss of the Portfolios, less all actual and accrued expenses of the Fund. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. However, if the ex-dividend date has passed, certain dividends from foreign securities are recorded as the Fund is informed of the ex-dividend date. Withholding taxes on foreign dividends and capital gains have been provided for in accordance with the Fund's understanding of the applicable countries' tax rules and rates. Distributions from investment companies are recorded as dividend income, capital gains or return of capital based on the nature of the distribution. Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount.

C Federal Taxes—The Fund's policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary.

As of October 31, 2025, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

D Foreign Currency Translation—Investment valuations, other assets, and liabilities initially expressed in foreign currencies are translated each business day into U.S. dollars based upon current exchange rates. Purchases and sales of foreign investment securities and income and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates in effect on the respective dates of such transactions. Recognized gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.

E Expenses—The majority of expenses of the Trust are directly identifiable to an individual fund. Expenses which are not readily identifiable to a specific fund are allocated taking into consideration, among other things, the nature and type of expense and the relative size of the funds.

F Use of Estimates—The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

G Indemnifications— Under the Trust's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Trust) could be deemed to have personal liability for the obligations of the Trust. However, the Trust's Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and the By-laws provide that the Trust shall assume, upon request by the shareholder, the defense on behalf of any Fund shareholders. Moreover, the By-laws also provide for indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

H Other—Investment transactions are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost.

I Segment Reporting—During this reporting period, the Fund adopted FASB Accounting Standards Update No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures* (ASU 2023-07), which requires incremental disclosures related to a public entity's reportable segments. The Fund operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. In connection with the adoption of ASU 2023-07, the Fund's President acts as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's financial statements.

------

[**Table of Contents**](#JOB_EV_AR_efadfa2a-e74a-4370-98ad-f023743ebd63_TOC)

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

October 31, 2025

Notes to Financial Statements — continued

------

2 Distributions to Shareholders and Income Tax Information

It is the present policy of the Fund to make at least one distribution annually (normally in December) of all or substantially all of its net investment income and to distribute annually all or substantially all of its net realized capital gains. Distributions to shareholders are recorded on the ex-dividend date. Distributions are declared separately for each class of shares. Shareholders may reinvest income and capital gain distributions in additional shares of the same class of the Fund at the net asset value as of the ex-dividend date or, at the election of the shareholder, receive distributions in cash. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

The tax character of distributions declared for the years ended October 31, 2025 and October 31, 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$1297162 | &nbsp;&nbsp;&nbsp;&nbsp;$3653574 |
| Long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;$5417816 | &nbsp;&nbsp;&nbsp;&nbsp;$— |

---

During the year ended October 31, 2025, distributable earnings was decreased by $1,008,311 and paid-in capital was increased by $1,008,311 due to the Fund's use of equalization accounting. Tax equalization accounting allows the Fund to treat as a distribution that portion of redemption proceeds representing a redeeming shareholder's portion of undistributed taxable income and net capital gains. These reclassifications had no effect on the net assets or net asset value per share of the Fund.

As of October 31, 2025, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$2811410 |
| Undistributed long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32224857 |
| Net unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;624664275 |
| Other temporary differences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 231038 |
| **Distributable earnings** | &nbsp;&nbsp;&nbsp;&nbsp;**$659931580** |

---

The cost and unrealized appreciation (depreciation) of investments of the Fund, including the affiliated Portfolios, at October 31, 2025, as determined on a federal income tax basis, were as follows:

---

| | |
|:---|:---|
| **Aggregate cost** | &nbsp;&nbsp;**$235529543** |
| Gross unrealized appreciation | &nbsp;&nbsp;$625032115 |
| Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(375171) |
| **Net unrealized appreciation** | &nbsp;&nbsp;**$624656944** |

---

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[**Table of Contents**](#JOB_EV_AR_efadfa2a-e74a-4370-98ad-f023743ebd63_TOC)

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

October 31, 2025

Notes to Financial Statements — continued

------

3 Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by EVM, an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory services rendered to the Fund. The fee is computed at an annual rate as a percentage of the Fund's average daily net assets as follows and is payable monthly:

---

| | |
|:---|:---|
| **Average Daily Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Annual Fee Rate** |
| Up to $500 million | &nbsp;&nbsp;&nbsp;&nbsp;0.700% |
| $500 million but less than $1 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.600% |
| $1 billion but less than $1.5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.575% |
| $1.5 billion but less than $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.550% |
| $2.5 billion and over | &nbsp;&nbsp;&nbsp;&nbsp;0.525% |

---

The investment adviser fee payable by the Fund is reduced by the Fund's allocable portion of the advisory fees paid by the Portfolios.

The Fund and the Portfolios may invest in a money market fund, the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio (the "Liquidity Fund"), an open-end management investment company managed by Morgan Stanley Investment Management Inc., a wholly-owned subsidiary of Morgan Stanley and in other affiliated funds. The investment adviser fee paid by the Fund and the Portfolios is reduced by an amount equal to their pro rata share of the advisory and administration fees paid by the Fund and the Portfolios due to their investments in the Liquidity Fund and in other affiliated funds. For the year ended October 31, 2025, the investment adviser fee paid was reduced by $387,943 relating to the Fund's investment in the Liquidity Fund and in other affiliated funds. For the year ended October 31, 2025, the Fund's allocated share of the reduction of the investment adviser fee paid by the Portfolios was $5,767 relating to the Portfolios' investments in the Liquidity Fund.

For the year ended October 31, 2025, the Fund's investment adviser fee totaled $5,289,662, of which $3,864,017 was allocated from the Portfolios and $1,425,645 was paid or accrued directly by the Fund. For the year ended October 31, 2025, the Fund's investment adviser fee, including the fees allocated from the Portfolios, was 0.66% of the Fund's average daily net assets. The administration fee is earned by EVM as compensation for administering the business affairs of the Fund and is computed at an annual rate of 0.15% of the Fund's average daily net assets. For the year ended October 31, 2025, the administration fee amounted to $1,197,415.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended October 31, 2025, EVM earned $66,878 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations. The Fund was informed that Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund's principal underwriter, received $28,900 as its portion of the sales charge on sales of Class A shares for the year ended October 31, 2025. EVD also received distribution and service fees from Class A and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5).

Trustees and officers of the Fund and the Portfolios who are members of EVM's organization receive remuneration for their services to the Fund out of the investment adviser fee. Certain officers and Trustees of the Fund and the Portfolios are officers of EVM.

4 Distribution Plans

The Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the year ended October 31, 2025 amounted to $1,308,799 for Class A shares.

The Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the year ended October 31, 2025, the Fund paid or accrued to EVD $321,878 for Class C shares.

Pursuant to the Class C Plan, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the year ended October 31, 2025 amounted to $107,293 for Class C shares.

Distribution and service fees are subject to the limitations contained in the Financial Industry Regulatory Authority Rule 2341(d).

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[**Table of Contents**](#JOB_EV_AR_efadfa2a-e74a-4370-98ad-f023743ebd63_TOC)

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

October 31, 2025

Notes to Financial Statements — continued

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5 Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within 12 months of purchase. Class A shares may be subject to a 1% CDSC if redeemed within 12 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the year ended October 31, 2025, the Fund was informed that EVD received $2,407 and $2,837 of CDSCs paid by Class A and Class C shareholders, respectively.

6 Investment Transactions

For the year ended October 31, 2025, increases and decreases in the Fund's investments in the Portfolios were as follows:

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| | | |
|:---|:---|:---|
| **Portfolio** | &nbsp;&nbsp;&nbsp;&nbsp;**Contributions** | &nbsp;&nbsp;&nbsp;&nbsp;**Withdrawals** |
| Tax-Managed Growth Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$39860326 |
| Tax-Managed International Equity Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;794964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38562764 |

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7 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations and investments in the Portfolios, aggregated $77,196,484 and $7,290,268, respectively, for the year ended October 31, 2025.

8 Shares of Beneficial Interest

The Fund's Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value). Such shares may be issued in a number of different series (such as the Fund) and classes. Transactions in Fund shares, including direct exchanges pursuant to share class conversions, were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2024** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 455640 | &nbsp;&nbsp;&nbsp;&nbsp;$16691661 | &nbsp;&nbsp;&nbsp;&nbsp; 603940 | &nbsp;&nbsp;&nbsp;&nbsp;$20017336 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 106197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3826278 | &nbsp;&nbsp;&nbsp;&nbsp; 72058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2219392 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(1369247) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50173054) | &nbsp;&nbsp;&nbsp;&nbsp;(1226418) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40463292) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(807410)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(29655115)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(550420)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(18226564)** |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 318705 | &nbsp;&nbsp;&nbsp;&nbsp;$10632229 | &nbsp;&nbsp;&nbsp;&nbsp; 204767 | &nbsp;&nbsp;&nbsp;&nbsp;$6073197 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 9423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 310106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (245542) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8218892) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (287973) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8667254) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp; **82586** | &nbsp;&nbsp;&nbsp;&nbsp;**$2723443** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(83206)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(2594057)** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;1310928 | &nbsp;&nbsp;&nbsp;&nbsp;$47876393 | &nbsp;&nbsp;&nbsp;&nbsp;1157881 | &nbsp;&nbsp;&nbsp;&nbsp;$38517464 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 60561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2177179 | &nbsp;&nbsp;&nbsp;&nbsp; 38518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1183648 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (638696) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23242541) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (562100) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18433120) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp; **732793** | &nbsp;&nbsp;&nbsp;&nbsp;**$26811031** | &nbsp;&nbsp;&nbsp;&nbsp; **634299** | &nbsp;&nbsp;&nbsp;&nbsp;**$21267992** |

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[**Table of Contents**](#JOB_EV_AR_efadfa2a-e74a-4370-98ad-f023743ebd63_TOC)

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

October 31, 2025

Notes to Financial Statements — continued

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9 Affiliated Investments

At October 31, 2025, the value of the Fund's investment in affiliated, including funds that may be deemed to be affiliated was $71,693,124, which represents 8.3% of the Fund's net assets. Transactions in such investments by the Fund for the year ended October 31, 2025 were as follows:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Value,<br> beginning<br> of period** | **Purchases** | **Sales<br> proceeds** | **Net realized<br> gain (loss)** | **Change in<br> unrealized<br> appreciation<br> (depreciation)** | **Value, end<br> of period** | **Dividend<br> income** | **Shares,<br> end of period** |
| **Affiliated Investment Funds** | **Affiliated Investment Funds** | **Affiliated Investment Funds** | **Affiliated Investment Funds** | **Affiliated Investment Funds** | **Affiliated Investment Funds** | **Affiliated Investment Funds** | **Affiliated Investment Funds** | **Affiliated Investment Funds** |
| Eaton Vance Global Equity Income Fund, Class I | $— | $63391872 | $— | $— | $7591832 | $70983704 | $2011872 | 3685551 |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| Liquidity Fund | &nbsp;&nbsp;&nbsp;856996 | &nbsp;&nbsp;&nbsp;11634207 | &nbsp;&nbsp;&nbsp;(11781783) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 709420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33355 | &nbsp;&nbsp;&nbsp;&nbsp;709420 |
| **Total** |  |  |  | **$—** | **$7591832** | **$71693124** | **$2045227** |  |

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10 Fair Value Measurements

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 October 31, 2025, the hierarchy of inputs used in valuing the Fund's investments in securities and investments in the Portfolios, which are carried at fair value, were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Affiliated Investment Funds | &nbsp;&nbsp;$70983704 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$70983704 |
| Investments in Affiliated Portfolios | &nbsp;&nbsp;&nbsp;&nbsp;755888185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755888185 |
| Debt Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29684571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29684571 |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; 327705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 327705 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 2592902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2592902 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp; 709420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 709420 |
| **Total Investments** | &nbsp;&nbsp;**$830501916** | &nbsp;&nbsp;&nbsp;&nbsp;**$29684571** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$860186487** |

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[**Table of Contents**](#JOB_EV_AR_efadfa2a-e74a-4370-98ad-f023743ebd63_TOC)

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

October 31, 2025

Report of Independent Registered Public Accounting Firm

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To the Trustees of Eaton Vance Mutual Funds Trust and Shareholders of Eaton Vance Tax-Managed Equity Asset Allocation Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Eaton Vance Tax-Managed Equity Asset Allocation Fund (the "Fund") (one of the funds constituting Eaton Vance Mutual Funds Trust), including the portfolio of investments, as of October 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 22, 2025

We have served as the auditor of one or more Eaton Vance investment companies since 1959.

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[**Table of Contents**](#JOB_EV_AR_efadfa2a-e74a-4370-98ad-f023743ebd63_TOC)

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

October 31, 2025

Federal Tax Information (Unaudited)

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The Form 1099-DIV you receive in February 2026 will show the tax status of all distributions paid to your account in calendar year 2025. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of qualified dividend income for individuals, the dividends received deduction for corporations and capital gains dividends.

**Qualified Dividend Income. For the fiscal year ended October 31, 2025, the Fund designates approximately $7,970,679, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate of 15%.**

**Dividends Received Deduction. Corporate shareholders are generally entitled to take the dividends received deduction on the portion of the Fund's dividend distribution that qualifies under tax law. For the Fund's fiscal 2025 ordinary income dividends, 100% qualifies for the corporate dividends received deduction.**

**Capital Gains Dividends. The Fund hereby designates as a capital gain dividend with respect to the taxable year ended October 31, 2025, $33,073,863 or, if subsequently determined to be different, the net capital gain of such year.**

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[**Table of Contents**](#JOB_EV_AR_efadfa2a-e74a-4370-98ad-f023743ebd63_TOC)

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

October 31, 2025

Board of Trustees' Contract Approval

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Overview of the Contract Review Process

The Investment Company Act of 1940, as amended (the "1940 Act"), provides, in substance, that the investment advisory agreement between a fund and its investment adviser will continue in effect from year-to-year only if its continuation is approved on an annual basis by a vote of the fund's board of trustees, including a majority of the trustees who are not "interested persons" of the fund ("independent trustees"), cast in person at a meeting called for the purpose of considering such approval.

At a meeting held on June 12, 2025, the Boards of Trustees/Directors (collectively, the "Board") that oversee the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the "Eaton Vance Funds"), including a majority of the independent trustees (the "Independent Trustees"), voted to approve the continuation of existing investment advisory agreements and sub-advisory agreements<sup>1</sup> for each of the Eaton Vance Funds for an additional one-year period. The Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee comprised of all of the Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of meetings held between April and June 2025, as well as certain additional information provided in response to specific requests from the Independent Trustees as members of the Contract Review Committee. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee's annual evaluation of the investment advisory agreements and sub-advisory agreements.

In connection with its evaluation of the investment advisory agreements and sub-advisory agreements, the Board (directly or through one or more of its committees) considered various information relating to the Eaton Vance Funds. This included information applicable to all or groups of the Eaton Vance Funds, which is referenced immediately below, and information applicable to the particular Eaton Vance Fund covered by this report (each Eaton Vance Fund is referred to below as a "fund"). (For funds that invest through one or more underlying portfolios, references to "each fund" in this section may include information that was considered at the portfolio-level.)

*Information about Fees, Performance and Expenses*

• A report from an independent data provider comparing advisory and other fees paid by each fund to such fees paid by comparable funds, as identified by the independent data provider ("comparable funds");

• A report from an independent data provider comparing each fund's total expense ratio (and its components) to those of comparable funds;

• A report from an independent data provider comparing the investment performance of each fund to the investment performance of comparable funds and, as applicable, benchmark indices, over various time periods;

• In certain instances, data regarding investment performance relative to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board (a committee exclusively comprised of Independent Trustees);

• Comparative information concerning the fees charged and services provided by the adviser and sub-adviser to each fund in managing other accounts (which may include other funds, collective investment trusts and institutional accounts) with the same or substantially similar investment objective as the fund and with a significant overlap in holdings based on criteria set by the Board, if any;

• Profitability analyses on a fund-by-fund basis for the adviser and its affiliates and for each sub-adviser not affiliated with the adviser;

*Information about Portfolio Management and Trading*

• Descriptions of the investment management services provided to each fund, as well as each of the funds' investment strategies and policies;

• The procedures and processes used by the adviser to determine the value of fund assets, including, when necessary, the determination of "fair value" by the adviser in its role as each fund's valuation designee and actions taken to monitor and test the effectiveness of such procedures and processes;

• Information about the policies and practices of each fund's adviser and sub-adviser with respect to trading, including their processes for seeking best execution of portfolio transactions;

• Information about the allocation of brokerage transactions and the benefits, if any, received by the adviser and sub-adviser to each fund as a result of brokerage allocation, including, as applicable, information concerning the acquisition of research through client commission arrangements and policies with respect to "soft dollars";

• Data relating to the portfolio turnover rate of each fund and related information regarding active management in the context of particular strategies;

*Information about each Adviser and Sub-Adviser*

• Reports regarding the financial results and condition of the adviser and certain of its affiliates and of each sub-adviser not affiliated with the adviser;

• Information regarding the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and, for portfolio managers and certain other investment professionals, information relating to their responsibilities with respect to managing other funds and investment accounts, as applicable;

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;Not all Eaton Vance Funds have entered into a sub-advisory agreement with a sub-adviser. Accordingly, references to "sub-adviser" or "sub-advisory agreement" in this "Overview" section may not be applicable to the particular Eaton Vance Fund covered by this report. Eaton Vance Management and Boston Management and Research are referred to collectively as the "adviser."

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[**Table of Contents**](#JOB_EV_AR_efadfa2a-e74a-4370-98ad-f023743ebd63_TOC)

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

October 31, 2025

Board of Trustees' Contract Approval — continued

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• Information regarding the adviser's and its parent company's (Morgan Stanley's) efforts to retain and attract talented investment professionals, including in the context of a competitive marketplace for talent;

• Information regarding the adviser's compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals' investments in the fund(s) they manage;

• The personal trading codes of ethics of the adviser and its affiliates and the sub-adviser of each fund, together with information relating to compliance with, and the administration of, such codes;

• Policies and procedures relating to proxy voting, including regular reporting with respect to fund proxy voting activities;

• Information regarding the handling of corporate actions and class actions, as well as information regarding litigation and other regulatory matters;

• Information concerning the resources devoted to compliance efforts undertaken by the adviser and its affiliates and the sub-adviser of each fund, including descriptions of their various compliance programs and their record of compliance and remediation;

• Information concerning the business continuity and disaster recovery plans of the adviser and its affiliates and the sub-adviser of each fund;

• A description of the adviser's oversight of sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters, if any;

*Other Relevant Information*

• Information regarding ongoing initiatives to further integrate and harmonize, where applicable, the investment management and other departments of the adviser and its affiliates with the overall investment management infrastructure of Morgan Stanley, in light of Morgan Stanley's acquisition of Eaton Vance Corp. on March 1, 2021;

• Information concerning the nature, cost, and character of the administrative and other non-investment advisory services provided by the adviser and its affiliates;

• Information concerning oversight of the relationship with the custodian, subcustodians, fund accountants, and other third-party service providers by the adviser and/or administrator to each of the funds;

• Information concerning efforts to maintain policies and procedures with respect to various regulations applicable to the funds, including, without limitation, Rule 22e-4 (the Liquidity Risk Management Rule), Rule 12d1-4 (the Fund-of-Funds Rule), Rule 18f-4 (the Derivatives Rule), and Rule 2a-5 (the Fair Valuation Rule);

• For the Eaton Vance Fund structured as an interval fund, information regarding the interval fund's periodic repurchase offers under Rule 23c-3 and related policies and procedures;

• For each Eaton Vance Fund structured as an exchange-listed closed-end fund, information concerning the benefits of the closed-end fund structure, as well as, where relevant, the closed-end fund's market prices (including as compared to the closed-end fund's net asset value (NAV)), trading volume data, continued use of auction preferred shares (where applicable), distribution rates, and other relevant matters;

• The risks that the adviser and/or its affiliates incur in connection with the management and operation of the funds, including, among others, litigation, regulatory, entrepreneurial, data privacy and cybersecurity, and other business risks (and the associated costs of such risks, if any); and

• The terms of each investment advisory agreement and sub-advisory agreement.

During the various meetings of the Board and its committees over the course of the year leading up to the June 12, 2025 meeting, the Board and its committees received information from portfolio managers and other investment professionals of the adviser and sub-advisers of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds' investment objectives. The Board and its committees also received information regarding risk management techniques employed in connection with the management of the funds. The Board and its committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance, and other issues with respect to the funds, and received and participated in reports and presentations provided by the adviser, sub-advisers, and certain other service providers, with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees met in executive sessions and held regular video or telephone conferences to discuss, among other topics, matters relating to the continuation of investment advisory agreements and sub-advisory agreements.

Each of the Contract Review Committee and the Board was advised throughout the contract review process by Kirkland & Ellis LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee and the members of the Board, with the advice of such counsel, exercised their own business judgment in determining the material factors to be considered in evaluating each investment advisory agreement and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory agreement and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee and Board may have placed varying emphasis on particular factors in reaching conclusions with respect to each investment advisory agreement and sub-advisory agreement. In evaluating each investment advisory agreement and sub-advisory agreement, including the fee structures and other terms contained in such agreements, the members of the Contract Review Committee and Board were also informed by multiple years of analysis and discussion with the adviser and sub-adviser to each of the Eaton Vance Funds.

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[**Table of Contents**](#JOB_EV_AR_efadfa2a-e74a-4370-98ad-f023743ebd63_TOC)

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

October 31, 2025

Board of Trustees' Contract Approval — continued

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Results of the Contract Review Process

Based on its consideration of the foregoing, and such other information it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory agreement between Eaton Vance Tax-Managed Equity Asset Allocation Fund (the "Fund") and Eaton Vance Management ("EVM"), as well as the investment advisory agreements between each of Tax-Managed Growth Portfolio, Tax-Managed International Equity Portfolio, Tax-Managed Multi-Cap Growth Portfolio, Tax-Managed Small-Cap Portfolio and Tax-Managed Value Portfolio (the "Portfolios"), which are portfolios in which the Fund is authorized to invests, and Boston Management and Research ("BMR") (EVM, with respect to the Fund, and BMR, with respect to the Portfolios, are each referred to herein as the "Adviser"), including their respective fee structures, is in the interests of shareholders and, therefore, recommended to the Board approval of each agreement. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreements for the Fund and the Portfolios.

*Nature, Extent and Quality of Services*

In considering whether to approve the investment advisory agreements for the Fund and the Portfolios, the Board evaluated the nature, extent and quality of services provided to the Fund and to the Portfolios by the applicable Adviser. BMR manages the Portfolios, while EVM allocates the assets of the Fund among the Portfolios.

The Board considered each Adviser's management capabilities and investment processes in light of the types of investments held by the Fund and the Portfolios, including the education and experience of the investment professionals who provide services to the Fund and the Portfolios. The Board specifically noted that each Adviser has devoted extensive resources to in-house equity research and also draws upon independent research available from third-party sources. The Board considered each Adviser's experience managing funds that seek to maximize after-tax returns. In particular, the Board considered the abilities and experience of each Adviser's investment professionals in analyzing factors such as special considerations relevant to investing in preferred stocks. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of each Adviser and other factors, including the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Fund and the Portfolios, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Fund and the Portfolios, including the provision of administrative services. The Board also considered the business-related and other risks to which each Adviser or its affiliates may be subject in managing the Fund and the Portfolios.

The Board considered the compliance programs of each Adviser and relevant affiliates thereof. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, compliance with policies and procedures, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered relevant examinations of each Adviser and its affiliates by regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

The Board considered other administrative services provided or overseen by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by each Adviser, taken as a whole, are appropriate and consistent with the terms of the applicable investment advisory agreement.

*Fund Performance*

The Board compared the Fund's investment performance to that of comparable funds identified by an independent data provider (the peer group), as well as appropriate benchmark indices. The Board's review included comparative performance data with respect to the Fund for the one-, three-, five- and ten-year periods ended December 31, 2024. In this regard, the Board noted that the performance of the Fund was higher than the median performance of the Fund's peer group for the three-year period. The Board also noted that the performance of the Fund was lower than its primary performance and blended benchmark indexes for the three-year period. The Board also considered the performance of the underlying Portfolios. The Board concluded that the performance of the Fund was satisfactory.

*Management Fees and Expenses*

The Board considered contractual fee rates payable by the Portfolios and by the Fund for advisory and administrative services (referred to collectively as "management fees"). As part of its review, the Board considered the Fund's management fees and total expense ratio for the one-year period ended December 31, 2024, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered certain factors identified by management in response to inquiries from the Contract Review Committee regarding the Fund's total expense ratio relative to comparable funds.

After considering the foregoing information, and in light of the nature, extent and quality of the services provided by each Adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.

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[**Table of Contents**](#JOB_EV_AR_efadfa2a-e74a-4370-98ad-f023743ebd63_TOC)

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

October 31, 2025

Board of Trustees' Contract Approval — continued

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*Profitability and "Fall-Out" Benefits*

The Board considered the level of profits realized by each Adviser and relevant affiliates thereof in providing investment advisory and administrative services to the Fund, to the Portfolios and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by each Adviser and its affiliates to third parties in respect of distribution or other services.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by each Adviser and its affiliates are not excessive.

The Board also considered direct or indirect fall-out benefits received by each Adviser and its affiliates in connection with their respective relationships with the Fund and the Portfolios, including the benefits of research services that may be available to each Adviser as a result of securities transactions effected for the Fund and the Portfolios and other investment advisory clients.

*Economies of Scale*

In reviewing management fees and profitability, the Board also considered the extent to which the applicable Adviser and its affiliates, on the one hand, and the Fund and the Portfolios, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund and the Portfolios increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. To assist in the evaluation of the sharing of any economies of scale, the Board received data for recent years showing asset levels, Adviser profitability and total expense ratios. Based upon the foregoing, the Board concluded that the Fund currently shares in the benefits from economies of scale, if any, when they are realized by the Adviser. The Board also concluded that the structure of the advisory fees, which include breakpoints at several asset levels, will allow the Fund and the Portfolios to continue to benefit from any economies of scale in the future.

------

[**Table of Contents**](#JOB_EV_AR_efadfa2a-e74a-4370-98ad-f023743ebd63_TOC)

This Page Intentionally Left Blank

------

[**Table of Contents**](#JOB_EV_AR_efadfa2a-e74a-4370-98ad-f023743ebd63_TOC)

EAEAX-NCSR&nbsp;&nbsp;&nbsp;&nbsp;10.31.25

------

## Eaton Vance

## Global Income Builder Fund

## Annual Financial Statements and Additional Information
October 31, 2025

------

![](g35982img0016a0cd11.gif)

------

**This report must be preceded or accompanied by a current summary prospectus or prospectus. Before investing, investors should consider carefully the investment objective, risks, and charges and expenses of a mutual fund. This and other important information is contained in the prospectus and/or statement of additional information, which can be obtained by calling 1-800-262-1122 or from a financial intermediary. Prospective investors should read the prospectus carefully before investing.**

------

#### Annual Financial Statements and Additional Information October 31, 2025
Eaton Vance

Global Income Builder Fund

---

| | |
|:---|:---|
| **[**Table of Contents**](#xx_73626b23-8624-4373-bd2a-e57a8512d61b_1)** |  |
| [Items 6 and 7 of Form N-CSR:](#xx_bc08c333-367a-46ee-8be6-6661e20d9de2_1) | [Items 6 and 7 of Form N-CSR:](#xx_bc08c333-367a-46ee-8be6-6661e20d9de2_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Portfolio of Investments](#xx_bc08c333-367a-46ee-8be6-6661e20d9de2_1) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#xx_e2772459-adce-4886-acca-e35a9af57f06_1) | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#xx_e2772459-adce-4886-acca-e35a9af57f06_3) | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx_e2772459-adce-4886-acca-e35a9af57f06_4) | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx_641bcb04-d8a4-42e0-8807-c025296070f7_1) | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx_9f2717e9-f964-43f0-977c-8b474e226eff_1) | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#xx_42f6b74a-e56c-4931-a1be-670b6bea3edd_1) | 33 |
| [Federal Tax Information](#xx_e10281e9-6f72-430a-88ec-7f75d447cbad_1) | 34 |
| [Item 11 of Form N-CSR:](#xx_91b6248d-d0de-42d4-a109-1102cf150c10_1) | [Item 11 of Form N-CSR:](#xx_91b6248d-d0de-42d4-a109-1102cf150c10_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Board of Trustees' Contract Approval](#xx_91b6248d-d0de-42d4-a109-1102cf150c10_1) | 35 |

---

Items 8 and 9 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7.

------

[**Table of Contents**](#JOB_EV_AR_272bc464-22bf-48e1-9e08-fe5f85c3879b_TOC)

Eaton Vance

Global Income Builder Fund

October 31, 2025

Portfolio of Investments

------

Common Stocks — 63.6%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Aerospace & Defense — 1.8% | Aerospace & Defense — 1.8% | Aerospace & Defense — 1.8% |
| BAE Systems PLC | 115634 | &nbsp;&nbsp;$2848467 |
| Leonardo SpA | 12207 | &nbsp;&nbsp;&nbsp;&nbsp; 718195 |
| Safran SA | &nbsp;&nbsp;&nbsp;&nbsp;4848 | &nbsp;&nbsp;&nbsp;&nbsp; 1722583 |
|  |  | &nbsp;&nbsp;**$5289245** |
| Automobiles — 0.3% | Automobiles — 0.3% | Automobiles — 0.3% |
| Tesla, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1938 | &nbsp;&nbsp;$884813 |
|  |  | &nbsp;&nbsp;**$884813** |
| Banks — 5.7% | Banks — 5.7% | Banks — 5.7% |
| Banco Santander SA | 171853 | &nbsp;&nbsp;$1751214 |
| Barclays PLC | 361584 | &nbsp;&nbsp;&nbsp;&nbsp; 1939399 |
| BNP Paribas SA | 22116 | &nbsp;&nbsp;&nbsp;&nbsp; 1713060 |
| Citigroup, Inc. | 15060 | &nbsp;&nbsp;&nbsp;&nbsp; 1524524 |
| Grupo Financiero Banorte SAB de CV, Class O | 106055 | &nbsp;&nbsp;&nbsp;&nbsp; 995616 |
| HDFC Bank Ltd. ADR | 22110 | &nbsp;&nbsp;&nbsp;&nbsp; 800824 |
| KBC Group NV | 10039 | &nbsp;&nbsp;&nbsp;&nbsp; 1207786 |
| NatWest Group PLC | 171076 | &nbsp;&nbsp;&nbsp;&nbsp; 1317031 |
| Societe Generale SA | 45820 | &nbsp;&nbsp;&nbsp;&nbsp; 2905932 |
| Toronto-Dominion Bank | 12793 | &nbsp;&nbsp;&nbsp;&nbsp; 1050403 |
| Truist Financial Corp. | 25205 | &nbsp;&nbsp;&nbsp;&nbsp; 1124899 |
|  |  | &nbsp;&nbsp;**$16330688** |
| Beverages — 0.3% | Beverages — 0.3% | Beverages — 0.3% |
| Diageo PLC | 13125 | &nbsp;&nbsp;$301898 |
| Pernod Ricard SA | &nbsp;&nbsp;&nbsp;&nbsp;4918 | &nbsp;&nbsp;&nbsp;&nbsp; 481671 |
|  |  | &nbsp;&nbsp;**$783569** |
| Biotechnology — 0.2% | Biotechnology — 0.2% | Biotechnology — 0.2% |
| CSL Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;4087 | &nbsp;&nbsp;$476284 |
|  |  | &nbsp;&nbsp;**$476284** |
| Broadline Retail — 2.3% | Broadline Retail — 2.3% | Broadline Retail — 2.3% |
| Amazon.com, Inc.<sup>(1)</sup> | 27352 | &nbsp;&nbsp;$6679905 |
|  |  | &nbsp;&nbsp;**$6679905** |
| Capital Markets — 0.7% | Capital Markets — 0.7% | Capital Markets — 0.7% |
| Charles Schwab Corp. | 12413 | &nbsp;&nbsp;$1173277 |
| State Street Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8422 | &nbsp;&nbsp;&nbsp;&nbsp; 974088 |
|  |  | &nbsp;&nbsp;**$2147365** |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Chemicals — 0.5% | Chemicals — 0.5% | Chemicals — 0.5% |
| Sika AG | &nbsp;&nbsp;&nbsp;&nbsp;7027 | &nbsp;&nbsp;$1377206 |
|  |  | &nbsp;&nbsp;**$1377206** |
| Consumer Finance — 0.5% | Consumer Finance — 0.5% | Consumer Finance — 0.5% |
| Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6066 | &nbsp;&nbsp;$1334459 |
|  |  | &nbsp;&nbsp;**$1334459** |
| Consumer Staples Distribution & Retail — 0.5% | Consumer Staples Distribution & Retail — 0.5% | Consumer Staples Distribution & Retail — 0.5% |
| U.S. Foods Holding Corp.<sup>(1)</sup> | 18185 | &nbsp;&nbsp;$1320595 |
|  |  | &nbsp;&nbsp;**$1320595** |
| Diversified Telecommunication Services — 0.4% | Diversified Telecommunication Services — 0.4% | Diversified Telecommunication Services — 0.4% |
| Zegona Communications PLC<sup>(1)</sup> | 68676 | &nbsp;&nbsp;$1110463 |
|  |  | &nbsp;&nbsp;**$1110463** |
| Electric Utilities — 1.7% | Electric Utilities — 1.7% | Electric Utilities — 1.7% |
| Iberdrola SA | 59361 | &nbsp;&nbsp;$1203024 |
| NextEra Energy, Inc. | 25955 | &nbsp;&nbsp;&nbsp;&nbsp; 2112737 |
| SSE PLC | 56341 | &nbsp;&nbsp;&nbsp;&nbsp; 1419387 |
|  |  | &nbsp;&nbsp;**$4735148** |
| Electrical Equipment — 1.7% | Electrical Equipment — 1.7% | Electrical Equipment — 1.7% |
| AMETEK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9317 | &nbsp;&nbsp;$1883059 |
| Schneider Electric SE | 10195 | &nbsp;&nbsp;&nbsp;&nbsp; 2904859 |
|  |  | &nbsp;&nbsp;**$4787918** |
| Electronic Equipment, Instruments & Components — 1.5% | Electronic Equipment, Instruments & Components — 1.5% | Electronic Equipment, Instruments & Components — 1.5% |
| CDW Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9152 | &nbsp;&nbsp;$1458554 |
| Halma PLC | 32116 | &nbsp;&nbsp;&nbsp;&nbsp; 1496555 |
| Keyence Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3732 | &nbsp;&nbsp;&nbsp;&nbsp; 1385074 |
|  |  | &nbsp;&nbsp;**$4340183** |
| Energy — 0.0%<sup>†</sup> | Energy — 0.0%<sup>†</sup> | Energy — 0.0%<sup>†</sup> |
| Enviva LLC<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7255 | &nbsp;&nbsp;$119708 |
|  |  | &nbsp;&nbsp;**$119708** |
| Energy Equipment & Services — 0.4% | Energy Equipment & Services — 0.4% | Energy Equipment & Services — 0.4% |
| Baker Hughes Co. | 23595 | &nbsp;&nbsp;$1142234 |
|  |  | &nbsp;&nbsp;**$1142234** |
| Entertainment — 0.8% | Entertainment — 0.8% | Entertainment — 0.8% |
| Walt Disney Co. | 20713 | &nbsp;&nbsp;$2332698 |
|  |  | &nbsp;&nbsp;**$2332698** |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_272bc464-22bf-48e1-9e08-fe5f85c3879b_TOC)

Eaton Vance

Global Income Builder Fund

October 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Financial Services — 1.5% | Financial Services — 1.5% | Financial Services — 1.5% |
| Global Payments, Inc. | 13657 | &nbsp;&nbsp;$1061968 |
| Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;5343 | &nbsp;&nbsp;&nbsp;&nbsp; 1820574 |
| Voya Financial, Inc. | 18250 | &nbsp;&nbsp;&nbsp;&nbsp; 1358895 |
|  |  | &nbsp;&nbsp;**$4241437** |
| Food Products — 0.9% | Food Products — 0.9% | Food Products — 0.9% |
| Nestle SA | 26773 | &nbsp;&nbsp;$2558118 |
|  |  | &nbsp;&nbsp;**$2558118** |
| Health Care Equipment & Supplies — 2.4% | Health Care Equipment & Supplies — 2.4% | Health Care Equipment & Supplies — 2.4% |
| Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp;8327 | &nbsp;&nbsp;$1029384 |
| Boston Scientific Corp.<sup>(1)</sup> | 26387 | &nbsp;&nbsp;&nbsp;&nbsp; 2657699 |
| Coloplast AS, Class B | &nbsp;&nbsp;&nbsp;&nbsp;4855 | &nbsp;&nbsp;&nbsp;&nbsp; 439108 |
| Intuitive Surgical, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3409 | &nbsp;&nbsp;&nbsp;&nbsp; 1821360 |
| Straumann Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;6821 | &nbsp;&nbsp;&nbsp;&nbsp; 857411 |
|  |  | &nbsp;&nbsp;**$6804962** |
| Health Care Providers & Services — 0.0%<sup>†</sup> | Health Care Providers & Services — 0.0%<sup>†</sup> | Health Care Providers & Services — 0.0%<sup>†</sup> |
| Amplifon SpA | &nbsp;&nbsp;&nbsp;&nbsp;3606 | &nbsp;&nbsp;$61626 |
|  |  | &nbsp;&nbsp;**$61626** |
| Health Care REITs — 0.3% | Health Care REITs — 0.3% | Health Care REITs — 0.3% |
| Healthpeak Properties, Inc. | 44206 | &nbsp;&nbsp;$793498 |
|  |  | &nbsp;&nbsp;**$793498** |
| Hotels, Restaurants & Leisure — 3.2% | Hotels, Restaurants & Leisure — 3.2% | Hotels, Restaurants & Leisure — 3.2% |
| Amadeus IT Group SA | 15398 | &nbsp;&nbsp;$1177034 |
| Aramark | 57662 | &nbsp;&nbsp;&nbsp;&nbsp; 2184237 |
| Compass Group PLC | 92637 | &nbsp;&nbsp;&nbsp;&nbsp; 3066268 |
| InterContinental Hotels Group PLC | 11055 | &nbsp;&nbsp;&nbsp;&nbsp; 1333533 |
| Marriott International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;4962 | &nbsp;&nbsp;&nbsp;&nbsp; 1292998 |
|  |  | &nbsp;&nbsp;**$9054070** |
| Household Products — 0.6% | Household Products — 0.6% | Household Products — 0.6% |
| Reckitt Benckiser Group PLC | 21982 | &nbsp;&nbsp;$1681382 |
|  |  | &nbsp;&nbsp;**$1681382** |
| Industrial Conglomerates — 0.9% | Industrial Conglomerates — 0.9% | Industrial Conglomerates — 0.9% |
| Siemens AG | &nbsp;&nbsp;&nbsp;&nbsp;8645 | &nbsp;&nbsp;$2449969 |
|  |  | &nbsp;&nbsp;**$2449969** |
| Insurance — 2.5% | Insurance — 2.5% | Insurance — 2.5% |
| AIA Group Ltd. | 123946 | &nbsp;&nbsp;$1206085 |
| Allstate Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5090 | &nbsp;&nbsp;&nbsp;&nbsp; 974837 |
| American International Group, Inc. | 19793 | &nbsp;&nbsp;&nbsp;&nbsp; 1562855 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Insurance (continued) | Insurance (continued) | Insurance (continued) |
| Assurant, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4532 | &nbsp;&nbsp;$959515 |
| Prudential PLC | 83616 | &nbsp;&nbsp;&nbsp;&nbsp; 1162938 |
| RenaissanceRe Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;4722 | &nbsp;&nbsp;&nbsp;&nbsp; 1199813 |
|  |  | &nbsp;&nbsp;**$7066043** |
| Interactive Media & Services — 3.3% | Interactive Media & Services — 3.3% | Interactive Media & Services — 3.3% |
| Alphabet, Inc., Class C | 33533 | &nbsp;&nbsp;$9450270 |
|  |  | &nbsp;&nbsp;**$9450270** |
| Life Sciences Tools & Services — 0.5% | Life Sciences Tools & Services — 0.5% | Life Sciences Tools & Services — 0.5% |
| Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6334 | &nbsp;&nbsp;$1364217 |
|  |  | &nbsp;&nbsp;**$1364217** |
| Machinery — 1.8% | Machinery — 1.8% | Machinery — 1.8% |
| IDEX Corp. | 10717 | &nbsp;&nbsp;$1837537 |
| Ingersoll Rand, Inc. | 20021 | &nbsp;&nbsp;&nbsp;&nbsp; 1528203 |
| Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2233 | &nbsp;&nbsp;&nbsp;&nbsp; 1725729 |
|  |  | &nbsp;&nbsp;**$5091469** |
| Metals & Mining — 0.6% | Metals & Mining — 0.6% | Metals & Mining — 0.6% |
| Anglo American PLC | 26818 | &nbsp;&nbsp;$1014595 |
| Rio Tinto Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;9188 | &nbsp;&nbsp;&nbsp;&nbsp; 797760 |
|  |  | &nbsp;&nbsp;**$1812355** |
| Multi-Utilities — 0.2% | Multi-Utilities — 0.2% | Multi-Utilities — 0.2% |
| CMS Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7323 | &nbsp;&nbsp;$538607 |
|  |  | &nbsp;&nbsp;**$538607** |
| Oil, Gas & Consumable Fuels — 2.1% | Oil, Gas & Consumable Fuels — 2.1% | Oil, Gas & Consumable Fuels — 2.1% |
| EOG Resources, Inc. | 26007 | &nbsp;&nbsp;$2752581 |
| EQT Corp. | 26323 | &nbsp;&nbsp;&nbsp;&nbsp; 1410386 |
| Exxon Mobil Corp. | 17134 | &nbsp;&nbsp;&nbsp;&nbsp; 1959444 |
|  |  | &nbsp;&nbsp;**$6122411** |
| Personal Care Products — 0.4% | Personal Care Products — 0.4% | Personal Care Products — 0.4% |
| L'Oreal Prime De Fidelite<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1969 | &nbsp;&nbsp;$821686 |
| L'Oreal SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875 | &nbsp;&nbsp;&nbsp;&nbsp; 365147 |
|  |  | &nbsp;&nbsp;**$1186833** |
| Pharmaceuticals — 4.8% | Pharmaceuticals — 4.8% | Pharmaceuticals — 4.8% |
| AstraZeneca PLC | 20739 | &nbsp;&nbsp;$3420867 |
| Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;7594 | &nbsp;&nbsp;&nbsp;&nbsp; 6552559 |
| Mallinckrodt PLC<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 | &nbsp;&nbsp;&nbsp;&nbsp; 6283 |

---

*2*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_272bc464-22bf-48e1-9e08-fe5f85c3879b_TOC)

Eaton Vance

Global Income Builder Fund

October 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Pharmaceuticals (continued) | Pharmaceuticals (continued) | Pharmaceuticals (continued) |
| Novo Nordisk AS, Class B | 32868 | &nbsp;&nbsp;$1618147 |
| Zoetis, Inc. | 15027 | &nbsp;&nbsp;&nbsp;&nbsp; 2165240 |
|  |  | &nbsp;&nbsp;**$13763096** |
| Professional Services — 0.7% | Professional Services — 0.7% | Professional Services — 0.7% |
| Recruit Holdings Co. Ltd. | 11015 | &nbsp;&nbsp;$546211 |
| RELX PLC | 22294 | &nbsp;&nbsp;&nbsp;&nbsp; 985314 |
| Verisk Analytics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2529 | &nbsp;&nbsp;&nbsp;&nbsp; 553244 |
|  |  | &nbsp;&nbsp;**$2084769** |
| Residential REITs — 0.9% | Residential REITs — 0.9% | Residential REITs — 0.9% |
| Equity LifeStyle Properties, Inc. | 14212 | &nbsp;&nbsp;$867643 |
| Invitation Homes, Inc. | 64466 | &nbsp;&nbsp;&nbsp;&nbsp; 1814718 |
|  |  | &nbsp;&nbsp;**$2682361** |
| Semiconductors & Semiconductor Equipment — 9.5% | Semiconductors & Semiconductor Equipment — 9.5% | Semiconductors & Semiconductor Equipment — 9.5% |
| ASML Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;4227 | &nbsp;&nbsp;$4469246 |
| Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8822 | &nbsp;&nbsp;&nbsp;&nbsp; 3260876 |
| Infineon Technologies AG | 26450 | &nbsp;&nbsp;&nbsp;&nbsp; 1049877 |
| Micron Technology, Inc. | 18010 | &nbsp;&nbsp;&nbsp;&nbsp; 4030098 |
| NVIDIA Corp. | 40728 | &nbsp;&nbsp;&nbsp;&nbsp; 8247013 |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 12551 | &nbsp;&nbsp;&nbsp;&nbsp; 3770697 |
| Tokyo Electron Ltd. | 11325 | &nbsp;&nbsp;&nbsp;&nbsp; 2496825 |
|  |  | &nbsp;&nbsp;**$27324632** |
| Software — 3.8% | Software — 3.8% | Software — 3.8% |
| Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2769 | &nbsp;&nbsp;$1848446 |
| Microsoft Corp. | 17370 | &nbsp;&nbsp;&nbsp;&nbsp; 8994360 |
|  |  | &nbsp;&nbsp;**$10842806** |
| Specialty Retail — 0.4% | Specialty Retail — 0.4% | Specialty Retail — 0.4% |
| TJX Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7195 | &nbsp;&nbsp;$1008307 |
|  |  | &nbsp;&nbsp;**$1008307** |
| Technology Hardware, Storage & Peripherals — 1.6% | Technology Hardware, Storage & Peripherals — 1.6% | Technology Hardware, Storage & Peripherals — 1.6% |
| Apple, Inc. | 17134 | &nbsp;&nbsp;$4632520 |
|  |  | &nbsp;&nbsp;**$4632520** |
| Textiles, Apparel & Luxury Goods — 1.0% | Textiles, Apparel & Luxury Goods — 1.0% | Textiles, Apparel & Luxury Goods — 1.0% |
| Cie Financiere Richemont SA, Class A | &nbsp;&nbsp;&nbsp;&nbsp;7451 | &nbsp;&nbsp;$1473849 |
| LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp;&nbsp;&nbsp;1866 | &nbsp;&nbsp;&nbsp;&nbsp; 1318931 |
|  |  | &nbsp;&nbsp;**$2792780** |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Trading Companies & Distributors — 0.4% | Trading Companies & Distributors — 0.4% | Trading Companies & Distributors — 0.4% |
| IMCD NV | 11805 | &nbsp;&nbsp;$1223277 |
|  |  | &nbsp;&nbsp;**$1223277** |
| Total Common Stocks<br> (identified cost $107,663,617) |  | &nbsp;&nbsp;**$181824296** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Convertible Bonds — 0.2%

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Internet — 0.2% | Internet — 0.2% | Internet — 0.2% | Internet — 0.2% |
| Delivery Hero SE: |  |  |  |
| &nbsp;&nbsp;&nbsp;Series B, 2.125%, 3/10/29<sup>(2)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;$315971 |
| &nbsp;&nbsp;&nbsp;3.25%, 2/21/30<sup>(2)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 111972 |
|  |  |  | &nbsp;&nbsp;**$427943** |
| Real Estate Investment Trusts (REITs) — 0.0%<sup>†</sup> | Real Estate Investment Trusts (REITs) — 0.0%<sup>†</sup> | Real Estate Investment Trusts (REITs) — 0.0%<sup>†</sup> | Real Estate Investment Trusts (REITs) — 0.0%<sup>†</sup> |
| Pebblebrook Hotel Trust, 1.75%, 12/15/26 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;$101001 |
|  |  |  | &nbsp;&nbsp;**$101001** |
| Total Convertible Bonds<br> (identified cost $492,313) |  |  | &nbsp;&nbsp;**$528944** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Corporate Bonds — 32.8%

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Advertising — 0.0%<sup>†</sup> | Advertising — 0.0%<sup>†</sup> | Advertising — 0.0%<sup>†</sup> | Advertising — 0.0%<sup>†</sup> |
| Stagwell Global LLC, 5.625%, 8/15/29<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116 | &nbsp;&nbsp;$110636 |
|  |  |  | &nbsp;&nbsp;**$110636** |
| Aerospace & Defense — 0.5% | Aerospace & Defense — 0.5% | Aerospace & Defense — 0.5% | Aerospace & Defense — 0.5% |
| Bombardier, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;7.00%, 6/1/32<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;$94603 |
| &nbsp;&nbsp;&nbsp;7.25%, 7/1/31<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158 | &nbsp;&nbsp;&nbsp;&nbsp; 167902 |
| &nbsp;&nbsp;&nbsp;8.75%, 11/15/30<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 145766 |
| Czechoslovak Group AS, 5.25%, 1/10/31<sup>(3)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp; 348260 |
| TransDigm, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, 1/15/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp; 329757 |
| &nbsp;&nbsp;&nbsp;6.25%, 1/31/34<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 46540 |
| &nbsp;&nbsp;&nbsp;6.375%, 3/1/29<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 82275 |
| &nbsp;&nbsp;&nbsp;6.625%, 3/1/32<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 191536 |
| &nbsp;&nbsp;&nbsp;6.75%, 8/15/28<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137 | &nbsp;&nbsp;&nbsp;&nbsp; 139874 |
|  |  |  | &nbsp;&nbsp;**$1546513** |

---

*3*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_272bc464-22bf-48e1-9e08-fe5f85c3879b_TOC)

Eaton Vance

Global Income Builder Fund

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Auto Parts & Equipment — 0.7% | Auto Parts & Equipment — 0.7% | Auto Parts & Equipment — 0.7% | Auto Parts & Equipment — 0.7% |
| Clarios Global LP/Clarios U.S. Finance Co.: |  |  |  |
| &nbsp;&nbsp;&nbsp;4.75%, 6/15/31<sup>(2)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;$282818 |
| &nbsp;&nbsp;&nbsp;6.75%, 2/15/30<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 114111 |
| &nbsp;&nbsp;&nbsp;6.75%, 9/15/32<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 189431 |
| Ford Motor Credit Co. LLC, 5.303%, 9/6/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 230612 |
| Forvia SE, 8.00%, 6/15/30<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241 | &nbsp;&nbsp;&nbsp;&nbsp; 256301 |
| IHO Verwaltungs GmbH: |  |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, (6.375% cash or 7.125% PIK), 5/15/29<sup>(3)(4)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 199428 |
| &nbsp;&nbsp;&nbsp;8.75%, (8.75% cash or 9.50% PIK), 5/15/28<sup>(2)(4)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 187954 |
| JB Poindexter & Co., Inc., 8.75%, 12/15/31<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 209542 |
| New Flyer Holdings, Inc., 9.25%, 7/1/30<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168 | &nbsp;&nbsp;&nbsp;&nbsp; 179018 |
| Real Hero Merger Sub 2, Inc., 6.25%, 2/1/29<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307 | &nbsp;&nbsp;&nbsp;&nbsp; 183891 |
|  |  |  | &nbsp;&nbsp;**$2033106** |
| Banks — 1.7% | Banks — 1.7% | Banks — 1.7% | Banks — 1.7% |
| Banco Bilbao Vizcaya Argentaria SA, 9.375% to 3/19/29<sup>(5)(6)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;$223833 |
| Banco Mercantil del Norte SA/Grand Cayman, 7.625% to 1/10/28<sup>(3)(5)(6)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 206695 |
| Banco Santander SA, 9.625% to 5/21/33<sup>(5)(6)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 244040 |
| Bank of Montreal, 7.70% to 5/26/29, 5/26/84<sup>(6)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 212252 |
| Bank of Nova Scotia, 8.00% to 1/27/29, 1/27/84<sup>(6)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 213604 |
| Barclays PLC, 8.00% to 3/15/29<sup>(5)(6)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 213564 |
| BNP Paribas SA, 7.75% to 8/16/29<sup>(3)(5)(6)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 211055 |
| Canadian Imperial Bank of Commerce, 7.00% to 10/28/30, 10/28/85<sup>(6)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 206363 |
| Citigroup, Inc., 6.95% to 2/15/30<sup>(5)(6)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 144202 |
| Farm Credit Bank of Texas, 7.75% to 6/15/29<sup>(5)(6)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 262398 |
| Huntington Bancshares, Inc., Series F, 5.625% to 7/15/30<sup>(5)(6)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 126843 |
| ING Groep NV, 8.00% to 5/16/30<sup>(2)(5)(6)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 216812 |
| JPMorgan Chase & Co., Series KK, 3.65% to 6/1/26<sup>(5)(6)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251 | &nbsp;&nbsp;&nbsp;&nbsp; 248213 |
| NatWest Group PLC, 8.125% to 11/10/33<sup>(5)(6)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 225423 |
| Nordea Bank Abp, 6.75% to 11/10/33<sup>(3)(5)(6)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 206655 |
| PNC Financial Services Group, Inc., Series V, 6.20% to 9/15/27<sup>(5)(6)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 101748 |
| Royal Bank of Canada, 7.50% to 5/2/29, 5/2/84<sup>(6)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 212738 |
| Societe Generale SA, 5.375% to 11/18/30<sup>(3)(5)(6)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 190154 |
| State Street Corp., Series J, 6.70% to 9/15/29<sup>(5)(6)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 84084 |
| Sumitomo Mitsui Financial Group, Inc., 6.60% to 6/5/34<sup>(5)(6)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 208409 |
| Swedbank AB, 7.75% to 3/17/30<sup>(2)(5)(6)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 215064 |
| Toronto-Dominion Bank, 8.125% to 10/31/27, 10/31/82<sup>(6)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 211497 |
| Truist Financial Corp., Series Q, 5.10% to 3/1/30<sup>(5)(6)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174 | &nbsp;&nbsp;&nbsp;&nbsp; 174733 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Banks (continued) | Banks (continued) | Banks (continued) | Banks (continued) |
| UBS Group AG, 4.375% to 2/10/31<sup>(3)(5)(6)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;$181563 |
| Wells Fargo & Co., Series BB, 3.90% to 3/15/26<sup>(5)(6)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119 | &nbsp;&nbsp;&nbsp;&nbsp; 118291 |
|  |  |  | &nbsp;&nbsp;**$4860233** |
| Building Products — 1.1% | Building Products — 1.1% | Building Products — 1.1% | Building Products — 1.1% |
| AmeriTex HoldCo Intermediate LLC, 7.625%, 8/15/33<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197 | &nbsp;&nbsp;$206227 |
| Builders FirstSource, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, 2/1/32<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249 | &nbsp;&nbsp;&nbsp;&nbsp; 235770 |
| &nbsp;&nbsp;&nbsp;5.00%, 3/1/30<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 89171 |
| CP Atlas Buyer, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;9.75%, 7/15/30<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 287117 |
| &nbsp;&nbsp;&nbsp;12.75%, (7.00% cash and 5.75% PIK), 1/15/31<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53 | &nbsp;&nbsp;&nbsp;&nbsp; 51951 |
| EMRLD Borrower LP/Emerald Co-Issuer, Inc., 6.625%, 12/15/30<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469 | &nbsp;&nbsp;&nbsp;&nbsp; 482733 |
| JH North America Holdings, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, 1/31/31<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91 | &nbsp;&nbsp;&nbsp;&nbsp; 92871 |
| &nbsp;&nbsp;&nbsp;6.125%, 7/31/32<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118 | &nbsp;&nbsp;&nbsp;&nbsp; 121107 |
| Masterbrand, Inc., 7.00%, 7/15/32<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373 | &nbsp;&nbsp;&nbsp;&nbsp; 387543 |
| MIWD Holdco II LLC/MIWD Finance Corp., 5.50%, 2/1/30<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 194560 |
| Quikrete Holdings, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, 3/1/32<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293 | &nbsp;&nbsp;&nbsp;&nbsp; 304126 |
| &nbsp;&nbsp;&nbsp;6.75%, 3/1/33<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340 | &nbsp;&nbsp;&nbsp;&nbsp; 354092 |
| Standard Industries, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;3.375%, 1/15/31<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 82026 |
| &nbsp;&nbsp;&nbsp;4.375%, 7/15/30<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 265436 |
|  |  |  | &nbsp;&nbsp;**$3154730** |
| Capital Markets — 0.1% | Capital Markets — 0.1% | Capital Markets — 0.1% | Capital Markets — 0.1% |
| Charles Schwab Corp., Series H, 4.00% to 12/1/30<sup>(5)(6)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245 | &nbsp;&nbsp;$230025 |
|  |  |  | &nbsp;&nbsp;**$230025** |
| Casino & Gaming — 0.1% | Casino & Gaming — 0.1% | Casino & Gaming — 0.1% | Casino & Gaming — 0.1% |
| Speedway Motorsports LLC/Speedway Funding II, Inc., 4.875%, 11/1/27<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;$248094 |
|  |  |  | &nbsp;&nbsp;**$248094** |
| Chemicals — 1.2% | Chemicals — 1.2% | Chemicals — 1.2% | Chemicals — 1.2% |
| ASK Chemicals Deutschland Holding GmbH, 10.00%, 11/15/29<sup>(2)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235 | &nbsp;&nbsp;$255661 |
| Avient Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;6.25%, 11/1/31<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 102182 |
| &nbsp;&nbsp;&nbsp;7.125%, 8/1/30<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284 | &nbsp;&nbsp;&nbsp;&nbsp; 292529 |
| Celanese U.S. Holdings LLC, 7.20%, 11/15/33 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;717 | &nbsp;&nbsp;&nbsp;&nbsp; 735806 |
| Cerdia Finanz GmbH, 9.375%, 10/3/31<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405 | &nbsp;&nbsp;&nbsp;&nbsp; 423960 |

---

*4*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_272bc464-22bf-48e1-9e08-fe5f85c3879b_TOC)

Eaton Vance

Global Income Builder Fund

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Chemicals (continued) | Chemicals (continued) | Chemicals (continued) | Chemicals (continued) |
| INEOS Finance PLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, 4/15/29<sup>(2)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;$108103 |
| &nbsp;&nbsp;&nbsp;7.25%, 3/31/31<sup>(2)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 106683 |
| Italmatch Chemicals SpA, 10.00%, 2/6/28<sup>(2)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 423591 |
| Olympus Water U.S. Holding Corp., 6.125%, 2/15/33<sup>(3)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625 | &nbsp;&nbsp;&nbsp;&nbsp; 715298 |
| Valvoline, Inc., 3.625%, 6/15/31<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 237401 |
| WR Grace Holdings LLC, 7.375%, 3/1/31<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50131 |
|  |  |  | &nbsp;&nbsp;**$3451345** |
| Commercial Services & Supplies — 2.1% | Commercial Services & Supplies — 2.1% | Commercial Services & Supplies — 2.1% | Commercial Services & Supplies — 2.1% |
| Adtalem Global Education, Inc., 5.50%, 3/1/28<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290 | &nbsp;&nbsp;$290534 |
| Aegis Lux 1a SARL, 5.625%, 10/29/31<sup>(3)(4)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 233138 |
| Allied Universal Holdco LLC, 7.875%, 2/15/31<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 83380 |
| Allied Universal Holdco LLC/Allied Universal Finance Corp., 6.875%, 6/15/30<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 92410 |
| Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL: |  |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, 6/1/28<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 196025 |
| &nbsp;&nbsp;&nbsp;4.875%, 6/1/28<sup>(2)</sup> | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 269623 |
| APi Group DE, Inc., 4.75%, 10/15/29<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 53936 |
| Block, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, 8/15/30<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 152360 |
| &nbsp;&nbsp;&nbsp;6.00%, 8/15/33<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 112553 |
| Champions Financing, Inc., 8.75%, 2/15/29<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117 | &nbsp;&nbsp;&nbsp;&nbsp; 113536 |
| Cimpress PLC, 7.375%, 9/15/32<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202 | &nbsp;&nbsp;&nbsp;&nbsp; 205553 |
| Currenta Group Holdings SARL, 6.036%, (3 mo. EURIBOR + 4.00%), 5/15/32<sup>(3)(7)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 406323 |
| GFL Environmental, Inc., 4.75%, 6/15/29<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343 | &nbsp;&nbsp;&nbsp;&nbsp; 339679 |
| HealthEquity, Inc., 4.50%, 10/1/29<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212 | &nbsp;&nbsp;&nbsp;&nbsp; 206572 |
| Herc Holdings, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;7.00%, 6/15/30<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 151864 |
| &nbsp;&nbsp;&nbsp;7.25%, 6/15/33<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 131883 |
| Korn Ferry, 4.625%, 12/15/27<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 238277 |
| Luna 2 5SARL, 5.50%, 7/1/32<sup>(2)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 263437 |
| Mavis Tire Express Services Topco Corp., 6.50%, 5/15/29<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439 | &nbsp;&nbsp;&nbsp;&nbsp; 434653 |
| NESCO Holdings II, Inc., 5.50%, 4/15/29<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401 | &nbsp;&nbsp;&nbsp;&nbsp; 392346 |
| Pachelbel Bidco SpA, 7.125%, 5/17/31<sup>(3)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 278917 |
| Reworld Holding Corp., 4.875%, 12/1/29<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302 | &nbsp;&nbsp;&nbsp;&nbsp; 284567 |
| VT Topco, Inc., 8.50%, 8/15/30<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402 | &nbsp;&nbsp;&nbsp;&nbsp; 418478 |
| Wand NewCo 3, Inc., 7.625%, 1/30/32<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410 | &nbsp;&nbsp;&nbsp;&nbsp; 428911 |
| Wrangler Holdco Corp., 6.625%, 4/1/32<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 94133 |
|  |  |  | &nbsp;&nbsp;**$5873088** |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Construction & Engineering — 0.2% | Construction & Engineering — 0.2% | Construction & Engineering — 0.2% | Construction & Engineering — 0.2% |
| Arcosa, Inc., 6.875%, 8/15/32<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181 | &nbsp;&nbsp;$190227 |
| OHL Operaciones SA, 9.75%, (5.10% cash and 4.65% PIK), 12/31/29<sup>(2)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122 | &nbsp;&nbsp;&nbsp;&nbsp; 133285 |
| TopBuild Corp., 4.125%, 2/15/32<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201 | &nbsp;&nbsp;&nbsp;&nbsp; 189447 |
|  |  |  | &nbsp;&nbsp;**$512959** |
| Construction Materials — 0.2% | Construction Materials — 0.2% | Construction Materials — 0.2% | Construction Materials — 0.2% |
| Smyrna Ready Mix Concrete LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, 11/1/28<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454 | &nbsp;&nbsp;$452849 |
| &nbsp;&nbsp;&nbsp;8.875%, 11/15/31<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 94841 |
|  |  |  | &nbsp;&nbsp;**$547690** |
| Containers & Packaging — 0.1% | Containers & Packaging — 0.1% | Containers & Packaging — 0.1% | Containers & Packaging — 0.1% |
| Fiber Midco SpA, 10.75% PIK, 6/15/29<sup>(3)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;$309188 |
|  |  |  | &nbsp;&nbsp;**$309188** |
| Cosmetics/Personal Care — 0.1% | Cosmetics/Personal Care — 0.1% | Cosmetics/Personal Care — 0.1% | Cosmetics/Personal Care — 0.1% |
| Opal Bidco SAS, 5.50%, 3/31/32<sup>(3)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;$263395 |
|  |  |  | &nbsp;&nbsp;**$263395** |
| Distributors — 0.3% | Distributors — 0.3% | Distributors — 0.3% | Distributors — 0.3% |
| Performance Food Group, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, 10/15/27<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169 | &nbsp;&nbsp;$169197 |
| &nbsp;&nbsp;&nbsp;6.125%, 9/15/32<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 128493 |
| RB Global Holdings, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;6.75%, 3/15/28<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147 | &nbsp;&nbsp;&nbsp;&nbsp; 150279 |
| &nbsp;&nbsp;&nbsp;7.75%, 3/15/31<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;&nbsp; 58513 |
| Windsor Holdings III LLC, 8.50%, 6/15/30<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292 | &nbsp;&nbsp;&nbsp;&nbsp; 308622 |
| Wolseley Group Finco PLC, 9.75%, 1/31/31<sup>(2)</sup> | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 129315 |
|  |  |  | &nbsp;&nbsp;**$944419** |
| Diversified Financial Services — 0.9% | Diversified Financial Services — 0.9% | Diversified Financial Services — 0.9% | Diversified Financial Services — 0.9% |
| Alpha Holding SA de CV, 9.00%, 2/10/25<sup>(3)(8)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189 | &nbsp;&nbsp;$1414 |
| American AgCredit Corp., Series A, 5.25% to 6/15/26<sup>(3)(5)(6)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 245313 |
| Azorra Finance Ltd., 7.25%, 1/15/31<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173 | &nbsp;&nbsp;&nbsp;&nbsp; 181384 |
| Brookfield Finance, Inc., 6.30% to 10/15/34, 1/15/55<sup>(6)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97 | &nbsp;&nbsp;&nbsp;&nbsp; 96580 |
| CI Financial Corp., 4.10%, 6/15/51 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 129719 |
| Focus Financial Partners LLC, 6.75%, 9/15/31<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283 | &nbsp;&nbsp;&nbsp;&nbsp; 291960 |
| Goldman Sachs Group, Inc., Series W, 7.50% to 2/10/29<sup>(5)(6)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 132936 |
| Hightower Holding LLC, 9.125%, 1/31/30<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319 | &nbsp;&nbsp;&nbsp;&nbsp; 343515 |
| Phoenix Aviation Capital Ltd., 9.25%, 7/15/30<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 221411 |
| Rocket Cos., Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;6.125%, 8/1/30<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 159984 |

---

*5*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_272bc464-22bf-48e1-9e08-fe5f85c3879b_TOC)

Eaton Vance

Global Income Builder Fund

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Diversified Financial Services (continued) | Diversified Financial Services (continued) | Diversified Financial Services (continued) | Diversified Financial Services (continued) |
| Rocket Cos., Inc.: (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, 8/1/33<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235 | &nbsp;&nbsp;$245100 |
| Sherwood Financing PLC, 7.625%, 12/15/29<sup>(2)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 227443 |
| UWM Holdings LLC, 6.25%, 3/15/31<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 194771 |
| VistaJet Malta Finance PLC/Vista Management Holding, Inc., 9.50%, 6/1/28<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77 | &nbsp;&nbsp;&nbsp;&nbsp; 80131 |
|  |  |  | &nbsp;&nbsp;**$2551661** |
| Electric Utilities — 1.7% | Electric Utilities — 1.7% | Electric Utilities — 1.7% | Electric Utilities — 1.7% |
| Alpha Generation LLC, 6.75%, 10/15/32<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476 | &nbsp;&nbsp;$489576 |
| American Electric Power Co., Inc., 5.80% to 12/15/30, 3/15/56<sup>(6)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 75204 |
| California Buyer Ltd./Atlantica Sustainable Infrastructure PLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, 2/15/32<sup>(3)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455 | &nbsp;&nbsp;&nbsp;&nbsp; 538074 |
| &nbsp;&nbsp;&nbsp;6.375%, 2/15/32<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 151650 |
| Clearway Energy Operating LLC, 3.75%, 2/15/31<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124 | &nbsp;&nbsp;&nbsp;&nbsp; 114907 |
| Dominion Energy, Inc., 6.00% to 11/15/30, 2/15/56<sup>(6)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25338 |
| Electricite de France SA, 7.50% to 9/6/28<sup>(2)(5)(6)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 253341 |
| Imola Merger Corp., 4.75%, 5/15/29<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378 | &nbsp;&nbsp;&nbsp;&nbsp; 372922 |
| NextEra Energy Capital Holdings, Inc., 6.375% to 5/15/30, 8/15/55<sup>(6)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 93945 |
| NRG Energy, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;3.625%, 2/15/31<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177 | &nbsp;&nbsp;&nbsp;&nbsp; 165338 |
| &nbsp;&nbsp;&nbsp;3.875%, 2/15/32<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 88226 |
| &nbsp;&nbsp;&nbsp;5.75%, 1/15/34<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 161234 |
| &nbsp;&nbsp;&nbsp;6.00%, 2/1/33<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 158229 |
| &nbsp;&nbsp;&nbsp;6.00%, 1/15/36<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp; 315536 |
| &nbsp;&nbsp;&nbsp;6.25%, 11/1/34<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 103032 |
| Pattern Energy Operations LP/Pattern Energy Operations, Inc., 4.50%, 8/15/28<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152 | &nbsp;&nbsp;&nbsp;&nbsp; 148298 |
| Sempra, 4.125% to 1/1/27, 4/1/52<sup>(6)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167 | &nbsp;&nbsp;&nbsp;&nbsp; 163294 |
| TerraForm Power Operating LLC, 5.00%, 1/31/28<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237 | &nbsp;&nbsp;&nbsp;&nbsp; 236273 |
| TransAlta Corp., 7.75%, 11/15/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166 | &nbsp;&nbsp;&nbsp;&nbsp; 172963 |
| Vistra Operations Co. LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, 5/1/29<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173 | &nbsp;&nbsp;&nbsp;&nbsp; 169973 |
| &nbsp;&nbsp;&nbsp;6.875%, 4/15/32<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 183944 |
| VoltaGrid LLC, 7.375%, 11/1/30<sup>(3)(9)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 218800 |
| XPLR Infrastructure Operating Partners LP: |  |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, 9/15/27<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 88218 |
| &nbsp;&nbsp;&nbsp;7.25%, 1/15/29<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 149247 |
| &nbsp;&nbsp;&nbsp;8.375%, 1/15/31<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 146573 |
| &nbsp;&nbsp;&nbsp;8.625%, 3/15/33<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141 | &nbsp;&nbsp;&nbsp;&nbsp; 148045 |
|  |  |  | &nbsp;&nbsp;**$4932180** |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Electrical Equipment — 0.1% | Electrical Equipment — 0.1% | Electrical Equipment — 0.1% | Electrical Equipment — 0.1% |
| Sensata Technologies, Inc., 4.375%, 2/15/30<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;$144802 |
| WESCO Distribution, Inc., 6.375%, 3/15/33<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 141163 |
|  |  |  | &nbsp;&nbsp;**$285965** |
| Electronic Equipment, Instruments & Components — 0.1% | Electronic Equipment, Instruments & Components — 0.1% | Electronic Equipment, Instruments & Components — 0.1% | Electronic Equipment, Instruments & Components — 0.1% |
| WESCO Distribution, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, 3/15/29<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102 | &nbsp;&nbsp;$105511 |
| &nbsp;&nbsp;&nbsp;6.625%, 3/15/32<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102 | &nbsp;&nbsp;&nbsp;&nbsp; 106738 |
| &nbsp;&nbsp;&nbsp;7.25%, 6/15/28<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153 | &nbsp;&nbsp;&nbsp;&nbsp; 155229 |
|  |  |  | &nbsp;&nbsp;**$367478** |
| Entertainment — 2.1% | Entertainment — 2.1% | Entertainment — 2.1% | Entertainment — 2.1% |
| Allwyn Entertainment Financing U.K. PLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, 2/15/31<sup>(3)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615 | &nbsp;&nbsp;$704358 |
| &nbsp;&nbsp;&nbsp;7.25%, 4/30/30<sup>(2)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp; 438006 |
| Caesars Entertainment, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;6.50%, 2/15/32<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126 | &nbsp;&nbsp;&nbsp;&nbsp; 127128 |
| &nbsp;&nbsp;&nbsp;7.00%, 2/15/30<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 46329 |
| Churchill Downs, Inc., 5.75%, 4/1/30<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233 | &nbsp;&nbsp;&nbsp;&nbsp; 233973 |
| Cinemark USA, Inc., 5.25%, 7/15/28<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206 | &nbsp;&nbsp;&nbsp;&nbsp; 205191 |
| Cirsa Finance International SARL, 6.50%, 3/15/29<sup>(2)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp; 450940 |
| CPUK Finance Ltd., 7.875%, 8/28/29<sup>(2)</sup> | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365 | &nbsp;&nbsp;&nbsp;&nbsp; 500463 |
| Flutter Treasury DAC: |  |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 4/29/29<sup>(2)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 298128 |
| &nbsp;&nbsp;&nbsp;5.875%, 6/4/31<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 202625 |
| Intralot Capital Luxembourg SA, 6.75%, 10/15/31<sup>(2)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440 | &nbsp;&nbsp;&nbsp;&nbsp; 512739 |
| LHMC Finco 2 SARL: |  |  |  |
| &nbsp;&nbsp;&nbsp;8.625%, (8.625% cash or 9.375% PIK), 5/15/30<sup>(3)(4)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 301064 |
| &nbsp;&nbsp;&nbsp;8.625%, (8.625% cash or 9.375% PIK), 5/15/30<sup>(2)(4)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 276978 |
| Lottomatica Group SpA, 4.875%, 1/31/31<sup>(2)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405 | &nbsp;&nbsp;&nbsp;&nbsp; 482229 |
| Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings LLC, 8.25%, 4/15/30<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp; 301240 |
| Rivers Enterprise Lender LLC/Rivers Enterprise Lender Corp., 6.25%, 10/15/30<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 151316 |
| Voyager Parent LLC, 9.25%, 7/1/32<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 524554 |
| Warnermedia Holdings, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;5.05%, 3/15/42 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 221048 |
| &nbsp;&nbsp;&nbsp;5.141%, 3/15/52 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 49563 |
|  |  |  | &nbsp;&nbsp;**$6027872** |
| Financial Services — 0.5% | Financial Services — 0.5% | Financial Services — 0.5% | Financial Services — 0.5% |
| Ally Financial, Inc., Series B, 4.70% to 5/15/26<sup>(5)(6)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392 | &nbsp;&nbsp;$384472 |
| Boost Newco Borrower LLC/GTCR W Dutch Finance Sub BV, 8.50%, 1/15/31<sup>(2)</sup> | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 280269 |

---

*6*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_272bc464-22bf-48e1-9e08-fe5f85c3879b_TOC)

Eaton Vance

Global Income Builder Fund

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Financial Services (continued) | Financial Services (continued) | Financial Services (continued) | Financial Services (continued) |
| Compass Group Diversified Holdings LLC, 5.25%, 4/15/29<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254 | &nbsp;&nbsp;$230632 |
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;3.625%, 3/1/29<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259 | &nbsp;&nbsp;&nbsp;&nbsp; 249023 |
| &nbsp;&nbsp;&nbsp;4.00%, 10/15/33<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 27651 |
| VistaJet Malta Finance PLC/Vista Management Holding, Inc., 6.375%, 2/1/30<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354 | &nbsp;&nbsp;&nbsp;&nbsp; 342205 |
|  |  |  | &nbsp;&nbsp;**$1514252** |
| Food Products — 0.9% | Food Products — 0.9% | Food Products — 0.9% | Food Products — 0.9% |
| Chobani Holdco II LLC, 9.50% PIK to 4/1/26, 10/1/29<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344 | &nbsp;&nbsp;$365055 |
| Chobani LLC/Chobani Finance Corp., Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, 11/15/28<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 179352 |
| &nbsp;&nbsp;&nbsp;7.625%, 7/1/29<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307 | &nbsp;&nbsp;&nbsp;&nbsp; 319665 |
| Froneri Lux FinCo SARL: |  |  |  |
| &nbsp;&nbsp;&nbsp;4.75%, 8/1/32<sup>(2)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp; 388603 |
| &nbsp;&nbsp;&nbsp;6.00%, 8/1/32<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 202000 |
| Ingles Markets, Inc., 4.00%, 6/15/31<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249 | &nbsp;&nbsp;&nbsp;&nbsp; 233603 |
| La Doria SpA, 5.449%, 12/30/30<sup>(2)(7)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 300874 |
| Land O' Lakes, Inc., 8.00%<sup>(3)(5)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 232650 |
| Post Holdings, Inc., 6.25%, 2/15/32<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141 | &nbsp;&nbsp;&nbsp;&nbsp; 145109 |
| Viking Baked Goods Acquisition Corp., 8.625%, 11/1/31<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 150880 |
|  |  |  | &nbsp;&nbsp;**$2517791** |
| Health Care Equipment & Supplies — 0.8% | Health Care Equipment & Supplies — 0.8% | Health Care Equipment & Supplies — 0.8% | Health Care Equipment & Supplies — 0.8% |
| Bausch & Lomb Netherlands BV & Bausch & Lomb, Inc., 5.872%, (3 mo. EURIBOR + 3.875%), 1/15/31<sup>(2)(7)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;$257200 |
| Compass Minerals International, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;6.75%, 12/1/27<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 60350 |
| &nbsp;&nbsp;&nbsp;8.00%, 7/1/30<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201 | &nbsp;&nbsp;&nbsp;&nbsp; 209336 |
| LifePoint Health, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, 1/15/29<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 208655 |
| &nbsp;&nbsp;&nbsp;10.00%, 6/1/32<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 | &nbsp;&nbsp;&nbsp;&nbsp; 60699 |
| Medline Borrower LP, 5.25%, 10/1/29<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603 | &nbsp;&nbsp;&nbsp;&nbsp; 601100 |
| Molina Healthcare, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, 11/15/30<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261 | &nbsp;&nbsp;&nbsp;&nbsp; 240992 |
| &nbsp;&nbsp;&nbsp;3.875%, 5/15/32<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122 | &nbsp;&nbsp;&nbsp;&nbsp; 110111 |
| &nbsp;&nbsp;&nbsp;6.25%, 1/15/33<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 80608 |
| Tenet Healthcare Corp., 4.375%, 1/15/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp; 16606 |
| U.S. Acute Care Solutions LLC, 9.75%, 5/15/29<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283 | &nbsp;&nbsp;&nbsp;&nbsp; 288535 |
|  |  |  | &nbsp;&nbsp;**$2134192** |
| Health Care Providers & Services — 0.2% | Health Care Providers & Services — 0.2% | Health Care Providers & Services — 0.2% | Health Care Providers & Services — 0.2% |
| AMN Healthcare, Inc., 4.00%, 4/15/29<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291 | &nbsp;&nbsp;$276000 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Health Care Providers & Services (continued) | Health Care Providers & Services (continued) | Health Care Providers & Services (continued) | Health Care Providers & Services (continued) |
| Surgery Center Holdings, Inc., 7.25%, 4/15/32<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158 | &nbsp;&nbsp;$162765 |
|  |  |  | &nbsp;&nbsp;**$438765** |
| Healthcare-Services — 0.5% | Healthcare-Services — 0.5% | Healthcare-Services — 0.5% | Healthcare-Services — 0.5% |
| AHP Health Partners, Inc., 5.75%, 7/15/29<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | &nbsp;&nbsp;$25970 |
| CHS/Community Health Systems, Inc., 4.75%, 2/15/31<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 142991 |
| Fortrea Holdings, Inc., 7.50%, 7/1/30<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149 | &nbsp;&nbsp;&nbsp;&nbsp; 143232 |
| Global Medical Response, Inc., 7.375%, 10/1/32<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197 | &nbsp;&nbsp;&nbsp;&nbsp; 206277 |
| Heartland Dental LLC/Heartland Dental Finance Corp., 10.50%, 4/30/28<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91 | &nbsp;&nbsp;&nbsp;&nbsp; 96096 |
| IQVIA, Inc., 6.25%, 6/1/32<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253 | &nbsp;&nbsp;&nbsp;&nbsp; 264010 |
| Team Health Holdings, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;8.375%, 6/30/28<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141 | &nbsp;&nbsp;&nbsp;&nbsp; 142607 |
| &nbsp;&nbsp;&nbsp;13.50%, (9.00% cash and 4.50% PIK), 6/30/28<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273 | &nbsp;&nbsp;&nbsp;&nbsp; 295180 |
|  |  |  | &nbsp;&nbsp;**$1316363** |
| Home Builders — 0.2% | Home Builders — 0.2% | Home Builders — 0.2% | Home Builders — 0.2% |
| K Hovnanian Enterprises, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;8.00%, 4/1/31<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;$81794 |
| &nbsp;&nbsp;&nbsp;8.375%, 10/1/33<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 87102 |
| New Home Co., Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;8.50%, 11/1/30<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 145049 |
| &nbsp;&nbsp;&nbsp;9.25%, 10/1/29<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223 | &nbsp;&nbsp;&nbsp;&nbsp; 234154 |
|  |  |  | &nbsp;&nbsp;**$548099** |
| Hotels, Restaurants & Leisure — 0.5% | Hotels, Restaurants & Leisure — 0.5% | Hotels, Restaurants & Leisure — 0.5% | Hotels, Restaurants & Leisure — 0.5% |
| 1011778 BC ULC/New Red Finance, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, 1/15/28<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286 | &nbsp;&nbsp;$281137 |
| &nbsp;&nbsp;&nbsp;4.375%, 1/15/28<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182 | &nbsp;&nbsp;&nbsp;&nbsp; 179867 |
| Essendi SA: |  |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, 5/15/32<sup>(3)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 144006 |
| &nbsp;&nbsp;&nbsp;6.375%, 10/15/29<sup>(2)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp; 395996 |
| Genting New York LLC/GENNY Capital, Inc., 7.25%, 10/1/29<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 269354 |
| Lithia Motors, Inc., 4.625%, 12/15/27<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91 | &nbsp;&nbsp;&nbsp;&nbsp; 90583 |
|  |  |  | &nbsp;&nbsp;**$1360943** |
| Household Products — 0.1% | Household Products — 0.1% | Household Products — 0.1% | Household Products — 0.1% |
| Somnigroup International, Inc., 3.875%, 10/15/31<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423 | &nbsp;&nbsp;$391429 |
|  |  |  | &nbsp;&nbsp;**$391429** |
| Independent Power and Renewable Electricity Producers — 0.2% | Independent Power and Renewable Electricity Producers — 0.2% | Independent Power and Renewable Electricity Producers — 0.2% | Independent Power and Renewable Electricity Producers — 0.2% |
| Algonquin Power & Utilities Corp., 4.75% to 1/18/27, 1/18/82<sup>(6)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113 | &nbsp;&nbsp;$111020 |

---

*7*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_272bc464-22bf-48e1-9e08-fe5f85c3879b_TOC)

Eaton Vance

Global Income Builder Fund

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Independent Power and Renewable Electricity Producers (continued) | Independent Power and Renewable Electricity Producers (continued) | Independent Power and Renewable Electricity Producers (continued) | Independent Power and Renewable Electricity Producers (continued) |
| Calpine Corp., 5.125%, 3/15/28<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179 | &nbsp;&nbsp;$179092 |
| NRG Energy, Inc., 10.25% to 3/15/28<sup>(3)(5)(6)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 236588 |
|  |  |  | &nbsp;&nbsp;**$526700** |
| Industrial Conglomerates — 0.2% | Industrial Conglomerates — 0.2% | Industrial Conglomerates — 0.2% | Industrial Conglomerates — 0.2% |
| Artera Services LLC, 8.50%, 2/15/31<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;$160256 |
| Gatwick Airport Finance PLC, 4.375%, 4/7/26<sup>(2)</sup> | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp; 320310 |
|  |  |  | &nbsp;&nbsp;**$480566** |
| Insurance — 0.8% | Insurance — 0.8% | Insurance — 0.8% | Insurance — 0.8% |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer: |  |  |  |
| &nbsp;&nbsp;&nbsp;6.50%, 10/1/31<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 | &nbsp;&nbsp;$48257 |
| &nbsp;&nbsp;&nbsp;6.75%, 10/15/27<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188 | &nbsp;&nbsp;&nbsp;&nbsp; 188842 |
| &nbsp;&nbsp;&nbsp;7.00%, 1/15/31<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223 | &nbsp;&nbsp;&nbsp;&nbsp; 231184 |
| &nbsp;&nbsp;&nbsp;7.375%, 10/1/32<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36157 |
| American National Group, Inc., 7.00% to 12/1/30, 12/1/55<sup>(6)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25633 |
| Amynta Agency Borrower, Inc. & Amynta Warranty Borrower, Inc., 7.50%, 7/15/33<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 201078 |
| Athene Holding Ltd., 6.625% to 7/15/34, 10/15/54<sup>(6)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 99680 |
| Equitable Holdings, Inc., 6.70% to 12/28/34, 3/28/55<sup>(6)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 141653 |
| Galaxy Bidco Ltd., 8.125%, 12/19/29<sup>(2)</sup> | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 281515 |
| Global Atlantic Fin Co., 7.95% to 7/15/29, 10/15/54<sup>(3)(6)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169 | &nbsp;&nbsp;&nbsp;&nbsp; 176944 |
| Liberty Mutual Group, Inc., 4.125% to 9/15/26, 12/15/51<sup>(3)(6)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293 | &nbsp;&nbsp;&nbsp;&nbsp; 286474 |
| Panther Escrow Issuer LLC, 7.125%, 6/1/31<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229 | &nbsp;&nbsp;&nbsp;&nbsp; 236855 |
| Ryan Specialty LLC, 5.875%, 8/1/32<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247 | &nbsp;&nbsp;&nbsp;&nbsp; 251342 |
|  |  |  | &nbsp;&nbsp;**$2205614** |
| Internet — 0.5% | Internet — 0.5% | Internet — 0.5% | Internet — 0.5% |
| Arches Buyer, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, 6/1/28<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82 | &nbsp;&nbsp;$80188 |
| &nbsp;&nbsp;&nbsp;6.125%, 12/1/28<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282 | &nbsp;&nbsp;&nbsp;&nbsp; 275290 |
| Cars.com, Inc., 6.375%, 11/1/28<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 219296 |
| Match Group Holdings II LLC, 3.625%, 10/1/31<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221 | &nbsp;&nbsp;&nbsp;&nbsp; 200531 |
| Snap, Inc., 6.875%, 3/1/33<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344 | &nbsp;&nbsp;&nbsp;&nbsp; 352144 |
| United Group BV, 6.286%, (3 mo. EURIBOR + 4.25%), 2/15/31<sup>(2)(7)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 231938 |
|  |  |  | &nbsp;&nbsp;**$1359387** |
| Iron & Steel — 0.1% | Iron & Steel — 0.1% | Iron & Steel — 0.1% | Iron & Steel — 0.1% |
| Cleveland-Cliffs, Inc., 7.50%, 9/15/31<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;$157144 |
|  |  |  | &nbsp;&nbsp;**$157144** |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Leisure Products — 0.2% | Leisure Products — 0.2% | Leisure Products — 0.2% | Leisure Products — 0.2% |
| Carnival Corp., 5.75%, 8/1/32<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;$154280 |
| NCL Corp. Ltd.: |  |  |  |
| &nbsp;&nbsp;&nbsp;6.75%, 2/1/32<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 195355 |
| &nbsp;&nbsp;&nbsp;7.75%, 2/15/29<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;&nbsp; 59932 |
| NCL Finance Ltd., 6.125%, 3/15/28<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96 | &nbsp;&nbsp;&nbsp;&nbsp; 98090 |
| Viking Ocean Cruises Ship VII Ltd., 5.625%, 2/15/29<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66 | &nbsp;&nbsp;&nbsp;&nbsp; 65976 |
|  |  |  | &nbsp;&nbsp;**$573633** |
| Machinery — 0.3% | Machinery — 0.3% | Machinery — 0.3% | Machinery — 0.3% |
| Chart Industries, Inc., 9.50%, 1/1/31<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;$193391 |
| Dynamo Newco II GmbH, 6.25%, 10/15/31<sup>(3)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 407080 |
| IMA Industria Macchine Automatiche SpA, 5.776%, (3 mo. EURIBOR + 3.75%), 4/15/29<sup>(2)(7)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp; 337494 |
|  |  |  | &nbsp;&nbsp;**$937965** |
| Media — 1.8% | Media — 1.8% | Media — 1.8% | Media — 1.8% |
| Altice Financing SA, 5.00%, 1/15/28<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;$208968 |
| CCO Holdings LLC/CCO Holdings Capital Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, 2/1/31<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp; 289948 |
| &nbsp;&nbsp;&nbsp;4.25%, 1/15/34<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221 | &nbsp;&nbsp;&nbsp;&nbsp; 185821 |
| &nbsp;&nbsp;&nbsp;4.50%, 8/15/30<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287 | &nbsp;&nbsp;&nbsp;&nbsp; 269247 |
| &nbsp;&nbsp;&nbsp;4.75%, 3/1/30<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322 | &nbsp;&nbsp;&nbsp;&nbsp; 306388 |
| &nbsp;&nbsp;&nbsp;5.375%, 6/1/29<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 108644 |
| &nbsp;&nbsp;&nbsp;6.375%, 9/1/29<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253 | &nbsp;&nbsp;&nbsp;&nbsp; 255154 |
| Clear Channel Outdoor Holdings, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;7.125%, 2/15/31<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;&nbsp; 43352 |
| &nbsp;&nbsp;&nbsp;7.50%, 3/15/33<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 | &nbsp;&nbsp;&nbsp;&nbsp; 46053 |
| &nbsp;&nbsp;&nbsp;7.875%, 4/1/30<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68 | &nbsp;&nbsp;&nbsp;&nbsp; 71349 |
| CSC Holdings LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;3.375%, 2/15/31<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 121255 |
| &nbsp;&nbsp;&nbsp;4.125%, 12/1/30<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 123261 |
| &nbsp;&nbsp;&nbsp;5.50%, 4/15/27<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 185770 |
| DISH Network Corp., 11.75%, 11/15/27<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 168545 |
| McGraw-Hill Education, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, 8/1/28<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192 | &nbsp;&nbsp;&nbsp;&nbsp; 191753 |
| &nbsp;&nbsp;&nbsp;7.375%, 9/1/31<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 97585 |
| &nbsp;&nbsp;&nbsp;8.00%, 8/1/29<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212 | &nbsp;&nbsp;&nbsp;&nbsp; 213863 |
| Outfront Media Capital LLC/Outfront Media Capital Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, 1/15/29<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 140143 |
| &nbsp;&nbsp;&nbsp;4.625%, 3/15/30<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151 | &nbsp;&nbsp;&nbsp;&nbsp; 145994 |
| &nbsp;&nbsp;&nbsp;7.375%, 2/15/31<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176 | &nbsp;&nbsp;&nbsp;&nbsp; 186068 |
| Sinclair Television Group, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, 12/31/32<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;&nbsp;&nbsp; 20545 |
| &nbsp;&nbsp;&nbsp;8.125%, 2/15/33<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239 | &nbsp;&nbsp;&nbsp;&nbsp; 243846 |

---

*8*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_272bc464-22bf-48e1-9e08-fe5f85c3879b_TOC)

Eaton Vance

Global Income Builder Fund

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Media (continued) | Media (continued) | Media (continued) | Media (continued) |
| Summer BidCo BV, 10.00%, (10.00% cash or 10.75% PIK), 2/15/29<sup>(2)(4)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;$267264 |
| Univision Communications, Inc., 9.375%, 8/1/32<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203 | &nbsp;&nbsp;&nbsp;&nbsp; 214496 |
| Versant Media Group, Inc., 7.25%, 1/30/31<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 112195 |
| Virgin Media Secured Finance PLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, 8/15/30<sup>(2)</sup> | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 178752 |
| &nbsp;&nbsp;&nbsp;4.25%, 1/15/30<sup>(2)</sup> | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615 | &nbsp;&nbsp;&nbsp;&nbsp; 744451 |
|  |  |  | &nbsp;&nbsp;**$5140710** |
| Metals & Mining — 0.9% | Metals & Mining — 0.9% | Metals & Mining — 0.9% | Metals & Mining — 0.9% |
| Allegheny Ludlum LLC, 6.95%, 12/15/25 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;$201429 |
| Arsenal AIC Parent LLC, 11.50%, 10/1/31<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399 | &nbsp;&nbsp;&nbsp;&nbsp; 443954 |
| Calderys Financing II LLC, 11.75%, (11.75% cash or 12.50% PIK), 6/1/28<sup>(3)(4)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 233697 |
| Calderys Financing LLC, 11.25%, 6/1/28<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342 | &nbsp;&nbsp;&nbsp;&nbsp; 361759 |
| Cleveland-Cliffs, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;7.375%, 5/1/33<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp; 253738 |
| &nbsp;&nbsp;&nbsp;7.625%, 1/15/34<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 98841 |
| Eldorado Gold Corp., 6.25%, 9/1/29<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251 | &nbsp;&nbsp;&nbsp;&nbsp; 251703 |
| Hudbay Minerals, Inc., 4.50%, 4/1/26<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204 | &nbsp;&nbsp;&nbsp;&nbsp; 203615 |
| Novelis Corp., 3.875%, 8/15/31<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119 | &nbsp;&nbsp;&nbsp;&nbsp; 109129 |
| Roller Bearing Co. of America, Inc., 4.375%, 10/15/29<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187 | &nbsp;&nbsp;&nbsp;&nbsp; 183484 |
| TMS International Corp., 6.25%, 4/15/29<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246 | &nbsp;&nbsp;&nbsp;&nbsp; 241749 |
|  |  |  | &nbsp;&nbsp;**$2583098** |
| Miscellaneous Manufacturing — 0.1% | Miscellaneous Manufacturing — 0.1% | Miscellaneous Manufacturing — 0.1% | Miscellaneous Manufacturing — 0.1% |
| Axon Enterprise, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;6.125%, 3/15/30<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;$77215 |
| &nbsp;&nbsp;&nbsp;6.25%, 3/15/33<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 56986 |
|  |  |  | &nbsp;&nbsp;**$134201** |
| Oil and Gas — 0.2% | Oil and Gas — 0.2% | Oil and Gas — 0.2% | Oil and Gas — 0.2% |
| BP Capital Markets PLC, 6.125% to 3/18/35<sup>(5)(6)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;$156977 |
| Kodiak Gas Services LLC, 6.50%, 10/1/33<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 128174 |
| SM Energy Co., 7.00%, 8/1/32<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 137097 |
| Transocean International Ltd.: |  |  |  |
| &nbsp;&nbsp;&nbsp;7.875%, 10/15/32<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30924 |
| &nbsp;&nbsp;&nbsp;8.25%, 5/15/29<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219 | &nbsp;&nbsp;&nbsp;&nbsp; 220467 |
|  |  |  | &nbsp;&nbsp;**$673639** |
| Oil, Gas & Consumable Fuels — 1.1% | Oil, Gas & Consumable Fuels — 1.1% | Oil, Gas & Consumable Fuels — 1.1% | Oil, Gas & Consumable Fuels — 1.1% |
| Aethon United BR LP/Aethon United Finance Corp., 7.50%, 10/1/29<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207 | &nbsp;&nbsp;$214934 |
| Civitas Resources, Inc., 8.625%, 11/1/30<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 310405 |
| Matador Resources Co., 6.50%, 4/15/32<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 176773 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Oil, Gas & Consumable Fuels (continued) | Oil, Gas & Consumable Fuels (continued) | Oil, Gas & Consumable Fuels (continued) | Oil, Gas & Consumable Fuels (continued) |
| Parkland Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, 10/1/29<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;$106544 |
| &nbsp;&nbsp;&nbsp;4.625%, 5/1/30<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202 | &nbsp;&nbsp;&nbsp;&nbsp; 196127 |
| Permian Resources Operating LLC, 6.25%, 2/1/33<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 122215 |
| Plains All American Pipeline LP, Series B, 8.583%, (3 mo. SOFR + 4.372%)<sup>(5)(7)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305 | &nbsp;&nbsp;&nbsp;&nbsp; 305834 |
| Precision Drilling Corp., 6.875%, 1/15/29<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88 | &nbsp;&nbsp;&nbsp;&nbsp; 88559 |
| Sunoco LP: |  |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, 3/15/34<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 145070 |
| &nbsp;&nbsp;&nbsp;7.25%, 5/1/32<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 152993 |
| &nbsp;&nbsp;&nbsp;7.875% to 9/18/30<sup>(3)(5)(6)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565 | &nbsp;&nbsp;&nbsp;&nbsp; 574190 |
| Sunoco LP/Sunoco Finance Corp., 4.50%, 4/30/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226 | &nbsp;&nbsp;&nbsp;&nbsp; 219097 |
| Transocean International Ltd., 8.75%, 2/15/30<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66 | &nbsp;&nbsp;&nbsp;&nbsp; 69306 |
| Vital Energy, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;7.875%, 4/15/32<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 146833 |
| &nbsp;&nbsp;&nbsp;9.75%, 10/15/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 41213 |
| WBI Operating LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;6.25%, 10/15/30<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178 | &nbsp;&nbsp;&nbsp;&nbsp; 177955 |
| &nbsp;&nbsp;&nbsp;6.50%, 10/15/33<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203 | &nbsp;&nbsp;&nbsp;&nbsp; 203129 |
|  |  |  | &nbsp;&nbsp;**$3251177** |
| Packaging & Containers — 0.5% | Packaging & Containers — 0.5% | Packaging & Containers — 0.5% | Packaging & Containers — 0.5% |
| Ardagh Group SA, 9.50%, 12/1/30<sup>(9)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;$213500 |
| Clydesdale Acquisition Holdings, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;6.75%, 4/15/32<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247 | &nbsp;&nbsp;&nbsp;&nbsp; 248041 |
| &nbsp;&nbsp;&nbsp;8.75%, 4/15/30<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357 | &nbsp;&nbsp;&nbsp;&nbsp; 358037 |
| Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo U.S. LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;8.25%, 5/15/30<sup>(3)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp; 350892 |
| &nbsp;&nbsp;&nbsp;9.50%, 5/15/30<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp; 229949 |
|  |  |  | &nbsp;&nbsp;**$1400419** |
| Pharmaceuticals — 1.4% | Pharmaceuticals — 1.4% | Pharmaceuticals — 1.4% | Pharmaceuticals — 1.4% |
| 1261229 BC Ltd., 10.00%, 4/15/32<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352 | &nbsp;&nbsp;$368289 |
| Amneal Pharmaceuticals LLC, 6.875%, 8/1/32<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 110218 |
| Bayer AG, 5.375% to 6/25/30, 3/25/82<sup>(2)(6)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 119204 |
| Endo Finance Holdings, Inc., 8.50%, 4/15/31<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82 | &nbsp;&nbsp;&nbsp;&nbsp; 87016 |
| Grifols SA, 7.50%, 5/1/30<sup>(2)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446 | &nbsp;&nbsp;&nbsp;&nbsp; 541852 |
| Nidda Healthcare Holding GmbH, 5.276% (3 mo. EURIBOR + 3.25%), 10/15/32<sup>(3)(7)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 272947 |
| Option Care Health, Inc., 4.375%, 10/31/29<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382 | &nbsp;&nbsp;&nbsp;&nbsp; 368970 |
| P&L Development LLC/PLD Finance Corp., 12.00%, (12.00% cash or 9.00% cash and 3.50% PIK), 5/15/29<sup>(3)(4)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144 | &nbsp;&nbsp;&nbsp;&nbsp; 148012 |

---

*9*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_272bc464-22bf-48e1-9e08-fe5f85c3879b_TOC)

Eaton Vance

Global Income Builder Fund

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Pharmaceuticals (continued) | Pharmaceuticals (continued) | Pharmaceuticals (continued) | Pharmaceuticals (continued) |
| Perrigo Finance Unlimited Co.: |  |  |  |
| &nbsp;&nbsp;&nbsp;4.90%, 6/15/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;$391607 |
| &nbsp;&nbsp;&nbsp;5.375%, 9/30/32 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495 | &nbsp;&nbsp;&nbsp;&nbsp; 593582 |
| Prestige Brands, Inc., 3.75%, 4/1/31<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 65006 |
| Rossini SARL, 6.75%, 12/31/29<sup>(2)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 243638 |
| Teva Pharmaceutical Finance Netherlands II BV, 4.375%, 5/9/30 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103 | &nbsp;&nbsp;&nbsp;&nbsp; 122835 |
| Teva Pharmaceutical Finance Netherlands III BV: |  |  |  |
| &nbsp;&nbsp;&nbsp;4.10%, 10/1/46 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489 | &nbsp;&nbsp;&nbsp;&nbsp; 367824 |
| &nbsp;&nbsp;&nbsp;6.00%, 12/1/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 208909 |
|  |  |  | &nbsp;&nbsp;**$4009909** |
| Pipelines — 0.6% | Pipelines — 0.6% | Pipelines — 0.6% | Pipelines — 0.6% |
| Enbridge, Inc., Series NC5, 8.25% to 10/15/28, 1/15/84<sup>(6)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;$214907 |
| Global Partners LP/GLP Finance Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;7.125%, 7/1/33<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103 | &nbsp;&nbsp;&nbsp;&nbsp; 104570 |
| &nbsp;&nbsp;&nbsp;8.25%, 1/15/32<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232 | &nbsp;&nbsp;&nbsp;&nbsp; 242738 |
| Kinetik Holdings LP, 5.875%, 6/15/30<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237 | &nbsp;&nbsp;&nbsp;&nbsp; 238952 |
| NGL Energy Operating LLC/NGL Energy Finance Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;8.125%, 2/15/29<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 194627 |
| &nbsp;&nbsp;&nbsp;8.375%, 2/15/32<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 | &nbsp;&nbsp;&nbsp;&nbsp; 58333 |
| Venture Global LNG, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;8.125%, 6/1/28<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139 | &nbsp;&nbsp;&nbsp;&nbsp; 143274 |
| &nbsp;&nbsp;&nbsp;8.375%, 6/1/31<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104 | &nbsp;&nbsp;&nbsp;&nbsp; 106862 |
| &nbsp;&nbsp;&nbsp;9.00% to 9/30/29<sup>(3)(5)(6)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 98241 |
| &nbsp;&nbsp;&nbsp;9.50%, 2/1/29<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193 | &nbsp;&nbsp;&nbsp;&nbsp; 207839 |
| &nbsp;&nbsp;&nbsp;9.875%, 2/1/32<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 | &nbsp;&nbsp;&nbsp;&nbsp; 36338 |
|  |  |  | &nbsp;&nbsp;**$1646681** |
| Real Estate Investment Trusts (REITs) — 0.5% | Real Estate Investment Trusts (REITs) — 0.5% | Real Estate Investment Trusts (REITs) — 0.5% | Real Estate Investment Trusts (REITs) — 0.5% |
| Adler Financing SARL, 8.25% PIK, 12/31/28 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;$311930 |
| Alexandrite Lake Lux Holdings SARL, 6.75%, 7/30/30<sup>(3)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 283753 |
| Alexandrite Monnet U.K. Holdco PLC, 10.50%, 5/15/29<sup>(2)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 502380 |
| Greystar Real Estate Partners LLC, 7.75%, 9/1/30<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423 | &nbsp;&nbsp;&nbsp;&nbsp; 447643 |
|  |  |  | &nbsp;&nbsp;**$1545706** |
| Real Estate Management & Development — 0.1% | Real Estate Management & Development — 0.1% | Real Estate Management & Development — 0.1% | Real Estate Management & Development — 0.1% |
| Cushman & Wakefield U.S. Borrower LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;6.75%, 5/15/28<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207 | &nbsp;&nbsp;$208793 |
| &nbsp;&nbsp;&nbsp;8.875%, 9/1/31<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117 | &nbsp;&nbsp;&nbsp;&nbsp; 125433 |
|  |  |  | &nbsp;&nbsp;**$334226** |
| Retail — 1.0% | Retail — 1.0% | Retail — 1.0% | Retail — 1.0% |
| B&M European Value Retail SA, 8.125%, 11/15/30<sup>(2)</sup> | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;$171399 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Retail (continued) | Retail (continued) | Retail (continued) | Retail (continued) |
| Boots Group Finco LP: |  |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, 8/31/32<sup>(2)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;$143687 |
| &nbsp;&nbsp;&nbsp;7.375%, 8/31/32<sup>(2)</sup> | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 236833 |
| Cougar JV Subsidiary LLC, 8.00%, 5/15/32<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274 | &nbsp;&nbsp;&nbsp;&nbsp; 292384 |
| Duomo Bidco SpA, 6.151%, (3 mo. EURIBOR + 4.125%), 7/15/31<sup>(2)(7)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 348183 |
| eG Global Finance PLC, 11.00%, 11/30/28<sup>(2)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 276891 |
| Global Auto Holdings Ltd./AAG FH U.K. Ltd., 8.75%, 1/15/32<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 204252 |
| LBM Acquisition LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;6.25%, 1/15/29<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97 | &nbsp;&nbsp;&nbsp;&nbsp; 88578 |
| &nbsp;&nbsp;&nbsp;9.50%, 6/15/31<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257 | &nbsp;&nbsp;&nbsp;&nbsp; 269208 |
| Park River Holdings, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;8.00%, 3/15/31<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171 | &nbsp;&nbsp;&nbsp;&nbsp; 176179 |
| &nbsp;&nbsp;&nbsp;8.75%, 12/31/30<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 | &nbsp;&nbsp;&nbsp;&nbsp; 47986 |
| PetSmart LLC/PetSmart Finance Corp., 7.50%, 9/15/32<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 249988 |
| Waga Bondco Ltd., 8.50%, 6/15/30<sup>(2)</sup> | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 287935 |
| White Cap Supply Holdings LLC, 7.375%, 11/15/30<sup>(3)(9)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 187258 |
|  |  |  | &nbsp;&nbsp;**$2980761** |
| Software — 0.8% | Software — 0.8% | Software — 0.8% | Software — 0.8% |
| athenahealth Group, Inc., 6.50%, 2/15/30<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710 | &nbsp;&nbsp;$695714 |
| Clarivate Science Holdings Corp., 4.875%, 7/1/29<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 191419 |
| Cloud Software Group, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;6.50%, 3/31/29<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122 | &nbsp;&nbsp;&nbsp;&nbsp; 122997 |
| &nbsp;&nbsp;&nbsp;8.25%, 6/30/32<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 94660 |
| &nbsp;&nbsp;&nbsp;9.00%, 9/30/29<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp; 279503 |
| IPD 3 BV, 5.50%, 6/15/31<sup>(3)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370 | &nbsp;&nbsp;&nbsp;&nbsp; 435554 |
| Playtika Holding Corp., 4.25%, 3/15/29<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214 | &nbsp;&nbsp;&nbsp;&nbsp; 193476 |
| TeamSystem SpA, 5.526%, (3 mo. EURIBOR + 3.50%), 7/31/31<sup>(3)(7)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp; 382781 |
|  |  |  | &nbsp;&nbsp;**$2396104** |
| Specialty Retail — 1.2% | Specialty Retail — 1.2% | Specialty Retail — 1.2% | Specialty Retail — 1.2% |
| Asbury Automotive Group, Inc., 5.00%, 2/15/32<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;$240943 |
| Bath & Body Works, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, 10/1/30<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 46315 |
| &nbsp;&nbsp;&nbsp;6.75%, 7/1/36 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 82952 |
| &nbsp;&nbsp;&nbsp;6.95%, 3/1/33 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168 | &nbsp;&nbsp;&nbsp;&nbsp; 174254 |
| CD&R Firefly Bidco PLC, 8.625%, 4/30/29<sup>(2)</sup> | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345 | &nbsp;&nbsp;&nbsp;&nbsp; 475433 |
| Ferrellgas LP/Ferrellgas Finance Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, 4/1/29<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246 | &nbsp;&nbsp;&nbsp;&nbsp; 234015 |
| &nbsp;&nbsp;&nbsp;9.25%, 1/15/31<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 80793 |

---

*10*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_272bc464-22bf-48e1-9e08-fe5f85c3879b_TOC)

Eaton Vance

Global Income Builder Fund

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Specialty Retail (continued) | Specialty Retail (continued) | Specialty Retail (continued) | Specialty Retail (continued) |
| LCM Investments Holdings II LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, 5/1/29<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257 | &nbsp;&nbsp;$250412 |
| &nbsp;&nbsp;&nbsp;8.25%, 8/1/31<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | &nbsp;&nbsp;&nbsp;&nbsp; 33696 |
| Lithia Motors, Inc., 3.875%, 6/1/29<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86 | &nbsp;&nbsp;&nbsp;&nbsp; 82198 |
| Patrick Industries, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;4.75%, 5/1/29<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292 | &nbsp;&nbsp;&nbsp;&nbsp; 287608 |
| &nbsp;&nbsp;&nbsp;6.375%, 11/1/32<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 132681 |
| Sonic Automotive, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, 11/15/29<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172 | &nbsp;&nbsp;&nbsp;&nbsp; 167404 |
| &nbsp;&nbsp;&nbsp;4.875%, 11/15/31<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243 | &nbsp;&nbsp;&nbsp;&nbsp; 231400 |
| Specialty Building Products Holdings LLC/SBP Finance Corp., 7.75%, 10/15/29<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323 | &nbsp;&nbsp;&nbsp;&nbsp; 325314 |
| Superior Plus LP/Superior General Partner, Inc., 4.50%, 3/15/29<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261 | &nbsp;&nbsp;&nbsp;&nbsp; 253289 |
| White Cap Buyer LLC, 6.875%, 10/15/28<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312 | &nbsp;&nbsp;&nbsp;&nbsp; 312198 |
|  |  |  | &nbsp;&nbsp;**$3410905** |
| Technology Hardware, Storage & Peripherals — 0.9% | Technology Hardware, Storage & Peripherals — 0.9% | Technology Hardware, Storage & Peripherals — 0.9% | Technology Hardware, Storage & Peripherals — 0.9% |
| Almaviva-The Italian Innovation Co. SpA, 5.00%, 10/30/30<sup>(2)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;$380264 |
| Amentum Holdings, Inc., 7.25%, 8/1/32<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279 | &nbsp;&nbsp;&nbsp;&nbsp; 290609 |
| Atos SE: |  |  |  |
| &nbsp;&nbsp;&nbsp;5.00% to 12/18/25, 12/18/30<sup>(2)(10)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 197672 |
| &nbsp;&nbsp;&nbsp;9.00% to 12/18/25, 12/18/29<sup>(2)(10)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364 | &nbsp;&nbsp;&nbsp;&nbsp; 480228 |
| CACI International, Inc., 6.375%, 6/15/33<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 140531 |
| Diebold Nixdorf, Inc., 7.75%, 3/31/30<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338 | &nbsp;&nbsp;&nbsp;&nbsp; 358771 |
| Insight Enterprises, Inc., 6.625%, 5/15/32<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278 | &nbsp;&nbsp;&nbsp;&nbsp; 284845 |
| McAfee Corp., 7.375%, 2/15/30<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 123766 |
| Science Applications International Corp., 5.875%, 11/1/33<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 124755 |
| Seagate Data Storage Technology Pte. Ltd., 9.625%, 12/1/32<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248 | &nbsp;&nbsp;&nbsp;&nbsp; 283457 |
|  |  |  | &nbsp;&nbsp;**$2664898** |
| Telecommunications — 1.2% | Telecommunications — 1.2% | Telecommunications — 1.2% | Telecommunications — 1.2% |
| Bell Telephone Co. of Canada or Bell Canada, 6.875% to 6/15/30, 9/15/55<sup>(6)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;$130614 |
| Ciena Corp., 4.00%, 1/31/30<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 139488 |
| EchoStar Corp., 10.75%, 11/30/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315 | &nbsp;&nbsp;&nbsp;&nbsp; 347356 |
| Fibercop SpA: |  |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, 6/30/32<sup>(2)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 194382 |
| &nbsp;&nbsp;&nbsp;7.20%, 7/18/36<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 203098 |
| &nbsp;&nbsp;&nbsp;7.75%, 1/24/33 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 135196 |
| Iliad Holding SAS, 5.375%, 4/15/30<sup>(2)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 220114 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Telecommunications (continued) | Telecommunications (continued) | Telecommunications (continued) | Telecommunications (continued) |
| Level 3 Financing, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, 10/15/30<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 | &nbsp;&nbsp;$38740 |
| &nbsp;&nbsp;&nbsp;4.50%, 4/1/30<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137 | &nbsp;&nbsp;&nbsp;&nbsp; 127024 |
| &nbsp;&nbsp;&nbsp;7.00%, 3/31/34<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 76996 |
| Odido Group Holding BV, 5.50%, 1/15/30<sup>(2)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159 | &nbsp;&nbsp;&nbsp;&nbsp; 184585 |
| TELUS Corp., 7.00% to 7/15/35, 10/15/55<sup>(6)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 138773 |
| Vmed O2 U.K. Financing I PLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 1/31/29<sup>(2)</sup> | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 344440 |
| &nbsp;&nbsp;&nbsp;5.625%, 4/15/32<sup>(2)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 235114 |
| Windstream Services LLC, 7.50%, 10/15/33<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446 | &nbsp;&nbsp;&nbsp;&nbsp; 445922 |
| WULF Compute LLC, 7.75%, 10/15/30<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127 | &nbsp;&nbsp;&nbsp;&nbsp; 132024 |
| Zegona Finance PLC, 8.625%, 7/15/29<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361 | &nbsp;&nbsp;&nbsp;&nbsp; 384638 |
|  |  |  | &nbsp;&nbsp;**$3478504** |
| Textiles, Apparel & Luxury Goods — 0.7% | Textiles, Apparel & Luxury Goods — 0.7% | Textiles, Apparel & Luxury Goods — 0.7% | Textiles, Apparel & Luxury Goods — 0.7% |
| Beach Acquisition Bidco LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 7/15/32<sup>(3)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640 | &nbsp;&nbsp;$760006 |
| &nbsp;&nbsp;&nbsp;10.00%, (10.00% cash or 10.75% PIK), 7/15/33<sup>(3)(4)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815 | &nbsp;&nbsp;&nbsp;&nbsp; 877075 |
| Champ Acquisition Corp., 8.375%, 12/1/31<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp; 261555 |
| PrestigeBidCo GmbH, 5.776%, (3 mo. EURIBOR + 3.75%), 7/1/29<sup>(2)(7)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 209060 |
|  |  |  | &nbsp;&nbsp;**$2107696** |
| Transportation — 0.5% | Transportation — 0.5% | Transportation — 0.5% | Transportation — 0.5% |
| Edge Finco PLC, 8.125%, 8/15/31<sup>(2)</sup> | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466 | &nbsp;&nbsp;$649146 |
| Seaspan Corp., 5.50%, 8/1/29<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304 | &nbsp;&nbsp;&nbsp;&nbsp; 293029 |
| Stonepeak Nile Parent LLC, 7.25%, 3/15/32<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134 | &nbsp;&nbsp;&nbsp;&nbsp; 141803 |
| Watco Cos. LLC/Watco Finance Corp., 7.125%, 8/1/32<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257 | &nbsp;&nbsp;&nbsp;&nbsp; 266495 |
|  |  |  | &nbsp;&nbsp;**$1350473** |
| Total Corporate Bonds<br> (identified cost $91,798,092) |  |  | &nbsp;&nbsp;**$93822527** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Preferred Stocks — 0.2%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Banks — 0.0%<sup>†</sup> | Banks — 0.0%<sup>†</sup> | Banks — 0.0%<sup>†</sup> |
| Citizens Financial Group, Inc., Series H, 7.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573 | &nbsp;&nbsp;$15133 |
| KeyCorp, Series H, 6.20% to 12/15/27<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3444 | &nbsp;&nbsp;&nbsp;&nbsp; 86307 |
|  |  | &nbsp;&nbsp;**$101440** |
| Capital Markets — 0.0%<sup>†</sup> | Capital Markets — 0.0%<sup>†</sup> | Capital Markets — 0.0%<sup>†</sup> |
| Affiliated Managers Group, Inc., 4.75% | &nbsp;&nbsp;&nbsp;&nbsp;5486 | &nbsp;&nbsp;$96115 |
|  |  | &nbsp;&nbsp;**$96115** |

---

*11*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_272bc464-22bf-48e1-9e08-fe5f85c3879b_TOC)

Eaton Vance

Global Income Builder Fund

October 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Electric Utilities — 0.1% | Electric Utilities — 0.1% | Electric Utilities — 0.1% |
| Brookfield BRP Holdings Canada, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;4.625% | &nbsp;&nbsp;&nbsp;&nbsp;5119 | &nbsp;&nbsp;$78884 |
| &nbsp;&nbsp;&nbsp;7.25% | &nbsp;&nbsp;&nbsp;&nbsp;3146 | &nbsp;&nbsp;&nbsp;&nbsp; 79216 |
| SCE Trust IV, Series J, 7.431% to 11/30/25<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651 | &nbsp;&nbsp;&nbsp;&nbsp; 15461 |
|  |  | &nbsp;&nbsp;**$173561** |
| Insurance — 0.1% | Insurance — 0.1% | Insurance — 0.1% |
| American National Group, Inc., 7.375% | &nbsp;&nbsp;&nbsp;&nbsp;3600 | &nbsp;&nbsp;$91620 |
| Aspen Insurance Holdings Ltd., 7.00% | &nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 100680 |
|  |  | &nbsp;&nbsp;**$192300** |
| Wireless Telecommunication Services — 0.0%<sup>†</sup> | Wireless Telecommunication Services — 0.0%<sup>†</sup> | Wireless Telecommunication Services — 0.0%<sup>†</sup> |
| T-Mobile USA, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;647 | &nbsp;&nbsp;$15017 |
| &nbsp;&nbsp;&nbsp;6.25% | &nbsp;&nbsp;&nbsp;&nbsp;2960 | &nbsp;&nbsp;&nbsp;&nbsp; 73911 |
|  |  | &nbsp;&nbsp;**$88928** |
| Total Preferred Stocks<br> (identified cost $719,332) |  | &nbsp;&nbsp;**$652344** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Senior Floating-Rate Loans — 2.3%<sup>(11)</sup>

---

| | | | |
|:---|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Apparel & Luxury Goods — 0.0%<sup>†</sup> | Apparel & Luxury Goods — 0.0%<sup>†</sup> | Apparel & Luxury Goods — 0.0%<sup>†</sup> | Apparel & Luxury Goods — 0.0%<sup>†</sup> |
| Hanesbrands, Inc., Term Loan, 6.715%, (1 mo. USD Term SOFR + 2.75%), 3/7/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;$110997 |
|  |  |  | &nbsp;&nbsp;**$110997** |
| Auto Components — 0.3% | Auto Components — 0.3% | Auto Components — 0.3% | Auto Components — 0.3% |
| Clarios Global LP: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 4.893%, (1 mo. EURIBOR + 3.00%), 7/16/31 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485 | &nbsp;&nbsp;$561755 |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.465%, (1 mo. USD Term SOFR + 2.50%), 5/6/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 174953 |
| Crash Champions LLC, Term Loan, 2/23/29<sup>(12)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106 | &nbsp;&nbsp;&nbsp;&nbsp; 98334 |
|  |  |  | &nbsp;&nbsp;**$835042** |
| Beverages — 0.1% | Beverages — 0.1% | Beverages — 0.1% | Beverages — 0.1% |
| Primo Brands Corp., Term Loan, 6.252%, (3 mo. USD Term SOFR + 2.25%), 3/31/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306 | &nbsp;&nbsp;$307247 |
|  |  |  | &nbsp;&nbsp;**$307247** |

---

---

| | | |
|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Building Products — 0.2% | Building Products — 0.2% | Building Products — 0.2% |
| CP Atlas Buyer, Inc., Term Loan, 9.215%, (1 mo. USD Term SOFR + 5.25%), 7/8/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142 | &nbsp;&nbsp;$140545 |
| LBM Acquisition LLC, Term Loan, 7.881%, (1 mo. USD Term SOFR + 3.75%), 6/6/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 198973 |
| Specialty Building Products Holdings LLC, Term Loan, 10/15/28<sup>(12)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191 | &nbsp;&nbsp;&nbsp;&nbsp; 183664 |
|  |  | &nbsp;&nbsp;**$523182** |
| Capital Markets — 0.2% | Capital Markets — 0.2% | Capital Markets — 0.2% |
| Fortress Intermediate 3, Inc., Term Loan, 7.106%, (1 mo. USD Term SOFR + 3.00%), 6/27/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506 | &nbsp;&nbsp;$508073 |
|  |  | &nbsp;&nbsp;**$508073** |
| Commercial Services & Supplies — 0.1% | Commercial Services & Supplies — 0.1% | Commercial Services & Supplies — 0.1% |
| Signal Parent, Inc., Term Loan, 7.44%, (3 mo. USD Term SOFR + 3.50%), 4/3/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237 | &nbsp;&nbsp;$166843 |
|  |  | &nbsp;&nbsp;**$166843** |
| Diversified Telecommunication Services — 0.1% | Diversified Telecommunication Services — 0.1% | Diversified Telecommunication Services — 0.1% |
| Lumen Technologies, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.429%, (1 mo. USD Term SOFR + 2.35%), 4/16/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103 | &nbsp;&nbsp;$103084 |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.429%, (1 mo. USD Term SOFR + 2.35%), 4/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 129857 |
|  |  | &nbsp;&nbsp;**$232941** |
| Energy Equipment & Services — 0.1% | Energy Equipment & Services — 0.1% | Energy Equipment & Services — 0.1% |
| New Generation Gas Gathering LLC, Term Loan, 9.59%, (3 mo. USD Term SOFR + 5.75%), 9/30/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293 | &nbsp;&nbsp;$292349 |
|  |  | &nbsp;&nbsp;**$292349** |
| Health Care Providers & Services — 0.0%<sup>†</sup> | Health Care Providers & Services — 0.0%<sup>†</sup> | Health Care Providers & Services — 0.0%<sup>†</sup> |
| LifePoint Health, Inc., Term Loan, 7.655% - 7.782%, (1 mo. USD Term SOFR + 3.75%, 3 mo. USD Term SOFR + 3.75%), 5/19/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142 | &nbsp;&nbsp;$141915 |
|  |  | &nbsp;&nbsp;**$141915** |
| Hotels, Restaurants & Leisure — 0.2% | Hotels, Restaurants & Leisure — 0.2% | Hotels, Restaurants & Leisure — 0.2% |
| IRB Holding Corp., Term Loan, 6.465%, (1 mo. USD Term SOFR + 2.50%), 12/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;$350712 |
| Peninsula Pacific Entertainment LLC: |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 8.735%, (3 mo. USD Term SOFR + 4.75%), 10/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139 | &nbsp;&nbsp;&nbsp;&nbsp; 139516 |
| &nbsp;&nbsp;&nbsp;Term Loan, 10/1/32<sup>(13)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 | &nbsp;&nbsp;&nbsp;&nbsp; 32699 |

---

*12*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_272bc464-22bf-48e1-9e08-fe5f85c3879b_TOC)

Eaton Vance

Global Income Builder Fund

October 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Hotels, Restaurants & Leisure (continued) | Hotels, Restaurants & Leisure (continued) | Hotels, Restaurants & Leisure (continued) |
| Spectacle Gary Holdings LLC, Term Loan, 8.402%, (3 mo. USD Term SOFR + 4.25%), 12/11/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159 | &nbsp;&nbsp;$155246 |
|  |  | &nbsp;&nbsp;**$678173** |
| Insurance — 0.1% | Insurance — 0.1% | Insurance — 0.1% |
| Truist Insurance Holdings LLC, Term Loan - Second Lien, 8.752%, (3 mo. USD Term SOFR + 4.75%), 5/6/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;$152531 |
|  |  | &nbsp;&nbsp;**$152531** |
| Leisure Products — 0.1% | Leisure Products — 0.1% | Leisure Products — 0.1% |
| Peloton Interactive, Inc., Term Loan, 9.465%, (1 mo. USD Term SOFR + 5.50%), 5/30/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290 | &nbsp;&nbsp;$294437 |
|  |  | &nbsp;&nbsp;**$294437** |
| Machinery — 0.1% | Machinery — 0.1% | Machinery — 0.1% |
| EMRLD Borrower LP, Term Loan, 6.449%, (3 mo. USD Term SOFR + 2.25%), 5/31/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174 | &nbsp;&nbsp;$173829 |
|  |  | &nbsp;&nbsp;**$173829** |
| Media — 0.1% | Media — 0.1% | Media — 0.1% |
| CMG Media Corp., Term Loan, 7.602%, (3 mo. USD Term SOFR + 3.50%), 6/18/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;$36943 |
| E.W. Scripps Co.: |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.497%, (1 mo. USD Term SOFR + 3.35%), 11/30/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242 | &nbsp;&nbsp;&nbsp;&nbsp; 235295 |
| &nbsp;&nbsp;&nbsp;Term Loan, 9.897%, (1 mo. USD Term SOFR + 5.75%), 6/30/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 | &nbsp;&nbsp;&nbsp;&nbsp; 64908 |
|  |  | &nbsp;&nbsp;**$337146** |
| Pharmaceuticals — 0.3% | Pharmaceuticals — 0.3% | Pharmaceuticals — 0.3% |
| Bausch Health Cos., Inc., Term Loan, 10.215%, (1 mo. USD Term SOFR + 6.25%), 10/8/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529 | &nbsp;&nbsp;$526365 |
| Endo Luxembourg Finance Co. I SARL, Term Loan, 7.965%, (1 mo. USD Term SOFR + 4.00%), 4/23/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196 | &nbsp;&nbsp;&nbsp;&nbsp; 195434 |
|  |  | &nbsp;&nbsp;**$721799** |
| Specialty Retail — 0.3% | Specialty Retail — 0.3% | Specialty Retail — 0.3% |
| Evergreen Acqco 1 LP, Term Loan, 7.026%, (3 mo. USD Term SOFR + 3.00%), 9/17/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263 | &nbsp;&nbsp;$263559 |
| Mavis Tire Express Services Corp., Term Loan, 7.199%, (3 mo. USD Term SOFR + 3.00%), 5/4/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138 | &nbsp;&nbsp;&nbsp;&nbsp; 138628 |
| Petco Health & Wellness Co., Inc., Term Loan, 7.513%, (3 mo. USD Term SOFR + 3.25%), 3/3/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218 | &nbsp;&nbsp;&nbsp;&nbsp; 215707 |
| PetSmart, Inc., Term Loan, 8.031%, (1 mo. USD Term SOFR + 4.00%), 8/18/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372 | &nbsp;&nbsp;&nbsp;&nbsp; 366876 |
|  |  | &nbsp;&nbsp;**$984770** |

---

---

| | | |
|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Trading Companies & Distributors — 0.0%<sup>†</sup> | Trading Companies & Distributors — 0.0%<sup>†</sup> | Trading Companies & Distributors — 0.0%<sup>†</sup> |
| Park River Holdings, Inc., Term Loan, 3/15/31<sup>(12)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;$75375 |
|  |  | &nbsp;&nbsp;**$75375** |
| Total Senior Floating-Rate Loans<br> (identified cost $6,508,005) |  | &nbsp;&nbsp;**$6536649** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Miscellaneous — 0.0%<sup>†</sup>

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Construction & Engineering — 0.0% | Construction & Engineering — 0.0% | Construction & Engineering — 0.0% |
| Abengoa Abenewco 2 SA, Escrow Certificates<sup>(1)(14)</sup> | $156808 | &nbsp;&nbsp;$0 |
| Abengoa Abenewco 2 SA, Escrow Certificates<sup>(1)(14)</sup> | 156808 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
|  |  | &nbsp;&nbsp;**$0** |
| Energy — 0.0% | Energy — 0.0% | Energy — 0.0% |
| Enviva LLC, Escrow Certificates<sup>(1)(14)</sup> | $228000 | &nbsp;&nbsp;$0 |
|  |  | &nbsp;&nbsp;**$0** |
| Entertainment — 0.0% | Entertainment — 0.0% | Entertainment — 0.0% |
| National CineMedia, Inc., Escrow Certificates<sup>(1)(14)</sup> | $189000 | &nbsp;&nbsp;$0 |
|  |  | &nbsp;&nbsp;**$0** |
| Pharmaceuticals — 0.0% | Pharmaceuticals — 0.0% | Pharmaceuticals — 0.0% |
| Endo Design LLC, Escrow Certificates<sup>(1)(14)</sup> | $200000 | &nbsp;&nbsp;$0 |
| Endo Luxembourg Finance SARL, Escrow Certificates<sup>(1)(14)</sup> | 171000 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
|  |  | &nbsp;&nbsp;**$0** |
| Transportation — 0.0%<sup>†</sup> | Transportation — 0.0%<sup>†</sup> | Transportation — 0.0%<sup>†</sup> |
| Hertz Corp., Escrow Certificates<sup>(1)</sup> | $58000 | &nbsp;&nbsp;$9280 |

---

*13*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_272bc464-22bf-48e1-9e08-fe5f85c3879b_TOC)

Eaton Vance

Global Income Builder Fund

October 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Transportation (continued) | Transportation (continued) | Transportation (continued) |
| Hertz Corp., Escrow Certificates<sup>(1)</sup> | $167000 | &nbsp;&nbsp;$10855 |
| Hertz Corp., Escrow Certificates<sup>(1)</sup> | 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 6050 |
|  |  | &nbsp;&nbsp;**$26185** |
| Total Miscellaneous<br> (identified cost $65,850) |  | &nbsp;&nbsp;**$26185** |
| Total Investments — 99.1%<br> (identified cost $207,247,209) |  | &nbsp;&nbsp;**$283390945** |
| Less Unfunded Loan Commitments — (0.0)%<sup>†</sup> |  | &nbsp;&nbsp;**$(32658)** |
| Net Investments — 99.1%<br> (identified cost $207,214,551) |  | &nbsp;&nbsp;**$283358287** |
| Other Assets, Less Liabilities — 0.9% |  | &nbsp;&nbsp;**$2692840** |
| Net Assets — 100.0% |  | &nbsp;&nbsp;**$286051127** |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | The percentage shown for each investment category in the Portfolio of Investments is based on net assets. |
| <sup>†</sup> | Amount is less than 0.05% or (0.05)%, as applicable. |
| \* | In U.S. dollars unless otherwise indicated. |
| <sup>(1)</sup> | Non-income producing security. |
| <sup>(2)</sup> | Security exempt from registration under Regulation S of the Securities Act of 1933, as amended, 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, as amended. At October 31, 2025, the aggregate value of these securities is $16,887,662 or 5.9% of the Fund's net assets. |
| <sup>(3)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At October 31, 2025, the aggregate value of these securities is $66,105,930 or 23.1% of the Fund's net assets. |
| <sup>(4)</sup> | Represents a payment-in-kind security which may pay interest in additional principal at the issuer's discretion. |
| <sup>(5)</sup> | Perpetual security with no stated maturity date but may be subject to calls by the issuer. |
| <sup>(6)</sup> | Security converts to variable rate after the indicated fixed-rate coupon period. |
| <sup>(7)</sup> | Variable rate security. The stated interest rate represents the rate in effect at October 31, 2025. |
| <sup>(8)</sup> | Issuer is in default with respect to interest and/or principal payments and is non-income producing. |
| <sup>(9)</sup> | When-issued security. |
| <sup>(10)</sup> | Step coupon security. Interest rate represents the rate in effect at October 31, 2025. |

---

<sup>(11)</sup> Senior floating-rate loans (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 typically have an expected average life of approximately two to four years. Senior Loans typically have rates of interest which are redetermined periodically by reference to a base lending rate, plus a spread. These base lending rates are primarily the Secured Overnight Financing Rate ("SOFR") and secondarily, the prime rate offered by one or more major United States banks (the "Prime Rate"). Base lending rates may be subject to a floor, or minimum rate. Rates for SOFR are generally 1 or 3-month tenors and may also be subject to a credit spread adjustment. Senior Loans are generally subject to contractual restrictions that must be satisfied before they can be bought or sold.

<sup>(12)</sup> This Senior Loan will settle after October 31, 2025, at which time the interest rate will be determined.

<sup>(13)</sup> Unfunded or partially unfunded loan commitments. The stated interest rate reflects the reference rate and spread for the funded portion, if any. At October 31, 2025, the total value of unfunded loan commitments is $32,699. See Note 1G for description.

<sup>(14)</sup> Security is valued using significant unobservable inputs and is categorized as Level 3 in the fair value hierarchy.

*14*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_272bc464-22bf-48e1-9e08-fe5f85c3879b_TOC)

Eaton Vance

Global Income Builder Fund

October 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| Country Concentration of Portfolio | Country Concentration of Portfolio | Country Concentration of Portfolio |
| **Country** | &nbsp;&nbsp;&nbsp;**Percentage of<br> Total Investments** | &nbsp;&nbsp;&nbsp;**Value** |
| United States | &nbsp;&nbsp;&nbsp;&nbsp;64.0% | &nbsp;&nbsp;&nbsp;$181494989 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;10.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28934275 |
| France | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12198583 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6374189 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6039726 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5725222 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5575140 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5454729 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4799656 |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4636519 |
| Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3770697 |
| Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3253879 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2662052 |
| Denmark | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2057255 |
| Bermuda | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300493 |
| Belgium | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1207786 |
| Mexico | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1203725 |
| South Africa | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1014595 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;927717 |
| India | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800824 |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;797760 |
| Israel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;699568 |
| Greece | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512739 |
| Slovenia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499202 |
| South Korea | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427943 |
| Czech Republic | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348260 |
| Turkey | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251703 |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215064 |
| Finland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206655 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;&nbsp;**$283390945** |

---

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ADR | – American Depositary Receipt |
| EURIBOR | – Euro Interbank Offered Rate |
| PIK | – Payment In Kind |
| REITs | – Real Estate Investment Trusts |
| SOFR | – Secured Overnight Financing Rate |

---

---

| | |
|:---|:---|
| **Currency Abbreviations:** | **Currency Abbreviations:** |
| EUR | – Euro |
| GBP | – British Pound Sterling |

---

*15*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_272bc464-22bf-48e1-9e08-fe5f85c3879b_TOC)

Eaton Vance

Global Income Builder Fund

October 31, 2025

Statement of Assets and Liabilities

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**October 31, 2025** |
| Assets |  |
| Investments, at value (identified cost $207,214,551) | &nbsp;&nbsp;$283358287 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85022 |
| Foreign currency, at value (identified cost $144,630) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143813 |
| Interest and dividends receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1709947 |
| Dividends receivable from affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5317 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619379 |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151093 |
| Tax reclaims receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1565997 |
| Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66251 |
| **Total assets** | &nbsp;&nbsp;**$287705106** |
| Liabilities |  |
| Payable for investments purchased | &nbsp;&nbsp;$506361 |
| Payable for when-issued securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614431 |
| Payable for Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44409 |
| Payable to affiliates: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment adviser fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134064 |
| &nbsp;&nbsp;&nbsp;Administration fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36616 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41998 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agency fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3462 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1574 |
| &nbsp;&nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66251 |
| &nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16979 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187834 |
| **Total liabilities** | &nbsp;&nbsp;**$1653979** |
| **Net Assets** | &nbsp;&nbsp;**$286051127** |
| Sources of Net Assets |  |
| Paid-in capital | &nbsp;&nbsp;$209157262 |
| Distributable earnings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76893865 |
| **Net Assets** | &nbsp;&nbsp;**$286051127** |
| Class A Shares |  |
| **Net Assets** | &nbsp;&nbsp;$142422203 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12177097 |
| **Net Asset Value and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$11.70 |
| **Maximum Offering Price Per Share <br> (100 ÷ 94.75 of net asset value per share)** | &nbsp;&nbsp;$12.35 |
| Class C Shares |  |
| **Net Assets** | &nbsp;&nbsp;$12198054 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1057402 |
| **Net Asset Value and Offering Price Per Share\*<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$11.54 |
| Class I Shares |  |
| **Net Assets** | &nbsp;&nbsp;$127388747 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10909121 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$11.68 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_272bc464-22bf-48e1-9e08-fe5f85c3879b_TOC)

Eaton Vance

Global Income Builder Fund

October 31, 2025

Statement of Assets and Liabilities — continued

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**October 31, 2025** |
| Class R Shares |  |
| **Net Assets** | &nbsp;&nbsp;$4042123 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347038 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$11.65 |

---

---

| | |
|:---|:---|
| On sales of $50,000 or more, the offering price of Class A shares is reduced. | On sales of $50,000 or more, the offering price of Class A shares is reduced. |
| \* | Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge. |

---

*17*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_272bc464-22bf-48e1-9e08-fe5f85c3879b_TOC)

Eaton Vance

Global Income Builder Fund

October 31, 2025

Statement of Operations

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended** |
|  | &nbsp;&nbsp;&nbsp;**October 31, 2025** |
| Investment Income |  |
| Dividend income (net of foreign taxes withheld of $1,088,248) | &nbsp;&nbsp;$7985503 |
| Dividend income from affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137878 |
| Interest income (net of foreign taxes withheld of $448) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6910799 |
| Other income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1797807 |
| **Total investment income** | &nbsp;&nbsp;**$16831987** |
| Expenses |  |
| Investment adviser fee | &nbsp;&nbsp;$1515174 |
| Administration fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413229 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340083 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112711 |
| &nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15350 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18292 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181155 |
| Transfer and dividend disbursing agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155458 |
| Legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102615 |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12596 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59004 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89945 |
| **Total expenses** | &nbsp;&nbsp;**$3015612** |
| Deduct: |  |
| &nbsp;&nbsp;&nbsp;Waiver and/or reimbursement of expenses by affiliates | &nbsp;&nbsp;$10074 |
| **Total expense reductions** | &nbsp;&nbsp;**$10074** |
| **Net expenses** | &nbsp;&nbsp;**$3005538** |
| **Net investment income** | &nbsp;&nbsp;**$13826449** |
| Realized and Unrealized Gain (Loss) |  |
| Net realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;Investment transactions | &nbsp;&nbsp;$3107993 |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1424104) |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(107160) |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19046) |
| **Net realized gain** | &nbsp;&nbsp;**$1557683** |
| Change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;$24393685 |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50894 |
| &nbsp;&nbsp;&nbsp;Foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122693 |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2209) |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$24565063** |
| **Net realized and unrealized gain** | &nbsp;&nbsp;**$26122746** |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$39949195** |

---

*18*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_272bc464-22bf-48e1-9e08-fe5f85c3879b_TOC)

Eaton Vance

Global Income Builder Fund

October 31, 2025

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
|  | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$13826449 | &nbsp;&nbsp;$11294234 |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1557683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11494923 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24565063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24627148 |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$39949195** | &nbsp;&nbsp;**$47416305** |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(10654739) | &nbsp;&nbsp;$(6393331) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(805056) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(516681) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10153916) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5124093) |
| &nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(222533) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(88336) |
| **Total distributions to shareholders** | &nbsp;&nbsp;**$(21836244)** | &nbsp;&nbsp;**$(12122441)** |
| Transactions in shares of beneficial interest: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(4554669) | &nbsp;&nbsp;$(1549578) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(359214) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2934563) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3857867) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26124861 |
| &nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1579604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;856006 |
| **Net increase (decrease) in net assets from Fund share transactions** | &nbsp;&nbsp;**$(7192146)** | &nbsp;&nbsp;**$22496726** |
| **Net increase in net assets** | &nbsp;&nbsp;**$10920805** | &nbsp;&nbsp;**$57790590** |
| Net Assets |  |  |
| At beginning of year | &nbsp;&nbsp;$275130322 | &nbsp;&nbsp;$217339732 |
| **At end of year** | &nbsp;&nbsp;**$286051127** | &nbsp;&nbsp;**$275130322** |

---

*19*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_272bc464-22bf-48e1-9e08-fe5f85c3879b_TOC)

Eaton Vance

Global Income Builder Fund

October 31, 2025

Financial Highlights

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$10.93 | &nbsp;&nbsp;$9.40 | &nbsp;&nbsp;$8.92 | &nbsp;&nbsp;$11.36 | &nbsp;&nbsp;$9.07 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.54 | &nbsp;&nbsp;$0.47 | &nbsp;&nbsp;$0.35 | &nbsp;&nbsp;$0.34 | &nbsp;&nbsp;$0.27 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.34 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$1.63** | &nbsp;&nbsp;**$2.04** | &nbsp;&nbsp;**$0.80** | &nbsp;&nbsp;**$(1.98)** | &nbsp;&nbsp;**$2.61** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.58) | &nbsp;&nbsp;$(0.49) | &nbsp;&nbsp;$(0.32) | &nbsp;&nbsp;$(0.32) | &nbsp;&nbsp;$(0.32) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total distributions** | &nbsp;&nbsp;**$(0.86)** | &nbsp;&nbsp;**$(0.51)** | &nbsp;&nbsp;**$(0.32)** | &nbsp;&nbsp;**$(0.46)** | &nbsp;&nbsp;**$(0.32)** |
| **Portfolio transaction fee, net<sup>(1)</sup>** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$(0.00)<sup>(2)</sup>** | &nbsp;&nbsp;**$(0.00)<sup>(2)</sup>** | &nbsp;&nbsp;**$(0.00)<sup>(2)</sup>** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$11.70** | &nbsp;&nbsp;**$10.93** | &nbsp;&nbsp;**$9.40** | &nbsp;&nbsp;**$8.92** | &nbsp;&nbsp;**$11.36** |
| **Total Return<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.86%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.82%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.00%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(17.86)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.08%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$142422 | &nbsp;&nbsp;$137609 | &nbsp;&nbsp;$119712 | &nbsp;&nbsp;$123589 | &nbsp;&nbsp;$164778 |
| Ratios (as a percentage of average daily net assets):<sup>(4)(5)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.52% |
| Portfolio Turnover of the Portfolio<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60% |
| Portfolio Turnover of the Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14%<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

---

| | |
|:---|:---|
| <sup>(1)</sup> | Computed using average shares outstanding. |
| <sup>(2)</sup> | Amount is less than $(0.005). |
| <sup>(3)</sup> | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect<br> the effect of sales charges. |
| <sup>(4)</sup> | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
| <sup>(5)</sup> | Includes the Fund's share of the Portfolio's allocated expenses for the period while the Fund was investing in the Portfolio. |
| <sup>(6)</sup> | Includes a reduction by the investment adviser of a portion of its adviser fee due to the Fund's and Portfolio's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended October 31, 2025, 2024, 2023 and 2022). |
| <sup>(7)</sup> | Portfolio turnover represents the rate of portfolio activity for the period while the Fund was investing in the Portfolio. |
| <sup>(8)</sup> | For the period from June 17, 2023 through October 31, 2023 when the Fund was making investments directly in securities. |
| References to Portfolio herein are to Global Income Builder Portfolio, a Massachusetts business trust in which the Fund invested all of its investable assets prior to the close of business on June 16, 2023 and which had the same investment objectives and policies as the Fund during such period. | References to Portfolio herein are to Global Income Builder Portfolio, a Massachusetts business trust in which the Fund invested all of its investable assets prior to the close of business on June 16, 2023 and which had the same investment objectives and policies as the Fund during such period. |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_272bc464-22bf-48e1-9e08-fe5f85c3879b_TOC)

Eaton Vance

Global Income Builder Fund

October 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$10.79 | &nbsp;&nbsp;$9.28 | &nbsp;&nbsp;$8.81 | &nbsp;&nbsp;$11.23 | &nbsp;&nbsp;$8.96 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.45 | &nbsp;&nbsp;$0.38 | &nbsp;&nbsp;$0.27 | &nbsp;&nbsp;$0.26 | &nbsp;&nbsp;$0.19 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.33 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$1.52** | &nbsp;&nbsp;**$1.93** | &nbsp;&nbsp;**$0.72** | &nbsp;&nbsp;**$(2.03)** | &nbsp;&nbsp;**$2.52** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.49) | &nbsp;&nbsp;$(0.40) | &nbsp;&nbsp;$(0.25) | &nbsp;&nbsp;$(0.25) | &nbsp;&nbsp;$(0.25) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total distributions** | &nbsp;&nbsp;**$(0.77)** | &nbsp;&nbsp;**$(0.42)** | &nbsp;&nbsp;**$(0.25)** | &nbsp;&nbsp;**$(0.39)** | &nbsp;&nbsp;**$(0.25)** |
| **Portfolio transaction fee, net<sup>(1)</sup>** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$(0.00)<sup>(2)</sup>** | &nbsp;&nbsp;**$(0.00)<sup>(2)</sup>** | &nbsp;&nbsp;**$(0.00)<sup>(2)</sup>** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$11.54** | &nbsp;&nbsp;**$10.79** | &nbsp;&nbsp;**$9.28** | &nbsp;&nbsp;**$8.81** | &nbsp;&nbsp;**$11.23** |
| **Total Return<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.95%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.96%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.17%** | &nbsp;&nbsp;&nbsp;&nbsp;**(18.46)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28.26%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$12198 | &nbsp;&nbsp;$11811 | &nbsp;&nbsp;$12724 | &nbsp;&nbsp;$15093 | &nbsp;&nbsp;$24505 |
| Ratios (as a percentage of average daily net assets):<sup>(4)(5)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.92% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.92%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.92%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.92%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.92%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.92% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.87% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.76% |
| Portfolio Turnover of the Portfolio<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60% |
| Portfolio Turnover of the Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14%<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

---

| | |
|:---|:---|
| <sup>(1)</sup> | Computed using average shares outstanding. |
| <sup>(2)</sup> | Amount is less than $(0.005). |
| <sup>(3)</sup> | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect<br> the effect of sales charges. |
| <sup>(4)</sup> | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
| <sup>(5)</sup> | Includes the Fund's share of the Portfolio's allocated expenses for the period while the Fund was investing in the Portfolio. |
| <sup>(6)</sup> | Includes a reduction by the investment adviser of a portion of its adviser fee due to the Fund's and Portfolio's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended October 31, 2025, 2024, 2023 and 2022). |
| <sup>(7)</sup> | Portfolio turnover represents the rate of portfolio activity for the period while the Fund was investing in the Portfolio. |
| <sup>(8)</sup> | For the period from June 17, 2023 through October 31, 2023 when the Fund was making investments directly in securities. |
| References to Portfolio herein are to Global Income Builder Portfolio, a Massachusetts business trust in which the Fund invested all of its investable assets prior to the close of business on June 16, 2023 and which had the same investment objectives and policies as the Fund during such period. | References to Portfolio herein are to Global Income Builder Portfolio, a Massachusetts business trust in which the Fund invested all of its investable assets prior to the close of business on June 16, 2023 and which had the same investment objectives and policies as the Fund during such period. |

---

*21*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_272bc464-22bf-48e1-9e08-fe5f85c3879b_TOC)

Eaton Vance

Global Income Builder Fund

October 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$10.92 | &nbsp;&nbsp;$9.39 | &nbsp;&nbsp;$8.91 | &nbsp;&nbsp;$11.34 | &nbsp;&nbsp;$9.06 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.57 | &nbsp;&nbsp;$0.50 | &nbsp;&nbsp;$0.37 | &nbsp;&nbsp;$0.37 | &nbsp;&nbsp;$0.30 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.33 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$1.65** | &nbsp;&nbsp;**$2.06** | &nbsp;&nbsp;**$0.83** | &nbsp;&nbsp;**$(1.94)** | &nbsp;&nbsp;**$2.63** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.61) | &nbsp;&nbsp;$(0.51) | &nbsp;&nbsp;$(0.35) | &nbsp;&nbsp;$(0.35) | &nbsp;&nbsp;$(0.35) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total distributions** | &nbsp;&nbsp;**$(0.89)** | &nbsp;&nbsp;**$(0.53)** | &nbsp;&nbsp;**$(0.35)** | &nbsp;&nbsp;**$(0.49)** | &nbsp;&nbsp;**$(0.35)** |
| **Portfolio transaction fee, net<sup>(1)</sup>** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$(0.00)<sup>(2)</sup>** | &nbsp;&nbsp;**$(0.00)<sup>(2)</sup>** | &nbsp;&nbsp;**$(0.00)<sup>(2)</sup>** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$11.68** | &nbsp;&nbsp;**$10.92** | &nbsp;&nbsp;**$9.39** | &nbsp;&nbsp;**$8.91** | &nbsp;&nbsp;**$11.34** |
| **Total Return<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.08%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.14%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.28%** | &nbsp;&nbsp;&nbsp;&nbsp;**(17.60)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.31%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$127389 | &nbsp;&nbsp;$123496 | &nbsp;&nbsp;$83772 | &nbsp;&nbsp;$80627 | &nbsp;&nbsp;$113907 |
| Ratios (as a percentage of average daily net assets):<sup>(4)(5)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.76% |
| Portfolio Turnover of the Portfolio<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60% |
| Portfolio Turnover of the Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14%<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

---

| | |
|:---|:---|
| <sup>(1)</sup> | Computed using average shares outstanding. |
| <sup>(2)</sup> | Amount is less than $(0.005). |
| <sup>(3)</sup> | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested. |
| <sup>(4)</sup> | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
| <sup>(5)</sup> | Includes the Fund's share of the Portfolio's allocated expenses for the period while the Fund was investing in the Portfolio. |
| <sup>(6)</sup> | Includes a reduction by the investment adviser of a portion of its adviser fee due to the Fund's and Portfolio's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended October 31, 2025, 2024, 2023 and 2022). |
| <sup>(7)</sup> | Portfolio turnover represents the rate of portfolio activity for the period while the Fund was investing in the Portfolio. |
| <sup>(8)</sup> | For the period from June 17, 2023 through October 31, 2023 when the Fund was making investments directly in securities. |
| References to Portfolio herein are to Global Income Builder Portfolio, a Massachusetts business trust in which the Fund invested all of its investable assets prior to the close of business on June 16, 2023 and which had the same investment objectives and policies as the Fund during such period. | References to Portfolio herein are to Global Income Builder Portfolio, a Massachusetts business trust in which the Fund invested all of its investable assets prior to the close of business on June 16, 2023 and which had the same investment objectives and policies as the Fund during such period. |

---

*22*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_272bc464-22bf-48e1-9e08-fe5f85c3879b_TOC)

Eaton Vance

Global Income Builder Fund

October 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class R** | &nbsp;&nbsp;&nbsp;**Class R** | &nbsp;&nbsp;&nbsp;**Class R** | &nbsp;&nbsp;&nbsp;**Class R** | &nbsp;&nbsp;&nbsp;**Class R** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$10.89 | &nbsp;&nbsp;$9.36 | &nbsp;&nbsp;$8.89 | &nbsp;&nbsp;$11.32 | &nbsp;&nbsp;$9.04 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.51 | &nbsp;&nbsp;$0.46 | &nbsp;&nbsp;$0.33 | &nbsp;&nbsp;$0.31 | &nbsp;&nbsp;$0.25 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.33 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$1.59** | &nbsp;&nbsp;**$2.01** | &nbsp;&nbsp;**$0.77** | &nbsp;&nbsp;**$(1.99)** | &nbsp;&nbsp;**$2.58** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.55) | &nbsp;&nbsp;$(0.46) | &nbsp;&nbsp;$(0.30) | &nbsp;&nbsp;$(0.30) | &nbsp;&nbsp;$(0.30) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total distributions** | &nbsp;&nbsp;**$(0.83)** | &nbsp;&nbsp;**$(0.48)** | &nbsp;&nbsp;**$(0.30)** | &nbsp;&nbsp;**$(0.44)** | &nbsp;&nbsp;**$(0.30)** |
| **Portfolio transaction fee, net<sup>(1)</sup>** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$(0.00)<sup>(2)</sup>** | &nbsp;&nbsp;**$(0.00)<sup>(2)</sup>** | &nbsp;&nbsp;**$(0.00)<sup>(2)</sup>** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$11.65** | &nbsp;&nbsp;**$10.89** | &nbsp;&nbsp;**$9.36** | &nbsp;&nbsp;**$8.89** | &nbsp;&nbsp;**$11.32** |
| **Total Return<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**15.49%** | &nbsp;&nbsp;&nbsp;&nbsp;**21.64%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.64%** | &nbsp;&nbsp;&nbsp;&nbsp;**(18.02)%** | &nbsp;&nbsp;&nbsp;&nbsp;**28.76%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$4042 | &nbsp;&nbsp;$2213 | &nbsp;&nbsp;$1131 | &nbsp;&nbsp;$932 | &nbsp;&nbsp;$827 |
| Ratios (as a percentage of average daily net assets):<sup>(4)(5)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.29% |
| Portfolio Turnover of the Portfolio<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60% |
| Portfolio Turnover of the Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14%<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

---

| | |
|:---|:---|
| <sup>(1)</sup> | Computed using average shares outstanding. |
| <sup>(2)</sup> | Amount is less than $(0.005). |
| <sup>(3)</sup> | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested. |
| <sup>(4)</sup> | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
| <sup>(5)</sup> | Includes the Fund's share of the Portfolio's allocated expenses for the period while the Fund was investing in the Portfolio. |
| <sup>(6)</sup> | Includes a reduction by the investment adviser of a portion of its adviser fee due to the Fund's and Portfolio's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended October 31, 2025, 2024, 2023 and 2022). |
| <sup>(7)</sup> | Portfolio turnover represents the rate of portfolio activity for the period while the Fund was investing in the Portfolio. |
| <sup>(8)</sup> | For the period from June 17, 2023 through October 31, 2023 when the Fund was making investments directly in securities. |
| References to Portfolio herein are to Global Income Builder Portfolio, a Massachusetts business trust in which the Fund invested all of its investable assets prior to the close of business on June 16, 2023 and which had the same investment objectives and policies as the Fund during such period. | References to Portfolio herein are to Global Income Builder Portfolio, a Massachusetts business trust in which the Fund invested all of its investable assets prior to the close of business on June 16, 2023 and which had the same investment objectives and policies as the Fund during such period. |

---

*23*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_272bc464-22bf-48e1-9e08-fe5f85c3879b_TOC)

Eaton Vance

Global Income Builder Fund

October 31, 2025

Notes to Financial Statements

------

1 Significant Accounting Policies

Eaton Vance Global Income Builder Fund (the Fund) is a diversified series of Eaton Vance Mutual Funds Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund's investment objective is to achieve total return for its shareholders. The Fund offers four classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective November 5, 2020, Class C shares automatically convert to Class A shares eight years after their purchase as described in the Fund's prospectus. Class I and Class R shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses and net investment income and losses, other than class-specific expenses, are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Each class of shares differs in its distribution plan and certain other class-specific expenses.

The following is a summary of significant accounting policies of the Fund. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.

A Investment Valuation—The following methodologies are used to determine the market value or fair value of investments.

**Equity Securities. Equity securities listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and ask prices on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ National Market System are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and ask prices or, in the case of preferred equity securities that are not listed or traded in the over-the-counter market, by a third party pricing service that uses various techniques that consider factors including, but not limited to, prices or yields of securities with similar characteristics, benchmark yields, broker/dealer quotes, quotes of underlying common stock, issuer spreads, as well as industry and economic events.**

**Debt Obligations. Debt obligations are generally valued on the basis of valuations provided by third party pricing services, as derived from such services' pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and ask prices, broker/dealer quotations, prices or yields of securities with similar characteristics, interest rates, anticipated prepayments, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Short-term debt obligations purchased with a remaining maturity of sixty days or less for which a valuation from a third party pricing service is not readily available may be valued at amortized cost, which approximates fair value.**

**Senior Floating-Rate Loans. Interests in senior floating-rate loans (Senior Loans) are valued generally at the average mean of bid and ask quotations obtained from a third party pricing service.**

**Foreign Securities and Currencies. Foreign securities 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 generally is determined as of the close of trading on the principal exchange on which such securities trade. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities 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 that meet certain criteria, the Fund's Trustees have approved the use of a fair value service that values such securities 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.** 

**Other. Investments in management investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value as of the close of each business day.**

**Fair Valuation. In connection with Rule 2a-5 of the 1940 Act, the Trustees have designated the Fund's investment adviser as its valuation designee. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued by the investment adviser, as valuation designee, at fair value using methods that most fairly reflect the security's "fair value", which is the amount that the Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security's disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company's or entity's financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.**

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

------

[**Table of Contents**](#JOB_EV_AR_272bc464-22bf-48e1-9e08-fe5f85c3879b_TOC)

Eaton Vance

Global Income Builder Fund

October 31, 2025

Notes to Financial Statements — continued

------

C Income—Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. However, if the ex-dividend date has passed, certain dividends from foreign securities are recorded as the Fund is informed of the ex-dividend date. Withholding taxes on foreign dividends, interest and capital gains have been provided for in accordance with the Fund's understanding of the applicable countries' tax rules and rates. As a result of several court cases in certain countries across the European Union (EU), the Fund filed additional tax reclaims for previously withheld taxes on dividends earned in those countries. Income recognized, if any, for EU reclaims and interest thereon is reflected as other income in the Statement of Operations, and any related receivable, if any, is reflected as European Union tax reclaims receivable in the Statement of Assets and Liabilities. Any fees associated with these filings are reflected in miscellaneous expenses in the Statement of Operations. When uncertainty exists as to the ultimate resolution of these proceedings, the likelihood of receipt of these EU reclaims, and the potential timing of payment, no amounts are reflected in the financial statements. For U.S. income tax purposes, EU reclaims received by the Fund, if any, may reduce the amount of foreign taxes Fund shareholders can use as tax deductions or credits on their income tax returns. In the event that EU reclaims received by the Fund during a fiscal year exceed foreign withholding taxes paid by the Fund, and the Fund previously passed through to its shareholders foreign taxes incurred by the Fund to be used as a credit or deduction on a shareholder's income tax return, the Fund may be required to enter into a closing agreement with the Internal Revenue Service in order to pay the associated tax liability on behalf of the Fund's shareholders. Distributions from investment companies are recorded as dividend income, capital gains or return of capital based on the nature of the distribution.

D Federal and Other Taxes—The Fund's policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary.

In addition to the requirements of the Internal Revenue Code, the Fund may also be subject to local taxes on the recognition of capital gains in certain countries. In determining the daily net asset value, the Fund estimates the accrual for such taxes, if any, based on the unrealized appreciation on certain portfolio securities and the related tax rates. Taxes attributable to unrealized appreciation are included in the change in unrealized appreciation (depreciation) on investments. Capital gains taxes on securities sold are included in net realized gain (loss) on investments.

As of October 31, 2025, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

E Expenses—The majority of expenses of the Trust are directly identifiable to an individual fund. Expenses which are not readily identifiable to a specific fund are allocated taking into consideration, among other things, the nature and type of expense and the relative size of the funds.

F Foreign Currency Translation—Investment valuations, other assets, and liabilities initially expressed in foreign currencies are translated each business day into U.S. dollars based upon current exchange rates. Purchases and sales of foreign investment securities and income and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates in effect on the respective dates of such transactions. Recognized gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.

G Unfunded Loan Commitments—The Fund may enter into certain loan agreements all or a portion of which may be unfunded. The Fund is obligated to fund these commitments at the borrower's discretion. These commitments, if any, are disclosed in the accompanying Portfolio of Investments.

H Use of Estimates—The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

I Indemnifications—Under the Trust's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Trust) could be deemed to have personal liability for the obligations of the Trust. However, the Trust's Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and the By-laws provide that the Trust shall assume, upon request by the shareholder, the defense on behalf of any Fund shareholders. Moreover, the By-laws also provide for indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

J Futures Contracts—Upon entering into a 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 or index, and are recorded as unrealized gains or losses by the Fund. Gains (losses) are realized upon the expiration or closing of the futures contracts. Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of the 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.

------

[**Table of Contents**](#JOB_EV_AR_272bc464-22bf-48e1-9e08-fe5f85c3879b_TOC)

Eaton Vance

Global Income Builder Fund

October 31, 2025

Notes to Financial Statements — continued

------

K Forward Foreign Currency Exchange Contracts—The Fund may enter into forward foreign currency exchange contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date. The forward foreign currency exchange contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded as unrealized until such time as the contracts have been closed. Risks may arise upon entering these contracts from the potential inability of counterparties to meet the terms of their contracts and from movements in the value of a foreign currency relative to the U.S. dollar.

L When-Issued Securities and Delayed Delivery Transactions—The Fund may purchase securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. At the time the transaction is negotiated, the price of the security that will be delivered is fixed. The Fund maintains cash and/or security positions for these commitments such that sufficient liquid assets will be available to make payments upon settlement. Securities purchased on a delayed delivery or when-issued basis are marked-to-market daily and begin earning interest on settlement date. Such security purchases are subject to the risk that when delivered they will be worth less than the agreed upon payment price. Losses may also arise if the counterparty does not perform under the contract.

M Segment Reporting—During this reporting period, the Fund adopted FASB Accounting Standards Update No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures* (ASU 2023-07), which requires incremental disclosures related to a public entity's reportable segments. The Fund operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. In connection with the adoption of ASU 2023-07, the Fund's President acts as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's financial statements.

2 Distributions to Shareholders and Income Tax Information

It is the present policy of the Fund to make monthly distributions of all or substantially all of its net investment income and to distribute annually all or substantially all of its net realized capital gains. Distributions to shareholders are recorded on the ex-dividend date. Distributions are declared separately for each class of shares. Shareholders may reinvest income and capital gain distributions in additional shares of the same class of the Fund at the net asset value as of the ex-dividend date or, at the election of the shareholder, receive distributions in cash. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

The tax character of distributions declared for the years ended October 31, 2025 and October 31, 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$14741491 | &nbsp;&nbsp;&nbsp;&nbsp;$11696035 |
| Long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;$7094753 | &nbsp;&nbsp;&nbsp;&nbsp;$426406 |

---

During the year ended October 31, 2025, distributable earnings was increased by $8 and paid-in capital was decreased by $8 due to differences between book and tax accounting. These reclassifications had no effect on the net assets or net asset value per share of the Fund.

As of October 31, 2025, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$1549437 |
| Deferred capital losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (136400) |
| Net unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75420689 |
| Other temporary differences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60139 |
| **Distributable earnings** | &nbsp;&nbsp;&nbsp;&nbsp;**$76893865** |

---

------

[**Table of Contents**](#JOB_EV_AR_272bc464-22bf-48e1-9e08-fe5f85c3879b_TOC)

Eaton Vance

Global Income Builder Fund

October 31, 2025

Notes to Financial Statements — continued

------

At October 31, 2025, the Fund, for federal income tax purposes, had deferred capital losses of $136,400 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred

capital losses are treated as arising on the first day of the Fund's next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at October 31, 2025, $136,400 are short-term.

The cost and unrealized appreciation (depreciation) of investments of the Fund at October 31, 2025, as determined on a federal income tax basis, were as follows:

---

| | |
|:---|:---|
| **Aggregate cost** | &nbsp;&nbsp;**$208006174** |
| Gross unrealized appreciation | &nbsp;&nbsp;$78980683 |
| Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3628570) |
| **Net unrealized appreciation** | &nbsp;&nbsp;**$75352113** |

---

3 Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory services rendered to the Fund. The investment adviser fee is computed at an annual rate as a percentage of the Fund's average daily net assets that are not invested in other investment companies for which BMR or its affiliates serve as investment adviser and receive an advisory fee as follows and is payable monthly:

---

| | |
|:---|:---|
| **Average Daily Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Annual Fee Rate** |
| Up to $500 million | &nbsp;&nbsp;&nbsp;&nbsp;0.550% |
| $500 million but less than $1 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.525% |
| $1 billion but less than $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.500% |
| $2.5 billion and over | &nbsp;&nbsp;&nbsp;&nbsp;0.475% |

---

For the year ended October 31, 2025, the investment adviser fee amounted to $1,515,174 or 0.55% of the Fund's average daily net assets. Pursuant to an investment sub-advisory agreement, BMR has delegated a portion of the investment management of the Fund to Eaton Vance Advisers International Ltd. (EVAIL), an affiliate of BMR and an indirect, wholly-owned subsidiary of Morgan Stanley. BMR pays EVAIL a portion of its investment adviser fee for sub-advisory services provided to the Fund. The administration fee is earned by Eaton Vance Management (EVM), an affiliate of BMR and an indirect, wholly-owned subsidiary of Morgan Stanley, for administering the business affairs of the Fund and is computed at an annual rate of 0.15% of the Fund's average daily net assets. For the year ended October 31, 2025, the administration fee amounted to $413,229.

The Fund may invest in a money market fund, the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio (the "Liquidity Fund"), an open-end management investment company managed by Morgan Stanley Investment Management Inc., a wholly-owned subsidiary of Morgan Stanley. The investment adviser fee paid by the Fund is reduced by an amount equal to its pro rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the year ended October 31, 2025, the investment adviser fee paid was reduced by $4,746 relating to the Fund's investment in the Liquidity Fund.

EVM and EVAIL have agreed to reimburse the Fund's expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only and excluding such expenses as brokerage commissions, acquired fund fees and expenses of unaffiliated funds, borrowing costs, taxes or litigation expenses) exceed 1.17%, 1.92%, 0.92% and 1.42% of the Fund's average daily net assets for Class A, Class C, Class I and Class R, respectively. This agreement may be changed or terminated after March 1, 2027. Pursuant to this agreement, EVM and EVAIL waived and/or reimbursed $5,328 in total of the Fund's operating expenses for the year ended October 31, 2025.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended October 31, 2025, EVM earned $11,718 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations. The Fund was informed that Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund's principal underwriter, received $7,906 as its portion of the sales charge on sales of Class A shares for the year ended October 31, 2025. EVD also received distribution and service fees from Class A, Class C and Class R shares (see Note 4) and contingent deferred sales charges (see Note 5).

------

[**Table of Contents**](#JOB_EV_AR_272bc464-22bf-48e1-9e08-fe5f85c3879b_TOC)

Eaton Vance

Global Income Builder Fund

October 31, 2025

Notes to Financial Statements — continued

------

Trustees and officers of the Fund who are members of EVM's or BMR's organizations receive remuneration for their services to the Fund out of the investment adviser fee. Trustees of the Fund who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. Certain officers and Trustees of the Fund are officers of the above organizations.

4 Distribution Plans

The Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the year ended October 31, 2025 amounted to $340,083 for Class A shares.

The Fund also has in effect distribution plans for Class C shares (Class C Plan) and Class R shares (Class R Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the year ended October 31, 2025, the Fund paid or accrued to EVD $84,533 for Class C shares.

The Class R Plan requires the Fund to pay EVD an amount up to 0.50% per annum of its average daily net assets attributable to Class R shares for providing ongoing distribution services and facilities to the Fund. The Trustees of the Trust have currently limited Class R distribution payments to 0.25% per annum of the average daily net assets attributable to Class R shares. For the year ended October 31, 2025, the Fund paid or accrued to EVD $7,675 for Class R shares.

Pursuant to the Class C and Class R Plans, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the year ended October 31, 2025 amounted to $28,178 and $7,675 for Class C and Class R shares, respectively.

Distribution and service fees are subject to the limitations contained in the Financial Industry Regulatory Authority Rule 2341(d).

5 Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within 12 months of purchase. Class A shares may be subject to a 1% CDSC if redeemed within 12 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the year ended October 31, 2025, the Fund was informed that EVD received less than $100 of CDSCs paid by Class A shareholders and $325 of CDSCs paid by Class C shareholders.

6 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations and including maturities and principal repayments on Senior Loans, aggregated $274,311,276 and $284,800,623, respectively, for the year ended October 31, 2025.

------

[**Table of Contents**](#JOB_EV_AR_272bc464-22bf-48e1-9e08-fe5f85c3879b_TOC)

Eaton Vance

Global Income Builder Fund

October 31, 2025

Notes to Financial Statements — continued

------

7 Shares of Beneficial Interest

The Fund's Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value). Such shares may be issued in a number of different series (such as the Fund) and classes. Transactions in Fund shares, including direct exchanges pursuant to share class conversions, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2024** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 670906 | &nbsp;&nbsp;&nbsp;&nbsp;$7341268 | &nbsp;&nbsp;&nbsp;&nbsp; 988969 | &nbsp;&nbsp;&nbsp;&nbsp;$10620376 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 922334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9942351 | &nbsp;&nbsp;&nbsp;&nbsp; 548709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5945314 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(2002975) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21838288) | &nbsp;&nbsp;&nbsp;&nbsp;(1686436) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18115268) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(409735)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(4554669)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(148758)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1549578)** |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 223199 | &nbsp;&nbsp;&nbsp;&nbsp;$2446798 | &nbsp;&nbsp;&nbsp;&nbsp; 150348 | &nbsp;&nbsp;&nbsp;&nbsp;$1602597 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 75603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 802633 | &nbsp;&nbsp;&nbsp;&nbsp; 47956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 512396 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (336200) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3608645) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (474547) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5049556) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(37398)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(359214)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(276243)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(2934563)** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;3649939 | &nbsp;&nbsp;&nbsp;&nbsp;$39684946 | &nbsp;&nbsp;&nbsp;&nbsp;3873094 | &nbsp;&nbsp;&nbsp;&nbsp;$42174164 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 940693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10122655 | &nbsp;&nbsp;&nbsp;&nbsp; 471239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5105145 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(4993242) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53665468) | &nbsp;&nbsp;&nbsp;&nbsp;(1956185) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21154448) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(402610)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(3857867)** | &nbsp;&nbsp;&nbsp;&nbsp;**2388148** | &nbsp;&nbsp;&nbsp;&nbsp;**$26124861** |
| **Class R** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 136605 | &nbsp;&nbsp;&nbsp;&nbsp;$1506630 | &nbsp;&nbsp;&nbsp;&nbsp; 100898 | &nbsp;&nbsp;&nbsp;&nbsp;$1053941 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 20658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 222533 | &nbsp;&nbsp;&nbsp;&nbsp; 8158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88336 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13510) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (149559) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (26582) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (286271) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp; **143753** | &nbsp;&nbsp;&nbsp;&nbsp;**$1579604** | &nbsp;&nbsp;&nbsp;&nbsp; **82474** | &nbsp;&nbsp;&nbsp;&nbsp;**$856006** |

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8 Financial Instruments

The Fund may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include forward foreign currency exchange contracts and futures contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Fund has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. At October 31, 2025, there were no obligations outstanding under these financial instruments.

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

Equity Price Risk: During the year ended October 31, 2025, the Fund entered into equity futures contracts on securities indices to gain or limit exposure to certain markets, particularly in connection with engaging in the dividend capture trading strategy.

------

[**Table of Contents**](#JOB_EV_AR_272bc464-22bf-48e1-9e08-fe5f85c3879b_TOC)

Eaton Vance

Global Income Builder Fund

October 31, 2025

Notes to Financial Statements — continued

------

Foreign Exchange Risk: Because the Fund holds foreign currency denominated investments, the value of these investments and related receivables and payables may change due to future changes in foreign currency exchange rates. To hedge against this risk, the Fund entered into forward foreign currency exchange contracts during the year ended October 31, 2025.

The Fund enters into forward foreign currency exchange contracts that may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in the Fund's net assets below a certain level over a certain period of time, which would trigger a payment by the Fund for those derivatives in a liability position. At October 31, 2025, the Fund had no open derivatives with credit-related contingent features in a net liability position.

The over-the-counter (OTC) derivatives in which the Fund invests are subject to the risk that the counterparty to the contract fails to perform its obligations under the contract. To mitigate this risk, the Fund has entered into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with substantially all its derivative counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, set-off provisions in the event of a default and/or termination event as defined under the relevant ISDA Master Agreement. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy or insolvency. Certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event the Fund's net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA Master Agreements, which would cause the counterparty to accelerate payment by the Fund of any net liability owed to it.

The collateral requirements for derivatives traded under an ISDA Master Agreement are governed by a Credit Support Annex to the ISDA Master Agreement. Collateral requirements are determined at the close of business each day and are typically based on changes in market values for each transaction under an ISDA Master Agreement and netted into one amount for such agreement. Generally, the amount of collateral due from or to a counterparty is subject to a minimum transfer threshold amount before a transfer is required, which may vary by counterparty. Collateral pledged for the benefit of the Fund and/or counterparty is held in segregated accounts by the Fund's custodian and cannot be sold, re-pledged, assigned or otherwise used while pledged. The portion of such collateral representing cash, if any, is reflected as deposits for derivatives collateral and, in the case of cash pledged by a counterparty for the benefit of the Fund, a corresponding liability on the Statement of Assets and Liabilities. Securities pledged by the Fund as collateral, if any, are identified as such in the Portfolio of Investments.

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations by risk exposure for the year ended October 31, 2025 was as follows:

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| | | | |
|:---|:---|:---|:---|
| **Statement of Operations Caption** | &nbsp;&nbsp;&nbsp;&nbsp;**Equity<br> Price** | &nbsp;&nbsp;&nbsp;&nbsp;**Foreign<br> Exchange** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Net realized gain (loss): | Net realized gain (loss): |  |  |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;$(1424104) | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(1424104) |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19046) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19046) |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1424104)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(19046)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1443150)** |
| Change in unrealized appreciation (depreciation): | Change in unrealized appreciation (depreciation): |  |  |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;$50894 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$50894 |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2209) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2209) |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp;**$50894** | &nbsp;&nbsp;&nbsp;&nbsp;**$(2209)** | &nbsp;&nbsp;&nbsp;&nbsp;**$48685** |

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[**Table of Contents**](#JOB_EV_AR_272bc464-22bf-48e1-9e08-fe5f85c3879b_TOC)

Eaton Vance

Global Income Builder Fund

October 31, 2025

Notes to Financial Statements — continued

------

The average notional cost of futures contracts and average notional amounts of other derivative contracts outstanding during the year ended October 31, 2025, which are indicative of the volume of these derivative types, were approximately as follows:

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| | | |
|:---|:---|:---|
| **Futures<br> Contracts — Long** | &nbsp;&nbsp;&nbsp;&nbsp;**Futures<br> Contracts — Short** | &nbsp;&nbsp;&nbsp;&nbsp;**Forward<br> Foreign Currency<br> Exchange Contracts<sup>(1)</sup>** |
| $12605000 | &nbsp;&nbsp;&nbsp;&nbsp;$12482000 | &nbsp;&nbsp;&nbsp;&nbsp;$302000 |

---

<sup>(1)</sup> The average notional amount for forward foreign currency exchange contracts is based on the absolute value of notional amounts of currency purchased and currency sold.

9 Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates in a $650 million unsecured revolving line of credit agreement with a group of banks, which is in effect through October 20, 2026. Borrowings are made by the Fund solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Fund based on its borrowings generally at an amount above either the Secured Overnight Financing Rate (SOFR) or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. In connection with the renewal of the agreement in October 2025, an arrangement fee of $150,000 was incurred that was allocated to the participating portfolios and funds. Because the line of credit is not available exclusively to the Fund, it may be unable to borrow some or all of its requested amounts at any particular time. The Fund did not have any significant borrowings or allocated fees during the year ended October 31, 2025.

10 Affiliated Investments

Transactions in the Fund's investment in funds that may be deemed to be affiliated for the year ended October 31, 2025 were as follows:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Value,<br> beginning<br> of period** | **Purchases** | **Sales<br> proceeds** | **Net realized<br> gain (loss)** | **Change in<br> unrealized<br> appreciation<br> (depreciation)** | **Value, end<br> of period** | **Dividend<br> income** | **Shares,<br> end of period** |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| Liquidity Fund | $4380672 | $104009665 | $(108390337) | $— | $— | $— | $137878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

11 Fair Value Measurements

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.

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Eaton Vance

Global Income Builder Fund

October 31, 2025

Notes to Financial Statements — continued

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At October 31, 2025, the hierarchy of inputs used in valuing the Fund's investments, which are carried at fair value, were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;$11782968 | &nbsp;&nbsp;&nbsp;&nbsp;$1110463 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$12893431 |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp; 12050260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8369615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20419875 |
| &nbsp;&nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp; 1320595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6209902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7530497 |
| &nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp; 7264645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7384353 |
| &nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp; 17916547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13203445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31119992 |
| &nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp; 15590459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6879726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22470185 |
| &nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp; 7527772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13398875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20926647 |
| &nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp; 36242564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10897577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47140141 |
| &nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3189561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3189561 |
| &nbsp;&nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp; 3475859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3475859 |
| &nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp; 2651344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2622411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5273755 |
| **Total Common Stocks** | &nbsp;&nbsp;**$115823013** | &nbsp;&nbsp;&nbsp;&nbsp;**$66,001,283\*\*** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$181824296** |
| Convertible Bonds | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$528944 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$528944 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93822527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93822527 |
| Preferred Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp; 88928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88928 |
| &nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp; 389855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 389855 |
| &nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp; 173561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 173561 |
| **Total Preferred Stocks** | &nbsp;&nbsp;**$652344** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$652344** |
| Senior Floating-Rate Loans (Less Unfunded Loan Commitments) | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$6503991 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$6503991 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26185 |
| **Total Investments** | &nbsp;&nbsp;**$116475357** | &nbsp;&nbsp;&nbsp;&nbsp;**$166882930** | &nbsp;&nbsp;&nbsp;&nbsp;**$0** | &nbsp;&nbsp;&nbsp;&nbsp;**$283358287** |

---

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

\*\* 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.

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 year ended October 31, 2025 is not presented.

12 Risks and Uncertainties

#### Risks Associated with Foreign Investments
Foreign investments can be adversely affected by political, economic and market developments abroad, including the imposition of economic and other sanctions by the United States or another country, and by acts of terrorism and war. There may be less publicly available information about foreign issuers because they may not be subject to reporting practices, requirements or regulations comparable to those to which United States companies are subject. Foreign markets may be smaller, less liquid and more volatile than the major markets in the United States. Trading in foreign markets typically involves higher expense than trading in the United States. The Fund may have difficulties enforcing its legal or contractual rights in a foreign country. Securities that trade or are denominated in currencies other than the U.S. dollar may be adversely affected by fluctuations in currency exchange rates.

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Eaton Vance

Global Income Builder Fund

October 31, 2025

Report of Independent Registered Public Accounting Firm

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To the Trustees of Eaton Vance Mutual Funds Trust and Shareholders of Eaton Vance Global Income Builder Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Eaton Vance Global Income Builder Fund (the "Fund"), one of the funds constituting Eaton Vance Mutual Funds Trust, including the portfolio of investments, as of October 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities and senior loans owned as of October 31, 2025, by correspondence with the custodian, brokers and agent banks; when replies were not received from brokers and agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 22, 2025

We have served as the auditor of one or more Eaton Vance investment companies since 1959.

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Eaton Vance

Global Income Builder Fund

October 31, 2025

Federal Tax Information (Unaudited)

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The Form 1099-DIV you receive in February 2026 will show the tax status of all distributions paid to your account in calendar year 2025. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of qualified dividend income for individuals, the dividends received deduction for corporations and 163(j) interest dividends.

**Qualified Dividend Income. For the fiscal year ended October 31, 2025, the Fund designates approximately $9,031,007, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate of 15%.**

**Dividends Received Deduction. Corporate shareholders are generally entitled to take the dividends received deduction on the portion of the Fund's dividend distribution that qualifies under tax law. For the Fund's fiscal 2025 ordinary income dividends, 4.42% qualifies for the corporate dividends received deduction.**

**163(j) Interest Dividends. For the fiscal year ended October 31, 2025, the Fund designates 31.82% of distributions from net investment income as a 163(j) interest dividend.**

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[**Table of Contents**](#JOB_EV_AR_272bc464-22bf-48e1-9e08-fe5f85c3879b_TOC)

Eaton Vance

Global Income Builder Fund

October 31, 2025

Board of Trustees' Contract Approval

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Overview of the Contract Review Process

The Investment Company Act of 1940, as amended (the "1940 Act"), provides, in substance, that the investment advisory agreement between a fund and its investment adviser will continue in effect from year-to-year only if its continuation is approved on an annual basis by a vote of the fund's board of trustees, including a majority of the trustees who are not "interested persons" of the fund ("independent trustees"), cast in person at a meeting called for the purpose of considering such approval.

At a meeting held on June 12, 2025, the Boards of Trustees/Directors (collectively, the "Board") that oversee the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the "Eaton Vance Funds"), including a majority of the independent trustees (the "Independent Trustees"), voted to approve the continuation of existing investment advisory agreements and sub-advisory agreements<sup>1</sup> for each of the Eaton Vance Funds for an additional one-year period. The Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee comprised of all of the Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of meetings held between April and June 2025, as well as certain additional information provided in response to specific requests from the Independent Trustees as members of the Contract Review Committee. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee's annual evaluation of the investment advisory agreements and sub-advisory agreements.

In connection with its evaluation of the investment advisory agreements and sub-advisory agreements, the Board (directly or through one or more of its committees) considered various information relating to the Eaton Vance Funds. This included information applicable to all or groups of the Eaton Vance Funds, which is referenced immediately below, and information applicable to the particular Eaton Vance Fund covered by this report (each Eaton Vance Fund is referred to below as a "fund"). (For funds that invest through one or more underlying portfolios, references to "each fund" in this section may include information that was considered at the portfolio-level.)

*Information about Fees, Performance and Expenses*

• A report from an independent data provider comparing advisory and other fees paid by each fund to such fees paid by comparable funds, as identified by the independent data provider ("comparable funds");

• A report from an independent data provider comparing each fund's total expense ratio (and its components) to those of comparable funds;

• A report from an independent data provider comparing the investment performance of each fund to the investment performance of comparable funds and, as applicable, benchmark indices, over various time periods;

• In certain instances, data regarding investment performance relative to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board (a committee exclusively comprised of Independent Trustees);

• Comparative information concerning the fees charged and services provided by the adviser and sub-adviser to each fund in managing other accounts (which may include other funds, collective investment trusts and institutional accounts) with the same or substantially similar investment objective as the fund and with a significant overlap in holdings based on criteria set by the Board, if any;

• Profitability analyses on a fund-by-fund basis for the adviser and its affiliates and for each sub-adviser not affiliated with the adviser;

*Information about Portfolio Management and Trading*

• Descriptions of the investment management services provided to each fund, as well as each of the funds' investment strategies and policies;

• The procedures and processes used by the adviser to determine the value of fund assets, including, when necessary, the determination of "fair value" by the adviser in its role as each fund's valuation designee and actions taken to monitor and test the effectiveness of such procedures and processes;

• Information about the policies and practices of each fund's adviser and sub-adviser with respect to trading, including their processes for seeking best execution of portfolio transactions;

• Information about the allocation of brokerage transactions and the benefits, if any, received by the adviser and sub-adviser to each fund as a result of brokerage allocation, including, as applicable, information concerning the acquisition of research through client commission arrangements and policies with respect to "soft dollars";

• Data relating to the portfolio turnover rate of each fund and related information regarding active management in the context of particular strategies;

*Information about each Adviser and Sub-Adviser*

• Reports regarding the financial results and condition of the adviser and certain of its affiliates and of each sub-adviser not affiliated with the adviser;

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;Not all Eaton Vance Funds have entered into a sub-advisory agreement with a sub-adviser. Accordingly, references to "sub-adviser" or "sub-advisory agreement" in this "Overview" section may not be applicable to the particular Eaton Vance Fund covered by this report. Eaton Vance Management and Boston Management and Research are referred to collectively as the "adviser."

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Eaton Vance

Global Income Builder Fund

October 31, 2025

Board of Trustees' Contract Approval — continued

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• Information regarding the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and, for portfolio managers and certain other investment professionals, information relating to their responsibilities with respect to managing other funds and investment accounts, as applicable;

• Information regarding the adviser's and its parent company's (Morgan Stanley's) efforts to retain and attract talented investment professionals, including in the context of a competitive marketplace for talent;

• Information regarding the adviser's compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals' investments in the fund(s) they manage;

• The personal trading codes of ethics of the adviser and its affiliates and the sub-adviser of each fund, together with information relating to compliance with, and the administration of, such codes;

• Policies and procedures relating to proxy voting, including regular reporting with respect to fund proxy voting activities;

• Information regarding the handling of corporate actions and class actions, as well as information regarding litigation and other regulatory matters;

• Information concerning the resources devoted to compliance efforts undertaken by the adviser and its affiliates and the sub-adviser of each fund, including descriptions of their various compliance programs and their record of compliance and remediation;

• Information concerning the business continuity and disaster recovery plans of the adviser and its affiliates and the sub-adviser of each fund;

• A description of the adviser's oversight of sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters, if any;

*Other Relevant Information*

• Information regarding ongoing initiatives to further integrate and harmonize, where applicable, the investment management and other departments of the adviser and its affiliates with the overall investment management infrastructure of Morgan Stanley, in light of Morgan Stanley's acquisition of Eaton Vance Corp. on March 1, 2021;

• Information concerning the nature, cost, and character of the administrative and other non-investment advisory services provided by the adviser and its affiliates;

• Information concerning oversight of the relationship with the custodian, subcustodians, fund accountants, and other third-party service providers by the adviser and/or administrator to each of the funds;

• Information concerning efforts to maintain policies and procedures with respect to various regulations applicable to the funds, including, without limitation, Rule 22e-4 (the Liquidity Risk Management Rule), Rule 12d1-4 (the Fund-of-Funds Rule), Rule 18f-4 (the Derivatives Rule), and Rule 2a-5 (the Fair Valuation Rule);

• For the Eaton Vance Fund structured as an interval fund, information regarding the interval fund's periodic repurchase offers under Rule 23c-3 and related policies and procedures;

• For each Eaton Vance Fund structured as an exchange-listed closed-end fund, information concerning the benefits of the closed-end fund structure, as well as, where relevant, the closed-end fund's market prices (including as compared to the closed-end fund's net asset value (NAV)), trading volume data, continued use of auction preferred shares (where applicable), distribution rates, and other relevant matters;

• The risks that the adviser and/or its affiliates incur in connection with the management and operation of the funds, including, among others, litigation, regulatory, entrepreneurial, data privacy and cybersecurity, and other business risks (and the associated costs of such risks, if any); and

• The terms of each investment advisory agreement and sub-advisory agreement.

During the various meetings of the Board and its committees over the course of the year leading up to the June 12, 2025 meeting, the Board and its committees received information from portfolio managers and other investment professionals of the adviser and sub-advisers of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds' investment objectives. The Board and its committees also received information regarding risk management techniques employed in connection with the management of the funds. The Board and its committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance, and other issues with respect to the funds, and received and participated in reports and presentations provided by the adviser, sub-advisers, and certain other service providers, with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees met in executive sessions and held regular video or telephone conferences to discuss, among other topics, matters relating to the continuation of investment advisory agreements and sub-advisory agreements.

Each of the Contract Review Committee and the Board was advised throughout the contract review process by Kirkland & Ellis LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee and the members of the Board, with the advice of such counsel, exercised their own business judgment in determining the material factors to be considered in evaluating each investment advisory agreement and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory agreement and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee and Board may have placed varying emphasis on particular factors in reaching conclusions with respect to each investment advisory agreement and sub-advisory agreement. In evaluating each investment advisory agreement and sub-advisory agreement, including the fee structures and other terms contained in such agreements, the members of the Contract Review Committee and Board were also informed by multiple years of analysis and discussion with the adviser and sub-adviser to each of the Eaton Vance Funds.

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Eaton Vance

Global Income Builder Fund

October 31, 2025

Board of Trustees' Contract Approval — continued

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Results of the Contract Review Process

Based on its consideration of the foregoing, and such other information it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory agreement between Eaton Vance Global Income Builder Fund (the "Fund") and Boston Management and Research (the "Adviser") and the sub-advisory agreement between the Adviser and Eaton Vance Advisers International Ltd. (the "Sub-adviser"), an affiliate of Eaton Vance Management, with respect to the Fund, including their respective fee structures, are in the interests of shareholders and, therefore, recommended to the Board approval of each agreement. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreement and the sub-advisory agreement for the Fund (collectively, the "investment advisory agreements").

*Nature, Extent and Quality of Services*

In considering whether to approve the investment advisory agreements for the Fund, the Board evaluated the nature, extent and quality of services provided to the Fund by the Adviser and the Sub-adviser.

The Board considered the Adviser's and the Sub-adviser's management capabilities and investment processes in light of the types of investments held by the Fund, including the education and experience of the investment professionals who provide services to the Fund. Regarding the Adviser, the Board considered the Adviser's responsibilities with respect to oversight of the Sub-adviser and coordinating activities in implementing the investment strategies of the Fund. The Board also considered the Adviser's in-house equity research capabilities and experience in managing funds that seek to maximize after-tax returns. With respect to the Sub-adviser, the Board considered the abilities and experience of the Sub-adviser's investment professionals in investing in equity securities, including investing in both U.S. and foreign common stocks. In particular, the Board considered the abilities and experience of the Adviser's and the Sub-adviser's investment professionals in analyzing factors such as special considerations relevant to investing in dividend-paying common and preferred stocks and foreign markets. The Board considered the international investment capabilities of the Sub-adviser, which is based in London, and the benefits to the Fund of having portfolio management services involving investments in international equities provided by investment professionals located abroad. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of the Adviser and other factors, including the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Fund, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Fund, including the provision of administrative services. The Board also considered the business-related and other risks to which the Adviser or its affiliates may be subject in managing the Fund.

The Board considered the compliance programs of the Adviser and relevant affiliates thereof, including the Sub-adviser. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, compliance with policies and procedures, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered relevant examinations of the Adviser and its affiliates by regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

The Board considered other administrative services provided or overseen by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by the Adviser and the Sub-adviser, taken as a whole, are appropriate and consistent with the terms of the applicable investment advisory agreement.

*Fund Performance*

The Board compared the Fund's investment performance to that of comparable funds identified by an independent data provider (the peer group), as well as appropriate benchmark indices. The Board's review included comparative performance data with respect to the Fund for the one-, three-, five- and ten-year periods ended December 31, 2024. In this regard, the Board noted that the performance of the Fund was consistent with the median performance of the Fund's peer group for the three-year period. The Board also noted that the performance of the Fund was lower than its primary performance benchmark and blended benchmark indexes for the three-year period. The Board concluded that the performance of the Fund was satisfactory.

*Management Fees and Expenses*

The Board considered contractual fee rates payable by the Fund for advisory and administrative services (referred to collectively as "management fees"). As part of its review, the Board considered the Fund's management fees and total expense ratio for the one-year period ended December 31, 2024, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered certain Fund specific factors that had an impact on the Fund's total expense ratio relative to comparable funds, as identified by management in response to requests from the Contract Review Committee.

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Eaton Vance

Global Income Builder Fund

October 31, 2025

Board of Trustees' Contract Approval — continued

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After considering the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser and the Sub-adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.

*Profitability and "Fall-Out" Benefits*

The Board considered the level of profits realized by the Adviser and relevant affiliates thereof, including the Sub-adviser, in providing investment advisory and administrative services to the Fund and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by the Adviser and its affiliates to third parties in respect of distribution or other services.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates, including the Sub-adviser, are not excessive.

The Board also considered direct or indirect fall-out benefits received by the Adviser and its affiliates, including the Sub-adviser, in connection with their respective relationships with the Fund, including the benefits of research services that may be available to the Adviser or the Sub-adviser as a result of securities transactions effected for the Fund and other investment advisory clients.

*Economies of Scale*

In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. To assist in the evaluation of the sharing of any economies of scale, the Board received data for recent years showing asset levels, Adviser profitability and total expense ratios. Based upon the foregoing, the Board concluded that the Fund currently share in the benefits from economies of scale, if any, when they are realized by the Adviser. The Board also concluded that the structure of the advisory fees, which include breakpoints at several asset levels, will allow the Fund to continue to benefit from any economies of scale in the future.

------

[**Table of Contents**](#JOB_EV_AR_272bc464-22bf-48e1-9e08-fe5f85c3879b_TOC)

EDIAX-NCSR&nbsp;&nbsp;&nbsp;&nbsp;10.31.25

------

## Eaton Vance

## Emerging Markets Local Income Fund

## Annual Financial Statements and Additional Information
October 31, 2025

------

![](g35982img1f5b58db11.gif)

------

**This report must be preceded or accompanied by a current summary prospectus or prospectus. Before investing, investors should consider carefully the investment objective, risks, and charges and expenses of a mutual fund. This and other important information is contained in the prospectus and/or statement of additional information, which can be obtained by calling 1-800-262-1122 or from a financial intermediary. Prospective investors should read the prospectus carefully before investing.**

------

#### Annual Financial Statements and Additional Information October 31, 2025
Eaton Vance

Emerging Markets Local Income Fund

---

| | |
|:---|:---|
| **[**Table of Contents**](#xx_bc2e9a20-d6fc-424c-bd30-e46455896d89_1)** |  |
| [Item 7 of Form N-CSR:](#xx_3c8eb51d-ebb6-4be0-86d4-fb8bdb82162a_1) | [Item 7 of Form N-CSR:](#xx_3c8eb51d-ebb6-4be0-86d4-fb8bdb82162a_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#xx_3c8eb51d-ebb6-4be0-86d4-fb8bdb82162a_1) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#xx_3c8eb51d-ebb6-4be0-86d4-fb8bdb82162a_2) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx_3c8eb51d-ebb6-4be0-86d4-fb8bdb82162a_3) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx_5e7ff8d9-d143-4144-a273-6fb3e0907b78_1) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx_4ab4c074-e0cf-40c6-ab2e-94b6f408d939_1) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#xx_f5d9040d-fd87-48ed-9c78-69a490cb8cc6_1) | 11 |
| [Federal Tax Information](#xx_c5ec02ce-be88-4e93-a02e-15ec2a5589bf_1) | 12 |
| [Emerging Markets Local Income Portfolio](#xx_13c27726-8d33-4761-a6ab-56b212be8f3a_1) | [Emerging Markets Local Income Portfolio](#xx_13c27726-8d33-4761-a6ab-56b212be8f3a_1) |
| [Items 6 and 7 of Form N-CSR:](#xx_13c27726-8d33-4761-a6ab-56b212be8f3a_1) | [Items 6 and 7 of Form N-CSR:](#xx_13c27726-8d33-4761-a6ab-56b212be8f3a_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Portfolio of Investments](#xx_13c27726-8d33-4761-a6ab-56b212be8f3a_1) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Statements](#xx_cc9e56dd-9415-4eb6-902e-b0fc58c4f360_1) | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#xx_80be2f58-8cb7-42cc-a282-bf1a15e6c268_1) | 58 |
| Item 11 of Form N-CSR: | Item 11 of Form N-CSR: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Board of Trustees' Contract Approval](#xx_d84404a1-48ed-4d5f-b00f-b54bd22e2461_1) | 59 |

---

Items 8 and 9 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7.

------

[**Table of Contents**](#JOB_EV_AR_b14ba3a7-50c5-4cfa-a54a-b0e7ca9df33b_TOC)

Eaton Vance

Emerging Markets Local Income Fund

October 31, 2025

Statement of Assets and Liabilities

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**October 31, 2025** |
| Assets |  |
| Investment in Emerging Markets Local Income Portfolio, at value (identified cost $1,250,008,090) | &nbsp;&nbsp;$1274209922 |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12133451 |
| Receivable from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4173 |
| **Total assets** | &nbsp;&nbsp;**$1286347546** |
| Liabilities |  |
| Payable for Fund shares redeemed | &nbsp;&nbsp;$2173193 |
| Payable to affiliates: |  |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49673 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agency fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6386 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 |
| Payable for transfer and dividend disbursing agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142691 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193688 |
| **Total liabilities** | &nbsp;&nbsp;**$2565674** |
| **Net Assets** | &nbsp;&nbsp;**$1283781872** |
| Sources of Net Assets |  |
| Paid-in capital | &nbsp;&nbsp;$1340208737 |
| Accumulated loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56426865) |
| **Net Assets** | &nbsp;&nbsp;**$1283781872** |
| Class A Shares |  |
| **Net Assets** | &nbsp;&nbsp;$115331152 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33103356 |
| **Net Asset Value and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$3.48 |
| **Maximum Offering Price Per Share <br> (100 ÷ 96.75 of net asset value per share)** | &nbsp;&nbsp;$3.60 |
| Class C Shares |  |
| **Net Assets** | &nbsp;&nbsp;$29916028 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8494118 |
| **Net Asset Value and Offering Price Per Share\*<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$3.52 |
| Class I Shares |  |
| **Net Assets** | &nbsp;&nbsp;$1138534692 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327056331 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$3.48 |

---

---

| | |
|:---|:---|
| On sales of $100,000 or more, the offering price of Class A shares is reduced. | On sales of $100,000 or more, the offering price of Class A shares is reduced. |
| \* | Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge. |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b14ba3a7-50c5-4cfa-a54a-b0e7ca9df33b_TOC)

Eaton Vance

Emerging Markets Local Income Fund

October 31, 2025

Statement of Operations

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended** |
|  | &nbsp;&nbsp;&nbsp;**October 31, 2025** |
| Investment Income |  |
| Dividend income allocated from Portfolio | &nbsp;&nbsp;$3904677 |
| Interest income allocated from Portfolio (net of foreign taxes withheld of $1,913,310) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81869375 |
| Other income allocated from Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6624 |
| Expenses, excluding interest expense, allocated from Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7565448) |
| Interest expense allocated from Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(304430) |
| Waiver and/or reimbursement of expenses by affiliates allocated from Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132941 |
| **Total investment income from Portfolio** | &nbsp;&nbsp;**$78043739** |
| Expenses |  |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$238369 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304716 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59223 |
| Transfer and dividend disbursing agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738353 |
| Legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86042 |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265399 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69093 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27378 |
| **Total expenses** | &nbsp;&nbsp;**$1789073** |
| Deduct: |  |
| &nbsp;&nbsp;&nbsp;Waiver and/or reimbursement of expenses by affiliates | &nbsp;&nbsp;$121986 |
| **Total expense reductions** | &nbsp;&nbsp;**$121986** |
| **Net expenses** | &nbsp;&nbsp;**$1667087** |
| **Net investment income** | &nbsp;&nbsp;**$76376652** |
| Realized and Unrealized Gain (Loss) from Portfolio |  |
| Net realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;Investment transactions (net of foreign capital gains taxes of $143,433) | &nbsp;&nbsp;$(26871024) |
| &nbsp;&nbsp;&nbsp;Written options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276162 |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8819 |
| &nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2056763) |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(957192) |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7114242 |
| &nbsp;&nbsp;&nbsp;Non-deliverable bond forward contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1330801) |
| **Net realized loss** | &nbsp;&nbsp;**$(23816557)** |
| Change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Investments (including net increase in accrued foreign capital gains taxes of $87,544) | &nbsp;&nbsp;$82369011 |
| &nbsp;&nbsp;&nbsp;Written options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1773016 |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(499977) |
| &nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11482415 |
| &nbsp;&nbsp;&nbsp;Foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;698179 |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3817890 |
| &nbsp;&nbsp;&nbsp;Non-deliverable bond forward contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343875 |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$99984409** |
| **Net realized and unrealized gain** | &nbsp;&nbsp;**$76167852** |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$152544504** |

---

*2*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b14ba3a7-50c5-4cfa-a54a-b0e7ca9df33b_TOC)

Eaton Vance

Emerging Markets Local Income Fund

October 31, 2025

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
|  | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$76376652 | &nbsp;&nbsp;$88081704 |
| &nbsp;&nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23816557) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44427258) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99984409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62152525 |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$152544504** | &nbsp;&nbsp;**$105806971** |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(9635481) | &nbsp;&nbsp;$(7996043) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2841150) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2589589) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(86845164) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72682156) |
| **Total distributions to shareholders** | &nbsp;&nbsp;**$(99321795)** | &nbsp;&nbsp;**$(83267788)** |
| Tax return of capital to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(2522186) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(812479) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23112959) |
| **Total tax return of capital to shareholders** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$(26447624)** |
| Transactions in shares of beneficial interest: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$13025038 | &nbsp;&nbsp;$1454505 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5531307) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1685214) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213138354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61804369 |
| **Net increase in net assets from Fund share transactions** | &nbsp;&nbsp;**$220632085** | &nbsp;&nbsp;**$61573660** |
| **Net increase in net assets** | &nbsp;&nbsp;**$273854794** | &nbsp;&nbsp;**$57665219** |
| Net Assets |  |  |
| At beginning of year | &nbsp;&nbsp;$1009927078 | &nbsp;&nbsp;$952261859 |
| **At end of year** | &nbsp;&nbsp;**$1283781872** | &nbsp;&nbsp;**$1009927078** |

---

*3*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b14ba3a7-50c5-4cfa-a54a-b0e7ca9df33b_TOC)

Eaton Vance

Emerging Markets Local Income Fund

October 31, 2025

Financial Highlights

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$3.28 | &nbsp;&nbsp;$3.28 | &nbsp;&nbsp;$3.22 | &nbsp;&nbsp;$4.59 | &nbsp;&nbsp;$5.03 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.26 | &nbsp;&nbsp;$0.28 | &nbsp;&nbsp;$0.21 | &nbsp;&nbsp;$0.24 | &nbsp;&nbsp;$0.23 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.54** | &nbsp;&nbsp;**$0.35** | &nbsp;&nbsp;**$0.47** | &nbsp;&nbsp;**$(0.89)** | &nbsp;&nbsp;**$0.06** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.34) | &nbsp;&nbsp;$(0.27) | &nbsp;&nbsp;$(0.33) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(0.12) |
| Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.38) |
| **Total distributions** | &nbsp;&nbsp;**$(0.34)** | &nbsp;&nbsp;**$(0.35)** | &nbsp;&nbsp;**$(0.41)** | &nbsp;&nbsp;**$(0.48)** | &nbsp;&nbsp;**$(0.50)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$3.48** | &nbsp;&nbsp;**$3.28** | &nbsp;&nbsp;**$3.28** | &nbsp;&nbsp;**$3.22** | &nbsp;&nbsp;**$4.59** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.44%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.86%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.53%** | &nbsp;&nbsp;&nbsp;&nbsp;**(20.47)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.06%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$115331 | &nbsp;&nbsp;$96548 | &nbsp;&nbsp;$95333 | &nbsp;&nbsp;$87883 | &nbsp;&nbsp;$145043 |
| Ratios (as a percentage of average daily net assets):<sup>(3)(4)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17%<sup>(5)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26%<sup>(5)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.53% |
| Portfolio Turnover of the Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

<sup>(3)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(4)</sup> Includes the Fund's share of the Portfolio's allocated expenses.

<sup>(5)</sup> Includes interest expense, including on securities sold short and/or reverse repurchase agreements if applicable, of 0.03% and 0.12% of average daily net assets for the years ended October 31, 2025 and 2024, respectively.

<sup>(6)</sup> Includes a reduction by the investment adviser of a portion of the Portfolio's adviser fee due to the Portfolio's investment in the Liquidity Fund (equal to 0.01%, less than 0.01%, 0.01% and less than 0.005% of average daily net assets for the years ended October 31, 2025, 2024, 2023 and 2022, respectively).

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b14ba3a7-50c5-4cfa-a54a-b0e7ca9df33b_TOC)

Eaton Vance

Emerging Markets Local Income Fund

October 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$3.32 | &nbsp;&nbsp;$3.31 | &nbsp;&nbsp;$3.26 | &nbsp;&nbsp;$4.65 | &nbsp;&nbsp;$5.08 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.24 | &nbsp;&nbsp;$0.26 | &nbsp;&nbsp;$0.19 | &nbsp;&nbsp;$0.21 | &nbsp;&nbsp;$0.19 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.52** | &nbsp;&nbsp;**$0.34** | &nbsp;&nbsp;**$0.44** | &nbsp;&nbsp;**$(0.93)** | &nbsp;&nbsp;**$0.04** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.32) | &nbsp;&nbsp;$(0.25) | &nbsp;&nbsp;$(0.31) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(0.12) |
| Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.35) |
| **Total distributions** | &nbsp;&nbsp;**$(0.32)** | &nbsp;&nbsp;**$(0.33)** | &nbsp;&nbsp;**$(0.39)** | &nbsp;&nbsp;**$(0.46)** | &nbsp;&nbsp;**$(0.47)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$3.52** | &nbsp;&nbsp;**$3.32** | &nbsp;&nbsp;**$3.31** | &nbsp;&nbsp;**$3.26** | &nbsp;&nbsp;**$4.65** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.48%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.36%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.69%** | &nbsp;&nbsp;&nbsp;&nbsp;**(21.31)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.46%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$29916 | &nbsp;&nbsp;$33679 | &nbsp;&nbsp;$35271 | &nbsp;&nbsp;$33976 | &nbsp;&nbsp;$58639 |
| Ratios (as a percentage of average daily net assets):<sup>(3)(4)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.95%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.01%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.86% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.92%<sup>(5)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.01%<sup>(5)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.85%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.89%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.86% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.82% |
| Portfolio Turnover of the Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

<sup>(3)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(4)</sup> Includes the Fund's share of the Portfolio's allocated expenses.

<sup>(5)</sup> Includes interest expense, including on securities sold short and/or reverse repurchase agreements if applicable, of 0.03% and 0.12% of average daily net assets for the years ended October 31, 2025 and 2024, respectively.

<sup>(6)</sup> Includes a reduction by the investment adviser of a portion of the Portfolio's adviser fee due to the Portfolio's investment in the Liquidity Fund (equal to 0.01%, less than 0.01%, 0.01% and less than 0.005% of average daily net assets for the years ended October 31, 2025, 2024, 2023 and 2022, respectively).

*5*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b14ba3a7-50c5-4cfa-a54a-b0e7ca9df33b_TOC)

Eaton Vance

Emerging Markets Local Income Fund

October 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$3.28 | &nbsp;&nbsp;$3.28 | &nbsp;&nbsp;$3.22 | &nbsp;&nbsp;$4.59 | &nbsp;&nbsp;$5.02 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.27 | &nbsp;&nbsp;$0.29 | &nbsp;&nbsp;$0.22 | &nbsp;&nbsp;$0.25 | &nbsp;&nbsp;$0.25 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.55** | &nbsp;&nbsp;**$0.36** | &nbsp;&nbsp;**$0.48** | &nbsp;&nbsp;**$(0.88)** | &nbsp;&nbsp;**$0.09** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.35) | &nbsp;&nbsp;$(0.27) | &nbsp;&nbsp;$(0.34) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(0.13) |
| Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.39) |
| **Total distributions** | &nbsp;&nbsp;**$(0.35)** | &nbsp;&nbsp;**$(0.36)** | &nbsp;&nbsp;**$(0.42)** | &nbsp;&nbsp;**$(0.49)** | &nbsp;&nbsp;**$(0.52)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$3.48** | &nbsp;&nbsp;**$3.28** | &nbsp;&nbsp;**$3.28** | &nbsp;&nbsp;**$3.22** | &nbsp;&nbsp;**$4.59** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.75%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.14%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.22%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(20.48)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.36%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$1138535 | &nbsp;&nbsp;$879701 | &nbsp;&nbsp;$821658 | &nbsp;&nbsp;$707932 | &nbsp;&nbsp;$1217836 |
| Ratios (as a percentage of average daily net assets):<sup>(3)(4)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92%<sup>(5)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01%<sup>(5)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.86% |
| Portfolio Turnover of the Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

<sup>(3)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(4)</sup> Includes the Fund's share of the Portfolio's allocated expenses.

<sup>(5)</sup> Includes interest expense, including on securities sold short and/or reverse repurchase agreements if applicable, of 0.03% and 0.12% of average daily net assets for the years ended October 31, 2025 and 2024, respectively.

<sup>(6)</sup> Includes a reduction by the investment adviser of a portion of the Portfolio's adviser fee due to the Portfolio's investment in the Liquidity Fund (equal to 0.01%, less than 0.01%, 0.01% and less than 0.005% of average daily net assets for the years ended October 31, 2025, 2024, 2023 and 2022, respectively).

*6*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b14ba3a7-50c5-4cfa-a54a-b0e7ca9df33b_TOC)

Eaton Vance

Emerging Markets Local Income Fund

October 31, 2025

Notes to Financial Statements

------

1 Significant Accounting Policies

Eaton Vance Emerging Markets Local Income Fund (the Fund) is a non-diversified series of Eaton Vance Mutual Funds Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund offers three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective November 5, 2020, Class C shares automatically convert to Class A shares eight years after their purchase as described in the Fund's prospectus. Class I shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses and net investment income and losses, other than class-specific expenses, are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Each class of shares differs in its distribution plan and certain other class-specific expenses. The Fund invests its assets in interests in Emerging Markets Local Income Portfolio (the Portfolio), a Massachusetts business trust, having the same investment objective and policies as the Fund. The value of the Fund's investment in the Portfolio reflects the Fund's proportionate interest in the net assets of the Portfolio (89.7% at October 31, 2025). The performance of the Fund is directly affected by the performance of the Portfolio. The financial statements of the Portfolio, including the portfolio of investments, are included elsewhere in this report and should be read in conjunction with the Fund's financial statements.

The following is a summary of significant accounting policies of the Fund. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.

A Investment Valuation—Valuation of securities by the Portfolio is discussed in Note 1A of the Portfolio's Notes to Financial Statements, which are included elsewhere in this report.

B Income—The Fund's net investment income or loss consists of the Fund's pro rata share of the net investment income or loss of the Portfolio, less all actual and accrued expenses of the Fund.

C Federal and Other Taxes—The Fund's policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary.

In addition to the requirements of the Internal Revenue Code, the Fund may also be required to recognize its pro rata share of the capital gains taxes incurred by the Portfolio. In doing so, the daily net asset value would reflect the Fund's pro rata share of the estimated reserve for such taxes incurred by the Portfolio.

As of October 31, 2025, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

D Expenses—The majority of expenses of the Trust are directly identifiable to an individual fund. Expenses which are not readily identifiable to a specific fund are allocated taking into consideration, among other things, the nature and type of expense and the relative size of the funds.

E Use of Estimates—The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

F Indemnifications—Under the Trust's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Trust) could be deemed to have personal liability for the obligations of the Trust. However, the Trust's Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and the By-laws provide that the Trust shall assume, upon request by the shareholder, the defense on behalf of any Fund shareholders. Moreover, the By-laws also provide for indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

G Other—Investment transactions are accounted for on a trade date basis.

H Segment Reporting—During this reporting period, the Fund adopted FASB Accounting Standards Update No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures* (ASU 2023-07), which requires incremental disclosures related to a public entity's reportable segments. The Fund operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. In connection

------

[**Table of Contents**](#JOB_EV_AR_b14ba3a7-50c5-4cfa-a54a-b0e7ca9df33b_TOC)

Eaton Vance

Emerging Markets Local Income Fund

October 31, 2025

Notes to Financial Statements — continued

------

with the adoption of ASU 2023-07, the Fund's President acts as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's financial statements.

2 Distributions to Shareholders and Income Tax Information

The Fund expects to pay any required income distributions monthly and intends to distribute annually all or substantially all of its net realized capital gains. The Fund may include in its distributions amounts attributable to the imputed interest on foreign currency exposures and certain other derivative positions which, in certain circumstances, may result in a return of capital for federal income tax purposes. Distributions to shareholders are recorded on the ex-dividend date. Distributions are declared separately for each class of shares. Shareholders may reinvest income and capital gain distributions in additional shares of the same class of the Fund at the net asset value as of the ex-dividend date or, at the election of the shareholder, receive distributions in cash. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

The tax character of distributions declared for the years ended October 31, 2025 and October 31, 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$99321795 | &nbsp;&nbsp;&nbsp;&nbsp;$83267788 |
| Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$26447624 |

---

As of October 31, 2025, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$23924384 |
| Deferred capital losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(105402936) |
| Net unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25051687 |
| **Accumulated loss** | &nbsp;&nbsp;&nbsp;&nbsp;**$(56426865)** |

---

At October 31, 2025, the Fund, for federal income tax purposes, had deferred capital losses of $105,402,936 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund's next taxable year, can be carried forward for an unlimited period, and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at October 31, 2025, $52,144,104 are short-term and $53,258,832 are long-term.

3 Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Eaton Vance Management (EVM), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory services rendered to the Fund. The investment adviser fee is computed at an annual rate as a percentage of the Fund's average daily net assets that are not invested in other investment companies for which EVM or its affiliates serve as investment adviser or administrator as follows and is payable monthly:

---

| | |
|:---|:---|
| **Average Daily Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Annual Fee Rate** |
| Up to $1 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.650% |
| $1 billion but less than $2 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.625% |
| $2 billion but less than $5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.600% |
| $5 billion and over | &nbsp;&nbsp;&nbsp;&nbsp;0.575% |

---

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[**Table of Contents**](#JOB_EV_AR_b14ba3a7-50c5-4cfa-a54a-b0e7ca9df33b_TOC)

Eaton Vance

Emerging Markets Local Income Fund

October 31, 2025

Notes to Financial Statements — continued

------

For the year ended October 31, 2025, the Fund incurred no investment adviser fee on such assets. Pursuant to an investment sub-advisory agreement effective December 2024, EVM has delegated a portion of the investment management of the Fund to Morgan Stanley Investment Management Limited (MSIM Ltd.), an affiliate of EVM and an indirect, wholly-owned subsidiary of Morgan Stanley. EVM pays MSIM Ltd. a portion of its investment adviser fee for sub-advisory services provided to the Fund. To the extent the Fund's assets are invested in the Portfolio, the Fund is allocated its share of the Portfolio's investment adviser fee. The Portfolio has engaged Boston Management and Research (BMR) to render investment advisory services. See Note 2 of the Portfolio's Notes to Financial Statements which are included elsewhere in this report. EVM also serves as the administrator of the Fund, but receives no compensation.

EVM has agreed to reimburse the Fund's expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only and excluding such expenses as brokerage commissions, acquired fund fees and expenses of unaffiliated funds, borrowing costs, taxes or litigation expenses) exceed 1.15%, 1.90% and 0.90% of the Fund's average daily net assets for Class A, Class C and Class I, respectively. This agreement may be changed or terminated after March 1, 2027. Pursuant to this agreement, EVM waived and/or reimbursed $121,986 of the Fund's operating expenses for the year ended October 31, 2025.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended October 31, 2025, EVM earned $26,403 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations. The Fund was informed that Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund's principal underwriter, received $21,819 as its portion of the sales charge on sales of Class A shares for the year ended October 31, 2025. The Fund was informed that Morgan Stanley affiliated broker-dealers, which may be deemed to be affiliates of EVM, BMR and EVD, also received a portion of the sales charge on sales of Class A shares for the year ended October 31, 2025 in the amount of $3,095. EVD also received distribution and service fees from Class A and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5).

Trustees and officers of the Fund who are members of EVM's or BMR's organizations receive remuneration for their services to the Fund out of the investment adviser fee. Certain officers and Trustees of the Fund and the Portfolio are officers of the above organizations.

4 Distribution Plans

The Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the year ended October 31, 2025 amounted to $238,369 for Class A shares.

The Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the year ended October 31, 2025, the Fund paid or accrued to EVD $228,537 for Class C shares.

Pursuant to the Class C Plan, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the year ended October 31, 2025 amounted to $76,179 for Class C shares.

Distribution and service fees are subject to the limitations contained in the Financial Industry Regulatory Authority Rule 2341(d).

5 Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within 12 months of purchase. Class A shares may be subject to a 0.75% CDSC if redeemed within 12 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the year ended October 31, 2025, the Fund was informed that EVD received $3,750 and $5,728 of CDSCs paid by Class A and Class C shareholders, respectively.

6 Investment Transactions

For the year ended October 31, 2025, increases and decreases in the Fund's investment in the Portfolio aggregated $449,637,448 and $341,586,481, respectively.

------

[**Table of Contents**](#JOB_EV_AR_b14ba3a7-50c5-4cfa-a54a-b0e7ca9df33b_TOC)

Eaton Vance

Emerging Markets Local Income Fund

October 31, 2025

Notes to Financial Statements — continued

------

7 Shares of Beneficial Interest

The Fund's Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value). Such shares may be issued in a number of different series (such as the Fund) and classes. Transactions in Fund shares, including direct exchanges pursuant to share class conversions, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2024** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 19499464 | &nbsp;&nbsp;&nbsp;&nbsp;$65556549 | &nbsp;&nbsp;&nbsp;&nbsp; 8960967 | &nbsp;&nbsp;&nbsp;&nbsp;$30827879 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 2404706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7984370 | &nbsp;&nbsp;&nbsp;&nbsp; 2639487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8967417 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18230147) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60515881) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11257015) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38340791) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp; **3674023** | &nbsp;&nbsp;&nbsp;&nbsp;**$13025038** | &nbsp;&nbsp;&nbsp;&nbsp; **343439** | &nbsp;&nbsp;&nbsp;&nbsp;**$1454505** |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 1485124 | &nbsp;&nbsp;&nbsp;&nbsp;$5043601 | &nbsp;&nbsp;&nbsp;&nbsp; 1324948 | &nbsp;&nbsp;&nbsp;&nbsp;$4586650 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 825179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2757869 | &nbsp;&nbsp;&nbsp;&nbsp; 958596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3290558 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3970781) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13332777) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2771312) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9562422) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(1660478)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(5531307)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(487768)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1685214)** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;201270824 | &nbsp;&nbsp;&nbsp;&nbsp;$677018915 | &nbsp;&nbsp;&nbsp;&nbsp;104792044 | &nbsp;&nbsp;&nbsp;&nbsp;$358715766 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 23038998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76394582 | &nbsp;&nbsp;&nbsp;&nbsp; 24908998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84512963 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(165577960) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(540275143) | &nbsp;&nbsp;&nbsp;&nbsp;(112156871) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(381424360) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp; **58731862** | &nbsp;&nbsp;&nbsp;&nbsp;**$213138354** | &nbsp;&nbsp;&nbsp;&nbsp; **17544171** | &nbsp;&nbsp;&nbsp;&nbsp;**$61804369** |

---

------

[**Table of Contents**](#JOB_EV_AR_b14ba3a7-50c5-4cfa-a54a-b0e7ca9df33b_TOC)

Eaton Vance

Emerging Markets Local Income Fund

October 31, 2025

Report of Independent Registered Public Accounting Firm

------

To the Trustees of Eaton Vance Mutual Funds Trust and Shareholders of Eaton Vance Emerging Markets Local Income Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Eaton Vance Emerging Markets Local Income Fund (the "Fund"), one of the funds constituting Eaton Vance Mutual Funds Trust, as of October 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 22, 2025

We have served as the auditor of one or more Eaton Vance investment companies since 1959.

------

[**Table of Contents**](#JOB_EV_AR_b14ba3a7-50c5-4cfa-a54a-b0e7ca9df33b_TOC)

Eaton Vance

Emerging Markets Local Income Fund

October 31, 2025

Federal Tax Information (Unaudited)

------

The Form 1099-DIV you receive in February 2026 will show the tax status of all distributions paid to your account in calendar year 2025. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of the foreign tax credit.

#### Foreign Tax Credit. For the fiscal year ended October 31, 2025, the Fund paid foreign taxes of $1,896,074 and recognized foreign source income of $87,687,362.

------

[**Table of Contents**](#JOB_EV_AR_b14ba3a7-50c5-4cfa-a54a-b0e7ca9df33b_TOC)

Emerging Markets Local Income Portfolio

October 31, 2025

Portfolio of Investments

------

Credit Linked Notes — 1.5%

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Paraguay — 0.0%<sup>†</sup> | Paraguay — 0.0%<sup>†</sup> | Paraguay — 0.0%<sup>†</sup> | Paraguay — 0.0%<sup>†</sup> |
| Itau BBA International PLC (Ministry of Finance of Paraguay), 9.03%, 2/19/30<sup>(1)</sup> | PYG | &nbsp;&nbsp;&nbsp;&nbsp;1212000 | &nbsp;&nbsp;$171934 |
|  |  |  | &nbsp;&nbsp;**$171934** |
| South Africa — 1.5% | South Africa — 1.5% | South Africa — 1.5% | South Africa — 1.5% |
| Absa Bank Ltd. (Arab Republic of Egypt): |  |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 1/8/26<sup>(2)</sup> | EGP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239250 | &nbsp;&nbsp;$4847490 |
| &nbsp;&nbsp;&nbsp;0.00%, 4/23/26<sup>(2)</sup> | EGP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345825 | &nbsp;&nbsp;&nbsp;&nbsp; 6541085 |
| &nbsp;&nbsp;&nbsp;0.00%, 10/22/26<sup>(2)</sup> | EGP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426500 | &nbsp;&nbsp;&nbsp;&nbsp; 7294236 |
| Absa Bank Ltd. (United Republic of Tanzania): |  |  |  |
| &nbsp;&nbsp;&nbsp;13.50%, 8/2/35<sup>(3)</sup> | TZS | &nbsp;&nbsp;&nbsp;&nbsp;3104000 | &nbsp;&nbsp;&nbsp;&nbsp; 1325903 |
| &nbsp;&nbsp;&nbsp;13.75%, 9/27/50<sup>(3)</sup> | TZS | &nbsp;&nbsp;&nbsp;&nbsp;1044300 | &nbsp;&nbsp;&nbsp;&nbsp; 451567 |
|  |  |  | &nbsp;&nbsp;**$20460281** |
| Total Credit Linked Notes<br> (identified cost $20,498,156) |  |  | &nbsp;&nbsp;**$20632215** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Foreign Corporate Bonds — 5.1%

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Brazil — 0.6% | Brazil — 0.6% | Brazil — 0.6% | Brazil — 0.6% |
| Simpar Finance SARL, 10.75%, 2/12/28<sup>(4)</sup> | BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53195 | &nbsp;&nbsp;$8058425 |
|  |  |  | &nbsp;&nbsp;**$8058425** |
| Colombia — 0.3% | Colombia — 0.3% | Colombia — 0.3% | Colombia — 0.3% |
| Patrimonio Autonomo Union Del Sur, 6.66%, 2/28/41<sup>(5)</sup> | COP | 18050431 | &nbsp;&nbsp;$4214469 |
|  |  |  | &nbsp;&nbsp;**$4214469** |
| Georgia — 0.2% | Georgia — 0.2% | Georgia — 0.2% | Georgia — 0.2% |
| TBC Bank Group PLC, 22.00%, 6/5/28<sup>(5)</sup> | UZS | 30470000 | &nbsp;&nbsp;$2544435 |
|  |  |  | &nbsp;&nbsp;**$2544435** |
| Kazakhstan — 0.3% | Kazakhstan — 0.3% | Kazakhstan — 0.3% | Kazakhstan — 0.3% |
| Development Bank of Kazakhstan JSC, 13.00%, 4/15/27<sup>(5)</sup> | KZT | &nbsp;&nbsp;&nbsp;&nbsp;2076500 | &nbsp;&nbsp;$3695870 |
|  |  |  | &nbsp;&nbsp;**$3695870** |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Peru — 0.2% | Peru — 0.2% | Peru — 0.2% | Peru — 0.2% |
| Integratel Peru SAA, 7.375%, 4/10/27<sup>(5)(6)</sup> | PEN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24500 | &nbsp;&nbsp;$2692708 |
|  |  |  | &nbsp;&nbsp;**$2692708** |
| Supranational — 0.4% | Supranational — 0.4% | Supranational — 0.4% | Supranational — 0.4% |
| Asian Development Bank, 14.50%, 6/26/28 | UZS | 14946700 | &nbsp;&nbsp;$1245417 |
| Corp. Andina de Fomento, 8.25%, 4/26/34 | INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169000 | &nbsp;&nbsp;&nbsp;&nbsp; 1994379 |
| European Bank for Reconstruction & Development: |  |  |  |
| &nbsp;&nbsp;&nbsp;17.20%, 4/9/26<sup>(4)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp; 2216235 |
| &nbsp;&nbsp;&nbsp;17.35%, 3/1/27<sup>(4)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;909 | &nbsp;&nbsp;&nbsp;&nbsp; 947745 |
|  |  |  | &nbsp;&nbsp;**$6403776** |
| Uzbekistan — 2.6% | Uzbekistan — 2.6% | Uzbekistan — 2.6% | Uzbekistan — 2.6% |
| Ipoteka-Bank ATIB: |  |  |  |
| &nbsp;&nbsp;&nbsp;17.50%, 10/9/28<sup>(4)</sup> | UZS | 31300000 | &nbsp;&nbsp;$2588034 |
| &nbsp;&nbsp;&nbsp;20.50%, 4/25/27<sup>(4)</sup> | UZS | 25170000 | &nbsp;&nbsp;&nbsp;&nbsp; 2174510 |
| JSCB Agrobank, 20.75%, 9/15/28 | UZS | 177800000 | &nbsp;&nbsp;&nbsp;&nbsp; 14802446 |
| Uzbek Industrial & Construction Bank ATB: |  |  |  |
| &nbsp;&nbsp;&nbsp;19.95%, 4/25/28<sup>(4)</sup> | UZS | 42550000 | &nbsp;&nbsp;&nbsp;&nbsp; 3686901 |
| &nbsp;&nbsp;&nbsp;21.00%, 7/24/27<sup>(4)</sup> | UZS | 155110000 | &nbsp;&nbsp;&nbsp;&nbsp; 13513388 |
|  |  |  | &nbsp;&nbsp;**$36765279** |
| Venezuela — 0.5% | Venezuela — 0.5% | Venezuela — 0.5% | Venezuela — 0.5% |
| Petroleos de Venezuela SA: |  |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, 4/12/27<sup>(4)(6)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5138 | &nbsp;&nbsp;$1148410 |
| &nbsp;&nbsp;&nbsp;5.50%, 4/12/37<sup>(4)(6)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1922 | &nbsp;&nbsp;&nbsp;&nbsp; 429612 |
| &nbsp;&nbsp;&nbsp;6.00%, 5/16/24<sup>(4)(6)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6423 | &nbsp;&nbsp;&nbsp;&nbsp; 1435448 |
| &nbsp;&nbsp;&nbsp;6.00%, 11/15/26<sup>(4)(6)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17118 | &nbsp;&nbsp;&nbsp;&nbsp; 3825824 |
| &nbsp;&nbsp;&nbsp;9.00%, 11/17/21<sup>(4)(6)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1563 | &nbsp;&nbsp;&nbsp;&nbsp; 354801 |
| &nbsp;&nbsp;&nbsp;9.75%, 5/17/35<sup>(4)(6)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2179 | &nbsp;&nbsp;&nbsp;&nbsp; 530635 |
| &nbsp;&nbsp;&nbsp;12.75%, 2/17/22<sup>(4)(6)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875 | &nbsp;&nbsp;&nbsp;&nbsp; 232697 |
|  |  |  | &nbsp;&nbsp;**$7957427** |
| Total Foreign Corporate Bonds<br> (identified cost $74,041,331) |  |  | &nbsp;&nbsp;**$72332389** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b14ba3a7-50c5-4cfa-a54a-b0e7ca9df33b_TOC)

Emerging Markets Local Income Portfolio

October 31, 2025

Portfolio of Investments — continued

------

Loan Participation Notes — 0.5%

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Uzbekistan — 0.5% | Uzbekistan — 0.5% | Uzbekistan — 0.5% | Uzbekistan — 0.5% |
| Europe Asia Investment Finance BV (borrower - Joint Stock Commercial Bank "Asaka"), 18.70%, 7/21/26<sup>(4)(7)(8)</sup> | UZS | 84113385 | &nbsp;&nbsp;$7020574 |
| Total Loan Participation Notes<br> (identified cost $7,147,620) |  |  | &nbsp;&nbsp;**$7020574** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Sovereign Government Bonds — 64.6%

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Albania — 1.7% | Albania — 1.7% | Albania — 1.7% | Albania — 1.7% |
| Albanian Government Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;3.70%, 1/10/28 | ALL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16000 | &nbsp;&nbsp;$190842 |
| &nbsp;&nbsp;&nbsp;3.90%, 1/22/30 | ALL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79200 | &nbsp;&nbsp;&nbsp;&nbsp; 946908 |
| &nbsp;&nbsp;&nbsp;4.05%, 2/7/32 | ALL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106400 | &nbsp;&nbsp;&nbsp;&nbsp; 1250063 |
| &nbsp;&nbsp;&nbsp;4.30%, 7/10/27 | ALL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383300 | &nbsp;&nbsp;&nbsp;&nbsp; 4614871 |
| &nbsp;&nbsp;&nbsp;4.70%, 2/23/27 | ALL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91000 | &nbsp;&nbsp;&nbsp;&nbsp; 1098968 |
| &nbsp;&nbsp;&nbsp;4.95%, 7/22/29 | ALL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;699000 | &nbsp;&nbsp;&nbsp;&nbsp; 8660149 |
| &nbsp;&nbsp;&nbsp;5.25%, 1/26/29 | ALL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567800 | &nbsp;&nbsp;&nbsp;&nbsp; 7073326 |
| &nbsp;&nbsp;&nbsp;5.59%, 2/19/40 | ALL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40900 | &nbsp;&nbsp;&nbsp;&nbsp; 482351 |
| &nbsp;&nbsp;&nbsp;6.13%, 7/25/34 | ALL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38700 | &nbsp;&nbsp;&nbsp;&nbsp; 497946 |
|  |  |  | &nbsp;&nbsp;**$24815424** |
| Angola — 1.1% | Angola — 1.1% | Angola — 1.1% | Angola — 1.1% |
| Angola Government International Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;9.125%, 11/26/49<sup>(4)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1958 | &nbsp;&nbsp;$1646705 |
| &nbsp;&nbsp;&nbsp;9.244%, 1/15/31<sup>(4)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3390 | &nbsp;&nbsp;&nbsp;&nbsp; 3314116 |
| &nbsp;&nbsp;&nbsp;9.375%, 5/8/48<sup>(4)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2776 | &nbsp;&nbsp;&nbsp;&nbsp; 2385764 |
| &nbsp;&nbsp;&nbsp;9.875%, 10/15/35<sup>(4)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9041 | &nbsp;&nbsp;&nbsp;&nbsp; 8762913 |
|  |  |  | &nbsp;&nbsp;**$16109498** |
| Armenia — 1.2% | Armenia — 1.2% | Armenia — 1.2% | Armenia — 1.2% |
| Republic of Armenia Treasury Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;9.00%, 4/29/26 | AMD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212760 | &nbsp;&nbsp;$560197 |
| &nbsp;&nbsp;&nbsp;9.00%, 10/29/35 | AMD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397950 | &nbsp;&nbsp;&nbsp;&nbsp; 1022487 |
| &nbsp;&nbsp;&nbsp;9.60%, 10/29/33 | AMD | &nbsp;&nbsp;&nbsp;&nbsp;4272858 | &nbsp;&nbsp;&nbsp;&nbsp; 11484913 |
| &nbsp;&nbsp;&nbsp;9.75%, 10/29/50 | AMD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;792413 | &nbsp;&nbsp;&nbsp;&nbsp; 2112585 |
| &nbsp;&nbsp;&nbsp;9.75%, 10/29/52 | AMD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;862400 | &nbsp;&nbsp;&nbsp;&nbsp; 2292005 |
|  |  |  | &nbsp;&nbsp;**$17472187** |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Bahamas — 0.1% | Bahamas — 0.1% | Bahamas — 0.1% | Bahamas — 0.1% |
| Bahamas Government International Bonds, 6.625%, 5/15/33<sup>(4)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1731 | &nbsp;&nbsp;$1668684 |
|  |  |  | &nbsp;&nbsp;**$1668684** |
| Benin — 0.3% | Benin — 0.3% | Benin — 0.3% | Benin — 0.3% |
| Benin Government International Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, 1/19/52<sup>(4)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1754 | &nbsp;&nbsp;$1872665 |
| &nbsp;&nbsp;&nbsp;7.96%, 2/13/38<sup>(4)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2194 | &nbsp;&nbsp;&nbsp;&nbsp; 2289341 |
|  |  |  | &nbsp;&nbsp;**$4162006** |
| Bosnia and Herzegovina — 0.0%<sup>†</sup> | Bosnia and Herzegovina — 0.0%<sup>†</sup> | Bosnia and Herzegovina — 0.0%<sup>†</sup> | Bosnia and Herzegovina — 0.0%<sup>†</sup> |
| Republic of Srpska Treasury Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;1.50%, 12/24/25 | BAM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 | &nbsp;&nbsp;$34197 |
| &nbsp;&nbsp;&nbsp;1.50%, 9/25/26 | BAM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | &nbsp;&nbsp;&nbsp;&nbsp; 21015 |
| &nbsp;&nbsp;&nbsp;1.50%, 9/26/27 | BAM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp; 12362 |
|  |  |  | &nbsp;&nbsp;**$67574** |
| Brazil — 2.7% | Brazil — 2.7% | Brazil — 2.7% | Brazil — 2.7% |
| Brazil Letras do Tesouro Nacional, 0.00%, 1/1/26 | BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124000 | &nbsp;&nbsp;$22530976 |
| Brazil Notas do Tesouro Nacional: |  |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, 8/15/30<sup>(9)</sup> | BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14900 | &nbsp;&nbsp;&nbsp;&nbsp; 11905297 |
| &nbsp;&nbsp;&nbsp;10.00%, 1/1/27 | BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22375 | &nbsp;&nbsp;&nbsp;&nbsp; 4010084 |
|  |  |  | &nbsp;&nbsp;**$38446357** |
| Colombia — 2.2% | Colombia — 2.2% | Colombia — 2.2% | Colombia — 2.2% |
| Colombia TES: |  |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, 4/28/28 | COP | 39840800 | &nbsp;&nbsp;$9395442 |
| &nbsp;&nbsp;&nbsp;7.00%, 3/26/31 | COP | 65673000 | &nbsp;&nbsp;&nbsp;&nbsp; 14149030 |
| &nbsp;&nbsp;&nbsp;7.00%, 6/30/32 | COP | 35503000 | &nbsp;&nbsp;&nbsp;&nbsp; 7322204 |
|  |  |  | &nbsp;&nbsp;**$30866676** |
| Czech Republic — 0.2% | Czech Republic — 0.2% | Czech Republic — 0.2% | Czech Republic — 0.2% |
| Czech Republic Government Bonds, 4.50%, 11/11/32 | CZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56140 | &nbsp;&nbsp;$2695878 |
|  |  |  | &nbsp;&nbsp;**$2695878** |
| Dominican Republic — 0.2% | Dominican Republic — 0.2% | Dominican Republic — 0.2% | Dominican Republic — 0.2% |
| Dominican Republic Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;10.75%, 6/1/36<sup>(4)</sup> | DOP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23100 | &nbsp;&nbsp;$387846 |
| &nbsp;&nbsp;&nbsp;11.25%, 9/15/35<sup>(5)</sup> | DOP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112750 | &nbsp;&nbsp;&nbsp;&nbsp; 1943512 |
| &nbsp;&nbsp;&nbsp;11.25%, 9/15/35<sup>(4)</sup> | DOP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32900 | &nbsp;&nbsp;&nbsp;&nbsp; 567109 |
| &nbsp;&nbsp;&nbsp;13.625%, 2/3/33<sup>(4)</sup> | DOP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14000 | &nbsp;&nbsp;&nbsp;&nbsp; 262934 |
|  |  |  | &nbsp;&nbsp;**$3161401** |

---

*14*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b14ba3a7-50c5-4cfa-a54a-b0e7ca9df33b_TOC)

Emerging Markets Local Income Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Ecuador — 0.8% | Ecuador — 0.8% | Ecuador — 0.8% | Ecuador — 0.8% |
| Ecuador Government International Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 7/31/30<sup>(4)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4633 | &nbsp;&nbsp;$3631134 |
| &nbsp;&nbsp;&nbsp;6.90%, 7/31/30<sup>(4)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6204 | &nbsp;&nbsp;&nbsp;&nbsp; 5675062 |
| &nbsp;&nbsp;&nbsp;6.90%, 7/31/35<sup>(4)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2090 | &nbsp;&nbsp;&nbsp;&nbsp; 1606369 |
|  |  |  | &nbsp;&nbsp;**$10912565** |
| Egypt — 2.9% | Egypt — 2.9% | Egypt — 2.9% | Egypt — 2.9% |
| Egypt Government Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;19.98%, 5/20/30 | EGP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;826542 | &nbsp;&nbsp;$17459606 |
| &nbsp;&nbsp;&nbsp;24.458%, 10/1/27 | EGP | &nbsp;&nbsp;&nbsp;&nbsp;1122526 | &nbsp;&nbsp;&nbsp;&nbsp; 24169693 |
|  |  |  | &nbsp;&nbsp;**$41629299** |
| Ethiopia — 1.0% | Ethiopia — 1.0% | Ethiopia — 1.0% | Ethiopia — 1.0% |
| Ethiopia Government International Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, 12/11/24<sup>(4)(6)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13254 | &nbsp;&nbsp;$14049240 |
| &nbsp;&nbsp;&nbsp;6.625%, 12/11/25<sup>(5)(6)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;781 | &nbsp;&nbsp;&nbsp;&nbsp; 826165 |
|  |  |  | &nbsp;&nbsp;**$14875405** |
| Ghana — 0.3% | Ghana — 0.3% | Ghana — 0.3% | Ghana — 0.3% |
| Ghana Cocoa Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;13.00%, 8/30/27 | GHS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1770 | &nbsp;&nbsp;$152653 |
| &nbsp;&nbsp;&nbsp;13.00%, 8/28/28 | GHS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5899 | &nbsp;&nbsp;&nbsp;&nbsp; 488367 |
| Republic of Ghana Government Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;8.35% (5.00% cash and 3.35% PIK), 2/16/27 | GHS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14577 | &nbsp;&nbsp;&nbsp;&nbsp; 1225253 |
| &nbsp;&nbsp;&nbsp;8.65% (5.00% cash and 3.65% PIK), 2/13/29 | GHS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1374 | &nbsp;&nbsp;&nbsp;&nbsp; 103430 |
| &nbsp;&nbsp;&nbsp;8.80% (5.00% cash and 3.80% PIK), 2/12/30 | GHS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5020 | &nbsp;&nbsp;&nbsp;&nbsp; 361780 |
| &nbsp;&nbsp;&nbsp;8.95% (5.00% cash and 3.95% PIK), 2/11/31 | GHS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3277 | &nbsp;&nbsp;&nbsp;&nbsp; 227730 |
| &nbsp;&nbsp;&nbsp;9.25% (5.00% cash and 4.25% PIK), 2/8/33 | GHS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7649 | &nbsp;&nbsp;&nbsp;&nbsp; 504162 |
| &nbsp;&nbsp;&nbsp;9.55% (5.00% cash and 4.55% PIK), 2/6/35 | GHS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2321 | &nbsp;&nbsp;&nbsp;&nbsp; 148179 |
| &nbsp;&nbsp;&nbsp;9.70% (5.00% cash and 4.70% PIK), 2/5/36 | GHS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5389 | &nbsp;&nbsp;&nbsp;&nbsp; 340910 |
| &nbsp;&nbsp;&nbsp;9.85% (5.00% cash and 4.85% PIK), 2/3/37 | GHS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1779 | &nbsp;&nbsp;&nbsp;&nbsp; 111907 |
| &nbsp;&nbsp;&nbsp;10.00% (5.00% cash and 5.00% PIK), 2/2/38 | GHS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2343 | &nbsp;&nbsp;&nbsp;&nbsp; 146987 |
|  |  |  | &nbsp;&nbsp;**$3811358** |
| Guatemala — 0.1% | Guatemala — 0.1% | Guatemala — 0.1% | Guatemala — 0.1% |
| Guatemala Government International Bonds, 6.60%, 6/13/36<sup>(4)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;822 | &nbsp;&nbsp;$887760 |
|  |  |  | &nbsp;&nbsp;**$887760** |
| Honduras — 0.0%<sup>†</sup> | Honduras — 0.0%<sup>†</sup> | Honduras — 0.0%<sup>†</sup> | Honduras — 0.0%<sup>†</sup> |
| Honduras Government International Bonds, 8.625%, 11/27/34<sup>(4)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587 | &nbsp;&nbsp;$629704 |
|  |  |  | &nbsp;&nbsp;**$629704** |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Hungary — 0.2% | Hungary — 0.2% | Hungary — 0.2% | Hungary — 0.2% |
| Hungary Government Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 4/25/41 | HUF | &nbsp;&nbsp;&nbsp;&nbsp;1227010 | &nbsp;&nbsp;$2276856 |
| &nbsp;&nbsp;&nbsp;4.00%, 4/28/51 | HUF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524540 | &nbsp;&nbsp;&nbsp;&nbsp; 979395 |
|  |  |  | &nbsp;&nbsp;**$3256251** |
| India — 0.9% | India — 0.9% | India — 0.9% | India — 0.9% |
| India Government Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;7.09%, 8/5/54 | INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228900 | &nbsp;&nbsp;$2534922 |
| &nbsp;&nbsp;&nbsp;7.24%, 8/18/55 | INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654980 | &nbsp;&nbsp;&nbsp;&nbsp; 7431782 |
| &nbsp;&nbsp;&nbsp;7.30%, 6/19/53 | INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192000 | &nbsp;&nbsp;&nbsp;&nbsp; 2182529 |
|  |  |  | &nbsp;&nbsp;**$12149233** |
| Indonesia — 5.6% | Indonesia — 5.6% | Indonesia — 5.6% | Indonesia — 5.6% |
| Indonesia Treasury Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, 4/15/32 | IDR | 50050000 | &nbsp;&nbsp;$3083357 |
| &nbsp;&nbsp;&nbsp;6.75%, 7/15/35 | IDR | 213143000 | &nbsp;&nbsp;&nbsp;&nbsp; 13463640 |
| &nbsp;&nbsp;&nbsp;6.875%, 7/15/54 | IDR | 21000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1288034 |
| &nbsp;&nbsp;&nbsp;7.125%, 6/15/38 | IDR | 163285000 | &nbsp;&nbsp;&nbsp;&nbsp; 10491282 |
| &nbsp;&nbsp;&nbsp;7.125%, 6/15/42 | IDR | 120649000 | &nbsp;&nbsp;&nbsp;&nbsp; 7704705 |
| &nbsp;&nbsp;&nbsp;7.125%, 6/15/43 | IDR | 168241000 | &nbsp;&nbsp;&nbsp;&nbsp; 10829945 |
| &nbsp;&nbsp;&nbsp;7.375%, 5/15/48 | IDR | 16622000 | &nbsp;&nbsp;&nbsp;&nbsp; 1073683 |
| &nbsp;&nbsp;&nbsp;7.50%, 6/15/35 | IDR | 129185000 | &nbsp;&nbsp;&nbsp;&nbsp; 8557438 |
| &nbsp;&nbsp;&nbsp;7.50%, 5/15/38 | IDR | 139015000 | &nbsp;&nbsp;&nbsp;&nbsp; 9179755 |
| &nbsp;&nbsp;&nbsp;7.50%, 4/15/40 | IDR | 39256000 | &nbsp;&nbsp;&nbsp;&nbsp; 2598733 |
| &nbsp;&nbsp;&nbsp;8.25%, 5/15/36 | IDR | 154676000 | &nbsp;&nbsp;&nbsp;&nbsp; 10794766 |
| &nbsp;&nbsp;&nbsp;9.50%, 5/15/41 | IDR | &nbsp;&nbsp;&nbsp;&nbsp;5702000 | &nbsp;&nbsp;&nbsp;&nbsp; 430098 |
|  |  |  | &nbsp;&nbsp;**$79495436** |
| Jordan — 0.0%<sup>†</sup> | Jordan — 0.0%<sup>†</sup> | Jordan — 0.0%<sup>†</sup> | Jordan — 0.0%<sup>†</sup> |
| Jordan Government International Bonds, 7.375%, 10/10/47<sup>(4)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497 | &nbsp;&nbsp;$503414 |
|  |  |  | &nbsp;&nbsp;**$503414** |
| Kazakhstan — 0.5% | Kazakhstan — 0.5% | Kazakhstan — 0.5% | Kazakhstan — 0.5% |
| Kazakhstan Government Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 4/18/28 | KZT | &nbsp;&nbsp;&nbsp;&nbsp;1030234 | &nbsp;&nbsp;$1483128 |
| &nbsp;&nbsp;&nbsp;5.50%, 9/20/28 | KZT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34685 | &nbsp;&nbsp;&nbsp;&nbsp; 48578 |
| &nbsp;&nbsp;&nbsp;5.50%, 4/24/32 | KZT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565995 | &nbsp;&nbsp;&nbsp;&nbsp; 599156 |
| &nbsp;&nbsp;&nbsp;7.22%, 12/10/28 | KZT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377330 | &nbsp;&nbsp;&nbsp;&nbsp; 544948 |
| &nbsp;&nbsp;&nbsp;7.68%, 8/13/29 | KZT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490529 | &nbsp;&nbsp;&nbsp;&nbsp; 685841 |
| &nbsp;&nbsp;&nbsp;8.44%, 5/10/31 | KZT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207531 | &nbsp;&nbsp;&nbsp;&nbsp; 272460 |
| &nbsp;&nbsp;&nbsp;10.55%, 7/28/29 | KZT | &nbsp;&nbsp;&nbsp;&nbsp;1782069 | &nbsp;&nbsp;&nbsp;&nbsp; 2743655 |
| &nbsp;&nbsp;&nbsp;14.00%, 5/12/31 | KZT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76306 | &nbsp;&nbsp;&nbsp;&nbsp; 126817 |
| &nbsp;&nbsp;&nbsp;14.00%, 5/19/32 | KZT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52027 | &nbsp;&nbsp;&nbsp;&nbsp; 85673 |

---

*15*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b14ba3a7-50c5-4cfa-a54a-b0e7ca9df33b_TOC)

Emerging Markets Local Income Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Kazakhstan (continued) | Kazakhstan (continued) | Kazakhstan (continued) | Kazakhstan (continued) |
| Kazakhstan Government Bonds: (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;14.45%, 6/5/33 | KZT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164040 | &nbsp;&nbsp;$279372 |
| &nbsp;&nbsp;&nbsp;14.50%, 3/6/34 | KZT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75467 | &nbsp;&nbsp;&nbsp;&nbsp; 126114 |
|  |  |  | &nbsp;&nbsp;**$6995742** |
| Lebanon — 0.5% | Lebanon — 0.5% | Lebanon — 0.5% | Lebanon — 0.5% |
| Lebanon Government International Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;5.80%, 4/14/20<sup>(4)(6)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3852 | &nbsp;&nbsp;$883071 |
| &nbsp;&nbsp;&nbsp;6.00%, 1/27/23<sup>(4)(6)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1519 | &nbsp;&nbsp;&nbsp;&nbsp; 349438 |
| &nbsp;&nbsp;&nbsp;6.10%, 10/4/22<sup>(4)(6)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4259 | &nbsp;&nbsp;&nbsp;&nbsp; 978505 |
| &nbsp;&nbsp;&nbsp;6.15%, 6/19/20<sup>(4)(6)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 59703 |
| &nbsp;&nbsp;&nbsp;6.20%, 2/26/25<sup>(4)(6)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995 | &nbsp;&nbsp;&nbsp;&nbsp; 228369 |
| &nbsp;&nbsp;&nbsp;6.25%, 5/27/22<sup>(4)(6)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526 | &nbsp;&nbsp;&nbsp;&nbsp; 120701 |
| &nbsp;&nbsp;&nbsp;6.25%, 11/4/24<sup>(4)(6)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;961 | &nbsp;&nbsp;&nbsp;&nbsp; 220549 |
| &nbsp;&nbsp;&nbsp;6.25%, 6/12/25<sup>(4)(6)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553 | &nbsp;&nbsp;&nbsp;&nbsp; 127466 |
| &nbsp;&nbsp;&nbsp;6.375%, 3/9/20<sup>(4)(6)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2062 | &nbsp;&nbsp;&nbsp;&nbsp; 472778 |
| &nbsp;&nbsp;&nbsp;6.40%, 5/26/23<sup>(4)(6)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6169 | &nbsp;&nbsp;&nbsp;&nbsp; 1418870 |
| &nbsp;&nbsp;&nbsp;6.60%, 11/27/26<sup>(4)(6)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262 | &nbsp;&nbsp;&nbsp;&nbsp; 60003 |
| &nbsp;&nbsp;&nbsp;6.65%, 4/22/24<sup>(4)(6)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682 | &nbsp;&nbsp;&nbsp;&nbsp; 156519 |
| &nbsp;&nbsp;&nbsp;6.65%, 11/3/28<sup>(4)(6)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358 | &nbsp;&nbsp;&nbsp;&nbsp; 82394 |
| &nbsp;&nbsp;&nbsp;6.75%, 11/29/27<sup>(4)(6)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157 | &nbsp;&nbsp;&nbsp;&nbsp; 36231 |
| &nbsp;&nbsp;&nbsp;6.85%, 3/23/27<sup>(4)(6)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477 | &nbsp;&nbsp;&nbsp;&nbsp; 109486 |
| &nbsp;&nbsp;&nbsp;6.85%, 5/25/29<sup>(4)(6)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496 | &nbsp;&nbsp;&nbsp;&nbsp; 114337 |
| &nbsp;&nbsp;&nbsp;7.00%, 3/20/28<sup>(4)(6)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1474 | &nbsp;&nbsp;&nbsp;&nbsp; 339757 |
| &nbsp;&nbsp;&nbsp;7.00%, 3/23/32<sup>(4)(6)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633 | &nbsp;&nbsp;&nbsp;&nbsp; 147094 |
| &nbsp;&nbsp;&nbsp;7.25%, 3/23/37<sup>(4)(6)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517 | &nbsp;&nbsp;&nbsp;&nbsp; 119688 |
| &nbsp;&nbsp;&nbsp;8.25%, 4/12/21<sup>(4)(6)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1657 | &nbsp;&nbsp;&nbsp;&nbsp; 381628 |
|  |  |  | &nbsp;&nbsp;**$6406587** |
| Malaysia — 0.3% | Malaysia — 0.3% | Malaysia — 0.3% | Malaysia — 0.3% |
| Malaysia Government Bonds, 3.757%, 5/22/40 | MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17415 | &nbsp;&nbsp;$4160517 |
|  |  |  | &nbsp;&nbsp;**$4160517** |
| Mexico — 9.5% | Mexico — 9.5% | Mexico — 9.5% | Mexico — 9.5% |
| Mexican Bonos: |  |  |  |
| &nbsp;&nbsp;&nbsp;7.50%, 5/26/33 | MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161360 | &nbsp;&nbsp;$8204929 |
| &nbsp;&nbsp;&nbsp;7.75%, 5/29/31 | MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264449 | &nbsp;&nbsp;&nbsp;&nbsp; 13890718 |
| &nbsp;&nbsp;&nbsp;7.75%, 11/23/34 | MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506215 | &nbsp;&nbsp;&nbsp;&nbsp; 25703593 |
| &nbsp;&nbsp;&nbsp;7.75%, 11/13/42 | MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318000 | &nbsp;&nbsp;&nbsp;&nbsp; 14776901 |
| &nbsp;&nbsp;&nbsp;8.00%, 2/21/36 | MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59000 | &nbsp;&nbsp;&nbsp;&nbsp; 2996476 |
| &nbsp;&nbsp;&nbsp;8.00%, 7/31/53 | MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201119 | &nbsp;&nbsp;&nbsp;&nbsp; 9369288 |
| &nbsp;&nbsp;&nbsp;8.50%, 11/18/38 | MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622879 | &nbsp;&nbsp;&nbsp;&nbsp; 32026272 |
| &nbsp;&nbsp;&nbsp;8.50%, 11/18/38 | MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298029 | &nbsp;&nbsp;&nbsp;&nbsp; 15323643 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Mexico (continued) | Mexico (continued) | Mexico (continued) | Mexico (continued) |
| Mexico Udibonos, 2.75%, 11/27/31 | MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248221 | &nbsp;&nbsp;$12199182 |
|  |  |  | &nbsp;&nbsp;**$134491002** |
| Mongolia — 0.2% | Mongolia — 0.2% | Mongolia — 0.2% | Mongolia — 0.2% |
| Mongolia Government International Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, 2/25/30<sup>(5)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;$205313 |
| &nbsp;&nbsp;&nbsp;6.625%, 2/25/30<sup>(4)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2053129 |
|  |  |  | &nbsp;&nbsp;**$2258442** |
| Montenegro — 0.5% | Montenegro — 0.5% | Montenegro — 0.5% | Montenegro — 0.5% |
| Montenegro Government International Bonds, 4.875%, 4/1/32<sup>(4)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5762 | &nbsp;&nbsp;$6768050 |
|  |  |  | &nbsp;&nbsp;**$6768050** |
| Nigeria — 0.5% | Nigeria — 0.5% | Nigeria — 0.5% | Nigeria — 0.5% |
| Nigeria Government Bonds, 17.95%, 6/25/32 | NGN | &nbsp;&nbsp;&nbsp;&nbsp;8686800 | &nbsp;&nbsp;$6620421 |
|  |  |  | &nbsp;&nbsp;**$6620421** |
| Paraguay — 0.9% | Paraguay — 0.9% | Paraguay — 0.9% | Paraguay — 0.9% |
| Paraguay Government Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;7.90%, 2/9/31<sup>(5)</sup> | PYG | 74301000 | &nbsp;&nbsp;$9946853 |
| &nbsp;&nbsp;&nbsp;7.90%, 2/9/31<sup>(4)</sup> | PYG | 16011000 | &nbsp;&nbsp;&nbsp;&nbsp; 2143431 |
| &nbsp;&nbsp;&nbsp;8.50%, 3/4/35<sup>(5)</sup> | PYG | 10265000 | &nbsp;&nbsp;&nbsp;&nbsp; 1368718 |
|  |  |  | &nbsp;&nbsp;**$13459002** |
| Peru — 3.3% | Peru — 3.3% | Peru — 3.3% | Peru — 3.3% |
| Peru Government Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;5.35%, 8/12/40 | PEN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6235 | &nbsp;&nbsp;$1638708 |
| &nbsp;&nbsp;&nbsp;5.40%, 8/12/34 | PEN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58352 | &nbsp;&nbsp;&nbsp;&nbsp; 16854209 |
| &nbsp;&nbsp;&nbsp;6.85%, 8/12/35<sup>(4)(5)</sup> | PEN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33441 | &nbsp;&nbsp;&nbsp;&nbsp; 10491463 |
| &nbsp;&nbsp;&nbsp;6.85%, 2/12/42 | PEN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8424 | &nbsp;&nbsp;&nbsp;&nbsp; 2586571 |
| &nbsp;&nbsp;&nbsp;6.90%, 8/12/37 | PEN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29533 | &nbsp;&nbsp;&nbsp;&nbsp; 9145076 |
| &nbsp;&nbsp;&nbsp;7.60%, 8/12/39<sup>(4)(5)</sup> | PEN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19620 | &nbsp;&nbsp;&nbsp;&nbsp; 6354616 |
|  |  |  | &nbsp;&nbsp;**$47070643** |
| Poland — 2.3% | Poland — 2.3% | Poland — 2.3% | Poland — 2.3% |
| Republic of Poland Government Bonds, 2.00%, 8/25/36<sup>(9)</sup> | PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133532 | &nbsp;&nbsp;$32686996 |
|  |  |  | &nbsp;&nbsp;**$32686996** |
| Romania — 4.2% | Romania — 4.2% | Romania — 4.2% | Romania — 4.2% |
| Romania Government Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;2.50%, 10/25/27 | RON | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70650 | &nbsp;&nbsp;$14832765 |
| &nbsp;&nbsp;&nbsp;3.25%, 6/24/26 | RON | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57650 | &nbsp;&nbsp;&nbsp;&nbsp; 12834468 |

---

*16*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b14ba3a7-50c5-4cfa-a54a-b0e7ca9df33b_TOC)

Emerging Markets Local Income Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Romania (continued) | Romania (continued) | Romania (continued) | Romania (continued) |
| Romania Government Bonds: (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;4.15%, 1/26/28 | RON | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21190 | &nbsp;&nbsp;$4549226 |
| &nbsp;&nbsp;&nbsp;4.25%, 4/28/36 | RON | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57850 | &nbsp;&nbsp;&nbsp;&nbsp; 10561253 |
| &nbsp;&nbsp;&nbsp;4.85%, 4/22/26 | RON | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32030 | &nbsp;&nbsp;&nbsp;&nbsp; 7215281 |
| &nbsp;&nbsp;&nbsp;5.80%, 7/26/27 | RON | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16020 | &nbsp;&nbsp;&nbsp;&nbsp; 3586533 |
| &nbsp;&nbsp;&nbsp;6.70%, 2/25/32 | RON | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17950 | &nbsp;&nbsp;&nbsp;&nbsp; 4017220 |
| &nbsp;&nbsp;&nbsp;7.90%, 2/24/38 | RON | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp; 1097959 |
| &nbsp;&nbsp;&nbsp;8.75%, 10/30/28 | RON | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6025 | &nbsp;&nbsp;&nbsp;&nbsp; 1432120 |
|  |  |  | &nbsp;&nbsp;**$60126825** |
| Serbia — 1.2% | Serbia — 1.2% | Serbia — 1.2% | Serbia — 1.2% |
| Serbia Treasury Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, 8/20/32 | RSD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255910 | &nbsp;&nbsp;$2477139 |
| &nbsp;&nbsp;&nbsp;7.00%, 10/26/31 | RSD | &nbsp;&nbsp;&nbsp;&nbsp;1321120 | &nbsp;&nbsp;&nbsp;&nbsp; 14541869 |
|  |  |  | &nbsp;&nbsp;**$17019008** |
| Seychelles — 0.0%<sup>†</sup> | Seychelles — 0.0%<sup>†</sup> | Seychelles — 0.0%<sup>†</sup> | Seychelles — 0.0%<sup>†</sup> |
| Seychelles Government International Bonds, 8.00%, 1/1/26<sup>(4)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98 | &nbsp;&nbsp;$98850 |
|  |  |  | &nbsp;&nbsp;**$98850** |
| South Africa — 8.5% | South Africa — 8.5% | South Africa — 8.5% | South Africa — 8.5% |
| Republic of South Africa Government Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;8.00%, 1/31/30 | ZAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126158 | &nbsp;&nbsp;$7351080 |
| &nbsp;&nbsp;&nbsp;8.25%, 3/31/32 | ZAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261204 | &nbsp;&nbsp;&nbsp;&nbsp; 15022679 |
| &nbsp;&nbsp;&nbsp;8.50%, 1/31/37 | ZAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203525 | &nbsp;&nbsp;&nbsp;&nbsp; 11076139 |
| &nbsp;&nbsp;&nbsp;8.75%, 1/31/44 | ZAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295407 | &nbsp;&nbsp;&nbsp;&nbsp; 15268480 |
| &nbsp;&nbsp;&nbsp;8.75%, 2/28/48 | ZAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15294 | &nbsp;&nbsp;&nbsp;&nbsp; 787332 |
| &nbsp;&nbsp;&nbsp;8.875%, 2/28/35 | ZAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;766296 | &nbsp;&nbsp;&nbsp;&nbsp; 44300024 |
| &nbsp;&nbsp;&nbsp;9.00%, 1/31/40 | ZAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349080 | &nbsp;&nbsp;&nbsp;&nbsp; 18941424 |
| &nbsp;&nbsp;&nbsp;10.00%, 3/31/33 | ZAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131100 | &nbsp;&nbsp;&nbsp;&nbsp; 8168433 |
|  |  |  | &nbsp;&nbsp;**$120915591** |
| Sri Lanka — 1.4% | Sri Lanka — 1.4% | Sri Lanka — 1.4% | Sri Lanka — 1.4% |
| Sri Lanka Government Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;9.00%, 6/1/33 | LKR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;$333032 |
| &nbsp;&nbsp;&nbsp;9.00%, 11/1/33 | LKR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161000 | &nbsp;&nbsp;&nbsp;&nbsp; 484766 |
| &nbsp;&nbsp;&nbsp;9.75%, 7/1/30 | LKR | &nbsp;&nbsp;&nbsp;&nbsp;1151000 | &nbsp;&nbsp;&nbsp;&nbsp; 3794158 |
| &nbsp;&nbsp;&nbsp;10.25%, 9/15/34 | LKR | &nbsp;&nbsp;&nbsp;&nbsp;1018000 | &nbsp;&nbsp;&nbsp;&nbsp; 3249933 |
| &nbsp;&nbsp;&nbsp;10.35%, 10/15/29 | LKR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp; 202562 |
| &nbsp;&nbsp;&nbsp;11.00%, 10/15/28 | LKR | &nbsp;&nbsp;&nbsp;&nbsp;1320000 | &nbsp;&nbsp;&nbsp;&nbsp; 4543687 |
| &nbsp;&nbsp;&nbsp;11.00%, 9/15/29 | LKR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp; 309495 |
| &nbsp;&nbsp;&nbsp;11.00%, 12/15/29 | LKR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759000 | &nbsp;&nbsp;&nbsp;&nbsp; 2615806 |
| &nbsp;&nbsp;&nbsp;11.00%, 5/15/30 | LKR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27000 | &nbsp;&nbsp;&nbsp;&nbsp; 93137 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Sri Lanka (continued) | Sri Lanka (continued) | Sri Lanka (continued) | Sri Lanka (continued) |
| Sri Lanka Government Bonds: (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;11.00%, 10/15/30 | LKR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531000 | &nbsp;&nbsp;$1833880 |
| &nbsp;&nbsp;&nbsp;11.25%, 3/15/31 | LKR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp; 86373 |
| &nbsp;&nbsp;&nbsp;11.50%, 12/15/32 | LKR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591000 | &nbsp;&nbsp;&nbsp;&nbsp; 2049465 |
|  |  |  | &nbsp;&nbsp;**$19596294** |
| Suriname — 1.6% | Suriname — 1.6% | Suriname — 1.6% | Suriname — 1.6% |
| Suriname Government International Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;7.70%, 11/6/30<sup>(5)(10)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2570 | &nbsp;&nbsp;$2588632 |
| &nbsp;&nbsp;&nbsp;7.95%, (4.95% cash and 3.00% PIK), 7/15/33<sup>(5)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432 | &nbsp;&nbsp;&nbsp;&nbsp; 432325 |
| &nbsp;&nbsp;&nbsp;7.95%, (4.95% cash and 3.00% PIK), 7/15/33<sup>(4)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4437 | &nbsp;&nbsp;&nbsp;&nbsp; 4437300 |
| &nbsp;&nbsp;&nbsp;8.50%, 11/6/35<sup>(5)(10)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10715 | &nbsp;&nbsp;&nbsp;&nbsp; 11049844 |
| &nbsp;&nbsp;&nbsp;9.00%, Oil-Linked, 12/31/50<sup>(5)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1528 | &nbsp;&nbsp;&nbsp;&nbsp; 1818320 |
| &nbsp;&nbsp;&nbsp;9.00%, Oil-Linked, 12/31/50<sup>(4)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2534 | &nbsp;&nbsp;&nbsp;&nbsp; 3015460 |
|  |  |  | &nbsp;&nbsp;**$23341881** |
| Thailand — 1.1% | Thailand — 1.1% | Thailand — 1.1% | Thailand — 1.1% |
| Thailand Government Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;3.30%, 6/17/38 | THB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383618 | &nbsp;&nbsp;$13661307 |
| &nbsp;&nbsp;&nbsp;3.35%, 6/17/33 | THB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp; 2081822 |
|  |  |  | &nbsp;&nbsp;**$15743129** |
| Tunisia — 0.0%<sup>†</sup> | Tunisia — 0.0%<sup>†</sup> | Tunisia — 0.0%<sup>†</sup> | Tunisia — 0.0%<sup>†</sup> |
| Tunisian Republic, 4.30%, 8/2/30 | JPY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;$59529 |
|  |  |  | &nbsp;&nbsp;**$59529** |
| Turkey — 2.6% | Turkey — 2.6% | Turkey — 2.6% | Turkey — 2.6% |
| Turkiye Government Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;17.30%, 7/19/28 | TRY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;$3386108 |
| &nbsp;&nbsp;&nbsp;17.80%, 7/13/33 | TRY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 154860 |
| &nbsp;&nbsp;&nbsp;26.20%, 10/5/33 | TRY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;909416 | &nbsp;&nbsp;&nbsp;&nbsp; 19524655 |
| &nbsp;&nbsp;&nbsp;27.70%, 9/27/34 | TRY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531779 | &nbsp;&nbsp;&nbsp;&nbsp; 11715986 |
| &nbsp;&nbsp;&nbsp;30.00%, 9/12/29 | TRY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69266 | &nbsp;&nbsp;&nbsp;&nbsp; 1517632 |
| &nbsp;&nbsp;&nbsp;31.08%, 11/8/28 | TRY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 224012 |
|  |  |  | &nbsp;&nbsp;**$36523253** |
| Uganda — 1.9% | Uganda — 1.9% | Uganda — 1.9% | Uganda — 1.9% |
| Republic of Uganda Government Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;14.375%, 2/3/33 | UGX | &nbsp;&nbsp;&nbsp;&nbsp;1043800 | &nbsp;&nbsp;$275205 |
| &nbsp;&nbsp;&nbsp;15.00%, 6/18/43 | UGX | &nbsp;&nbsp;&nbsp;&nbsp;7004900 | &nbsp;&nbsp;&nbsp;&nbsp; 1736045 |
| &nbsp;&nbsp;&nbsp;15.80%, 6/23/39 | UGX | 76425700 | &nbsp;&nbsp;&nbsp;&nbsp; 20212467 |
| &nbsp;&nbsp;&nbsp;16.25%, 11/8/35 | UGX | 15582000 | &nbsp;&nbsp;&nbsp;&nbsp; 4368160 |
|  |  |  | &nbsp;&nbsp;**$26591877** |

---

*17*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b14ba3a7-50c5-4cfa-a54a-b0e7ca9df33b_TOC)

Emerging Markets Local Income Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Ukraine — 1.1% | Ukraine — 1.1% | Ukraine — 1.1% | Ukraine — 1.1% |
| Ukraine Government International Bonds, 0.00%, GDP-Linked, 8/1/41<sup>(4)(11)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18407 | &nbsp;&nbsp;$15665535 |
|  |  |  | &nbsp;&nbsp;**$15665535** |
| Uruguay — 0.0%<sup>†</sup> | Uruguay — 0.0%<sup>†</sup> | Uruguay — 0.0%<sup>†</sup> | Uruguay — 0.0%<sup>†</sup> |
| Uruguay Government Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;3.40%, 5/16/45 | UYU | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13961 | &nbsp;&nbsp;$359413 |
| &nbsp;&nbsp;&nbsp;3.875%, 7/2/40<sup>(9)</sup> | UYU | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8978 | &nbsp;&nbsp;&nbsp;&nbsp; 242336 |
|  |  |  | &nbsp;&nbsp;**$601749** |
| Uzbekistan — 0.5% | Uzbekistan — 0.5% | Uzbekistan — 0.5% | Uzbekistan — 0.5% |
| National Bank of Uzbekistan, 19.875%, 7/5/27<sup>(4)</sup> | UZS | 50140000 | &nbsp;&nbsp;$4314591 |
| Republic of Uzbekistan Bonds, 15.50%, 2/25/28<sup>(4)</sup> | UZS | 24000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2067055 |
|  |  |  | &nbsp;&nbsp;**$6381646** |
| Venezuela — 0.4% | Venezuela — 0.4% | Venezuela — 0.4% | Venezuela — 0.4% |
| Venezuela Government International Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, 12/9/20<sup>(4)(6)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638 | &nbsp;&nbsp;$146051 |
| &nbsp;&nbsp;&nbsp;7.00%, 3/31/38<sup>(4)(6)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 82980 |
| &nbsp;&nbsp;&nbsp;7.65%, 4/21/25<sup>(4)(6)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1959 | &nbsp;&nbsp;&nbsp;&nbsp; 507577 |
| &nbsp;&nbsp;&nbsp;7.75%, 10/13/19<sup>(4)(6)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1419 | &nbsp;&nbsp;&nbsp;&nbsp; 339307 |
| &nbsp;&nbsp;&nbsp;8.25%, 10/13/24<sup>(4)(6)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3808 | &nbsp;&nbsp;&nbsp;&nbsp; 986523 |
| &nbsp;&nbsp;&nbsp;9.00%, 5/7/23<sup>(4)(6)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 258954 |
| &nbsp;&nbsp;&nbsp;9.25%, 9/15/27<sup>(6)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5238 | &nbsp;&nbsp;&nbsp;&nbsp; 1617756 |
| &nbsp;&nbsp;&nbsp;9.25%, 5/7/28<sup>(4)(6)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4306 | &nbsp;&nbsp;&nbsp;&nbsp; 1234157 |
| &nbsp;&nbsp;&nbsp;9.375%, 1/13/34<sup>(6)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349 | &nbsp;&nbsp;&nbsp;&nbsp; 111715 |
| &nbsp;&nbsp;&nbsp;11.75%, 10/21/26<sup>(4)(6)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;904 | &nbsp;&nbsp;&nbsp;&nbsp; 271170 |
| &nbsp;&nbsp;&nbsp;11.95%, 8/5/31<sup>(4)(6)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;669 | &nbsp;&nbsp;&nbsp;&nbsp; 196723 |
| &nbsp;&nbsp;&nbsp;12.75%, 8/23/22<sup>(4)(6)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475 | &nbsp;&nbsp;&nbsp;&nbsp; 139727 |
|  |  |  | &nbsp;&nbsp;**$5892640** |
| Zambia — 0.1% | Zambia — 0.1% | Zambia — 0.1% | Zambia — 0.1% |
| Zambia Government Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;16.00%, 10/27/28 | ZMW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10300 | &nbsp;&nbsp;$466116 |
| &nbsp;&nbsp;&nbsp;18.99%, 10/27/40 | ZMW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12701 | &nbsp;&nbsp;&nbsp;&nbsp; 574501 |
| &nbsp;&nbsp;&nbsp;19.00%, 8/18/35 | ZMW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6437 | &nbsp;&nbsp;&nbsp;&nbsp; 303941 |
| &nbsp;&nbsp;&nbsp;19.00%, 9/29/35 | ZMW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2253 | &nbsp;&nbsp;&nbsp;&nbsp; 106511 |
|  |  |  | &nbsp;&nbsp;**$1451069** |
| Total Sovereign Government Bonds<br> (identified cost $885,858,963) |  |  | &nbsp;&nbsp;**$918542388** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Short-Term Investments — 21.8%

Affiliated Fund — 5.9%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 4.00%<sup>(12)</sup> | 83602121 | &nbsp;&nbsp;$83602121 |
| Total Affiliated Fund<br> (identified cost $83,602,121) |  | &nbsp;&nbsp;**$83602121** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Sovereign Government Securities — 9.0%

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Albania — 0.0%<sup>†</sup> | Albania — 0.0%<sup>†</sup> | Albania — 0.0%<sup>†</sup> | Albania — 0.0%<sup>†</sup> |
| Albanian Treasury Bills, 0.00%, 3/12/26 | ALL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49300 | &nbsp;&nbsp;$582119 |
|  |  |  | &nbsp;&nbsp;**$582119** |
| Egypt — 3.6% | Egypt — 3.6% | Egypt — 3.6% | Egypt — 3.6% |
| Egypt Treasury Bills: |  |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 12/9/25 | EGP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4700 | &nbsp;&nbsp;$97138 |
| &nbsp;&nbsp;&nbsp;0.00%, 12/23/25 | EGP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501175 | &nbsp;&nbsp;&nbsp;&nbsp; 10255017 |
| &nbsp;&nbsp;&nbsp;0.00%, 1/6/26 | EGP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399900 | &nbsp;&nbsp;&nbsp;&nbsp; 8102451 |
| &nbsp;&nbsp;&nbsp;0.00%, 2/17/26 | EGP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100250 | &nbsp;&nbsp;&nbsp;&nbsp; 1979341 |
| &nbsp;&nbsp;&nbsp;0.00%, 3/31/26 | EGP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197350 | &nbsp;&nbsp;&nbsp;&nbsp; 3789483 |
| &nbsp;&nbsp;&nbsp;0.00%, 5/12/26 | EGP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116175 | &nbsp;&nbsp;&nbsp;&nbsp; 2168540 |
| &nbsp;&nbsp;&nbsp;0.00%, 7/7/26 | EGP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;914025 | &nbsp;&nbsp;&nbsp;&nbsp; 16501011 |
| &nbsp;&nbsp;&nbsp;0.00%, 10/27/26 | EGP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441200 | &nbsp;&nbsp;&nbsp;&nbsp; 7518450 |
|  |  |  | &nbsp;&nbsp;**$50411431** |
| Kazakhstan — 0.6% | Kazakhstan — 0.6% | Kazakhstan — 0.6% | Kazakhstan — 0.6% |
| Kazakhstan Treasury Bills, 0.00%, 5/15/26 | KZT | &nbsp;&nbsp;&nbsp;&nbsp;4762794 | &nbsp;&nbsp;$8215835 |
|  |  |  | &nbsp;&nbsp;**$8215835** |
| Nigeria — 4.4% | Nigeria — 4.4% | Nigeria — 4.4% | Nigeria — 4.4% |
| Nigeria OMO Bills: |  |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 11/18/25 | NGN | &nbsp;&nbsp;&nbsp;&nbsp;2510690 | &nbsp;&nbsp;$1750757 |
| &nbsp;&nbsp;&nbsp;0.00%, 11/25/25 | NGN | &nbsp;&nbsp;&nbsp;&nbsp;1072374 | &nbsp;&nbsp;&nbsp;&nbsp; 741657 |
| &nbsp;&nbsp;&nbsp;0.00%, 12/16/25 | NGN | &nbsp;&nbsp;&nbsp;&nbsp;1055906 | &nbsp;&nbsp;&nbsp;&nbsp; 726541 |
| &nbsp;&nbsp;&nbsp;0.00%, 12/23/25 | NGN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536187 | &nbsp;&nbsp;&nbsp;&nbsp; 364107 |
| &nbsp;&nbsp;&nbsp;0.00%, 12/30/25 | NGN | &nbsp;&nbsp;&nbsp;&nbsp;1608561 | &nbsp;&nbsp;&nbsp;&nbsp; 1087769 |
| &nbsp;&nbsp;&nbsp;0.00%, 1/6/26 | NGN | &nbsp;&nbsp;&nbsp;&nbsp;1698623 | &nbsp;&nbsp;&nbsp;&nbsp; 1144050 |
| &nbsp;&nbsp;&nbsp;0.00%, 1/13/26 | NGN | &nbsp;&nbsp;&nbsp;&nbsp;7386933 | &nbsp;&nbsp;&nbsp;&nbsp; 4955888 |
| &nbsp;&nbsp;&nbsp;0.00%, 1/27/26 | NGN | &nbsp;&nbsp;&nbsp;&nbsp;8323184 | &nbsp;&nbsp;&nbsp;&nbsp; 5543006 |
| &nbsp;&nbsp;&nbsp;0.00%, 2/3/26 | NGN | &nbsp;&nbsp;&nbsp;&nbsp;2251986 | &nbsp;&nbsp;&nbsp;&nbsp; 1494138 |
| &nbsp;&nbsp;&nbsp;0.00%, 2/17/26 | NGN | &nbsp;&nbsp;&nbsp;&nbsp;4189202 | &nbsp;&nbsp;&nbsp;&nbsp; 2766260 |
| &nbsp;&nbsp;&nbsp;0.00%, 3/10/26 | NGN | &nbsp;&nbsp;&nbsp;&nbsp;9060000 | &nbsp;&nbsp;&nbsp;&nbsp; 5893855 |

---

*18*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b14ba3a7-50c5-4cfa-a54a-b0e7ca9df33b_TOC)

Emerging Markets Local Income Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Nigeria (continued) | Nigeria (continued) | Nigeria (continued) | Nigeria (continued) |
| Nigeria OMO Bills: (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 3/24/26 | NGN | 11291908 | &nbsp;&nbsp;$7287598 |
| &nbsp;&nbsp;&nbsp;0.00%, 4/7/26 | NGN | &nbsp;&nbsp;&nbsp;&nbsp;1340468 | &nbsp;&nbsp;&nbsp;&nbsp; 861882 |
| &nbsp;&nbsp;&nbsp;0.00%, 4/21/26 | NGN | &nbsp;&nbsp;&nbsp;&nbsp;4832937 | &nbsp;&nbsp;&nbsp;&nbsp; 3085028 |
| &nbsp;&nbsp;&nbsp;0.00%, 4/28/26 | NGN | 13009685 | &nbsp;&nbsp;&nbsp;&nbsp; 8251131 |
| &nbsp;&nbsp;&nbsp;0.00%, 6/23/26 | NGN | 12016153 | &nbsp;&nbsp;&nbsp;&nbsp; 7462997 |
| &nbsp;&nbsp;&nbsp;0.00%, 6/30/26 | NGN | 13786625 | &nbsp;&nbsp;&nbsp;&nbsp; 8467093 |
| &nbsp;&nbsp;&nbsp;0.00%, 7/7/26 | NGN | &nbsp;&nbsp;&nbsp;&nbsp;1340468 | &nbsp;&nbsp;&nbsp;&nbsp; 822858 |
|  |  |  | &nbsp;&nbsp;**$62706615** |
| Uruguay — 0.4% | Uruguay — 0.4% | Uruguay — 0.4% | Uruguay — 0.4% |
| Uruguay Monetary Regulation Bills: |  |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 11/7/25 | UYU | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17818 | &nbsp;&nbsp;$446574 |
| &nbsp;&nbsp;&nbsp;0.00%, 12/5/25 | UYU | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74000 | &nbsp;&nbsp;&nbsp;&nbsp; 1843272 |
| &nbsp;&nbsp;&nbsp;0.00%, 12/19/25 | UYU | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60508 | &nbsp;&nbsp;&nbsp;&nbsp; 1502635 |
| &nbsp;&nbsp;&nbsp;0.00%, 12/30/25 | UYU | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61814 | &nbsp;&nbsp;&nbsp;&nbsp; 1532037 |
| &nbsp;&nbsp;&nbsp;0.00%, 3/6/26 | UYU | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17818 | &nbsp;&nbsp;&nbsp;&nbsp; 435325 |
|  |  |  | &nbsp;&nbsp;**$5759843** |
| Total Sovereign Government Securities<br> (identified cost $124,276,200) |  |  | &nbsp;&nbsp;**$127675843** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

U.S. Treasury Obligations — 6.9%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| U.S. Treasury Bills: |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 11/13/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;$24973208 |
| &nbsp;&nbsp;&nbsp;0.00%, 11/20/25<sup>(13)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14000 | &nbsp;&nbsp;&nbsp;&nbsp; 13974332 |
| &nbsp;&nbsp;&nbsp;0.00%, 12/4/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6500 | &nbsp;&nbsp;&nbsp;&nbsp; 6478342 |
| &nbsp;&nbsp;&nbsp;0.00%, 12/11/25<sup>(13)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19918235 |
| &nbsp;&nbsp;&nbsp;0.00%, 12/18/25<sup>(13)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp; 7961368 |
| &nbsp;&nbsp;&nbsp;0.00%, 1/8/26<sup>(13)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24826865 |
| Total U.S. Treasury Obligations<br> (identified cost $98,108,560) |  | &nbsp;&nbsp;**$98132350** |
| Total Short-Term Investments<br> (identified cost $305,986,881) |  | &nbsp;&nbsp;**$309410314** |

---

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;**Value** |
| Total Purchased Options — 0.0%<sup>†</sup><br> (identified cost $1,636,847) | &nbsp;&nbsp;**$667948** |
| Total Investments — 93.5%<br> (identified cost $1,295,169,798) | &nbsp;&nbsp;**$1328605828** |
| Total Written Options — (0.1)%<br> (premiums received $1,455,429) | &nbsp;&nbsp;**$(809865)** |
| Other Assets, Less Liabilities — 6.6% | &nbsp;&nbsp;**$93270293** |
| Net Assets — 100.0% | &nbsp;&nbsp;**$1421066256** |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | The percentage shown for each investment category in the Portfolio of Investments is based on net assets. |
| <sup>†</sup> | Amount is less than 0.05% or (0.05)%, as applicable. |
| <sup>(1)</sup> | Security whose performance is linked to the price of an underlying security issued by the Ministry of Finance of Paraguay. The investment is subject to credit risk of the issuing financial institution (Itau BBA International PLC) in addition to the market risk of the underlying security. |
| <sup>(2)</sup> | Security whose performance is linked to the price of an underlying security issued by the Arab Republic of Egypt. The investment is subject to credit risk of the issuing financial institution (Absa Bank Ltd.) in addition to the market risk of the underlying security. |
| <sup>(3)</sup> | Security whose performance is linked to the price of an underlying security issued by the United Republic of Tanzania. The investment is subject to credit risk of the issuing financial institution (Absa Bank Ltd.) in addition to the market risk of the underlying security. |
| <sup>(4)</sup> | Security exempt from registration under Regulation S of the Securities Act of 1933, as amended, 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, as amended. At October 31, 2025, the aggregate value of these securities is $166,283,235 or 11.7% of the Portfolio's net assets. |
| <sup>(5)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At October 31, 2025, the aggregate value of these securities is $60,173,243 or 4.2% of the Portfolio's net assets. |
| <sup>(6)</sup> | Issuer is in default with respect to interest and/or principal payments and is non-income producing. |
| <sup>(7)</sup> | Security is valued using significant unobservable inputs and is categorized as Level 3 in the fair value hierarchy. |
| <sup>(8)</sup> | Limited recourse note whose payments by the issuer are limited to amounts received by the issuer from the borrower pursuant to a loan agreement with the borrower. |
| <sup>(9)</sup> | 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. |
| <sup>(10)</sup> | When-issued security. |

---

*19*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b14ba3a7-50c5-4cfa-a54a-b0e7ca9df33b_TOC)

Emerging Markets Local Income Portfolio

October 31, 2025

Portfolio of Investments — continued

------

<sup>(11)</sup> Amounts payable in respect of the security are contingent upon and determined by reference to Ukraine's GDP and Real GDP Growth Rate. Principal amount represents the notional amount used to calculate payments due to the security holder and does not represent an entitlement for payment.

<sup>(12)</sup> May be deemed to be an affiliated investment company (see Note 8). The rate shown is the annualized seven-day yield as of October 31, 2025.

<sup>(13)</sup> Security (or a portion thereof) has been pledged to cover collateral requirements on open derivative contracts.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchased Currency Options (OTC) — 0.0%<sup>†</sup>** | **Purchased Currency Options (OTC) — 0.0%<sup>†</sup>** | **Purchased Currency Options (OTC) — 0.0%<sup>†</sup>** | **Purchased Currency Options (OTC) — 0.0%<sup>†</sup>** | **Purchased Currency Options (OTC) — 0.0%<sup>†</sup>** | **Purchased Currency Options (OTC) — 0.0%<sup>†</sup>** | **Purchased Currency Options (OTC) — 0.0%<sup>†</sup>** | **Purchased Currency Options (OTC) — 0.0%<sup>†</sup>** |
| **Description** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Notional Amount** | &nbsp;&nbsp;**Notional Amount** | &nbsp;&nbsp;**Exercise<br> Price** | &nbsp;&nbsp;**Exercise<br> Price** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Value** |
| Call USD vs. Put INR | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp; 4686000 | &nbsp;&nbsp;INR | &nbsp;&nbsp;88.86 | &nbsp;&nbsp;4/21/26 | &nbsp;&nbsp;$72849 |
| Put USD vs. Call CNH | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;USD | &nbsp;&nbsp;16400000 | &nbsp;&nbsp;CNH | &nbsp;&nbsp; 7.00 | &nbsp;&nbsp;1/26/26 | &nbsp;&nbsp; 36293 |
| Put USD vs. Call CNH | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;USD | &nbsp;&nbsp;17400000 | &nbsp;&nbsp;CNH | &nbsp;&nbsp; 7.00 | &nbsp;&nbsp;1/29/26 | &nbsp;&nbsp; 41081 |
| Put USD vs. Call CNH | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;USD | &nbsp;&nbsp;13000000 | &nbsp;&nbsp;CNH | &nbsp;&nbsp; 7.00 | &nbsp;&nbsp;1/22/26 | &nbsp;&nbsp; 27001 |
| Put USD vs. Call CNH | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;USD | &nbsp;&nbsp; 720000 | &nbsp;&nbsp;CNH | &nbsp;&nbsp; 7.00 | &nbsp;&nbsp;1/29/26 | &nbsp;&nbsp; 1700 |
| Put USD vs. Call CNH | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;USD | &nbsp;&nbsp; 6640000 | &nbsp;&nbsp;CNH | &nbsp;&nbsp; 7.00 | &nbsp;&nbsp;1/26/26 | &nbsp;&nbsp; 14694 |
| Put USD vs. Call INR | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp; 5100000 | &nbsp;&nbsp;INR | &nbsp;&nbsp;87.00 | &nbsp;&nbsp;2/18/26 | &nbsp;&nbsp; 7466 |
| Put USD vs. Call INR | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp;10772000 | &nbsp;&nbsp;INR | &nbsp;&nbsp;89.13 | &nbsp;&nbsp;4/15/26 | &nbsp;&nbsp; 80855 |
| Put USD vs. Call INR | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;USD | &nbsp;&nbsp;10772000 | &nbsp;&nbsp;INR | &nbsp;&nbsp;89.23 | &nbsp;&nbsp;4/15/26 | &nbsp;&nbsp; 85691 |
| Put USD vs. Call INR | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;USD | &nbsp;&nbsp;10770000 | &nbsp;&nbsp;INR | &nbsp;&nbsp;88.73 | &nbsp;&nbsp;4/22/26 | &nbsp;&nbsp; 64319 |
| Put USD vs. Call INR | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;USD | &nbsp;&nbsp; 6600000 | &nbsp;&nbsp;INR | &nbsp;&nbsp;87.00 | &nbsp;&nbsp;&nbsp;&nbsp;2/5/26 | &nbsp;&nbsp; 8369 |
| Put USD vs. Call INR | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;USD | &nbsp;&nbsp; 5300000 | &nbsp;&nbsp;INR | &nbsp;&nbsp;87.00 | &nbsp;&nbsp;&nbsp;&nbsp;2/9/26 | &nbsp;&nbsp; 7134 |
| Put USD vs. Call INR | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;USD | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;INR | &nbsp;&nbsp;87.00 | &nbsp;&nbsp;2/10/26 | &nbsp;&nbsp; 3405 |
| Put USD vs. Call INR | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp; 2700000 | &nbsp;&nbsp;INR | &nbsp;&nbsp;87.00 | &nbsp;&nbsp;2/10/26 | &nbsp;&nbsp; 3677 |
| Put USD vs. Call INR | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp; 4686000 | &nbsp;&nbsp;INR | &nbsp;&nbsp;88.86 | &nbsp;&nbsp;4/21/26 | &nbsp;&nbsp; 30183 |
| Put USD vs. Call INR | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp;24100000 | &nbsp;&nbsp;INR | &nbsp;&nbsp;85.50 | &nbsp;&nbsp;1/25/29 | &nbsp;&nbsp; 79843 |
| Put USD vs. Call INR | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp;12900000 | &nbsp;&nbsp;INR | &nbsp;&nbsp;85.50 | &nbsp;&nbsp;1/25/29 | &nbsp;&nbsp; 42738 |
| Put USD vs. Call INR | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp;12500000 | &nbsp;&nbsp;INR | &nbsp;&nbsp;85.50 | &nbsp;&nbsp;1/30/29 | &nbsp;&nbsp; 41625 |
| Put USD vs. Call INR | &nbsp;&nbsp;Nomura International PLC | &nbsp;&nbsp;USD | &nbsp;&nbsp;13200000 | &nbsp;&nbsp;INR | &nbsp;&nbsp;87.00 | &nbsp;&nbsp;2/10/26 | &nbsp;&nbsp; 17978 |
| Put USD vs. Call INR | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;USD | &nbsp;&nbsp; 670000 | &nbsp;&nbsp;INR | &nbsp;&nbsp;87.00 | &nbsp;&nbsp;2/24/26 | &nbsp;&nbsp; 1047 |
| **Total** |  |  |  |  |  |  | &nbsp;&nbsp;**$667948** |

---

---

| | |
|:---|:---|
| <sup>†</sup> | Amount is less than 0.05% or (0.05)%, as applicable. |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Written Currency Options (OTC) — (0.1)%** | **Written Currency Options (OTC) — (0.1)%** | **Written Currency Options (OTC) — (0.1)%** | **Written Currency Options (OTC) — (0.1)%** | **Written Currency Options (OTC) — (0.1)%** | **Written Currency Options (OTC) — (0.1)%** | **Written Currency Options (OTC) — (0.1)%** | **Written Currency Options (OTC) — (0.1)%** |
| **Description** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Notional Amount** | &nbsp;&nbsp;**Notional Amount** | &nbsp;&nbsp;**Exercise<br> Price** | &nbsp;&nbsp;**Exercise<br> Price** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Value** |
| Call USD vs. Put BRL (Digital Option) | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;USD | &nbsp;&nbsp; 1387000 | &nbsp;&nbsp;BRL | &nbsp;&nbsp; 7.00 | &nbsp;&nbsp;7/12/27 | &nbsp;&nbsp;$(352477) |
| Call USD vs. Put BRL (Digital Option) | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;USD | &nbsp;&nbsp; 1110000 | &nbsp;&nbsp;BRL | &nbsp;&nbsp; 7.00 | &nbsp;&nbsp;7/14/27 | &nbsp;&nbsp;(283037) |
| Call USD vs. Put INR | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp; 5100000 | &nbsp;&nbsp;INR | &nbsp;&nbsp; 91.00 | &nbsp;&nbsp;2/18/26 | &nbsp;&nbsp; (12240) |
| Call USD vs. Put INR | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;USD | &nbsp;&nbsp; 6600000 | &nbsp;&nbsp;INR | &nbsp;&nbsp; 91.00 | &nbsp;&nbsp;&nbsp;&nbsp;2/5/26 | &nbsp;&nbsp; (12355) |
| Call USD vs. Put INR | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;USD | &nbsp;&nbsp; 5300000 | &nbsp;&nbsp;INR | &nbsp;&nbsp; 91.00 | &nbsp;&nbsp;&nbsp;&nbsp;2/9/26 | &nbsp;&nbsp; (10664) |
| Call USD vs. Put INR | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;USD | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;INR | &nbsp;&nbsp; 91.00 | &nbsp;&nbsp;2/10/26 | &nbsp;&nbsp; (5130) |
| Call USD vs. Put INR | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp; 2700000 | &nbsp;&nbsp;INR | &nbsp;&nbsp; 91.00 | &nbsp;&nbsp;2/10/26 | &nbsp;&nbsp; (5540) |
| Call USD vs. Put INR | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp; 4686000 | &nbsp;&nbsp;INR | &nbsp;&nbsp; 88.86 | &nbsp;&nbsp;4/21/26 | &nbsp;&nbsp; (72849) |

---

*20*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b14ba3a7-50c5-4cfa-a54a-b0e7ca9df33b_TOC)

Emerging Markets Local Income Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Written Currency Options (OTC) (continued)** | **Written Currency Options (OTC) (continued)** | **Written Currency Options (OTC) (continued)** | **Written Currency Options (OTC) (continued)** | **Written Currency Options (OTC) (continued)** | **Written Currency Options (OTC) (continued)** | **Written Currency Options (OTC) (continued)** | **Written Currency Options (OTC) (continued)** |
| **Description** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Notional Amount** | &nbsp;&nbsp;**Notional Amount** | &nbsp;&nbsp;**Exercise<br> Price** | &nbsp;&nbsp;**Exercise<br> Price** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Value** |
| Call USD vs. Put INR | &nbsp;&nbsp;Nomura International PLC | &nbsp;&nbsp;USD | &nbsp;&nbsp;13200000 | &nbsp;&nbsp;INR | &nbsp;&nbsp; 91.00 | &nbsp;&nbsp;2/10/26 | &nbsp;&nbsp;$(27086) |
| Call USD vs. Put INR | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;USD | &nbsp;&nbsp; 670000 | &nbsp;&nbsp;INR | &nbsp;&nbsp; 91.00 | &nbsp;&nbsp;2/24/26 | &nbsp;&nbsp; (1749) |
| Put USD vs. Call INR | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp; 5100000 | &nbsp;&nbsp;INR | &nbsp;&nbsp; 85.00 | &nbsp;&nbsp;2/18/26 | &nbsp;&nbsp; (1897) |
| Put USD vs. Call INR | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;USD | &nbsp;&nbsp; 6600000 | &nbsp;&nbsp;INR | &nbsp;&nbsp; 84.50 | &nbsp;&nbsp;&nbsp;&nbsp;2/5/26 | &nbsp;&nbsp; (1320) |
| Put USD vs. Call INR | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;USD | &nbsp;&nbsp; 5300000 | &nbsp;&nbsp;INR | &nbsp;&nbsp; 84.50 | &nbsp;&nbsp;&nbsp;&nbsp;2/9/26 | &nbsp;&nbsp; (1193) |
| Put USD vs. Call INR | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;USD | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;INR | &nbsp;&nbsp; 84.50 | &nbsp;&nbsp;2/10/26 | &nbsp;&nbsp; (578) |
| Put USD vs. Call INR | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp; 2700000 | &nbsp;&nbsp;INR | &nbsp;&nbsp; 84.50 | &nbsp;&nbsp;2/10/26 | &nbsp;&nbsp; (624) |
| Put USD vs. Call INR | &nbsp;&nbsp;Nomura International PLC | &nbsp;&nbsp;USD | &nbsp;&nbsp;13200000 | &nbsp;&nbsp;INR | &nbsp;&nbsp; 84.50 | &nbsp;&nbsp;2/10/26 | &nbsp;&nbsp; (3049) |
| Put USD vs. Call INR | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;USD | &nbsp;&nbsp; 670000 | &nbsp;&nbsp;INR | &nbsp;&nbsp; 84.50 | &nbsp;&nbsp;2/24/26 | &nbsp;&nbsp; (204) |
| Put USD vs. Call KRW | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;USD | &nbsp;&nbsp; 6300000 | &nbsp;&nbsp;KRW | &nbsp;&nbsp;1300.00 | &nbsp;&nbsp;1/26/26 | &nbsp;&nbsp; (2129) |
| Put USD vs. Call KRW | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;USD | &nbsp;&nbsp;12700000 | &nbsp;&nbsp;KRW | &nbsp;&nbsp;1310.00 | &nbsp;&nbsp;&nbsp;&nbsp;2/5/26 | &nbsp;&nbsp; (8166) |
| Put USD vs. Call KRW | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp; 8700000 | &nbsp;&nbsp;KRW | &nbsp;&nbsp;1300.00 | &nbsp;&nbsp;1/22/26 | &nbsp;&nbsp; (2645) |
| Put USD vs. Call KRW | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;USD | &nbsp;&nbsp; 3050000 | &nbsp;&nbsp;KRW | &nbsp;&nbsp;1300.00 | &nbsp;&nbsp;1/26/26 | &nbsp;&nbsp; (1031) |
| Put USD vs. Call KRW | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;USD | &nbsp;&nbsp; 5420000 | &nbsp;&nbsp;KRW | &nbsp;&nbsp;1310.00 | &nbsp;&nbsp;&nbsp;&nbsp;2/9/26 | &nbsp;&nbsp; (3902) |
| **Total** |  |  |  |  |  |  | &nbsp;&nbsp;**$(809865)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts (Centrally Cleared)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared)** |
| **Currency Purchased** | **Currency Purchased** | &nbsp;&nbsp;&nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;&nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;&nbsp;&nbsp;**Settlement<br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> Appreciation<br> (Depreciation)** |
| BRL | &nbsp;&nbsp;&nbsp;&nbsp; 381407555 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 68788392 | &nbsp;&nbsp;&nbsp;&nbsp;12/2/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1596350 |
| BRL | &nbsp;&nbsp;&nbsp;&nbsp; 42200000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 7521879 | &nbsp;&nbsp;&nbsp;&nbsp;12/2/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 265686 |
| BRL | &nbsp;&nbsp;&nbsp;&nbsp; 53000000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 9572835 | &nbsp;&nbsp;&nbsp;&nbsp;12/2/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 207756 |
| BRL | &nbsp;&nbsp;&nbsp;&nbsp; 16930000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 3108107 | &nbsp;&nbsp;&nbsp;&nbsp;12/2/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16146 |
| BRL | &nbsp;&nbsp;&nbsp;&nbsp; 20210000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 3722395 | &nbsp;&nbsp;&nbsp;&nbsp;12/2/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7147 |
| BRL | &nbsp;&nbsp;&nbsp;&nbsp; 27946000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 5187770 | &nbsp;&nbsp;&nbsp;&nbsp;12/2/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (30631) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 9608057 | &nbsp;&nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp; 53195006 | &nbsp;&nbsp;&nbsp;&nbsp;12/2/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (208521) |
| CLP | &nbsp;&nbsp;&nbsp;&nbsp; 20626455847 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 21683938 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 203247 |
| CLP | &nbsp;&nbsp;&nbsp;&nbsp; 2903000000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 3027181 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53256 |
| CLP | &nbsp;&nbsp;&nbsp;&nbsp; 2634000000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 2764069 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30926 |
| CLP | &nbsp;&nbsp;&nbsp;&nbsp; 449189728 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 468296 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8349 |
| CLP | &nbsp;&nbsp;&nbsp;&nbsp; 519000000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 545370 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5353 |
| CLP | &nbsp;&nbsp;&nbsp;&nbsp; 518860272 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 545815 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4759 |
| CLP | &nbsp;&nbsp;&nbsp;&nbsp; 134000000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 139748 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2443 |
| CLP | &nbsp;&nbsp;&nbsp;&nbsp; 61000000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 63397 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1331 |
| COP | &nbsp;&nbsp;&nbsp;&nbsp; 211203262187 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 53191239 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1277742 |
| COP | &nbsp;&nbsp;&nbsp;&nbsp; 46436000000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 11693927 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 281842 |
| COP | &nbsp;&nbsp;&nbsp;&nbsp; 51100000000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 13081098 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97510 |
| COP | &nbsp;&nbsp;&nbsp;&nbsp; 27521000000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 7005027 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92595 |
| COP | &nbsp;&nbsp;&nbsp;&nbsp; 18266000000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 4656012 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54760 |
| COP | &nbsp;&nbsp;&nbsp;&nbsp; 10746900000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 2726498 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45110 |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 85445 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 100743 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2014) |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 777985 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 902977 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4044) |

---

*21*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b14ba3a7-50c5-4cfa-a54a-b0e7ca9df33b_TOC)

Emerging Markets Local Income Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** |
| **Currency Purchased** | **Currency Purchased** | &nbsp;&nbsp;&nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;&nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;&nbsp;&nbsp;**Settlement<br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> Appreciation<br> (Depreciation)** |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 850816 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 987508 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(4423) |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 929127 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 1095475 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21903) |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 4683221 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 5435630 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24346) |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 2121170 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 2500936 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (50004) |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 14030000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 16284070 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (72935) |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 3907800 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 4607438 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (92123) |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 199610453 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 235347950 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4705621) |
| IDR | &nbsp;&nbsp;&nbsp;&nbsp; 40975000000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 2447438 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14558 |
| IDR | &nbsp;&nbsp;&nbsp;&nbsp; 8968399000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 538708 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 161 |
| IDR | &nbsp;&nbsp;&nbsp;&nbsp; 13154464800 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 790295 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95 |
| IDR | &nbsp;&nbsp;&nbsp;&nbsp; 10190965100 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 612372 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (44) |
| IDR | &nbsp;&nbsp;&nbsp;&nbsp; 14170702000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 851758 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (307) |
| IDR | &nbsp;&nbsp;&nbsp;&nbsp; 15462154100 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 929937 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (888) |
| IDR | &nbsp;&nbsp;&nbsp;&nbsp; 7159274489 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 435320 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5153) |
| IDR | &nbsp;&nbsp;&nbsp;&nbsp; 6471408000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 394407 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5570) |
| IDR | &nbsp;&nbsp;&nbsp;&nbsp; 9709448000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 591823 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8428) |
| IDR | &nbsp;&nbsp;&nbsp;&nbsp; 12940657000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 787591 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10048) |
| IDR | &nbsp;&nbsp;&nbsp;&nbsp; 12942714000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 787859 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10192) |
| IDR | &nbsp;&nbsp;&nbsp;&nbsp; 12942714000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 787864 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10197) |
| IDR | &nbsp;&nbsp;&nbsp;&nbsp; 16173032000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 983582 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11820) |
| IDR | &nbsp;&nbsp;&nbsp;&nbsp; 25008819000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 1516191 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13528) |
| IDR | &nbsp;&nbsp;&nbsp;&nbsp; 64298806000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 3883951 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20536) |
| IDR | &nbsp;&nbsp;&nbsp;&nbsp; 46169691247 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 2808785 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (34665) |
| IDR | &nbsp;&nbsp;&nbsp;&nbsp; 100845809000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 6134882 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (75529) |
| IDR | &nbsp;&nbsp;&nbsp;&nbsp;1454518528006 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 88292622 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (897409) |
| INR | &nbsp;&nbsp;&nbsp;&nbsp; 601000000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 6735848 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18324 |
| INR | &nbsp;&nbsp;&nbsp;&nbsp; 163000000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 1842099 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10269) |
| INR | &nbsp;&nbsp;&nbsp;&nbsp; 218000000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 2463358 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13425) |
| INR | &nbsp;&nbsp;&nbsp;&nbsp; 244000000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 2757153 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15026) |
| INR | &nbsp;&nbsp;&nbsp;&nbsp; 286600000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 3238601 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17726) |
| INR | &nbsp;&nbsp;&nbsp;&nbsp; 298797363 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 3376166 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18215) |
| INR | &nbsp;&nbsp;&nbsp;&nbsp; 326000000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 3683737 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20075) |
| INR | &nbsp;&nbsp;&nbsp;&nbsp; 447663537 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 5058233 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (27289) |
| INR | &nbsp;&nbsp;&nbsp;&nbsp; 496000000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 5605407 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (31247) |
| INR | &nbsp;&nbsp;&nbsp;&nbsp; 661000000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 7469171 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (40705) |
| INR | &nbsp;&nbsp;&nbsp;&nbsp; 908320000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 10263275 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (55371) |
| INR | &nbsp;&nbsp;&nbsp;&nbsp; 2346000000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 26512669 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (147795) |
| INR | &nbsp;&nbsp;&nbsp;&nbsp; 3130000000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 35368391 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (192749) |
| INR | &nbsp;&nbsp;&nbsp;&nbsp; 4301900000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 48607959 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (262243) |
| KRW | &nbsp;&nbsp;&nbsp;&nbsp; 3104100000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 2186432 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10381) |
| KRW | &nbsp;&nbsp;&nbsp;&nbsp; 3096550000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 2188591 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17833) |
| KRW | &nbsp;&nbsp;&nbsp;&nbsp; 2501000000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 1811769 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (58506) |
| KRW | &nbsp;&nbsp;&nbsp;&nbsp; 18219000000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 13160879 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (388912) |
| KRW | &nbsp;&nbsp;&nbsp;&nbsp; 19489775000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 14077528 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (414716) |

---

*22*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b14ba3a7-50c5-4cfa-a54a-b0e7ca9df33b_TOC)

Emerging Markets Local Income Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** |
| **Currency Purchased** | **Currency Purchased** | &nbsp;&nbsp;&nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;&nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;&nbsp;&nbsp;**Settlement<br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> Appreciation<br> (Depreciation)** |
| PEN | &nbsp;&nbsp;&nbsp;&nbsp; 74216218 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 21118951 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$897592 |
| PEN | &nbsp;&nbsp;&nbsp;&nbsp; 10491000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 3022011 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90187 |
| PEN | &nbsp;&nbsp;&nbsp;&nbsp; 6731490 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 1941589 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55335 |
| PEN | &nbsp;&nbsp;&nbsp;&nbsp; 3776284 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 1089837 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30413 |
| PEN | &nbsp;&nbsp;&nbsp;&nbsp; 8625000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 2545224 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13417 |
| PEN | &nbsp;&nbsp;&nbsp;&nbsp; 967904 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 279152 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7981 |
| PEN | &nbsp;&nbsp;&nbsp;&nbsp; 967904 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 279160 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7973 |
| PEN | &nbsp;&nbsp;&nbsp;&nbsp; 418 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| TWD | &nbsp;&nbsp;&nbsp;&nbsp; 79815000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 2624449 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (28814) |
| TWD | &nbsp;&nbsp;&nbsp;&nbsp; 86755000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 2854205 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (32877) |
| TWD | &nbsp;&nbsp;&nbsp;&nbsp; 93695000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 3080856 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (33835) |
| TWD | &nbsp;&nbsp;&nbsp;&nbsp; 86755000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 2859511 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (38183) |
| TWD | &nbsp;&nbsp;&nbsp;&nbsp; 284000000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 9459414 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (223553) |
| TWD | &nbsp;&nbsp;&nbsp;&nbsp; 298100000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 9949933 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (255531) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 151581 | &nbsp;&nbsp;&nbsp;&nbsp;CLP | &nbsp;&nbsp;&nbsp;&nbsp; 144188976 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1421) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 83767 | &nbsp;&nbsp;&nbsp;&nbsp;COP | &nbsp;&nbsp;&nbsp;&nbsp; 330302166 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1417) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 91542 | &nbsp;&nbsp;&nbsp;&nbsp;COP | &nbsp;&nbsp;&nbsp;&nbsp; 361000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1559) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 151613 | &nbsp;&nbsp;&nbsp;&nbsp;COP | &nbsp;&nbsp;&nbsp;&nbsp; 602000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3642) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 2375875 | &nbsp;&nbsp;&nbsp;&nbsp;COP | &nbsp;&nbsp;&nbsp;&nbsp; 9258783325 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11951) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 725100 | &nbsp;&nbsp;&nbsp;&nbsp;COP | &nbsp;&nbsp;&nbsp;&nbsp; 2859140625 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12268) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 792940 | &nbsp;&nbsp;&nbsp;&nbsp;COP | &nbsp;&nbsp;&nbsp;&nbsp; 3127000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13509) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 1183840 | &nbsp;&nbsp;&nbsp;&nbsp;COP | &nbsp;&nbsp;&nbsp;&nbsp; 4668000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20030) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 1294771 | &nbsp;&nbsp;&nbsp;&nbsp;COP | &nbsp;&nbsp;&nbsp;&nbsp; 5106000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22058) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 1312383 | &nbsp;&nbsp;&nbsp;&nbsp;COP | &nbsp;&nbsp;&nbsp;&nbsp; 5211000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (31526) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 2142979 | &nbsp;&nbsp;&nbsp;&nbsp;COP | &nbsp;&nbsp;&nbsp;&nbsp; 8509000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (51478) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 5517112 | &nbsp;&nbsp;&nbsp;&nbsp;COP | &nbsp;&nbsp;&nbsp;&nbsp; 21754522675 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (93345) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 6033391 | &nbsp;&nbsp;&nbsp;&nbsp;COP | &nbsp;&nbsp;&nbsp;&nbsp; 23793000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (102785) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 11516845 | &nbsp;&nbsp;&nbsp;&nbsp;COP | &nbsp;&nbsp;&nbsp;&nbsp; 45412071573 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (194855) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 12594479 | &nbsp;&nbsp;&nbsp;&nbsp;COP | &nbsp;&nbsp;&nbsp;&nbsp; 49667000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (214560) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 9987055 | &nbsp;&nbsp;&nbsp;&nbsp;COP | &nbsp;&nbsp;&nbsp;&nbsp; 39655000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (239906) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 20847521 | &nbsp;&nbsp;&nbsp;&nbsp;COP | &nbsp;&nbsp;&nbsp;&nbsp; 82778000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (500792) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 60156246 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp; 51021543 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1202783 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 30598039 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp; 25951738 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 611787 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 29869990 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp; 25334243 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 597230 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 26557512 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp; 22524764 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 530999 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 8960675 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp; 7600000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 179163 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 7602519 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp; 6448079 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 152007 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 7576441 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp; 6425961 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 151486 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 7161544 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp; 6074066 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 143190 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 4607438 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp; 3907800 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92123 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 3996239 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp; 3389412 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79902 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 2649394 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp; 2247085 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52973 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 588601 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp; 499222 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11769 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 385887 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp; 327290 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7716 |

---

*23*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b14ba3a7-50c5-4cfa-a54a-b0e7ca9df33b_TOC)

Emerging Markets Local Income Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** |
| **Currency Purchased** | **Currency Purchased** | &nbsp;&nbsp;&nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;&nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;&nbsp;&nbsp;**Settlement<br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> Appreciation<br> (Depreciation)** |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 273569 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp; 232028 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5470 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 37372858 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp;615674474926 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 379859 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 8052026 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp;132174000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110308 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 4583955 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp; 75221000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64277 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 5686817 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp; 93605000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62530 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 5556429 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp; 91535721580 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56476 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 3413159 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp; 55870000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56192 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 2620816 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp; 42984000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38108 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 3980952 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp; 65626000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37793 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 4130864 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp; 68241880000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30529 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 3511259 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp; 58006000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25950 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 2539629 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp; 41837444608 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25813 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 1947309 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp; 32192920000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12988 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 859837 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp; 14275101924 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2113 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 752941 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp; 12499175148 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1924 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 434806 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp; 7222777500 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 823 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 454983 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp; 7560672900 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 697 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 434675 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp; 7222777500 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 692 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 413552 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp; 6872172900 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 635 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 603487 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp; 10033567800 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 616 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 458940 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp; 7628591200 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 574 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 409798 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp; 6810846000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 566 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 347909 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp; 5781432700 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 530 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 650726 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp; 10821428100 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 517 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 364758 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp; 6063372000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 438 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 282692 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp; 4699054200 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 348 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 150561 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp; 2501703000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 735798 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp; 12245156900 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 432761 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp; 7203272200 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (50) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 576124 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp; 9596207600 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (467) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 602363 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp; 10033567800 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (507) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 8615544 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp;143500500300 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6730) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 1850911 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp; 164000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7843 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 211011 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp; 18800000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (268) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 338584 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp; 30156000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (316) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 423362 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp; 37700000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (319) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 336738 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp; 30000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (409) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 415138 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp; 37000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (676) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 420637 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp; 37504000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (841) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 630469 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp; 56200000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1119) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 628190 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp; 56000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1150) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 588829 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp; 52500000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1178) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 526994 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp; 47000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1202) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 1080869 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp; 96300000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1372) |

---

*24*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b14ba3a7-50c5-4cfa-a54a-b0e7ca9df33b_TOC)

Emerging Markets Local Income Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** |
| **Currency Purchased** | **Currency Purchased** | &nbsp;&nbsp;&nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;&nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;&nbsp;&nbsp;**Settlement<br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> Appreciation<br> (Depreciation)** |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 1727424 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp; 153853000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1611) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 2156116 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp; 192000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1623) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 1649924 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp; 147000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2095) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 1728589 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp; 154000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2097) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 1278500 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp; 114000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2658) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 1593389 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp; 142044900 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2943) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 2080428 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp; 185410000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3251) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 2154229 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp; 192000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3510) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 2157548 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp; 192367000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4315) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 2141616 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp; 191000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4885) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 3236482 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp; 288500000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5746) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 3197039 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp; 285000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5855) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 3020413 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp; 269300000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6041) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 2713461 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp; 242000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6189) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 3757322 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp; 335078000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8359) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 7615737 | &nbsp;&nbsp;&nbsp;&nbsp;PEN | &nbsp;&nbsp;&nbsp;&nbsp; 25745000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21622) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 857118 | &nbsp;&nbsp;&nbsp;&nbsp;PEN | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (32844) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 1273033 | &nbsp;&nbsp;&nbsp;&nbsp;PEN | &nbsp;&nbsp;&nbsp;&nbsp; 4444000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (45297) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 1428531 | &nbsp;&nbsp;&nbsp;&nbsp;PEN | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (54740) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 1422799 | &nbsp;&nbsp;&nbsp;&nbsp;PEN | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (60471) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 1907772 | &nbsp;&nbsp;&nbsp;&nbsp;PEN | &nbsp;&nbsp;&nbsp;&nbsp; 6659795 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (67883) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 2847624 | &nbsp;&nbsp;&nbsp;&nbsp;PEN | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (118917) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 2847624 | &nbsp;&nbsp;&nbsp;&nbsp;PEN | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (118917) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 3983837 | &nbsp;&nbsp;&nbsp;&nbsp;PEN | &nbsp;&nbsp;&nbsp;&nbsp; 14000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (169320) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 6060187 | &nbsp;&nbsp;&nbsp;&nbsp;PEN | &nbsp;&nbsp;&nbsp;&nbsp; 21044000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (182601) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 5999829 | &nbsp;&nbsp;&nbsp;&nbsp;PEN | &nbsp;&nbsp;&nbsp;&nbsp; 21000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (229907) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 7310329 | &nbsp;&nbsp;&nbsp;&nbsp;PEN | &nbsp;&nbsp;&nbsp;&nbsp; 25519444 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (260118) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 9959593 | &nbsp;&nbsp;&nbsp;&nbsp;PEN | &nbsp;&nbsp;&nbsp;&nbsp; 35000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (423300) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 2947437 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 90000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20580 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 2933673 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 89700000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16572 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 2942619 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 90000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15761 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 2940216 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 90000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13358 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 2549436 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 78000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12826 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 1760779 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 53989000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5022 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 1565121 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 47996000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4260 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 1451761 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 44511000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4235 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 1369482 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 42002000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3550 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 1275759 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 39128000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3291 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 1173838 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 36011000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2737 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 875004 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 26860000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1500 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 1760806 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 54099000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1472 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 1760788 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 54109000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1128 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 1565131 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 48109000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 596 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 954590 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 29346000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 239 |

---

*25*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b14ba3a7-50c5-4cfa-a54a-b0e7ca9df33b_TOC)

Emerging Markets Local Income Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** |
| **Currency Purchased** | **Currency Purchased** | &nbsp;&nbsp;&nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;&nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;&nbsp;&nbsp;**Settlement<br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> Appreciation<br> (Depreciation)** |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 496263 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 15260000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(2) |
| PHP | &nbsp;&nbsp;&nbsp;&nbsp; 4721697 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 80631 | &nbsp;&nbsp;&nbsp;&nbsp;5/7/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (396) |
| PHP | &nbsp;&nbsp;&nbsp;&nbsp; 9000000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 157023 | &nbsp;&nbsp;&nbsp;&nbsp;5/7/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4086) |
| PHP | &nbsp;&nbsp;&nbsp;&nbsp; 47078303 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 810298 | &nbsp;&nbsp;&nbsp;&nbsp;5/7/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10299) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 657260 | &nbsp;&nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp; 36800000 | &nbsp;&nbsp;&nbsp;&nbsp;5/7/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31920 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 267881 | &nbsp;&nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp; 15000000 | &nbsp;&nbsp;&nbsp;&nbsp;5/7/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12987 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 160849 | &nbsp;&nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp; 9000000 | &nbsp;&nbsp;&nbsp;&nbsp;5/7/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7913 |
| PHP | &nbsp;&nbsp;&nbsp;&nbsp; 31246864 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 535150 | &nbsp;&nbsp;&nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4218) |
| PHP | &nbsp;&nbsp;&nbsp;&nbsp; 53894000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 920243 | &nbsp;&nbsp;&nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4501) |
| PHP | &nbsp;&nbsp;&nbsp;&nbsp; 52334500 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 894913 | &nbsp;&nbsp;&nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5669) |
| PHP | &nbsp;&nbsp;&nbsp;&nbsp; 58400000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 998205 | &nbsp;&nbsp;&nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5899) |
| PHP | &nbsp;&nbsp;&nbsp;&nbsp; 22854400 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 396860 | &nbsp;&nbsp;&nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8529) |
| PHP | &nbsp;&nbsp;&nbsp;&nbsp; 128822400 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 2202469 | &nbsp;&nbsp;&nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13578) |
| PHP | &nbsp;&nbsp;&nbsp;&nbsp; 46946932 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 812864 | &nbsp;&nbsp;&nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15163) |
| PHP | &nbsp;&nbsp;&nbsp;&nbsp; 46954700 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 815327 | &nbsp;&nbsp;&nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17495) |
| PHP | &nbsp;&nbsp;&nbsp;&nbsp; 46116800 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 802764 | &nbsp;&nbsp;&nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19169) |
| PHP | &nbsp;&nbsp;&nbsp;&nbsp; 166000000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 2844901 | &nbsp;&nbsp;&nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24306) |
| PHP | &nbsp;&nbsp;&nbsp;&nbsp; 64670000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 1126361 | &nbsp;&nbsp;&nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (27518) |
| PHP | &nbsp;&nbsp;&nbsp;&nbsp; 63164372 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 1101192 | &nbsp;&nbsp;&nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (27932) |
| PHP | &nbsp;&nbsp;&nbsp;&nbsp; 86146200 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 1501590 | &nbsp;&nbsp;&nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (37833) |
| PHP | &nbsp;&nbsp;&nbsp;&nbsp; 76350000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 1335257 | &nbsp;&nbsp;&nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (37953) |
| PHP | &nbsp;&nbsp;&nbsp;&nbsp; 149547800 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 2601284 | &nbsp;&nbsp;&nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (60237) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 2624756 | &nbsp;&nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp; 147800000 | &nbsp;&nbsp;&nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113407 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 2316465 | &nbsp;&nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp; 130000000 | &nbsp;&nbsp;&nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107565 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 1778726 | &nbsp;&nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp; 100000000 | &nbsp;&nbsp;&nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79573 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 1775757 | &nbsp;&nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp; 100000000 | &nbsp;&nbsp;&nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76604 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 1603421 | &nbsp;&nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp; 90000000 | &nbsp;&nbsp;&nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74182 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 1773207 | &nbsp;&nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp; 100000000 | &nbsp;&nbsp;&nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74053 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 1602850 | &nbsp;&nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp; 90000000 | &nbsp;&nbsp;&nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73611 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 1772358 | &nbsp;&nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp; 100000000 | &nbsp;&nbsp;&nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73205 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 980567 | &nbsp;&nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp; 55000000 | &nbsp;&nbsp;&nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46032 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 801737 | &nbsp;&nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp; 45000000 | &nbsp;&nbsp;&nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37118 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 603629 | &nbsp;&nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp; 33700000 | &nbsp;&nbsp;&nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31014 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 590222 | &nbsp;&nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp; 33200000 | &nbsp;&nbsp;&nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26103 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 465574 | &nbsp;&nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp; 26000000 | &nbsp;&nbsp;&nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23794 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 445395 | &nbsp;&nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp; 25000000 | &nbsp;&nbsp;&nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20606 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 274568 | &nbsp;&nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp; 15300000 | &nbsp;&nbsp;&nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14597 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$(1223975)** |

---

*26*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b14ba3a7-50c5-4cfa-a54a-b0e7ca9df33b_TOC)

Emerging Markets Local Income Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts (OTC)** | **Forward Foreign Currency Exchange Contracts (OTC)** | **Forward Foreign Currency Exchange Contracts (OTC)** | **Forward Foreign Currency Exchange Contracts (OTC)** | **Forward Foreign Currency Exchange Contracts (OTC)** | **Forward Foreign Currency Exchange Contracts (OTC)** | **Forward Foreign Currency Exchange Contracts (OTC)** | **Forward Foreign Currency Exchange Contracts (OTC)** |
| **Currency Purchased** | **Currency Purchased** | &nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Settlement<br> Date** | &nbsp;&nbsp;**Unrealized<br> Appreciation** | &nbsp;&nbsp;**Unrealized<br> (Depreciation)** |
| EUR | &nbsp;&nbsp; 29031350 | &nbsp;&nbsp;PLN | &nbsp;&nbsp; 123615487 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;11/4/25 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(9931) |
| NGN | &nbsp;&nbsp; 794373000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 561394 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;11/4/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4643) |
| NGN | &nbsp;&nbsp; 791566000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 561394 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;11/4/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (6610) |
| PLN | &nbsp;&nbsp; 123615487 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 29129980 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;11/4/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (103755) |
| USD | &nbsp;&nbsp; 639947 | &nbsp;&nbsp;IDR | &nbsp;&nbsp;10640396000 | &nbsp;&nbsp;Bank of America, N.A. | &nbsp;&nbsp;11/4/25 | &nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 917741 | &nbsp;&nbsp;IDR | &nbsp;&nbsp;15252862000 | &nbsp;&nbsp;HSBC Bank USA, N.A. | &nbsp;&nbsp;11/4/25 | &nbsp;&nbsp;&nbsp;&nbsp; 552 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 538837 | &nbsp;&nbsp;IDR | &nbsp;&nbsp; 8968399000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;11/4/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (454) |
| KZT | &nbsp;&nbsp; 123716309 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 223832 | &nbsp;&nbsp;ICBC Standard Bank plc | &nbsp;&nbsp;11/5/25 | &nbsp;&nbsp;&nbsp;&nbsp; 9620 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| EUR | &nbsp;&nbsp; 11120000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 12950468 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;11/7/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (130835) |
| EUR | &nbsp;&nbsp; 1299416 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 1500924 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;11/7/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2899) |
| EUR | &nbsp;&nbsp; 1786852 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 2071088 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;11/7/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (11125) |
| KZT | &nbsp;&nbsp; 4496628994 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 8454559 | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;11/7/25 | &nbsp;&nbsp;&nbsp;&nbsp; 25591 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 4148958 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 3583856 | &nbsp;&nbsp;State Street Bank and Trust Company | &nbsp;&nbsp;11/7/25 | &nbsp;&nbsp;&nbsp;&nbsp; 17329 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| EGP | &nbsp;&nbsp; 3660937 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 75985 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;11/10/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1350 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| KZT | &nbsp;&nbsp; 901557079 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 1647582 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;11/10/25 | &nbsp;&nbsp;&nbsp;&nbsp; 51171 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| KZT | &nbsp;&nbsp; 824690586 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 1510422 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;11/10/25 | &nbsp;&nbsp;&nbsp;&nbsp; 43495 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| KZT | &nbsp;&nbsp; 405954966 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 732110 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;11/10/25 | &nbsp;&nbsp;&nbsp;&nbsp; 32808 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| EGP | &nbsp;&nbsp; 7514912 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 147728 | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;11/12/25 | &nbsp;&nbsp;&nbsp;&nbsp; 10908 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| PLN | &nbsp;&nbsp; 123615486 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 29112342 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;11/13/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (102507) |
| EGP | &nbsp;&nbsp; 62173216 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 1285633 | &nbsp;&nbsp;Bank of America, N.A. | &nbsp;&nbsp;11/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 24532 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| EGP | &nbsp;&nbsp; 80466000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 1667952 | &nbsp;&nbsp;HSBC Bank USA, N.A. | &nbsp;&nbsp;11/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 27693 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| PLN | &nbsp;&nbsp; 123615487 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 29006043 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;11/18/25 | &nbsp;&nbsp;&nbsp;&nbsp; 9310 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| KZT | &nbsp;&nbsp; 931790729 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 1672874 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;12/8/25 | &nbsp;&nbsp;&nbsp;&nbsp; 68191 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| KZT | &nbsp;&nbsp; 911442574 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 1647582 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;12/8/25 | &nbsp;&nbsp;&nbsp;&nbsp; 55462 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| EGP | &nbsp;&nbsp; 11440427 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 231431 | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;12/11/25 | &nbsp;&nbsp;&nbsp;&nbsp; 7501 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| KZT | &nbsp;&nbsp; 399748838 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 726684 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;12/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 18403 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| CNH | &nbsp;&nbsp; 10000000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 1411933 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3954) |
| CNH | &nbsp;&nbsp; 44690000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 6318794 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (26538) |
| CNH | &nbsp;&nbsp; 342171267 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 48312277 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (135294) |
| CNH | &nbsp;&nbsp; 410362789 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 57940460 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (162257) |
| CNH | &nbsp;&nbsp; 24860000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 3501583 | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1348) |
| CNH | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 707068 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3079) |
| CNH | &nbsp;&nbsp; 33273000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 4692389 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (7621) |
| CNH | &nbsp;&nbsp; 160000000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 22626178 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (98520) |
| CNH | &nbsp;&nbsp; 191000000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 27010000 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (117608) |
| CNH | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 707022 | &nbsp;&nbsp;HSBC Bank USA, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3033) |
| CNH | &nbsp;&nbsp; 159000000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 22483299 | &nbsp;&nbsp;HSBC Bank USA, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (96439) |
| CNH | &nbsp;&nbsp; 192000000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 27149644 | &nbsp;&nbsp;HSBC Bank USA, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (116454) |
| CZK | &nbsp;&nbsp; 30000000 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 1225604 | &nbsp;&nbsp;Bank of America, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 6389 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| CZK | &nbsp;&nbsp; 53000000 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 2171768 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 3737 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| CZK | &nbsp;&nbsp; 218000000 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 8898217 | &nbsp;&nbsp;HSBC Bank USA, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 55482 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| CZK | &nbsp;&nbsp; 6000000 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 244905 | &nbsp;&nbsp;HSBC Bank USA, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1527 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| CZK | &nbsp;&nbsp; 987760597 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 40458479 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 88988 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| CZK | &nbsp;&nbsp; 26000000 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 1064955 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 2342 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

*27*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b14ba3a7-50c5-4cfa-a54a-b0e7ca9df33b_TOC)

Emerging Markets Local Income Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** |
| **Currency Purchased** | **Currency Purchased** | &nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Settlement<br> Date** | &nbsp;&nbsp;**Unrealized<br> Appreciation** | &nbsp;&nbsp;**Unrealized<br> (Depreciation)** |
| CZK | &nbsp;&nbsp; 31950000 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 1311874 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(829) |
| CZK | &nbsp;&nbsp; 31500000 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 1290210 | &nbsp;&nbsp;State Street Bank and Trust Company | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 2865 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| CZK | &nbsp;&nbsp; 219000000 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 8957209 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 34737 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| CZK | &nbsp;&nbsp; 6000000 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 245403 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 952 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| EUR | &nbsp;&nbsp; 3828851 | &nbsp;&nbsp;CZK | &nbsp;&nbsp; 93478254 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (8421) |
| EUR | &nbsp;&nbsp; 6732400 | &nbsp;&nbsp;CZK | &nbsp;&nbsp; 164366029 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (14808) |
| EUR | &nbsp;&nbsp; 2773078 | &nbsp;&nbsp;HUF | &nbsp;&nbsp; 1100000000 | &nbsp;&nbsp;Bank of America, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (56378) |
| EUR | &nbsp;&nbsp; 3444547 | &nbsp;&nbsp;HUF | &nbsp;&nbsp; 1365600000 | &nbsp;&nbsp;Bank of America, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (67799) |
| EUR | &nbsp;&nbsp; 5560262 | &nbsp;&nbsp;HUF | &nbsp;&nbsp; 2200000000 | &nbsp;&nbsp;HSBC Bank USA, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (96457) |
| EUR | &nbsp;&nbsp; 5675511 | &nbsp;&nbsp;HUF | &nbsp;&nbsp; 2248000000 | &nbsp;&nbsp;HSBC Bank USA, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (105570) |
| EUR | &nbsp;&nbsp; 8247911 | &nbsp;&nbsp;HUF | &nbsp;&nbsp; 3278173432 | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (186848) |
| EUR | &nbsp;&nbsp; 2517456 | &nbsp;&nbsp;PLN | &nbsp;&nbsp; 10805424 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (15972) |
| EUR | &nbsp;&nbsp; 10107302 | &nbsp;&nbsp;PLN | &nbsp;&nbsp; 43382562 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (64125) |
| EUR | &nbsp;&nbsp; 3736625 | &nbsp;&nbsp;PLN | &nbsp;&nbsp; 16000000 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (13328) |
| EUR | &nbsp;&nbsp; 14012343 | &nbsp;&nbsp;PLN | &nbsp;&nbsp; 60000000 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (49982) |
| EUR | &nbsp;&nbsp; 3559542 | &nbsp;&nbsp;RON | &nbsp;&nbsp; 18223906 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (8988) |
| EUR | &nbsp;&nbsp; 43100771 | &nbsp;&nbsp;RON | &nbsp;&nbsp; 220425964 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (54882) |
| EUR | &nbsp;&nbsp; 1048246 | &nbsp;&nbsp;RON | &nbsp;&nbsp; 5373000 | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4062) |
| HUF | &nbsp;&nbsp; 354000000 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 898147 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 11535 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| HUF | &nbsp;&nbsp;11858931349 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 29837167 | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 675929 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| KZT | &nbsp;&nbsp; 1859934307 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 3338720 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 125535 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| KZT | &nbsp;&nbsp; 2157640846 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 3874378 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 144377 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| KZT | &nbsp;&nbsp; 1178131207 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 2151838 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 42512 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| KZT | &nbsp;&nbsp; 670398000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 1206837 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 41825 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| MXN | &nbsp;&nbsp; 2130170672 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 113177778 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 964656 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| MXN | &nbsp;&nbsp; 46216002 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 2455495 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 20929 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| MXN | &nbsp;&nbsp; 16077346 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 854203 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 7281 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| MXN | &nbsp;&nbsp; 124255823 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 6720913 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (62826) |
| MYR | &nbsp;&nbsp; 233000000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 55474870 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 221787 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| MYR | &nbsp;&nbsp; 136000000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 32380181 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 129455 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| MYR | &nbsp;&nbsp; 50104150 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 11932116 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 44852 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| MYR | &nbsp;&nbsp; 14340000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 3397138 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 30716 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| MYR | &nbsp;&nbsp; 29583045 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 7045092 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 26482 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| MYR | &nbsp;&nbsp; 5500000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 1309181 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 5547 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| MYR | &nbsp;&nbsp; 7506800 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 1789634 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 4802 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| MYR | &nbsp;&nbsp; 2923300 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 698102 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 688 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| MYR | &nbsp;&nbsp; 974700 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 232709 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 285 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| MYR | &nbsp;&nbsp; 298100 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 71068 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 191 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| MYR | &nbsp;&nbsp; 6627700 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 1585005 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (710) |
| MYR | &nbsp;&nbsp; 10803200 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 2577099 | &nbsp;&nbsp;Credit Agricole Corporate and Investment Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 5313 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| MYR | &nbsp;&nbsp; 10904000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 2603754 | &nbsp;&nbsp;Credit Agricole Corporate and Investment Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 2754 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| MYR | &nbsp;&nbsp; 9990300 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 2389852 | &nbsp;&nbsp;Credit Agricole Corporate and Investment Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1757) |

---

*28*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b14ba3a7-50c5-4cfa-a54a-b0e7ca9df33b_TOC)

Emerging Markets Local Income Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** |
| **Currency Purchased** | **Currency Purchased** | &nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Settlement<br> Date** | &nbsp;&nbsp;**Unrealized<br> Appreciation** | &nbsp;&nbsp;**Unrealized<br> (Depreciation)** |
| MYR | &nbsp;&nbsp; 31000000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 7383941 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;$26344 | &nbsp;&nbsp;$— |
| MYR | &nbsp;&nbsp; 18000000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 4287450 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 15296 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| MYR | &nbsp;&nbsp; 11061000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 2639038 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 4999 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| MYR | &nbsp;&nbsp; 6872800 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 1638878 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 4006 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| MYR | &nbsp;&nbsp; 1882300 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 449505 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 443 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| MYR | &nbsp;&nbsp; 623100 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 148800 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 147 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| MYR | &nbsp;&nbsp; 6885800 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 1649293 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3302) |
| MYR | &nbsp;&nbsp; 19000000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 4549264 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (7476) |
| MYR | &nbsp;&nbsp; 11124700 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 2655377 | &nbsp;&nbsp;State Street Bank and Trust Company | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 3888 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| MYR | &nbsp;&nbsp; 8959900 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 2139678 | &nbsp;&nbsp;State Street Bank and Trust Company | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 2110 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| MYR | &nbsp;&nbsp; 8428400 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 2017570 | &nbsp;&nbsp;State Street Bank and Trust Company | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2833) |
| PLN | &nbsp;&nbsp; 14000000 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 3270009 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 11129 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| PLN | &nbsp;&nbsp; 15552000 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 3634309 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 10287 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| PLN | &nbsp;&nbsp; 13070000 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 3072401 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (12274) |
| PLN | &nbsp;&nbsp; 273900795 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 63966534 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 228166 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| PLN | &nbsp;&nbsp; 69338374 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 16193219 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 57761 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| PLN | &nbsp;&nbsp; 16122277 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 3765181 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 13430 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| PLN | &nbsp;&nbsp; 6500000 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 1518004 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 5415 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| RON | &nbsp;&nbsp; 124814061 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 24405393 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 31077 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| RON | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 977670 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1245 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| RON | &nbsp;&nbsp; 9000000 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 1758235 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 4056 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| THB | &nbsp;&nbsp; 357616100 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 11046398 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 51450 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| THB | &nbsp;&nbsp; 331963900 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 10252843 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 48944 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| THB | &nbsp;&nbsp; 63540000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 1941771 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 30056 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| THB | &nbsp;&nbsp; 57620000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 1783901 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 4212 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| THB | &nbsp;&nbsp; 98000000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 3092048 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (50829) |
| THB | &nbsp;&nbsp; 475335687 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 15073825 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (322802) |
| THB | &nbsp;&nbsp; 2598762220 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 82411834 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(1764827) |
| TRY | &nbsp;&nbsp; 200740005 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 4505479 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 103412 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| TRY | &nbsp;&nbsp; 201881551 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 4578213 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 56887 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 48414536 | &nbsp;&nbsp;CNH | &nbsp;&nbsp; 342895515 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 135580 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 29115778 | &nbsp;&nbsp;CNH | &nbsp;&nbsp; 206212234 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 81536 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 6989953 | &nbsp;&nbsp;CNH | &nbsp;&nbsp; 49506280 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 19575 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 55220 | &nbsp;&nbsp;JPY | &nbsp;&nbsp; 8064671 | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 2663 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 5418328 | &nbsp;&nbsp;MXN | &nbsp;&nbsp; 100258000 | &nbsp;&nbsp;Bank of America, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 46133 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 20507455 | &nbsp;&nbsp;MXN | &nbsp;&nbsp; 385924219 | &nbsp;&nbsp;Bank of America, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (171794) |
| USD | &nbsp;&nbsp; 107090 | &nbsp;&nbsp;MXN | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (78) |
| USD | &nbsp;&nbsp; 3801691 | &nbsp;&nbsp;MXN | &nbsp;&nbsp; 71000000 | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2752) |
| USD | &nbsp;&nbsp; 9477455 | &nbsp;&nbsp;MXN | &nbsp;&nbsp; 177000000 | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (6861) |
| USD | &nbsp;&nbsp; 19169090 | &nbsp;&nbsp;MXN | &nbsp;&nbsp; 358000000 | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (13876) |
| USD | &nbsp;&nbsp; 1244554 | &nbsp;&nbsp;MXN | &nbsp;&nbsp; 23000000 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 12128 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 378777 | &nbsp;&nbsp;MXN | &nbsp;&nbsp; 7000000 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 3691 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 1471229 | &nbsp;&nbsp;MXN | &nbsp;&nbsp; 27200000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 13753 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 490987 | &nbsp;&nbsp;MXN | &nbsp;&nbsp; 9077346 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 4590 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

*29*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b14ba3a7-50c5-4cfa-a54a-b0e7ca9df33b_TOC)

Emerging Markets Local Income Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** |
| **Currency Purchased** | **Currency Purchased** | &nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Settlement<br> Date** | &nbsp;&nbsp;**Unrealized<br> Appreciation** | &nbsp;&nbsp;**Unrealized<br> (Depreciation)** |
| USD | &nbsp;&nbsp; 53120 | &nbsp;&nbsp;MXN | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(463) |
| USD | &nbsp;&nbsp; 106262 | &nbsp;&nbsp;MXN | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (906) |
| USD | &nbsp;&nbsp; 1593609 | &nbsp;&nbsp;MXN | &nbsp;&nbsp; 30000000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (13903) |
| USD | &nbsp;&nbsp; 3666029 | &nbsp;&nbsp;MXN | &nbsp;&nbsp; 69000000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (31247) |
| USD | &nbsp;&nbsp; 3930901 | &nbsp;&nbsp;MXN | &nbsp;&nbsp; 74000000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (34293) |
| USD | &nbsp;&nbsp; 7914923 | &nbsp;&nbsp;MXN | &nbsp;&nbsp; 149000000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (69049) |
| USD | &nbsp;&nbsp; 9085375 | &nbsp;&nbsp;MXN | &nbsp;&nbsp; 171000000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (77438) |
| USD | &nbsp;&nbsp; 18383274 | &nbsp;&nbsp;MXN | &nbsp;&nbsp; 346000000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (156687) |
| USD | &nbsp;&nbsp; 10678782 | &nbsp;&nbsp;MXN | &nbsp;&nbsp; 198906188 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 20651 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 5265756 | &nbsp;&nbsp;MXN | &nbsp;&nbsp; 98081555 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 10183 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 2155017 | &nbsp;&nbsp;MXN | &nbsp;&nbsp; 40140000 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 4168 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 83543 | &nbsp;&nbsp;MXN | &nbsp;&nbsp; 1556095 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 162 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 24105775 | &nbsp;&nbsp;THB | &nbsp;&nbsp; 760160000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 515841 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 1990631 | &nbsp;&nbsp;TRY | &nbsp;&nbsp; 88693280 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (45723) |
| USD | &nbsp;&nbsp; 1231686 | &nbsp;&nbsp;UYU | &nbsp;&nbsp; 49600000 | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (6833) |
| USD | &nbsp;&nbsp; 5588291 | &nbsp;&nbsp;ZAR | &nbsp;&nbsp; 98000000 | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (47511) |
| USD | &nbsp;&nbsp; 22467210 | &nbsp;&nbsp;ZAR | &nbsp;&nbsp; 394000000 | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (191014) |
| USD | &nbsp;&nbsp; 8122029 | &nbsp;&nbsp;ZAR | &nbsp;&nbsp; 140835801 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 22818 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 3326379 | &nbsp;&nbsp;ZAR | &nbsp;&nbsp; 57511356 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 19005 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 12285153 | &nbsp;&nbsp;ZAR | &nbsp;&nbsp; 215000000 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (79107) |
| USD | &nbsp;&nbsp; 49483452 | &nbsp;&nbsp;ZAR | &nbsp;&nbsp; 866000000 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (318634) |
| USD | &nbsp;&nbsp; 5642464 | &nbsp;&nbsp;ZAR | &nbsp;&nbsp; 99415388 | &nbsp;&nbsp;HSBC Bank USA, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (74735) |
| USD | &nbsp;&nbsp; 22708329 | &nbsp;&nbsp;ZAR | &nbsp;&nbsp; 400101341 | &nbsp;&nbsp;HSBC Bank USA, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (300772) |
| UYU | &nbsp;&nbsp; 64806000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 1598767 | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 19449 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| UYU | &nbsp;&nbsp; 55100000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 1357477 | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 18378 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| UYU | &nbsp;&nbsp; 71000000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 1765291 | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 7590 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| UYU | &nbsp;&nbsp; 78890000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 1961803 | &nbsp;&nbsp;HSBC Bank USA, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 8092 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| ZAR | &nbsp;&nbsp; 37000000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 2099592 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 28211 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| ZAR | &nbsp;&nbsp; 45000000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 2574315 | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 13553 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| ZAR | &nbsp;&nbsp; 1272919602 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 72734938 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 468355 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| ZAR | &nbsp;&nbsp; 606318699 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 34645199 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 223088 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| EGP | &nbsp;&nbsp; 7112062 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 142028 | &nbsp;&nbsp;Bank of America, N.A. | &nbsp;&nbsp;1/5/26 | &nbsp;&nbsp;&nbsp;&nbsp; 4900 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 11387619 | &nbsp;&nbsp;BRL | &nbsp;&nbsp; 65784000 | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;1/5/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (669786) |
| USD | &nbsp;&nbsp; 10103086 | &nbsp;&nbsp;BRL | &nbsp;&nbsp; 58216000 | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;1/5/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (567197) |
| VND | &nbsp;&nbsp;43504320000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 1638581 | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;1/8/26 | &nbsp;&nbsp;&nbsp;&nbsp; 8919 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| VND | &nbsp;&nbsp;11457299508 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 431683 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;1/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1990 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| KZT | &nbsp;&nbsp; 624400000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 1126567 | &nbsp;&nbsp;ICBC Standard Bank plc | &nbsp;&nbsp;1/21/26 | &nbsp;&nbsp;&nbsp;&nbsp; 23552 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| NGN | &nbsp;&nbsp; 891546000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 579683 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;1/21/26 | &nbsp;&nbsp;&nbsp;&nbsp; 31704 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| EGP | &nbsp;&nbsp; 187557674 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 3811373 | &nbsp;&nbsp;Bank of America, N.A. | &nbsp;&nbsp;1/22/26 | &nbsp;&nbsp;&nbsp;&nbsp; 41285 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| KZT | &nbsp;&nbsp; 938290000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 1689851 | &nbsp;&nbsp;ICBC Standard Bank plc | &nbsp;&nbsp;1/22/26 | &nbsp;&nbsp;&nbsp;&nbsp; 37964 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| KZT | &nbsp;&nbsp; 749558000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 1348732 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;1/23/26 | &nbsp;&nbsp;&nbsp;&nbsp; 31161 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| VND | &nbsp;&nbsp;11474135100 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 431683 | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;1/26/26 | &nbsp;&nbsp;&nbsp;&nbsp; 2294 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 450384 | &nbsp;&nbsp;UGX | &nbsp;&nbsp; 1587604000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;1/30/26 | &nbsp;&nbsp;&nbsp;&nbsp; 3674 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 450384 | &nbsp;&nbsp;UGX | &nbsp;&nbsp; 1588955000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;1/30/26 | &nbsp;&nbsp;&nbsp;&nbsp; 3294 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

*30*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b14ba3a7-50c5-4cfa-a54a-b0e7ca9df33b_TOC)

Emerging Markets Local Income Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** |
| **Currency Purchased** | **Currency Purchased** | &nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Settlement<br> Date** | &nbsp;&nbsp;**Unrealized<br> Appreciation** | &nbsp;&nbsp;**Unrealized<br> (Depreciation)** |
| USD | &nbsp;&nbsp; 792676 | &nbsp;&nbsp;UGX | &nbsp;&nbsp; 2798146000 | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;2/3/26 | &nbsp;&nbsp;$6818 | &nbsp;&nbsp;$— |
| USD | &nbsp;&nbsp; 189845 | &nbsp;&nbsp;GHS | &nbsp;&nbsp; 2722376 | &nbsp;&nbsp;ICBC Standard Bank plc | &nbsp;&nbsp;2/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (44049) |
| TRY | &nbsp;&nbsp; 48344065 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 943840 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;3/23/26 | &nbsp;&nbsp;&nbsp;&nbsp; 83257 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 911715 | &nbsp;&nbsp;TRY | &nbsp;&nbsp; 48344065 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;3/23/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (115383) |
| UZS | &nbsp;&nbsp;25583110000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 1593963 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;3/25/26 | &nbsp;&nbsp;&nbsp;&nbsp; 449416 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| TRY | &nbsp;&nbsp; 155918001 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 2925314 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;3/26/26 | &nbsp;&nbsp;&nbsp;&nbsp; 379347 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 545257 | &nbsp;&nbsp;TRY | &nbsp;&nbsp; 29225996 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;3/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (74184) |
| USD | &nbsp;&nbsp; 2340214 | &nbsp;&nbsp;TRY | &nbsp;&nbsp; 126692005 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;3/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (345006) |
| KZT | &nbsp;&nbsp; 1561382000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 2718520 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; 68879 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 900768 | &nbsp;&nbsp;UGX | &nbsp;&nbsp; 3211238000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; 11660 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 450384 | &nbsp;&nbsp;UGX | &nbsp;&nbsp; 1607871000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; 5207 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| KZT | &nbsp;&nbsp; 1867298000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 3262226 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;4/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; 70029 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| KZT | &nbsp;&nbsp; 1559071000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 2718520 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;4/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; 63694 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| KZT | &nbsp;&nbsp; 1557984000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 2718520 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;4/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; 61753 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 900768 | &nbsp;&nbsp;UGX | &nbsp;&nbsp; 3220246000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;4/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; 9339 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 675576 | &nbsp;&nbsp;UGX | &nbsp;&nbsp; 2418562255 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;4/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; 6070 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 450384 | &nbsp;&nbsp;UGX | &nbsp;&nbsp; 1621382507 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;4/22/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1985 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| KZT | &nbsp;&nbsp; 772824000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 1348733 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;4/23/26 | &nbsp;&nbsp;&nbsp;&nbsp; 27252 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| KZT | &nbsp;&nbsp; 1544299000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 2697466 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;4/24/26 | &nbsp;&nbsp;&nbsp;&nbsp; 51057 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 675576 | &nbsp;&nbsp;UGX | &nbsp;&nbsp; 2435452000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;5/4/26 | &nbsp;&nbsp;&nbsp;&nbsp; 3598 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 450384 | &nbsp;&nbsp;UGX | &nbsp;&nbsp; 1621382000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;5/4/26 | &nbsp;&nbsp;&nbsp;&nbsp; 3020 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| EUR | &nbsp;&nbsp; 1034203 | &nbsp;&nbsp;RON | &nbsp;&nbsp; 5683463 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (69995) |
| RON | &nbsp;&nbsp; 5683463 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 1063124 | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp; 36329 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 450384 | &nbsp;&nbsp;UGX | &nbsp;&nbsp; 1655161000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;7/24/26 | &nbsp;&nbsp;&nbsp;&nbsp; 6877 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 450384 | &nbsp;&nbsp;UGX | &nbsp;&nbsp; 1650657000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;7/28/26 | &nbsp;&nbsp;&nbsp;&nbsp; 8713 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| EUR | &nbsp;&nbsp; 10648464 | &nbsp;&nbsp;PLN | &nbsp;&nbsp; 46443277 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;9/2/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (77418) |
| EUR | &nbsp;&nbsp; 10918643 | &nbsp;&nbsp;PLN | &nbsp;&nbsp; 47738492 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;9/4/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (109470) |
| EUR | &nbsp;&nbsp; 21835109 | &nbsp;&nbsp;PLN | &nbsp;&nbsp; 95091901 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;9/8/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (111787) |
| EUR | &nbsp;&nbsp; 16022181 | &nbsp;&nbsp;PLN | &nbsp;&nbsp; 69760576 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;9/9/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (76644) |
| MNT | &nbsp;&nbsp; 1284122600 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 335280 | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;9/28/26 | &nbsp;&nbsp;&nbsp;&nbsp; 5550 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| MNT | &nbsp;&nbsp; 1323083000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 344822 | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;10/5/26 | &nbsp;&nbsp;&nbsp;&nbsp; 6041 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| UZS | &nbsp;&nbsp;14318913000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 889374 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;10/5/26 | &nbsp;&nbsp;&nbsp;&nbsp; 205153 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| UZS | &nbsp;&nbsp; 7887808991 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 489926 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;10/7/26 | &nbsp;&nbsp;&nbsp;&nbsp; 112714 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| KZT | &nbsp;&nbsp; 1660336000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 2718520 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;10/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 67480 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 450384 | &nbsp;&nbsp;UGX | &nbsp;&nbsp; 1661917000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;10/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; 16036 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 450384 | &nbsp;&nbsp;UGX | &nbsp;&nbsp; 1675429000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;10/21/26 | &nbsp;&nbsp;&nbsp;&nbsp; 12623 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| KZT | &nbsp;&nbsp; 1644105000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 2697465 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;10/23/26 | &nbsp;&nbsp;&nbsp;&nbsp; 54165 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 450384 | &nbsp;&nbsp;UGX | &nbsp;&nbsp; 1673177000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;10/23/26 | &nbsp;&nbsp;&nbsp;&nbsp; 13447 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| KZT | &nbsp;&nbsp; 2513643000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 4154095 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;10/27/26 | &nbsp;&nbsp;&nbsp;&nbsp; 47391 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 900768 | &nbsp;&nbsp;UGX | &nbsp;&nbsp; 3355361000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;11/3/26 | &nbsp;&nbsp;&nbsp;&nbsp; 27138 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| UZS | &nbsp;&nbsp; 6186729000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 344953 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;10/25/27 | &nbsp;&nbsp;&nbsp;&nbsp; 96170 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;**$7731399** | &nbsp;&nbsp;**$(8027584)** |

---

*31*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b14ba3a7-50c5-4cfa-a54a-b0e7ca9df33b_TOC)

Emerging Markets Local Income Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Non-Deliverable Bond Forward Contracts<sup>\*</sup>** | **Non-Deliverable Bond Forward Contracts<sup>\*</sup>** | **Non-Deliverable Bond Forward Contracts<sup>\*</sup>** | **Non-Deliverable Bond Forward Contracts<sup>\*</sup>** | **Non-Deliverable Bond Forward Contracts<sup>\*</sup>** | **Non-Deliverable Bond Forward Contracts<sup>\*</sup>** | **Non-Deliverable Bond Forward Contracts<sup>\*</sup>** |
| **Settlement Date** | &nbsp;&nbsp;**Notional Amount<br> (000's omitted)** | &nbsp;&nbsp;**Notional Amount<br> (000's omitted)** | &nbsp;&nbsp;**Reference Entity** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Aggregate Cost** | &nbsp;&nbsp;**Unrealized<br> Appreciation<br> (Depreciation)** |
| 11/7/25 | &nbsp;&nbsp;COP | &nbsp;&nbsp;17300000 | &nbsp;&nbsp;Republic of Colombia,<br> 7.25%, 10/18/34 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;$4488063 | &nbsp;&nbsp;$(6898) |
| 11/21/25 | &nbsp;&nbsp;COP | &nbsp;&nbsp;18000000 | &nbsp;&nbsp;Republic of Colombia,<br> 6.00%, 4/28/28 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;&nbsp;&nbsp; 4669660 | &nbsp;&nbsp;&nbsp;&nbsp; (27388) |
| 11/24/25 | &nbsp;&nbsp;COP | &nbsp;&nbsp;12593000 | &nbsp;&nbsp;Republic of Colombia,<br> 9.25%, 5/28/42 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;&nbsp;&nbsp; 3266946 | &nbsp;&nbsp;&nbsp;&nbsp; 12594 |
| 11/27/25 | &nbsp;&nbsp;COP | &nbsp;&nbsp;56900000 | &nbsp;&nbsp;Republic of Colombia,<br> 6.00%, 4/28/28 | &nbsp;&nbsp;Bank of America, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;14761316 | &nbsp;&nbsp;&nbsp;&nbsp; (59709) |
| 11/27/25 | &nbsp;&nbsp;COP | &nbsp;&nbsp;67000000 | &nbsp;&nbsp;Republic of Colombia,<br> 7.75%, 9/18/30 | &nbsp;&nbsp;Bank of America, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;17381514 | &nbsp;&nbsp;&nbsp;&nbsp; (27480) |
|  |  |  |  |  |  | &nbsp;&nbsp;**$(108881)** |

---

\* Represents a short-term forward contract to purchase the reference entity denominated in a non-deliverable foreign currency.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** |
| **Description** | &nbsp;&nbsp;&nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Position** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> Appreciation<br> (Depreciation)** |
| **Interest Rate Futures** |  |  |  |  |  |
| Euro-Bobl | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61) | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;$(8315056) | &nbsp;&nbsp;&nbsp;&nbsp;$(37265) |
| Euro-Buxl | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (936920) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (36309) |
| U.S. 5-Year Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;(136) | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;&nbsp;12/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14852688) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3878) |
| U.S. 10-Year Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;(224) | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;&nbsp;12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25238500) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (23388) |
| U.S. Long Treasury Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29) | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;&nbsp;12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3402063) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13603) |
| U.S. Ultra 10-Year Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;&nbsp;12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1963234) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (28422) |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**$(142865)** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swaps (Centrally Cleared)** | **Interest Rate Swaps (Centrally Cleared)** | **Interest Rate Swaps (Centrally Cleared)** | **Interest Rate Swaps (Centrally Cleared)** | **Interest Rate Swaps (Centrally Cleared)** | **Interest Rate Swaps (Centrally Cleared)** | **Interest Rate Swaps (Centrally Cleared)** | **Interest Rate Swaps (Centrally Cleared)** | **Interest Rate Swaps (Centrally Cleared)** |
| **Notional Amount<br> (000's omitted)** | **Notional Amount<br> (000's omitted)** | **Portfolio<br> Pays/<br> Receives<br> Floating<br> Rate** | **Floating Rate** | **Annual<br> Fixed Rate** | **Termination<br> Date** | **Value** | **Unamortized<br> Upfront<br> Receipts<br> (Payments)** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79775 | Pays | Brazil CETIP Interbank Deposit Rate<br> (pays upon termination) | 10.65%<br> (pays upon termination) | 1/2/26 | $(574161) | $— | $(574161) |
| BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88800 | Pays | Brazil CETIP Interbank Deposit Rate<br> (pays upon termination) | 10.06%<br> (pays upon termination) | 1/4/27 | (1874958) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(1874958) |
| BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34300 | Pays | Brazil CETIP Interbank Deposit Rate<br> (pays upon termination) | 10.47%<br> (pays upon termination) | 1/4/27 | &nbsp;&nbsp;&nbsp;&nbsp;(629884) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (629884) |
| BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66680 | Pays | Brazil CETIP Interbank Deposit Rate<br> (pays upon termination) | 14.78%<br> (pays upon termination) | 1/4/27 | &nbsp;&nbsp;&nbsp;&nbsp;145506 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 145506 |

---

*32*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b14ba3a7-50c5-4cfa-a54a-b0e7ca9df33b_TOC)

Emerging Markets Local Income Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** |
| **Notional Amount<br> (000's omitted)** | **Notional Amount<br> (000's omitted)** | **Portfolio<br> Pays/<br> Receives<br> Floating<br> Rate** | **Floating Rate** | **Annual<br> Fixed Rate** | **Termination<br> Date** | **Value** | **Unamortized<br> Upfront<br> Receipts<br> (Payments)** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37684 | Pays | Brazil CETIP Interbank Deposit Rate<br> (pays upon termination) | 10.33%<br> (pays upon termination) | 1/2/29 | $(798770) | $— | $(798770) |
| BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28020 | Pays | Brazil CETIP Interbank Deposit Rate<br> (pays upon termination) | 11.89%<br> (pays upon termination) | 1/2/29 | &nbsp;&nbsp;&nbsp;&nbsp;(268313) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (268313) |
| BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37010 | Pays | Brazil CETIP Interbank Deposit Rate<br> (pays upon termination) | 13.02%<br> (pays upon termination) | 1/2/29 | &nbsp;&nbsp;&nbsp;&nbsp;(40832) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (40832) |
| BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26045 | Pays | Brazil CETIP Interbank Deposit Rate<br> (pays upon termination) | 13.20%<br> (pays upon termination) | 1/2/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10508 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10508 |
| BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19090 | Pays | Brazil CETIP Interbank Deposit Rate<br> (pays upon termination) | 13.20%<br> (pays upon termination) | 1/2/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96342 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 96342 |
| BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38790 | Pays | Brazil CETIP Interbank Deposit Rate<br> (pays upon termination) | 13.40%<br> (pays upon termination) | 1/2/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53668 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 53668 |
| BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48206 | Pays | Brazil CETIP Interbank Deposit Rate<br> (pays upon termination) | 13.51%<br> (pays upon termination) | 1/2/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79593 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 79593 |
| BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15200 | Pays | Brazil CETIP Interbank Deposit Rate<br> (pays upon termination) | 13.10%<br> (pays upon termination) | 1/2/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22814 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 22814 |
| BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15160 | Pays | Brazil CETIP Interbank Deposit Rate<br> (pays upon termination) | 13.13%<br> (pays upon termination) | 1/2/31 | &nbsp;&nbsp;&nbsp;&nbsp;(14613) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (14613) |
| BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21574 | Pays | Brazil CETIP Interbank Deposit Rate<br> (pays upon termination) | 13.30%<br> (pays upon termination) | 1/2/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13805 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 13805 |
| BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36700 | Pays | Brazil CETIP Interbank Deposit Rate<br> (pays upon termination) | 13.46%<br> (pays upon termination) | 1/2/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81265 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 81265 |
| CLP | 5200000 | Pays | 6-month Sinacofi Chile Interbank Rate<br> (pays semi-annually) | 1.48%<br> (pays semi-annually) | 12/23/25 | &nbsp;&nbsp;&nbsp;&nbsp;(97082) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (97082) |
| CLP | 2500000 | Pays | 6-month Sinacofi Chile Interbank Rate<br> (pays semi-annually) | 1.59%<br> (pays semi-annually) | 1/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;(44162) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (44162) |
| CLP | 2500000 | Pays | 6-month Sinacofi Chile Interbank Rate<br> (pays semi-annually) | 1.92%<br> (pays semi-annually) | 2/23/26 | &nbsp;&nbsp;&nbsp;&nbsp;(39093) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (39093) |
| CLP | &nbsp;&nbsp;&nbsp;&nbsp;584900 | Pays | 6-month Sinacofi Chile Interbank Rate<br> (pays semi-annually) | 2.87%<br> (pays semi-annually) | 5/31/26 | &nbsp;&nbsp;&nbsp;&nbsp;(12192) | &nbsp;&nbsp;&nbsp; 11800 | &nbsp;&nbsp;&nbsp;&nbsp; (392) |
| CLP | 2647200 | Pays | 6-month Sinacofi Chile Interbank Rate<br> (pays semi-annually) | 4.55%<br> (pays semi-annually) | 12/18/29 | &nbsp;&nbsp;&nbsp;&nbsp;(26564) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (26564) |
| CLP | 13630000 | Pays | 6-month Sinacofi Chile Interbank Rate<br> (pays semi-annually) | 4.75%<br> (pays semi-annually) | 6/18/30 | &nbsp;&nbsp;&nbsp;&nbsp;(39181) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (39181) |
| CLP | 4255590 | Pays | 6-month Sinacofi Chile Interbank Rate<br> (pays semi-annually) | 4.75%<br> (pays semi-annually) | 9/17/30 | &nbsp;&nbsp;&nbsp;&nbsp;(14231) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (14231) |

---

*33*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b14ba3a7-50c5-4cfa-a54a-b0e7ca9df33b_TOC)

Emerging Markets Local Income Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** |
| **Notional Amount<br> (000's omitted)** | **Notional Amount<br> (000's omitted)** | **Portfolio<br> Pays/<br> Receives<br> Floating<br> Rate** | **Floating Rate** | **Annual<br> Fixed Rate** | **Termination<br> Date** | **Value** | **Unamortized<br> Upfront<br> Receipts<br> (Payments)** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| CLP | 3675200 | Pays | 6-month Sinacofi Chile Interbank Rate<br> (pays semi-annually) | 4.80%<br> (pays semi-annually) | 12/17/30 | $(5942) | $— | $(5942) |
| CLP | 9251100 | Receives | 6-month Sinacofi Chile Interbank Rate<br> (pays semi-annually) | 4.84%<br> (pays semi-annually) | 12/17/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1869) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1869) |
| CLP | 3362600 | Pays | 6-month Sinacofi Chile Interbank Rate<br> (pays semi-annually) | 4.08%<br> (pays semi-annually) | 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;(157887) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (157887) |
| CNY | &nbsp;&nbsp;&nbsp;&nbsp;450000 | Pays | 7-day China Fixing Repo Rates<br> (pays quarterly) | 2.40%<br> (pays quarterly) | 12/21/27 | 1231259 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1231259 |
| CNY | &nbsp;&nbsp;&nbsp;&nbsp;215650 | Pays | 7-day China Fixing Repo Rates<br> (pays quarterly) | 2.47%<br> (pays quarterly) | 12/21/27 | &nbsp;&nbsp;&nbsp;&nbsp;635033 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 635033 |
| CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45000 | Pays | 7-day China Fixing Repo Rates<br> (pays quarterly) | 2.28%<br> (pays quarterly) | 9/20/28 | &nbsp;&nbsp;&nbsp;&nbsp;140892 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 140892 |
| CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45000 | Pays | 7-day China Fixing Repo Rates<br> (pays quarterly) | 2.29%<br> (pays quarterly) | 9/20/28 | &nbsp;&nbsp;&nbsp;&nbsp;141813 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 141813 |
| CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95000 | Pays | 7-day China Fixing Repo Rates<br> (pays quarterly) | 2.48%<br> (pays quarterly) | 9/20/28 | &nbsp;&nbsp;&nbsp;&nbsp;372916 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 372916 |
| CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62400 | Pays | 7-day China Fixing Repo Rates<br> (pays quarterly) | 2.49%<br> (pays quarterly) | 9/20/28 | &nbsp;&nbsp;&nbsp;&nbsp;249547 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 249547 |
| CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38700 | Pays | 7-day China Fixing Repo Rates<br> (pays quarterly) | 2.38%<br> (pays quarterly) | 12/20/28 | &nbsp;&nbsp;&nbsp;&nbsp;147447 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 147447 |
| CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38000 | Pays | 7-day China Fixing Repo Rates<br> (pays quarterly) | 2.21%<br> (pays quarterly) | 3/20/29 | &nbsp;&nbsp;&nbsp;&nbsp;124419 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 124419 |
| CNY | &nbsp;&nbsp;&nbsp;&nbsp;100000 | Pays | 7-day China Fixing Repo Rates<br> (pays quarterly) | 2.34%<br> (pays quarterly) | 3/20/29 | &nbsp;&nbsp;&nbsp;&nbsp;386811 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 386811 |
| CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34000 | Pays | 7-day China Fixing Repo Rates<br> (pays quarterly) | 2.35%<br> (pays quarterly) | 3/20/29 | &nbsp;&nbsp;&nbsp;&nbsp;133293 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 133293 |
| CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40800 | Pays | 7-day China Fixing Repo Rates<br> (pays quarterly) | 2.03%<br> (pays quarterly) | 9/19/29 | &nbsp;&nbsp;&nbsp;&nbsp;109195 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 109195 |
| CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20230 | Pays | 7-day China Fixing Repo Rates<br> (pays quarterly) | 1.44%<br> (pays quarterly) | 3/19/30 | &nbsp;&nbsp;&nbsp;&nbsp;(13347) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (13347) |
| CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21200 | Pays | 7-day China Fixing Repo Rates<br> (pays quarterly) | 1.46%<br> (pays quarterly) | 3/19/30 | &nbsp;&nbsp;&nbsp;&nbsp;(11030) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (11030) |
| CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13670 | Pays | 7-day China Fixing Repo Rates<br> (pays quarterly) | 1.49%<br> (pays quarterly) | 3/19/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4253) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4253) |
| CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23850 | Pays | 7-day China Fixing Repo Rates<br> (pays quarterly) | 1.50%<br> (pays quarterly) | 3/19/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7059) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (7059) |

---

*34*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b14ba3a7-50c5-4cfa-a54a-b0e7ca9df33b_TOC)

Emerging Markets Local Income Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** |
| **Notional Amount<br> (000's omitted)** | **Notional Amount<br> (000's omitted)** | **Portfolio<br> Pays/<br> Receives<br> Floating<br> Rate** | **Floating Rate** | **Annual<br> Fixed Rate** | **Termination<br> Date** | **Value** | **Unamortized<br> Upfront<br> Receipts<br> (Payments)** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10170 | Pays | 7-day China Fixing Repo Rates<br> (pays quarterly) | 1.50%<br> (pays quarterly) | 3/19/30 | $(2702) | $— | $(2702) |
| CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19890 | Pays | 7-day China Fixing Repo Rates<br> (pays quarterly) | 1.50%<br> (pays quarterly) | 3/19/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5043) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (5043) |
| CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10200 | Pays | 7-day China Fixing Repo Rates<br> (pays quarterly) | 1.50%<br> (pays quarterly) | 3/19/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2524) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2524) |
| CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13460 | Pays | 7-day China Fixing Repo Rates<br> (pays quarterly) | 1.51%<br> (pays quarterly) | 3/19/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2760) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2760) |
| CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10150 | Pays | 7-day China Fixing Repo Rates<br> (pays quarterly) | 1.52%<br> (pays quarterly) | 3/19/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1773) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1773) |
| CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14340 | Pays | 7-day China Fixing Repo Rates<br> (pays quarterly) | 1.52%<br> (pays quarterly) | 3/19/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2532) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2532) |
| CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | Pays | 7-day China Fixing Repo Rates<br> (pays quarterly) | 1.66%<br> (pays quarterly) | 3/19/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35068 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 35068 |
| CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61070 | Pays | 7-day China Fixing Repo Rates<br> (pays quarterly) | 1.39%<br> (pays quarterly) | 6/18/30 | &nbsp;&nbsp;&nbsp;&nbsp;(59901) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (59901) |
| CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33000 | Pays | 7-day China Fixing Repo Rates<br> (pays quarterly) | 1.44%<br> (pays quarterly) | 6/18/30 | &nbsp;&nbsp;&nbsp;&nbsp;(21776) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (21776) |
| CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17460 | Pays | 7-day China Fixing Repo Rates<br> (pays quarterly) | 1.48%<br> (pays quarterly) | 6/18/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7702) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (7702) |
| CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25113 | Pays | 7-day China Fixing Repo Rates<br> (pays quarterly) | 1.49%<br> (pays quarterly) | 6/18/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9955) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (9955) |
| CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000 | Pays | 7-day China Fixing Repo Rates<br> (pays quarterly) | 1.58%<br> (pays quarterly) | 6/18/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3300 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3300 |
| CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27000 | Pays | 7-day China Fixing Repo Rates<br> (pays quarterly) | 1.46%<br> (pays quarterly) | 9/17/30 | &nbsp;&nbsp;&nbsp;&nbsp;(17116) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (17116) |
| CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64900 | Pays | 7-day China Fixing Repo Rates<br> (pays quarterly) | 1.56%<br> (pays quarterly) | 9/17/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4193 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4193 |
| CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20670 | Pays | 7-day China Fixing Repo Rates<br> (pays quarterly) | 1.60%<br> (pays quarterly) | 9/17/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7314 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7314 |
| CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85210 | Pays | 7-day China Fixing Repo Rates<br> (pays quarterly) | 1.61%<br> (pays quarterly) | 9/17/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35754 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 35754 |
| CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48490 | Pays | 7-day China Fixing Repo Rates<br> (pays quarterly) | 1.58%<br> (pays quarterly) | 12/17/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8625 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 8625 |
| CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79604 | Pays | 7-day China Fixing Repo Rates<br> (pays quarterly) | 1.64%<br> (pays quarterly) | 12/17/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43399 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 43399 |

---

*35*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b14ba3a7-50c5-4cfa-a54a-b0e7ca9df33b_TOC)

Emerging Markets Local Income Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** |
| **Notional Amount<br> (000's omitted)** | **Notional Amount<br> (000's omitted)** | **Portfolio<br> Pays/<br> Receives<br> Floating<br> Rate** | **Floating Rate** | **Annual<br> Fixed Rate** | **Termination<br> Date** | **Value** | **Unamortized<br> Upfront<br> Receipts<br> (Payments)** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48180 | Pays | 7-day China Fixing Repo Rates<br> (pays quarterly) | 1.66%<br> (pays quarterly) | 12/17/30 | $33990 | $— | $33990 |
| COP | 19162581 | Receives | Colombia Overnight Interbank Reference Rate<br> (pays quarterly) | 8.34%<br> (pays quarterly) | 6/18/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86236 | &nbsp;&nbsp;&nbsp;&nbsp;(13013) | &nbsp;&nbsp;&nbsp; 73223 |
| COP | 6685000 | Receives | Colombia Overnight Interbank Reference Rate<br> (pays quarterly) | 8.35%<br> (pays quarterly) | 6/18/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29339 | &nbsp;&nbsp;&nbsp; 7835 | &nbsp;&nbsp;&nbsp; 37174 |
| COP | 12984000 | Receives | Colombia Overnight Interbank Reference Rate<br> (pays quarterly) | 8.37%<br> (pays quarterly) | 6/18/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55784 | &nbsp;&nbsp;&nbsp;&nbsp; (5423) | &nbsp;&nbsp;&nbsp; 50361 |
| COP | 20329000 | Receives | Colombia Overnight Interbank Reference Rate<br> (pays quarterly) | 8.80%<br> (pays quarterly) | 12/17/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88377 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 88377 |
| CZK | &nbsp;&nbsp;&nbsp;&nbsp;300000 | Pays | 6-month CZK PRIBOR<br> (pays semi-annually) | 1.46%<br> (pays annually) | 3/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;(41112) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (41112) |
| CZK | &nbsp;&nbsp;&nbsp;&nbsp;110000 | Pays | 6-month CZK PRIBOR<br> (pays semi-annually) | 5.39%<br> (pays annually) | 3/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;351860 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 351860 |
| CZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53900 | Pays | 6-month CZK PRIBOR<br> (pays semi-annually) | 4.61%<br> (pays annually) | 6/21/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66689 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 66689 |
| CZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49200 | Pays | 6-month CZK PRIBOR<br> (pays semi-annually) | 4.15%<br> (pays annually) | 9/20/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27466 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 27466 |
| CZK | &nbsp;&nbsp;&nbsp;&nbsp;593000 | Pays | 6-month CZK PRIBOR<br> (pays semi-annually) | 3.65%<br> (pays annually) | 6/19/29 | &nbsp;&nbsp;&nbsp;&nbsp;(143316) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (143316) |
| CZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52000 | Pays | 6-month CZK PRIBOR<br> (pays semi-annually) | 3.59%<br> (pays annually) | 9/17/30 | &nbsp;&nbsp;&nbsp;&nbsp;(31771) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (31771) |
| CZK | &nbsp;&nbsp;&nbsp;&nbsp;102800 | Pays | 6-month CZK PRIBOR<br> (pays semi-annually) | 3.64%<br> (pays annually) | 9/17/30 | &nbsp;&nbsp;&nbsp;&nbsp;(51716) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (51716) |
| CZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58100 | Pays | 6-month CZK PRIBOR<br> (pays semi-annually) | 3.76%<br> (pays annually) | 9/17/30 | &nbsp;&nbsp;&nbsp;&nbsp;(14092) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (14092) |
| CZK | &nbsp;&nbsp;&nbsp;&nbsp;110000 | Pays | 6-month CZK PRIBOR<br> (pays semi-annually) | 3.88%<br> (pays annually) | 9/17/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2336 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2336 |
| CZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76360 | Pays | 6-month CZK PRIBOR<br> (pays semi-annually) | 3.79%<br> (pays annually) | 12/17/30 | &nbsp;&nbsp;&nbsp;&nbsp;(19529) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (19529) |
| CZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95590 | Pays | 6-month CZK PRIBOR<br> (pays semi-annually) | 3.86%<br> (pays annually) | 12/17/30 | &nbsp;&nbsp;&nbsp;&nbsp;(11243) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (11243) |
| CZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31235 | Pays | 6-month CZK PRIBOR<br> (pays semi-annually) | 3.54%<br> (pays annually) | 3/20/34 | &nbsp;&nbsp;&nbsp;&nbsp;(30826) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (30826) |
| CZK | &nbsp;&nbsp;&nbsp;&nbsp;246212 | Pays | 6-month CZK PRIBOR<br> (pays semi-annually) | 3.56%<br> (pays annually) | 12/18/34 | &nbsp;&nbsp;&nbsp;&nbsp;(302997) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (302997) |
| HUF | 1000000 | Pays | 6-month HUF BUBOR<br> (pays semi-annually) | 1.20%<br> (pays annually) | 11/4/25 | &nbsp;&nbsp;&nbsp;&nbsp;(64061) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (64061) |
| HUF | 1660000 | Pays | 6-month HUF BUBOR<br> (pays semi-annually) | 6.20%<br> (pays annually) | 12/17/30 | &nbsp;&nbsp;&nbsp;&nbsp;(16981) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (16981) |
| HUF | 3071300 | Pays | 6-month HUF BUBOR<br> (pays semi-annually) | 6.19%<br> (pays annually) | 12/18/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19953 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 19953 |
| ILS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16787 | Pays | 3-month ILS TELBOR<br> (pays annually) | 3.66%<br> (pays annually) | 10/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11476 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 11476 |
| ILS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17116 | Pays | 3-month ILS TELBOR<br> (pays annually) | 3.52%<br> (pays annually) | 12/17/30 | &nbsp;&nbsp;&nbsp;&nbsp;(15354) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (15354) |

---

*36*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b14ba3a7-50c5-4cfa-a54a-b0e7ca9df33b_TOC)

Emerging Markets Local Income Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** |
| **Notional Amount<br> (000's omitted)** | **Notional Amount<br> (000's omitted)** | **Portfolio<br> Pays/<br> Receives<br> Floating<br> Rate** | **Floating Rate** | **Annual<br> Fixed Rate** | **Termination<br> Date** | **Value** | **Unamortized<br> Upfront<br> Receipts<br> (Payments)** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| ILS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25835 | Pays | 3-month ILS TELBOR<br> (pays annually) | 3.71%<br> (pays annually) | 12/17/30 | $46095 | $— | $46095 |
| ILS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9129 | Pays | 3-month ILS TELBOR<br> (pays annually) | 3.80%<br> (pays annually) | 12/17/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1722 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1722 |
| ILS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8661 | Pays | 3-month ILS TELBOR<br> (pays annually) | 3.91%<br> (pays annually) | 12/17/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24293 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 24293 |
| INR | 1636353 | Pays | 1-day INR FBIL MIBOR<br> (pays semi-annually) | 6.23%<br> (pays semi-annually) | 3/20/29 | &nbsp;&nbsp;&nbsp;&nbsp;404506 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 404506 |
| INR | 1530000 | Pays | 1-day INR FBIL MIBOR<br> (pays semi-annually) | 5.93%<br> (pays semi-annually) | 12/18/29 | &nbsp;&nbsp;&nbsp;&nbsp;227115 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 227115 |
| INR | 1940000 | Pays | 1-day INR FBIL MIBOR<br> (pays semi-annually) | 6.01%<br> (pays semi-annually) | 12/18/29 | &nbsp;&nbsp;&nbsp;&nbsp;363503 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 363503 |
| INR | 1018000 | Pays | 1-day INR FBIL MIBOR<br> (pays semi-annually) | 6.28%<br> (pays semi-annually) | 12/18/29 | &nbsp;&nbsp;&nbsp;&nbsp;312831 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 312831 |
| INR | &nbsp;&nbsp;&nbsp;&nbsp;476000 | Pays | 1-day INR FBIL MIBOR<br> (pays semi-annually) | 5.93%<br> (pays semi-annually) | 3/19/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66174 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 66174 |
| INR | 3069000 | Pays | 1-day INR FBIL MIBOR<br> (pays semi-annually) | 5.95%<br> (pays semi-annually) | 3/19/30 | &nbsp;&nbsp;&nbsp;&nbsp;450961 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 450961 |
| INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77300 | Pays | 1-day INR FBIL MIBOR<br> (pays semi-annually) | 6.06%<br> (pays semi-annually) | 3/19/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15154 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 15154 |
| INR | &nbsp;&nbsp;&nbsp;&nbsp;559000 | Pays | 1-day INR FBIL MIBOR<br> (pays semi-annually) | 6.07%<br> (pays semi-annually) | 3/19/30 | &nbsp;&nbsp;&nbsp;&nbsp;112149 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 112149 |
| INR | &nbsp;&nbsp;&nbsp;&nbsp;190100 | Pays | 1-day INR FBIL MIBOR<br> (pays semi-annually) | 6.08%<br> (pays semi-annually) | 3/19/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38306 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 38306 |
| INR | &nbsp;&nbsp;&nbsp;&nbsp;150900 | Pays | 1-day INR FBIL MIBOR<br> (pays semi-annually) | 6.08%<br> (pays semi-annually) | 3/19/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31005 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 31005 |
| INR | &nbsp;&nbsp;&nbsp;&nbsp;700000 | Pays | 1-day INR FBIL MIBOR<br> (pays semi-annually) | 6.21%<br> (pays semi-annually) | 3/19/30 | &nbsp;&nbsp;&nbsp;&nbsp;181095 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 181095 |
| INR | &nbsp;&nbsp;&nbsp;&nbsp;902000 | Pays | 1-day INR FBIL MIBOR<br> (pays semi-annually) | 5.81%<br> (pays semi-annually) | 6/18/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80130 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 80130 |
| INR | 1080000 | Pays | 1-day INR FBIL MIBOR<br> (pays semi-annually) | 5.95%<br> (pays semi-annually) | 6/18/30 | &nbsp;&nbsp;&nbsp;&nbsp;172086 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 172086 |
| INR | &nbsp;&nbsp;&nbsp;&nbsp;471000 | Pays | 1-day INR FBIL MIBOR<br> (pays semi-annually) | 5.68%<br> (pays semi-annually) | 9/17/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6253 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6253 |
| INR | &nbsp;&nbsp;&nbsp;&nbsp;554000 | Pays | 1-day INR FBIL MIBOR<br> (pays semi-annually) | 5.68%<br> (pays semi-annually) | 9/17/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8957 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 8957 |
| INR | 1050000 | Pays | 1-day INR FBIL MIBOR<br> (pays semi-annually) | 5.69%<br> (pays semi-annually) | 9/17/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20519 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 20519 |
| INR | &nbsp;&nbsp;&nbsp;&nbsp;469000 | Pays | 1-day INR FBIL MIBOR<br> (pays semi-annually) | 5.71%<br> (pays semi-annually) | 9/17/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12896 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 12896 |
| INR | &nbsp;&nbsp;&nbsp;&nbsp;797000 | Pays | 1-day INR FBIL MIBOR<br> (pays semi-annually) | 5.74%<br> (pays semi-annually) | 9/17/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33826 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 33826 |
| INR | 1310000 | Pays | 1-day INR FBIL MIBOR<br> (pays semi-annually) | 5.77%<br> (pays semi-annually) | 9/17/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76123 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 76123 |
| INR | &nbsp;&nbsp;&nbsp;&nbsp;978000 | Pays | 1-day INR FBIL MIBOR<br> (pays semi-annually) | 5.71%<br> (pays semi-annually) | 12/17/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20650 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 20650 |
| KRW | 12187000 | Pays | 3-month KRW Certificate of Deposit Rate<br> (pays quarterly) | 2.32%<br> (pays quarterly) | 6/18/27 | &nbsp;&nbsp;&nbsp;&nbsp;(41230) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (41230) |
| KRW | 15843000 | Pays | 3-month KRW Certificate of Deposit Rate<br> (pays quarterly) | 2.33%<br> (pays quarterly) | 6/18/27 | &nbsp;&nbsp;&nbsp;&nbsp;(52230) | &nbsp;&nbsp;&nbsp; 1247 | &nbsp;&nbsp;&nbsp;&nbsp; (50983) |

---

*37*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b14ba3a7-50c5-4cfa-a54a-b0e7ca9df33b_TOC)

Emerging Markets Local Income Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** |
| **Notional Amount<br> (000's omitted)** | **Notional Amount<br> (000's omitted)** | **Portfolio<br> Pays/<br> Receives<br> Floating<br> Rate** | **Floating Rate** | **Annual<br> Fixed Rate** | **Termination<br> Date** | **Value** | **Unamortized<br> Upfront<br> Receipts<br> (Payments)** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| KRW | 17160000 | Pays | 3-month KRW Certificate of Deposit Rate<br> (pays quarterly) | 2.34%<br> (pays quarterly) | 6/18/27 | $(54912) | $2643 | $(52269) |
| KRW | 25630000 | Pays | 3-month KRW Certificate of Deposit Rate<br> (pays quarterly) | 2.34%<br> (pays quarterly) | 6/18/27 | &nbsp;&nbsp;&nbsp;&nbsp;(81191) | &nbsp;&nbsp;&nbsp;&nbsp; (118) | &nbsp;&nbsp;&nbsp;&nbsp; (81309) |
| KRW | 12461000 | Pays | 3-month KRW Certificate of Deposit Rate<br> (pays quarterly) | 2.33%<br> (pays quarterly) | 9/17/27 | &nbsp;&nbsp;&nbsp;&nbsp;(49052) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (49052) |
| KRW | 21136000 | Pays | 3-month KRW Certificate of Deposit Rate<br> (pays quarterly) | 2.33%<br> (pays quarterly) | 9/17/27 | &nbsp;&nbsp;&nbsp;&nbsp;(82428) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (82428) |
| KRW | 8827000 | Pays | 3-month KRW Certificate of Deposit Rate<br> (pays quarterly) | 2.33%<br> (pays quarterly) | 9/17/27 | &nbsp;&nbsp;&nbsp;&nbsp;(33714) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (33714) |
| KRW | 1062000 | Receives | 3-month KRW Certificate of Deposit Rate<br> (pays quarterly) | 2.63%<br> (pays quarterly) | 3/19/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16759 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 16759 |
| KRW | 1916000 | Receives | 3-month KRW Certificate of Deposit Rate<br> (pays quarterly) | 2.69%<br> (pays quarterly) | 3/19/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23865 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 23865 |
| KRW | 3927000 | Receives | 3-month KRW Certificate of Deposit Rate<br> (pays quarterly) | 2.69%<br> (pays quarterly) | 3/19/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47726 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 47726 |
| KRW | 1566000 | Receives | 3-month KRW Certificate of Deposit Rate<br> (pays quarterly) | 2.70%<br> (pays quarterly) | 3/19/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18085 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 18085 |
| KRW | 1497000 | Receives | 3-month KRW Certificate of Deposit Rate<br> (pays quarterly) | 2.79%<br> (pays quarterly) | 3/19/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8962 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 8962 |
| KRW | 1987000 | Receives | 3-month KRW Certificate of Deposit Rate<br> (pays quarterly) | 2.79%<br> (pays quarterly) | 3/19/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11836 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 11836 |
| KRW | 3975000 | Receives | 3-month KRW Certificate of Deposit Rate<br> (pays quarterly) | 2.81%<br> (pays quarterly) | 3/19/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20674 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 20674 |
| KRW | 2716000 | Receives | 3-month KRW Certificate of Deposit Rate<br> (pays quarterly) | 2.65%<br> (pays quarterly) | 9/17/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43938 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 43938 |
| KRW | 4620000 | Receives | 3-month KRW Certificate of Deposit Rate<br> (pays quarterly) | 2.65%<br> (pays quarterly) | 9/17/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74009 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 74009 |
| KRW | 2280000 | Receives | 3-month KRW Certificate of Deposit Rate<br> (pays quarterly) | 2.65%<br> (pays quarterly) | 9/19/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36852 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 36852 |
| MXN | &nbsp;&nbsp;&nbsp;&nbsp;323500 | Pays | Mexico Interbank TIIE 28 Day<br> (pays monthly) | 9.11%<br> (pays monthly) | 12/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;409802 | &nbsp;&nbsp;&nbsp;&nbsp; (8583) | &nbsp;&nbsp;&nbsp; 401219 |
| MXN | &nbsp;&nbsp;&nbsp;&nbsp;431000 | Pays | Mexico Interbank TIIE 28 Day<br> (pays monthly) | 6.93%<br> (pays monthly) | 12/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;(18425) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (18425) |
| MXN | &nbsp;&nbsp;&nbsp;&nbsp;276000 | Pays | Mexico Interbank TIIE 28 Day<br> (pays monthly) | 6.94%<br> (pays monthly) | 12/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;(11136) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (11136) |

---

*38*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b14ba3a7-50c5-4cfa-a54a-b0e7ca9df33b_TOC)

Emerging Markets Local Income Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** |
| **Notional Amount<br> (000's omitted)** | **Notional Amount<br> (000's omitted)** | **Portfolio<br> Pays/<br> Receives<br> Floating<br> Rate** | **Floating Rate** | **Annual<br> Fixed Rate** | **Termination<br> Date** | **Value** | **Unamortized<br> Upfront<br> Receipts<br> (Payments)** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19570 | Pays | 3-month MYR KLIBOR<br> (pays quarterly) | 3.07%<br> (pays quarterly) | 9/17/30 | $(43549) | $— | $(43549) |
| MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30400 | Pays | 3-month MYR KLIBOR<br> (pays quarterly) | 3.09%<br> (pays quarterly) | 9/17/30 | &nbsp;&nbsp;&nbsp;&nbsp;(60004) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (60004) |
| MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11000 | Pays | 3-month MYR KLIBOR<br> (pays quarterly) | 3.12%<br> (pays quarterly) | 9/17/30 | &nbsp;&nbsp;&nbsp;&nbsp;(17122) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (17122) |
| MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35700 | Pays | 3-month MYR KLIBOR<br> (pays quarterly) | 3.18%<br> (pays quarterly) | 9/17/30 | &nbsp;&nbsp;&nbsp;&nbsp;(34962) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (34962) |
| MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16000 | Pays | 3-month MYR KLIBOR<br> (pays quarterly) | 3.19%<br> (pays quarterly) | 9/17/30 | &nbsp;&nbsp;&nbsp;&nbsp;(13475) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (13475) |
| MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26900 | Pays | 3-month MYR KLIBOR<br> (pays quarterly) | 3.19%<br> (pays quarterly) | 9/17/30 | &nbsp;&nbsp;&nbsp;&nbsp;(21731) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (21731) |
| MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32600 | Pays | 3-month MYR KLIBOR<br> (pays quarterly) | 3.27%<br> (pays quarterly) | 9/17/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4407 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4407 |
| MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16570 | Pays | 3-month MYR KLIBOR<br> (pays quarterly) | 3.15%<br> (pays quarterly) | 12/17/30 | &nbsp;&nbsp;&nbsp;&nbsp;(23079) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (23079) |
| MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71000 | Pays | 3-month MYR KLIBOR<br> (pays quarterly) | 3.18%<br> (pays quarterly) | 12/17/30 | &nbsp;&nbsp;&nbsp;&nbsp;(70234) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (70234) |
| MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19680 | Pays | 3-month MYR KLIBOR<br> (pays quarterly) | 3.26%<br> (pays quarterly) | 12/17/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3256) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3256) |
| PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42000 | Pays | 6-month PLN WIBOR<br> (pays semi-annually) | 0.64%<br> (pays annually) | 1/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;(200599) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (200599) |
| PLN | &nbsp;&nbsp;&nbsp;&nbsp;221130 | Receives | 6-month PLN WIBOR<br> (pays quarterly) | 4.36%<br> (pays annually) | 9/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;(99736) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (99736) |
| PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13250 | Pays | 6-month PLN WIBOR<br> (pays semi-annually) | 3.87%<br> (pays annually) | 3/3/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56183 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 56183 |
| PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99138 | Pays | 6-month PLN WIBOR<br> (pays semi-annually) | 3.91%<br> (pays annually) | 3/3/27 | &nbsp;&nbsp;&nbsp;&nbsp;441172 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 441172 |
| PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000 | Pays | 6-month PLN WIBOR<br> (pays semi-annually) | 2.84%<br> (pays annually) | 1/10/28 | &nbsp;&nbsp;&nbsp;&nbsp;(316351) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (316351) |
| PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23914 | Pays | 6-month PLN WIBOR<br> (pays semi-annually) | 5.41%<br> (pays annually) | 6/19/29 | &nbsp;&nbsp;&nbsp;&nbsp;323288 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 323288 |
| PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58000 | Pays | 6-month PLN WIBOR<br> (pays semi-annually) | 5.42%<br> (pays annually) | 6/19/29 | &nbsp;&nbsp;&nbsp;&nbsp;794277 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 794277 |
| PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13700 | Pays | 6-month PLN WIBOR<br> (pays semi-annually) | 5.02%<br> (pays annually) | 9/18/29 | &nbsp;&nbsp;&nbsp;&nbsp;140714 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 140714 |
| PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 | Pays | 6-month PLN WIBOR<br> (pays semi-annually) | 4.03%<br> (pays annually) | 9/17/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1187) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1187) |
| PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20224 | Pays | 6-month PLN WIBOR<br> (pays semi-annually) | 4.10%<br> (pays annually) | 12/17/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25562 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 25562 |
| PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13366 | Pays | 6-month PLN WIBOR<br> (pays semi-annually) | 4.11%<br> (pays annually) | 12/17/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17783 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 17783 |
| PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42227 | Receives | 6-month PLN WIBOR<br> (pays quarterly) | 4.49%<br> (pays annually) | 8/12/32 | &nbsp;&nbsp;&nbsp;&nbsp;(15196) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (15196) |
| PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42227 | Pays | 6-month PLN WIBOR<br> (pays semi-annually) | 4.59%<br> (pays annually) | 8/12/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18167 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 18167 |
| PLN | &nbsp;&nbsp;&nbsp;&nbsp;181230 | Receives | 6-month PLN WIBOR<br> (pays quarterly) | 4.61%<br> (pays annually) | 9/9/32 | &nbsp;&nbsp;&nbsp;&nbsp;(150598) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (150598) |
| PLN | &nbsp;&nbsp;&nbsp;&nbsp;181230 | Pays | 6-month PLN WIBOR<br> (pays semi-annually) | 4.71%<br> (pays annually) | 9/9/32 | &nbsp;&nbsp;&nbsp;&nbsp;159314 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 159314 |

---

*39*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b14ba3a7-50c5-4cfa-a54a-b0e7ca9df33b_TOC)

Emerging Markets Local Income Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** |
| **Notional Amount<br> (000's omitted)** | **Notional Amount<br> (000's omitted)** | **Portfolio<br> Pays/<br> Receives<br> Floating<br> Rate** | **Floating Rate** | **Annual<br> Fixed Rate** | **Termination<br> Date** | **Value** | **Unamortized<br> Upfront<br> Receipts<br> (Payments)** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20500 | Pays | 6-month PLN WIBOR<br> (pays semi-annually) | 5.19%<br> (pays annually) | 9/21/32 | $348646 | $— | $348646 |
| PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18000 | Pays | 6-month PLN WIBOR<br> (pays semi-annually) | 5.50%<br> (pays annually) | 6/19/34 | &nbsp;&nbsp;&nbsp;&nbsp;441825 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 441825 |
| PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7086 | Pays | 6-month PLN WIBOR<br> (pays semi-annually) | 5.53%<br> (pays annually) | 6/19/34 | &nbsp;&nbsp;&nbsp;&nbsp;178296 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 178296 |
| PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19321 | Receives | 6-month PLN WIBOR<br> (pays semi-annually) | 4.34%<br> (pays annually) | 6/18/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18909 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 18909 |
| THB | &nbsp;&nbsp;&nbsp;&nbsp;291000 | Pays | Thai Overnight Repurchase Rate<br> (pays semi-annually) | 0.90%<br> (pays semi-annually) | 2/23/26 | &nbsp;&nbsp;&nbsp;&nbsp;(34592) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (34592) |
| THB | &nbsp;&nbsp;&nbsp;&nbsp;120000 | Pays | Thai Overnight Repurchase Rate<br> (pays semi-annually) | 1.30%<br> (pays semi-annually) | 11/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;(20061) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (20061) |
| THB | &nbsp;&nbsp;&nbsp;&nbsp;514900 | Pays | Thai Overnight Repurchase Rate<br> (pays semi-annually) | 2.94%<br> (pays semi-annually) | 12/20/28 | &nbsp;&nbsp;&nbsp;&nbsp;906924 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 906924 |
| THB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27500 | Pays | Thai Overnight Repurchase Rate<br> (pays semi-annually) | 2.95%<br> (pays semi-annually) | 12/20/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48690 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 48690 |
| THB | &nbsp;&nbsp;&nbsp;&nbsp;830000 | Pays | Thai Overnight Repurchase Rate<br> (pays semi-annually) | 2.18%<br> (pays semi-annually) | 6/19/29 | &nbsp;&nbsp;&nbsp;&nbsp;909097 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 909097 |
| THB | &nbsp;&nbsp;&nbsp;&nbsp;115690 | Pays | Thai Overnight Repurchase Rate<br> (pays quarterly) | 1.35%<br> (pays quarterly) | 6/18/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10055 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10055 |
| THB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32680 | Pays | Thai Overnight Repurchase Rate<br> (pays quarterly) | 1.36%<br> (pays quarterly) | 6/18/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3512 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3512 |
| THB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77700 | Pays | Thai Overnight Repurchase Rate<br> (pays quarterly) | 1.37%<br> (pays quarterly) | 6/18/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8579 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 8579 |
| THB | &nbsp;&nbsp;&nbsp;&nbsp;136500 | Pays | Thai Overnight Repurchase Rate<br> (pays quarterly) | 1.38%<br> (pays quarterly) | 6/18/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16874 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 16874 |
| THB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80000 | Pays | Thai Overnight Repurchase Rate<br> (pays quarterly) | 1.39%<br> (pays quarterly) | 6/18/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11651 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 11651 |
| THB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79000 | Pays | Thai Overnight Repurchase Rate<br> (pays quarterly) | 1.40%<br> (pays quarterly) | 6/18/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13071 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 13071 |
| THB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79220 | Pays | Thai Overnight Repurchase Rate<br> (pays quarterly) | 1.41%<br> (pays quarterly) | 6/18/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13282 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 13282 |
| THB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96000 | Pays | Thai Overnight Repurchase Rate<br> (pays quarterly) | 1.41%<br> (pays quarterly) | 6/18/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16279 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 16279 |
| THB | &nbsp;&nbsp;&nbsp;&nbsp;132000 | Pays | Thai Overnight Repurchase Rate<br> (pays quarterly) | 1.41%<br> (pays quarterly) | 6/18/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23100 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 23100 |
| THB | &nbsp;&nbsp;&nbsp;&nbsp;259000 | Pays | Thai Overnight Repurchase Rate<br> (pays quarterly) | 1.41%<br> (pays quarterly) | 6/18/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46466 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 46466 |

---

*40*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b14ba3a7-50c5-4cfa-a54a-b0e7ca9df33b_TOC)

Emerging Markets Local Income Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** |
| **Notional Amount<br> (000's omitted)** | **Notional Amount<br> (000's omitted)** | **Portfolio<br> Pays/<br> Receives<br> Floating<br> Rate** | **Floating Rate** | **Annual<br> Fixed Rate** | **Termination<br> Date** | **Value** | **Unamortized<br> Upfront<br> Receipts<br> (Payments)** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| THB | &nbsp;&nbsp;&nbsp;&nbsp;282500 | Pays | Thai Overnight Repurchase Rate<br> (pays quarterly) | 1.50%<br> (pays quarterly) | 6/18/30 | $86140 | $— | $86140 |
| THB | &nbsp;&nbsp;&nbsp;&nbsp;101800 | Pays | Thai Overnight Repurchase Rate<br> (pays quarterly) | 1.08%<br> (pays quarterly) | 9/17/30 | &nbsp;&nbsp;&nbsp;&nbsp;(35681) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (35681) |
| THB | &nbsp;&nbsp;&nbsp;&nbsp;192510 | Pays | Thai Overnight Repurchase Rate<br> (pays quarterly) | 1.11%<br> (pays quarterly) | 9/17/30 | &nbsp;&nbsp;&nbsp;&nbsp;(56043) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (56043) |
| THB | &nbsp;&nbsp;&nbsp;&nbsp;118000 | Pays | Thai Overnight Repurchase Rate<br> (pays quarterly) | 1.26%<br> (pays quarterly) | 9/17/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7231) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (7231) |
| THB | &nbsp;&nbsp;&nbsp;&nbsp;161300 | Pays | Thai Overnight Repurchase Rate<br> (pays quarterly) | 1.30%<br> (pays quarterly) | 9/17/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(430) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (430) |
| THB | &nbsp;&nbsp;&nbsp;&nbsp;106700 | Pays | Thai Overnight Repurchase Rate<br> (pays quarterly) | 1.31%<br> (pays quarterly) | 9/17/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1361 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1361 |
| THB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88300 | Pays | Thai Overnight Repurchase Rate<br> (pays quarterly) | 1.35%<br> (pays quarterly) | 9/17/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6643 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6643 |
| THB | &nbsp;&nbsp;&nbsp;&nbsp;174270 | Pays | Thai Overnight Repurchase Rate<br> (pays quarterly) | 1.15%<br> (pays quarterly) | 12/17/30 | &nbsp;&nbsp;&nbsp;&nbsp;(41344) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (41344) |
| THB | &nbsp;&nbsp;&nbsp;&nbsp;115670 | Pays | Thai Overnight Repurchase Rate<br> (pays quarterly) | 1.24%<br> (pays quarterly) | 12/17/30 | &nbsp;&nbsp;&nbsp;&nbsp;(10526) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (10526) |
| THB | &nbsp;&nbsp;&nbsp;&nbsp;100052 | Receives | Thai Overnight Repurchase Rate<br> (pays quarterly) | 1.30%<br> (pays quarterly) | 12/17/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 101 |
| THB | &nbsp;&nbsp;&nbsp;&nbsp;210000 | Receives | Thai Overnight Repurchase Rate<br> (pays quarterly) | 1.30%<br> (pays quarterly) | 12/17/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(261) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (261) |
| THB | &nbsp;&nbsp;&nbsp;&nbsp;200000 | Pays | Thai Overnight Repurchase Rate<br> (pays semi-annually) | 1.69%<br> (pays semi-annually) | 11/4/31 | &nbsp;&nbsp;&nbsp;&nbsp;119272 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 119272 |
| THB | &nbsp;&nbsp;&nbsp;&nbsp;187500 | Pays | Thai Overnight Repurchase Rate<br> (pays semi-annually) | 2.48%<br> (pays semi-annually) | 6/19/34 | &nbsp;&nbsp;&nbsp;&nbsp;457603 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 457603 |
| ZAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98004 | Pays | 3-month ZAR JIBAR<br> (pays quarterly) | 7.05%<br> (pays quarterly) | 12/17/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31733 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 31733 |
| ZAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35696 | Pays | 3-month ZAR JIBAR<br> (pays quarterly) | 7.09%<br> (pays quarterly) | 12/17/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14922 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 14922 |
| ZAR | &nbsp;&nbsp;&nbsp;&nbsp;167000 | Pays | 3-month ZAR JIBAR<br> (pays quarterly) | 8.47%<br> (pays quarterly) | 9/17/35 | &nbsp;&nbsp;&nbsp;&nbsp;462282 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 462282 |
| **Total** |  |  |  |  |  | **$7428551** | **$(3612)** | **$7424939** |

---

*41*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b14ba3a7-50c5-4cfa-a54a-b0e7ca9df33b_TOC)

Emerging Markets Local Income Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swaps (OTC)** | **Interest Rate Swaps (OTC)** | **Interest Rate Swaps (OTC)** | **Interest Rate Swaps (OTC)** | **Interest Rate Swaps (OTC)** | **Interest Rate Swaps (OTC)** | **Interest Rate Swaps (OTC)** | **Interest Rate Swaps (OTC)** |
| **Counterparty** | &nbsp;&nbsp;**Notional Amount<br> (000's omitted)** | &nbsp;&nbsp;**Notional Amount<br> (000's omitted)** | &nbsp;&nbsp;**Portfolio<br> Pays/Receives<br> Floating Rate** | &nbsp;&nbsp;**Floating Rate** | &nbsp;&nbsp;**Annual<br> Fixed Rate** | &nbsp;&nbsp;**Termination<br> Date** | &nbsp;&nbsp;**Value/Unrealized<br> Appreciation<br> (Depreciation)** |
| Bank of America, N.A. | &nbsp;&nbsp;MYR | &nbsp;&nbsp;112767 | &nbsp;&nbsp;Pays | &nbsp;&nbsp;3-month MYR KLIBOR<br> (pays quarterly) | &nbsp;&nbsp;3.64%<br> (pays quarterly) | &nbsp;&nbsp;9/18/29 | &nbsp;&nbsp;$428236 |
| Bank of America, N.A. | &nbsp;&nbsp;MYR | &nbsp;&nbsp;138600 | &nbsp;&nbsp;Pays | &nbsp;&nbsp;3-month MYR KLIBOR<br> (pays quarterly) | &nbsp;&nbsp;3.68%<br> (pays quarterly) | &nbsp;&nbsp;9/18/29 | &nbsp;&nbsp;&nbsp;&nbsp; 587604 |
| Bank of America, N.A. | &nbsp;&nbsp;MYR | &nbsp;&nbsp; 4200 | &nbsp;&nbsp;Pays | &nbsp;&nbsp;3-month MYR KLIBOR<br> (pays quarterly) | &nbsp;&nbsp;3.48%<br> (pays quarterly) | &nbsp;&nbsp;6/18/30 | &nbsp;&nbsp;&nbsp;&nbsp; 10532 |
| BNP Paribas | &nbsp;&nbsp;MYR | &nbsp;&nbsp; 17413 | &nbsp;&nbsp;Pays | &nbsp;&nbsp;3-month MYR KLIBOR<br> (pays quarterly) | &nbsp;&nbsp;2.95%<br> (pays quarterly) | &nbsp;&nbsp;3/16/27 | &nbsp;&nbsp;&nbsp;&nbsp; (17908) |
| BNP Paribas | &nbsp;&nbsp;MYR | &nbsp;&nbsp; 3430 | &nbsp;&nbsp;Pays | &nbsp;&nbsp;3-month MYR KLIBOR<br> (pays quarterly) | &nbsp;&nbsp;3.49%<br> (pays quarterly) | &nbsp;&nbsp;6/18/30 | &nbsp;&nbsp;&nbsp;&nbsp; 8695 |
| BNP Paribas | &nbsp;&nbsp;MYR | &nbsp;&nbsp; 3580 | &nbsp;&nbsp;Pays | &nbsp;&nbsp;3-month MYR KLIBOR<br> (pays quarterly) | &nbsp;&nbsp;3.50%<br> (pays quarterly) | &nbsp;&nbsp;6/18/30 | &nbsp;&nbsp;&nbsp;&nbsp; 9856 |
| Citibank, N.A. | &nbsp;&nbsp;MYR | &nbsp;&nbsp;113116 | &nbsp;&nbsp;Pays | &nbsp;&nbsp;3-month MYR KLIBOR<br> (pays quarterly) | &nbsp;&nbsp;3.64%<br> (pays quarterly) | &nbsp;&nbsp;9/18/29 | &nbsp;&nbsp;&nbsp;&nbsp; 431038 |
| Citibank, N.A. | &nbsp;&nbsp;MYR | &nbsp;&nbsp; 77049 | &nbsp;&nbsp;Pays | &nbsp;&nbsp;3-month MYR KLIBOR<br> (pays quarterly) | &nbsp;&nbsp;3.49%<br> (pays quarterly) | &nbsp;&nbsp;6/18/30 | &nbsp;&nbsp;&nbsp;&nbsp; 199515 |
| JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;MYR | &nbsp;&nbsp; 19340 | &nbsp;&nbsp;Pays | &nbsp;&nbsp;3-month MYR KLIBOR<br> (pays quarterly) | &nbsp;&nbsp;3.30%<br> (pays quarterly) | &nbsp;&nbsp;6/18/30 | &nbsp;&nbsp;&nbsp;&nbsp; 8970 |
| Standard Chartered Bank | &nbsp;&nbsp;MYR | &nbsp;&nbsp; 34430 | &nbsp;&nbsp;Pays | &nbsp;&nbsp;3-month MYR KLIBOR<br> (pays quarterly) | &nbsp;&nbsp;3.46%<br> (pays quarterly) | &nbsp;&nbsp;12/18/29 | &nbsp;&nbsp;&nbsp;&nbsp; 74706 |
| Standard Chartered Bank | &nbsp;&nbsp;MYR | &nbsp;&nbsp; 16800 | &nbsp;&nbsp;Pays | &nbsp;&nbsp;3-month MYR KLIBOR<br> (pays quarterly) | &nbsp;&nbsp;3.58%<br> (pays quarterly) | &nbsp;&nbsp;12/18/29 | &nbsp;&nbsp;&nbsp;&nbsp; 56982 |
| Standard Chartered Bank | &nbsp;&nbsp;MYR | &nbsp;&nbsp; 33500 | &nbsp;&nbsp;Pays | &nbsp;&nbsp;3-month MYR KLIBOR<br> (pays quarterly) | &nbsp;&nbsp;3.46%<br> (pays quarterly) | &nbsp;&nbsp;6/18/30 | &nbsp;&nbsp;&nbsp;&nbsp; 75792 |
| Standard Chartered Bank | &nbsp;&nbsp;MYR | &nbsp;&nbsp; 79041 | &nbsp;&nbsp;Pays | &nbsp;&nbsp;3-month MYR KLIBOR<br> (pays quarterly) | &nbsp;&nbsp;3.48%<br> (pays quarterly) | &nbsp;&nbsp;6/18/30 | &nbsp;&nbsp;&nbsp;&nbsp; 196057 |
| **Total** |  |  |  |  |  |  | &nbsp;&nbsp;**$2070075** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Cross-Currency Swaps (OTC)** | **Cross-Currency Swaps (OTC)** | **Cross-Currency Swaps (OTC)** |  |  |
| **Counterparty** | &nbsp;&nbsp;**Portfolio Receives** | &nbsp;&nbsp;**Portfolio Pays** | &nbsp;&nbsp;**Effective Date/<br> Termination<br> Date<sup>(1)</sup>** | &nbsp;&nbsp;**Value/Unrealized<br> Appreciation<br> (Depreciation)** |
| Bank of America, N.A. | &nbsp;&nbsp;3-month PLN WIBOR + 0.59% on PLN 57,353,966 (Notional Amount) (pays quarterly) plus EUR equivalent of Notional Amount\* | &nbsp;&nbsp;3-month EURIBOR on EUR equivalent of Notional Amount (pays quarterly) plus Notional Amount\* | &nbsp;&nbsp;6/5/26/<br>6/5/29 | &nbsp;&nbsp;$55785 |
| JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;3-month PLN WIBOR + 0.62% on PLN 109,473,675 (Notional Amount) (pays quarterly) plus EUR equivalent of Notional Amount\* | &nbsp;&nbsp;3-month EURIBOR on EUR equivalent of Notional Amount (pays quarterly) plus Notional Amount\* | &nbsp;&nbsp;5/31/26/<br>5/31/29 | &nbsp;&nbsp;&nbsp;&nbsp;132064 |
|  |  |  |  | &nbsp;&nbsp;**$187849** |

---

<sup>(1)</sup> Effective date represents the date on which the Portfolio and counterparty exchange the currencies and begin interest payment accrual.

\* 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. For non-deliverable currency swaps, the net of the USD amount and USD equivalent of the Notional Amount will be paid or received by the Portfolio.

*42*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b14ba3a7-50c5-4cfa-a54a-b0e7ca9df33b_TOC)

Emerging Markets Local Income Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| BUBOR | – Budapest Interbank Offered Rate |
| EURIBOR | – Euro Interbank Offered Rate |
| FBIL | – Financial Benchmarks India Ltd. |
| GDP | – Gross Domestic Product |
| JIBAR | – Johannesburg Interbank Average Rate |
| KLIBOR | – Kuala Lumpur Interbank Offered Rate |

---

---

| | |
|:---|:---|
| MIBOR | – Mumbai Interbank Offered Rate |
| OTC | – Over-the-counter |
| PIK | – Payment In Kind |
| PRIBOR | – Prague Interbank Offered Rate |
| TELBOR | – Tel Aviv Interbank Offered Rate |
| WIBOR | – Warsaw Interbank Offered Rate |

---

---

| | |
|:---|:---|
| **Currency Abbreviations:** | **Currency Abbreviations:** |
| ALL | – Albanian Lek |
| AMD | – Armenian Dram |
| BAM | – Bosnia-Herzegovina Convertible Mark |
| BRL | – Brazilian Real |
| CLP | – Chilean Peso |
| CNH | – Yuan Renminbi Offshore |
| CNY | – Yuan Renminbi |
| COP | – Colombian Peso |
| CZK | – Czech Koruna |
| DOP | – Dominican Peso |
| EGP | – Egyptian Pound |
| EUR | – Euro |
| GHS | – Ghanaian Cedi |
| HUF | – Hungarian Forint |
| IDR | – Indonesian Rupiah |
| ILS | – Israeli Shekel |
| INR | – Indian Rupee |
| JPY | – Japanese Yen |
| KRW | – South Korean Won |
| KZT | – Kazakhstani Tenge |
| LKR | – Sri Lankan Rupee |
| MNT | – Mongolia Tughrik |

---

---

| | |
|:---|:---|
| MXN | – Mexican Peso |
| MYR | – Malaysian Ringgit |
| NGN | – Nigerian Naira |
| PEN | – Peruvian Sol |
| PHP | – Philippine Peso |
| PLN | – Polish Zloty |
| PYG | – Paraguayan Guarani |
| RON | – Romanian Leu |
| RSD | – Serbian Dinar |
| THB | – Thai Baht |
| TRY | – Turkish Lira |
| TWD | – New Taiwan Dollar |
| TZS | – Tanzanian Schilling |
| UGX | – Ugandan Shilling |
| USD | – United States Dollar |
| UYU | – Uruguayan Peso |
| UZS | – Uzbekistani Som |
| VND | – Viet Nam Dong |
| ZAR | – South African Rand |
| ZMW | – Zambian Kwacha |

---

*43*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b14ba3a7-50c5-4cfa-a54a-b0e7ca9df33b_TOC)

Emerging Markets Local Income Portfolio

October 31, 2025

Statement of Assets and Liabilities

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**October 31, 2025** |
| Assets |  |
| Unaffiliated investments, at value (identified cost $1,211,567,677) | &nbsp;&nbsp;$1245003707 |
| Affiliated investments, at value (identified cost $83,602,121) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83602121 |
| Deposits for derivatives collateral: |  |
| &nbsp;&nbsp;&nbsp;Centrally cleared derivatives | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43727118 |
| &nbsp;&nbsp;&nbsp;OTC derivatives | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1630000 |
| Foreign currency, at value (identified cost $33,218,754) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33326289 |
| Interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25801288 |
| Dividends receivable from affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424258 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6382835 |
| Receivable for variation margin on open futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9799 |
| Receivable for open forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7731399 |
| Receivable for open swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2275832 |
| Receivable for closed swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58809 |
| Receivable for open non-deliverable bond forward contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12594 |
| Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94904 |
| **Total assets** | &nbsp;&nbsp;**$1450080953** |
| Liabilities |  |
| Cash collateral due to brokers | &nbsp;&nbsp;$1630000 |
| Written options outstanding, at value (premiums received $1,455,429) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;809865 |
| Payable for investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2443450 |
| Payable for when-issued securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13253723 |
| Payable for variation margin on open centrally cleared derivatives | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185951 |
| Payable for open forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8027584 |
| Payable for open swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17908 |
| Payable for closed swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110099 |
| Payable for open non-deliverable bond forward contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121475 |
| Due to custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;598007 |
| Payable to affiliates: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment adviser fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;743312 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5417 |
| &nbsp;&nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94904 |
| Accrued foreign capital gains taxes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539758 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433244 |
| **Total liabilities** | &nbsp;&nbsp;**$29014697** |
| **Net Assets applicable to investors' interest in Portfolio** | &nbsp;&nbsp;**$1421066256** |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b14ba3a7-50c5-4cfa-a54a-b0e7ca9df33b_TOC)

Emerging Markets Local Income Portfolio

October 31, 2025

Statement of Operations

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended** |
|  | &nbsp;&nbsp;&nbsp;**October 31, 2025** |
| Investment Income |  |
| Dividend income from affiliated investments | &nbsp;&nbsp;$4461289 |
| Interest income (net of foreign taxes withheld of $2,174,123) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93665892 |
| Other income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7646 |
| **Total investment income** | &nbsp;&nbsp;**$98134827** |
| Expenses |  |
| Investment adviser fee | &nbsp;&nbsp;$7110669 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66676 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1133906 |
| Legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203085 |
| Interest expense and fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347678 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132444 |
| **Total expenses** | &nbsp;&nbsp;**$8994458** |
| Deduct: |  |
| &nbsp;&nbsp;&nbsp;Waiver and/or reimbursement of expenses by affiliates | &nbsp;&nbsp;$152064 |
| **Total expense reductions** | &nbsp;&nbsp;**$152064** |
| **Net expenses** | &nbsp;&nbsp;**$8842394** |
| **Net investment income** | &nbsp;&nbsp;**$89292433** |
| Realized and Unrealized Gain (Loss) |  |
| Net realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;Investment transactions (net of foreign capital gains taxes of $161,036) | &nbsp;&nbsp;$(31206055) |
| &nbsp;&nbsp;&nbsp;Written options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318629 |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16567 |
| &nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2371175) |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1088969) |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8307712 |
| &nbsp;&nbsp;&nbsp;Non-deliverable bond forward contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1537687) |
| **Net realized loss** | &nbsp;&nbsp;**$(27560978)** |
| Change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Investments (including net increase in accrued foreign capital gains taxes of $98,190) | &nbsp;&nbsp;$96319860 |
| &nbsp;&nbsp;&nbsp;Written options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651088 |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(582534) |
| &nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12896241 |
| &nbsp;&nbsp;&nbsp;Foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;842650 |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4803212 |
| &nbsp;&nbsp;&nbsp;Non-deliverable bond forward contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390881 |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$115321398** |
| **Net realized and unrealized gain** | &nbsp;&nbsp;**$87760420** |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$177052853** |

---

*45*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b14ba3a7-50c5-4cfa-a54a-b0e7ca9df33b_TOC)

Emerging Markets Local Income Portfolio

October 31, 2025

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
|  | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$89292433 | &nbsp;&nbsp;$107112314 |
| &nbsp;&nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27560978) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53885994) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115321398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70970536 |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$177052853** | &nbsp;&nbsp;**$124196856** |
| Capital transactions: |  |  |
| &nbsp;&nbsp;&nbsp;Contributions | &nbsp;&nbsp;$452773413 | &nbsp;&nbsp;$234218091 |
| &nbsp;&nbsp;&nbsp;Withdrawals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(354239023) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(282950097) |
| **Net increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp;**$98534390** | &nbsp;&nbsp;**$(48732006)** |
| **Net increase in net assets** | &nbsp;&nbsp;**$275587243** | &nbsp;&nbsp;**$75464850** |
| Net Assets |  |  |
| At beginning of year | &nbsp;&nbsp;$1145479013 | &nbsp;&nbsp;$1070014163 |
| **At end of year** | &nbsp;&nbsp;**$1421066256** | &nbsp;&nbsp;**$1145479013** |

---

*46*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b14ba3a7-50c5-4cfa-a54a-b0e7ca9df33b_TOC)

Emerging Markets Local Income Portfolio

October 31, 2025

Financial Highlights

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| <br>Ratios/Supplemental Data | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Ratios (as a percentage of average daily net assets):<sup>(1)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82%<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86%<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80%<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86%<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.98% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56% |
| **Total Return** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.97%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.30%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.00%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(20.12)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.48%** |
| **Net assets, end of year (000's omitted)** | &nbsp;&nbsp;**$1421066** | &nbsp;&nbsp;**$1145479** | &nbsp;&nbsp;**$1070014** | &nbsp;&nbsp;**$958731** | &nbsp;&nbsp;**$1561621** |

---

<sup>(1)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Portfolio.

<sup>(2)</sup> Includes interest expense, including on securities sold short and reverse repurchase agreements, of 0.03% and 0.12% of average daily net assets for the years ended October 31, 2025 and 2024, respectively.

<sup>(3)</sup> Includes a reduction by the investment adviser of a portion of its adviser fee due to the Portfolio's investment in the Liquidity Fund (equal to 0.02%, less than 0.01%, 0.01% and less than 0.005% of average daily net assets for the years ended October 31, 2025, 2024, 2023 and 2022, respectively).

------

[**Table of Contents**](#JOB_EV_AR_b14ba3a7-50c5-4cfa-a54a-b0e7ca9df33b_TOC)

Emerging Markets Local Income Portfolio

October 31, 2025

Notes to Financial Statements

------

1 Significant Accounting Policies

Emerging Markets Local Income Portfolio (the Portfolio) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a non-diversified, open-end management investment company. The Portfolio's investment objective is total return. The Declaration of Trust permits the Trustees to issue interests in the Portfolio. At October 31, 2025, Eaton Vance Emerging Markets Local Income Fund, Eaton Vance Strategic Income Fund and Eaton Vance International (Cayman Islands) Strategic Income Fund held an interest of 89.7%, 9.8% and 0.5%, respectively, in the Portfolio.

The following is a summary of significant accounting policies of the Portfolio. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Portfolio is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.

A Investment Valuation—The following methodologies are used to determine the market value or fair value of investments.

**Debt Obligations. Debt obligations are generally valued on the basis of valuations provided by third party pricing services, as derived from such services' pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and ask prices, broker/dealer quotations, prices or yields of securities with similar characteristics, interest rates, anticipated prepayments, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Short-term debt obligations purchased with a remaining maturity of sixty days or less for which a valuation from a third party pricing service is not readily available may be valued at amortized cost, which approximates fair value.**

**Derivatives. U.S. exchange-traded options are valued at the mean between the bid and ask prices at valuation time as reported by the Options Price Reporting Authority. Non-U.S. exchange-traded options and over-the-counter options (including options on securities, indices and foreign currencies) are valued by a third party pricing service using techniques that consider factors including the value of the underlying instrument, the volatility of the underlying instrument and the period of time until option expiration. Futures contracts are valued at the closing settlement price established by the board of trade or exchange on which they are traded. Forward foreign currency exchange contracts are generally valued at the mean of the average bid and average ask prices that are reported by currency dealers to a third party pricing service at the valuation time. Such third party pricing service valuations are supplied for specific settlement periods and the Portfolio's forward foreign currency exchange contracts are valued at an interpolated rate between the closest preceding and subsequent settlement period reported by the third party pricing service. Non-deliverable bond forward contracts are generally valued based on the current price of the underlying bond as provided by a third party pricing service and current interest rates. Swaps and options on interest rate swaps ("swaptions") are normally valued using valuations provided by a third party pricing service. Such pricing service valuations are based on the present value of fixed and projected floating rate cash flows over the term of the swap contract. Future cash flows on swaps are discounted to their present value using swap rates provided by electronic data services or by broker/dealers. Alternatively, swaptions may be valued at the valuation provided by a broker/dealer (usually the counterparty to the option), so determined using similar techniques as those employed by the pricing service.**

**Foreign Securities and Currencies. Foreign securities 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.**

**Other. Investments in management investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value as of the close of each business day.**

**Fair Valuation. In connection with Rule 2a-5 of the 1940 Act, the Trustees have designated the Portfolio's investment adviser as its valuation designee. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued by the investment adviser, as valuation designee, at fair value using methods that most fairly reflect the security's "fair value", which is the amount that the Portfolio might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security's disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company's or entity's financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.**

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

C Income—Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount. Inflation adjustments to the principal amount of inflation-adjusted bonds and notes are reflected as interest income. Deflation adjustments to the principal amount of an inflation-adjusted bond or note are reflected as reductions to interest income to the extent of interest income previously recorded on such bond or note. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. Withholding taxes on foreign interest and capital gains have been provided for in accordance with the Portfolio's understanding of the applicable countries' tax rules and rates.

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Emerging Markets Local Income Portfolio

October 31, 2025

Notes to Financial Statements — continued

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D Federal and Other Taxes—The Portfolio has elected to be treated as a partnership for federal tax purposes. No provision is made by the Portfolio for federal or state taxes on any taxable income of the Portfolio because each investor in the Portfolio is ultimately responsible for the payment of any taxes on its share of taxable income. Since at least one of the Portfolio's investors is a regulated investment company that invests all or substantially all of its assets in the Portfolio, the Portfolio normally must satisfy the applicable source of income and diversification requirements (under the Internal Revenue Code) in order for its investors to satisfy them. The Portfolio will allocate, at least annually among its investors, each investor's distributive share of the Portfolio's net investment income, net realized capital gains and losses and any other items of income, gain, loss, deduction or credit.

In addition to the requirements of the Internal Revenue Code, the Portfolio may also be subject to local taxes on the recognition of capital gains in certain countries. In determining the daily net asset value, the Portfolio estimates the accrual for such taxes, if any, based on the unrealized appreciation on certain portfolio securities and the related tax rates. Taxes attributable to unrealized appreciation are included in the change in unrealized appreciation (depreciation) on investments. Capital gains taxes on securities sold are included in net realized gain (loss) on investments.

As of October 31, 2025, the Portfolio had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Portfolio files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

E Foreign Currency Translation—Investment valuations, other assets, and liabilities initially expressed in foreign currencies are translated each business day into U.S. dollars based upon current exchange rates. Purchases and sales of foreign investment securities and income and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates in effect on the respective dates of such transactions. Recognized gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.

F Use of Estimates—The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

G Indemnifications—Under the Portfolio's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Portfolio. Under Massachusetts law, if certain conditions prevail, interestholders in the Portfolio could be deemed to have personal liability for the obligations of the Portfolio. However, the Portfolio's Declaration of Trust contains an express disclaimer of liability on the part of Portfolio interestholders. Additionally, in the normal course of business, the Portfolio enters into agreements with service providers that may contain indemnification clauses. The Portfolio's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet occurred.

H Futures Contracts—Upon entering into a futures contract, the Portfolio 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 Portfolio each business day, depending on the daily fluctuations in the value of the underlying security or index, and are recorded as unrealized gains or losses by the Portfolio. Gains (losses) are realized upon the expiration or closing of the futures contracts. Should market conditions change unexpectedly, the Portfolio may not achieve the anticipated benefits of the 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.

I Forward Foreign Currency Exchange and Non-Deliverable Bond Forward Contracts—The Portfolio may enter into forward foreign currency exchange contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date. The forward foreign currency exchange contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded as unrealized until such time as the contracts have been closed. While forward foreign currency exchange contracts are privately negotiated agreements between the Portfolio and a counterparty, certain contracts may be "centrally cleared", whereby all payments made or received by the Portfolio pursuant to the contract are with a central clearing party (CCP) rather than the original counterparty. The CCP guarantees the performance of the original parties to the contract. Upon entering into centrally cleared contracts, the Portfolio is required to deposit with the CCP, either in cash or securities, an amount of initial margin determined by the CCP, which is subject to adjustment. For centrally cleared contracts, the daily change in valuation is recorded as a receivable or payable for variation margin and settled in cash with the CCP daily. The Portfolio may also enter into non-deliverable bond forward contracts for the purchase of a bond denominated in a non-deliverable foreign currency at a fixed price on a future date. For non-deliverable bond forward contracts, unrealized gains and losses, based on changes in the value of the contract, and realized gains and losses are accounted for as described above. Risks may arise upon entering these contracts from the potential inability of counterparties to meet the terms of their contracts and from movements in the value of a foreign currency relative to the U.S. dollar. In the case of centrally cleared contracts, counterparty risk is minimal due to protections provided by the CCP.

J Purchased Options—Upon the purchase of a call or put option, the premium paid by the Portfolio is included in the Statement of Assets and Liabilities as an investment. The amount of the investment is subsequently marked-to-market to reflect the current market value of the option purchased, in accordance with the Portfolio's policies on investment valuations discussed above. Premiums paid for purchasing options that expire are treated as realized losses. Premiums paid for purchasing options that are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying

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Emerging Markets Local Income Portfolio

October 31, 2025

Notes to Financial Statements — continued

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investment transaction to determine the realized gain or loss. The risk associated with purchasing options is limited to the premium originally paid. Purchased options traded over-the-counter involve risk that the issuer or counterparty will fail to perform its contractual obligations.

K Written Options—Upon the writing of a call or a put option, the premium received by the Portfolio is included in the Statement of Assets and Liabilities as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option written, in accordance with the Portfolio's policies on investment valuations discussed above. Premiums received from writing options that expire are treated as realized gains. Premiums received from writing options that are exercised or are closed are added to or offset against the proceeds or amount paid on the transaction to determine the realized gain or loss. When an index option is exercised, the Portfolio is required to deliver an amount of cash determined by the excess of the exercise price of the option over the value of the index (in the case of a put) or the excess of the value of the index over the exercise price of the option (in the case of a call) at contract termination. The Portfolio, as a writer of an option, may have no control over whether the underlying instrument may be sold (call) or purchased (put) and, as a result, bears the market risk of an unfavorable change in the price of the instrument underlying the written option. The Portfolio may also bear the risk of not being able to enter into a closing transaction if a liquid secondary market does not exist.

L Interest Rate Swaps—Swap contracts are privately negotiated agreements between the Portfolio and a counterparty. Certain swap contracts may be centrally cleared. Pursuant to interest rate swap agreements, the Portfolio either makes floating-rate payments to the counterparty (or CCP in the case of centrally cleared swaps) based on a benchmark interest rate in exchange for fixed-rate payments or the Portfolio makes fixed-rate payments to the counterparty (or CCP in the case of a centrally cleared swap) in exchange for payments on a floating benchmark interest rate. Payments received or made, including amortization of upfront payments/receipts, if any (which are amortized over the life of the swap contract), are recorded as realized gains or losses. During the term of the outstanding swap agreement, changes in the underlying value of the swap are recorded as unrealized gains or losses. For centrally cleared swaps, the daily change in valuation is recorded as a receivable or payable for variation margin and settled in cash with the CCP daily. The value of the swap is determined by changes in the relationship between two rates of interest. The Portfolio is exposed to credit loss in the event of non-performance by the swap counterparty. In the case of centrally cleared swaps, counterparty risk is minimal due to protections provided by the CCP. Risk may also arise from movements in interest rates.

M Cross-Currency Swaps—Cross-currency swaps are interest rate swaps in which interest cash flows are exchanged between two parties based on the notional amounts of two different currencies. The notional amounts are typically determined based on the spot exchange rates at the inception of the trade. Cross-currency swaps also involve the exchange of the notional amounts at the start of the contract at the current spot rate with an agreement to re-exchange such amounts at a later date at either the same exchange rate, a specified rate or the then current spot rate. The entire principal value of a cross-currency swap is subject to the risk that the counterparty to the swap will default on its contractual delivery obligations.

N Swaptions—A purchased swaption contract grants the Portfolio, in return for payment of the purchase price, the right, but not the obligation, to enter into a new swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, at some designated future time on specified terms. When the Portfolio purchases a swaption, the premium paid to the writer is recorded as an investment and subsequently marked-to-market to reflect the current value of the swaption. A written swaption gives the Portfolio the obligation, if exercised by the purchaser, to enter into a swap contract according to the terms of the underlying agreement. When the Portfolio writes a swaption, the premium received by the Portfolio is recorded as a liability and subsequently marked-to-market to reflect the current value of the swaption. When a swaption is exercised, the cost of the swap is adjusted by the amount of the premium paid or received. When a swaption expires or an unexercised swaption is closed, a gain or loss is recognized in the amount of the premium paid or received, plus the cost to close. The Portfolio's risk for purchased swaptions is limited to the premium paid. The writer of a swaption bears the risk of unfavorable changes in the preset terms of the underlying swap contract. Purchased swaptions traded over-the-counter involve risk that the issuer or counterparty will fail to perform its contractual obligations.

O Forward Volatility Agreements—Forward volatility agreements are transactions in which two parties agree to the purchase or sale of an option straddle on an underlying exchange rate at the expiration of the agreement. The strike volatility rate is determined at the trade date. At expiration, the amount settled is determined based on the Black Scholes formula, the then current spot exchange rate, interest rates, and the agreed upon implied volatility, and is recorded as a realized gain or loss. Changes in the value of the forward volatility agreement prior to the expiration date are recorded as unrealized gains or losses. The primary risk associated with forward volatility agreements is the change in the volatility of the underlying exchange rate.

P When-Issued Securities and Delayed Delivery Transactions—The Portfolio may purchase securities on a delayed delivery, when-issued or forward commitment basis, including TBA (To Be Announced) securities. Payment and delivery may take place after the customary settlement period for that security. At the time the transaction is negotiated, the price of the security that will be delivered is fixed. Securities purchased on a delayed delivery, when-issued or forward commitment basis are marked-to-market daily and begin earning interest on settlement date. Such security purchases are subject to the risk that when delivered they will be worth less than the agreed upon payment price. Losses may also arise if the counterparty does not perform under the contract. A forward purchase commitment may also be closed by entering into an offsetting commitment. If an offsetting commitment is entered into, the Portfolio will realize a gain or loss on investments based on the price established when the Portfolio entered into the commitment.

Q Reverse Repurchase Agreements—Under a reverse repurchase agreement, the Portfolio temporarily transfers possession of a portfolio security to another party, such as a bank or broker/dealer, in return for cash. At the same time, the Portfolio agrees to repurchase the security at an agreed upon time and price, which reflects an interest payment. In periods of increased demand for a security, the Portfolio may receive a payment from the counterparty for the use of the security, which is recorded as interest income. Because the Portfolio retains effective control over the transferred security, the transaction is

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Emerging Markets Local Income Portfolio

October 31, 2025

Notes to Financial Statements — continued

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accounted for as a secured borrowing. The Portfolio may enter into such agreements when it believes it is able to invest the cash acquired at a rate higher than the cost of the agreement, which would increase earned income. When the Portfolio enters into a reverse repurchase agreement, any fluctuations in the market value of either the securities transferred to another party or the securities in which the proceeds may be invested would affect the market value of the Portfolio's assets. Because reverse repurchase agreements may be considered to be the practical equivalent of borrowing funds (and the counterparty making a loan), they constitute a form of leverage. The Portfolio segregates cash or liquid assets equal to its obligation to repurchase the security. During the term of the agreement, the Portfolio may also be obligated to pledge additional cash and/or securities in the event of a decline in the fair value of the transferred security. In the event the counterparty to a reverse repurchase agreement becomes insolvent, recovery of the security transferred by the Portfolio may be delayed or the Portfolio may incur a loss equal to the amount by which the value of the security transferred by the Portfolio exceeds the repurchase price payable by the Portfolio.

R Segment Reporting—During this reporting period, the Portfolio adopted FASB Accounting Standards Update No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures* (ASU 2023-07), which requires incremental disclosures related to a public entity's reportable segments. The Portfolio operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. In connection with the adoption of ASU 2023-07, the Portfolio's President acts as the Portfolio's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Portfolio's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Portfolio's financial statements.

2 Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory services rendered to the Portfolio. The investment adviser fee is computed at an annual rate as a percentage of the Portfolio's average daily net assets as follows and is payable monthly:

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| | |
|:---|:---|
| **Average Daily Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Annual Fee Rate** |
| Up to $1 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.650% |
| $1 billion but less than $2 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.625% |
| $2 billion but less than $5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.600% |
| $5 billion and over | &nbsp;&nbsp;&nbsp;&nbsp;0.575% |

---

For the year ended October 31, 2025, the Portfolio's investment adviser fee amounted to $7,110,669 or 0.65% of the Portfolio's average daily net assets.

Pursuant to an investment sub-advisory agreement effective December 31, 2024, BMR has delegated a portion of the investment management of the Portfolio to Morgan Stanley Investment Management Limited (MSIM Ltd.), an affiliate of BMR and an indirect, wholly-owned subsidiary of Morgan Stanley. BMR pays MSIM Ltd. a portion of its investment adviser fee for sub-advisory services provided to the Portfolio.

The Portfolio may invest in a money market fund, the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio (the "Liquidity Fund"), an open-end management investment company managed by Morgan Stanley Investment Management Inc., a wholly-owned subsidiary of Morgan Stanley. The investment adviser fee paid by the Portfolio is reduced by an amount equal to its pro rata share of the advisory and administration fees paid by the Portfolio due to its investment in the Liquidity Fund. For the year ended October 31, 2025, the investment adviser fee paid was reduced by $152,064 relating to the Portfolio's investment in the Liquidity Fund.

Trustees and officers of the Portfolio who are members of BMR's organization receive remuneration for their services to the Portfolio out of the investment adviser fee. Trustees of the Portfolio who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. Certain officers and Trustees of the Portfolio are officers of the above organization.

3 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations and including maturities, paydowns and securities sold short, aggregated $755,519,686 and $746,503,898, respectively, for the year ended October 31, 2025.

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Emerging Markets Local Income Portfolio

October 31, 2025

Notes to Financial Statements — continued

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4 Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Portfolio at October 31, 2025, as determined on a federal income tax basis, were as follows:

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| | |
|:---|:---|
| **Aggregate cost** | &nbsp;&nbsp;**$1305899460** |
| Gross unrealized appreciation | &nbsp;&nbsp;$65050281 |
| Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42849872) |
| **Net unrealized appreciation** | &nbsp;&nbsp;**$22200409** |

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5 Financial Instruments

The Portfolio may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include written options, swaptions, forward volatility agreements, forward foreign currency exchange contracts, non-deliverable bond forward contracts, futures contracts and swap contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Portfolio has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at October 31, 2025 is included in the Portfolio of Investments. At October 31, 2025, 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:

Foreign Exchange Risk: The Portfolio engaged in forward foreign currency exchange contracts, currency options, forward volatility agreements 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 utilized various interest rate derivatives including non-deliverable bond forward contracts, interest rate futures contracts, interest rate swaps, interest rate 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 Portfolio enters into over-the-counter (OTC) derivatives that may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in the Portfolio's net assets below a certain level over a certain period of time, which would trigger a payment by the Portfolio for those derivatives in a liability position. At October 31, 2025, the fair value of derivatives with credit-related contingent features in a net liability position was $8,976,832. The aggregate fair value of assets pledged as collateral by the Portfolio for such liability was $9,353,307 at October 31, 2025.

The OTC derivatives in which the Portfolio invests (except for written options as the Portfolio, not the counterparty, is obligated to perform) are subject to the risk that the counterparty to the contract fails to perform its obligations under the contract. To mitigate this risk, the Portfolio has entered into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with substantially all its derivative counterparties. An ISDA Master Agreement is a bilateral agreement between the Portfolio and a counterparty that governs certain OTC derivatives and typically contains, among other things, set-off provisions in the event of a default and/or termination event as defined under the relevant ISDA Master Agreement. Under an ISDA Master Agreement, the Portfolio may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy or insolvency. Certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event the Portfolio's net assets decline by a stated percentage or the Portfolio fails to meet the terms of its ISDA Master Agreements, which would cause the counterparty to accelerate payment by the Portfolio of any net liability owed to it.

The collateral requirements for derivatives traded under an ISDA Master Agreement are governed by a Credit Support Annex to the ISDA Master Agreement. Collateral requirements are determined at the close of business each day and are typically based on changes in market values for each transaction under an ISDA Master Agreement and netted into one amount for such agreement. Generally, the amount of collateral due from or to a counterparty is subject to a minimum transfer threshold amount before a transfer is required, which may vary by counterparty. Collateral pledged for the benefit of the Portfolio and/or counterparty is held in segregated accounts by the Portfolio's custodian and cannot be sold, re-pledged, assigned or otherwise used while pledged. The portion of such collateral representing cash, if any, is reflected as deposits for derivatives collateral and, in the case of cash pledged by a counterparty for

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Emerging Markets Local Income Portfolio

October 31, 2025

Notes to Financial Statements — continued

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the benefit of the Portfolio, a corresponding liability on the Statement of Assets and Liabilities. Securities pledged by the Portfolio as collateral, if any, are identified as such in the Portfolio of Investments. The carrying amount of the liability for cash collateral due to brokers at October 31, 2025 approximated its fair value. If measured at fair value, such liability would have been considered as Level 2 in the fair value hierarchy (see Note 9) at October 31, 2025.

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at October 31, 2025 was as follows:

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| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;**Fair Value** |
| **Statement of Assets and Liabilities Caption** | &nbsp;&nbsp;**Foreign<br> Exchange** | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Total** |
| Unaffiliated investments, at value | &nbsp;&nbsp;$667948 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$667948 |
| Not applicable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11157784<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14682322<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25840106 |
| Receivable for open forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7731399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7731399 |
| Receivable for open swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2275832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2275832 |
| Receivable for open non-deliverable bond forward contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12594 |
| **Total Asset Derivatives** | &nbsp;&nbsp;**$19557131** | &nbsp;&nbsp;**$16970748** | &nbsp;&nbsp;**$36527879** |
| **Derivatives not subject to master netting or similar agreements** | &nbsp;&nbsp;**$11157784** | &nbsp;&nbsp;**$14682322** | &nbsp;&nbsp;**$25840106** |
| **Total Asset Derivatives subject to master netting or similar agreements** | &nbsp;&nbsp;**$8399347** | &nbsp;&nbsp;**$2288426** | &nbsp;&nbsp;**$10687773** |
| Written options outstanding, at value | &nbsp;&nbsp;$(809865) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(809865) |
| Not applicable | &nbsp;&nbsp;&nbsp;&nbsp;(12381759) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7396636) | &nbsp;&nbsp;&nbsp;&nbsp;(19778395) |
| Payable for open forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8027584) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8027584) |
| Payable for open swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17908) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17908) |
| Payable for open non-deliverable bond forward contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(121475) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(121475) |
| **Total Liability Derivatives** | &nbsp;&nbsp;**$(21219208)** | &nbsp;&nbsp;**$(7536019)** | &nbsp;&nbsp;**$(28755227)** |
| **Derivatives not subject to master netting or similar agreements** | &nbsp;&nbsp;**$(12381759)** | &nbsp;&nbsp;**$(7396636)** | &nbsp;&nbsp;**$(19778395)** |
| **Total Liability Derivatives subject to master netting or similar agreements** | &nbsp;&nbsp;**$(8837449)** | &nbsp;&nbsp;**$(139383)** | &nbsp;&nbsp;**$(8976832)** |

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<sup>(1)</sup> Only the current day's variation margin on open futures contracts and centrally cleared derivatives is reported within the Statement of Assets and Liabilities as Receivable or Payable for variation margin on open futures contracts and centrally cleared derivatives, as applicable.

The Portfolio's derivative assets and liabilities at fair value by risk, which are reported gross in the Statement of Assets and Liabilities, are presented in the table above. The following tables present the Portfolio's derivative assets and liabilities by counterparty, net of amounts available for offset under a master netting agreement and net of the related collateral received by the Portfolio for such assets and pledged by the Portfolio for such liabilities as of October 31, 2025.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | &nbsp;&nbsp;&nbsp;**Derivative<br> Assets Subject to<br> Master Netting<br> Agreement** | &nbsp;&nbsp;&nbsp;**Derivatives<br> Available<br> for Offset** | &nbsp;&nbsp;&nbsp;**Non-cash<br> Collateral<br> Received<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;**Cash<br> Collateral<br> Received<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;**Net Amount<br> of Derivative<br> Assets<sup>(b)</sup>** | &nbsp;&nbsp;&nbsp;**Total Cash<br> Collateral<br> Received** |
| Bank of America, N.A. | &nbsp;&nbsp;&nbsp;$1205511 | &nbsp;&nbsp;&nbsp;$(383160) | &nbsp;&nbsp;&nbsp;$(725787) | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$96564 | &nbsp;&nbsp;&nbsp;$— |
| Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;832785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(832785) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18551) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Citibank, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;822711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(696166) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(126545) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180000 |
| Credit Agricole Corporate and Investment Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1757) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Deutsche Bank AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1540470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15972) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(1450000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74498 | &nbsp;&nbsp;&nbsp;&nbsp;1450000 |

---

------

[**Table of Contents**](#JOB_EV_AR_b14ba3a7-50c5-4cfa-a54a-b0e7ca9df33b_TOC)

Emerging Markets Local Income Portfolio

October 31, 2025

Notes to Financial Statements — continued

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | &nbsp;&nbsp;&nbsp;**Derivative<br> Assets Subject to<br> Master Netting<br> Agreement** | &nbsp;&nbsp;&nbsp;**Derivatives<br> Available<br> for Offset** | &nbsp;&nbsp;&nbsp;**Non-cash<br> Collateral<br> Received<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;**Cash<br> Collateral<br> Received<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;**Net Amount<br> of Derivative<br> Assets<sup>(b)</sup>** | &nbsp;&nbsp;&nbsp;**Total Cash<br> Collateral<br> Received** |
| Goldman Sachs International | &nbsp;&nbsp;&nbsp;$1109402 | &nbsp;&nbsp;&nbsp;$(1109402) | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| HSBC Bank USA, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(93346) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| ICBC Standard Bank plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44049) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1155625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(835703) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(223811) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Nomura International PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17978) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Standard Chartered Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3410374 | &nbsp;&nbsp;&nbsp;&nbsp;(3275241) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;135133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| State Street Bank and Trust Company | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2833) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74435) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(301190) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp;**$10687773** | &nbsp;&nbsp;&nbsp;**$(7401378)** | &nbsp;&nbsp;&nbsp;**$(1250788)** | &nbsp;&nbsp;&nbsp;**$(1576545)** | &nbsp;&nbsp;&nbsp;**$459062** | &nbsp;&nbsp;&nbsp;**$1630000** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | &nbsp;&nbsp;&nbsp;**Derivative<br> Liabilities Subject to<br> Master Netting<br> Agreement** | &nbsp;&nbsp;&nbsp;**Derivatives<br> Available<br> for Offset** | &nbsp;&nbsp;&nbsp;**Non-cash<br> Collateral<br> Pledged<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;**Cash<br> Collateral<br> Pledged<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;**Net Amount<br> of Derivative<br> Liabilities<sup>(c)</sup>** | &nbsp;&nbsp;&nbsp;**Total Cash<br> Collateral<br> Pledged** |
| Bank of America, N.A. | &nbsp;&nbsp;&nbsp;$(383160) | &nbsp;&nbsp;&nbsp;$383160 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;(1187094) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;832785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170174 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(184135) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(288166) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269615 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Citibank, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(696166) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Credit Agricole Corporate and Investment Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1757) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Deutsche Bank AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15972) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Goldman Sachs International | &nbsp;&nbsp;&nbsp;&nbsp;(1348661) | &nbsp;&nbsp;&nbsp;&nbsp;1109402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(239259) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| HSBC Bank USA, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(793460) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700114 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| ICBC Standard Bank plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44049) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(835703) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Nomura International PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30135) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12157) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Standard Chartered Bank | &nbsp;&nbsp;&nbsp;&nbsp;(3275241) | &nbsp;&nbsp;&nbsp;&nbsp;3275241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| State Street Bank and Trust Company | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2833) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74435) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp;**$(8976832)** | &nbsp;&nbsp;&nbsp;**$7401378** | &nbsp;&nbsp;&nbsp;**$1139903** | &nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;**$(435551)** | &nbsp;&nbsp;&nbsp;**$—** |
| **Total — Deposits for derivatives collateral — OTC derivatives** | **Total — Deposits for derivatives collateral — OTC derivatives** | **Total — Deposits for derivatives collateral — OTC derivatives** |  |  |  | &nbsp;&nbsp;&nbsp;**$1630000** |

---

<sup>(a)</sup> In some instances, the total collateral received and/or pledged may be more than the amount shown due to overcollateralization.

<sup>(b)</sup> Net amount represents the net amount due from the counterparty in the event of default.

<sup>(c)</sup> Net amount represents the net amount payable to the counterparty in the event of default.

------

[**Table of Contents**](#JOB_EV_AR_b14ba3a7-50c5-4cfa-a54a-b0e7ca9df33b_TOC)

Emerging Markets Local Income Portfolio

October 31, 2025

Notes to Financial Statements — continued

------

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations by risk exposure for the year ended October 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Statement of Operations Caption** | &nbsp;&nbsp;**Foreign<br> Exchange** | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Total** |
| Net realized gain (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment transactions<sup>(1)</sup> | &nbsp;&nbsp;$(1060536) | &nbsp;&nbsp;$(109852) | &nbsp;&nbsp;$(1170388) |
| &nbsp;&nbsp;&nbsp;Written options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318629 |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16567 |
| &nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2371175) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2371175) |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8307712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8307712 |
| &nbsp;&nbsp;&nbsp;Non-deliverable bond forward contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1537687) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1537687) |
| **Total** | &nbsp;&nbsp;**$7565805** | &nbsp;&nbsp;**$(4002147)** | &nbsp;&nbsp;**$3563658** |
| Change in unrealized appreciation (depreciation): |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments<sup>(1)</sup> | &nbsp;&nbsp;$(640278) | &nbsp;&nbsp;$109830 | &nbsp;&nbsp;$(530448) |
| &nbsp;&nbsp;&nbsp;Written options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651088 |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(582534) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(582534) |
| &nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;12896241 | &nbsp;&nbsp;&nbsp;&nbsp;12896241 |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4803212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4803212 |
| &nbsp;&nbsp;&nbsp;Non-deliverable bond forward contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390881 |
| **Total** | &nbsp;&nbsp;**$4814022** | &nbsp;&nbsp;**$12814418** | &nbsp;&nbsp;**$17628440** |

---

<sup>(1)</sup> Relates to purchased options and swaptions.

The average notional cost of futures contracts and average notional amounts of other derivative contracts outstanding during the year ended October 31, 2025, which are indicative of the volume of these derivative types, were approximately as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures<br> Contracts — Long** | &nbsp;&nbsp;&nbsp;&nbsp;**Futures<br> Contracts — Short** | &nbsp;&nbsp;&nbsp;&nbsp;**Forward<br> Foreign Currency<br> Exchange Contracts<sup>1</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Forward<br> Volatility Agreements** | &nbsp;&nbsp;&nbsp;&nbsp;**Non-Deliverable<br> Bond Forward<br> Contracts** |
| $23000 | &nbsp;&nbsp;&nbsp;&nbsp;$38687000 | &nbsp;&nbsp;&nbsp;&nbsp;$3161733000 | &nbsp;&nbsp;&nbsp;&nbsp;$17077000 | &nbsp;&nbsp;&nbsp;&nbsp;$45109000 |

---

---

| | |
|:---|:---|
| **Purchased<br> Swaptions** | &nbsp;&nbsp;&nbsp;&nbsp;**Swap<br> Contracts** |
| $4338000 | &nbsp;&nbsp;&nbsp;&nbsp;$1461458000 |

---

<sup>1</sup> The average notional amount for forward foreign currency exchange contracts is based on the absolute value of notional amounts of currency purchased and currency sold.

The average principal amount of purchased and written currency options contracts outstanding during the year ended October 31, 2025, which are indicative of the volume of these derivative types, were approximately $103,089,000 and $54,793,000, respectively.

------

[**Table of Contents**](#JOB_EV_AR_b14ba3a7-50c5-4cfa-a54a-b0e7ca9df33b_TOC)

Emerging Markets Local Income Portfolio

October 31, 2025

Notes to Financial Statements — continued

------

6 Line of Credit

The Portfolio participates with other portfolios and funds managed by BMR and its affiliates in a $650 million unsecured revolving line of credit agreement with a group of banks, which is in effect through October 20, 2026. Borrowings are made by the Portfolio solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Portfolio based on its borrowings generally at an amount above either the Secured Overnight Financing Rate (SOFR) or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. In connection with the renewal of the agreement in October 2025, an arrangement fee of $150,000 was incurred that was allocated to the participating portfolios and funds. Because the line of credit is not available exclusively to the Portfolio, it may be unable to borrow some or all of its requested amounts at any particular time. The Portfolio did not have any significant borrowings or allocated fees during the year ended October 31, 2025.

7 Reverse Repurchase Agreements

There were no reverse repurchase agreements outstanding as of October 31, 2025. For the year ended October 31, 2025, the average borrowings under settled reverse repurchase agreements and the average annual interest rate paid were approximately $5,039,000 and 4.99%, respectively.

8 Affiliated Investments

At October 31, 2025, the value of the Portfolio's investment in funds that may be deemed to be affiliated was $83,602,121, which represents 5.9% of the Portfolio's net assets. Transactions in such investments by the Portfolio for the year ended October 31, 2025 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Value,<br> beginning<br> of period** | **Purchases** | **Sales<br> proceeds** | **Net realized<br> gain (loss)** | **Change in<br> unrealized<br> appreciation<br> (depreciation)** | **Value, end<br> of period** | **Dividend<br> income** | **Shares,<br> end of period** |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| Liquidity Fund | $5727085 | $911662726 | $(833787690) | $— | $— | $83602121 | $4461289 | 83602121 |

---

9 Fair Value Measurements

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 October 31, 2025, the hierarchy of inputs used in valuing the Portfolio's investments and open derivative instruments, which are carried at fair value, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Credit Linked Notes | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$20632215 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$20632215 |
| Foreign Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72332389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72332389 |
| Loan Participation Notes | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7020574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7020574 |
| Sovereign Government Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 918542388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 918542388 |
| Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated Fund | &nbsp;&nbsp;&nbsp;&nbsp;83602121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83602121 |
| &nbsp;&nbsp;&nbsp;Sovereign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127675843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127675843 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98132350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98132350 |

---

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[**Table of Contents**](#JOB_EV_AR_b14ba3a7-50c5-4cfa-a54a-b0e7ca9df33b_TOC)

Emerging Markets Local Income Portfolio

October 31, 2025

Notes to Financial Statements — continued

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---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Description (continued)** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Purchased Currency Options | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$667948 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$667948 |
| **Total Investments** | &nbsp;&nbsp;**$83602121** | &nbsp;&nbsp;&nbsp;&nbsp;**$1237983133** | &nbsp;&nbsp;&nbsp;&nbsp;**$7020574** | &nbsp;&nbsp;&nbsp;&nbsp;**$1328605828** |
| Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$18889183 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$18889183 |
| Non-Deliverable Bond Forward Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12594 |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16958154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16958154 |
| **Total** | &nbsp;&nbsp;**$83602121** | &nbsp;&nbsp;&nbsp;&nbsp;**$1273843064** | &nbsp;&nbsp;&nbsp;&nbsp;**$7020574** | &nbsp;&nbsp;&nbsp;&nbsp;**$1364465759** |
| **Liability Description** |  |  |  |  |
| Written Currency Options | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(809865) | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(809865) |
| Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20409343) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20409343) |
| Non-Deliverable Bond Forward Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (121475) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (121475) |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (142865) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (142865) |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7271679) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7271679) |
| **Total** | &nbsp;&nbsp;**$(142865)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(28612362)** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$(28755227)** |

---

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 year ended October 31, 2025 is not presented.

10 Risks and Uncertainties

#### Risks Associated with Foreign Investments
Foreign investments can be adversely affected by political, economic and market developments abroad, including the imposition of economic and other sanctions by the United States or another country, and by acts of terrorism and war. There may be less publicly available information about foreign issuers because they may not be subject to reporting practices, requirements or regulations comparable to those to which United States companies are subject. Foreign markets may be smaller, less liquid and more volatile than the major markets in the United States. Trading in foreign markets typically involves higher expense than trading in the United States. The Portfolio may have difficulties enforcing its legal or contractual rights in a foreign country. Securities that trade or are denominated in currencies other than the U.S. dollar may be adversely affected by fluctuations in currency exchange rates.

Emerging market securities often involve greater risks than developed market securities. Investment markets within emerging market countries are typically smaller, less liquid, less developed and more volatile than those in more developed markets like the United States, and may be focused in certain economic sectors. The information available about an emerging market issuer may be less reliable than for comparable issuers in more developed capital markets. Governmental actions can have a significant effect on the economic conditions in emerging market countries. It may be more difficult to make a claim or obtain a judgment in the courts of these countries than it is in the United States. The possibility of fraud, negligence, undue influence being exerted by an issuer or refusal to recognize ownership exists in some emerging markets. Disruptions due to work stoppages and trading improprieties in foreign securities markets have caused such markets to close. Emerging market securities are also subject to speculative trading, which contributes to their volatility.

Economic data as reported by sovereign entities may be delayed, inaccurate or fraudulent. In the event of a default by a sovereign entity, there are typically no assets to be seized or cash flows to be attached. Furthermore, the willingness or ability of a sovereign entity to restructure defaulted debt may be limited. Therefore, losses on sovereign defaults may far exceed the losses from the default of a similarly rated U.S. debt issuer.

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[**Table of Contents**](#JOB_EV_AR_b14ba3a7-50c5-4cfa-a54a-b0e7ca9df33b_TOC)

Emerging Markets Local Income Portfolio

October 31, 2025

Report of Independent Registered Public Accounting Firm

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To the Trustees and Investors of Emerging Markets Local Income Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Emerging Markets Local Income Portfolio (the "Portfolio"), including the portfolio of investments, as of October 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Portfolio as of October 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Portfolio's management. Our responsibility is to express an opinion on the Portfolio's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolio in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB and in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Portfolio is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Portfolio's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 22, 2025

We have served as the auditor of one or more Eaton Vance investment companies since 1959.

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[**Table of Contents**](#JOB_EV_AR_b14ba3a7-50c5-4cfa-a54a-b0e7ca9df33b_TOC)

Eaton Vance

Emerging Markets Local Income Fund

October 31, 2025

Board of Trustees' Contract Approval

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Overview of the Contract Review Process

The Investment Company Act of 1940, as amended (the "1940 Act"), provides, in substance, that the investment advisory agreement between a fund and its investment adviser will continue in effect from year-to-year only if its continuation is approved on an annual basis by a vote of the fund's board of trustees, including a majority of the trustees who are not "interested persons" of the fund ("independent trustees"), cast in person at a meeting called for the purpose of considering such approval.

At a meeting held on June 12, 2025, the Boards of Trustees/Directors (collectively, the "Board") that oversee the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the "Eaton Vance Funds"), including a majority of the independent trustees (the "Independent Trustees"), voted to approve the continuation of existing investment advisory agreements and sub-advisory agreements<sup>1</sup> for each of the Eaton Vance Funds for an additional one-year period. The Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee comprised of all of the Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of meetings held between April and June 2025, as well as certain additional information provided in response to specific requests from the Independent Trustees as members of the Contract Review Committee. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee's annual evaluation of the investment advisory agreements and sub-advisory agreements.

In connection with its evaluation of the investment advisory agreements and sub-advisory agreements, the Board (directly or through one or more of its committees) considered various information relating to the Eaton Vance Funds. This included information applicable to all or groups of the Eaton Vance Funds, which is referenced immediately below, and information applicable to the particular Eaton Vance Fund covered by this report (each Eaton Vance Fund is referred to below as a "fund"). (For funds that invest through one or more underlying portfolios, references to "each fund" in this section may include information that was considered at the portfolio-level.)

*Information about Fees, Performance and Expenses*

• A report from an independent data provider comparing advisory and other fees paid by each fund to such fees paid by comparable funds, as identified by the independent data provider ("comparable funds");

• A report from an independent data provider comparing each fund's total expense ratio (and its components) to those of comparable funds;

• A report from an independent data provider comparing the investment performance of each fund to the investment performance of comparable funds and, as applicable, benchmark indices, over various time periods;

• In certain instances, data regarding investment performance relative to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board (a committee exclusively comprised of Independent Trustees);

• Comparative information concerning the fees charged and services provided by the adviser and sub-adviser to each fund in managing other accounts (which may include other funds, collective investment trusts and institutional accounts) with the same or substantially similar investment objective as the fund and with a significant overlap in holdings based on criteria set by the Board, if any;

• Profitability analyses on a fund-by-fund basis for the adviser and its affiliates and for each sub-adviser not affiliated with the adviser;

*Information about Portfolio Management and Trading*

• Descriptions of the investment management services provided to each fund, as well as each of the funds' investment strategies and policies;

• The procedures and processes used by the adviser to determine the value of fund assets, including, when necessary, the determination of "fair value" by the adviser in its role as each fund's valuation designee and actions taken to monitor and test the effectiveness of such procedures and processes;

• Information about the policies and practices of each fund's adviser and sub-adviser with respect to trading, including their processes for seeking best execution of portfolio transactions;

• Information about the allocation of brokerage transactions and the benefits, if any, received by the adviser and sub-adviser to each fund as a result of brokerage allocation, including, as applicable, information concerning the acquisition of research through client commission arrangements and policies with respect to "soft dollars";

• Data relating to the portfolio turnover rate of each fund and related information regarding active management in the context of particular strategies;

*Information about each Adviser and Sub-Adviser*

• Reports regarding the financial results and condition of the adviser and certain of its affiliates and of each sub-adviser not affiliated with the adviser;

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;Not all Eaton Vance Funds have entered into a sub-advisory agreement with a sub-adviser. Accordingly, references to "sub-adviser" or "sub-advisory agreement" in this "Overview" section may not be applicable to the particular Eaton Vance Fund covered by this report. Eaton Vance Management and Boston Management and Research are referred to collectively as the "adviser."

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[**Table of Contents**](#JOB_EV_AR_b14ba3a7-50c5-4cfa-a54a-b0e7ca9df33b_TOC)

Eaton Vance

Emerging Markets Local Income Fund

October 31, 2025

Board of Trustees' Contract Approval — continued

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• Information regarding the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and, for portfolio managers and certain other investment professionals, information relating to their responsibilities with respect to managing other funds and investment accounts, as applicable;

• Information regarding the adviser's and its parent company's (Morgan Stanley's) efforts to retain and attract talented investment professionals, including in the context of a competitive marketplace for talent;

• Information regarding the adviser's compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals' investments in the fund(s) they manage;

• The personal trading codes of ethics of the adviser and its affiliates and the sub-adviser of each fund, together with information relating to compliance with, and the administration of, such codes;

• Policies and procedures relating to proxy voting, including regular reporting with respect to fund proxy voting activities;

• Information regarding the handling of corporate actions and class actions, as well as information regarding litigation and other regulatory matters;

• Information concerning the resources devoted to compliance efforts undertaken by the adviser and its affiliates and the sub-adviser of each fund, including descriptions of their various compliance programs and their record of compliance and remediation;

• Information concerning the business continuity and disaster recovery plans of the adviser and its affiliates and the sub-adviser of each fund;

• A description of the adviser's oversight of sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters, if any;

*Other Relevant Information*

• Information regarding ongoing initiatives to further integrate and harmonize, where applicable, the investment management and other departments of the adviser and its affiliates with the overall investment management infrastructure of Morgan Stanley, in light of Morgan Stanley's acquisition of Eaton Vance Corp. on March 1, 2021;

• Information concerning the nature, cost, and character of the administrative and other non-investment advisory services provided by the adviser and its affiliates;

• Information concerning oversight of the relationship with the custodian, subcustodians, fund accountants, and other third-party service providers by the adviser and/or administrator to each of the funds;

• Information concerning efforts to maintain policies and procedures with respect to various regulations applicable to the funds, including, without limitation, Rule 22e-4 (the Liquidity Risk Management Rule), Rule 12d1-4 (the Fund-of-Funds Rule), Rule 18f-4 (the Derivatives Rule), and Rule 2a-5 (the Fair Valuation Rule);

• For the Eaton Vance Fund structured as an interval fund, information regarding the interval fund's periodic repurchase offers under Rule 23c-3 and related policies and procedures;

• For each Eaton Vance Fund structured as an exchange-listed closed-end fund, information concerning the benefits of the closed-end fund structure, as well as, where relevant, the closed-end fund's market prices (including as compared to the closed-end fund's net asset value (NAV)), trading volume data, continued use of auction preferred shares (where applicable), distribution rates, and other relevant matters;

• The risks that the adviser and/or its affiliates incur in connection with the management and operation of the funds, including, among others, litigation, regulatory, entrepreneurial, data privacy and cybersecurity, and other business risks (and the associated costs of such risks, if any); and

• The terms of each investment advisory agreement and sub-advisory agreement.

During the various meetings of the Board and its committees over the course of the year leading up to the June 12, 2025 meeting, the Board and its committees received information from portfolio managers and other investment professionals of the adviser and sub-advisers of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds' investment objectives. The Board and its committees also received information regarding risk management techniques employed in connection with the management of the funds. The Board and its committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance, and other issues with respect to the funds, and received and participated in reports and presentations provided by the adviser, sub-advisers, and certain other service providers, with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees met in executive sessions and held regular video or telephone conferences to discuss, among other topics, matters relating to the continuation of investment advisory agreements and sub-advisory agreements.

Each of the Contract Review Committee and the Board was advised throughout the contract review process by Kirkland & Ellis LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee and the members of the Board, with the advice of such counsel, exercised their own business judgment in determining the material factors to be considered in evaluating each investment advisory agreement and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory agreement and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee and Board may have placed varying emphasis on particular factors in reaching conclusions with respect to each investment advisory agreement and sub-advisory agreement. In evaluating each investment advisory agreement and sub-advisory agreement, including the fee structures and other terms contained in such agreements, the members of the Contract Review Committee and Board were also informed by multiple years of analysis and discussion with the adviser and sub-adviser to each of the Eaton Vance Funds.

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[**Table of Contents**](#JOB_EV_AR_b14ba3a7-50c5-4cfa-a54a-b0e7ca9df33b_TOC)

Eaton Vance

Emerging Markets Local Income Fund

October 31, 2025

Board of Trustees' Contract Approval — continued

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Results of the Contract Review Process

Based on its consideration of the foregoing, and such other information it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory agreement between Eaton Vance Emerging Markets Local Income Fund (the "Fund") and Eaton Vance Management ("EVM"), as well as the investment advisory agreement between Emerging Markets Local Income Portfolio (the "Portfolio"), the portfolio in which the Fund invests, and Boston Management and Research ("BMR") (EVM, with respect to the Fund, and BMR, with respect to the Portfolio, are each referred to herein as the "Adviser"), including their respective fee structures, are in the interests of shareholders and, therefore, recommended to the Board approval of each agreement. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreements for the Fund and the Portfolio. Morgan Stanley Investment Management Limited, an affiliate of each Adviser (the "Sub-adviser"), began serving as the sub-adviser to the Fund and the Portfolio on January 1, 2025. Accordingly, each investment sub-advisory agreement with the Sub-adviser was in its initial two-year term, and the Board was not required to approve each agreement at its meeting on June 12, 2025.

*Nature, Extent and Quality of Services*

In considering whether to approve the investment advisory agreements for the Fund and the Portfolio, the Board evaluated the nature, extent and quality of services provided to the Fund and the Portfolio by the applicable Adviser.

The Board considered each Adviser's management capabilities and investment processes in light of the types of investments held by the Fund and the Portfolio, including the education and experience of the investment professionals who provide services to the Fund and the Portfolio, including recent changes to such personnel. In this regard, the Board considered each Adviser's responsibilities with respect to oversight of the Sub-adviser. In particular, the Board considered the expertise of each Adviser's and the Sub-adviser's investment professionals with respect to emerging markets strategies and in-house research capabilities. The Board considered the international and emerging markets investment capabilities of the Sub-adviser, which has its principal office in London, and the benefits to the Funds of having portfolio management services involving investments in international and emerging market securities provided by investment professionals located abroad. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of each Adviser and other factors, including the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Fund and the Portfolio, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Fund and the Portfolio, including the provision of administrative services. The Board also considered the business-related and other risks to which each Adviser or its affiliates may be subject in managing the Fund and the Portfolio.

The Board noted that under the terms of the investment advisory agreement of the Fund, EVM may invest assets of the Fund directly in securities, for which it would receive a fee, or in the Portfolio, for which it receives no separate fee but for which BMR receives an advisory fee from the Portfolio. The Trustees considered the potential benefits to the Fund of the ability to make direct investments, such as an improved ability to: gain exposure to sectors of the market EVM believes may not be represented or underrepresented by the Portfolio; to hedge certain Portfolio exposures; and/or to otherwise manage the exposures of the Fund.

The Board considered the compliance programs of each Adviser and relevant affiliates thereof. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, compliance with policies and procedures, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered relevant examinations of each Adviser and its affiliates by regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

The Board considered other administrative services provided or overseen by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by each Adviser, taken as a whole, are appropriate and consistent with the terms of the applicable investment advisory agreement.

*Fund Performance*

The Board compared the Fund's investment performance to that of comparable funds identified by an independent data provider (the peer group), as well as an appropriate benchmark index. The Board's review included comparative performance data with respect to the Fund for the one-, three-, five- and ten-year periods ended December 31, 2024. In this regard, the Board noted that the performance of the Fund was consistent with the median performance of the Fund's peer group for the three-year period. The Board also noted that the performance of the Fund was higher than its primary performance benchmark index for the three-year period. The Board concluded that the performance of the Fund was satisfactory.

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[**Table of Contents**](#JOB_EV_AR_b14ba3a7-50c5-4cfa-a54a-b0e7ca9df33b_TOC)

Eaton Vance

Emerging Markets Local Income Fund

October 31, 2025

Board of Trustees' Contract Approval — continued

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*Management Fees and Expenses*

The Board considered contractual fee rates payable by the Portfolio and by the Fund for advisory and administrative services (referred to collectively as "management fees"). As part of its review, the Board considered the Fund's management fees and total expense ratio for the one-year period ended December 31, 2024, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered certain factors identified by management in response to inquiries from the Contract Review Committee regarding the Fund's total expense ratio relative to comparable funds.

After considering the foregoing information, and in light of the nature, extent and quality of the services provided by each Adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.

*Profitability and "Fall-Out" Benefits*

The Board considered the level of profits realized by each Adviser and relevant affiliates thereof in providing investment advisory and administrative services to the Fund, to the Portfolio and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by each Adviser and its affiliates to third parties in respect of distribution or other services.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by each Adviser and its affiliates are not excessive.

The Board also considered direct or indirect fall-out benefits received by each Adviser and its affiliates in connection with their respective relationships with the Fund and the Portfolio, including the benefits of research services that may be available to each Adviser as a result of securities transactions effected for the Fund and the Portfolio and other investment advisory clients.

*Economies of Scale*

In reviewing management fees and profitability, the Board also considered the extent to which the applicable Adviser and its affiliates, on the one hand, and the Fund and the Portfolio, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund and the Portfolio increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. To assist in the evaluation of the sharing of any economies of scale, the Board received data for recent years showing asset levels, Adviser profitability and total expense ratios. Based upon the foregoing, the Board concluded that the Fund currently shares in the benefits from economies of scale, if any, when they are realized by the Adviser. The Board also concluded that the structure of the advisory fees, which include breakpoints at several asset levels, will allow the Fund and the Portfolio to continue to benefit from any economies of scale in the future.

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[**Table of Contents**](#JOB_EV_AR_b14ba3a7-50c5-4cfa-a54a-b0e7ca9df33b_TOC)

EEIAX-NCSR&nbsp;&nbsp;&nbsp;&nbsp;10.31.25

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## Eaton Vance

## Floating-Rate Fund

## Annual Financial Statements and Additional Information
October 31, 2025

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![](g35982img3038ce3911.gif)

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**This report must be preceded or accompanied by a current summary prospectus or prospectus. Before investing, investors should consider carefully the investment objective, risks, and charges and expenses of a mutual fund. This and other important information is contained in the prospectus and/or statement of additional information, which can be obtained by calling 1-800-262-1122 or from a financial intermediary. Prospective investors should read the prospectus carefully before investing.**

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#### Annual Financial Statements and Additional Information October 31, 2025
Eaton Vance

Floating-Rate Fund

---

| | |
|:---|:---|
| **[**Table of Contents**](#xx_13d4de85-12d0-4299-8953-59ad70aa0135_1)** |  |
| [Item 7 of Form N-CSR:](#xx_c00a1b65-62fa-4cc6-b528-b2ca3d6458b9_1) | [Item 7 of Form N-CSR:](#xx_c00a1b65-62fa-4cc6-b528-b2ca3d6458b9_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#xx_c00a1b65-62fa-4cc6-b528-b2ca3d6458b9_1) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#xx_c00a1b65-62fa-4cc6-b528-b2ca3d6458b9_3) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx_c00a1b65-62fa-4cc6-b528-b2ca3d6458b9_4) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx_70c7290a-a073-481d-8c7c-c6e24fc0d4bc_1) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx_ab40121c-011e-4762-9281-3919f76e6c33_1) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#xx_0bb80318-d4a0-4012-8f71-dc4a3addaad6_1) | 14 |
| [Federal Tax Information](#xx_b34421d5-7b19-46ee-9479-34640fe86ec8_1) | 15 |
| [Eaton Vance Floating Rate Portfolio](#xx_9e5d3247-b69b-4ba0-a3f2-7aeb1462ca01_1) | [Eaton Vance Floating Rate Portfolio](#xx_9e5d3247-b69b-4ba0-a3f2-7aeb1462ca01_1) |
| [Items 6 and 7 of Form N-CSR:](#xx_9e5d3247-b69b-4ba0-a3f2-7aeb1462ca01_1) | [Items 6 and 7 of Form N-CSR:](#xx_9e5d3247-b69b-4ba0-a3f2-7aeb1462ca01_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Portfolio of Investments](#xx_9e5d3247-b69b-4ba0-a3f2-7aeb1462ca01_1) | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Statements](#xx_78630fd3-76cb-457f-ada4-f2fe4c6f39fc_1) | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#xx_75cb0598-a016-4c7b-8b92-e428b775a3bc_1) | 48 |
| Item 11 of Form N-CSR: | Item 11 of Form N-CSR: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Board of Trustees' Contract Approval](#xx_daa40135-7496-4f1d-b9ad-b91822ca11e7_1) | 49 |

---

Items 8 and 9 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7.

------

[**Table of Contents**](#JOB_EV_AR_fd998a9b-106a-4c96-877e-a197b5877161_TOC)

Eaton Vance

Floating-Rate Fund

October 31, 2025

Statement of Assets and Liabilities

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**October 31, 2025** |
| Assets |  |
| Investment in Eaton Vance Floating Rate Portfolio, at value (identified cost $4,000,410,923) | &nbsp;&nbsp;$3851670320 |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3165634 |
| **Total assets** | &nbsp;&nbsp;**$3854835954** |
| Liabilities |  |
| Payable for Fund shares redeemed | &nbsp;&nbsp;$10485551 |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4317371 |
| Payable to affiliates: |  |
| &nbsp;&nbsp;&nbsp;Administration fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495216 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178285 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agency fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45190 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576472 |
| **Total liabilities** | &nbsp;&nbsp;**$16098127** |
| **Net Assets** | &nbsp;&nbsp;**$3838737827** |
| Sources of Net Assets |  |
| Paid-in capital | &nbsp;&nbsp;$5093751266 |
| Accumulated loss | &nbsp;&nbsp;&nbsp;&nbsp;(1255013439) |
| **Net Assets** | &nbsp;&nbsp;**$3838737827** |
| Advisers Class Shares |  |
| **Net Assets** | &nbsp;&nbsp;$110302350 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13528454 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$8.15 |
| Class A Shares |  |
| **Net Assets** | &nbsp;&nbsp;$479304322 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56815628 |
| **Net Asset Value and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$8.44 |
| **Maximum Offering Price Per Share<br> (100 ÷ 96.75 of net asset value per share)** | &nbsp;&nbsp;$8.72 |
| Class C Shares |  |
| **Net Assets** | &nbsp;&nbsp;$60814780 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7466469 |
| **Net Asset Value and Offering Price Per Share\*<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$8.15 |
| Class I Shares |  |
| **Net Assets** | &nbsp;&nbsp;$2563332940 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314173856 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$8.16 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_fd998a9b-106a-4c96-877e-a197b5877161_TOC)

Eaton Vance

Floating-Rate Fund

October 31, 2025

Statement of Assets and Liabilities — continued

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**October 31, 2025** |
| Class R6 Shares |  |
| **Net Assets** | &nbsp;&nbsp;$624983435 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76524058 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$8.17 |

---

---

| | |
|:---|:---|
| On sales of $100,000 or more, the offering price of Class A shares is reduced. | On sales of $100,000 or more, the offering price of Class A shares is reduced. |
| \* | Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge. |

---

*2*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_fd998a9b-106a-4c96-877e-a197b5877161_TOC)

Eaton Vance

Floating-Rate Fund

October 31, 2025

Statement of Operations

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended** |
|  | &nbsp;&nbsp;&nbsp;**October 31, 2025** |
| Investment Income |  |
| Dividend income allocated from Portfolio | &nbsp;&nbsp;$7873431 |
| Interest income allocated from Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343424817 |
| Other income allocated from Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2659226 |
| Expenses allocated from Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25553679) |
| Waiver and/or reimbursement of expenses by affiliates allocated from Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315355 |
| **Total investment income from Portfolio** | &nbsp;&nbsp;**$328719150** |
| Expenses |  |
| Administration fee | &nbsp;&nbsp;$6429110 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;Advisers Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302856 |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1286000 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682940 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63434 |
| Transfer and dividend disbursing agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2369619 |
| Legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165633 |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70236 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130641 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73241 |
| **Total expenses** | &nbsp;&nbsp;**$11574210** |
| **Net investment income** | &nbsp;&nbsp;**$317144940** |
| Realized and Unrealized Gain (Loss) from Portfolio |  |
| Net realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;Investment transactions | &nbsp;&nbsp;$(91105426) |
| &nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646578 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1205679) |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2542713) |
| **Net realized loss** | &nbsp;&nbsp;**$(94207240)** |
| Change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;$(20309881) |
| &nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317166 |
| &nbsp;&nbsp;&nbsp;Foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1421322) |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5716544) |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$(27130581)** |
| **Net realized and unrealized loss** | &nbsp;&nbsp;**$(121337821)** |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$195807119** |

---

*3*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_fd998a9b-106a-4c96-877e-a197b5877161_TOC)

Eaton Vance

Floating-Rate Fund

October 31, 2025

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
|  | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$317144940 | &nbsp;&nbsp;$399339190 |
| &nbsp;&nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(94207240) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(163463638) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27130581) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224801157 |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$195807119** | &nbsp;&nbsp;**$460676709** |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Advisers Class | &nbsp;&nbsp;$(8731846) | &nbsp;&nbsp;$(10491650) |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37057961) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48861119) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4407977) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6521856) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(213897975) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(279184005) |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53616220) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(69548158) |
| **Total distributions to shareholders** | &nbsp;&nbsp;**$(317711979)** | &nbsp;&nbsp;**$(414606788)** |
| Transactions in shares of beneficial interest: |  |  |
| &nbsp;&nbsp;&nbsp;Advisers Class | &nbsp;&nbsp;$(8092915) | &nbsp;&nbsp;$(3129842) |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45415271) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(73252807) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10422078) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16152759) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(411017712) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(318384582) |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(171432900) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38625639 |
| **Net decrease in net assets from Fund share transactions** | &nbsp;&nbsp;**$(646380876)** | &nbsp;&nbsp;**$(372294351)** |
| **Net decrease in net assets** | &nbsp;&nbsp;**$(768285736)** | &nbsp;&nbsp;**$(326224430)** |
| Net Assets |  |  |
| At beginning of year | &nbsp;&nbsp;$4607023563 | &nbsp;&nbsp;$4933247993 |
| **At end of year** | &nbsp;&nbsp;**$3838737827** | &nbsp;&nbsp;**$4607023563** |

---

*4*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_fd998a9b-106a-4c96-877e-a197b5877161_TOC)

Eaton Vance

Floating-Rate Fund

October 31, 2025

Financial Highlights

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Advisers Class** | &nbsp;&nbsp;&nbsp;**Advisers Class** | &nbsp;&nbsp;&nbsp;**Advisers Class** | &nbsp;&nbsp;&nbsp;**Advisers Class** | &nbsp;&nbsp;&nbsp;**Advisers Class** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$8.37 | &nbsp;&nbsp;$8.29 | &nbsp;&nbsp;$8.15 | &nbsp;&nbsp;$8.81 | &nbsp;&nbsp;$8.47 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.59 | &nbsp;&nbsp;$0.69 | &nbsp;&nbsp;$0.66 | &nbsp;&nbsp;$0.32 | &nbsp;&nbsp;$0.27 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.37** | &nbsp;&nbsp;**$0.80** | &nbsp;&nbsp;**$0.79** | &nbsp;&nbsp;**$(0.32)** | &nbsp;&nbsp;**$0.61** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.59) | &nbsp;&nbsp;$(0.72) | &nbsp;&nbsp;$(0.65) | &nbsp;&nbsp;$(0.34) | &nbsp;&nbsp;$(0.27) |
| **Total distributions** | &nbsp;&nbsp;**$(0.59)** | &nbsp;&nbsp;**$(0.72)** | &nbsp;&nbsp;**$(0.65)** | &nbsp;&nbsp;**$(0.34)** | &nbsp;&nbsp;**$(0.27)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$8.15** | &nbsp;&nbsp;**$8.37** | &nbsp;&nbsp;**$8.29** | &nbsp;&nbsp;**$8.15** | &nbsp;&nbsp;**$8.81** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.62%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.82%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.11%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3.70)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.30%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$110302 | &nbsp;&nbsp;$121691 | &nbsp;&nbsp;$123632 | &nbsp;&nbsp;$77084 | &nbsp;&nbsp;$157768 |
| Ratios (as a percentage of average daily net assets):<sup>(3)(4)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.05% |
| Portfolio Turnover of the Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

<sup>(3)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(4)</sup> Includes the Fund's share of the Portfolio's allocated expenses.

<sup>(5)</sup> Includes a reduction by the investment adviser of a portion of the Portfolio's adviser fees due to the Portfolio's investment in the Liquidity Fund and in other affiliated funds (equal to less than 0.01% of average daily net assets for the year ended October 31, 2025 and less than 0.005% of average daily net assets for the years ended October 31, 2024, 2023 and 2022).

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_fd998a9b-106a-4c96-877e-a197b5877161_TOC)

Eaton Vance

Floating-Rate Fund

October 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$8.66 | &nbsp;&nbsp;$8.58 | &nbsp;&nbsp;$8.43 | &nbsp;&nbsp;$9.12 | &nbsp;&nbsp;$8.77 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.61 | &nbsp;&nbsp;$0.72 | &nbsp;&nbsp;$0.67 | &nbsp;&nbsp;$0.35 | &nbsp;&nbsp;$0.28 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.69) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.40** | &nbsp;&nbsp;**$0.82** | &nbsp;&nbsp;**$0.82** | &nbsp;&nbsp;**$(0.34)** | &nbsp;&nbsp;**$0.63** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.62) | &nbsp;&nbsp;$(0.74) | &nbsp;&nbsp;$(0.67) | &nbsp;&nbsp;$(0.35) | &nbsp;&nbsp;$(0.28) |
| **Total distributions** | &nbsp;&nbsp;**$(0.62)** | &nbsp;&nbsp;**$(0.74)** | &nbsp;&nbsp;**$(0.67)** | &nbsp;&nbsp;**$(0.35)** | &nbsp;&nbsp;**$(0.28)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$8.44** | &nbsp;&nbsp;**$8.66** | &nbsp;&nbsp;**$8.58** | &nbsp;&nbsp;**$8.43** | &nbsp;&nbsp;**$9.12** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.72%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.92%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.04%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3.78)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.27%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$479304 | &nbsp;&nbsp;$538563 | &nbsp;&nbsp;$606136 | &nbsp;&nbsp;$707666 | &nbsp;&nbsp;$751136 |
| Ratios (as a percentage of average daily net assets):<sup>(3)(4)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.06% |
| Portfolio Turnover of the Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

<sup>(3)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(4)</sup> Includes the Fund's share of the Portfolio's allocated expenses.

<sup>(5)</sup> Includes a reduction by the investment adviser of a portion of the Portfolio's adviser fees due to the Portfolio's investment in the Liquidity Fund and in other affiliated funds (equal to less than 0.01% of average daily net assets for the year ended October 31, 2025 and less than 0.005% of average daily net assets for the years ended October 31, 2024, 2023 and 2022).

*6*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_fd998a9b-106a-4c96-877e-a197b5877161_TOC)

Eaton Vance

Floating-Rate Fund

October 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$8.37 | &nbsp;&nbsp;$8.29 | &nbsp;&nbsp;$8.14 | &nbsp;&nbsp;$8.80 | &nbsp;&nbsp;$8.47 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.53 | &nbsp;&nbsp;$0.63 | &nbsp;&nbsp;$0.58 | &nbsp;&nbsp;$0.27 | &nbsp;&nbsp;$0.20 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.31** | &nbsp;&nbsp;**$0.73** | &nbsp;&nbsp;**$0.74** | &nbsp;&nbsp;**$(0.38)** | &nbsp;&nbsp;**$0.54** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.53) | &nbsp;&nbsp;$(0.65) | &nbsp;&nbsp;$(0.59) | &nbsp;&nbsp;$(0.28) | &nbsp;&nbsp;$(0.21) |
| **Total distributions** | &nbsp;&nbsp;**$(0.53)** | &nbsp;&nbsp;**$(0.65)** | &nbsp;&nbsp;**$(0.59)** | &nbsp;&nbsp;**$(0.28)** | &nbsp;&nbsp;**$(0.21)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$8.15** | &nbsp;&nbsp;**$8.37** | &nbsp;&nbsp;**$8.29** | &nbsp;&nbsp;**$8.14** | &nbsp;&nbsp;**$8.80** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.84%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.14%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.29%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4.43)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.38%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$60815 | &nbsp;&nbsp;$73083 | &nbsp;&nbsp;$88377 | &nbsp;&nbsp;$117294 | &nbsp;&nbsp;$135213 |
| Ratios (as a percentage of average daily net assets):<sup>(3)(4)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.76%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.32% |
| Portfolio Turnover of the Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

<sup>(3)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(4)</sup> Includes the Fund's share of the Portfolio's allocated expenses.

<sup>(5)</sup> Includes a reduction by the investment adviser of a portion of the Portfolio's adviser fees due to the Portfolio's investment in the Liquidity Fund and in other affiliated funds (equal to less than 0.01% of average daily net assets for the year ended October 31, 2025 and less than 0.005% of average daily net assets for the years ended October 31, 2024, 2023 and 2022).

*7*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_fd998a9b-106a-4c96-877e-a197b5877161_TOC)

Eaton Vance

Floating-Rate Fund

October 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$8.38 | &nbsp;&nbsp;$8.30 | &nbsp;&nbsp;$8.15 | &nbsp;&nbsp;$8.82 | &nbsp;&nbsp;$8.48 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.62 | &nbsp;&nbsp;$0.71 | &nbsp;&nbsp;$0.66 | &nbsp;&nbsp;$0.36 | &nbsp;&nbsp;$0.29 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.67) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.40** | &nbsp;&nbsp;**$0.82** | &nbsp;&nbsp;**$0.82** | &nbsp;&nbsp;**$(0.31)** | &nbsp;&nbsp;**$0.64** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.62) | &nbsp;&nbsp;$(0.74) | &nbsp;&nbsp;$(0.67) | &nbsp;&nbsp;$(0.36) | &nbsp;&nbsp;$(0.30) |
| **Total distributions** | &nbsp;&nbsp;**$(0.62)** | &nbsp;&nbsp;**$(0.74)** | &nbsp;&nbsp;**$(0.67)** | &nbsp;&nbsp;**$(0.36)** | &nbsp;&nbsp;**$(0.30)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$8.16** | &nbsp;&nbsp;**$8.38** | &nbsp;&nbsp;**$8.30** | &nbsp;&nbsp;**$8.15** | &nbsp;&nbsp;**$8.82** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.89%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.23%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.38%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3.57)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.56%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$2563333 | &nbsp;&nbsp;$3056517 | &nbsp;&nbsp;$3343188 | &nbsp;&nbsp;$5269963 | &nbsp;&nbsp;$5988270 |
| Ratios (as a percentage of average daily net assets):<sup>(3)(4)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.29% |
| Portfolio Turnover of the Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

<sup>(3)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(4)</sup> Includes the Fund's share of the Portfolio's allocated expenses.

<sup>(5)</sup> Includes a reduction by the investment adviser of a portion of the Portfolio's adviser fees due to the Portfolio's investment in the Liquidity Fund and in other affiliated funds (equal to less than 0.01% of average daily net assets for the year ended October 31, 2025 and less than 0.005% of average daily net assets for the years ended October 31, 2024, 2023 and 2022).

*8*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_fd998a9b-106a-4c96-877e-a197b5877161_TOC)

Eaton Vance

Floating-Rate Fund

October 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;&nbsp;**Class R6** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$8.39 | &nbsp;&nbsp;$8.31 | &nbsp;&nbsp;$8.16 | &nbsp;&nbsp;$8.83 | &nbsp;&nbsp;$8.49 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.62 | &nbsp;&nbsp;$0.72 | &nbsp;&nbsp;$0.68 | &nbsp;&nbsp;$0.36 | &nbsp;&nbsp;$0.29 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.40** | &nbsp;&nbsp;**$0.83** | &nbsp;&nbsp;**$0.83** | &nbsp;&nbsp;**$(0.30)** | &nbsp;&nbsp;**$0.64** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.62) | &nbsp;&nbsp;$(0.75) | &nbsp;&nbsp;$(0.68) | &nbsp;&nbsp;$(0.37) | &nbsp;&nbsp;$(0.30) |
| **Total distributions** | &nbsp;&nbsp;**$(0.62)** | &nbsp;&nbsp;**$(0.75)** | &nbsp;&nbsp;**$(0.68)** | &nbsp;&nbsp;**$(0.37)** | &nbsp;&nbsp;**$(0.30)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$8.17** | &nbsp;&nbsp;**$8.39** | &nbsp;&nbsp;**$8.31** | &nbsp;&nbsp;**$8.16** | &nbsp;&nbsp;**$8.83** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.95%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.29%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.44%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3.51)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.61%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$624983 | &nbsp;&nbsp;$817169 | &nbsp;&nbsp;$771916 | &nbsp;&nbsp;$625769 | &nbsp;&nbsp;$718642 |
| Ratios (as a percentage of average daily net assets):<sup>(3)(4)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.34% |
| Portfolio Turnover of the Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

<sup>(3)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(4)</sup> Includes the Fund's share of the Portfolio's allocated expenses.

<sup>(5)</sup> Includes a reduction by the investment adviser of a portion of the Portfolio's adviser fees due to the Portfolio's investment in the Liquidity Fund and in other affiliated funds (equal to less than 0.01% of average daily net assets for the year ended October 31, 2025 and less than 0.005% of average daily net assets for the years ended October 31, 2024, 2023 and 2022).

*9*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_fd998a9b-106a-4c96-877e-a197b5877161_TOC)

Eaton Vance

Floating-Rate Fund

October 31, 2025

Notes to Financial Statements

------

1 Significant Accounting Policies

Eaton Vance Floating-Rate Fund (the Fund) is a diversified series of Eaton Vance Mutual Funds Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund offers five classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective November 5, 2020, Class C shares automatically convert to Class A shares eight years after their purchase as described in the Fund's prospectus. Advisers Class, Class I and Class R6 shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Net investment income, other than class-specific expenses, is allocated daily to each class of shares based upon the ratio of the value of each class's paid shares to the total value of all paid shares. Sub-accounting, recordkeeping and similar administrative fees payable to financial intermediaries, which are a component of transfer and dividend disbursing agent fees on the Statement of Operations, are not allocated to Class R6 shares. Each class of shares differs in its distribution plan and certain other class-specific expenses. The Fund invests its assets in interests in Eaton Vance Floating Rate Portfolio (the Portfolio), a Massachusetts business trust, having the same investment objective and policies as the Fund. The value of the Fund's investment in the Portfolio reflects the Fund's proportionate interest in the net assets of the Portfolio (86.3% at October 31, 2025). The performance of the Fund is directly affected by the performance of the Portfolio. The financial statements of the Portfolio, including the portfolio of investments, are included elsewhere in this report and should be read in conjunction with the Fund's financial statements.

The following is a summary of significant accounting policies of the Fund. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.

A Investment Valuation—Valuation of securities by the Portfolio is discussed in Note 1A of the Portfolio's Notes to Financial Statements, which are included elsewhere in this report.

B Income—The Fund's net investment income or loss consists of the Fund's pro rata share of the net investment income or loss of the Portfolio, less all actual and accrued expenses of the Fund.

C Federal Taxes—The Fund's policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary.

As of October 31, 2025, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

D Expenses—The majority of expenses of the Trust are directly identifiable to an individual fund. Expenses which are not readily identifiable to a specific fund are allocated taking into consideration, among other things, the nature and type of expense and the relative size of the funds.

E Use of Estimates—The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

F Indemnifications—Under the Trust's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Trust) could be deemed to have personal liability for the obligations of the Trust. However, the Trust's Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and the By-laws provide that the Trust shall assume, upon request by the shareholder, the defense on behalf of any Fund shareholders. Moreover, the By-laws also provide for indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

G Other—Investment transactions are accounted for on a trade date basis.

H Segment Reporting—During this reporting period, the Fund adopted FASB Accounting Standards Update No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures* (ASU 2023-07), which requires incremental disclosures related to a public entity's reportable segments. The Fund operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. In connection with the adoption of ASU 2023-07, the Fund's President acts as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's financial statements.

------

[**Table of Contents**](#JOB_EV_AR_fd998a9b-106a-4c96-877e-a197b5877161_TOC)

Eaton Vance

Floating-Rate Fund

October 31, 2025

Notes to Financial Statements — continued

------

2 Distributions to Shareholders and Income Tax Information

The Fund declares dividends daily to shareholders of record at the time of declaration. Distributions are generally paid monthly. Distributions of realized capital gains are made at least annually. Distributions are declared separately for each class of shares. Shareholders may reinvest income and capital gain distributions in additional shares of the same class of the Fund at the net asset value as of the reinvestment date or, at the election of the shareholder, receive distributions in cash. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

The tax character of distributions declared for the years ended October 31, 2025 and October 31, 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$317711979 | &nbsp;&nbsp;&nbsp;&nbsp;$414606788 |

---

During the year ended October 31, 2025, accumulated loss was increased by $1,158,175 and paid-in capital was increased by $1,158,175 due to the Fund's use of equalization accounting. Tax equalization accounting allows the Fund to treat as a distribution that portion of redemption proceeds representing a redeeming shareholder's portion of undistributed taxable income and net capital gains. These reclassifications had no effect on the net assets or net asset value per share of the Fund.

As of October 31, 2025, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$14803471 |
| Deferred capital losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (961485735) |
| Net unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (304013804) |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4317371) |
| **Accumulated loss** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1255013439)** |

---

At October 31, 2025, the Fund, for federal income tax purposes, had deferred capital losses of $961,485,735 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund's next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at October 31, 2025, $67,472,993 are short-term and $894,012,742 are long-term.

3 Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Eaton Vance Management (EVM), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory services rendered to the Fund. The fee is computed at an annual rate as a percentage of the Fund's average daily net assets that are not invested in other investment companies for which EVM or its affiliates serve as investment adviser and receive an advisory fee as follows and is payable monthly:

---

| | |
|:---|:---|
| **Average Daily Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Annual Fee Rate** |
| Up to $1 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.5750% |
| $1 billion but less than $2 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.5250% |
| $2 billion but less than $5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.4900% |
| $5 billion but less than $10 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.4600% |
| $10 billion but less than $15 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.4350% |
| $15 billion but less than $20 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.4150% |
| $20 billion but less than $25 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.4000% |
| $25 billion and over | &nbsp;&nbsp;&nbsp;&nbsp;0.3900% |

---

------

[**Table of Contents**](#JOB_EV_AR_fd998a9b-106a-4c96-877e-a197b5877161_TOC)

Eaton Vance

Floating-Rate Fund

October 31, 2025

Notes to Financial Statements — continued

------

For the year ended October 31, 2025, the Fund incurred no investment adviser fee on such assets. To the extent that the Fund's assets are invested in the Portfolio, the Fund is allocated its share of the Portfolio's investment adviser fee. The Portfolio has engaged Boston Management and Research (BMR) to render investment advisory services. See Note 2 of the Portfolio's Notes to Financial Statements which are included elsewhere in this report. The administration fee is earned by EVM as compensation for administrative services rendered to the Fund. The fee is computed at an annual rate of 0.15% of the Fund's average daily net assets. For year ended October 31, 2025, the administration fee amounted to $6,429,110. EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended October 31, 2025, EVM earned $156,373 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations. The Fund was informed that Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund's principal underwriter, received $17,782 as its portion of the sales charge on sales of Class A shares for the year ended October 31, 2025. The Fund was informed that Morgan Stanley affiliated broker-dealers, which may be deemed to be affiliates of EVM, BMR and EVD, also received a portion of the sales charge on sales of Class A shares for the year ended October 31, 2025 in the amount of $4,140. EVD also received distribution and service fees from Advisers Class, Class A and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5).

Trustees and officers of the Fund who are members of EVM's or BMR's organizations receive remuneration for their services to the Fund out of the investment adviser fee. Certain officers and Trustees of the Fund and the Portfolio are officers of the above organizations.

4 Distribution Plans

The Fund has in effect distribution plans for Advisers Class shares and Class A shares (Advisers/Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Advisers/Class A Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Advisers Class and Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the year ended October 31, 2025 amounted to $302,856 for Advisers Class shares and $1,286,000 for Class A shares.

The Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the year ended October 31, 2025, the Fund paid or accrued to EVD $512,205 for Class C shares.

Pursuant to the Class C Plan, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to Class C shares. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the year ended October 31, 2025 amounted to $170,735 for Class C shares.

Distribution and service fees are subject to the limitations contained in the Financial Industry Regulatory Authority Rule 2341(d).

5 Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within 12 months of purchase. Class A shares may be subject to a 0.75% CDSC if redeemed within 12 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the year ended October 31, 2025, the Fund was informed that EVD received $13,095 and $11,080 of CDSCs paid by Class A and Class C shareholders, respectively.

6 Investment Transactions

For the year ended October 31, 2025, increases and decreases in the Fund's investment in the Portfolio aggregated $178,868,439 and $1,155,483,393, respectively.

------

[**Table of Contents**](#JOB_EV_AR_fd998a9b-106a-4c96-877e-a197b5877161_TOC)

Eaton Vance

Floating-Rate Fund

October 31, 2025

Notes to Financial Statements — continued

------

7 Shares of Beneficial Interest

The Fund's Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value). Such shares may be issued in a number of different series (such as the Fund) and classes. Transactions in Fund shares, including direct exchanges pursuant to share class conversions, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2024** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Advisers Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 2323339 | &nbsp;&nbsp;&nbsp;&nbsp;$19247804 | &nbsp;&nbsp;&nbsp;&nbsp; 2302763 | &nbsp;&nbsp;&nbsp;&nbsp;$19316277 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 1051104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8678347 | &nbsp;&nbsp;&nbsp;&nbsp; 1242456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10425562 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4378120) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (36019066) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3917873) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (32871681) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(1003677)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(8092915)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(372654)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(3129842)** |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 8731362 | &nbsp;&nbsp;&nbsp;&nbsp;$74939568 | &nbsp;&nbsp;&nbsp;&nbsp; 7707391 | &nbsp;&nbsp;&nbsp;&nbsp;$66935582 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 3688034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31516768 | &nbsp;&nbsp;&nbsp;&nbsp; 4792426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41604072 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17763943) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (151871607) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20967835) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (181792461) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(5344547)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(45415271)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(8468018)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(73252807)** |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 1514996 | &nbsp;&nbsp;&nbsp;&nbsp;$12572343 | &nbsp;&nbsp;&nbsp;&nbsp; 1498177 | &nbsp;&nbsp;&nbsp;&nbsp;$12557387 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 477771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3942227 | &nbsp;&nbsp;&nbsp;&nbsp; 687933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5767007 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3263025) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (26936648) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4115584) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (34477153) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(1270258)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(10422078)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(1929474)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(16152759)** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 82204191 | &nbsp;&nbsp;&nbsp;&nbsp;$681306217 | &nbsp;&nbsp;&nbsp;&nbsp; 97665975 | &nbsp;&nbsp;&nbsp;&nbsp;$819935294 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 22476199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185734321 | &nbsp;&nbsp;&nbsp;&nbsp; 29039281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 243867757 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(155255759) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1278058250) | &nbsp;&nbsp;&nbsp;&nbsp;(164728157) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1382187633) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(50575369)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(411017712)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(38022901)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(318384582)** |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 17627108 | &nbsp;&nbsp;&nbsp;&nbsp;$146540552 | &nbsp;&nbsp;&nbsp;&nbsp; 29894734 | &nbsp;&nbsp;&nbsp;&nbsp;$251466990 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 3641244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30125740 | &nbsp;&nbsp;&nbsp;&nbsp; 4715805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39645668 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42164785) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (348099192) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30101794) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (252487019) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(20896433)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(171432900)** | &nbsp;&nbsp;&nbsp;&nbsp; **4508745** | &nbsp;&nbsp;&nbsp;&nbsp;**$38625639** |

---

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[**Table of Contents**](#JOB_EV_AR_fd998a9b-106a-4c96-877e-a197b5877161_TOC)

Eaton Vance

Floating-Rate Fund

October 31, 2025

Report of Independent Registered Public Accounting Firm

------

To the Trustees of Eaton Vance Mutual Funds Trust and Shareholders of Eaton Vance Floating-Rate Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Eaton Vance Floating-Rate Fund (the "Fund"), one of the funds constituting Eaton Vance Mutual Funds Trust, as of October 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 19, 2025

We have served as the auditor of one or more Eaton Vance investment companies since 1959.

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[**Table of Contents**](#JOB_EV_AR_fd998a9b-106a-4c96-877e-a197b5877161_TOC)

Eaton Vance

Floating-Rate Fund

October 31, 2025

Federal Tax Information (Unaudited)

------

The Form 1099-DIV you receive in February 2026 will show the tax status of all distributions paid to your account in calendar year 2025. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of 163(j) interest dividends.

**163(j) Interest Dividends. For the fiscal year ended October 31, 2025, the Fund designates 3.77% of distributions from net investment income as a 163(j) interest dividend.**

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[**Table of Contents**](#JOB_EV_AR_fd998a9b-106a-4c96-877e-a197b5877161_TOC)

Eaton Vance

Floating Rate Portfolio

October 31, 2025

Portfolio of Investments

------

Asset-Backed Securities — 2.4%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| ARES LXXVII CLO Ltd., Series 2025-77A, Class E, 9.444%, (3 mo. SOFR + 5.55%), 7/15/38<sup>(1)(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;$2013888 |
| Ballyrock CLO Ltd., Series 2019-2A, Class DR3, 10.039%, (3 mo. SOFR + 6.15%), 10/25/38<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250 | &nbsp;&nbsp;&nbsp;&nbsp; 2258098 |
| Barings CLO Ltd., Series 2015-1A, Class DR, 6.746%, (3 mo. SOFR + 2.862%), 1/20/31<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2505348 |
| Battalion CLO XXII Ltd., Series 2021-22A, Class E, 11.096%, (3 mo. SOFR + 7.212%), 1/20/35<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1604874 |
| Battalion CLO XXIX Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-29A, Class D1, 7.581%, (3 mo. SOFR + 3.30%), 3/31/38<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1509636 |
| &nbsp;&nbsp;&nbsp;Series 2025-29A, Class E, 10.631%, (3 mo. SOFR + 6.35%), 3/31/38<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2023320 |
| Benefit Street Partners CLO XXII Ltd., Series 2020-22A, Class ERR, 8.784%, (3 mo. SOFR + 4.90%), 4/20/35<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 995287 |
| BlueMountain CLO Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2016-3A, Class DR, 7.573%, (3 mo. SOFR + 3.362%), 11/15/30<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1489278 |
| &nbsp;&nbsp;&nbsp;Series 2016-3A, Class ER, 10.423%, (3 mo. SOFR + 6.212%), 11/15/30<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1470084 |
| &nbsp;&nbsp;&nbsp;Series 2018-1A, Class D, 7.15%, (3 mo. SOFR + 3.312%), 7/30/30<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2471780 |
| &nbsp;&nbsp;&nbsp;Series 2018-1A, Class E, 10.05%, (3 mo. SOFR + 6.212%), 7/30/30<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1690000 |
| BlueMountain CLO XXIV Ltd., Series 2019-24A, Class ER, 10.986%, (3 mo. SOFR + 7.102%), 4/20/34<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 979897 |
| BlueMountain CLO XXVI Ltd., Series 2019-26A, Class ER, 11.276%, (3 mo. SOFR + 7.392%), 10/20/34<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2975145 |
| BlueMountain CLO XXX Ltd., Series 2020-30A, Class ER, 10.605%, (3 mo. SOFR + 6.70%), 4/15/35<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1950960 |
| Canyon Capital CLO Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2012-1RA, Class E, 9.866%, (3 mo. SOFR + 5.962%), 7/15/30<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4875 | &nbsp;&nbsp;&nbsp;&nbsp; 4851449 |
| &nbsp;&nbsp;&nbsp;Series 2016-1A, Class ER, 9.916%, (3 mo. SOFR + 6.012%), 7/15/31<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 3954504 |
| &nbsp;&nbsp;&nbsp;Series 2016-2A, Class ER, 10.166%, (3 mo. SOFR + 6.262%), 10/15/31<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp; 4315216 |
| &nbsp;&nbsp;&nbsp;Series 2017-1A, Class E, 10.416%, (3 mo. SOFR + 6.512%), 7/15/30<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3250 | &nbsp;&nbsp;&nbsp;&nbsp; 3231030 |
| &nbsp;&nbsp;&nbsp;Series 2018-1A, Class D, 7.066%, (3 mo. SOFR + 3.162%), 7/15/31<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3006810 |
| &nbsp;&nbsp;&nbsp;Series 2018-1A, Class E, 9.916%, (3 mo. SOFR + 6.012%), 7/15/31<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2750 | &nbsp;&nbsp;&nbsp;&nbsp; 2746722 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Carlyle U.S. CLO Ltd., Series 2019-4A, Class DR, 10.505%, (3 mo. SOFR + 6.60%), 4/15/35<sup>(1)(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;$3020424 |
| CIFC Funding Ltd., Series 2022-4A, Class DR, 6.594%, (3 mo. SOFR + 2.70%), 7/16/35<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1754370 |
| Dryden CLO Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2018-55A, Class D, 7.016%, (3 mo. SOFR + 3.112%), 4/15/31<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1506189 |
| &nbsp;&nbsp;&nbsp;Series 2018-55A, Class E, 9.566%, (3 mo. SOFR + 5.662%), 4/15/31<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1970352 |
| Dryden Senior Loan Fund: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2015-41A, Class DR, 6.766%, (3 mo. SOFR + 2.862%), 4/15/31<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5019750 |
| &nbsp;&nbsp;&nbsp;Series 2015-41A, Class ER, 9.466%, (3 mo. SOFR + 5.562%), 4/15/31<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1268 | &nbsp;&nbsp;&nbsp;&nbsp; 1205912 |
| &nbsp;&nbsp;&nbsp;Series 2016-42A, Class D1AR, 7.205%, (3 mo. SOFR + 3.30%), 7/15/37<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2508007 |
| &nbsp;&nbsp;&nbsp;Series 2016-42A, Class ERR, 10.405%, (3 mo. SOFR + 6.50%), 7/15/37<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3508732 |
| HalseyPoint CLO 5 Ltd., Series 2021-5A, Class E, 11.04%, (3 mo. SOFR + 7.202%), 1/30/35<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1971524 |
| Madison Park Funding LIX Ltd., Series 2021-59A, Class ER, 10.284%, (3 mo. SOFR + 6.40%), 4/18/37<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1450 | &nbsp;&nbsp;&nbsp;&nbsp; 1439227 |
| Madison Park Funding XXXVI Ltd., Series 2019-36A, Class ERR, 9.505%, (3 mo. SOFR + 5.60%), 4/15/35<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2422965 |
| Marble Point CLO XXIV Ltd., Series 2022-1A, Class D1, 8.124%, (3 mo. SOFR + 4.24%), 4/20/35<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2005244 |
| Neuberger Berman Loan Advisers CLO 48 Ltd., Series 2022-48A, Class ER, 8.758%, (3 mo. SOFR + 4.90%), 4/25/36<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3200 | &nbsp;&nbsp;&nbsp;&nbsp; 3194499 |
| Neuberger Berman Loan Advisers CLO Ltd., Series 2019-34A, Class ER2, 8.884%, (3 mo. SOFR + 5.00%), 7/20/39<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp;&nbsp; 856892 |
| New Mountain CLO 8 Ltd., Series CLO-8A, Class E, 8.713%, (3 mo. SOFR + 4.85%), 10/20/38<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1503750 |
| Palmer Square CLO Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2015-1A, Class DR4, 10.977%, (3 mo. SOFR + 6.762%), 5/21/34<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1986800 |
| &nbsp;&nbsp;&nbsp;Series 2021-2A, Class ER, 9.005%, (3 mo. SOFR + 5.10%), 2/15/38<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1003380 |
| RAD CLO 14 Ltd., Series 2021-14A, Class E, 10.666%, (3 mo. SOFR + 6.762%), 1/15/35<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950 | &nbsp;&nbsp;&nbsp;&nbsp; 936109 |
| Silver Point CLO 12 Ltd., Series 2025-12A, Class E, 8.979%, (3 mo. SOFR + 5.00%), 10/15/38<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1501905 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_fd998a9b-106a-4c96-877e-a197b5877161_TOC)

Eaton Vance

Floating Rate Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Sixth Street CLO XX Ltd., Series 2021-20A, Class ER, 9.382%, (3 mo. SOFR + 5.50%), 7/17/38<sup>(1)(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;$1004559 |
| Symphony CLO XXXIII Ltd., Series 2022-33A, Class E1R, 9.215%, (3 mo. SOFR + 5.35%), 1/24/38<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 976351 |
| Upland CLO Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2016-1A, Class CR, 7.046%, (3 mo. SOFR + 3.162%), 4/20/31<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp; 4513374 |
| &nbsp;&nbsp;&nbsp;Series 2016-1A, Class DR, 10.046%, (3 mo. SOFR + 6.162%), 4/20/31<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2125 | &nbsp;&nbsp;&nbsp;&nbsp; 2117818 |
| Voya CLO Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2015-3A, Class DR, 10.346%, (3 mo. SOFR + 6.462%), 10/20/31<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500 | &nbsp;&nbsp;&nbsp;&nbsp; 5272294 |
| &nbsp;&nbsp;&nbsp;Series 2018-2A, Class E, 9.416%, (3 mo. SOFR + 5.512%), 7/15/31<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2419935 |
| Wellfleet CLO Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-1A, Class D, 7.646%, (3 mo. SOFR + 3.762%), 4/20/34<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp; 1181629 |
| &nbsp;&nbsp;&nbsp;Series 2021-3A, Class E, 11.266%, (3 mo. SOFR + 7.362%), 1/15/35<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950 | &nbsp;&nbsp;&nbsp;&nbsp; 939841 |
| Total Asset-Backed Securities<br> (identified cost $106,942,768) |  | &nbsp;&nbsp;**$105785158** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Common Stocks — 1.5%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Aerospace and Defense — 0.0% | Aerospace and Defense — 0.0% | Aerospace and Defense — 0.0% |
| IAP Worldwide Services LLC<sup>(3)(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2577 | &nbsp;&nbsp;$0 |
|  |  | &nbsp;&nbsp;**$0** |
| Commercial Services & Supplies — 0.1% | Commercial Services & Supplies — 0.1% | Commercial Services & Supplies — 0.1% |
| Monitronics International, Inc.<sup>(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223950 | &nbsp;&nbsp;$3135300 |
|  |  | &nbsp;&nbsp;**$3135300** |
| Containers and Glass Products — 0.0%<sup>†</sup> | Containers and Glass Products — 0.0%<sup>†</sup> | Containers and Glass Products — 0.0%<sup>†</sup> |
| LG Parent Holding Co.<sup>(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250979 | &nbsp;&nbsp;$768623 |
|  |  | &nbsp;&nbsp;**$768623** |
| Electronic Equipment, Instruments & Components — 0.4% | Electronic Equipment, Instruments & Components — 0.4% | Electronic Equipment, Instruments & Components — 0.4% |
| Luxco Co. Ltd.<sup>(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138995 | &nbsp;&nbsp;$2331895 |
| Range Red Acquisitions LLC, Class A1<sup>(3)(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8745 | &nbsp;&nbsp;&nbsp;&nbsp; 17394942 |
|  |  | &nbsp;&nbsp;**$19726837** |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Electronics/Electrical — 0.0%<sup>†</sup> | Electronics/Electrical — 0.0%<sup>†</sup> | Electronics/Electrical — 0.0%<sup>†</sup> |
| Skillsoft Corp.<sup>(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44676 | &nbsp;&nbsp;$586596 |
|  |  | &nbsp;&nbsp;**$586596** |
| Entertainment — 0.0%<sup>†</sup> | Entertainment — 0.0%<sup>†</sup> | Entertainment — 0.0%<sup>†</sup> |
| New Cineworld Ltd.<sup>(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80602 | &nbsp;&nbsp;$1725769 |
|  |  | &nbsp;&nbsp;**$1725769** |
| Health Care — 0.3% | Health Care — 0.3% | Health Care — 0.3% |
| Akorn Holding Co. LLC<sup>(3)(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705631 | &nbsp;&nbsp;$0 |
| Cano Health, Inc.<sup>(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314140 | &nbsp;&nbsp;&nbsp;&nbsp; 883519 |
| Envision Parent, Inc.<sup>(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;778264 | &nbsp;&nbsp;&nbsp;&nbsp; 11998107 |
|  |  | &nbsp;&nbsp;**$12881626** |
| Household Durables — 0.3% | Household Durables — 0.3% | Household Durables — 0.3% |
| Serta Simmons Bedding, Inc.<sup>(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1348933 | &nbsp;&nbsp;$12747417 |
| Serta SSB Equipment Co.<sup>(3)(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1348933 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
|  |  | &nbsp;&nbsp;**$12747417** |
| Investment Companies — 0.0% | Investment Companies — 0.0% | Investment Companies — 0.0% |
| Aegletes BV<sup>(3)(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116244 | &nbsp;&nbsp;$0 |
|  |  | &nbsp;&nbsp;**$0** |
| Nonferrous Metals/Minerals — 0.2% | Nonferrous Metals/Minerals — 0.2% | Nonferrous Metals/Minerals — 0.2% |
| ACNR Holdings, Inc., Class A<sup>(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73982 | &nbsp;&nbsp;$6473425 |
|  |  | &nbsp;&nbsp;**$6473425** |
| Oil and Gas — 0.0% | Oil and Gas — 0.0% | Oil and Gas — 0.0% |
| AFG Holdings, Inc.<sup>(3)(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498342 | &nbsp;&nbsp;$0 |
|  |  | &nbsp;&nbsp;**$0** |
| Pharmaceuticals — 0.2% | Pharmaceuticals — 0.2% | Pharmaceuticals — 0.2% |
| Mallinckrodt International Finance SA<sup>(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100308 | &nbsp;&nbsp;$10331724 |
|  |  | &nbsp;&nbsp;**$10331724** |
| Retailers (Except Food and Drug) — 0.0% | Retailers (Except Food and Drug) — 0.0% | Retailers (Except Food and Drug) — 0.0% |
| Phillips Feed Service, Inc.<sup>(3)(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2590 | &nbsp;&nbsp;$0 |
|  |  | &nbsp;&nbsp;**$0** |
| Telecommunications — 0.0% | Telecommunications — 0.0% | Telecommunications — 0.0% |
| Anuvu<sup>(3)(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364650 | &nbsp;&nbsp;$0 |
|  |  | &nbsp;&nbsp;**$0** |
| Total Common Stocks<br> (identified cost $109,601,492) |  | &nbsp;&nbsp;**$68377317** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

*17*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_fd998a9b-106a-4c96-877e-a197b5877161_TOC)

Eaton Vance

Floating Rate Portfolio

October 31, 2025

Portfolio of Investments — continued

------

Corporate Bonds — 5.3%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Aerospace and Defense — 0.1% | Aerospace and Defense — 0.1% | Aerospace and Defense — 0.1% |
| Goat Holdco LLC, 6.75%, 2/1/32<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;$1839767 |
| TransDigm, Inc., 6.75%, 8/15/28<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3175 | &nbsp;&nbsp;&nbsp;&nbsp; 3241602 |
|  |  | &nbsp;&nbsp;**$5081369** |
| Air Transport — 0.3% | Air Transport — 0.3% | Air Transport — 0.3% |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, 4/20/26<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1147 | &nbsp;&nbsp;$1150507 |
| &nbsp;&nbsp;&nbsp;5.75%, 4/20/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10875 | &nbsp;&nbsp;&nbsp;&nbsp; 10979096 |
| United Airlines, Inc., 4.375%, 4/15/26<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2640 | &nbsp;&nbsp;&nbsp;&nbsp; 2636198 |
|  |  | &nbsp;&nbsp;**$14765801** |
| Apparel & Luxury Goods — 0.1% | Apparel & Luxury Goods — 0.1% | Apparel & Luxury Goods — 0.1% |
| Champ Acquisition Corp., 8.375%, 12/1/31<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3600 | &nbsp;&nbsp;$3843259 |
|  |  | &nbsp;&nbsp;**$3843259** |
| Automotive — 0.0%<sup>†</sup> | Automotive — 0.0%<sup>†</sup> | Automotive — 0.0%<sup>†</sup> |
| Adient Global Holdings Ltd., 7.00%, 4/15/28<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675 | &nbsp;&nbsp;$691390 |
|  |  | &nbsp;&nbsp;**$691390** |
| Building and Development — 0.1% | Building and Development — 0.1% | Building and Development — 0.1% |
| Smyrna Ready Mix Concrete LLC, 8.875%, 11/15/31<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;$2634460 |
| Winnebago Industries, Inc., 6.25%, 7/15/28<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531 | &nbsp;&nbsp;&nbsp;&nbsp; 530504 |
|  |  | &nbsp;&nbsp;**$3164964** |
| Business Equipment and Services — 0.3% | Business Equipment and Services — 0.3% | Business Equipment and Services — 0.3% |
| Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL: |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, 6/1/28<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4475 | &nbsp;&nbsp;$4386054 |
| &nbsp;&nbsp;&nbsp;4.625%, 6/1/28<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9725 | &nbsp;&nbsp;&nbsp;&nbsp; 9524939 |
|  |  | &nbsp;&nbsp;**$13910993** |
| Chemicals — 0.3% | Chemicals — 0.3% | Chemicals — 0.3% |
| Olympus Water U.S. Holding Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, 10/1/28<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9350 | &nbsp;&nbsp;$8982637 |
| &nbsp;&nbsp;&nbsp;7.25%, 2/15/33<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6250 | &nbsp;&nbsp;&nbsp;&nbsp; 6226433 |
|  |  | &nbsp;&nbsp;**$15209070** |
| Commercial Services — 0.2% | Commercial Services — 0.2% | Commercial Services — 0.2% |
| Herc Holdings, Inc., 7.00%, 6/15/30<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1990 | &nbsp;&nbsp;$2084205 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Commercial Services (continued) | Commercial Services (continued) | Commercial Services (continued) |
| Neptune Bidco U.S., Inc., 9.29%, 4/15/29<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5550 | &nbsp;&nbsp;$5485675 |
|  |  | &nbsp;&nbsp;**$7569880** |
| Computers — 0.0%<sup>†</sup> | Computers — 0.0%<sup>†</sup> | Computers — 0.0%<sup>†</sup> |
| Diebold Nixdorf, Inc., 7.75%, 3/31/30<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;$1910615 |
|  |  | &nbsp;&nbsp;**$1910615** |
| Diversified Financial Services — 0.1% | Diversified Financial Services — 0.1% | Diversified Financial Services — 0.1% |
| Aretec Group, Inc., 10.00%, 8/15/30<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4225 | &nbsp;&nbsp;$4602305 |
|  |  | &nbsp;&nbsp;**$4602305** |
| Diversified Telecommunication Services — 0.1% | Diversified Telecommunication Services — 0.1% | Diversified Telecommunication Services — 0.1% |
| Virgin Media Secured Finance PLC, 4.50%, 8/15/30<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6500 | &nbsp;&nbsp;$6046435 |
|  |  | &nbsp;&nbsp;**$6046435** |
| Drugs — 0.2% | Drugs — 0.2% | Drugs — 0.2% |
| Jazz Securities DAC, 4.375%, 1/15/29<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9150 | &nbsp;&nbsp;$8971768 |
|  |  | &nbsp;&nbsp;**$8971768** |
| Electronics/Electrical — 0.3% | Electronics/Electrical — 0.3% | Electronics/Electrical — 0.3% |
| Imola Merger Corp., 4.75%, 5/15/29<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13925 | &nbsp;&nbsp;$13737923 |
|  |  | &nbsp;&nbsp;**$13737923** |
| Engineering & Construction — 0.0%<sup>†</sup> | Engineering & Construction — 0.0%<sup>†</sup> | Engineering & Construction — 0.0%<sup>†</sup> |
| Artera Services LLC, 8.50%, 2/15/31<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1175 | &nbsp;&nbsp;$1017843 |
|  |  | &nbsp;&nbsp;**$1017843** |
| Entertainment — 0.1% | Entertainment — 0.1% | Entertainment — 0.1% |
| Caesars Entertainment, Inc., 6.50%, 2/15/32<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2925 | &nbsp;&nbsp;$2951185 |
|  |  | &nbsp;&nbsp;**$2951185** |
| Health Care — 0.3% | Health Care — 0.3% | Health Care — 0.3% |
| Global Medical Response, Inc., 7.375%, 10/1/32<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1755 | &nbsp;&nbsp;$1837643 |
| Medline Borrower LP, 3.875%, 4/1/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9800 | &nbsp;&nbsp;&nbsp;&nbsp; 9524928 |
| Tenet Healthcare Corp., 4.25%, 6/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2150 | &nbsp;&nbsp;&nbsp;&nbsp; 2103791 |
|  |  | &nbsp;&nbsp;**$13466362** |
| Household Products — 0.1% | Household Products — 0.1% | Household Products — 0.1% |
| Kronos Acquisition Holdings, Inc., 8.25%, 6/30/31<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;$3733915 |
|  |  | &nbsp;&nbsp;**$3733915** |

---

*18*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_fd998a9b-106a-4c96-877e-a197b5877161_TOC)

Eaton Vance

Floating Rate Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Insurance — 0.5% | Insurance — 0.5% | Insurance — 0.5% |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 7.00%, 1/15/31<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750 | &nbsp;&nbsp;$1814222 |
| AmWINS Group, Inc., 6.375%, 2/15/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4850 | &nbsp;&nbsp;&nbsp;&nbsp; 4946825 |
| Panther Escrow Issuer LLC, 7.125%, 6/1/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15325 | &nbsp;&nbsp;&nbsp;&nbsp; 15850678 |
|  |  | &nbsp;&nbsp;**$22611725** |
| Machinery — 0.4% | Machinery — 0.4% | Machinery — 0.4% |
| Madison IAQ LLC, 4.125%, 6/30/28<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13050 | &nbsp;&nbsp;$12787230 |
| TK Elevator U.S. Newco, Inc., 5.25%, 7/15/27<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5650 | &nbsp;&nbsp;&nbsp;&nbsp; 5647612 |
|  |  | &nbsp;&nbsp;**$18434842** |
| Professional Services — 0.1% | Professional Services — 0.1% | Professional Services — 0.1% |
| CoreLogic, Inc., 4.50%, 5/1/28<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3025 | &nbsp;&nbsp;$2924124 |
|  |  | &nbsp;&nbsp;**$2924124** |
| Real Estate Investment Trusts (REITs) — 0.2% | Real Estate Investment Trusts (REITs) — 0.2% | Real Estate Investment Trusts (REITs) — 0.2% |
| Cushman & Wakefield U.S. Borrower LLC, 6.75%, 5/15/28<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6393 | &nbsp;&nbsp;$6447878 |
|  |  | &nbsp;&nbsp;**$6447878** |
| Retail — 0.2% | Retail — 0.2% | Retail — 0.2% |
| Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., 4.625%, 1/15/29<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10580 | &nbsp;&nbsp;$10129395 |
|  |  | &nbsp;&nbsp;**$10129395** |
| Software — 0.6% | Software — 0.6% | Software — 0.6% |
| Cloud Software Group, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;8.25%, 6/30/32<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9930 | &nbsp;&nbsp;$10444215 |
| &nbsp;&nbsp;&nbsp;9.00%, 9/30/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7100 | &nbsp;&nbsp;&nbsp;&nbsp; 7349885 |
| UKG, Inc., 6.875%, 2/1/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7850 | &nbsp;&nbsp;&nbsp;&nbsp; 8086505 |
|  |  | &nbsp;&nbsp;**$25880605** |
| Technology — 0.2% | Technology — 0.2% | Technology — 0.2% |
| Clarivate Science Holdings Corp., 3.875%, 7/1/28<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9650 | &nbsp;&nbsp;$9299757 |
|  |  | &nbsp;&nbsp;**$9299757** |
| Telecommunications — 0.5% | Telecommunications — 0.5% | Telecommunications — 0.5% |
| Altice France SA: |  |  |
| &nbsp;&nbsp;&nbsp;6.50%, 10/15/31<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001 | &nbsp;&nbsp;$955673 |
| &nbsp;&nbsp;&nbsp;6.50%, 3/15/32<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10570 | &nbsp;&nbsp;&nbsp;&nbsp; 10129587 |
| &nbsp;&nbsp;&nbsp;9.50%, 11/1/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7181 | &nbsp;&nbsp;&nbsp;&nbsp; 7323551 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Telecommunications (continued) | Telecommunications (continued) | Telecommunications (continued) |
| VMED O2 U.K. Financing I PLC, 4.25%, 1/31/31<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3550 | &nbsp;&nbsp;$3243858 |
|  |  | &nbsp;&nbsp;**$21652669** |
| Total Corporate Bonds<br> (identified cost $238,216,627) |  | &nbsp;&nbsp;**$238056072** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Exchange-Traded Funds — 0.7%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Income Funds — 0.7% | Income Funds — 0.7% | Income Funds — 0.7% |
| Eaton Vance Floating-Rate ETF<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577500 | &nbsp;&nbsp;$28568925 |
| Total Exchange-Traded Funds<br> (identified cost $29,045,740) |  | &nbsp;&nbsp;**$28568925** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Preferred Stocks — 0.3%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Beverages — 0.2% | Beverages — 0.2% | Beverages — 0.2% |
| Citybrewing Topco LLC<sup>(3)(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1225519 | &nbsp;&nbsp;$9804152 |
|  |  | &nbsp;&nbsp;**$9804152** |
| Pharmaceuticals — 0.0% | Pharmaceuticals — 0.0% | Pharmaceuticals — 0.0% |
| Mallinckrodt PLC<sup>(3)(4)(5)</sup> | 4570433712 | &nbsp;&nbsp;$0 |
|  |  | &nbsp;&nbsp;**$0** |
| Technology — 0.1% | Technology — 0.1% | Technology — 0.1% |
| Cohesity Global, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;Series G<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78854 | &nbsp;&nbsp;$1912209 |
| &nbsp;&nbsp;&nbsp;Series G1<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54480 | &nbsp;&nbsp;&nbsp;&nbsp; 1314330 |
|  |  | &nbsp;&nbsp;**$3226539** |
| Total Preferred Stocks<br> (identified cost $13,526,039) |  | &nbsp;&nbsp;**$13030691** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Senior Floating-Rate Loans — 84.5%<sup>(7)</sup>

---

| | | | |
|:---|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Aerospace and Defense — 1.9% | Aerospace and Defense — 1.9% | Aerospace and Defense — 1.9% | Aerospace and Defense — 1.9% |
| Aernnova Aerospace SAU, Term Loan, 6.026%, (3 mo. EURIBOR + 4.00%), 2/27/30 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5550 | &nbsp;&nbsp;$6381215 |

---

*19*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_fd998a9b-106a-4c96-877e-a197b5877161_TOC)

Eaton Vance

Floating Rate Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Aerospace and Defense (continued) | Aerospace and Defense (continued) | Aerospace and Defense (continued) |
| Air Comm Corp. LLC: |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.715% - 6.74%, (1 mo. USD Term SOFR + 2.75%, 3 mo. USD Term SOFR + 2.75%), 12/11/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13241 | &nbsp;&nbsp;$13273945 |
| &nbsp;&nbsp;&nbsp;Term Loan, 12/11/31<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644 | &nbsp;&nbsp;&nbsp;&nbsp; 645459 |
| HDI Aerospace Intermediate Holding III Corp., Term Loan, 7.687%, (3 mo. USD Term SOFR + 3.75%), 2/11/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6020 | &nbsp;&nbsp;&nbsp;&nbsp; 6053641 |
| IAP Worldwide Services, Inc., Term Loan - Second Lien, 0.00%, 7/18/23<sup>(3)(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6709 | &nbsp;&nbsp;&nbsp;&nbsp; 4057209 |
| Kaman Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.427%, (3 mo. USD Term SOFR + 2.50%), 2/26/32<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718 | &nbsp;&nbsp;&nbsp;&nbsp; 720377 |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.544% - 6.699%, (3 mo. USD Term SOFR + 2.50%, 6 mo. USD Term SOFR + 2.50%), 2/26/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7588 | &nbsp;&nbsp;&nbsp;&nbsp; 7618738 |
| Novaria Holdings LLC, Term Loan, 7.215%, (1 mo. USD Term SOFR + 3.25%), 6/6/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2850 | &nbsp;&nbsp;&nbsp;&nbsp; 2858396 |
| TransDigm, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.252%, (3 mo. USD Term SOFR + 2.25%), 3/22/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29116 | &nbsp;&nbsp;&nbsp;&nbsp; 29172129 |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.502%, (3 mo. USD Term SOFR + 2.50%), 2/28/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9137 | &nbsp;&nbsp;&nbsp;&nbsp; 9159211 |
| Vista Management Holding, Inc., Term Loan, 7.735%, (3 mo. USD Term SOFR + 3.75%), 4/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5519 | &nbsp;&nbsp;&nbsp;&nbsp; 5567544 |
|  |  | &nbsp;&nbsp;**$85507864** |
| Air Freight & Logistics — 0.1% | Air Freight & Logistics — 0.1% | Air Freight & Logistics — 0.1% |
| AIT Worldwide Logistics, Inc., Term Loan, 8.255%, (3 mo. USD Term SOFR + 4.00%), 4/8/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5881 | &nbsp;&nbsp;$5914258 |
|  |  | &nbsp;&nbsp;**$5914258** |
| Airlines — 0.5% | Airlines — 0.5% | Airlines — 0.5% |
| American Airlines, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.134%, (3 mo. USD Term SOFR + 2.25%), 4/20/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21793 | &nbsp;&nbsp;$21842745 |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.134%, (3 mo. USD Term SOFR + 3.25%), 5/28/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1990 | &nbsp;&nbsp;&nbsp;&nbsp; 1999950 |
|  |  | &nbsp;&nbsp;**$23842695** |
| Apparel & Luxury Goods — 0.7% | Apparel & Luxury Goods — 0.7% | Apparel & Luxury Goods — 0.7% |
| Beach Acquisition Bidco LLC, Term Loan, 7.308%, (3 mo. USD Term SOFR + 3.25%), 9/12/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6875 | &nbsp;&nbsp;$6920822 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Apparel & Luxury Goods (continued) | Apparel & Luxury Goods (continued) | Apparel & Luxury Goods (continued) | Apparel & Luxury Goods (continued) |
| Gloves Buyer, Inc., Term Loan, 7.965%, (1 mo. USD Term SOFR + 4.00%), 5/21/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19300 | &nbsp;&nbsp;$19070812 |
| Hanesbrands, Inc., Term Loan, 6.715%, (1 mo. USD Term SOFR + 2.75%), 3/7/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6334 | &nbsp;&nbsp;&nbsp;&nbsp; 6365931 |
|  |  |  | &nbsp;&nbsp;**$32357565** |
| Auto Components — 1.6% | Auto Components — 1.6% | Auto Components — 1.6% | Auto Components — 1.6% |
| Adient U.S. LLC, Term Loan, 6.215%, (1 mo. USD Term SOFR + 2.25%), 1/31/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6376 | &nbsp;&nbsp;$6392545 |
| Autokiniton U.S. Holdings, Inc., Term Loan, 8.079%, (1 mo. USD Term SOFR + 4.00%), 4/6/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12710 | &nbsp;&nbsp;&nbsp;&nbsp; 12249652 |
| Clarios Global LP: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 4.893%, (1 mo. EURIBOR + 3.00%), 7/16/31 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1515 | &nbsp;&nbsp;&nbsp;&nbsp; 1754831 |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.715%, (1 mo. USD Term SOFR + 2.75%), 1/28/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5650 | &nbsp;&nbsp;&nbsp;&nbsp; 5674719 |
| DexKo Global, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 5.893%, (1 mo. EURIBOR + 4.00%), 10/4/28 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1711 | &nbsp;&nbsp;&nbsp;&nbsp; 1914101 |
| &nbsp;&nbsp;&nbsp;Term Loan, 5.893%, (1 mo. EURIBOR + 4.00%), 10/4/28 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4539 | &nbsp;&nbsp;&nbsp;&nbsp; 5078343 |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.829%, (1 mo. USD Term SOFR + 3.75%), 10/4/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1772 | &nbsp;&nbsp;&nbsp;&nbsp; 1748457 |
| First Brands Group LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;DIP Loan, 6/29/26<sup>(10)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp; 478687 |
| &nbsp;&nbsp;&nbsp;Term Loan, 0.00%, 3/30/27<sup>(9)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4775 | &nbsp;&nbsp;&nbsp;&nbsp; 1590075 |
| Lippert Colipper, Term Loan, 6.215%, (1 mo. USD Term SOFR + 2.25%), 3/25/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3333 | &nbsp;&nbsp;&nbsp;&nbsp; 3354104 |
| LTI Holdings, Inc., Term Loan, 7.715%, (1 mo. USD Term SOFR + 3.75%), 7/29/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16536 | &nbsp;&nbsp;&nbsp;&nbsp; 16655049 |
| RealTruck Group, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.829%, (1 mo. USD Term SOFR + 3.75%), 1/31/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11404 | &nbsp;&nbsp;&nbsp;&nbsp; 10049882 |
| &nbsp;&nbsp;&nbsp;Term Loan, 9.079%, (1 mo. USD Term SOFR + 5.00%), 1/31/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7018 | &nbsp;&nbsp;&nbsp;&nbsp; 6246131 |
|  |  |  | &nbsp;&nbsp;**$73186576** |
| Automobiles — 0.5% | Automobiles — 0.5% | Automobiles — 0.5% | Automobiles — 0.5% |
| Bombardier Recreational Products, Inc., Term Loan, 6.715%, (1 mo. USD Term SOFR + 2.75%), 1/22/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10364 | &nbsp;&nbsp;$10369960 |
| MajorDrive Holdings IV LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 8.263%, (3 mo. USD Term SOFR + 4.00%), 6/1/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9138 | &nbsp;&nbsp;&nbsp;&nbsp; 8894856 |
| &nbsp;&nbsp;&nbsp;Term Loan, 9.652%, (3 mo. USD Term SOFR + 5.50%), 6/1/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2097 | &nbsp;&nbsp;&nbsp;&nbsp; 2061996 |
|  |  |  | &nbsp;&nbsp;**$21326812** |

---

*20*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_fd998a9b-106a-4c96-877e-a197b5877161_TOC)

Eaton Vance

Floating Rate Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Beverages — 0.8% | Beverages — 0.8% | Beverages — 0.8% | Beverages — 0.8% |
| City Brewing Co. LLC, Term Loan, 11.198%, (3 mo. USD Term SOFR + 7.00%), 9/30/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2331 | &nbsp;&nbsp;$955771 |
| Primo Brands Corp., Term Loan, 6.252%, (3 mo. USD Term SOFR + 2.25%), 3/31/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27190 | &nbsp;&nbsp;&nbsp;&nbsp; 27292561 |
| Sazerac Co., Inc., Term Loan, 6.58%, (1 mo. USD Term SOFR + 2.50%), 7/9/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8225 | &nbsp;&nbsp;&nbsp;&nbsp; 8278956 |
|  |  |  | &nbsp;&nbsp;**$36527288** |
| Biotechnology — 0.3% | Biotechnology — 0.3% | Biotechnology — 0.3% | Biotechnology — 0.3% |
| Alltech, Inc., Term Loan, 8.329%, (1 mo. USD Term SOFR + 4.25%), 8/13/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12126 | &nbsp;&nbsp;$12182784 |
| Grifols Worldwide Operations USA, Inc., Term Loan, 6.065%, (1 mo. USD Term SOFR + 2.00%), 11/15/27 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3023 | &nbsp;&nbsp;&nbsp;&nbsp; 3027381 |
|  |  |  | &nbsp;&nbsp;**$15210165** |
| Broadline Retail — 0.7% | Broadline Retail — 0.7% | Broadline Retail — 0.7% | Broadline Retail — 0.7% |
| Peer Holding III BV: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 4.75%, (3 mo. EURIBOR + 2.75%), 11/26/31 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5725 | &nbsp;&nbsp;$6627792 |
| &nbsp;&nbsp;&nbsp;Term Loan, 4.75%, (3 mo. EURIBOR + 2.75%), 9/29/32 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1175 | &nbsp;&nbsp;&nbsp;&nbsp; 1359977 |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.502%, (3 mo. USD Term SOFR + 2.50%), 10/28/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11303 | &nbsp;&nbsp;&nbsp;&nbsp; 11364702 |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.502%, (3 mo. USD Term SOFR + 2.50%), 7/1/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13324 | &nbsp;&nbsp;&nbsp;&nbsp; 13395931 |
|  |  |  | &nbsp;&nbsp;**$32748402** |
| Building Products — 0.7% | Building Products — 0.7% | Building Products — 0.7% | Building Products — 0.7% |
| Cornerstone Building Brands, Inc., Term Loan, 7.382%, (1 mo. USD Term SOFR + 3.25%), 4/12/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5932 | &nbsp;&nbsp;$5448326 |
| CP Iris HoldCo I, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 10/27/32<sup>(10)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;898 | &nbsp;&nbsp;&nbsp;&nbsp; 893860 |
| &nbsp;&nbsp;&nbsp;Term Loan, 10/27/32<sup>(10)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7277 | &nbsp;&nbsp;&nbsp;&nbsp; 7240265 |
| LBM Acquisition LLC, Term Loan, 7.881%, (1 mo. USD Term SOFR + 3.75%), 6/6/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9192 | &nbsp;&nbsp;&nbsp;&nbsp; 8900463 |
| MI Windows & Doors LLC, Term Loan, 6.715%, (1 mo. USD Term SOFR + 2.75%), 3/28/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8295 | &nbsp;&nbsp;&nbsp;&nbsp; 8318661 |
| Sport Group Holding GmbH, Term Loan, 6.026%, (3 mo. EURIBOR + 4.00%), 7/8/31 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp; 1480651 |
|  |  |  | &nbsp;&nbsp;**$32282226** |
| Capital Markets — 3.1% | Capital Markets — 3.1% | Capital Markets — 3.1% | Capital Markets — 3.1% |
| Advisor Group, Inc., Term Loan, 6.965%, (1 mo. USD Term SOFR + 3.00%), 7/30/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8521 | &nbsp;&nbsp;$8544441 |
| AllSpring Buyer LLC, Term Loan, 6.762%, (3 mo. USD Term SOFR + 2.75%), 11/1/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12539 | &nbsp;&nbsp;&nbsp;&nbsp; 12581576 |

---

---

| | | |
|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Capital Markets (continued) | Capital Markets (continued) | Capital Markets (continued) |
| Aretec Group, Inc., Term Loan, 7.465%, (1 mo. USD Term SOFR + 3.50%), 8/9/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8522 | &nbsp;&nbsp;$8561912 |
| Citco Funding LLC, Term Loan, 6.806%, (3 mo. USD Term SOFR + 2.75%), 4/27/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8012 | &nbsp;&nbsp;&nbsp;&nbsp; 8064713 |
| Edelman Financial Center LLC, Term Loan, 6.965%, (1 mo. USD Term SOFR + 3.00%), 4/7/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9875 | &nbsp;&nbsp;&nbsp;&nbsp; 9919969 |
| EIG Management Co. LLC, Term Loan, 8.977%, (1 mo. USD Term SOFR + 5.00%), 5/17/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3562 | &nbsp;&nbsp;&nbsp;&nbsp; 3562034 |
| Focus Financial Partners LLC, Term Loan, 6.715%, (1 mo. USD Term SOFR + 2.75%), 9/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10838 | &nbsp;&nbsp;&nbsp;&nbsp; 10875912 |
| Franklin Square Holdings LP, Term Loan, 6.215%, (1 mo. USD Term SOFR + 2.25%), 4/25/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9702 | &nbsp;&nbsp;&nbsp;&nbsp; 9690060 |
| Guggenheim Partners LLC, Term Loan, 6.502%, (3 mo. USD Term SOFR + 2.50%), 11/26/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23980 | &nbsp;&nbsp;&nbsp;&nbsp; 24110310 |
| HighTower Holdings LLC, Term Loan, 7.071%, (3 mo. USD Term SOFR + 2.75%), 2/3/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2635 | &nbsp;&nbsp;&nbsp;&nbsp; 2637946 |
| Kestra Advisor Services Holdings A, Inc., Term Loan, 6.965%, (1 mo. USD Term SOFR + 3.00%), 3/22/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7911 | &nbsp;&nbsp;&nbsp;&nbsp; 7937071 |
| Mariner Wealth Advisors LLC, Term Loan, 6.502%, (3 mo. USD Term SOFR + 2.50%), 12/31/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2516563 |
| NEXUS Buyer LLC, Term Loan, 7/31/31<sup>(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4245 | &nbsp;&nbsp;&nbsp;&nbsp; 4223181 |
| Orion Advisor Solutions, Inc., Term Loan, 7.11%, (3 mo. USD Term SOFR + 3.25%), 9/24/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9919 | &nbsp;&nbsp;&nbsp;&nbsp; 9966953 |
| Orion U.S. Finco, Inc., Term Loan, 7.427%, (3 mo. USD Term SOFR + 3.50%), 10/8/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6225 | &nbsp;&nbsp;&nbsp;&nbsp; 6262474 |
| Victory Capital Holdings, Inc., Term Loan, 6.102%, (3 mo. USD Term SOFR + 2.00%), 9/23/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8875 | &nbsp;&nbsp;&nbsp;&nbsp; 8930469 |
|  |  | &nbsp;&nbsp;**$138385584** |
| Chemicals — 2.1% | Chemicals — 2.1% | Chemicals — 2.1% |
| Charter NEX U.S., Inc., Term Loan, 6.798%, (1 mo. USD Term SOFR + 2.75%), 11/29/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11691 | &nbsp;&nbsp;$11746778 |
| Chemours Co., Term Loan, 10/15/32<sup>(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6375 | &nbsp;&nbsp;&nbsp;&nbsp; 6285750 |
| Discovery Purchaser Corp., Term Loan, 7.607%, (3 mo. USD Term SOFR + 3.75%), 10/4/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8348 | &nbsp;&nbsp;&nbsp;&nbsp; 8287337 |
| INEOS Quattro Holdings U.K. Ltd., Term Loan, 7.815%, (1 mo. USD Term SOFR + 3.75%), 3/14/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3813 | &nbsp;&nbsp;&nbsp;&nbsp; 3091709 |
| INEOS U.S. Finance LLC: |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.965%, (1 mo. USD Term SOFR + 3.00%), 2/7/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5011 | &nbsp;&nbsp;&nbsp;&nbsp; 4262692 |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.215%, (1 mo. USD Term SOFR + 3.25%), 2/18/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15474 | &nbsp;&nbsp;&nbsp;&nbsp; 13329033 |

---

*21*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_fd998a9b-106a-4c96-877e-a197b5877161_TOC)

Eaton Vance

Floating Rate Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Chemicals (continued) | Chemicals (continued) | Chemicals (continued) | Chemicals (continued) |
| Lonza Group AG, Term Loan, 8.027%, (3 mo. USD Term SOFR + 3.93%), 7/3/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10193 | &nbsp;&nbsp;$9088236 |
| Minerals Technologies, Inc., Term Loan, 5.968%, (1 mo. USD Term SOFR + 2.00%), 11/26/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4764 | &nbsp;&nbsp;&nbsp;&nbsp; 4775910 |
| Olympus Water U.S. Holding Corp., Term Loan, 7.002%, (3 mo. USD Term SOFR + 3.00%), 6/20/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8465 | &nbsp;&nbsp;&nbsp;&nbsp; 8400528 |
| SCUR-Alpha 1503 GmbH, Term Loan, 9.34%, (3 mo. USD Term SOFR + 5.50%), 3/29/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10282 | &nbsp;&nbsp;&nbsp;&nbsp; 8985528 |
| Tronox Finance LLC, Term Loan, 6.465% - 6.502%, (1 mo. USD Term SOFR + 2.50%, 3 mo. USD Term SOFR + 2.50%), 9/30/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11483 | &nbsp;&nbsp;&nbsp;&nbsp; 8269505 |
| W.R. Grace & Co.-Conn., Term Loan, 7.002%, (3 mo. USD Term SOFR + 3.00%), 8/19/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5550 | &nbsp;&nbsp;&nbsp;&nbsp; 5534405 |
|  |  |  | &nbsp;&nbsp;**$92057411** |
| Commercial Services & Supplies — 3.3% | Commercial Services & Supplies — 3.3% | Commercial Services & Supplies — 3.3% | Commercial Services & Supplies — 3.3% |
| Albion Financing 3 SARL, Term Loan, 7.215%, (3 mo. USD Term SOFR + 3.00%), 5/21/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6830 | &nbsp;&nbsp;$6881487 |
| Allied Universal Holdco LLC, Term Loan, 7.315%, (1 mo. USD Term SOFR + 3.25%), 8/20/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13692 | &nbsp;&nbsp;&nbsp;&nbsp; 13763362 |
| Armor Holding II LLC, Term Loan, 7.916%, (6 mo. USD Term SOFR + 3.75%), 12/11/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1915 | &nbsp;&nbsp;&nbsp;&nbsp; 1925861 |
| Belfor Holdings, Inc., Term Loan, 6.715%, (1 mo. USD Term SOFR + 2.75%), 11/1/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5712 | &nbsp;&nbsp;&nbsp;&nbsp; 5733208 |
| EnergySolutions LLC, Term Loan, 7.215%, (1 mo. USD Term SOFR + 3.25%), 9/20/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13442 | &nbsp;&nbsp;&nbsp;&nbsp; 13538385 |
| Foundever Group, Term Loan, 5.65%, (1 mo. EURIBOR + 3.75%), 8/28/28 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3925 | &nbsp;&nbsp;&nbsp;&nbsp; 2160282 |
| Foundever Worldwide Corp., Term Loan, 7.829%, (1 mo. USD Term SOFR + 3.75%), 8/28/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11957 | &nbsp;&nbsp;&nbsp;&nbsp; 5649611 |
| Garda World Security Corp., Term Loan, 7.048%, (1 mo. USD Term SOFR + 3.00%), 2/1/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12357 | &nbsp;&nbsp;&nbsp;&nbsp; 12380456 |
| Gategroup Fin Luxembourg SA, Term Loan, 6/10/32<sup>(10)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1990 | &nbsp;&nbsp;&nbsp;&nbsp; 2009592 |
| Geosyntec Consultants, Term Loan, 7/31/31<sup>(10)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950 | &nbsp;&nbsp;&nbsp;&nbsp; 952375 |
| GFL Environmental, Inc., Term Loan, 6.671%, (3 mo. USD Term SOFR + 2.50%), 3/3/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16400 | &nbsp;&nbsp;&nbsp;&nbsp; 16428700 |
| Harsco Corp., Term Loan, 6.329%, (1 mo. USD Term SOFR + 2.25%), 6/9/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592 | &nbsp;&nbsp;&nbsp;&nbsp; 592358 |
| Heritage-Crystal Clean, Inc., Term Loan, 7.752%, (1 mo. USD Term SOFR + 3.75%), 10/17/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9192 | &nbsp;&nbsp;&nbsp;&nbsp; 9245324 |
| LSF12 Crown U.S. Commercial Bidco LLC, Term Loan, 7.663%, (1 mo. USD Term SOFR + 3.50%), 12/2/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19900 | &nbsp;&nbsp;&nbsp;&nbsp; 20043107 |
| Monitronics International, Inc., Term Loan, 11.763%, (3 mo. USD Term SOFR + 7.50%), 6/30/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10269 | &nbsp;&nbsp;&nbsp;&nbsp; 10278845 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Commercial Services & Supplies (continued) | Commercial Services & Supplies (continued) | Commercial Services & Supplies (continued) | Commercial Services & Supplies (continued) |
| MV Holding GmbH: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 4.145%, (1 mo. EURIBOR + 2.25%), 3/17/32 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1475 | &nbsp;&nbsp;$1711125 |
| &nbsp;&nbsp;&nbsp;Term Loan, 5.968%, (1 mo. USD Term SOFR + 2.00%), 3/17/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5661 | &nbsp;&nbsp;&nbsp;&nbsp; 5689117 |
| Prime Security Services Borrower LLC, Term Loan, 6.129%, (6 mo. USD Term SOFR + 2.00%), 10/13/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7446 | &nbsp;&nbsp;&nbsp;&nbsp; 7442230 |
| Tidal Waste & Recycling Holdings LLC, Term Loan, 7.002%, (3 mo. USD Term SOFR + 3.00%), 10/24/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5970 | &nbsp;&nbsp;&nbsp;&nbsp; 6003581 |
| TMF Group Holding BV, Term Loan, 6.684% - 6.701%, (3 mo. USD Term SOFR + 2.75%), 5/3/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6405 | &nbsp;&nbsp;&nbsp;&nbsp; 6439898 |
|  |  |  | &nbsp;&nbsp;**$148868904** |
| Communications Equipment — 0.1% | Communications Equipment — 0.1% | Communications Equipment — 0.1% | Communications Equipment — 0.1% |
| Viavi Solutions, Inc., Term Loan, 10/16/32<sup>(10)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5550 | &nbsp;&nbsp;$5565040 |
|  |  |  | &nbsp;&nbsp;**$5565040** |
| Construction Materials — 0.6% | Construction Materials — 0.6% | Construction Materials — 0.6% | Construction Materials — 0.6% |
| Knife River HoldCo, Term Loan, 6.123%, (3 mo. USD Term SOFR + 2.00%), 3/8/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2363 | &nbsp;&nbsp;$2374941 |
| Quikrete Holdings, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.215%, (1 mo. USD Term SOFR + 2.25%), 3/19/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11230 | &nbsp;&nbsp;&nbsp;&nbsp; 11255539 |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.215%, (1 mo. USD Term SOFR + 2.25%), 4/14/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp; 12287 |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.215%, (1 mo. USD Term SOFR + 2.25%), 2/10/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11474 | &nbsp;&nbsp;&nbsp;&nbsp; 11501174 |
| Smyrna Ready Mix Concrete LLC, Term Loan, 6.977%, (1 mo. USD Term SOFR + 3.00%), 4/2/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1197 | &nbsp;&nbsp;&nbsp;&nbsp; 1199985 |
|  |  |  | &nbsp;&nbsp;**$26343926** |
| Consumer Finance — 0.4% | Consumer Finance — 0.4% | Consumer Finance — 0.4% | Consumer Finance — 0.4% |
| CPI Holdco B LLC, Term Loan, 5.965%, (1 mo. USD Term SOFR + 2.00%), 5/19/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16216 | &nbsp;&nbsp;$16226560 |
|  |  |  | &nbsp;&nbsp;**$16226560** |
| Consumer Staples Distribution & Retail — 0.5% | Consumer Staples Distribution & Retail — 0.5% | Consumer Staples Distribution & Retail — 0.5% | Consumer Staples Distribution & Retail — 0.5% |
| Boots Group Bidco Ltd.: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 5.522%, (3 mo. EURIBOR + 3.50%), 8/30/32 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6075 | &nbsp;&nbsp;$7069362 |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.705%, (3 mo. USD Term SOFR + 3.50%), 8/30/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13325 | &nbsp;&nbsp;&nbsp;&nbsp; 13399953 |

---

*22*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_fd998a9b-106a-4c96-877e-a197b5877161_TOC)

Eaton Vance

Floating Rate Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Consumer Staples Distribution & Retail (continued) | Consumer Staples Distribution & Retail (continued) | Consumer Staples Distribution & Retail (continued) | Consumer Staples Distribution & Retail (continued) |
| Cardenas Markets, Inc., Term Loan, 10.852%, (3 mo. USD Term SOFR + 6.75%), 8/1/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4070 | &nbsp;&nbsp;$3256080 |
|  |  |  | &nbsp;&nbsp;**$23725395** |
| Containers & Packaging — 1.3% | Containers & Packaging — 1.3% | Containers & Packaging — 1.3% | Containers & Packaging — 1.3% |
| Altium Packaging LLC, Term Loan, 6.465%, (1 mo. USD Term SOFR + 2.50%), 6/11/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4715 | &nbsp;&nbsp;$4541435 |
| Berlin Packaging LLC, Term Loan, 7.235% - 7.384%, (1 mo. USD Term SOFR + 3.25%, 3 mo. USD Term SOFR + 3.25%), 6/7/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7356 | &nbsp;&nbsp;&nbsp;&nbsp; 7356984 |
| Clydesdale Acquisition Holdings, Inc., Term Loan, 7.14%, (1 mo. USD Term SOFR + 3.18%), 4/13/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20672 | &nbsp;&nbsp;&nbsp;&nbsp; 20683376 |
| Owens-Illinois, Inc., Term Loan, 6.838%, (3 mo. USD Term SOFR + 3.00%), 9/30/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp; 8996220 |
| Pretium PKG Holdings, Inc., Term Loan - Second Lien, 11.238%, (3 mo. USD Term SOFR + 6.75%), 10/1/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6675 | &nbsp;&nbsp;&nbsp;&nbsp; 629119 |
| Proampac PG Borrower LLC, Term Loan, 7.905% - 8.195%, (3 mo. USD Term SOFR + 4.00%), 9/15/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11826 | &nbsp;&nbsp;&nbsp;&nbsp; 11841143 |
| Trivium Packaging BV, Term Loan, 6.566%, (3 mo. EURIBOR + 4.50%), 5/28/30 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4800 | &nbsp;&nbsp;&nbsp;&nbsp; 5540798 |
|  |  |  | &nbsp;&nbsp;**$59589075** |
| Distributors — 0.6% | Distributors — 0.6% | Distributors — 0.6% | Distributors — 0.6% |
| Parts Europe SA, Term Loan, 5.004%, (3 mo. EURIBOR + 3.00%), 2/3/31 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14275 | &nbsp;&nbsp;$16596325 |
| Phillips Feed Service, Inc., Term Loan, 11.065%, (1 mo. USD Term SOFR + 7.00%), 11/13/26<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461 | &nbsp;&nbsp;&nbsp;&nbsp; 285458 |
| Rubix Group Midco 3 Ltd., Term Loan, 6.083%, (6 mo. EURIBOR + 4.00%), 9/30/28 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1743784 |
| Winterfell Financing SARL: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 5.454%, (3 mo. EURIBOR + 3.43%), 5/4/28 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4050 | &nbsp;&nbsp;&nbsp;&nbsp; 4153677 |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.029%, (3 mo. EURIBOR + 5.00%), 5/4/28 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2107425 |
|  |  |  | &nbsp;&nbsp;**$24886669** |
| Diversified Consumer Services — 1.4% | Diversified Consumer Services — 1.4% | Diversified Consumer Services — 1.4% | Diversified Consumer Services — 1.4% |
| Ascend Learning LLC, Term Loan, 6.965%, (1 mo. USD Term SOFR + 3.00%), 12/11/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15124 | &nbsp;&nbsp;$15134554 |
| Belron U.K. Finance PLC, Term Loan, 4.723%, (3 mo. EURIBOR + 2.75%), 10/16/31 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7850 | &nbsp;&nbsp;&nbsp;&nbsp; 9122725 |
| Fugue Finance BV, Term Loan, 6.949%, (3 mo. USD Term SOFR + 2.75%), 1/9/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5023 | &nbsp;&nbsp;&nbsp;&nbsp; 5041736 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Diversified Consumer Services (continued) | Diversified Consumer Services (continued) | Diversified Consumer Services (continued) | Diversified Consumer Services (continued) |
| KUEHG Corp., Term Loan, 6.752%, (3 mo. USD Term SOFR + 2.75%), 6/12/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17093 | &nbsp;&nbsp;$17062951 |
| Lernen Bidco Ltd., Term Loan, 7.863%, (3 mo. USD Term SOFR + 3.50%), 10/27/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4987 | &nbsp;&nbsp;&nbsp;&nbsp; 4997806 |
| Spring Education Group, Inc., Term Loan, 7.252%, (3 mo. USD Term SOFR + 3.25%), 10/4/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3660 | &nbsp;&nbsp;&nbsp;&nbsp; 3675824 |
| Wand NewCo 3, Inc., Term Loan, 6.465%, (1 mo. USD Term SOFR + 2.50%), 1/30/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9050 | &nbsp;&nbsp;&nbsp;&nbsp; 9040337 |
|  |  |  | &nbsp;&nbsp;**$64075933** |
| Diversified Financial Services — 0.2% | Diversified Financial Services — 0.2% | Diversified Financial Services — 0.2% | Diversified Financial Services — 0.2% |
| Concorde Midco Ltd., Term Loan, 5.517%, (3 mo. EURIBOR + 3.50%), 3/1/30 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8730 | &nbsp;&nbsp;$9840452 |
|  |  |  | &nbsp;&nbsp;**$9840452** |
| Diversified Telecommunication Services — 0.8% | Diversified Telecommunication Services — 0.8% | Diversified Telecommunication Services — 0.8% | Diversified Telecommunication Services — 0.8% |
| Altice France SA, Term Loan, 9.36%, (3 mo. USD Term SOFR + 5.38%), 5/14/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4946 | &nbsp;&nbsp;$4896241 |
| Anuvu Holdings 2 LLC, Term Loan, 12.376%, (3 mo. USD Term SOFR + 8.25%), 3/23/26<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8945 | &nbsp;&nbsp;&nbsp;&nbsp; 164597 |
| Level 3 Financing, Inc., Term Loan, 7.215%, (1 mo. USD Term SOFR + 3.25%), 3/29/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10851 | &nbsp;&nbsp;&nbsp;&nbsp; 10850607 |
| Lumen Technologies, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.429%, (1 mo. USD Term SOFR + 2.35%), 4/16/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7805 | &nbsp;&nbsp;&nbsp;&nbsp; 7775544 |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.429%, (1 mo. USD Term SOFR + 2.35%), 4/15/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7820 | &nbsp;&nbsp;&nbsp;&nbsp; 7791108 |
| Virgin Media Bristol LLC, Term Loan, 7.052%, (6 mo. USD Term SOFR + 3.18%), 3/31/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2563 | &nbsp;&nbsp;&nbsp;&nbsp; 2513082 |
|  |  |  | &nbsp;&nbsp;**$33991179** |
| Electric Utilities — 0.7% | Electric Utilities — 0.7% | Electric Utilities — 0.7% | Electric Utilities — 0.7% |
| Kohler Energy Co. LLC, Term Loan, 7.752%, (3 mo. USD Term SOFR + 3.75%), 5/1/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10586 | &nbsp;&nbsp;$10633899 |
| MRP Buyer LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.252%, (3 mo. USD Term SOFR + 3.25%), 6/4/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17077 | &nbsp;&nbsp;&nbsp;&nbsp; 16816878 |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.252%, (3 mo. USD Term SOFR + 3.25%), 6/4/32<sup>(8)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2173 | &nbsp;&nbsp;&nbsp;&nbsp; 2140330 |
|  |  |  | &nbsp;&nbsp;**$29591107** |
| Electrical Equipment — 0.4% | Electrical Equipment — 0.4% | Electrical Equipment — 0.4% | Electrical Equipment — 0.4% |
| Dynamo Newco II GmbH, Term Loan, 7.363%, (1 mo. USD Term SOFR + 3.25%), 9/30/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3094 | &nbsp;&nbsp;$3111153 |

---

*23*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_fd998a9b-106a-4c96-877e-a197b5877161_TOC)

Eaton Vance

Floating Rate Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Electrical Equipment (continued) | Electrical Equipment (continued) | Electrical Equipment (continued) |
| Nvent Electric PLC, Term Loan, 7.155%, (1 mo. USD Term SOFR + 3.00%), 1/30/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2394 | &nbsp;&nbsp;$2406341 |
| WEC U.S. Holdings Ltd., Term Loan, 6.384%, (1 mo. USD Term SOFR + 2.25%), 1/27/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10466 | &nbsp;&nbsp;&nbsp;&nbsp; 10502285 |
|  |  | &nbsp;&nbsp;**$16019779** |
| Electronic Equipment, Instruments & Components — 1.1% | Electronic Equipment, Instruments & Components — 1.1% | Electronic Equipment, Instruments & Components — 1.1% |
| Chamberlain Group, Inc., Term Loan, 6.965%, (1 mo. USD Term SOFR + 3.00%), 9/8/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13616 | &nbsp;&nbsp;$13675444 |
| Creation Technologies, Inc., Term Loan, 9.696%, (3 mo. USD Term SOFR + 5.50%), 10/5/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12556 | &nbsp;&nbsp;&nbsp;&nbsp; 12540243 |
| Range Red Operating, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 12.401%, (3 mo. USD Term SOFR + 8.00%), 10/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3183 | &nbsp;&nbsp;&nbsp;&nbsp; 3197576 |
| &nbsp;&nbsp;&nbsp;Term Loan - Second Lien, 12.401%, (3 mo. USD Term SOFR + 8.00%), 10/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13353 | &nbsp;&nbsp;&nbsp;&nbsp; 13413363 |
| TTM Technologies, Inc., Term Loan, 6.384%, (1 mo. USD Term SOFR + 2.25%), 5/30/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2052 | &nbsp;&nbsp;&nbsp;&nbsp; 2061975 |
| Verifone Systems, Inc., Term Loan, 9.352%, (3 mo. USD Term SOFR + 5.25%), 8/18/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6438 | &nbsp;&nbsp;&nbsp;&nbsp; 6181632 |
|  |  | &nbsp;&nbsp;**$51070233** |
| Energy Equipment & Services — 0.2% | Energy Equipment & Services — 0.2% | Energy Equipment & Services — 0.2% |
| Ameriforge Group, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 15.092%, (1 mo. USD Term SOFR + 11.00%), 4.092% Cash, 11.00% PIK, 12/31/25<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3986 | &nbsp;&nbsp;$256306 |
| &nbsp;&nbsp;&nbsp;Term Loan, 15.092%, (1 mo. USD Term SOFR + 11.00%), 4.092% Cash, 11.00% PIK, 12/31/25<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34416 | &nbsp;&nbsp;&nbsp;&nbsp; 2212967 |
| PG Investment Co. 59 SARL, Term Loan, 6.715%, (1 mo. USD Term SOFR + 2.75%), 3/26/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8249 | &nbsp;&nbsp;&nbsp;&nbsp; 8291283 |
|  |  | &nbsp;&nbsp;**$10760556** |
| Engineering & Construction — 1.2% | Engineering & Construction — 1.2% | Engineering & Construction — 1.2% |
| American Residential Services LLC, Term Loan, 6.752%, (3 mo. USD Term SOFR + 2.75%), 2/2/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489 | &nbsp;&nbsp;$488245 |
| Artera Services LLC, Term Loan, 8.502%, (3 mo. USD Term SOFR + 4.50%), 2/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8543 | &nbsp;&nbsp;&nbsp;&nbsp; 7311632 |
| Azuria Water Solutions, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.965%, (1 mo. USD Term SOFR + 3.00%), 5/17/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17984 | &nbsp;&nbsp;&nbsp;&nbsp; 18105495 |
| &nbsp;&nbsp;&nbsp;Term Loan, 5/17/28<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565 | &nbsp;&nbsp;&nbsp;&nbsp; 568748 |
| Construction Partners, Inc., Term Loan, 6.465%, (1 mo. USD Term SOFR + 2.50%), 11/3/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4789 | &nbsp;&nbsp;&nbsp;&nbsp; 4803777 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Engineering & Construction (continued) | Engineering & Construction (continued) | Engineering & Construction (continued) | Engineering & Construction (continued) |
| Green Infrastructure Partners, Inc., Term Loan, 6.753%, (3 mo. USD Term SOFR + 2.75%), 9/24/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7975 | &nbsp;&nbsp;$7997450 |
| Northstar Group Services, Inc., Term Loan, 8.59%, (3 mo. USD Term SOFR + 4.75%), 5/31/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13767 | &nbsp;&nbsp;&nbsp;&nbsp; 13904936 |
|  |  |  | &nbsp;&nbsp;**$53180283** |
| Entertainment — 2.0% | Entertainment — 2.0% | Entertainment — 2.0% | Entertainment — 2.0% |
| Creative Artists Agency LLC, Term Loan, 6.465%, (1 mo. USD Term SOFR + 2.50%), 10/1/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9165 | &nbsp;&nbsp;$9188265 |
| Dorna Sports SL, Term Loan, 4.821%, (3 mo. EURIBOR + 2.75%), 8/18/32 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1850 | &nbsp;&nbsp;&nbsp;&nbsp; 2145965 |
| EOC Borrower LLC, Term Loan, 6.965%, (1 mo. USD Term SOFR + 3.00%), 3/24/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28499 | &nbsp;&nbsp;&nbsp;&nbsp; 28682663 |
| Playtika Holding Corp., Term Loan, 6.829%, (1 mo. USD Term SOFR + 2.75%), 3/13/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13249 | &nbsp;&nbsp;&nbsp;&nbsp; 12982114 |
| Pretzel Parent, Inc., Term Loan, 8.465%, (1 mo. USD Term SOFR + 4.50%), 10/1/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9254 | &nbsp;&nbsp;&nbsp;&nbsp; 9238463 |
| TKO Worldwide Holdings LLC, Term Loan, 6.002%, (3 mo. USD Term SOFR + 2.00%), 11/21/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14657 | &nbsp;&nbsp;&nbsp;&nbsp; 14706446 |
| Varsity Brands, Inc., Term Loan, 7.026%, (3 mo. USD Term SOFR + 3.00%), 8/26/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11471 | &nbsp;&nbsp;&nbsp;&nbsp; 11511400 |
|  |  |  | &nbsp;&nbsp;**$88455316** |
| Financial Services — 0.8% | Financial Services — 0.8% | Financial Services — 0.8% | Financial Services — 0.8% |
| NCR Atleos LLC, Term Loan, 7.026%, (3 mo. USD Term SOFR + 3.00%), 4/16/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7284 | &nbsp;&nbsp;$7298722 |
| Nuvei Technologies Corp., Term Loan, 11/17/31<sup>(10)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1002165 |
| Planet U.S. Buyer LLC, Term Loan, 7.198%, (3 mo. USD Term SOFR + 3.00%), 2/7/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11529 | &nbsp;&nbsp;&nbsp;&nbsp; 11603829 |
| Synechron, Inc., Term Loan, 7.715%, (1 mo. USD Term SOFR + 3.75%), 10/3/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9388 | &nbsp;&nbsp;&nbsp;&nbsp; 9176892 |
| Walker & Dunlop, Inc., Term Loan, 6.031%, (1 mo. USD Term SOFR + 2.00%), 3/14/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6716 | &nbsp;&nbsp;&nbsp;&nbsp; 6724645 |
|  |  |  | &nbsp;&nbsp;**$35806253** |
| Food Products — 0.9% | Food Products — 0.9% | Food Products — 0.9% | Food Products — 0.9% |
| Del Monte Foods, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;DIP Loan, 13.648%, (1 mo. USD Term SOFR + 9.50%), 4/2/26 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3179 | &nbsp;&nbsp;$3071971 |
| &nbsp;&nbsp;&nbsp;Term Loan, 0.00%, 8/2/28<sup>(9)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;873 | &nbsp;&nbsp;&nbsp;&nbsp; 437488 |
| &nbsp;&nbsp;&nbsp;Term Loan, 0.00%, 8/2/28<sup>(9)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776 | &nbsp;&nbsp;&nbsp;&nbsp; 388861 |
| &nbsp;&nbsp;&nbsp;Term Loan, 13.632% - 13.648%, (1 mo. USD Term SOFR + 9.50%, 1 mo. USD Term SOFR + 9.60%), 4/2/26 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4118 | &nbsp;&nbsp;&nbsp;&nbsp; 3387388 |

---

*24*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_fd998a9b-106a-4c96-877e-a197b5877161_TOC)

Eaton Vance

Floating Rate Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Food Products (continued) | Food Products (continued) | Food Products (continued) | Food Products (continued) |
| Del Monte Foods, Inc.: (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan - Second Lien, 0.00%, 8/2/28<sup>(9)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6167 | &nbsp;&nbsp;$269801 |
| Froneri Lux Finco SARL: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.197%, (6 mo. USD Term SOFR + 2.00%), 9/30/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4620 | &nbsp;&nbsp;&nbsp;&nbsp; 4592716 |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.435%, (3 mo. USD Term SOFR + 2.50%), 8/2/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7150 | &nbsp;&nbsp;&nbsp;&nbsp; 7154862 |
| Golden State Food LLC, Term Loan, 8.163%, (1 mo. USD Term SOFR + 4.00%), 12/4/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2244 | &nbsp;&nbsp;&nbsp;&nbsp; 2255633 |
| Newly Weds Foods, Inc., Term Loan, 6.281%, (1 mo. USD Term SOFR + 2.25%), 3/15/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9277 | &nbsp;&nbsp;&nbsp;&nbsp; 9276750 |
| Nomad Foods U.S. LLC, Term Loan, 6.579%, (1 mo. USD Term SOFR + 2.50%), 11/12/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7794 | &nbsp;&nbsp;&nbsp;&nbsp; 7803590 |
| Valeo F1 Co. Ltd. (Ireland), Term Loan, 8.968%, (6 mo. GBP SONIA + 5.00%), 9/29/28 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 3276038 |
|  |  |  | &nbsp;&nbsp;**$41915098** |
| Gas Utilities — 0.4% | Gas Utilities — 0.4% | Gas Utilities — 0.4% | Gas Utilities — 0.4% |
| CQP Holdco LP, Term Loan, 6.002%, (3 mo. USD Term SOFR + 2.00%), 12/31/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11300 | &nbsp;&nbsp;$11333536 |
| Stonepeak Bayou Holdings LP, Term Loan, 6.735%, (3 mo. USD Term SOFR + 2.75%), 10/1/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8750 | &nbsp;&nbsp;&nbsp;&nbsp; 7918750 |
|  |  |  | &nbsp;&nbsp;**$19252286** |
| Ground Transportation — 0.2% | Ground Transportation — 0.2% | Ground Transportation — 0.2% | Ground Transportation — 0.2% |
| Student Transportation of America Holdings, Inc., Term Loan, 7.253%, (3 mo. USD Term SOFR + 3.25%), 6/24/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7557 | &nbsp;&nbsp;$7625832 |
|  |  |  | &nbsp;&nbsp;**$7625832** |
| Health Care Equipment & Supplies — 0.8% | Health Care Equipment & Supplies — 0.8% | Health Care Equipment & Supplies — 0.8% | Health Care Equipment & Supplies — 0.8% |
| Bausch & Lomb Corp., Term Loan, 8.215%, (1 mo. USD Term SOFR + 4.25%), 1/15/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17169 | &nbsp;&nbsp;$17297693 |
| Journey Personal Care Corp., Term Loan, 7.715%, (1 mo. USD Term SOFR + 3.75%), 3/1/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9166 | &nbsp;&nbsp;&nbsp;&nbsp; 8982745 |
| Medline Borrower LP, Term Loan, 5.965%, (1 mo. USD Term SOFR + 2.00%), 10/23/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10644 | &nbsp;&nbsp;&nbsp;&nbsp; 10660547 |
|  |  |  | &nbsp;&nbsp;**$36940985** |
| Health Care Providers & Services — 5.0% | Health Care Providers & Services — 5.0% | Health Care Providers & Services — 5.0% | Health Care Providers & Services — 5.0% |
| AEA International Holdings (Lux) SARL, Term Loan, 6.752%, (3 mo. USD Term SOFR + 2.75%), 9/7/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7468 | &nbsp;&nbsp;$7468387 |
| Cano Health LLC, Term Loan, 13.502%, (3 mo. USD Term SOFR + 9.50%), 6/28/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1526 | &nbsp;&nbsp;&nbsp;&nbsp; 1284072 |
| CCRR Parent, Inc., Term Loan, 8.71%, (3 mo. USD Term SOFR + 4.25%), 3/6/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4612 | &nbsp;&nbsp;&nbsp;&nbsp; 1533594 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Health Care Providers & Services (continued) | Health Care Providers & Services (continued) | Health Care Providers & Services (continued) | Health Care Providers & Services (continued) |
| Ceva Sante Animale: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 5.00%, (3 mo. EURIBOR + 3.00%), 11/8/30 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3725 | &nbsp;&nbsp;$4312406 |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.976%, (3 mo. USD Term SOFR + 2.75%), 11/8/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6197 | &nbsp;&nbsp;&nbsp;&nbsp; 6228805 |
| Concentra Health Services, Inc., Term Loan, 5.965%, (1 mo. USD Term SOFR + 2.00%), 7/26/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3499 | &nbsp;&nbsp;&nbsp;&nbsp; 3512828 |
| Electron BidCo, Inc., Term Loan, 6.715%, (1 mo. USD Term SOFR + 2.75%), 11/1/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4706 | &nbsp;&nbsp;&nbsp;&nbsp; 4731212 |
| Ensemble RCM LLC, Term Loan, 6.84%, (3 mo. USD Term SOFR + 3.00%), 8/1/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13542 | &nbsp;&nbsp;&nbsp;&nbsp; 13611119 |
| Global Medical Response, Inc., Term Loan, 7.384%, (3 mo. USD Term SOFR + 3.50%), 10/1/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9125 | &nbsp;&nbsp;&nbsp;&nbsp; 9174184 |
| Hanger, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.465%, (1 mo. USD Term SOFR + 3.50%), 10/23/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9291 | &nbsp;&nbsp;&nbsp;&nbsp; 9327192 |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.465%, (1 mo. USD Term SOFR + 3.50%), 10/23/31<sup>(8)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1201 | &nbsp;&nbsp;&nbsp;&nbsp; 1205277 |
| Heartland Dental LLC, Term Loan, 7.715%, (1 mo. USD Term SOFR + 3.75%), 8/25/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11347 | &nbsp;&nbsp;&nbsp;&nbsp; 11385538 |
| IVC Acquisition Ltd.: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.029%, (3 mo. EURIBOR + 4.00%), 12/12/28 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp; 4728134 |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.752%, (3 mo. USD Term SOFR + 3.75%), 12/12/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10415 | &nbsp;&nbsp;&nbsp;&nbsp; 10472180 |
| MDVIP, Inc., Term Loan, 6.752%, (1 mo. USD Term SOFR + 2.75%), 10/14/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6540 | &nbsp;&nbsp;&nbsp;&nbsp; 6568487 |
| MED ParentCo LP, Term Loan, 7.215%, (1 mo. USD Term SOFR + 3.25%), 4/15/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9482 | &nbsp;&nbsp;&nbsp;&nbsp; 9542999 |
| Medical Solutions Holdings, Inc., Term Loan - Second Lien, 10.94%, (3 mo. USD Term SOFR + 7.00%), 11/1/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9500 | &nbsp;&nbsp;&nbsp;&nbsp; 2137500 |
| Mehilainen Yhtiot OYJ, Term Loan, 5.50%, (3 mo. EURIBOR + 3.50%), 8/5/31 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9925 | &nbsp;&nbsp;&nbsp;&nbsp; 11552450 |
| Midwest Physician Administrative Services LLC, Term Loan, 7.263%, (3 mo. USD Term SOFR + 3.00%), 3/12/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5457 | &nbsp;&nbsp;&nbsp;&nbsp; 4992191 |
| National Mentor Holdings, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.815% - 7.852%, (1 mo. USD Term SOFR + 3.75%, 3 mo. USD Term SOFR + 3.75%), 3/2/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13919 | &nbsp;&nbsp;&nbsp;&nbsp; 13555484 |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.852%, (3 mo. USD Term SOFR + 3.75%), 3/2/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390 | &nbsp;&nbsp;&nbsp;&nbsp; 379571 |
| &nbsp;&nbsp;&nbsp;Term Loan - Second Lien, 11.352%, (3 mo. USD Term SOFR + 7.25%), 3/2/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5525 | &nbsp;&nbsp;&nbsp;&nbsp; 5221125 |
| Pacific Dental Services LLC, Term Loan, 6.537%, (1 mo. USD Term SOFR + 2.50%), 3/15/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11352 | &nbsp;&nbsp;&nbsp;&nbsp; 11387550 |
| Phoenix Guarantor, Inc., Term Loan, 6.465%, (1 mo. USD Term SOFR + 2.50%), 2/21/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16440 | &nbsp;&nbsp;&nbsp;&nbsp; 16509041 |

---

*25*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_fd998a9b-106a-4c96-877e-a197b5877161_TOC)

Eaton Vance

Floating Rate Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Health Care Providers & Services (continued) | Health Care Providers & Services (continued) | Health Care Providers & Services (continued) | Health Care Providers & Services (continued) |
| Radnet Management, Inc., Term Loan, 6.448%, (3 mo. USD Term SOFR + 2.25%), 4/18/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9648 | &nbsp;&nbsp;$9674414 |
| Raven Acquisition Holdings LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.965%, (1 mo. USD Term SOFR + 3.00%), 11/19/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15005 | &nbsp;&nbsp;&nbsp;&nbsp; 15026628 |
| &nbsp;&nbsp;&nbsp;Term Loan, 11/19/31<sup>(8)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1077 | &nbsp;&nbsp;&nbsp;&nbsp; 1078119 |
| Reverb Buyer, Inc., Term Loan, 7.44%, (3 mo. USD Term SOFR + 3.50%), 11/1/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11234 | &nbsp;&nbsp;&nbsp;&nbsp; 8425608 |
| Select Medical Corp., Term Loan, 5.965%, (1 mo. USD Term SOFR + 2.00%), 12/3/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8684 | &nbsp;&nbsp;&nbsp;&nbsp; 8716941 |
| Synlab Bondco PLC, Term Loan, 4.551%, (6 mo. EURIBOR + 2.50%), 7/1/27 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2125 | &nbsp;&nbsp;&nbsp;&nbsp; 2444225 |
| U.S. Anesthesia Partners, Inc., Term Loan, 8.249%, (1 mo. USD Term SOFR + 4.00%), 10/1/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4915 | &nbsp;&nbsp;&nbsp;&nbsp; 4926351 |
|  |  |  | &nbsp;&nbsp;**$221113612** |
| Health Care Technology — 2.0% | Health Care Technology — 2.0% | Health Care Technology — 2.0% | Health Care Technology — 2.0% |
| athenahealth Group, Inc., Term Loan, 6.715%, (1 mo. USD Term SOFR + 2.75%), 2/15/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31119 | &nbsp;&nbsp;$31026203 |
| Cotiviti Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.884%, (1 mo. USD Term SOFR + 2.75%), 5/1/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10666 | &nbsp;&nbsp;&nbsp;&nbsp; 10301911 |
| &nbsp;&nbsp;&nbsp;Term Loan - Second Lien, 6.884%, (1 mo. USD Term SOFR + 2.75%), 3/26/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2894055 |
| Imprivata, Inc., Term Loan, 7.002%, (3 mo. USD Term SOFR + 3.00%), 12/1/27 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16808 | &nbsp;&nbsp;&nbsp;&nbsp; 16916484 |
| PointClickCare Technologies, Inc., Term Loan, 6.752%, (3 mo. USD Term SOFR + 2.75%), 11/3/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14722 | &nbsp;&nbsp;&nbsp;&nbsp; 14777078 |
| Project Ruby Ultimate Parent Corp., Term Loan, 6.829%, (1 mo. USD Term SOFR + 2.75%), 3/10/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11344 | &nbsp;&nbsp;&nbsp;&nbsp; 11386273 |
| Symplr Software, Inc., Term Loan, 8.44%, (3 mo. USD Term SOFR + 4.50%), 12/22/27 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1497 | &nbsp;&nbsp;&nbsp;&nbsp; 1323197 |
| Waystar Technologies, Inc., Term Loan, 5.965%, (1 mo. USD Term SOFR + 2.00%), 10/22/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1719 | &nbsp;&nbsp;&nbsp;&nbsp; 1721579 |
|  |  |  | &nbsp;&nbsp;**$90346780** |
| Hotels, Restaurants & Leisure — 4.4% | Hotels, Restaurants & Leisure — 4.4% | Hotels, Restaurants & Leisure — 4.4% | Hotels, Restaurants & Leisure — 4.4% |
| 1011778 BC Unlimited Liability Co., Term Loan, 5.715%, (1 mo. USD Term SOFR + 1.75%), 9/20/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5761 | &nbsp;&nbsp;$5752615 |
| Betclic Everest Group, Term Loan, 6.093%, (3 mo. EURIBOR + 3.25%), 12/10/31 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4250 | &nbsp;&nbsp;&nbsp;&nbsp; 4932246 |
| Caesars Entertainment, Inc., Term Loan, 6.215%, (1 mo. USD Term SOFR + 2.25%), 2/6/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22138 | &nbsp;&nbsp;&nbsp;&nbsp; 21985677 |
| Fertitta Entertainment LLC, Term Loan, 7.215%, (1 mo. USD Term SOFR + 3.25%), 1/27/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22142 | &nbsp;&nbsp;&nbsp;&nbsp; 22147734 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Hotels, Restaurants & Leisure (continued) | Hotels, Restaurants & Leisure (continued) | Hotels, Restaurants & Leisure (continued) | Hotels, Restaurants & Leisure (continued) |
| Flutter Financing BV: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 5.752%, (3 mo. USD Term SOFR + 1.75%), 11/30/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24571 | &nbsp;&nbsp;$24503098 |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.002%, (3 mo. USD Term SOFR + 2.00%), 6/4/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5337 | &nbsp;&nbsp;&nbsp;&nbsp; 5318827 |
| GVC Holdings (Gibraltar) Ltd.: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 5.287%, (6 mo. EURIBOR + 3.25%), 6/30/28 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6650 | &nbsp;&nbsp;&nbsp;&nbsp; 7716977 |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.37%, (3 mo. USD Term SOFR + 2.25%), 7/31/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2075 | &nbsp;&nbsp;&nbsp;&nbsp; 2069813 |
| Herschend Entertainment Co. LLC, Term Loan, 7.215%, (1 mo. USD Term SOFR + 3.25%), 5/27/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4888 | &nbsp;&nbsp;&nbsp;&nbsp; 4917859 |
| Horizon U.S. Finco LP, Term Loan, 8.198%, (6 mo. USD Term SOFR + 4.50%), 10/31/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12061 | &nbsp;&nbsp;&nbsp;&nbsp; 11457992 |
| IRB Holding Corp., Term Loan, 6.465%, (1 mo. USD Term SOFR + 2.50%), 12/15/27 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10965 | &nbsp;&nbsp;&nbsp;&nbsp; 10992455 |
| Light & Wonder International, Inc., Term Loan, 6.287%, (1 mo. USD Term SOFR + 2.25%), 4/14/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8795 | &nbsp;&nbsp;&nbsp;&nbsp; 8833821 |
| New Bidco AB, Term Loan, 5.782%, (3 mo. EURIBOR + 3.75%), 11/2/31 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11694 | &nbsp;&nbsp;&nbsp;&nbsp; 13532101 |
| Ontario Gaming GTA LP, Term Loan, 8.24%, (3 mo. USD Term SOFR + 4.25%), 8/1/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11661 | &nbsp;&nbsp;&nbsp;&nbsp; 10966634 |
| Scientific Games Holdings LP, Term Loan, 6.934%, (3 mo. USD Term SOFR + 3.00%), 4/4/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3990 | &nbsp;&nbsp;&nbsp;&nbsp; 3948030 |
| SeaWorld Parks & Entertainment, Inc., Term Loan, 5.965%, (1 mo. USD Term SOFR + 2.00%), 12/4/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10238 | &nbsp;&nbsp;&nbsp;&nbsp; 10228490 |
| Turquoise Topco Ltd., Term Loan, 7/31/32<sup>(10)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11275 | &nbsp;&nbsp;&nbsp;&nbsp; 11152835 |
| Voyager Parent LLC, Term Loan, 8.752%, (3 mo. USD Term SOFR + 4.75%), 7/1/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14590 | &nbsp;&nbsp;&nbsp;&nbsp; 14609186 |
|  |  |  | &nbsp;&nbsp;**$195066390** |
| Household Durables — 1.3% | Household Durables — 1.3% | Household Durables — 1.3% | Household Durables — 1.3% |
| Libbey Glass, Inc., Term Loan, 10.509%, (3 mo. USD Term SOFR + 6.50%), 11/22/27 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13957 | &nbsp;&nbsp;$13496253 |
| Madison Safety & Flow LLC, Term Loan, 6.468%, (1 mo. USD Term SOFR + 2.50%), 9/26/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1657 | &nbsp;&nbsp;&nbsp;&nbsp; 1666515 |
| PHRG Intermediate LLC, Term Loan, 8.002%, (3 mo. USD Term SOFR + 4.00%), 2/20/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8978 | &nbsp;&nbsp;&nbsp;&nbsp; 8781162 |
| Serta Simmons Bedding LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 11.484%, (3 mo. USD Term SOFR + 7.50%), 6/29/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2140 | &nbsp;&nbsp;&nbsp;&nbsp; 2142291 |
| &nbsp;&nbsp;&nbsp;Term Loan, 11.616%, (3 mo. USD Term SOFR + 7.50%), 6/29/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19708 | &nbsp;&nbsp;&nbsp;&nbsp; 18575195 |

---

*26*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_fd998a9b-106a-4c96-877e-a197b5877161_TOC)

Eaton Vance

Floating Rate Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Household Durables (continued) | Household Durables (continued) | Household Durables (continued) | Household Durables (continued) |
| Somnigroup International, Inc., Term Loan, 6.215%, (1 mo. USD Term SOFR + 2.25%), 10/24/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11921 | &nbsp;&nbsp;$12002710 |
|  |  |  | &nbsp;&nbsp;**$56664126** |
| Household Products — 0.3% | Household Products — 0.3% | Household Products — 0.3% | Household Products — 0.3% |
| Kronos Acquisition Holdings, Inc., Term Loan, 8.002%, (3 mo. USD Term SOFR + 4.00%), 7/8/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15614 | &nbsp;&nbsp;$11423260 |
|  |  |  | &nbsp;&nbsp;**$11423260** |
| Independent Power and Renewable Electricity Producers — 0.4% | Independent Power and Renewable Electricity Producers — 0.4% | Independent Power and Renewable Electricity Producers — 0.4% | Independent Power and Renewable Electricity Producers — 0.4% |
| Cogentrix Finance Holdco I LLC, Term Loan, 6.215%, (1 mo. USD Term SOFR + 2.25%), 2/26/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7319 | &nbsp;&nbsp;$7367993 |
| Invenergy Thermal Operating I LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.734%, (3 mo. USD Term SOFR + 3.50%), 5/17/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9577 | &nbsp;&nbsp;&nbsp;&nbsp; 9659891 |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.734%, (3 mo. USD Term SOFR + 3.50%), 5/17/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;683 | &nbsp;&nbsp;&nbsp;&nbsp; 688719 |
| Talen Energy Supply LLC, Term Loan, 6.733%, (3 mo. USD Term SOFR + 2.50%), 12/15/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1496 | &nbsp;&nbsp;&nbsp;&nbsp; 1500443 |
|  |  |  | &nbsp;&nbsp;**$19217046** |
| Industrial Conglomerates — 0.5% | Industrial Conglomerates — 0.5% | Industrial Conglomerates — 0.5% | Industrial Conglomerates — 0.5% |
| Ammeraal Beltech Holding BV, Term Loan, 7.00%, (3 mo. EURIBOR + 5.00%), 12/30/28 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5273 | &nbsp;&nbsp;$5520011 |
| Rain Carbon GmbH, Term Loan, 7.029%, (3 mo. EURIBOR + 5.00%), 10/31/28 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13729 | &nbsp;&nbsp;&nbsp;&nbsp; 15760248 |
|  |  |  | &nbsp;&nbsp;**$21280259** |
| Insurance — 3.8% | Insurance — 3.8% | Insurance — 3.8% | Insurance — 3.8% |
| Acrisure LLC, Term Loan, 6.965%, (1 mo. USD Term SOFR + 3.00%), 11/6/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12895 | &nbsp;&nbsp;$12903116 |
| Alera Group, Inc., Term Loan, 7.215%, (1 mo. USD Term SOFR + 3.25%), 5/31/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17525 | &nbsp;&nbsp;&nbsp;&nbsp; 17633743 |
| Alliant Holdings Intermediate LLC, Term Loan, 6.465%, (1 mo. USD Term SOFR + 2.50%), 9/19/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22568 | &nbsp;&nbsp;&nbsp;&nbsp; 22572032 |
| AmWINS Group, Inc., Term Loan, 6.252%, (3 mo. USD Term SOFR + 2.25%), 1/30/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8227 | &nbsp;&nbsp;&nbsp;&nbsp; 8246742 |
| Broadstreet Partners, Inc., Term Loan, 6.715%, (1 mo. USD Term SOFR + 2.75%), 6/13/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24229 | &nbsp;&nbsp;&nbsp;&nbsp; 24312692 |
| HUB International Ltd., Term Loan, 6.12%, (3 mo. USD Term SOFR + 2.25%), 6/20/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22147 | &nbsp;&nbsp;&nbsp;&nbsp; 22244424 |
| IMA Financial Group, Inc., Term Loan, 6.965%, (1 mo. USD Term SOFR + 3.00%), 11/1/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8983 | &nbsp;&nbsp;&nbsp;&nbsp; 9019698 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Insurance (continued) | Insurance (continued) | Insurance (continued) | Insurance (continued) |
| Ryan Specialty Group LLC, Term Loan, 5.965%, (1 mo. USD Term SOFR + 2.00%), 9/15/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11439 | &nbsp;&nbsp;$11470762 |
| Siaci Saint Honore, Term Loan, 5.50%, (3 mo. EURIBOR + 3.50%), 7/26/32 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9125 | &nbsp;&nbsp;&nbsp;&nbsp; 10559267 |
| Trucordia Insurance Holdings LLC, Term Loan, 7.215%, (1 mo. USD Term SOFR + 3.25%), 6/17/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12820 | &nbsp;&nbsp;&nbsp;&nbsp; 12883798 |
| Truist Insurance Holdings LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.752%, (3 mo. USD Term SOFR + 2.75%), 5/6/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2988 | &nbsp;&nbsp;&nbsp;&nbsp; 2989801 |
| &nbsp;&nbsp;&nbsp;Term Loan - Second Lien, 8.752%, (3 mo. USD Term SOFR + 4.75%), 5/6/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1842 | &nbsp;&nbsp;&nbsp;&nbsp; 1873191 |
| USI, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.252%, (3 mo. USD Term SOFR + 2.25%), 11/21/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3416 | &nbsp;&nbsp;&nbsp;&nbsp; 3424574 |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.252%, (3 mo. USD Term SOFR + 2.25%), 9/29/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7381 | &nbsp;&nbsp;&nbsp;&nbsp; 7393404 |
|  |  |  | &nbsp;&nbsp;**$167527244** |
| Interactive Media & Services — 0.8% | Interactive Media & Services — 0.8% | Interactive Media & Services — 0.8% | Interactive Media & Services — 0.8% |
| Aragorn Parent Corp., Term Loan, 7.465%, (1 mo. USD Term SOFR + 3.50%), 12/15/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5589 | &nbsp;&nbsp;$5629878 |
| Foundational Education Group, Inc., Term Loan, 8.352%, (3 mo. USD Term SOFR + 4.25%), 8/31/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5031 | &nbsp;&nbsp;&nbsp;&nbsp; 4624203 |
| X Corp., Term Loan, 10.34%, (3 mo. USD Term SOFR + 6.50%), 10/26/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25077 | &nbsp;&nbsp;&nbsp;&nbsp; 24481231 |
|  |  |  | &nbsp;&nbsp;**$34735312** |
| IT Services — 4.0% | IT Services — 4.0% | IT Services — 4.0% | IT Services — 4.0% |
| Asurion LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 8.065%, (1 mo. USD Term SOFR + 4.00%), 8/19/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8876 | &nbsp;&nbsp;$8897860 |
| &nbsp;&nbsp;&nbsp;Term Loan, 8.327%, (1 mo. USD Term SOFR + 4.25%), 8/19/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6957 | &nbsp;&nbsp;&nbsp;&nbsp; 6988924 |
| &nbsp;&nbsp;&nbsp;Term Loan - Second Lien, 9.329%, (1 mo. USD Term SOFR + 5.25%), 1/31/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9168 | &nbsp;&nbsp;&nbsp;&nbsp; 9006139 |
| &nbsp;&nbsp;&nbsp;Term Loan - Second Lien, 9.329%, (1 mo. USD Term SOFR + 5.25%), 1/20/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2375 | &nbsp;&nbsp;&nbsp;&nbsp; 2270928 |
| Aurora Lux Finco SARL, Term Loan, 9.155%, (3 mo. USD Term SOFR + 5.25%), 10/1/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8280 | &nbsp;&nbsp;&nbsp;&nbsp; 8114400 |
| Endure Digital, Inc., Term Loan, 7.716%, (1 mo. USD Term SOFR + 3.50%), 2/10/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29165 | &nbsp;&nbsp;&nbsp;&nbsp; 22748437 |
| Gainwell Acquisition Corp., Term Loan, 8.102%, (3 mo. USD Term SOFR + 4.00%), 10/1/27 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11927 | &nbsp;&nbsp;&nbsp;&nbsp; 11837926 |
| Go Daddy Operating Co. LLC, Term Loan, 5.715%, (1 mo. USD Term SOFR + 1.75%), 11/9/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11357 | &nbsp;&nbsp;&nbsp;&nbsp; 11352255 |
| Indy U.S. Bidco LLC, Term Loan, 4.893%, (1 mo. EURIBOR + 3.00%), 10/31/30 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2600 | &nbsp;&nbsp;&nbsp;&nbsp; 3008908 |

---

*27*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_fd998a9b-106a-4c96-877e-a197b5877161_TOC)

Eaton Vance

Floating Rate Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| IT Services (continued) | IT Services (continued) | IT Services (continued) | IT Services (continued) |
| Informatica LLC, Term Loan, 6.215%, (1 mo. USD Term SOFR + 2.25%), 10/27/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30952 | &nbsp;&nbsp;$31087792 |
| Iron Mountain, Inc., Term Loan, 5.965%, (1 mo. USD Term SOFR + 2.00%), 1/31/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3560 | &nbsp;&nbsp;&nbsp;&nbsp; 3567203 |
| NAB Holdings LLC, Term Loan, 6.502%, (3 mo. USD Term SOFR + 2.50%), 11/23/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7083 | &nbsp;&nbsp;&nbsp;&nbsp; 6939174 |
| Nielsen Consumer, Inc., Term Loan, 6.465%, (1 mo. USD Term SOFR + 2.50%), 10/31/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10324 | &nbsp;&nbsp;&nbsp;&nbsp; 10324125 |
| Rackspace Finance LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 10.412%, (1 mo. USD Term SOFR + 6.25%), 5/15/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9826 | &nbsp;&nbsp;&nbsp;&nbsp; 10006151 |
| &nbsp;&nbsp;&nbsp;Term Loan - Second Lien, 6.912%, (1 mo. USD Term SOFR + 2.75%), 5/15/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7252 | &nbsp;&nbsp;&nbsp;&nbsp; 3297475 |
| Sedgwick Claims Management Services, Inc., Term Loan, 6.465%, (1 mo. USD Term SOFR + 2.50%), 7/31/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21656 | &nbsp;&nbsp;&nbsp;&nbsp; 21675528 |
| Shift4 Payments LLC, Term Loan, 6.502%, (3 mo. USD Term SOFR + 2.50%), 6/30/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2275 | &nbsp;&nbsp;&nbsp;&nbsp; 2293018 |
| Trio Bidco, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 10/29/32<sup>(10)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3348 | &nbsp;&nbsp;&nbsp;&nbsp; 3334028 |
| &nbsp;&nbsp;&nbsp;Term Loan, 10/29/32<sup>(10)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352 | &nbsp;&nbsp;&nbsp;&nbsp; 350950 |
| Virtusa Corp., Term Loan, 7.215%, (1 mo. USD Term SOFR + 3.25%), 2/15/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1970 | &nbsp;&nbsp;&nbsp;&nbsp; 1950300 |
|  |  |  | &nbsp;&nbsp;**$179051521** |
| Leisure Products — 0.8% | Leisure Products — 0.8% | Leisure Products — 0.8% | Leisure Products — 0.8% |
| GSM Holdings, Inc., Term Loan, 9.002%, (3 mo. USD Term SOFR + 5.00%), 9/30/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6707 | &nbsp;&nbsp;$6662512 |
| Hayward Industries, Inc., Term Loan, 6.579%, (1 mo. USD Term SOFR + 2.50%), 5/30/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8870 | &nbsp;&nbsp;&nbsp;&nbsp; 8907100 |
| Recess Holdings, Inc., Term Loan, 7.615%, (3 mo. USD Term SOFR + 3.75%), 2/20/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19709 | &nbsp;&nbsp;&nbsp;&nbsp; 19818474 |
|  |  |  | &nbsp;&nbsp;**$35388086** |
| Life Sciences Tools & Services — 0.8% | Life Sciences Tools & Services — 0.8% | Life Sciences Tools & Services — 0.8% | Life Sciences Tools & Services — 0.8% |
| ICON Luxembourg SARL, Term Loan, 6.002%, (3 mo. USD Term SOFR + 2.00%), 7/3/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5235 | &nbsp;&nbsp;$5269646 |
| Loire Finco Luxembourg SARL: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 5.893%, (1 mo. EURIBOR + 4.00%), 1/21/30 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5775 | &nbsp;&nbsp;&nbsp;&nbsp; 6706478 |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.965%, (1 mo. USD Term SOFR + 4.00%), 1/21/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1103 | &nbsp;&nbsp;&nbsp;&nbsp; 1106786 |
| Normec 1 BV, Term Loan, 5.107%, (1 mo. EURIBOR + 3.50%), 4/16/31 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1159445 |
| PRA Health Sciences, Inc., Term Loan, 6.002%, (3 mo. USD Term SOFR + 2.00%), 7/3/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1304 | &nbsp;&nbsp;&nbsp;&nbsp; 1312976 |
| Sotera Health Holdings LLC, Term Loan, 6.34%, (3 mo. USD Term SOFR + 2.50%), 5/30/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12721 | &nbsp;&nbsp;&nbsp;&nbsp; 12784919 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Life Sciences Tools & Services (continued) | Life Sciences Tools & Services (continued) | Life Sciences Tools & Services (continued) | Life Sciences Tools & Services (continued) |
| Spectris PLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 9/30/32<sup>(10)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2175 | &nbsp;&nbsp;$2520176 |
| &nbsp;&nbsp;&nbsp;Term Loan, 9/30/32<sup>(10)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3550 | &nbsp;&nbsp;&nbsp;&nbsp; 3563312 |
|  |  |  | &nbsp;&nbsp;**$34423738** |
| Machinery — 4.5% | Machinery — 4.5% | Machinery — 4.5% | Machinery — 4.5% |
| AAG U.S. GSI Bidco, Inc., Term Loan, 9.002%, (3 mo. USD Term SOFR + 5.00%), 10/31/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6720 | &nbsp;&nbsp;$6716011 |
| AI Aqua Merger Sub, Inc., Term Loan, 7.129%, (1 mo. USD Term SOFR + 3.00%), 7/31/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23177 | &nbsp;&nbsp;&nbsp;&nbsp; 23253949 |
| Apex Tool Group LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 9.236%, (1 mo. USD Term SOFR + 5.25%), 4/8/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5596 | &nbsp;&nbsp;&nbsp;&nbsp; 4980617 |
| &nbsp;&nbsp;&nbsp;Term Loan, 10.086%, (1 mo. USD Term SOFR + 6.00%), 4/8/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12569 | &nbsp;&nbsp;&nbsp;&nbsp; 8044429 |
| &nbsp;&nbsp;&nbsp;Term Loan, 4/8/30<sup>(10)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232 | &nbsp;&nbsp;&nbsp;&nbsp; 227238 |
| Astro Acquisition LLC, Term Loan, 7.122%, (6 mo. USD Term SOFR + 3.25%), 8/30/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500 | &nbsp;&nbsp;&nbsp;&nbsp; 5537812 |
| Barnes Group, Inc., Term Loan, 6.715%, (1 mo. USD Term SOFR + 2.75%), 1/27/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7463 | &nbsp;&nbsp;&nbsp;&nbsp; 7468731 |
| BCP V Modular Services Holdings IV Ltd., Term Loan, 7/10/31<sup>(10)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2825 | &nbsp;&nbsp;&nbsp;&nbsp; 2980140 |
| BG MS U.S. Holding LLC, Term Loan, 10/22/32<sup>(10)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7200 | &nbsp;&nbsp;&nbsp;&nbsp; 7096536 |
| Clark Equipment Co., Term Loan, 6.002%, (3 mo. USD Term SOFR + 2.00%), 4/20/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5367 | &nbsp;&nbsp;&nbsp;&nbsp; 5386046 |
| Cleanova U.S. Holdings LLC, Term Loan, 8.808%, (3 mo. USD Term SOFR + 4.75%), 6/14/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4800 | &nbsp;&nbsp;&nbsp;&nbsp; 4812000 |
| Conair Holdings LLC, Term Loan, 7.829%, (1 mo. USD Term SOFR + 3.75%), 5/17/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20743 | &nbsp;&nbsp;&nbsp;&nbsp; 12445757 |
| CoorsTek, Inc., Term Loan, 10/28/32<sup>(10)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7325 | &nbsp;&nbsp;&nbsp;&nbsp; 7306687 |
| CPM Holdings, Inc., Term Loan, 8.634%, (1 mo. USD Term SOFR + 4.50%), 9/28/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3930 | &nbsp;&nbsp;&nbsp;&nbsp; 3922631 |
| Cube Industrials Buyer, Inc., Term Loan, 6.912%, (3 mo. USD Term SOFR + 3.00%), 10/17/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3808 | &nbsp;&nbsp;&nbsp;&nbsp; 3828610 |
| Delachaux Group SA, Term Loan, 5.316%, (3 mo. EURIBOR + 3.25%), 4/16/29 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3886 | &nbsp;&nbsp;&nbsp;&nbsp; 4522829 |
| EMRLD Borrower LP: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.122%, (6 mo. USD Term SOFR + 2.25%), 8/4/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4900 | &nbsp;&nbsp;&nbsp;&nbsp; 4889516 |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.449%, (3 mo. USD Term SOFR + 2.25%), 5/31/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4421 | &nbsp;&nbsp;&nbsp;&nbsp; 4415157 |
| Engineered Machinery Holdings, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 5.75%, (3 mo. EURIBOR + 3.75%), 5/21/28 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10440 | &nbsp;&nbsp;&nbsp;&nbsp; 12172054 |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.763%, (3 mo. USD Term SOFR + 3.50%), 5/19/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8713 | &nbsp;&nbsp;&nbsp;&nbsp; 8769034 |
| &nbsp;&nbsp;&nbsp;Term Loan - Second Lien, 10.263%, (3 mo. USD Term SOFR + 6.00%), 5/21/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2010000 |

---

*28*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_fd998a9b-106a-4c96-877e-a197b5877161_TOC)

Eaton Vance

Floating Rate Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Machinery (continued) | Machinery (continued) | Machinery (continued) | Machinery (continued) |
| INNIO Group Holding GmbH, Term Loan, 4.754%, (3 mo. EURIBOR + 2.75%), 11/2/28 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2222 | &nbsp;&nbsp;$2577841 |
| Madison IAQ LLC, Term Loan, 6.702%, (6 mo. USD Term SOFR + 2.50%), 6/21/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11374 | &nbsp;&nbsp;&nbsp;&nbsp; 11408975 |
| Roper Industrial Products Investment Co. LLC, Term Loan, 6.752%, (3 mo. USD Term SOFR + 2.75%), 11/22/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9826 | &nbsp;&nbsp;&nbsp;&nbsp; 9868223 |
| SPX Flow, Inc., Term Loan, 6.715%, (1 mo. USD Term SOFR + 2.75%), 4/5/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10445 | &nbsp;&nbsp;&nbsp;&nbsp; 10516646 |
| TK Elevator Midco GmbH: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 5.333%, (6 mo. EURIBOR + 3.25%), 4/30/30 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6550 | &nbsp;&nbsp;&nbsp;&nbsp; 7612635 |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.197%, (6 mo. USD Term SOFR + 3.00%), 4/30/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12774 | &nbsp;&nbsp;&nbsp;&nbsp; 12867387 |
| Zephyr German BidCo GmbH, Term Loan, 5.169%, (3 mo. EURIBOR + 3.15%), 3/10/28 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4600 | &nbsp;&nbsp;&nbsp;&nbsp; 5319873 |
|  |  |  | &nbsp;&nbsp;**$200957364** |
| Media — 0.6% | Media — 0.6% | Media — 0.6% | Media — 0.6% |
| ABG Intermediate Holdings 2 LLC, Term Loan, 6.215%, (1 mo. USD Term SOFR + 2.25%), 2/13/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5746 | &nbsp;&nbsp;$5742534 |
| Charter Communications Operating LLC, Term Loan, 6.235%, (3 mo. USD Term SOFR + 2.25%), 12/15/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5235 | &nbsp;&nbsp;&nbsp;&nbsp; 5232767 |
| Emerald X, Inc., Term Loan, 7.215%, (1 mo. USD Term SOFR + 3.25%), 1/30/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2070 | &nbsp;&nbsp;&nbsp;&nbsp; 2085771 |
| Fleet Midco I Ltd., Term Loan, 6.542%, (6 mo. USD Term SOFR + 2.50%), 2/21/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8139 | &nbsp;&nbsp;&nbsp;&nbsp; 8169326 |
| Gray Television, Inc., Term Loan, 7.249%, (1 mo. USD Term SOFR + 3.00%), 12/1/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544 | &nbsp;&nbsp;&nbsp;&nbsp; 545510 |
| Hubbard Radio LLC, Term Loan, 8.465%, (1 mo. USD Term SOFR + 4.50%), 9/30/27 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5146 | &nbsp;&nbsp;&nbsp;&nbsp; 2547356 |
|  |  |  | &nbsp;&nbsp;**$24323264** |
| Metals/Mining — 0.7% | Metals/Mining — 0.7% | Metals/Mining — 0.7% | Metals/Mining — 0.7% |
| American Consolidated Natural Resources, Inc., Term Loan - Second Lien, 13.00%, 12/11/29<sup>(11)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4016 | &nbsp;&nbsp;$3998393 |
| Arsenal AIC Parent LLC, Term Loan, 6.715%, (1 mo. USD Term SOFR + 2.75%), 8/19/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10251 | &nbsp;&nbsp;&nbsp;&nbsp; 10296284 |
| PMHC II, Inc., Term Loan, 8.327%, (3 mo. USD Term SOFR + 4.25%), 4/23/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4726 | &nbsp;&nbsp;&nbsp;&nbsp; 3690332 |
| WireCo WorldGroup, Inc., Term Loan, 7.607%, (3 mo. USD Term SOFR + 3.75%), 11/13/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5698 | &nbsp;&nbsp;&nbsp;&nbsp; 5643768 |
| Zekelman Industries, Inc., Term Loan, 6.265%, (1 mo. USD Term SOFR + 2.25%), 1/24/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5237 | &nbsp;&nbsp;&nbsp;&nbsp; 5251060 |
|  |  |  | &nbsp;&nbsp;**$28879837** |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Oil, Gas & Consumable Fuels — 1.7% | Oil, Gas & Consumable Fuels — 1.7% | Oil, Gas & Consumable Fuels — 1.7% | Oil, Gas & Consumable Fuels — 1.7% |
| Epic Crude Services LP, Term Loan, 6.34%, (3 mo. USD Term SOFR + 2.50%), 10/15/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6333 | &nbsp;&nbsp;$6370864 |
| Freeport LNG Investments LLLP, Term Loan, 7.12%, (3 mo. USD Term SOFR + 3.25%), 12/21/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7261 | &nbsp;&nbsp;&nbsp;&nbsp; 7285885 |
| GIP Pilot Acquisition Partners LP, Term Loan, 5.935%, (3 mo. USD Term SOFR + 2.00%), 10/4/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4831 | &nbsp;&nbsp;&nbsp;&nbsp; 4839663 |
| Hilcorp Energy I LP, Term Loan, 6.032%, (1 mo. USD Term SOFR + 2.00%), 2/11/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7811 | &nbsp;&nbsp;&nbsp;&nbsp; 7835198 |
| ITT Holdings LLC, Term Loan, 6.44%, (1 mo. USD Term SOFR + 2.48%), 10/11/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8404 | &nbsp;&nbsp;&nbsp;&nbsp; 8421933 |
| Matador Bidco SARL, Term Loan, 8.315%, (1 mo. USD Term SOFR + 4.25%), 7/30/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24085 | &nbsp;&nbsp;&nbsp;&nbsp; 24192954 |
| Natgasoline LLC, Term Loan, 9.502%, (3 mo. USD Term SOFR + 5.50%), 3/29/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4863 | &nbsp;&nbsp;&nbsp;&nbsp; 4905993 |
| Oryx Midstream Services Permian Basin LLC, Term Loan, 6.227%, (1 mo. USD Term SOFR + 2.25%), 10/5/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2494 | &nbsp;&nbsp;&nbsp;&nbsp; 2502921 |
| Oxbow Carbon LLC, Term Loan, 7.465%, (1 mo. USD Term SOFR + 3.50%), 5/10/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5239 | &nbsp;&nbsp;&nbsp;&nbsp; 5238929 |
| Whitewater Matterhorn Holdings LLC, Term Loan, 6.313%, (3 mo. USD Term SOFR + 2.25%), 6/16/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4300 | &nbsp;&nbsp;&nbsp;&nbsp; 4309761 |
|  |  |  | &nbsp;&nbsp;**$75904101** |
| Passenger Airlines — 0.2% | Passenger Airlines — 0.2% | Passenger Airlines — 0.2% | Passenger Airlines — 0.2% |
| WestJet Loyalty LP, Term Loan, 7.252%, (3 mo. USD Term SOFR + 3.25%), 2/14/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9701 | &nbsp;&nbsp;$9746254 |
|  |  |  | &nbsp;&nbsp;**$9746254** |
| Pharmaceuticals — 0.9% | Pharmaceuticals — 0.9% | Pharmaceuticals — 0.9% | Pharmaceuticals — 0.9% |
| Aenova Holding GmbH, Term Loan, 5.032%, (3 mo. EURIBOR + 3.00%), 8/22/31 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2550 | &nbsp;&nbsp;$2957628 |
| Amneal Pharmaceuticals LLC, Term Loan, 7.465%, (1 mo. USD Term SOFR + 3.50%), 8/1/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5800 | &nbsp;&nbsp;&nbsp;&nbsp; 5855564 |
| Bausch Health Cos., Inc., Term Loan, 10.215%, (1 mo. USD Term SOFR + 6.25%), 10/8/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6867 | &nbsp;&nbsp;&nbsp;&nbsp; 6836929 |
| Jazz Financing Lux SARL, Term Loan, 6.215%, (1 mo. USD Term SOFR + 2.25%), 5/5/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11165 | &nbsp;&nbsp;&nbsp;&nbsp; 11204777 |
| Nidda Healthcare Holding AG, Term Loan, 5.526%, (3 mo. EURIBOR + 3.50%), 2/21/30 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4550 | &nbsp;&nbsp;&nbsp;&nbsp; 5274583 |
| Padagis LLC, Term Loan, 8.949%, (3 mo. USD Term SOFR + 4.75%), 7/6/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4690 | &nbsp;&nbsp;&nbsp;&nbsp; 4092025 |
| Recipharm AB, Term Loan, 5.234%, (3 mo. EURIBOR + 3.20%), 2/17/28 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1725 | &nbsp;&nbsp;&nbsp;&nbsp; 1992467 |
|  |  |  | &nbsp;&nbsp;**$38213973** |

---

*29*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_fd998a9b-106a-4c96-877e-a197b5877161_TOC)

Eaton Vance

Floating Rate Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Professional Services — 4.2% | Professional Services — 4.2% | Professional Services — 4.2% | Professional Services — 4.2% |
| AAL Delaware Holdco, Inc., Term Loan, 6.715%, (1 mo. USD Term SOFR + 2.75%), 7/30/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13067 | &nbsp;&nbsp;$13105711 |
| Amspec Parent LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.405% - 7.502%, (3 mo. USD Term SOFR + 3.50%), 12/22/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1119 | &nbsp;&nbsp;&nbsp;&nbsp; 1128323 |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.502%, (3 mo. USD Term SOFR + 3.50%), 12/22/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7262 | &nbsp;&nbsp;&nbsp;&nbsp; 7323090 |
| APFS Staffing Holdings, Inc., Term Loan, 8.215%, (1 mo. USD Term SOFR + 4.25%), 12/29/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3286 | &nbsp;&nbsp;&nbsp;&nbsp; 2909573 |
| Camelot U.S. Acquisition LLC, Term Loan, 6.715%, (1 mo. USD Term SOFR + 2.75%), 1/31/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6750 | &nbsp;&nbsp;&nbsp;&nbsp; 6638220 |
| Citrin Cooperman Advisors LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 4/1/32<sup>(10)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5009375 |
| &nbsp;&nbsp;&nbsp;Term Loan, 4/1/32<sup>(10)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303 | &nbsp;&nbsp;&nbsp;&nbsp; 303598 |
| CohnReznick LLP: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.502%, (3 mo. USD Term SOFR + 3.50%), 3/31/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6868 | &nbsp;&nbsp;&nbsp;&nbsp; 6902644 |
| &nbsp;&nbsp;&nbsp;Term Loan, 3/31/32<sup>(8)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1593 | &nbsp;&nbsp;&nbsp;&nbsp; 1601010 |
| CoreLogic, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.579%, (1 mo. USD Term SOFR + 3.50%), 6/2/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13811 | &nbsp;&nbsp;&nbsp;&nbsp; 13832182 |
| &nbsp;&nbsp;&nbsp;Term Loan - Second Lien, 10.579%, (1 mo. USD Term SOFR + 6.50%), 6/4/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp; 1203750 |
| Corporation Service Co., Term Loan, 5.965%, (1 mo. USD Term SOFR + 2.00%), 11/2/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8252 | &nbsp;&nbsp;&nbsp;&nbsp; 8227711 |
| EAB Global, Inc., Term Loan, 6.965%, (1 mo. USD Term SOFR + 3.00%), 8/16/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10491 | &nbsp;&nbsp;&nbsp;&nbsp; 10089260 |
| Employbridge Holding Co., Term Loan - Second Lien, 9.013%, (3 mo. USD Term SOFR + 4.75%), 1/19/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11080 | &nbsp;&nbsp;&nbsp;&nbsp; 1892893 |
| First Advantage Holdings LLC, Term Loan, 6.715%, (1 mo. USD Term SOFR + 2.75%), 10/31/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11437 | &nbsp;&nbsp;&nbsp;&nbsp; 11154698 |
| Galaxy Bidco Ltd., Term Loan, 6.042%, (6 mo. EURIBOR + 4.00%), 12/19/29 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6150 | &nbsp;&nbsp;&nbsp;&nbsp; 7184816 |
| Grant Thornton Advisors LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.465%, (1 mo. USD Term SOFR + 2.50%), 6/2/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6546 | &nbsp;&nbsp;&nbsp;&nbsp; 6534372 |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.965%, (1 mo. USD Term SOFR + 3.00%), 6/2/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12900 | &nbsp;&nbsp;&nbsp;&nbsp; 12951858 |
| Highspring Holdings LLC, Term Loan, 9.152%, (3 mo. USD Term SOFR + 5.00%), 1/21/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5965 | &nbsp;&nbsp;&nbsp;&nbsp; 5074585 |
| iSolved, Inc., Term Loan, 6.715%, (1 mo. USD Term SOFR + 2.75%), 10/15/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5098 | &nbsp;&nbsp;&nbsp;&nbsp; 5110507 |
| Mermaid Bidco, Inc., Term Loan, 7.571%, (3 mo. USD Term SOFR + 3.25%), 7/3/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15233 | &nbsp;&nbsp;&nbsp;&nbsp; 15290448 |
| Neptune Bidco U.S., Inc., Term Loan, 9.027%, (3 mo. USD Term SOFR + 5.00%), 4/11/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7055 | &nbsp;&nbsp;&nbsp;&nbsp; 6831747 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Professional Services (continued) | Professional Services (continued) | Professional Services (continued) | Professional Services (continued) |
| PHM Group Holding OYJ, Term Loan, 5.517%, (3 mo. EURIBOR + 3.50%), 4/22/32 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4900 | &nbsp;&nbsp;$5666821 |
| Techem Verwaltungsgesellschaft 675 GmbH, Term Loan, 5.269%, (3 mo. EURIBOR + 3.25%), 7/15/32 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4175 | &nbsp;&nbsp;&nbsp;&nbsp; 4848960 |
| Trans Union LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 5.715%, (1 mo. USD Term SOFR + 1.75%), 6/24/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6336 | &nbsp;&nbsp;&nbsp;&nbsp; 6340782 |
| &nbsp;&nbsp;&nbsp;Term Loan, 5.715%, (1 mo. USD Term SOFR + 1.75%), 6/24/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19528 | &nbsp;&nbsp;&nbsp;&nbsp; 19534524 |
| Turbo EMEA Holdings BV, Term Loan, 9/23/32<sup>(10)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1825 | &nbsp;&nbsp;&nbsp;&nbsp; 2110423 |
|  |  |  | &nbsp;&nbsp;**$188801881** |
| Real Estate Management & Development — 0.6% | Real Estate Management & Development — 0.6% | Real Estate Management & Development — 0.6% | Real Estate Management & Development — 0.6% |
| Cushman & Wakefield U.S. Borrower LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.465%, (1 mo. USD Term SOFR + 2.50%), 1/31/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5609 | &nbsp;&nbsp;$5640973 |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.715%, (1 mo. USD Term SOFR + 2.75%), 1/31/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5403 | &nbsp;&nbsp;&nbsp;&nbsp; 5425939 |
| Greystar Real Estate Partners LLC, Term Loan, 6.477%, (1 mo. USD Term SOFR + 2.50%), 8/21/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7845 | &nbsp;&nbsp;&nbsp;&nbsp; 7884449 |
| Metropolis Technologies, Inc., Term Loan, 11/3/32<sup>(10)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9225 | &nbsp;&nbsp;&nbsp;&nbsp; 9155813 |
|  |  |  | &nbsp;&nbsp;**$28107174** |
| Road & Rail — 0.9% | Road & Rail — 0.9% | Road & Rail — 0.9% | Road & Rail — 0.9% |
| Avis Budget Car Rental LLC, Term Loan, 6.465%, (1 mo. USD Term SOFR + 2.50%), 7/16/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29261 | &nbsp;&nbsp;$28956099 |
| Hertz Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.579%, (1 mo. USD Term SOFR + 3.50%), 6/30/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4012 | &nbsp;&nbsp;&nbsp;&nbsp; 3338368 |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.579%, (1 mo. USD Term SOFR + 3.50%), 6/30/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790 | &nbsp;&nbsp;&nbsp;&nbsp; 657080 |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.736%, (1 mo. USD Term SOFR + 3.75%), 6/30/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4924 | &nbsp;&nbsp;&nbsp;&nbsp; 4074792 |
| Kenan Advantage Group, Inc., Term Loan, 7.215%, (1 mo. USD Term SOFR + 3.25%), 1/25/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3960 | &nbsp;&nbsp;&nbsp;&nbsp; 3902481 |
|  |  |  | &nbsp;&nbsp;**$40928820** |
| Semiconductors & Semiconductor Equipment — 0.4% | Semiconductors & Semiconductor Equipment — 0.4% | Semiconductors & Semiconductor Equipment — 0.4% | Semiconductors & Semiconductor Equipment — 0.4% |
| Bright Bidco BV, Term Loan, 0.00%, 10/31/27<sup>(9)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3669 | &nbsp;&nbsp;$1438172 |
| MaxLinear, Inc., Term Loan, 6.342%, (1 mo. USD Term SOFR + 2.25%), 6/23/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2955 | &nbsp;&nbsp;&nbsp;&nbsp; 2748482 |
| MKS Instruments, Inc., Term Loan, 5.977%, (1 mo. USD Term SOFR + 2.00%), 8/17/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11445 | &nbsp;&nbsp;&nbsp;&nbsp; 11484514 |
|  |  |  | &nbsp;&nbsp;**$15671168** |

---

*30*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_fd998a9b-106a-4c96-877e-a197b5877161_TOC)

Eaton Vance

Floating Rate Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Software — 11.0% | Software — 11.0% | Software — 11.0% | Software — 11.0% |
| Applied Systems, Inc., Term Loan, 6.252%, (3 mo. USD Term SOFR + 2.25%), 2/24/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22028 | &nbsp;&nbsp;$22095359 |
| Astra Acquisition Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;DIP Loan, 4/1/26<sup>(10)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725 | &nbsp;&nbsp;&nbsp;&nbsp; 725094 |
| &nbsp;&nbsp;&nbsp;Term Loan, 0.00%, 2/25/28<sup>(9)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7342 | &nbsp;&nbsp;&nbsp;&nbsp; 1431773 |
| &nbsp;&nbsp;&nbsp;Term Loan, 0.00%, 10/25/28<sup>(9)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10314 | &nbsp;&nbsp;&nbsp;&nbsp; 120831 |
| &nbsp;&nbsp;&nbsp;Term Loan, 0.00%, 10/25/29<sup>(9)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15622 | &nbsp;&nbsp;&nbsp;&nbsp; 429616 |
| &nbsp;&nbsp;&nbsp;Term Loan, 4/1/26<sup>(10)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303 | &nbsp;&nbsp;&nbsp;&nbsp; 302532 |
| Avalara, Inc., Term Loan, 6.735%, (3 mo. USD Term SOFR + 2.75%), 3/26/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8454 | &nbsp;&nbsp;&nbsp;&nbsp; 8481330 |
| Boost Newco Borrower LLC, Term Loan, 6.002%, (3 mo. USD Term SOFR + 2.00%), 1/31/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28485 | &nbsp;&nbsp;&nbsp;&nbsp; 28591928 |
| Boxer Parent Co., Inc., Term Loan - Second Lien, 9.949%, (3 mo. USD Term SOFR + 5.75%), 7/30/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7500 | &nbsp;&nbsp;&nbsp;&nbsp; 7252500 |
| Calabrio, Inc., Term Loan, 10/14/32<sup>(10)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8600 | &nbsp;&nbsp;&nbsp;&nbsp; 8180750 |
| Cegid Group SAS: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 4.816%, (3 mo. EURIBOR + 2.75%), 7/10/28 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3525 | &nbsp;&nbsp;&nbsp;&nbsp; 4083834 |
| &nbsp;&nbsp;&nbsp;Term Loan, 4.816%, (3 mo. EURIBOR + 2.75%), 7/10/28 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3850 | &nbsp;&nbsp;&nbsp;&nbsp; 4460601 |
| Cloud Software Group, Inc., Term Loan, 7.252%, (3 mo. USD Term SOFR + 3.25%), 8/13/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23457 | &nbsp;&nbsp;&nbsp;&nbsp; 23484624 |
| Cloudera, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.815%, (1 mo. USD Term SOFR + 3.75%), 10/8/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18828 | &nbsp;&nbsp;&nbsp;&nbsp; 18128553 |
| &nbsp;&nbsp;&nbsp;Term Loan - Second Lien, 10.065%, (1 mo. USD Term SOFR + 6.00%), 10/8/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2950 | &nbsp;&nbsp;&nbsp;&nbsp; 2635456 |
| Clover Holdings 2 LLC, Term Loan, 7.829%, (1 mo. USD Term SOFR + 3.75%), 12/9/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11642 | &nbsp;&nbsp;&nbsp;&nbsp; 11656052 |
| Clover Holdings SPV III LLC, Term Loan, 15.00%, 12/9/27<sup>(11)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2272 | &nbsp;&nbsp;&nbsp;&nbsp; 2348620 |
| Constant Contact, Inc., Term Loan, 8.166%, (3 mo. USD Term SOFR + 4.00%), 2/10/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4949 | &nbsp;&nbsp;&nbsp;&nbsp; 4640540 |
| Dayforce, Inc., Term Loan, 10/7/32<sup>(10)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9800 | &nbsp;&nbsp;&nbsp;&nbsp; 9778979 |
| Delta TopCo, Inc., Term Loan, 6.876%, (1 mo. USD Term SOFR + 2.75%), 11/30/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12169 | &nbsp;&nbsp;&nbsp;&nbsp; 12049098 |
| Dragon Buyer, Inc., Term Loan, 6.752%, (3 mo. USD Term SOFR + 2.75%), 9/30/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3247 | &nbsp;&nbsp;&nbsp;&nbsp; 3260608 |
| Drake Software LLC, Term Loan, 8.215%, (1 mo. USD Term SOFR + 4.25%), 6/26/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3724 | &nbsp;&nbsp;&nbsp;&nbsp; 3705790 |
| ECI Macola Max Holding LLC, Term Loan, 6.752%, (3 mo. USD Term SOFR + 2.75%), 5/9/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18441 | &nbsp;&nbsp;&nbsp;&nbsp; 18508390 |
| Epicor Software Corp., Term Loan, 6.465%, (1 mo. USD Term SOFR + 2.50%), 5/30/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23393 | &nbsp;&nbsp;&nbsp;&nbsp; 23470737 |
| Fiserv Investment Solutions, Inc., Term Loan, 8.204%, (3 mo. USD Term SOFR + 4.00%), 2/18/27 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12184 | &nbsp;&nbsp;&nbsp;&nbsp; 12048507 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Software (continued) | Software (continued) | Software (continued) | Software (continued) |
| Gen Digital, Inc., Term Loan, 5.715%, (1 mo. USD Term SOFR + 1.75%), 9/12/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1135 | &nbsp;&nbsp;$1135292 |
| IGT Holding IV AB: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 4.90%, (3 mo. EURIBOR + 2.90%), 3/31/28 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1205 | &nbsp;&nbsp;&nbsp;&nbsp; 1393853 |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.951%, (3 mo. USD Term SOFR + 3.00%), 9/1/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3953 | &nbsp;&nbsp;&nbsp;&nbsp; 3973083 |
| Marcel LUX IV SARL: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 5.561%, (3 mo. EURIBOR + 3.50%), 11/12/30 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6650 | &nbsp;&nbsp;&nbsp;&nbsp; 7730583 |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.13%, (1 mo. USD Term SOFR + 3.00%), 11/12/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28040 | &nbsp;&nbsp;&nbsp;&nbsp; 28145180 |
| McAfee LLC, Term Loan, 6.965%, (1 mo. USD Term SOFR + 3.00%), 3/1/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29332 | &nbsp;&nbsp;&nbsp;&nbsp; 27926562 |
| Mosel Bidco SE, Term Loan, 5.75%, (3 mo. EURIBOR + 3.75%), 9/16/30 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4750 | &nbsp;&nbsp;&nbsp;&nbsp; 5510320 |
| N-Able International Holdings II LLC, Term Loan, 7.21%, (3 mo. USD Term SOFR + 2.75%), 7/19/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1238 | &nbsp;&nbsp;&nbsp;&nbsp; 1242880 |
| OceanKey (U.S.) II Corp., Term Loan, 7.565%, (1 mo. USD Term SOFR + 3.50%), 12/15/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp; 2392800 |
| OID-OL Intermediate I LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 8.24%, (3 mo. USD Term SOFR + 4.25%), 2/1/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9847 | &nbsp;&nbsp;&nbsp;&nbsp; 8394437 |
| &nbsp;&nbsp;&nbsp;Term Loan, 9.84%, (3 mo. USD Term SOFR + 6.00%), 2/1/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3657 | &nbsp;&nbsp;&nbsp;&nbsp; 3783688 |
| Open Text Corp., Term Loan, 5.715%, (1 mo. USD Term SOFR + 1.75%), 1/31/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12859 | &nbsp;&nbsp;&nbsp;&nbsp; 12866760 |
| Polaris Newco LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.066%, (3 mo. EURIBOR + 4.00%), 6/2/28 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6314 | &nbsp;&nbsp;&nbsp;&nbsp; 6727396 |
| &nbsp;&nbsp;&nbsp;Term Loan, 8.102%, (3 mo. USD Term SOFR + 4.00%), 6/2/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2882 | &nbsp;&nbsp;&nbsp;&nbsp; 2762505 |
| Project Alpha Intermediate Holding, Inc., Term Loan, 7.252%, (3 mo. USD Term SOFR + 3.25%), 10/26/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8809 | &nbsp;&nbsp;&nbsp;&nbsp; 8821621 |
| Project Boost Purchaser LLC, Term Loan, 6.608%, (3 mo. USD Term SOFR + 2.75%), 7/16/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15745 | &nbsp;&nbsp;&nbsp;&nbsp; 15730835 |
| Proofpoint, Inc., Term Loan, 6.965%, (1 mo. USD Term SOFR + 3.00%), 8/31/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4311 | &nbsp;&nbsp;&nbsp;&nbsp; 4337903 |
| RealPage, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.263%, (3 mo. USD Term SOFR + 3.00%), 4/24/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15448 | &nbsp;&nbsp;&nbsp;&nbsp; 15434974 |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.752%, (3 mo. USD Term SOFR + 3.75%), 4/24/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3980 | &nbsp;&nbsp;&nbsp;&nbsp; 3999422 |
| Rocket Software, Inc., Term Loan, 7.715%, (1 mo. USD Term SOFR + 3.75%), 11/28/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3342 | &nbsp;&nbsp;&nbsp;&nbsp; 3332970 |
| Sabre GLBL, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.579%, (1 mo. USD Term SOFR + 3.50%), 12/17/27 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965 | &nbsp;&nbsp;&nbsp;&nbsp; 920248 |

---

*31*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_fd998a9b-106a-4c96-877e-a197b5877161_TOC)

Eaton Vance

Floating Rate Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Software (continued) | Software (continued) | Software (continued) | Software (continued) |
| Sabre GLBL, Inc.: (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.579%, (1 mo. USD Term SOFR + 3.50%), 12/17/27 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2228 | &nbsp;&nbsp;$2125158 |
| &nbsp;&nbsp;&nbsp;Term Loan, 8.315%, (1 mo. USD Term SOFR + 4.25%), 6/30/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303 | &nbsp;&nbsp;&nbsp;&nbsp; 282504 |
| &nbsp;&nbsp;&nbsp;Term Loan, 9.065%, (1 mo. USD Term SOFR + 5.00%), 6/30/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271 | &nbsp;&nbsp;&nbsp;&nbsp; 252132 |
| &nbsp;&nbsp;&nbsp;Term Loan, 10.065%, (1 mo. USD Term SOFR + 6.00%), 11/15/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6023 | &nbsp;&nbsp;&nbsp;&nbsp; 5609031 |
| &nbsp;&nbsp;&nbsp;Term Loan, 10.065%, (1 mo. USD Term SOFR + 6.00%), 11/15/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2146 | &nbsp;&nbsp;&nbsp;&nbsp; 1996219 |
| SkillSoft Corp., Term Loan, 9.342%, (1 mo. USD Term SOFR + 5.25%), 7/14/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10117 | &nbsp;&nbsp;&nbsp;&nbsp; 8864091 |
| SolarWinds Holdings, Inc., Term Loan, 8.026%, (3 mo. USD Term SOFR + 4.00%), 4/16/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19375 | &nbsp;&nbsp;&nbsp;&nbsp; 19302441 |
| UKG, Inc., Term Loan, 6.338%, (3 mo. USD Term SOFR + 2.50%), 2/10/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34744 | &nbsp;&nbsp;&nbsp;&nbsp; 34779308 |
| Veritas U.S., Inc., Term Loan, 16.502%, (3 mo. USD Term SOFR + 12.50%), 12.002% Cash, 4.50% PIK, 12/9/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6207 | &nbsp;&nbsp;&nbsp;&nbsp; 6290247 |
| Vision Solutions, Inc., Term Loan, 8.102%, (3 mo. USD Term SOFR + 4.00%), 4/24/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12812 | &nbsp;&nbsp;&nbsp;&nbsp; 12387863 |
|  |  |  | &nbsp;&nbsp;**$490324408** |
| Specialty Retail — 1.4% | Specialty Retail — 1.4% | Specialty Retail — 1.4% | Specialty Retail — 1.4% |
| Applegreen Ireland, Term Loan, 7.066%, (3 mo. EURIBOR + 5.00%), 1/30/32 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;$1165975 |
| Apro LLC, Term Loan, 7.677%, (3 mo. USD Term SOFR + 3.75%), 7/9/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5693 | &nbsp;&nbsp;&nbsp;&nbsp; 5700811 |
| Boels Topholding BV, Term Loan, 4.676%, (1 mo. EURIBOR + 2.75%), 5/23/31 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131 | &nbsp;&nbsp;&nbsp;&nbsp; 152036 |
| EG America LLC, Term Loan, 7.699%, (3 mo. USD Term SOFR + 3.50%), 2/7/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1747 | &nbsp;&nbsp;&nbsp;&nbsp; 1758787 |
| Great Outdoors Group LLC, Term Loan, 7.215%, (1 mo. USD Term SOFR + 3.25%), 1/23/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7496 | &nbsp;&nbsp;&nbsp;&nbsp; 7505635 |
| Harbor Freight Tools USA, Inc., Term Loan, 6.215%, (1 mo. USD Term SOFR + 2.25%), 6/11/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15210 | &nbsp;&nbsp;&nbsp;&nbsp; 15031922 |
| Homeserve USA Holding Corp., Term Loan, 6.031%, (1 mo. USD Term SOFR + 2.00%), 10/21/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6365 | &nbsp;&nbsp;&nbsp;&nbsp; 6377029 |
| Les Schwab Tire Centers, Term Loan, 6.465% - 6.699%, (1 mo. USD Term SOFR + 2.50%, 3 mo. USD Term SOFR + 2.50%), 4/23/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3238 | &nbsp;&nbsp;&nbsp;&nbsp; 3227774 |
| LIDS Holdings, Inc., Term Loan, 9.631%, (1 mo. USD Term SOFR + 5.50%), 12/14/26 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381 | &nbsp;&nbsp;&nbsp;&nbsp; 378778 |
| Mavis Tire Express Services Corp., Term Loan, 7.199%, (3 mo. USD Term SOFR + 3.00%), 5/4/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6447 | &nbsp;&nbsp;&nbsp;&nbsp; 6467420 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Specialty Retail (continued) | Specialty Retail (continued) | Specialty Retail (continued) | Specialty Retail (continued) |
| Speedster Bidco GmbH: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 5.623%, (6 mo. EURIBOR + 3.50%), 12/10/31 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6100 | &nbsp;&nbsp;$7100036 |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.24%, (3 mo. USD Term SOFR + 3.25%), 12/10/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7736 | &nbsp;&nbsp;&nbsp;&nbsp; 7766151 |
|  |  |  | &nbsp;&nbsp;**$62632354** |
| Technology Hardware, Storage & Peripherals — 0.0%<sup>†</sup> | Technology Hardware, Storage & Peripherals — 0.0%<sup>†</sup> | Technology Hardware, Storage & Peripherals — 0.0%<sup>†</sup> | Technology Hardware, Storage & Peripherals — 0.0%<sup>†</sup> |
| Poseidon Bidco SASU, Term Loan, 7.00%, (3 mo. EURIBOR + 5.00%), 3/13/30 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4390 | &nbsp;&nbsp;$1846949 |
|  |  |  | &nbsp;&nbsp;**$1846949** |
| Trading Companies & Distributors — 2.2% | Trading Companies & Distributors — 2.2% | Trading Companies & Distributors — 2.2% | Trading Companies & Distributors — 2.2% |
| CD&R Hydra Buyer, Inc., Term Loan, 8.065%, (1 mo. USD Term SOFR + 4.00%), 3/25/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9945 | &nbsp;&nbsp;$9941183 |
| Core & Main LP, Term Loan, 5.991%, (1 mo. USD Term SOFR + 2.00%), 2/9/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3636 | &nbsp;&nbsp;&nbsp;&nbsp; 3640072 |
| DXP Enterprises, Inc., Term Loan, 7.715%, (1 mo. USD Term SOFR + 3.75%), 10/11/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7081 | &nbsp;&nbsp;&nbsp;&nbsp; 7140209 |
| Herc Holdings, Inc., Term Loan, 6.106%, (1 mo. USD Term SOFR + 2.00%), 6/2/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3250 | &nbsp;&nbsp;&nbsp;&nbsp; 3269971 |
| Kodiak Building Partners, Inc., Term Loan, 7.752%, (3 mo. USD Term SOFR + 3.75%), 12/4/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6935 | &nbsp;&nbsp;&nbsp;&nbsp; 6901983 |
| Paint Intermediate III LLC, Term Loan, 7.242%, (3 mo. USD Term SOFR + 3.00%), 10/9/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4776 | &nbsp;&nbsp;&nbsp;&nbsp; 4782567 |
| Patagonia Bidco Ltd., Term Loan, 9.467%, (3 mo. GBP SONIA + 5.25%), 11/1/28 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8875 | &nbsp;&nbsp;&nbsp;&nbsp; 10386320 |
| Quimper AB: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 5.859%, (6 mo. EURIBOR + 3.75%), 3/29/30 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp; 4050796 |
| &nbsp;&nbsp;&nbsp;Term Loan, 5.859%, (6 mo. EURIBOR + 3.75%), 3/29/30 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3275 | &nbsp;&nbsp;&nbsp;&nbsp; 3790387 |
| QXO, Inc., Term Loan, 6.965%, (1 mo. USD Term SOFR + 3.00%), 4/30/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp; 4513185 |
| Spin Holdco, Inc., Term Loan, 8.393%, (3 mo. USD Term SOFR + 4.00%), 3/4/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15999 | &nbsp;&nbsp;&nbsp;&nbsp; 13430582 |
| White Cap Buyer LLC, Term Loan, 7.215%, (1 mo. USD Term SOFR + 3.25%), 10/19/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13799 | &nbsp;&nbsp;&nbsp;&nbsp; 13848336 |
| Windsor Holdings III LLC, Term Loan, 6.727%, (1 mo. USD Term SOFR + 2.75%), 8/1/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11593 | &nbsp;&nbsp;&nbsp;&nbsp; 11602884 |
|  |  |  | &nbsp;&nbsp;**$97298475** |

---

*32*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_fd998a9b-106a-4c96-877e-a197b5877161_TOC)

Eaton Vance

Floating Rate Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Transportation Infrastructure — 0.2% | Transportation Infrastructure — 0.2% | Transportation Infrastructure — 0.2% |
| KKR Apple Bidco LLC, Term Loan, 6.465%, (1 mo. USD Term SOFR + 2.50%), 9/23/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10075 | &nbsp;&nbsp;$10112151 |
|  |  | &nbsp;&nbsp;**$10112151** |
| Total Senior Floating-Rate Loans<br> (identified cost $3,929,190,104) |  | &nbsp;&nbsp;**$3773063254** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Warrants — 0.0%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Health Care — 0.0% | Health Care — 0.0% | Health Care — 0.0% |
| Cano Health, Inc., Exp. 6/28/29<sup>(3)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9917 | &nbsp;&nbsp;$0 |
| Total Warrants<br> (identified cost $0) |  | &nbsp;&nbsp;**$0** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Short-Term Investments — 4.3%

Affiliated Fund — 4.2%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 4.00%<sup>(12)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;189108071 | &nbsp;&nbsp;$189108071 |
| Total Affiliated Fund<br> (identified cost $189,108,071) |  | &nbsp;&nbsp;**$189108071** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

U.S. Treasury Obligations — 0.1%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| U.S. Treasury Bills, 0.00%, 4/2/26<sup>(13)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5100 | &nbsp;&nbsp;$5021099 |
| Total U.S. Treasury Obligations<br> (identified cost $5,021,099) |  | &nbsp;&nbsp;**$5021099** |
| Total Short-Term Investments<br> (identified cost $194,129,170) |  | &nbsp;&nbsp;**$194129170** |
| Total Investments — 99.0%<br> (identified cost $4,620,651,940) |  | &nbsp;&nbsp;**$4421010587** |
| Less Unfunded Loan Commitments — (0.1)% |  | &nbsp;&nbsp;**$(6224863)** |
| Net Investments — 98.9%<br> (identified cost $4,614,427,077) |  | &nbsp;&nbsp;**$4414785724** |
| Other Assets, Less Liabilities — 1.1% |  | &nbsp;&nbsp;**$49858802** |
| Net Assets — 100.0% |  | &nbsp;&nbsp;**$4464644526** |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | The percentage shown for each investment category in the Portfolio of Investments is based on net assets. |
| <sup>†</sup> | Amount is less than 0.05% or (0.05)%, as applicable. |
| \* | In U.S. dollars unless otherwise indicated. |
| <sup>(1)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At October 31, 2025, the aggregate value of these securities is $341,737,439 or 7.7% of the Portfolio's net assets. |
| <sup>(2)</sup> | Variable rate security. The stated interest rate represents the rate in effect at October 31, 2025. |
| <sup>(3)</sup> | Security is valued using significant unobservable inputs and is categorized as Level 3 in the fair value hierarchy. |
| <sup>(4)</sup> | Non-income producing security. |
| <sup>(5)</sup> | Security was acquired in connection with a restructuring of a Senior Loan and may be subject to restrictions on resale. |
| <sup>(6)</sup> | Affiliated fund (see Note 7). |

---

*33*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_fd998a9b-106a-4c96-877e-a197b5877161_TOC)

Eaton Vance

Floating Rate Portfolio

October 31, 2025

Portfolio of Investments — continued

------

<sup>(7)</sup> Senior floating-rate loans (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 typically have an expected average life of approximately two to four years. Senior Loans typically have rates of interest which are redetermined periodically by reference to a base lending rate, plus a spread. These base lending rates are primarily the Secured Overnight Financing Rate ("SOFR") and secondarily, the prime rate offered by one or more major United States banks (the "Prime Rate"). Base lending rates may be subject to a floor, or minimum rate. Rates for SOFR are generally 1 or 3-month tenors and may also be subject to a credit spread adjustment. Senior Loans are generally subject to contractual restrictions that must be satisfied before they can be bought or sold.

<sup>(8)</sup> Unfunded or partially unfunded loan commitments. The stated interest rate reflects the reference rate and spread for the funded portion, if any. At October 31, 2025, the total value of unfunded loan commitments is $6,342,015. See Note 1F for description.

<sup>(9)</sup> Issuer is in default with respect to interest and/or principal payments or has declared bankruptcy and is non-income producing. For a variable rate security, interest rate has been adjusted to reflect non-accrual status.

<sup>(10)</sup> This Senior Loan will settle after October 31, 2025, at which time the interest rate will be determined.

<sup>(11)</sup> Fixed-rate loan.

<sup>(12)</sup> May be deemed to be an affiliated investment company (see Note 7). The rate shown is the annualized seven-day yield as of October 31, 2025.

<sup>(13)</sup> Security (or a portion thereof) has been pledged to cover collateral requirements on open derivative contracts.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts (OTC)** | **Forward Foreign Currency Exchange Contracts (OTC)** | **Forward Foreign Currency Exchange Contracts (OTC)** | **Forward Foreign Currency Exchange Contracts (OTC)** | **Forward Foreign Currency Exchange Contracts (OTC)** | **Forward Foreign Currency Exchange Contracts (OTC)** | **Forward Foreign Currency Exchange Contracts (OTC)** | **Forward Foreign Currency Exchange Contracts (OTC)** |
| **Currency Purchased** | **Currency Purchased** | &nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Settlement<br> Date** | &nbsp;&nbsp;**Unrealized<br> Appreciation** | &nbsp;&nbsp;**Unrealized<br> (Depreciation)** |
| USD | &nbsp;&nbsp;216353845 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;183766698 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;11/4/25 | &nbsp;&nbsp;$4535149 | &nbsp;&nbsp;$— |
| USD | &nbsp;&nbsp; 28694163 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 24442057 | &nbsp;&nbsp;Australia and New Zealand Banking Group Limited | &nbsp;&nbsp;11/28/25 | &nbsp;&nbsp;&nbsp;&nbsp; 482893 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 28713846 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 24442057 | &nbsp;&nbsp;HSBC Bank USA, N.A. | &nbsp;&nbsp;11/28/25 | &nbsp;&nbsp;&nbsp;&nbsp; 502576 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 23226813 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 19780658 | &nbsp;&nbsp;HSBC Bank USA, N.A. | &nbsp;&nbsp;11/28/25 | &nbsp;&nbsp;&nbsp;&nbsp; 395776 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 34261652 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 29184545 | &nbsp;&nbsp;State Street Bank and Trust Company | &nbsp;&nbsp;11/28/25 | &nbsp;&nbsp;&nbsp;&nbsp; 576553 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 28442968 | &nbsp;&nbsp;GBP | &nbsp;&nbsp; 21051751 | &nbsp;&nbsp;HSBC Bank USA, N.A. | &nbsp;&nbsp;11/28/25 | &nbsp;&nbsp;&nbsp;&nbsp; 785826 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp;212435314 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;183766698 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;12/2/25 | &nbsp;&nbsp;&nbsp;&nbsp; 282040 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 6001981 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 5083056 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;12/31/25 | &nbsp;&nbsp;&nbsp;&nbsp; 123981 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 5960825 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 5055861 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;12/31/25 | &nbsp;&nbsp;&nbsp;&nbsp; 114273 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 5000365 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 4235879 | &nbsp;&nbsp;State Street Bank and Trust Company | &nbsp;&nbsp;12/31/25 | &nbsp;&nbsp;&nbsp;&nbsp; 102033 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;**$7901100** | &nbsp;&nbsp;**$—** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Credit Default Swaps - Sell Protection (Centrally Cleared)** | **Credit Default Swaps - Sell Protection (Centrally Cleared)** | **Credit Default Swaps - Sell Protection (Centrally Cleared)** | **Credit Default Swaps - Sell Protection (Centrally Cleared)** | **Credit Default Swaps - Sell Protection (Centrally Cleared)** | **Credit Default Swaps - Sell Protection (Centrally Cleared)** | **Credit Default Swaps - Sell Protection (Centrally Cleared)** |
| **Reference Entity** | &nbsp;&nbsp;**Notional<br> Amount\*<br> (000's omitted)** | &nbsp;&nbsp;**Current<br> Market Annual<br> Fixed Rate\*\*\*** | &nbsp;&nbsp;**Termination<br> Date** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**Unamortized<br> Upfront<br> Receipts<br> (Payments)** | &nbsp;&nbsp;**Unrealized<br> Appreciation<br> (Depreciation)** |
| Markit CDX North America High Yield Index (CDX.NA.HY.45.V1) | &nbsp;&nbsp;$87500 &nbsp;&nbsp;5.00%<br> (pays quarterly)<sup>(1)</sup> | &nbsp;&nbsp;3.28% | &nbsp;&nbsp;12/20/30 | &nbsp;&nbsp;$6842038 | &nbsp;&nbsp;$(6496485) | &nbsp;&nbsp;$345553 |
| **Total** | &nbsp;&nbsp;**$87500** |  |  | &nbsp;&nbsp;**$6842038** | &nbsp;&nbsp;**$(6496485)** | &nbsp;&nbsp;**$345553** |

---

*34*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_fd998a9b-106a-4c96-877e-a197b5877161_TOC)

Eaton Vance

Floating Rate Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit Default Swaps - Sell Protection (OTC)** | **Credit Default Swaps - Sell Protection (OTC)** | **Credit Default Swaps - Sell Protection (OTC)** | **Credit Default Swaps - Sell Protection (OTC)** | **Credit Default Swaps - Sell Protection (OTC)** | **Credit Default Swaps - Sell Protection (OTC)** | **Credit Default Swaps - Sell Protection (OTC)** | **Credit Default Swaps - Sell Protection (OTC)** |
| **Reference Entity** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Notional<br> Amount\*<br> (000's omitted)** | &nbsp;&nbsp;**Current<br> Market<br> Annual<br> Fixed Rate\*\*\*** | &nbsp;&nbsp;**Termination<br> Date** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**Unamortized<br> Upfront<br> Receipts<br> (Payments)** | &nbsp;&nbsp;**Unrealized<br> Appreciation<br> (Depreciation)** |
| U.S. Land Banking | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;$5000 &nbsp;&nbsp;5.50%<br> (pays monthly)<sup>(1)</sup> | &nbsp;&nbsp;5.46% | &nbsp;&nbsp;10/10/29 | &nbsp;&nbsp;$23255 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$23255 |
| **Total** |  | &nbsp;&nbsp;**$5000** |  |  | &nbsp;&nbsp;**$23255** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$23255** |

---

\* 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 October 31, 2025, such maximum potential amount for all open credit default swaps in which the Portfolio is the seller was $92,500,000.

\*\* The contract annual fixed rate represents the fixed rate of interest received by the Portfolio (as a seller of protection) or paid by the Portfolio (as a buyer of protection) 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.

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

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| DIP | – Debtor In Possession |
| EURIBOR | – Euro Interbank Offered Rate |
| OTC | – Over-the-counter |
| PIK | – Payment In Kind |
| SOFR | – Secured Overnight Financing Rate |
| SONIA | – Sterling Overnight Interbank Average |

---

---

| | |
|:---|:---|
| **Currency Abbreviations:** | **Currency Abbreviations:** |
| EUR | – Euro |
| GBP | – British Pound Sterling |
| USD | – United States Dollar |

---

*35*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_fd998a9b-106a-4c96-877e-a197b5877161_TOC)

Eaton Vance

Floating Rate Portfolio

October 31, 2025

Statement of Assets and Liabilities

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**October 31, 2025** |
| Assets |  |
| Unaffiliated investments, at value (identified cost $4,396,273,266) | &nbsp;&nbsp;$4197108728 |
| Affiliated investments, at value (identified cost $218,153,811) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217676996 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17521054 |
| Deposits for derivatives collateral: |  |
| &nbsp;&nbsp;&nbsp;Centrally cleared swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6447582 |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3240000 |
| Foreign currency, at value (identified cost $52,239,207) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51508721 |
| Interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24256724 |
| Dividends receivable from affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;854932 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126970617 |
| Receivable for open forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7901100 |
| Receivable for open OTC swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23255 |
| Receivable from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16030 |
| Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328950 |
| Prepaid upfront fees on notes payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335476 |
| Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8285 |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102720 |
| **Total assets** | &nbsp;&nbsp;**$4654301170** |
| Liabilities |  |
| Cash collateral due to brokers | &nbsp;&nbsp;$3240000 |
| Payable for investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183176206 |
| Payable for variation margin on open centrally cleared swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91085 |
| Payable to affiliates: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment adviser fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1959532 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9042 |
| &nbsp;&nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328950 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;851829 |
| **Total liabilities** | &nbsp;&nbsp;**$189656644** |
| Commitments and contingencies (see Note 10) |  |
| **Net Assets applicable to investors' interest in Portfolio** | &nbsp;&nbsp;**$4464644526** |

---

*See Notes to Financial Statements.*

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[**Table of Contents**](#JOB_EV_AR_fd998a9b-106a-4c96-877e-a197b5877161_TOC)

Eaton Vance

Floating Rate Portfolio

October 31, 2025

Statement of Operations

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended** |
|  | &nbsp;&nbsp;&nbsp;**October 31, 2025** |
| Investment Income |  |
| Dividend income from affiliated investments | &nbsp;&nbsp;$9128287 |
| Interest income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398147930 |
| Other income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3082188 |
| **Total investment income** | &nbsp;&nbsp;**$410358405** |
| Expenses |  |
| Investment adviser fee | &nbsp;&nbsp;$25595465 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109301 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1049735 |
| Legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196283 |
| Interest expense and fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2461453 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215977 |
| **Total expenses** | &nbsp;&nbsp;**$29628214** |
| Deduct: |  |
| &nbsp;&nbsp;&nbsp;Waiver and/or reimbursement of expenses by affiliates | &nbsp;&nbsp;$365604 |
| **Total expense reductions** | &nbsp;&nbsp;**$365604** |
| **Net expenses** | &nbsp;&nbsp;**$29262610** |
| **Net investment income** | &nbsp;&nbsp;**$381095795** |
| Realized and Unrealized Gain (Loss) |  |
| Net realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;Investment transactions | &nbsp;&nbsp;$(105684603) |
| &nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;749953 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1383940) |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3055828) |
| **Net realized loss** | &nbsp;&nbsp;**$(109374418)** |
| Change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;$(24503102) |
| &nbsp;&nbsp;&nbsp;Investments - affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1868593 |
| &nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368808 |
| &nbsp;&nbsp;&nbsp;Foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1717586) |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6435489) |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$(30418776)** |
| **Net realized and unrealized loss** | &nbsp;&nbsp;**$(139793194)** |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$241302601** |

---

*37*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_fd998a9b-106a-4c96-877e-a197b5877161_TOC)

Eaton Vance

Floating Rate Portfolio

October 31, 2025

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
|  | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$381095795 | &nbsp;&nbsp;$479459514 |
| &nbsp;&nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(109374418) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(189984677) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30418776) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261416635 |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$241302601** | &nbsp;&nbsp;**$550891472** |
| Capital transactions: |  |  |
| &nbsp;&nbsp;&nbsp;Contributions | &nbsp;&nbsp;$211859678 | &nbsp;&nbsp;$313003430 |
| &nbsp;&nbsp;&nbsp;Withdrawals | &nbsp;&nbsp;&nbsp;&nbsp;(1335648314) | &nbsp;&nbsp;&nbsp;&nbsp;(1278538434) |
| **Net decrease in net assets from capital transactions** | &nbsp;&nbsp;**$(1123788636)** | &nbsp;&nbsp;**$(965535004)** |
| **Net decrease in net assets** | &nbsp;&nbsp;**$(882486035)** | &nbsp;&nbsp;**$(414643532)** |
| Net Assets |  |  |
| At beginning of year | &nbsp;&nbsp;$5347130561 | &nbsp;&nbsp;$5761774093 |
| **At end of year** | &nbsp;&nbsp;**$4464644526** | &nbsp;&nbsp;**$5347130561** |

---

*38*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_fd998a9b-106a-4c96-877e-a197b5877161_TOC)

Eaton Vance

Floating Rate Portfolio

October 31, 2025

Financial Highlights

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
|  | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Ratios (as a percentage of average daily net assets):<sup>(1)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59%<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57%<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58%<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54%<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.51% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26% |
| **Total Return** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.23%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.49%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.63%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3.32)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.80%** |
| **Net assets, end of year (000's omitted)** | &nbsp;&nbsp;**$4464645** | &nbsp;&nbsp;**$5347131** | &nbsp;&nbsp;**$5761774** | &nbsp;&nbsp;**$8101131** | &nbsp;&nbsp;**$8986782** |

---

<sup>(1)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Portfolio.

<sup>(2)</sup> Includes a reduction by the investment adviser of a portion of the Portfolio's adviser fees due to the Portfolio's investment in the Liquidity Fund and in other affiliated funds (equal to less than 0.01% of average daily net assets for the year ended October 31, 2025 and less than 0.005% of average daily net assets for the years ended October 31, 2024, 2023 and 2022).

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_fd998a9b-106a-4c96-877e-a197b5877161_TOC)

Eaton Vance

Floating Rate Portfolio

October 31, 2025

Notes to Financial Statements

------

1 Significant Accounting Policies

Eaton Vance Floating Rate Portfolio (the Portfolio) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified, open-end management investment company. The Portfolio's investment objective is to provide a high level of current income. The Declaration of Trust permits the Trustees to issue interests in the Portfolio. At October 31, 2025, Eaton Vance Floating-Rate Fund and Eaton Vance Floating-Rate & High Income Fund held an interest of 86.3% and 13.7%, respectively, in the Portfolio.

The following is a summary of significant accounting policies of the Portfolio. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Portfolio is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.

A Investment Valuation—The following methodologies are used to determine the market value or fair value of investments.

**Senior Floating-Rate Loans. Interests in senior floating-rate loans (Senior Loans) are valued generally at the average mean of bid and ask quotations obtained from a third party pricing service. Senior Loans, for which a valuation is not available or deemed unreliable, are fair valued by the investment adviser utilizing one or more of the valuation techniques described below to assess the likelihood that the borrower will make a full repayment of the loan underlying such Senior Loan. If the investment adviser believes that there is a reasonable likelihood of full repayment, the investment adviser will determine fair value using a matrix pricing approach that considers the yield on the Senior Loan relative to yields on other Senior Loans issued by companies of comparable credit quality. If the investment adviser believes there is not a reasonable likelihood of full repayment, the investment adviser will determine fair value using analyses that include, but are not limited to: (i) a comparison of the value of the borrower's outstanding equity and debt to that of comparable public companies; (ii) a discounted cash flow analysis; or (iii) when the investment adviser believes it is likely that a borrower will be liquidated or sold, an analysis of the terms of such liquidation or sale. In certain cases, the investment adviser will use a combination of analytical methods to determine fair value, such as when only a portion of a borrower's assets are likely to be sold. In conducting its assessment and analyses for purposes of determining fair value of a Senior Loan, the investment adviser will use its discretion and judgment in considering and appraising relevant factors. Junior Loans (i.e., subordinated loans and second lien loans) are valued in the same manner as Senior Loans.**

**Debt Obligations. Debt obligations are generally valued on the basis of valuations provided by third party pricing services, as derived from such services' pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and ask prices, broker/dealer quotations, prices or yields of securities with similar characteristics, interest rates, anticipated prepayments, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Short-term debt obligations purchased with a remaining maturity of sixty days or less for which a valuation from a third party pricing service is not readily available may be valued at amortized cost, which approximates fair value.**

**Equity Securities. Equity securities listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and ask prices on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ National Market System are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and ask prices or, in the case of preferred equity securities that are not listed or traded in the over-the-counter market, by a third party pricing service that uses various techniques that consider factors including, but not limited to, prices or yields of securities with similar characteristics, benchmark yields, broker/dealer quotes, quotes of underlying common stock, issuer spreads, as well as industry and economic events.**

**Derivatives. Forward foreign currency exchange contracts are generally valued at the mean of the average bid and average asked prices that are reported by currency dealers to a third party pricing service at the valuation time. Such third party pricing service valuations are supplied for specific settlement periods and the Portfolio's forward foreign currency exchange contracts are valued at an interpolated rate between the closest preceding and subsequent settlement period reported by the third party pricing service. Swaps are normally valued using valuations provided by a third party pricing service. Such pricing service valuations are based on the present value of fixed and projected floating rate cash flows over the term of the swap contract, and in the case of credit default swaps, based on credit spread quotations obtained from broker/dealers and expected default recovery rates determined by the pricing service using proprietary models. Future cash flows on swaps are discounted to their present value using swap rates provided by electronic data services or by broker/dealers.**

**Foreign Securities and Currencies. Foreign securities 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.**

**Other. Investments in management investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value as of the close of each business day. Exchange-traded funds are valued at the official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded.**

**Fair Valuation. In connection with Rule 2a-5 of the 1940 Act, the Trustees have designated the Portfolio's investment adviser as its valuation designee. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued by the investment adviser, as valuation designee, at fair value using methods that most fairly reflect the security's "fair value", which is the amount that the Portfolio might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are**

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[**Table of Contents**](#JOB_EV_AR_fd998a9b-106a-4c96-877e-a197b5877161_TOC)

Eaton Vance

Floating Rate Portfolio

October 31, 2025

Notes to Financial Statements — continued

------

likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security's disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company's or entity's financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

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

C Income—Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount. Fees in connection with investments in senior floating-rate loans may include amendment fees, consent fees and prepayment fees, which are recorded to income as earned and included in Other income on the Statement of Operations. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. Distributions from investment companies are recorded as dividend income, capital gains or return of capital based on the nature of the distribution.

D Federal Taxes—The Portfolio has elected to be treated as a partnership for federal tax purposes. No provision is made by the Portfolio for federal or state taxes on any taxable income of the Portfolio because each investor in the Portfolio is ultimately responsible for the payment of any taxes on its share of taxable income. Since at least one of the Portfolio's investors is a regulated investment company that invests all or substantially all of its assets in the Portfolio, the Portfolio normally must satisfy the applicable source of income and diversification requirements (under the Internal Revenue Code) in order for its investors to satisfy them. The Portfolio will allocate, at least annually among its investors, each investor's distributive share of the Portfolio's net investment income, net realized capital gains and losses and any other items of income, gain, loss, deduction or credit.

As of October 31, 2025, the Portfolio had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Portfolio files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

E Foreign Currency Translation—Investment valuations, other assets, and liabilities initially expressed in foreign currencies are translated each business day into U.S. dollars based upon current exchange rates. Purchases and sales of foreign investment securities and income and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates in effect on the respective dates of such transactions. Recognized gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.

F Unfunded Loan Commitments—The Portfolio may enter into certain loan agreements all or a portion of which may be unfunded. The Portfolio is obligated to fund these commitments at the borrower's discretion. These commitments, if any, are disclosed in the accompanying Portfolio of Investments. At October 31, 2025, the Portfolio had sufficient cash and/or securities to cover these commitments.

G Use of Estimates—The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

H Indemnifications—Under the Portfolio's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Portfolio. Under Massachusetts law, if certain conditions prevail, interestholders in the Portfolio could be deemed to have personal liability for the obligations of the Portfolio. However, the Portfolio's Declaration of Trust contains an express disclaimer of liability on the part of Portfolio interestholders. Additionally, in the normal course of business, the Portfolio enters into agreements with service providers that may contain indemnification clauses. The Portfolio's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet occurred.

I Forward Foreign Currency Exchange Contracts—The Portfolio may enter into forward foreign currency exchange contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date. The forward foreign currency exchange contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded as unrealized until such time as the contracts have been closed. Risks may arise upon entering these contracts from the potential inability of counterparties to meet the terms of their contracts and from movements in the value of a foreign currency relative to the U.S. dollar.

J Credit Default Swaps—Swap contracts are privately negotiated agreements between the Portfolio and a counterparty. Certain swap contracts may be centrally cleared ("centrally cleared swaps"), whereby all payments made or received by the Portfolio pursuant to the contract are with a central clearing party (CCP) rather than the original counterparty. The CCP guarantees the performance of the original parties to the contract. Upon entering into centrally cleared swaps, the Portfolio is required to deposit with the CCP, either in cash or securities, an amount of initial margin determined by the CCP, which is subject to adjustment. When the Portfolio is the buyer of a credit default swap contract, the Portfolio is entitled to receive the par (or other agreed-upon) value of a referenced debt obligation (or basket of debt obligations) from the counterparty (or CCP in the case of a centrally cleared swap) to the contract if

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[**Table of Contents**](#JOB_EV_AR_fd998a9b-106a-4c96-877e-a197b5877161_TOC)

Eaton Vance

Floating Rate Portfolio

October 31, 2025

Notes to Financial Statements — continued

------

a credit event by a third party, such as a U.S. or foreign corporate issuer or sovereign issuer, on the debt obligation occurs. In return, the Portfolio pays the counterparty a periodic stream of payments over the term of the contract provided that no credit event has occurred. If no credit event occurs, the Portfolio would have spent the stream of payments and received no proceeds from the contract. When the Portfolio is the seller of a credit default swap contract, it receives the stream of payments, but is obligated to pay to the buyer of the protection an amount up to the notional amount of the swap and in certain instances take delivery of securities of the reference entity upon the occurrence of a credit event, as defined under the terms of that particular swap agreement. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring, obligation acceleration and repudiation/moratorium. If the Portfolio is a seller of protection and a credit event occurs, the maximum potential amount of future payments that the Portfolio could be required to make would be an amount equal to the notional amount of the agreement. This potential amount would be partially offset by any recovery value of the respective referenced obligation, or net amount received from the settlement of a buy protection credit default swap agreement entered into by the Portfolio for the same referenced obligation. As the seller, the Portfolio may create economic leverage to its portfolio because, in addition to its total net assets, the Portfolio is subject to investment exposure on the notional amount of the swap. The interest fee paid or received on the swap contract, which is based on a specified interest rate on a fixed notional amount, is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as realized gain upon receipt or realized loss upon payment. The Portfolio also records an increase or decrease to unrealized appreciation (depreciation) in an amount equal to the daily valuation. For centrally cleared swaps, the daily change in valuation is recorded as a receivable or payable for variation margin and settled in cash with the CCP daily. All upfront payments and receipts, if any, are amortized over the life of the swap contract as realized gains or losses. Those upfront payments or receipts for non-centrally cleared swaps are recorded as other assets or other liabilities, respectively, net of amortization. For financial reporting purposes, unamortized upfront payments or receipts, if any, are netted with unrealized appreciation or depreciation on swap contracts to determine the market value of swaps as presented in Notes 5 and 8. These transactions involve certain risks, including the risk that the seller may be unable to fulfill the transaction. In the case of centrally cleared swaps, counterparty risk is minimal due to protections provided by the CCP.

K Segment Reporting—During this reporting period, the Portfolio adopted FASB Accounting Standards Update No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures* (ASU 2023-07), which requires incremental disclosures related to a public entity's reportable segments. The Portfolio operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. In connection with the adoption of ASU 2023-07, the Portfolio's President acts as the Portfolio's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Portfolio's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Portfolio's financial statements.

2 Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory services rendered to the Portfolio. The investment adviser fee is computed at an annual rate as a percentage of the Portfolio's average daily net assets as follows and is payable monthly:

---

| | |
|:---|:---|
| **Average Daily Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Annual Fee Rate** |
| Up to $1 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.5750% |
| $1 billion but less than $2 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.5250% |
| $2 billion but less than $5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.4900% |
| $5 billion but less than $10 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.4600% |
| $10 billion but less than $15 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.4350% |
| $15 billion but less than $20 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.4150% |
| $20 billion but less than $25 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.4000% |
| $25 billion and over | &nbsp;&nbsp;&nbsp;&nbsp;0.3900% |

---

For the year ended October 31, 2025, the Portfolio's investment adviser fee amounted to $25,595,465 or 0.51% of the Portfolio's average daily net assets. The Portfolio may invest in a money market fund, the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio (the "Liquidity Fund"), an open-end management investment company managed by Morgan Stanley Investment Management Inc., a wholly-owned subsidiary of Morgan Stanley and in other affiliated funds. The investment adviser fee paid by the Portfolio is reduced by an amount equal to its pro rata share of the advisory and administration fees paid by the Portfolio due to its investment in the Liquidity Fund and in other affiliated funds. For the year ended October 31, 2025, the investment adviser fee paid was reduced by $365,604 relating to the Portfolio's investment in the Liquidity Fund and in other affiliated funds.

Trustees and officers of the Portfolio who are members of BMR's organization receive remuneration for their services to the Portfolio out of the investment adviser fee. Trustees of the Portfolio who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. Certain officers and Trustees of the Portfolio are officers of the above organization.

------

[**Table of Contents**](#JOB_EV_AR_fd998a9b-106a-4c96-877e-a197b5877161_TOC)

Eaton Vance

Floating Rate Portfolio

October 31, 2025

Notes to Financial Statements — continued

------

During year ended October 31, 2025, BMR reimbursed the Portfolio $12,397 for a net realized loss due to a trading error. The amount of the reimbursement had no significant impact on total return.

3 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations and including maturities, and principal repayments on Senior Loans, aggregated $1,694,358,697 and $2,429,447,435, respectively, for the year ended October 31, 2025.

4 Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Portfolio at October 31, 2025, as determined on a federal income tax basis, were as follows:

---

| | |
|:---|:---|
| **Aggregate cost** | &nbsp;&nbsp;**$4620906735** |
| Gross unrealized appreciation | &nbsp;&nbsp;$47796640 |
| Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(253917651) |
| **Net unrealized depreciation** | &nbsp;&nbsp;**$(206121011)** |

---

5 Financial Instruments

The Portfolio may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include forward foreign currency exchange contracts and swap contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Portfolio has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at October 31, 2025 is included in the Portfolio of Investments. At October 31, 2025, 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:

Credit Risk: The Portfolio enters into credit default swap contracts to enhance total return and/or as a substitute for the purchase of securities.

Foreign Exchange Risk: 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 Portfolio enters into over-the-counter (OTC) derivatives that may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in the Portfolio's net assets below a certain level over a certain period of time, which would trigger a payment by the Portfolio for those derivatives in a liability position. At October 31, 2025, the Portfolio had no open derivatives with credit-related contingent features in a net liability position.

The OTC derivatives in which the Portfolio invests are subject to the risk that the counterparty to the contract fails to perform its obligations under the contract. To mitigate this risk, the Portfolio has entered into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with substantially all its derivative counterparties. An ISDA Master Agreement is a bilateral agreement between the Portfolio and a counterparty that governs certain OTC derivatives and typically contains, among other things, set-off provisions in the event of a default and/or termination event as defined under the relevant ISDA Master Agreement. Under an ISDA Master Agreement, the Portfolio may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy or insolvency. Certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event the Portfolio's net assets decline by a stated percentage or the Portfolio fails to meet the terms of its ISDA Master Agreements, which would cause the counterparty to accelerate payment by the Portfolio of any net liability owed to it.

The collateral requirements for derivatives traded under an ISDA Master Agreement are governed by a Credit Support Annex to the ISDA Master Agreement. Collateral requirements are determined at the close of business each day and are typically based on changes in market values for each transaction under an ISDA Master Agreement and netted into one amount for such agreement. Generally, the amount of collateral due from or to a counterparty is subject to a

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[**Table of Contents**](#JOB_EV_AR_fd998a9b-106a-4c96-877e-a197b5877161_TOC)

Eaton Vance

Floating Rate Portfolio

October 31, 2025

Notes to Financial Statements — continued

------

minimum transfer threshold amount before a transfer is required, which may vary by counterparty. Collateral pledged for the benefit of the Portfolio and/or counterparty is held in segregated accounts by the Portfolio's custodian and cannot be sold, re-pledged, assigned or otherwise used while pledged. The portion of such collateral representing cash, if any, is reflected as deposits for derivatives collateral and, in the case of cash pledged by a counterparty for the benefit of the Portfolio, a corresponding liability on the Statement of Assets and Liabilities. Securities pledged by the Portfolio as collateral, if any, are identified as such in the Portfolio of Investments. The carrying amount of the liability for cash collateral due to brokers at October 31, 2025 approximated its fair value. If measured at fair value, such liability would have been considered as Level 2 in the fair value hierarchy (see Note 8) at October 31, 2025.

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at October 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;**Fair Value** |
| **Statement of Assets and Liabilities Caption** | &nbsp;&nbsp;**Credit** | &nbsp;&nbsp;**Foreign<br> Exchange** | &nbsp;&nbsp;**Total** |
| Not applicable | &nbsp;&nbsp;&nbsp;&nbsp;$6842038<sup>(1)</sup> | &nbsp;&nbsp;$— | &nbsp;&nbsp;$6842038 |
| Receivable for open forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;7901100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7901100 |
| Receivable for open OTC swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23255 |
| **Total Asset Derivatives** | &nbsp;&nbsp;**$6865293** | &nbsp;&nbsp;**$7901100** | &nbsp;&nbsp;**$14766393** |
| **Derivatives not subject to master netting or similar agreements** | &nbsp;&nbsp;**$6842038** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$6842038** |
| **Total Asset Derivatives subject to master netting or similar agreements** | &nbsp;&nbsp;**$23255** | &nbsp;&nbsp;**$7901100** | &nbsp;&nbsp;**$7924355** |

---

<sup>(1)</sup> Only the current day's variation margin on open centrally cleared swap contracts is reported within the Statement of Assets and Liabilities as Receivable or Payable for variation margin on open centrally cleared swap contracts, as applicable.

The Portfolio's derivative assets at fair value by risk, which are reported gross in the Statement of Assets and Liabilities, are presented in the table above. The following table presents the Portfolio's derivative assets by counterparty, net of amounts available for offset under a master netting agreement and net of the related collateral received by the Portfolio for such assets as of October 31, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | &nbsp;&nbsp;&nbsp;**Derivative<br> Assets Subject to<br> Master Netting<br> Agreement** | &nbsp;&nbsp;&nbsp;**Derivatives<br> Available<br> for Offset** | &nbsp;&nbsp;&nbsp;**Non-cash<br> Collateral<br> Received<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;**Cash<br> Collateral<br> Received<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;**Net Amount<br> of Derivative<br> Assets<sup>(b)</sup>** |
| Australia and New Zealand Banking Group Limited | &nbsp;&nbsp;&nbsp;$482893 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$(330000) | &nbsp;&nbsp;&nbsp;$152893 |
| Deutsche Bank AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238254 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238254 |
| Goldman Sachs International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23255 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23255 |
| HSBC Bank USA, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;1684178 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(1504086) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180092 |
| Standard Chartered Bank | &nbsp;&nbsp;&nbsp;&nbsp;4817189 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(1436230) | &nbsp;&nbsp;&nbsp;&nbsp;(2370000) | &nbsp;&nbsp;&nbsp;&nbsp;1010959 |
| State Street Bank and Trust Company | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678586 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(540000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138586 |
|  | &nbsp;&nbsp;&nbsp;**$7924355** | &nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;**$(2940316)** | &nbsp;&nbsp;&nbsp;**$(3240000)** | &nbsp;&nbsp;&nbsp;**$1744039** |

---

<sup>(a)</sup> In some instances, the total collateral received and/or pledged may be more than the amount shown due to overcollateralization.

<sup>(b)</sup> Net amount represents the net amount due from the counterparty in the event of default.

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[**Table of Contents**](#JOB_EV_AR_fd998a9b-106a-4c96-877e-a197b5877161_TOC)

Eaton Vance

Floating Rate Portfolio

October 31, 2025

Notes to Financial Statements — continued

------

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations by risk exposure for the year ended October 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Statement of Operations Caption** | &nbsp;&nbsp;**Credit** | &nbsp;&nbsp;**Foreign<br> Exchange** | &nbsp;&nbsp;**Total** |
| Net realized gain (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;$749953 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$749953 |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(3055828) | &nbsp;&nbsp;&nbsp;&nbsp;(3055828) |
| **Total** | &nbsp;&nbsp;**$749953** | &nbsp;&nbsp;**$(3055828)** | &nbsp;&nbsp;**$(2305875)** |
| Change in unrealized appreciation (depreciation): |  |  |  |
| &nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;$368808 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$368808 |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(6435489) | &nbsp;&nbsp;&nbsp;&nbsp;(6435489) |
| **Total** | &nbsp;&nbsp;**$368808** | &nbsp;&nbsp;**$(6435489)** | &nbsp;&nbsp;**$(6066681)** |

---

The average notional amounts of forward foreign currency exchange contracts and swap contracts outstanding during the year ended October 31, 2025, which are indicative of the volume of these derivative types, were approximately as follows:

---

| | |
|:---|:---|
| **Forward<br> Foreign Currency<br> Exchange Contracts<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Swap<br> Contracts** |
| $787463000 | &nbsp;&nbsp;&nbsp;&nbsp;$18846000 |

---

<sup>(1)</sup> The average notional amount for forward foreign currency exchange contracts is based on the absolute value of notional amounts of currency purchased and currency sold.

6 Credit Facility

The Portfolio participates with another portfolio and fund managed by BMR and its affiliates in a $500 million unsecured credit facility agreement (Agreement) with a group of banks, which is in effect through March 2, 2026. Borrowings are made by the Portfolio solely to facilitate the handling of unusual and/or unanticipated short-term cash requirements. At the Portfolio's option, any loan under the Credit Facility that is made to it will bear interest at a rate equal to (i) the Benchmark Rate (defined below) plus a margin or, (ii) the Base Rate, or (iii) the Overnight Rate plus a margin. Base Rate is the highest of (a) administrative agent's prime rate, (b) 50 basis points above the Federal Funds rate, (c) the Benchmark Rate plus a margin and (d) 1.00%, in each case as in effect from time to time. The "Overnight Rate" is the greatest of the Benchmark Rate, the Federal Funds rate and 0.00%. "Benchmark Rate" means Term SOFR (defined as the forward-looking Secured Overnight Financing Rate term rate published two U.S. government securities business days prior to the commencement of the applicable interest period plus the Term SOFR Adjustment) for an interest period of one-month's duration. To the extent that, at any time, the Benchmark Rate is less than 0.00%, the Benchmark Rate shall be deemed to be 0.00% for purposes of the Credit Facility. "Term SOFR Adjustment" means 0.10%. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of each lender's commitment amount is allocated among the participating portfolios and fund at the end of each quarter. Also included in interest expense and fees on the Statement of Operations is approximately $1,003,000 of amortization of upfront fees paid by the Portfolio in connection with the annual renewal of the Agreement. The unamortized balance of upfront fees at October 31, 2025 is $335,476 and is included in prepaid upfront fees on notes payable in the Statement of Assets and Liabilities. Because the credit facility is not available exclusively to the Portfolio and the maximum amount is capped, it may be unable to borrow some or all of a requested amount at any particular time. For the year ended October 31, 2025, the average borrowings under the Agreement and the average annual interest rate (excluding fees) were $10,410,959 and 7.50%, respectively.

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[**Table of Contents**](#JOB_EV_AR_fd998a9b-106a-4c96-877e-a197b5877161_TOC)

Eaton Vance

Floating Rate Portfolio

October 31, 2025

Notes to Financial Statements — continued

------

7 Affiliated Investments

An affiliated company is a company in which a fund has a direct or indirect ownership of, control of, or voting power of 5 percent or more of the outstanding voting shares, or a company that is under common ownership or control with a fund. At October 31, 2025, the value of the Portfolio's investment in affiliated companies and in funds that may be deemed to be affiliated was $217,676,996, which represents 4.9% of the Portfolio's net assets. Transactions in such investments by the Portfolio for the year ended October 31, 2025 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Value,<br> beginning<br> of period** | **Purchases** | **Sales<br> proceeds** | **Net realized<br> gain (loss)** | **Change in<br> unrealized<br> appreciation<br> (depreciation)** | **Value, end<br> of period** | **Dividend<br> income** | **Shares,<br> end of period** |
| **Common Stocks\*** | **Common Stocks\*** | **Common Stocks\*** | **Common Stocks\*** | **Common Stocks\*** | **Common Stocks\*** | **Common Stocks\*** | **Common Stocks\*** | **Common Stocks\*** |
| IAP Worldwide Services LLC | $— | $— | $— | $— | $— | &nbsp;&nbsp;&nbsp;&nbsp;$—<sup>(1)</sup> | $— | &nbsp;&nbsp;&nbsp;&nbsp; —<sup>(1)</sup> |
| **Exchange-Traded Funds** | **Exchange-Traded Funds** | **Exchange-Traded Funds** | **Exchange-Traded Funds** | **Exchange-Traded Funds** | **Exchange-Traded Funds** | **Exchange-Traded Funds** | **Exchange-Traded Funds** | **Exchange-Traded Funds** |
| Eaton Vance Floating-Rate ETF | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 29045740 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;(476815) | &nbsp;&nbsp;&nbsp; 28568925 | &nbsp;&nbsp;&nbsp;1349854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577500 |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| Liquidity Fund | &nbsp;&nbsp;&nbsp;212728697 | &nbsp;&nbsp;&nbsp;1631460870 | &nbsp;&nbsp;&nbsp;(1655081496) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;189108071 | &nbsp;&nbsp;&nbsp;7778433 | 189108071 |
| **Total** |  |  |  | **$—** | **$(476815)** | **$217676996** | **$9128287** |  |

---

\* The related industry is the same as the presentation in the Portfolio of Investments. <br> <sup>(1)</sup> Company is no longer an affiliate as of October 31, 2025.

8 Fair Value Measurements

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 October 31, 2025, the hierarchy of inputs used in valuing the Portfolio's investments and open derivative instruments, which are carried at fair value, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Asset-Backed Securities | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$105785158 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$105785158 |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 586596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50395779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17394942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68377317 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 238056072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 238056072 |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; 28568925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28568925 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3226539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9804152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13030691 |
| Senior Floating-Rate Loans (Less Unfunded Loan Commitments) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3759861854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6976537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3766838391 |
| Warrants | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0 |
| Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated Fund | &nbsp;&nbsp;&nbsp;&nbsp;189108071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 189108071 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5021099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5021099 |
| **Total Investments** | &nbsp;&nbsp;**$218263592** | &nbsp;&nbsp;&nbsp;&nbsp;**$4162346501** | &nbsp;&nbsp;&nbsp;&nbsp;**$34175631** | &nbsp;&nbsp;&nbsp;&nbsp;**$4414785724** |

---

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[**Table of Contents**](#JOB_EV_AR_fd998a9b-106a-4c96-877e-a197b5877161_TOC)

Eaton Vance

Floating Rate Portfolio

October 31, 2025

Notes to Financial Statements — continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Description (continued)** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$7901100 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$7901100 |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6865293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6865293 |
| **Total** | &nbsp;&nbsp;**$218263592** | &nbsp;&nbsp;&nbsp;&nbsp;**$4177112894** | &nbsp;&nbsp;&nbsp;&nbsp;**$34175631** | &nbsp;&nbsp;&nbsp;&nbsp;**$4429552117** |

---

\* 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 year ended October 31, 2025 is not presented.

9 Risks and Uncertainties

#### Risks Associated with Foreign Investments
Foreign investments can be adversely affected by political, economic and market developments abroad, including the imposition of economic and other sanctions by the United States or another country, and by acts of terrorism and war. There may be less publicly available information about foreign issuers because they may not be subject to reporting practices, requirements or regulations comparable to those to which United States companies are subject. Foreign markets may be smaller, less liquid and more volatile than the major markets in the United States. Trading in foreign markets typically involves higher expense than trading in the United States. The Portfolio may have difficulties enforcing its legal or contractual rights in a foreign country. Securities that trade or are denominated in currencies other than the U.S. dollar may be adversely affected by fluctuations in currency exchange rates.

#### Credit Risk
The Portfolio invests primarily in below investment grade floating-rate loans, which are considered speculative because of the credit risk of their issuers. Changes in economic conditions or other circumstances are more likely to reduce the capacity of issuers of these securities to make principal and interest payments. Such companies are more likely to default on their payments of interest and principal owed than issuers of investment grade bonds. An economic downturn generally leads to a higher non-payment rate, and a loan or other debt obligation may lose significant value before a default occurs. Lower rated investments also may be subject to greater price volatility than higher rated investments. Moreover, the specific collateral used to secure a loan may decline in value or become illiquid, which would adversely affect the loan's value.

10 Commitments and Contingencies

In connection with the Serta Chapter 11 bankruptcy proceeding, on December 31, 2024, the U.S. Fifth Circuit Court of Appeals reversed a bankruptcy court's ruling that held permissible an "uptier" agreement (the "2020 Agreement") entered into by Serta with certain participating lenders, including the Portfolio. The 2020 Agreement had the effect of subordinating the existing debt of certain non-participating lenders to that of the participating lenders. The non-participating lenders brought claims for breach of contract, arguing that the participating lenders had breached an earlier agreement by entering into the 2020 Agreement. The appellate court found that the bankruptcy court had erred in determining that the 2020 Agreement was permitted by the terms of the earlier agreement and remanded the breach of contract claims for further consideration by the bankruptcy court. The appellate court further held that indemnification of the participating lenders in the 2020 Agreement was impermissible under the U.S. Bankruptcy Code. A request by the Portfolio and the other participating lenders for a rehearing of this matter before the Fifth Circuit en banc was denied. The matter has been remanded to the bankruptcy court to determine whether the participating lenders are liable for the breach of contract claims. A trial is scheduled to begin in February 2026. At this time, the Portfolio cannot reliably predict the outcome of these proceedings or the effect, if any, on the Portfolio's net asset value.

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[**Table of Contents**](#JOB_EV_AR_fd998a9b-106a-4c96-877e-a197b5877161_TOC)

Eaton Vance

Floating Rate Portfolio

October 31, 2025

Report of Independent Registered Public Accounting Firm

------

To the Trustees and Investors of Eaton Vance Floating Rate Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Eaton Vance Floating Rate Portfolio (the "Portfolio"), including the portfolio of investments, as of October 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Portfolio as of October 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Portfolio's management. Our responsibility is to express an opinion on the Portfolio's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolio in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB and in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Portfolio is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Portfolio's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities and senior loans owned as of October 31, 2025, by correspondence with the custodian, brokers and agent banks; when replies were not received from brokers and agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 19, 2025

We have served as the auditor of one or more Eaton Vance investment companies since 1959.

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[**Table of Contents**](#JOB_EV_AR_fd998a9b-106a-4c96-877e-a197b5877161_TOC)

Eaton Vance

Floating-Rate Fund

October 31, 2025

Board of Trustees' Contract Approval

------

Overview of the Contract Review Process

The Investment Company Act of 1940, as amended (the "1940 Act"), provides, in substance, that the investment advisory agreement between a fund and its investment adviser will continue in effect from year-to-year only if its continuation is approved on an annual basis by a vote of the fund's board of trustees, including a majority of the trustees who are not "interested persons" of the fund ("independent trustees"), cast in person at a meeting called for the purpose of considering such approval.

At a meeting held on June 12, 2025, the Boards of Trustees/Directors (collectively, the "Board") that oversee the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the "Eaton Vance Funds"), including a majority of the independent trustees (the "Independent Trustees"), voted to approve the continuation of existing investment advisory agreements and sub-advisory agreements<sup>1</sup> for each of the Eaton Vance Funds for an additional one-year period. The Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee comprised of all of the Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of meetings held between April and June 2025, as well as certain additional information provided in response to specific requests from the Independent Trustees as members of the Contract Review Committee. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee's annual evaluation of the investment advisory agreements and sub-advisory agreements.

In connection with its evaluation of the investment advisory agreements and sub-advisory agreements, the Board (directly or through one or more of its committees) considered various information relating to the Eaton Vance Funds. This included information applicable to all or groups of the Eaton Vance Funds, which is referenced immediately below, and information applicable to the particular Eaton Vance Fund covered by this report (each Eaton Vance Fund is referred to below as a "fund"). (For funds that invest through one or more underlying portfolios, references to "each fund" in this section may include information that was considered at the portfolio-level.)

*Information about Fees, Performance and Expenses*

• A report from an independent data provider comparing advisory and other fees paid by each fund to such fees paid by comparable funds, as identified by the independent data provider ("comparable funds");

• A report from an independent data provider comparing each fund's total expense ratio (and its components) to those of comparable funds;

• A report from an independent data provider comparing the investment performance of each fund to the investment performance of comparable funds and, as applicable, benchmark indices, over various time periods;

• In certain instances, data regarding investment performance relative to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board (a committee exclusively comprised of Independent Trustees);

• Comparative information concerning the fees charged and services provided by the adviser and sub-adviser to each fund in managing other accounts (which may include other funds, collective investment trusts and institutional accounts) with the same or substantially similar investment objective as the fund and with a significant overlap in holdings based on criteria set by the Board, if any;

• Profitability analyses on a fund-by-fund basis for the adviser and its affiliates and for each sub-adviser not affiliated with the adviser;

*Information about Portfolio Management and Trading*

• Descriptions of the investment management services provided to each fund, as well as each of the funds' investment strategies and policies;

• The procedures and processes used by the adviser to determine the value of fund assets, including, when necessary, the determination of "fair value" by the adviser in its role as each fund's valuation designee and actions taken to monitor and test the effectiveness of such procedures and processes;

• Information about the policies and practices of each fund's adviser and sub-adviser with respect to trading, including their processes for seeking best execution of portfolio transactions;

• Information about the allocation of brokerage transactions and the benefits, if any, received by the adviser and sub-adviser to each fund as a result of brokerage allocation, including, as applicable, information concerning the acquisition of research through client commission arrangements and policies with respect to "soft dollars";

• Data relating to the portfolio turnover rate of each fund and related information regarding active management in the context of particular strategies;

*Information about each Adviser and Sub-Adviser*

• Reports regarding the financial results and condition of the adviser and certain of its affiliates and of each sub-adviser not affiliated with the adviser;

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;Not all Eaton Vance Funds have entered into a sub-advisory agreement with a sub-adviser. Accordingly, references to "sub-adviser" or "sub-advisory agreement" in this "Overview" section may not be applicable to the particular Eaton Vance Fund covered by this report. Eaton Vance Management and Boston Management and Research are referred to collectively as the "adviser."

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[**Table of Contents**](#JOB_EV_AR_fd998a9b-106a-4c96-877e-a197b5877161_TOC)

Eaton Vance

Floating-Rate Fund

October 31, 2025

Board of Trustees' Contract Approval — continued

------

• Information regarding the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and, for portfolio managers and certain other investment professionals, information relating to their responsibilities with respect to managing other funds and investment accounts, as applicable;

• Information regarding the adviser's and its parent company's (Morgan Stanley's) efforts to retain and attract talented investment professionals, including in the context of a competitive marketplace for talent;

• Information regarding the adviser's compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals' investments in the fund(s) they manage;

• The personal trading codes of ethics of the adviser and its affiliates and the sub-adviser of each fund, together with information relating to compliance with, and the administration of, such codes;

• Policies and procedures relating to proxy voting, including regular reporting with respect to fund proxy voting activities;

• Information regarding the handling of corporate actions and class actions, as well as information regarding litigation and other regulatory matters;

• Information concerning the resources devoted to compliance efforts undertaken by the adviser and its affiliates and the sub-adviser of each fund, including descriptions of their various compliance programs and their record of compliance and remediation;

• Information concerning the business continuity and disaster recovery plans of the adviser and its affiliates and the sub-adviser of each fund;

• A description of the adviser's oversight of sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters, if any;

*Other Relevant Information*

• Information regarding ongoing initiatives to further integrate and harmonize, where applicable, the investment management and other departments of the adviser and its affiliates with the overall investment management infrastructure of Morgan Stanley, in light of Morgan Stanley's acquisition of Eaton Vance Corp. on March 1, 2021;

• Information concerning the nature, cost, and character of the administrative and other non-investment advisory services provided by the adviser and its affiliates;

• Information concerning oversight of the relationship with the custodian, subcustodians, fund accountants, and other third-party service providers by the adviser and/or administrator to each of the funds;

• Information concerning efforts to maintain policies and procedures with respect to various regulations applicable to the funds, including, without limitation, Rule 22e-4 (the Liquidity Risk Management Rule), Rule 12d1-4 (the Fund-of-Funds Rule), Rule 18f-4 (the Derivatives Rule), and Rule 2a-5 (the Fair Valuation Rule);

• For the Eaton Vance Fund structured as an interval fund, information regarding the interval fund's periodic repurchase offers under Rule 23c-3 and related policies and procedures;

• For each Eaton Vance Fund structured as an exchange-listed closed-end fund, information concerning the benefits of the closed-end fund structure, as well as, where relevant, the closed-end fund's market prices (including as compared to the closed-end fund's net asset value (NAV)), trading volume data, continued use of auction preferred shares (where applicable), distribution rates, and other relevant matters;

• The risks that the adviser and/or its affiliates incur in connection with the management and operation of the funds, including, among others, litigation, regulatory, entrepreneurial, data privacy and cybersecurity, and other business risks (and the associated costs of such risks, if any); and

• The terms of each investment advisory agreement and sub-advisory agreement.

During the various meetings of the Board and its committees over the course of the year leading up to the June 12, 2025 meeting, the Board and its committees received information from portfolio managers and other investment professionals of the adviser and sub-advisers of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds' investment objectives. The Board and its committees also received information regarding risk management techniques employed in connection with the management of the funds. The Board and its committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance, and other issues with respect to the funds, and received and participated in reports and presentations provided by the adviser, sub-advisers, and certain other service providers, with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees met in executive sessions and held regular video or telephone conferences to discuss, among other topics, matters relating to the continuation of investment advisory agreements and sub-advisory agreements.

Each of the Contract Review Committee and the Board was advised throughout the contract review process by Kirkland & Ellis LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee and the members of the Board, with the advice of such counsel, exercised their own business judgment in determining the material factors to be considered in evaluating each investment advisory agreement and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory agreement and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee and Board may have placed varying emphasis on particular factors in reaching conclusions with respect to each investment advisory agreement and sub-advisory agreement. In evaluating each investment advisory agreement and sub-advisory agreement, including the fee structures and other terms contained in such agreements, the members of the Contract Review Committee and Board were also informed by multiple years of analysis and discussion with the adviser and sub-adviser to each of the Eaton Vance Funds.

------

[**Table of Contents**](#JOB_EV_AR_fd998a9b-106a-4c96-877e-a197b5877161_TOC)

Eaton Vance

Floating-Rate Fund

October 31, 2025

Board of Trustees' Contract Approval — continued

------

Results of the Contract Review Process

Based on its consideration of the foregoing, and such other information it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory agreement between Eaton Vance Floating-Rate Fund (the "Fund") and Eaton Vance Management ("EVM"), as well as the investment advisory agreement between Eaton Vance Floating Rate Portfolio (the "Portfolio"), the portfolio in which the Fund invests, and Boston Management and Research ("BMR") (EVM, with respect to the Fund, and BMR, with respect to the Portfolio, are each referred to herein as the "Adviser"), including their respective fee structures, are in the interests of shareholders and, therefore, recommended to the Board approval of each agreement. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreements for the Fund and the Portfolio (together, the "investment advisory agreements").

*Nature, Extent and Quality of Services*

In considering whether to approve the investment advisory agreements for the Fund and the Portfolio, the Board evaluated the nature, extent and quality of services provided to the Fund and to the Portfolio by the applicable Adviser.

The Board considered each Adviser's management capabilities and investment processes in light of the types of investments held by the Fund and the Portfolio, including the education and experience of the investment professionals who provide services to the Portfolio. In particular, the Board considered the abilities and experience of each Adviser's investment professionals in analyzing special considerations relevant to investing in senior floating rate loans. The Board considered each Adviser's large group of bank loan investment professionals and other personnel who provide services to the Fund and to the Portfolio, including portfolio managers and analysts. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of each Adviser and other factors, including the reputation and resources of each Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Fund and the Portfolio, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Fund and the Portfolio, including the provision of administrative services. The Board also considered the business-related and other risks to which each Adviser or its affiliates may be subject in managing the Fund and the Portfolio.

The Board noted that, under the terms of the investment advisory agreement of the Fund, EVM may invest assets of the Fund directly in securities, for which it would receive a fee, or in the Portfolio, for which it receives no separate fee but for which BMR receives an advisory fee from the Portfolio.

The Board considered the compliance programs of each Adviser and relevant affiliates thereof. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, compliance with policies and procedures, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered relevant examinations of each Adviser and its affiliates by regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

The Board considered other administrative services provided or overseen by EVM and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by each Adviser, taken as a whole, are appropriate and consistent with the terms of the applicable investment advisory agreement.

*Fund Performance*

The Board compared the Fund's investment performance to that of comparable funds identified by an independent data provider (the peer group), as well as an appropriate benchmark index. The Board's review included comparative performance data with respect to the Fund for the one-, three-, five- and ten-year periods ended December 31, 2024. In this regard, the Board noted that the performance of the Fund was lower than the median performance of the Fund's peer group for the three-year period. The Board also noted that the performance of the Fund was lower than its primary performance benchmark index for the three-year period. On the basis of the foregoing, the performance of the Fund over other periods, and other relevant information provided by the Adviser in response to requests from the Contract Review Committee, the Board concluded that the performance of the Fund was satisfactory.

*Management Fees and Expenses*

The Board considered contractual fee rates payable by the Portfolio and by the Fund for advisory and administrative services (referred to collectively as "management fees"). As part of its review, the Board considered the Fund's management fees and total expense ratio for the one-year period ended December 31, 2024, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered certain factors identified by management in response to inquiries from the Contract Review Committee regarding the Fund's total expense ratio relative to comparable funds.

After considering the foregoing information, and in light of the nature, extent and quality of the services provided by each Adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.

------

[**Table of Contents**](#JOB_EV_AR_fd998a9b-106a-4c96-877e-a197b5877161_TOC)

Eaton Vance

Floating-Rate Fund

October 31, 2025

Board of Trustees' Contract Approval — continued

------

*Profitability and "Fall-Out" Benefits*

The Board considered the level of profits realized by each Adviser and relevant affiliates thereof in providing investment advisory and administrative services to the Fund, to the Portfolio and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by each Adviser and its affiliates to third parties in respect of distribution or other services.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by each Adviser and its affiliates are not excessive.

The Board also considered direct or indirect fall-out benefits received by each Adviser and its affiliates in connection with their respective relationships with the Fund and the Portfolio, including the benefits of research services that may be available to each Adviser as a result of securities transactions effected for the Fund and the Portfolio and other investment advisory clients.

*Economies of Scale*

In reviewing management fees and profitability, the Board also considered the extent to which the applicable Adviser and its affiliates, on the one hand, and the Fund and the Portfolio, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund and the Portfolio increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. To assist in the evaluation of the sharing of any economies of scale, the Board received data for recent years showing asset levels, Adviser profitability and total expense ratios. Based upon the foregoing, the Board concluded that the Fund currently shares in the benefits from economies of scale, if any, when they are realized by each Adviser. The Board also concluded that the structure of the advisory fees, which include breakpoints at several asset levels, will allow the Fund and the Portfolio to continue to benefit from any economies of scale in the future.

------

[**Table of Contents**](#JOB_EV_AR_fd998a9b-106a-4c96-877e-a197b5877161_TOC)

EVBLX-NCSR&nbsp;&nbsp;&nbsp;&nbsp;10.31.25

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## Eaton Vance

## Floating-Rate & High Income Fund

## Annual Financial Statements and Additional Information
October 31, 2025

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![](g35982img8882c73f11.gif)

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**This report must be preceded or accompanied by a current summary prospectus or prospectus. Before investing, investors should consider carefully the investment objective, risks, and charges and expenses of a mutual fund. This and other important information is contained in the prospectus and/or statement of additional information, which can be obtained by calling 1-800-262-1122 or from a financial intermediary. Prospective investors should read the prospectus carefully before investing.**

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#### Annual Financial Statements and Additional Information October 31, 2025
Eaton Vance

Floating-Rate & High Income Fund

---

| | |
|:---|:---|
| **[**Table of Contents**](#xx_a2c18b42-eaa5-4908-aae3-7db39992ca1f_1)** |  |
| [Item 7 of Form N-CSR:](#xx_c38ccfde-61d2-47f3-a3ff-658f9944a62f_1) | [Item 7 of Form N-CSR:](#xx_c38ccfde-61d2-47f3-a3ff-658f9944a62f_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#xx_c38ccfde-61d2-47f3-a3ff-658f9944a62f_1) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#xx_c38ccfde-61d2-47f3-a3ff-658f9944a62f_3) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx_c38ccfde-61d2-47f3-a3ff-658f9944a62f_4) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx_5912107d-1c87-49d8-9b2b-9f7dbc6c2844_1) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx_a634c48f-0534-4a4d-bfdc-8447bb027880_1) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#xx_31a0c0e8-519f-42a4-ab75-823f3030da07_1) | 15 |
| [Federal Tax Information](#xx_82de9481-2514-47e2-a204-1d92fae63745_1) | 16 |
| [Eaton Vance Floating Rate Portfolio](#xx_ed533787-2587-430c-b08b-e151110e677f_1) | [Eaton Vance Floating Rate Portfolio](#xx_ed533787-2587-430c-b08b-e151110e677f_1) |
| [Items 6 and 7 of Form N-CSR:](#xx_ed533787-2587-430c-b08b-e151110e677f_1) | [Items 6 and 7 of Form N-CSR:](#xx_ed533787-2587-430c-b08b-e151110e677f_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Portfolio of Investments](#xx_ed533787-2587-430c-b08b-e151110e677f_1) | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Statements](#xx_6b0b6d3d-1f79-4d3b-9909-962d2a40a3ec_1) | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#xx_883ec92d-5f72-41e5-964a-800b79975587_1) | 49 |
| Item 11 of Form N-CSR: | Item 11 of Form N-CSR: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Board of Trustees' Contract Approval](#xx_75c69ae6-5a3d-49b2-904e-2c1b04617f33_1) | 50 |

---

Items 8 and 9 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7.

------

[**Table of Contents**](#JOB_EV_AR_6b136600-8b05-431e-87fe-7584cf267881_TOC)

Eaton Vance

Floating-Rate & High Income Fund

October 31, 2025

Statement of Assets and Liabilities

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**October 31, 2025** |
| Assets |  |
| Investment in Eaton Vance Floating Rate Portfolio, at value<br> (identified cost $672,071,768) | &nbsp;&nbsp;$612961431 |
| Investment in High Income Opportunities Portfolio, at value<br> (identified cost $130,831,725) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100341934 |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;812913 |
| **Total assets** | &nbsp;&nbsp;**$714116278** |
| Liabilities |  |
| Payable for Fund shares redeemed | &nbsp;&nbsp;$2221789 |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303981 |
| Payable to affiliates: |  |
| &nbsp;&nbsp;&nbsp;Administration fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91832 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43272 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agency fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7352 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 |
| &nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90052 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202167 |
| **Total liabilities** | &nbsp;&nbsp;**$2960487** |
| **Net Assets** | &nbsp;&nbsp;**$711155791** |
| Sources of Net Assets |  |
| Paid-in capital | &nbsp;&nbsp;$989769404 |
| Accumulated loss | &nbsp;&nbsp;&nbsp;&nbsp;(278613613) |
| **Net Assets** | &nbsp;&nbsp;**$711155791** |
| Advisers Class Shares |  |
| **Net Assets** | &nbsp;&nbsp;$31633578 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3896585 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$8.12 |
| Class A Shares |  |
| **Net Assets** | &nbsp;&nbsp;$93739526 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10854962 |
| **Net Asset Value and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$8.64 |
| **Maximum Offering Price Per Share <br> (100 ÷ 96.75 of net asset value per share)** | &nbsp;&nbsp;$8.93 |
| Class C Shares |  |
| **Net Assets** | &nbsp;&nbsp;$19302935 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2382311 |
| **Net Asset Value and Offering Price Per Share\*<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$8.10 |
| Class I Shares |  |
| **Net Assets** | &nbsp;&nbsp;$535673309 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65942550 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$8.12 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6b136600-8b05-431e-87fe-7584cf267881_TOC)

Eaton Vance

Floating-Rate & High Income Fund

October 31, 2025

Statement of Assets and Liabilities — continued

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**October 31, 2025** |
| Class R6 Shares |  |
| **Net Assets** | &nbsp;&nbsp;$30806443 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3792249 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$8.12 |

---

---

| | |
|:---|:---|
| On sales of $100,000 or more, the offering price of Class A shares is reduced. | On sales of $100,000 or more, the offering price of Class A shares is reduced. |
| \* | Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge. |

---

*2*

*See Notes to Financial Statements.*

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[**Table of Contents**](#JOB_EV_AR_6b136600-8b05-431e-87fe-7584cf267881_TOC)

Eaton Vance

Floating-Rate & High Income Fund

October 31, 2025

Statement of Operations

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended** |
|  | &nbsp;&nbsp;&nbsp;**October 31, 2025** |
| Investment Income |  |
| Dividend income allocated from Portfolios (net of foreign taxes withheld of $130) | &nbsp;&nbsp;$1599821 |
| Interest income allocated from Portfolios | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61973986 |
| Other income allocated from Portfolios | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439015 |
| Expenses, excluding interest expense and fees, allocated from Portfolios | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4291097) |
| Interest expense and fees allocated from Portfolios | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(339989) |
| Waiver and/or reimbursement of expenses by affiliates allocated from Portfolios | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56566 |
| **Total investment income from Portfolios** | &nbsp;&nbsp;**$59438302** |
| Expenses |  |
| Administration fee | &nbsp;&nbsp;$1189599 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;Advisers Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83199 |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251359 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192119 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53620 |
| Transfer and dividend disbursing agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510799 |
| Legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70368 |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43207 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86719 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47039 |
| **Total expenses** | &nbsp;&nbsp;**$2528528** |
| **Net investment income** | &nbsp;&nbsp;**$56909774** |
| Realized and Unrealized Gain (Loss) from Portfolios |  |
| Net realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;Investment transactions | &nbsp;&nbsp;$(14378225) |
| &nbsp;&nbsp;&nbsp;Written swaptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3441 |
| &nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103373 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(179759) |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(618247) |
| **Net realized loss** | &nbsp;&nbsp;**$(15069417)** |
| Change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;$(921738) |
| &nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51641 |
| &nbsp;&nbsp;&nbsp;Foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(302114) |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(696885) |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$(1869096)** |
| **Net realized and unrealized loss** | &nbsp;&nbsp;**$(16938513)** |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$39971261** |

---

*3*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6b136600-8b05-431e-87fe-7584cf267881_TOC)

Eaton Vance

Floating-Rate & High Income Fund

October 31, 2025

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
|  | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$56909774 | &nbsp;&nbsp;$72426465 |
| &nbsp;&nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15069417) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28423816) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1869096) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49584294 |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$39971261** | &nbsp;&nbsp;**$93586943** |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Advisers Class | &nbsp;&nbsp;$(2336151) | &nbsp;&nbsp;$(2990873) |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7061863) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8956184) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1204759) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1192541) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44263753) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56975739) |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2314888) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2553685) |
| **Total distributions to shareholders** | &nbsp;&nbsp;**$(57181414)** | &nbsp;&nbsp;**$(72669022)** |
| Transactions in shares of beneficial interest: |  |  |
| &nbsp;&nbsp;&nbsp;Advisers Class | &nbsp;&nbsp;$(2312188) | &nbsp;&nbsp;$(5938083) |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12149386) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11035494) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1824535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1165047 |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(99375744) | &nbsp;&nbsp;&nbsp;&nbsp;(110165678) |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;918920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(635509) |
| **Net decrease in net assets from Fund share transactions** | &nbsp;&nbsp;**$(111093863)** | &nbsp;&nbsp;**$(126609717)** |
| **Net decrease in net assets** | &nbsp;&nbsp;**$(128304016)** | &nbsp;&nbsp;**$(105691796)** |
| Net Assets |  |  |
| At beginning of year | &nbsp;&nbsp;$839459807 | &nbsp;&nbsp;$945151603 |
| **At end of year** | &nbsp;&nbsp;**$711155791** | &nbsp;&nbsp;**$839459807** |

---

*4*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6b136600-8b05-431e-87fe-7584cf267881_TOC)

Eaton Vance

Floating-Rate & High Income Fund

October 31, 2025

Financial Highlights

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Advisers Class** | &nbsp;&nbsp;&nbsp;**Advisers Class** | &nbsp;&nbsp;&nbsp;**Advisers Class** | &nbsp;&nbsp;&nbsp;**Advisers Class** | &nbsp;&nbsp;&nbsp;**Advisers Class** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$8.29 | &nbsp;&nbsp;$8.11 | &nbsp;&nbsp;$7.99 | &nbsp;&nbsp;$8.72 | &nbsp;&nbsp;$8.33 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.57 | &nbsp;&nbsp;$0.65 | &nbsp;&nbsp;$0.60 | &nbsp;&nbsp;$0.34 | &nbsp;&nbsp;$0.28 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.41** | &nbsp;&nbsp;**$0.83** | &nbsp;&nbsp;**$0.73** | &nbsp;&nbsp;**$(0.39)** | &nbsp;&nbsp;**$0.68** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.58) | &nbsp;&nbsp;$(0.65) | &nbsp;&nbsp;$(0.61) | &nbsp;&nbsp;$(0.34) | &nbsp;&nbsp;$(0.29) |
| **Total distributions** | &nbsp;&nbsp;**$(0.58)** | &nbsp;&nbsp;**$(0.65)** | &nbsp;&nbsp;**$(0.61)** | &nbsp;&nbsp;**$(0.34)** | &nbsp;&nbsp;**$(0.29)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$8.12** | &nbsp;&nbsp;**$8.29** | &nbsp;&nbsp;**$8.11** | &nbsp;&nbsp;**$7.99** | &nbsp;&nbsp;**$8.72** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.05%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.59%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.35%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4.56)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.20%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$31634 | &nbsp;&nbsp;$34656 | &nbsp;&nbsp;$39715 | &nbsp;&nbsp;$43533 | &nbsp;&nbsp;$47953 |
| Ratios (as a percentage of average daily net assets):<sup>(3)(4)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08%<sup>(5)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07%<sup>(5)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25% |
| Portfolio Turnover of the Fund<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

<sup>(3)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(4)</sup> Includes the Fund's share of the Portfolios' allocated expenses.

<sup>(5)</sup> Includes interest expense and fees allocated from the Portfolios of 0.04% and 0.02% of average daily net assets for the years ended October 31, 2025 and 2024, respectively.

<sup>(6)</sup> Includes a reduction by the investment adviser of a portion of the Portfolios' adviser fees due to the Portfolios' investment in the Liquidity Fund and in other affiliated funds (equal to 0.01% of average daily net assets for the year ended October 31, 2025 and less than 0.005% of average daily net assets for the years ended October 31, 2024, 2023 and 2022).

<sup>(7)</sup> Percentage is based on the Fund's contributions to and withdrawals from the Portfolios and excludes the investment activity of the Portfolios.

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6b136600-8b05-431e-87fe-7584cf267881_TOC)

Eaton Vance

Floating-Rate & High Income Fund

October 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$8.82 | &nbsp;&nbsp;$8.63 | &nbsp;&nbsp;$8.50 | &nbsp;&nbsp;$9.28 | &nbsp;&nbsp;$8.87 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.61 | &nbsp;&nbsp;$0.70 | &nbsp;&nbsp;$0.64 | &nbsp;&nbsp;$0.36 | &nbsp;&nbsp;$0.30 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.78) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.43** | &nbsp;&nbsp;**$0.89** | &nbsp;&nbsp;**$0.78** | &nbsp;&nbsp;**$(0.42)** | &nbsp;&nbsp;**$0.72** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.61) | &nbsp;&nbsp;$(0.70) | &nbsp;&nbsp;$(0.65) | &nbsp;&nbsp;$(0.36) | &nbsp;&nbsp;$(0.31) |
| **Total distributions** | &nbsp;&nbsp;**$(0.61)** | &nbsp;&nbsp;**$(0.70)** | &nbsp;&nbsp;**$(0.65)** | &nbsp;&nbsp;**$(0.36)** | &nbsp;&nbsp;**$(0.31)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$8.64** | &nbsp;&nbsp;**$8.82** | &nbsp;&nbsp;**$8.63** | &nbsp;&nbsp;**$8.50** | &nbsp;&nbsp;**$9.28** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.06%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.57%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.38%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4.60)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.14%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$93740 | &nbsp;&nbsp;$108034 | &nbsp;&nbsp;$116469 | &nbsp;&nbsp;$172307 | &nbsp;&nbsp;$187279 |
| Ratios (as a percentage of average daily net assets):<sup>(3)(4)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08%<sup>(5)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07%<sup>(5)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25% |
| Portfolio Turnover of the Fund<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

<sup>(3)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(4)</sup> Includes the Fund's share of the Portfolios' allocated expenses.

<sup>(5)</sup> Includes interest expense and fees allocated from the Portfolios of 0.04% and 0.02% of average daily net assets for the years ended October 31, 2025 and 2024, respectively.

<sup>(6)</sup> Includes a reduction by the investment adviser of a portion of the Portfolios' adviser fees due to the Portfolios' investment in the Liquidity Fund and in other affiliated funds (equal to 0.01% of average daily net assets for the year ended October 31, 2025 and less than 0.005% of average daily net assets for the years ended October 31, 2024, 2023 and 2022).

<sup>(7)</sup> Percentage is based on the Fund's contributions to and withdrawals from the Portfolios and excludes the investment activity of the Portfolios.

*6*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6b136600-8b05-431e-87fe-7584cf267881_TOC)

Eaton Vance

Floating-Rate & High Income Fund

October 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$8.28 | &nbsp;&nbsp;$8.10 | &nbsp;&nbsp;$7.98 | &nbsp;&nbsp;$8.71 | &nbsp;&nbsp;$8.32 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.51 | &nbsp;&nbsp;$0.59 | &nbsp;&nbsp;$0.54 | &nbsp;&nbsp;$0.27 | &nbsp;&nbsp;$0.22 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.72) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.33** | &nbsp;&nbsp;**$0.77** | &nbsp;&nbsp;**$0.67** | &nbsp;&nbsp;**$(0.45)** | &nbsp;&nbsp;**$0.61** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.51) | &nbsp;&nbsp;$(0.59) | &nbsp;&nbsp;$(0.55) | &nbsp;&nbsp;$(0.28) | &nbsp;&nbsp;$(0.22) |
| **Total distributions** | &nbsp;&nbsp;**$(0.51)** | &nbsp;&nbsp;**$(0.59)** | &nbsp;&nbsp;**$(0.55)** | &nbsp;&nbsp;**$(0.28)** | &nbsp;&nbsp;**$(0.22)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$8.10** | &nbsp;&nbsp;**$8.28** | &nbsp;&nbsp;**$8.10** | &nbsp;&nbsp;**$7.98** | &nbsp;&nbsp;**$8.71** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.14%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.77%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.68%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(5.40)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.40%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$19303 | &nbsp;&nbsp;$17882 | &nbsp;&nbsp;$16355 | &nbsp;&nbsp;$21726 | &nbsp;&nbsp;$25764 |
| Ratios (as a percentage of average daily net assets):<sup>(3)(4)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.84%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83%<sup>(5)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82%<sup>(5)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.52% |
| Portfolio Turnover of the Fund<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

<sup>(3)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(4)</sup> Includes the Fund's share of the Portfolios' allocated expenses.

<sup>(5)</sup> Includes interest expense and fees allocated from the Portfolios of 0.04% and 0.02% of average daily net assets for the years ended October 31, 2025 and 2024, respectively.

<sup>(6)</sup> Includes a reduction by the investment adviser of a portion of the Portfolios' adviser fees due to the Portfolios' investment in the Liquidity Fund and in other affiliated funds (equal to 0.01% of average daily net assets for the year ended October 31, 2025 and less than 0.005% of average daily net assets for the years ended October 31, 2024, 2023 and 2022).

<sup>(7)</sup> Percentage is based on the Fund's contributions to and withdrawals from the Portfolios and excludes the investment activity of the Portfolios.

*7*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6b136600-8b05-431e-87fe-7584cf267881_TOC)

Eaton Vance

Floating-Rate & High Income Fund

October 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$8.30 | &nbsp;&nbsp;$8.12 | &nbsp;&nbsp;$8.00 | &nbsp;&nbsp;$8.73 | &nbsp;&nbsp;$8.34 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.59 | &nbsp;&nbsp;$0.67 | &nbsp;&nbsp;$0.62 | &nbsp;&nbsp;$0.36 | &nbsp;&nbsp;$0.30 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.42** | &nbsp;&nbsp;**$0.86** | &nbsp;&nbsp;**$0.75** | &nbsp;&nbsp;**$(0.37)** | &nbsp;&nbsp;**$0.70** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.60) | &nbsp;&nbsp;$(0.68) | &nbsp;&nbsp;$(0.63) | &nbsp;&nbsp;$(0.36) | &nbsp;&nbsp;$(0.31) |
| **Total distributions** | &nbsp;&nbsp;**$(0.60)** | &nbsp;&nbsp;**$(0.68)** | &nbsp;&nbsp;**$(0.63)** | &nbsp;&nbsp;**$(0.36)** | &nbsp;&nbsp;**$(0.31)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$8.12** | &nbsp;&nbsp;**$8.30** | &nbsp;&nbsp;**$8.12** | &nbsp;&nbsp;**$8.00** | &nbsp;&nbsp;**$8.73** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.19%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.86%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.76%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4.43)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.47%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$535673 | &nbsp;&nbsp;$648336 | &nbsp;&nbsp;$742105 | &nbsp;&nbsp;$1227499 | &nbsp;&nbsp;$1187123 |
| Ratios (as a percentage of average daily net assets):<sup>(3)(4)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83%<sup>(5)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82%<sup>(5)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.47% |
| Portfolio Turnover of the Fund<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

<sup>(3)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(4)</sup> Includes the Fund's share of the Portfolios' allocated expenses.

<sup>(5)</sup> Includes interest expense and fees allocated from the Portfolios of 0.04% and 0.02% of average daily net assets for the years ended October 31, 2025 and 2024, respectively.

<sup>(6)</sup> Includes a reduction by the investment adviser of a portion of the Portfolios' adviser fees due to the Portfolios' investment in the Liquidity Fund and in other affiliated funds (equal to 0.01% of average daily net assets for the year ended October 31, 2025 and less than 0.005% of average daily net assets for the years ended October 31, 2024, 2023 and 2022).

<sup>(7)</sup> Percentage is based on the Fund's contributions to and withdrawals from the Portfolios and excludes the investment activity of the Portfolios.

*8*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6b136600-8b05-431e-87fe-7584cf267881_TOC)

Eaton Vance

Floating-Rate & High Income Fund

October 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;&nbsp;**Class R6** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$8.30 | &nbsp;&nbsp;$8.12 | &nbsp;&nbsp;$8.00 | &nbsp;&nbsp;$8.73 | &nbsp;&nbsp;$8.34 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.60 | &nbsp;&nbsp;$0.68 | &nbsp;&nbsp;$0.63 | &nbsp;&nbsp;$0.36 | &nbsp;&nbsp;$0.31 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.42** | &nbsp;&nbsp;**$0.86** | &nbsp;&nbsp;**$0.76** | &nbsp;&nbsp;**$(0.37)** | &nbsp;&nbsp;**$0.71** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.60) | &nbsp;&nbsp;$(0.68) | &nbsp;&nbsp;$(0.64) | &nbsp;&nbsp;$(0.36) | &nbsp;&nbsp;$(0.32) |
| **Total distributions** | &nbsp;&nbsp;**$(0.60)** | &nbsp;&nbsp;**$(0.68)** | &nbsp;&nbsp;**$(0.64)** | &nbsp;&nbsp;**$(0.36)** | &nbsp;&nbsp;**$(0.32)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$8.12** | &nbsp;&nbsp;**$8.30** | &nbsp;&nbsp;**$8.12** | &nbsp;&nbsp;**$8.00** | &nbsp;&nbsp;**$8.73** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.25%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.93%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.83%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4.38)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.54%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$30806 | &nbsp;&nbsp;$30551 | &nbsp;&nbsp;$30507 | &nbsp;&nbsp;$42124 | &nbsp;&nbsp;$37646 |
| Ratios (as a percentage of average daily net assets):<sup>(3)(4)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77%<sup>(5)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76%<sup>(5)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.61% |
| Portfolio Turnover of the Fund<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

<sup>(3)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(4)</sup> Includes the Fund's share of the Portfolios' allocated expenses.

<sup>(5)</sup> Includes interest expense and fees allocated from the Portfolios of 0.04% and 0.02% of average daily net assets for the years ended October 31, 2025 and 2024, respectively.

<sup>(6)</sup> Includes a reduction by the investment adviser of a portion of the Portfolios' adviser fees due to the Portfolios' investment in the Liquidity Fund and in other affiliated funds (equal to 0.01% of average daily net assets for the year ended October 31, 2025 and less than 0.005% of average daily net assets for the years ended October 31, 2024, 2023 and 2022).

<sup>(7)</sup> Percentage is based on the Fund's contributions to and withdrawals from the Portfolios and excludes the investment activity of the Portfolios.

*9*

*See Notes to Financial Statements.*

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[**Table of Contents**](#JOB_EV_AR_6b136600-8b05-431e-87fe-7584cf267881_TOC)

Eaton Vance

Floating-Rate & High Income Fund

October 31, 2025

Notes to Financial Statements

------

1 Significant Accounting Policies

Eaton Vance Floating-Rate & High Income Fund (the Fund) is a diversified series of Eaton Vance Mutual Funds Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund offers five classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective November 5, 2020, Class C shares automatically convert to Class A shares eight years after their purchase as described in the Fund's prospectus. Advisers Class, Class I and Class R6 shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Net investment income, other than class-specific expenses, is allocated daily to each class of shares based upon the ratio of the value of each class's paid shares to the total value of all paid shares. Sub-accounting, recordkeeping and similar administrative fees payable to financial intermediaries, which are a component of transfer and dividend disbursing agent fees on the Statement of Operations, are not allocated to Class R6 shares. Each class of shares differs in its distribution plan and certain other class-specific expenses. The Fund's investment objective is to provide a high level of current income. The Fund currently pursues its objective by investing all of its investable assets in interests in two portfolios managed by Eaton Vance Management (EVM) or its affiliates (the Portfolios), which are Massachusetts business trusts. The value of the Fund's investments in the Portfolios reflects the Fund's proportionate interest in their net assets. The Portfolios and the Fund's proportionate interest in each of their net assets at October 31, 2025 were as follows: Eaton Vance Floating Rate Portfolio (13.7%) and High Income Opportunities Portfolio (5.9%). The performance of the Fund is directly affected by the performance of the Portfolios. The financial statements of Eaton Vance Floating Rate Portfolio, including the portfolio of investments, are included elsewhere in this report and should be read in conjunction with the Fund's financial statements. A copy of High Income Opportunities Portfolio's financial statements is available by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the Securities and Exchange Commission's website at www.sec.gov.

The following is a summary of significant accounting policies of the Fund. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.

A Investment Valuation— Valuation of securities by Eaton Vance Floating Rate Portfolio is discussed in Note 1A of the Portfolio's Notes to Financial Statements, which are included elsewhere in this report. Such policies are consistent with those of High Income Opportunities Portfolio.

B Income—The Fund's net investment income or loss consists of the Fund's pro rata share of the net investment income or loss of the Portfolios, less all actual and accrued expenses of the Fund.

C Federal Taxes—The Fund's policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary.

As of October 31, 2025, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

D Expenses—The majority of expenses of the Trust are directly identifiable to an individual fund. Expenses which are not readily identifiable to a specific fund are allocated taking into consideration, among other things, the nature and type of expense and the relative size of the funds.

E Use of Estimates—The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

F Indemnifications—Under the Trust's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Trust) could be deemed to have personal liability for the obligations of the Trust. However, the Trust's Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and the By-laws provide that the Trust shall assume, upon request by the shareholder, the defense on behalf of any Fund shareholders. Moreover, the By-laws also provide for indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

G Other—Investment transactions are accounted for on a trade date basis.

H Segment Reporting—During this reporting period, the Fund adopted FASB Accounting Standards Update No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures* (ASU 2023-07), which requires incremental disclosures related to a public entity's reportable segments. The Fund operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. In connection

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[**Table of Contents**](#JOB_EV_AR_6b136600-8b05-431e-87fe-7584cf267881_TOC)

Eaton Vance

Floating-Rate & High Income Fund

October 31, 2025

Notes to Financial Statements — continued

------

with the adoption of ASU 2023-07, the Fund's President acts as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's financial statements.

2 Distributions to Shareholders and Income Tax Information

The Fund declares dividends daily to shareholders of record at the time of declaration. Distributions are generally paid monthly. Distributions of realized capital gains are made at least annually. Distributions are declared separately for each class of shares. Shareholders may reinvest income and capital gain distributions in additional shares of the same class of the Fund at the net asset value as of the reinvestment date or, at the election of the shareholder, receive distributions in cash. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

The tax character of distributions declared for the years ended October 31, 2025 and October 31, 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$57181414 | &nbsp;&nbsp;&nbsp;&nbsp;$72669022 |

---

As of October 31, 2025, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$2263307 |
| Deferred capital losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(233580070) |
| Net unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46992869) |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (303981) |
| **Accumulated loss** | &nbsp;&nbsp;&nbsp;&nbsp;**$(278613613)** |

---

At October 31, 2025, the Fund, for federal income tax purposes, had deferred capital losses of $233,580,070 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund's next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at October 31, 2025, $17,408,287 are short-term and $216,171,783 are long-term.

3 Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by EVM, an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory services rendered to the Fund. For bank loans and bank loan related assets, the investment adviser fee is computed based on the Fund's daily net assets that are not invested in other investment companies for which EVM or its affiliates serve as investment adviser and receive an advisory fee at the following annual rates and is payable monthly:

---

| | |
|:---|:---|
| **Average Daily Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Annual Fee Rate** |
| Up to $1 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.5750% |
| $1 billion but less than $2 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.5250% |
| $2 billion but less than $5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.4900% |
| $5 billion but less than $10 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.4600% |
| $10 billion but less than $15 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.4350% |
| $15 billion but less than $20 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.4150% |
| $20 billion but less than $25 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.4000% |
| $25 billion and over | &nbsp;&nbsp;&nbsp;&nbsp;0.3900% |

---

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[**Table of Contents**](#JOB_EV_AR_6b136600-8b05-431e-87fe-7584cf267881_TOC)

Eaton Vance

Floating-Rate & High Income Fund

October 31, 2025

Notes to Financial Statements — continued

------

For high yield bonds and other instruments that are not bank loan related, the fee is an aggregate of a daily asset-based fee and a daily income-based fee at the following rates:

---

| | | |
|:---|:---|:---|
| **Total Daily Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Annual Asset<br> Rate** | &nbsp;&nbsp;&nbsp;&nbsp;**Daily Income<br> Rate** |
| Up to $500 million | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.3000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.0000% |
| $500 million but less than $1 billion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7500% |
| $1 billion but less than $1.5 billion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5000% |
| $1.5 billion but less than $2 billion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2500% |
| $2 billion but less than $3 billion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.0000% |
| $3 billion and over | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7500% |

---

For the year ended October 31, 2025, the Fund incurred no investment adviser fee on such assets. To the extent the Fund's assets are invested in the Portfolios, the Fund is allocated its share of the Portfolios' investment adviser fees. The Portfolios have engaged Boston Management and Research (BMR), an affiliate of EVM, to render investment advisory services. See Note 2 of the Portfolios' Notes to Financial Statements. For the year ended October 31, 2025, the Fund's allocated portion of investment adviser fees paid by the Portfolios amounted to $4,027,166 or 0.51% of the Fund's average daily net assets. The administration fee is earned by EVM as compensation for administrative services rendered to the Fund. The fee is computed at an annual rate of 0.15% of the Fund's average daily net assets. For the year ended October 31, 2025, the administration fee amounted to $1,189,599.

The Portfolios may invest in a money market fund, the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio (the "Liquidity Fund"), an open-end management investment company managed by Morgan Stanley Investment Management Inc., a wholly-owned subsidiary of Morgan Stanley, and in other affiliated funds. The investment adviser fee paid by the Portfolios is reduced by an amount equal to their pro rata share of the advisory and administration fees paid by the Portfolios due to their investments in the Liquidity Fund and in other affiliated funds. For the year ended October 31, 2025, the Fund's allocated share of the reduction of the investment adviser fee paid by the Portfolios was $56,566 relating to the Portfolios' investments in the Liquidity Fund and in other affiliated funds.

EVM has agreed to reimburse the Fund's expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only and excluding such expenses as brokerage commissions, acquired fund fees and expenses of unaffiliated funds, borrowing costs, taxes or litigation expenses) exceed 1.05%, 1.05%, 1.80%, 0.80% and 0.75% of the Fund's average daily net assets for Advisers Class, Class A, Class C, Class I and Class R6, respectively. This agreement may be changed or terminated after March 1, 2027. Pursuant to this agreement, no operating expenses were waived and/or reimbursed by EVM for the year ended October 31, 2025.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended October 31, 2025, EVM earned $25,443 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations. The Fund was informed that Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund's principal underwriter, received $2,624 as its portion of the sales charge on sales of Class A shares for the year ended October 31, 2025. The Fund was informed that Morgan Stanley affiliated broker-dealers, which may be deemed to be affiliates of EVM, BMR and EVD, also received a portion of the sales charge on sales of Class A shares for the year ended October 31, 2025 in the amount of $675. EVD also received distribution and service fees from Class A and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5).

Trustees and officers of the Fund who are members of EVM's or BMR's organizations receive remuneration for their services to the Fund out of the investment adviser fee. Certain officers and Trustees of the Fund and the Portfolios are officers of the above organizations.

4 Distribution Plans

The Fund has in effect distribution plans for the Advisers Class shares and Class A shares (Advisers/Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Advisers/Class A Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Advisers Class shares and Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the year ended October 31, 2025 amounted to $83,199 for Advisers Class shares and $251,359 for Class A shares. The Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the year ended October 31, 2025, the Fund paid or accrued to EVD $144,089 for Class C shares.

------

[**Table of Contents**](#JOB_EV_AR_6b136600-8b05-431e-87fe-7584cf267881_TOC)

Eaton Vance

Floating-Rate & High Income Fund

October 31, 2025

Notes to Financial Statements — continued

------

Pursuant to the Class C Plan, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to Class C shares. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the year ended October 31, 2025 amounted to $48,030 for Class C shares.

Distribution and service fees are subject to the limitations contained in the Financial Industry Regulatory Authority Rule 2341(d).

5 Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within 12 months of purchase. Class A shares may be subject to a 0.75% CDSC if redeemed within 12 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the year ended October 31, 2025, the Fund was informed that EVD received $508 of CDSCs paid by Class C shareholders and no CDSCs paid by Class A shareholders.

6 Investment Transactions

For the year ended October 31, 2025, increases and decreases in the Fund's investments in the Portfolios were as follows:

---

| | | |
|:---|:---|:---|
| **Portfolio** | &nbsp;&nbsp;&nbsp;&nbsp;**Contributions** | &nbsp;&nbsp;&nbsp;&nbsp;**Withdrawals** |
| Eaton Vance Floating Rate Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;$32991239 | &nbsp;&nbsp;&nbsp;&nbsp;$180164920 |
| High Income Opportunities Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4972618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28658713 |

---

7 Shares of Beneficial Interest

The Fund's Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value). Such shares may be issued in a number of different series (such as the Fund) and classes. Transactions in Fund shares, including direct exchanges pursuant to share class conversions, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2024** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Advisers Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 470096 | &nbsp;&nbsp;&nbsp;&nbsp;$3852909 | &nbsp;&nbsp;&nbsp;&nbsp; 418660 | &nbsp;&nbsp;&nbsp;&nbsp;$3467305 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 283702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2325179 | &nbsp;&nbsp;&nbsp;&nbsp; 359309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2979423 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1036637) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8490276) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1495248) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12384811) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(282839)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(2312188)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(717279)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(5938083)** |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 872674 | &nbsp;&nbsp;&nbsp;&nbsp;$7624055 | &nbsp;&nbsp;&nbsp;&nbsp; 970116 | &nbsp;&nbsp;&nbsp;&nbsp;$8542423 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 710386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6194123 | &nbsp;&nbsp;&nbsp;&nbsp; 885202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7808636 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2976104) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25967564) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3107196) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27386553) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1393044)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(12149386)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1251878)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(11035494)** |

---

------

[**Table of Contents**](#JOB_EV_AR_6b136600-8b05-431e-87fe-7584cf267881_TOC)

Eaton Vance

Floating-Rate & High Income Fund

October 31, 2025

Notes to Financial Statements — continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2024** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 806641 | &nbsp;&nbsp;&nbsp;&nbsp;$6619071 | &nbsp;&nbsp;&nbsp;&nbsp; 775759 | &nbsp;&nbsp;&nbsp;&nbsp;$6421725 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 140914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1152297 | &nbsp;&nbsp;&nbsp;&nbsp; 137811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1140456 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (725932) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5946833) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (773266) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6397134) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp; **221623** | &nbsp;&nbsp;&nbsp;&nbsp;**$1824535** | &nbsp;&nbsp;&nbsp;&nbsp; **140304** | &nbsp;&nbsp;&nbsp;&nbsp;**$1165047** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;16377856 | &nbsp;&nbsp;&nbsp;&nbsp;$134820436 | &nbsp;&nbsp;&nbsp;&nbsp;15737561 | &nbsp;&nbsp;&nbsp;&nbsp;$130425627 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 5020887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41186047 | &nbsp;&nbsp;&nbsp;&nbsp; 6365886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52818203 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(33595089) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(275382227) | &nbsp;&nbsp;&nbsp;&nbsp;(35407229) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(293409508) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;**(12196346)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(99375744)** | &nbsp;&nbsp;&nbsp;&nbsp;**(13303782)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(110165678)** |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 1133012 | &nbsp;&nbsp;&nbsp;&nbsp;$9283408 | &nbsp;&nbsp;&nbsp;&nbsp; 901071 | &nbsp;&nbsp;&nbsp;&nbsp;$7470120 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 280599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2300656 | &nbsp;&nbsp;&nbsp;&nbsp; 305785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2537240 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1303300) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10665144) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1283809) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10642869) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp; **110311** | &nbsp;&nbsp;&nbsp;&nbsp;**$918920** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(76953)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(635509)** |

---

8 Fair Value Measurements

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 October 31, 2025 and October 31, 2024, the Fund's investment in High Income Opportunities Portfolio, whose financial statements are not included but are available elsewhere as discussed in Note 1, and in Eaton Vance Floating Rate Portfolio were valued based on Level 1 inputs.

------

[**Table of Contents**](#JOB_EV_AR_6b136600-8b05-431e-87fe-7584cf267881_TOC)

Eaton Vance

Floating-Rate & High Income Fund

October 31, 2025

Report of Independent Registered Public Accounting Firm

------

To the Trustees of Eaton Vance Mutual Funds Trust and Shareholders of Eaton Vance Floating-Rate & High Income Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Eaton Vance Floating-Rate & High Income Fund (the "Fund"), one of the funds constituting Eaton Vance Mutual Funds Trust, as of October 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 22, 2025

We have served as the auditor of one or more Eaton Vance investment companies since 1959.

------

[**Table of Contents**](#JOB_EV_AR_6b136600-8b05-431e-87fe-7584cf267881_TOC)

Eaton Vance

Floating-Rate & High Income Fund

October 31, 2025

Federal Tax Information (Unaudited)

------

The Form 1099-DIV you receive in February 2026 will show the tax status of all distributions paid to your account in calendar year 2025. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of qualified dividend income for individuals and 163(j) interest dividends.

**Qualified Dividend Income. For the fiscal year ended October 31, 2025, the Fund designates approximately $68,051, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate of 15%.**

**163(j) Interest Dividends. For the fiscal year ended October 31, 2025, the Fund designates 96.27% of distributions from net investment income as a 163(j) interest dividend.**

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[**Table of Contents**](#JOB_EV_AR_6b136600-8b05-431e-87fe-7584cf267881_TOC)

Eaton Vance

Floating Rate Portfolio

October 31, 2025

Portfolio of Investments

------

Asset-Backed Securities — 2.4%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| ARES LXXVII CLO Ltd., Series 2025-77A, Class E, 9.444%, (3 mo. SOFR + 5.55%), 7/15/38<sup>(1)(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;$2013888 |
| Ballyrock CLO Ltd., Series 2019-2A, Class DR3, 10.039%, (3 mo. SOFR + 6.15%), 10/25/38<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250 | &nbsp;&nbsp;&nbsp;&nbsp; 2258098 |
| Barings CLO Ltd., Series 2015-1A, Class DR, 6.746%, (3 mo. SOFR + 2.862%), 1/20/31<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2505348 |
| Battalion CLO XXII Ltd., Series 2021-22A, Class E, 11.096%, (3 mo. SOFR + 7.212%), 1/20/35<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1604874 |
| Battalion CLO XXIX Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-29A, Class D1, 7.581%, (3 mo. SOFR + 3.30%), 3/31/38<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1509636 |
| &nbsp;&nbsp;&nbsp;Series 2025-29A, Class E, 10.631%, (3 mo. SOFR + 6.35%), 3/31/38<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2023320 |
| Benefit Street Partners CLO XXII Ltd., Series 2020-22A, Class ERR, 8.784%, (3 mo. SOFR + 4.90%), 4/20/35<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 995287 |
| BlueMountain CLO Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2016-3A, Class DR, 7.573%, (3 mo. SOFR + 3.362%), 11/15/30<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1489278 |
| &nbsp;&nbsp;&nbsp;Series 2016-3A, Class ER, 10.423%, (3 mo. SOFR + 6.212%), 11/15/30<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1470084 |
| &nbsp;&nbsp;&nbsp;Series 2018-1A, Class D, 7.15%, (3 mo. SOFR + 3.312%), 7/30/30<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2471780 |
| &nbsp;&nbsp;&nbsp;Series 2018-1A, Class E, 10.05%, (3 mo. SOFR + 6.212%), 7/30/30<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1690000 |
| BlueMountain CLO XXIV Ltd., Series 2019-24A, Class ER, 10.986%, (3 mo. SOFR + 7.102%), 4/20/34<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 979897 |
| BlueMountain CLO XXVI Ltd., Series 2019-26A, Class ER, 11.276%, (3 mo. SOFR + 7.392%), 10/20/34<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2975145 |
| BlueMountain CLO XXX Ltd., Series 2020-30A, Class ER, 10.605%, (3 mo. SOFR + 6.70%), 4/15/35<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1950960 |
| Canyon Capital CLO Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2012-1RA, Class E, 9.866%, (3 mo. SOFR + 5.962%), 7/15/30<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4875 | &nbsp;&nbsp;&nbsp;&nbsp; 4851449 |
| &nbsp;&nbsp;&nbsp;Series 2016-1A, Class ER, 9.916%, (3 mo. SOFR + 6.012%), 7/15/31<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 3954504 |
| &nbsp;&nbsp;&nbsp;Series 2016-2A, Class ER, 10.166%, (3 mo. SOFR + 6.262%), 10/15/31<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp; 4315216 |
| &nbsp;&nbsp;&nbsp;Series 2017-1A, Class E, 10.416%, (3 mo. SOFR + 6.512%), 7/15/30<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3250 | &nbsp;&nbsp;&nbsp;&nbsp; 3231030 |
| &nbsp;&nbsp;&nbsp;Series 2018-1A, Class D, 7.066%, (3 mo. SOFR + 3.162%), 7/15/31<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3006810 |
| &nbsp;&nbsp;&nbsp;Series 2018-1A, Class E, 9.916%, (3 mo. SOFR + 6.012%), 7/15/31<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2750 | &nbsp;&nbsp;&nbsp;&nbsp; 2746722 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Carlyle U.S. CLO Ltd., Series 2019-4A, Class DR, 10.505%, (3 mo. SOFR + 6.60%), 4/15/35<sup>(1)(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;$3020424 |
| CIFC Funding Ltd., Series 2022-4A, Class DR, 6.594%, (3 mo. SOFR + 2.70%), 7/16/35<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1754370 |
| Dryden CLO Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2018-55A, Class D, 7.016%, (3 mo. SOFR + 3.112%), 4/15/31<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1506189 |
| &nbsp;&nbsp;&nbsp;Series 2018-55A, Class E, 9.566%, (3 mo. SOFR + 5.662%), 4/15/31<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1970352 |
| Dryden Senior Loan Fund: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2015-41A, Class DR, 6.766%, (3 mo. SOFR + 2.862%), 4/15/31<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5019750 |
| &nbsp;&nbsp;&nbsp;Series 2015-41A, Class ER, 9.466%, (3 mo. SOFR + 5.562%), 4/15/31<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1268 | &nbsp;&nbsp;&nbsp;&nbsp; 1205912 |
| &nbsp;&nbsp;&nbsp;Series 2016-42A, Class D1AR, 7.205%, (3 mo. SOFR + 3.30%), 7/15/37<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2508007 |
| &nbsp;&nbsp;&nbsp;Series 2016-42A, Class ERR, 10.405%, (3 mo. SOFR + 6.50%), 7/15/37<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3508732 |
| HalseyPoint CLO 5 Ltd., Series 2021-5A, Class E, 11.04%, (3 mo. SOFR + 7.202%), 1/30/35<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1971524 |
| Madison Park Funding LIX Ltd., Series 2021-59A, Class ER, 10.284%, (3 mo. SOFR + 6.40%), 4/18/37<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1450 | &nbsp;&nbsp;&nbsp;&nbsp; 1439227 |
| Madison Park Funding XXXVI Ltd., Series 2019-36A, Class ERR, 9.505%, (3 mo. SOFR + 5.60%), 4/15/35<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2422965 |
| Marble Point CLO XXIV Ltd., Series 2022-1A, Class D1, 8.124%, (3 mo. SOFR + 4.24%), 4/20/35<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2005244 |
| Neuberger Berman Loan Advisers CLO 48 Ltd., Series 2022-48A, Class ER, 8.758%, (3 mo. SOFR + 4.90%), 4/25/36<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3200 | &nbsp;&nbsp;&nbsp;&nbsp; 3194499 |
| Neuberger Berman Loan Advisers CLO Ltd., Series 2019-34A, Class ER2, 8.884%, (3 mo. SOFR + 5.00%), 7/20/39<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp;&nbsp; 856892 |
| New Mountain CLO 8 Ltd., Series CLO-8A, Class E, 8.713%, (3 mo. SOFR + 4.85%), 10/20/38<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1503750 |
| Palmer Square CLO Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2015-1A, Class DR4, 10.977%, (3 mo. SOFR + 6.762%), 5/21/34<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1986800 |
| &nbsp;&nbsp;&nbsp;Series 2021-2A, Class ER, 9.005%, (3 mo. SOFR + 5.10%), 2/15/38<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1003380 |
| RAD CLO 14 Ltd., Series 2021-14A, Class E, 10.666%, (3 mo. SOFR + 6.762%), 1/15/35<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950 | &nbsp;&nbsp;&nbsp;&nbsp; 936109 |
| Silver Point CLO 12 Ltd., Series 2025-12A, Class E, 8.979%, (3 mo. SOFR + 5.00%), 10/15/38<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1501905 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6b136600-8b05-431e-87fe-7584cf267881_TOC)

Eaton Vance

Floating Rate Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Sixth Street CLO XX Ltd., Series 2021-20A, Class ER, 9.382%, (3 mo. SOFR + 5.50%), 7/17/38<sup>(1)(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;$1004559 |
| Symphony CLO XXXIII Ltd., Series 2022-33A, Class E1R, 9.215%, (3 mo. SOFR + 5.35%), 1/24/38<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 976351 |
| Upland CLO Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2016-1A, Class CR, 7.046%, (3 mo. SOFR + 3.162%), 4/20/31<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp; 4513374 |
| &nbsp;&nbsp;&nbsp;Series 2016-1A, Class DR, 10.046%, (3 mo. SOFR + 6.162%), 4/20/31<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2125 | &nbsp;&nbsp;&nbsp;&nbsp; 2117818 |
| Voya CLO Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2015-3A, Class DR, 10.346%, (3 mo. SOFR + 6.462%), 10/20/31<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500 | &nbsp;&nbsp;&nbsp;&nbsp; 5272294 |
| &nbsp;&nbsp;&nbsp;Series 2018-2A, Class E, 9.416%, (3 mo. SOFR + 5.512%), 7/15/31<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2419935 |
| Wellfleet CLO Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-1A, Class D, 7.646%, (3 mo. SOFR + 3.762%), 4/20/34<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp; 1181629 |
| &nbsp;&nbsp;&nbsp;Series 2021-3A, Class E, 11.266%, (3 mo. SOFR + 7.362%), 1/15/35<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950 | &nbsp;&nbsp;&nbsp;&nbsp; 939841 |
| Total Asset-Backed Securities<br> (identified cost $106,942,768) |  | &nbsp;&nbsp;**$105785158** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Common Stocks — 1.5%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Aerospace and Defense — 0.0% | Aerospace and Defense — 0.0% | Aerospace and Defense — 0.0% |
| IAP Worldwide Services LLC<sup>(3)(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2577 | &nbsp;&nbsp;$0 |
|  |  | &nbsp;&nbsp;**$0** |
| Commercial Services & Supplies — 0.1% | Commercial Services & Supplies — 0.1% | Commercial Services & Supplies — 0.1% |
| Monitronics International, Inc.<sup>(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223950 | &nbsp;&nbsp;$3135300 |
|  |  | &nbsp;&nbsp;**$3135300** |
| Containers and Glass Products — 0.0%<sup>†</sup> | Containers and Glass Products — 0.0%<sup>†</sup> | Containers and Glass Products — 0.0%<sup>†</sup> |
| LG Parent Holding Co.<sup>(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250979 | &nbsp;&nbsp;$768623 |
|  |  | &nbsp;&nbsp;**$768623** |
| Electronic Equipment, Instruments & Components — 0.4% | Electronic Equipment, Instruments & Components — 0.4% | Electronic Equipment, Instruments & Components — 0.4% |
| Luxco Co. Ltd.<sup>(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138995 | &nbsp;&nbsp;$2331895 |
| Range Red Acquisitions LLC, Class A1<sup>(3)(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8745 | &nbsp;&nbsp;&nbsp;&nbsp; 17394942 |
|  |  | &nbsp;&nbsp;**$19726837** |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Electronics/Electrical — 0.0%<sup>†</sup> | Electronics/Electrical — 0.0%<sup>†</sup> | Electronics/Electrical — 0.0%<sup>†</sup> |
| Skillsoft Corp.<sup>(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44676 | &nbsp;&nbsp;$586596 |
|  |  | &nbsp;&nbsp;**$586596** |
| Entertainment — 0.0%<sup>†</sup> | Entertainment — 0.0%<sup>†</sup> | Entertainment — 0.0%<sup>†</sup> |
| New Cineworld Ltd.<sup>(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80602 | &nbsp;&nbsp;$1725769 |
|  |  | &nbsp;&nbsp;**$1725769** |
| Health Care — 0.3% | Health Care — 0.3% | Health Care — 0.3% |
| Akorn Holding Co. LLC<sup>(3)(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705631 | &nbsp;&nbsp;$0 |
| Cano Health, Inc.<sup>(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314140 | &nbsp;&nbsp;&nbsp;&nbsp; 883519 |
| Envision Parent, Inc.<sup>(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;778264 | &nbsp;&nbsp;&nbsp;&nbsp; 11998107 |
|  |  | &nbsp;&nbsp;**$12881626** |
| Household Durables — 0.3% | Household Durables — 0.3% | Household Durables — 0.3% |
| Serta Simmons Bedding, Inc.<sup>(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1348933 | &nbsp;&nbsp;$12747417 |
| Serta SSB Equipment Co.<sup>(3)(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1348933 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
|  |  | &nbsp;&nbsp;**$12747417** |
| Investment Companies — 0.0% | Investment Companies — 0.0% | Investment Companies — 0.0% |
| Aegletes BV<sup>(3)(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116244 | &nbsp;&nbsp;$0 |
|  |  | &nbsp;&nbsp;**$0** |
| Nonferrous Metals/Minerals — 0.2% | Nonferrous Metals/Minerals — 0.2% | Nonferrous Metals/Minerals — 0.2% |
| ACNR Holdings, Inc., Class A<sup>(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73982 | &nbsp;&nbsp;$6473425 |
|  |  | &nbsp;&nbsp;**$6473425** |
| Oil and Gas — 0.0% | Oil and Gas — 0.0% | Oil and Gas — 0.0% |
| AFG Holdings, Inc.<sup>(3)(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498342 | &nbsp;&nbsp;$0 |
|  |  | &nbsp;&nbsp;**$0** |
| Pharmaceuticals — 0.2% | Pharmaceuticals — 0.2% | Pharmaceuticals — 0.2% |
| Mallinckrodt International Finance SA<sup>(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100308 | &nbsp;&nbsp;$10331724 |
|  |  | &nbsp;&nbsp;**$10331724** |
| Retailers (Except Food and Drug) — 0.0% | Retailers (Except Food and Drug) — 0.0% | Retailers (Except Food and Drug) — 0.0% |
| Phillips Feed Service, Inc.<sup>(3)(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2590 | &nbsp;&nbsp;$0 |
|  |  | &nbsp;&nbsp;**$0** |
| Telecommunications — 0.0% | Telecommunications — 0.0% | Telecommunications — 0.0% |
| Anuvu<sup>(3)(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364650 | &nbsp;&nbsp;$0 |
|  |  | &nbsp;&nbsp;**$0** |
| Total Common Stocks<br> (identified cost $109,601,492) |  | &nbsp;&nbsp;**$68377317** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

*18*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6b136600-8b05-431e-87fe-7584cf267881_TOC)

Eaton Vance

Floating Rate Portfolio

October 31, 2025

Portfolio of Investments — continued

------

Corporate Bonds — 5.3%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Aerospace and Defense — 0.1% | Aerospace and Defense — 0.1% | Aerospace and Defense — 0.1% |
| Goat Holdco LLC, 6.75%, 2/1/32<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;$1839767 |
| TransDigm, Inc., 6.75%, 8/15/28<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3175 | &nbsp;&nbsp;&nbsp;&nbsp; 3241602 |
|  |  | &nbsp;&nbsp;**$5081369** |
| Air Transport — 0.3% | Air Transport — 0.3% | Air Transport — 0.3% |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, 4/20/26<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1147 | &nbsp;&nbsp;$1150507 |
| &nbsp;&nbsp;&nbsp;5.75%, 4/20/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10875 | &nbsp;&nbsp;&nbsp;&nbsp; 10979096 |
| United Airlines, Inc., 4.375%, 4/15/26<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2640 | &nbsp;&nbsp;&nbsp;&nbsp; 2636198 |
|  |  | &nbsp;&nbsp;**$14765801** |
| Apparel & Luxury Goods — 0.1% | Apparel & Luxury Goods — 0.1% | Apparel & Luxury Goods — 0.1% |
| Champ Acquisition Corp., 8.375%, 12/1/31<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3600 | &nbsp;&nbsp;$3843259 |
|  |  | &nbsp;&nbsp;**$3843259** |
| Automotive — 0.0%<sup>†</sup> | Automotive — 0.0%<sup>†</sup> | Automotive — 0.0%<sup>†</sup> |
| Adient Global Holdings Ltd., 7.00%, 4/15/28<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675 | &nbsp;&nbsp;$691390 |
|  |  | &nbsp;&nbsp;**$691390** |
| Building and Development — 0.1% | Building and Development — 0.1% | Building and Development — 0.1% |
| Smyrna Ready Mix Concrete LLC, 8.875%, 11/15/31<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;$2634460 |
| Winnebago Industries, Inc., 6.25%, 7/15/28<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531 | &nbsp;&nbsp;&nbsp;&nbsp; 530504 |
|  |  | &nbsp;&nbsp;**$3164964** |
| Business Equipment and Services — 0.3% | Business Equipment and Services — 0.3% | Business Equipment and Services — 0.3% |
| Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL: |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, 6/1/28<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4475 | &nbsp;&nbsp;$4386054 |
| &nbsp;&nbsp;&nbsp;4.625%, 6/1/28<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9725 | &nbsp;&nbsp;&nbsp;&nbsp; 9524939 |
|  |  | &nbsp;&nbsp;**$13910993** |
| Chemicals — 0.3% | Chemicals — 0.3% | Chemicals — 0.3% |
| Olympus Water U.S. Holding Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, 10/1/28<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9350 | &nbsp;&nbsp;$8982637 |
| &nbsp;&nbsp;&nbsp;7.25%, 2/15/33<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6250 | &nbsp;&nbsp;&nbsp;&nbsp; 6226433 |
|  |  | &nbsp;&nbsp;**$15209070** |
| Commercial Services — 0.2% | Commercial Services — 0.2% | Commercial Services — 0.2% |
| Herc Holdings, Inc., 7.00%, 6/15/30<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1990 | &nbsp;&nbsp;$2084205 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Commercial Services (continued) | Commercial Services (continued) | Commercial Services (continued) |
| Neptune Bidco U.S., Inc., 9.29%, 4/15/29<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5550 | &nbsp;&nbsp;$5485675 |
|  |  | &nbsp;&nbsp;**$7569880** |
| Computers — 0.0%<sup>†</sup> | Computers — 0.0%<sup>†</sup> | Computers — 0.0%<sup>†</sup> |
| Diebold Nixdorf, Inc., 7.75%, 3/31/30<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;$1910615 |
|  |  | &nbsp;&nbsp;**$1910615** |
| Diversified Financial Services — 0.1% | Diversified Financial Services — 0.1% | Diversified Financial Services — 0.1% |
| Aretec Group, Inc., 10.00%, 8/15/30<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4225 | &nbsp;&nbsp;$4602305 |
|  |  | &nbsp;&nbsp;**$4602305** |
| Diversified Telecommunication Services — 0.1% | Diversified Telecommunication Services — 0.1% | Diversified Telecommunication Services — 0.1% |
| Virgin Media Secured Finance PLC, 4.50%, 8/15/30<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6500 | &nbsp;&nbsp;$6046435 |
|  |  | &nbsp;&nbsp;**$6046435** |
| Drugs — 0.2% | Drugs — 0.2% | Drugs — 0.2% |
| Jazz Securities DAC, 4.375%, 1/15/29<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9150 | &nbsp;&nbsp;$8971768 |
|  |  | &nbsp;&nbsp;**$8971768** |
| Electronics/Electrical — 0.3% | Electronics/Electrical — 0.3% | Electronics/Electrical — 0.3% |
| Imola Merger Corp., 4.75%, 5/15/29<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13925 | &nbsp;&nbsp;$13737923 |
|  |  | &nbsp;&nbsp;**$13737923** |
| Engineering & Construction — 0.0%<sup>†</sup> | Engineering & Construction — 0.0%<sup>†</sup> | Engineering & Construction — 0.0%<sup>†</sup> |
| Artera Services LLC, 8.50%, 2/15/31<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1175 | &nbsp;&nbsp;$1017843 |
|  |  | &nbsp;&nbsp;**$1017843** |
| Entertainment — 0.1% | Entertainment — 0.1% | Entertainment — 0.1% |
| Caesars Entertainment, Inc., 6.50%, 2/15/32<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2925 | &nbsp;&nbsp;$2951185 |
|  |  | &nbsp;&nbsp;**$2951185** |
| Health Care — 0.3% | Health Care — 0.3% | Health Care — 0.3% |
| Global Medical Response, Inc., 7.375%, 10/1/32<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1755 | &nbsp;&nbsp;$1837643 |
| Medline Borrower LP, 3.875%, 4/1/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9800 | &nbsp;&nbsp;&nbsp;&nbsp; 9524928 |
| Tenet Healthcare Corp., 4.25%, 6/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2150 | &nbsp;&nbsp;&nbsp;&nbsp; 2103791 |
|  |  | &nbsp;&nbsp;**$13466362** |
| Household Products — 0.1% | Household Products — 0.1% | Household Products — 0.1% |
| Kronos Acquisition Holdings, Inc., 8.25%, 6/30/31<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;$3733915 |
|  |  | &nbsp;&nbsp;**$3733915** |

---

*19*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6b136600-8b05-431e-87fe-7584cf267881_TOC)

Eaton Vance

Floating Rate Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Insurance — 0.5% | Insurance — 0.5% | Insurance — 0.5% |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 7.00%, 1/15/31<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750 | &nbsp;&nbsp;$1814222 |
| AmWINS Group, Inc., 6.375%, 2/15/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4850 | &nbsp;&nbsp;&nbsp;&nbsp; 4946825 |
| Panther Escrow Issuer LLC, 7.125%, 6/1/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15325 | &nbsp;&nbsp;&nbsp;&nbsp; 15850678 |
|  |  | &nbsp;&nbsp;**$22611725** |
| Machinery — 0.4% | Machinery — 0.4% | Machinery — 0.4% |
| Madison IAQ LLC, 4.125%, 6/30/28<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13050 | &nbsp;&nbsp;$12787230 |
| TK Elevator U.S. Newco, Inc., 5.25%, 7/15/27<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5650 | &nbsp;&nbsp;&nbsp;&nbsp; 5647612 |
|  |  | &nbsp;&nbsp;**$18434842** |
| Professional Services — 0.1% | Professional Services — 0.1% | Professional Services — 0.1% |
| CoreLogic, Inc., 4.50%, 5/1/28<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3025 | &nbsp;&nbsp;$2924124 |
|  |  | &nbsp;&nbsp;**$2924124** |
| Real Estate Investment Trusts (REITs) — 0.2% | Real Estate Investment Trusts (REITs) — 0.2% | Real Estate Investment Trusts (REITs) — 0.2% |
| Cushman & Wakefield U.S. Borrower LLC, 6.75%, 5/15/28<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6393 | &nbsp;&nbsp;$6447878 |
|  |  | &nbsp;&nbsp;**$6447878** |
| Retail — 0.2% | Retail — 0.2% | Retail — 0.2% |
| Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., 4.625%, 1/15/29<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10580 | &nbsp;&nbsp;$10129395 |
|  |  | &nbsp;&nbsp;**$10129395** |
| Software — 0.6% | Software — 0.6% | Software — 0.6% |
| Cloud Software Group, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;8.25%, 6/30/32<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9930 | &nbsp;&nbsp;$10444215 |
| &nbsp;&nbsp;&nbsp;9.00%, 9/30/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7100 | &nbsp;&nbsp;&nbsp;&nbsp; 7349885 |
| UKG, Inc., 6.875%, 2/1/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7850 | &nbsp;&nbsp;&nbsp;&nbsp; 8086505 |
|  |  | &nbsp;&nbsp;**$25880605** |
| Technology — 0.2% | Technology — 0.2% | Technology — 0.2% |
| Clarivate Science Holdings Corp., 3.875%, 7/1/28<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9650 | &nbsp;&nbsp;$9299757 |
|  |  | &nbsp;&nbsp;**$9299757** |
| Telecommunications — 0.5% | Telecommunications — 0.5% | Telecommunications — 0.5% |
| Altice France SA: |  |  |
| &nbsp;&nbsp;&nbsp;6.50%, 10/15/31<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001 | &nbsp;&nbsp;$955673 |
| &nbsp;&nbsp;&nbsp;6.50%, 3/15/32<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10570 | &nbsp;&nbsp;&nbsp;&nbsp; 10129587 |
| &nbsp;&nbsp;&nbsp;9.50%, 11/1/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7181 | &nbsp;&nbsp;&nbsp;&nbsp; 7323551 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Telecommunications (continued) | Telecommunications (continued) | Telecommunications (continued) |
| VMED O2 U.K. Financing I PLC, 4.25%, 1/31/31<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3550 | &nbsp;&nbsp;$3243858 |
|  |  | &nbsp;&nbsp;**$21652669** |
| Total Corporate Bonds<br> (identified cost $238,216,627) |  | &nbsp;&nbsp;**$238056072** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Exchange-Traded Funds — 0.7%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Income Funds — 0.7% | Income Funds — 0.7% | Income Funds — 0.7% |
| Eaton Vance Floating-Rate ETF<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577500 | &nbsp;&nbsp;$28568925 |
| Total Exchange-Traded Funds<br> (identified cost $29,045,740) |  | &nbsp;&nbsp;**$28568925** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Preferred Stocks — 0.3%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Beverages — 0.2% | Beverages — 0.2% | Beverages — 0.2% |
| Citybrewing Topco LLC<sup>(3)(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1225519 | &nbsp;&nbsp;$9804152 |
|  |  | &nbsp;&nbsp;**$9804152** |
| Pharmaceuticals — 0.0% | Pharmaceuticals — 0.0% | Pharmaceuticals — 0.0% |
| Mallinckrodt PLC<sup>(3)(4)(5)</sup> | 4570433712 | &nbsp;&nbsp;$0 |
|  |  | &nbsp;&nbsp;**$0** |
| Technology — 0.1% | Technology — 0.1% | Technology — 0.1% |
| Cohesity Global, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;Series G<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78854 | &nbsp;&nbsp;$1912209 |
| &nbsp;&nbsp;&nbsp;Series G1<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54480 | &nbsp;&nbsp;&nbsp;&nbsp; 1314330 |
|  |  | &nbsp;&nbsp;**$3226539** |
| Total Preferred Stocks<br> (identified cost $13,526,039) |  | &nbsp;&nbsp;**$13030691** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Senior Floating-Rate Loans — 84.5%<sup>(7)</sup>

---

| | | | |
|:---|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Aerospace and Defense — 1.9% | Aerospace and Defense — 1.9% | Aerospace and Defense — 1.9% | Aerospace and Defense — 1.9% |
| Aernnova Aerospace SAU, Term Loan, 6.026%, (3 mo. EURIBOR + 4.00%), 2/27/30 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5550 | &nbsp;&nbsp;$6381215 |

---

*20*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6b136600-8b05-431e-87fe-7584cf267881_TOC)

Eaton Vance

Floating Rate Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Aerospace and Defense (continued) | Aerospace and Defense (continued) | Aerospace and Defense (continued) |
| Air Comm Corp. LLC: |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.715% - 6.74%, (1 mo. USD Term SOFR + 2.75%, 3 mo. USD Term SOFR + 2.75%), 12/11/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13241 | &nbsp;&nbsp;$13273945 |
| &nbsp;&nbsp;&nbsp;Term Loan, 12/11/31<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644 | &nbsp;&nbsp;&nbsp;&nbsp; 645459 |
| HDI Aerospace Intermediate Holding III Corp., Term Loan, 7.687%, (3 mo. USD Term SOFR + 3.75%), 2/11/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6020 | &nbsp;&nbsp;&nbsp;&nbsp; 6053641 |
| IAP Worldwide Services, Inc., Term Loan - Second Lien, 0.00%, 7/18/23<sup>(3)(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6709 | &nbsp;&nbsp;&nbsp;&nbsp; 4057209 |
| Kaman Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.427%, (3 mo. USD Term SOFR + 2.50%), 2/26/32<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718 | &nbsp;&nbsp;&nbsp;&nbsp; 720377 |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.544% - 6.699%, (3 mo. USD Term SOFR + 2.50%, 6 mo. USD Term SOFR + 2.50%), 2/26/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7588 | &nbsp;&nbsp;&nbsp;&nbsp; 7618738 |
| Novaria Holdings LLC, Term Loan, 7.215%, (1 mo. USD Term SOFR + 3.25%), 6/6/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2850 | &nbsp;&nbsp;&nbsp;&nbsp; 2858396 |
| TransDigm, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.252%, (3 mo. USD Term SOFR + 2.25%), 3/22/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29116 | &nbsp;&nbsp;&nbsp;&nbsp; 29172129 |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.502%, (3 mo. USD Term SOFR + 2.50%), 2/28/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9137 | &nbsp;&nbsp;&nbsp;&nbsp; 9159211 |
| Vista Management Holding, Inc., Term Loan, 7.735%, (3 mo. USD Term SOFR + 3.75%), 4/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5519 | &nbsp;&nbsp;&nbsp;&nbsp; 5567544 |
|  |  | &nbsp;&nbsp;**$85507864** |
| Air Freight & Logistics — 0.1% | Air Freight & Logistics — 0.1% | Air Freight & Logistics — 0.1% |
| AIT Worldwide Logistics, Inc., Term Loan, 8.255%, (3 mo. USD Term SOFR + 4.00%), 4/8/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5881 | &nbsp;&nbsp;$5914258 |
|  |  | &nbsp;&nbsp;**$5914258** |
| Airlines — 0.5% | Airlines — 0.5% | Airlines — 0.5% |
| American Airlines, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.134%, (3 mo. USD Term SOFR + 2.25%), 4/20/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21793 | &nbsp;&nbsp;$21842745 |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.134%, (3 mo. USD Term SOFR + 3.25%), 5/28/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1990 | &nbsp;&nbsp;&nbsp;&nbsp; 1999950 |
|  |  | &nbsp;&nbsp;**$23842695** |
| Apparel & Luxury Goods — 0.7% | Apparel & Luxury Goods — 0.7% | Apparel & Luxury Goods — 0.7% |
| Beach Acquisition Bidco LLC, Term Loan, 7.308%, (3 mo. USD Term SOFR + 3.25%), 9/12/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6875 | &nbsp;&nbsp;$6920822 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Apparel & Luxury Goods (continued) | Apparel & Luxury Goods (continued) | Apparel & Luxury Goods (continued) | Apparel & Luxury Goods (continued) |
| Gloves Buyer, Inc., Term Loan, 7.965%, (1 mo. USD Term SOFR + 4.00%), 5/21/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19300 | &nbsp;&nbsp;$19070812 |
| Hanesbrands, Inc., Term Loan, 6.715%, (1 mo. USD Term SOFR + 2.75%), 3/7/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6334 | &nbsp;&nbsp;&nbsp;&nbsp; 6365931 |
|  |  |  | &nbsp;&nbsp;**$32357565** |
| Auto Components — 1.6% | Auto Components — 1.6% | Auto Components — 1.6% | Auto Components — 1.6% |
| Adient U.S. LLC, Term Loan, 6.215%, (1 mo. USD Term SOFR + 2.25%), 1/31/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6376 | &nbsp;&nbsp;$6392545 |
| Autokiniton U.S. Holdings, Inc., Term Loan, 8.079%, (1 mo. USD Term SOFR + 4.00%), 4/6/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12710 | &nbsp;&nbsp;&nbsp;&nbsp; 12249652 |
| Clarios Global LP: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 4.893%, (1 mo. EURIBOR + 3.00%), 7/16/31 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1515 | &nbsp;&nbsp;&nbsp;&nbsp; 1754831 |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.715%, (1 mo. USD Term SOFR + 2.75%), 1/28/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5650 | &nbsp;&nbsp;&nbsp;&nbsp; 5674719 |
| DexKo Global, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 5.893%, (1 mo. EURIBOR + 4.00%), 10/4/28 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1711 | &nbsp;&nbsp;&nbsp;&nbsp; 1914101 |
| &nbsp;&nbsp;&nbsp;Term Loan, 5.893%, (1 mo. EURIBOR + 4.00%), 10/4/28 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4539 | &nbsp;&nbsp;&nbsp;&nbsp; 5078343 |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.829%, (1 mo. USD Term SOFR + 3.75%), 10/4/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1772 | &nbsp;&nbsp;&nbsp;&nbsp; 1748457 |
| First Brands Group LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;DIP Loan, 6/29/26<sup>(10)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp; 478687 |
| &nbsp;&nbsp;&nbsp;Term Loan, 0.00%, 3/30/27<sup>(9)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4775 | &nbsp;&nbsp;&nbsp;&nbsp; 1590075 |
| Lippert Colipper, Term Loan, 6.215%, (1 mo. USD Term SOFR + 2.25%), 3/25/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3333 | &nbsp;&nbsp;&nbsp;&nbsp; 3354104 |
| LTI Holdings, Inc., Term Loan, 7.715%, (1 mo. USD Term SOFR + 3.75%), 7/29/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16536 | &nbsp;&nbsp;&nbsp;&nbsp; 16655049 |
| RealTruck Group, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.829%, (1 mo. USD Term SOFR + 3.75%), 1/31/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11404 | &nbsp;&nbsp;&nbsp;&nbsp; 10049882 |
| &nbsp;&nbsp;&nbsp;Term Loan, 9.079%, (1 mo. USD Term SOFR + 5.00%), 1/31/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7018 | &nbsp;&nbsp;&nbsp;&nbsp; 6246131 |
|  |  |  | &nbsp;&nbsp;**$73186576** |
| Automobiles — 0.5% | Automobiles — 0.5% | Automobiles — 0.5% | Automobiles — 0.5% |
| Bombardier Recreational Products, Inc., Term Loan, 6.715%, (1 mo. USD Term SOFR + 2.75%), 1/22/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10364 | &nbsp;&nbsp;$10369960 |
| MajorDrive Holdings IV LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 8.263%, (3 mo. USD Term SOFR + 4.00%), 6/1/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9138 | &nbsp;&nbsp;&nbsp;&nbsp; 8894856 |
| &nbsp;&nbsp;&nbsp;Term Loan, 9.652%, (3 mo. USD Term SOFR + 5.50%), 6/1/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2097 | &nbsp;&nbsp;&nbsp;&nbsp; 2061996 |
|  |  |  | &nbsp;&nbsp;**$21326812** |

---

*21*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6b136600-8b05-431e-87fe-7584cf267881_TOC)

Eaton Vance

Floating Rate Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Beverages — 0.8% | Beverages — 0.8% | Beverages — 0.8% | Beverages — 0.8% |
| City Brewing Co. LLC, Term Loan, 11.198%, (3 mo. USD Term SOFR + 7.00%), 9/30/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2331 | &nbsp;&nbsp;$955771 |
| Primo Brands Corp., Term Loan, 6.252%, (3 mo. USD Term SOFR + 2.25%), 3/31/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27190 | &nbsp;&nbsp;&nbsp;&nbsp; 27292561 |
| Sazerac Co., Inc., Term Loan, 6.58%, (1 mo. USD Term SOFR + 2.50%), 7/9/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8225 | &nbsp;&nbsp;&nbsp;&nbsp; 8278956 |
|  |  |  | &nbsp;&nbsp;**$36527288** |
| Biotechnology — 0.3% | Biotechnology — 0.3% | Biotechnology — 0.3% | Biotechnology — 0.3% |
| Alltech, Inc., Term Loan, 8.329%, (1 mo. USD Term SOFR + 4.25%), 8/13/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12126 | &nbsp;&nbsp;$12182784 |
| Grifols Worldwide Operations USA, Inc., Term Loan, 6.065%, (1 mo. USD Term SOFR + 2.00%), 11/15/27 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3023 | &nbsp;&nbsp;&nbsp;&nbsp; 3027381 |
|  |  |  | &nbsp;&nbsp;**$15210165** |
| Broadline Retail — 0.7% | Broadline Retail — 0.7% | Broadline Retail — 0.7% | Broadline Retail — 0.7% |
| Peer Holding III BV: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 4.75%, (3 mo. EURIBOR + 2.75%), 11/26/31 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5725 | &nbsp;&nbsp;$6627792 |
| &nbsp;&nbsp;&nbsp;Term Loan, 4.75%, (3 mo. EURIBOR + 2.75%), 9/29/32 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1175 | &nbsp;&nbsp;&nbsp;&nbsp; 1359977 |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.502%, (3 mo. USD Term SOFR + 2.50%), 10/28/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11303 | &nbsp;&nbsp;&nbsp;&nbsp; 11364702 |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.502%, (3 mo. USD Term SOFR + 2.50%), 7/1/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13324 | &nbsp;&nbsp;&nbsp;&nbsp; 13395931 |
|  |  |  | &nbsp;&nbsp;**$32748402** |
| Building Products — 0.7% | Building Products — 0.7% | Building Products — 0.7% | Building Products — 0.7% |
| Cornerstone Building Brands, Inc., Term Loan, 7.382%, (1 mo. USD Term SOFR + 3.25%), 4/12/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5932 | &nbsp;&nbsp;$5448326 |
| CP Iris HoldCo I, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 10/27/32<sup>(10)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;898 | &nbsp;&nbsp;&nbsp;&nbsp; 893860 |
| &nbsp;&nbsp;&nbsp;Term Loan, 10/27/32<sup>(10)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7277 | &nbsp;&nbsp;&nbsp;&nbsp; 7240265 |
| LBM Acquisition LLC, Term Loan, 7.881%, (1 mo. USD Term SOFR + 3.75%), 6/6/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9192 | &nbsp;&nbsp;&nbsp;&nbsp; 8900463 |
| MI Windows & Doors LLC, Term Loan, 6.715%, (1 mo. USD Term SOFR + 2.75%), 3/28/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8295 | &nbsp;&nbsp;&nbsp;&nbsp; 8318661 |
| Sport Group Holding GmbH, Term Loan, 6.026%, (3 mo. EURIBOR + 4.00%), 7/8/31 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp; 1480651 |
|  |  |  | &nbsp;&nbsp;**$32282226** |
| Capital Markets — 3.1% | Capital Markets — 3.1% | Capital Markets — 3.1% | Capital Markets — 3.1% |
| Advisor Group, Inc., Term Loan, 6.965%, (1 mo. USD Term SOFR + 3.00%), 7/30/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8521 | &nbsp;&nbsp;$8544441 |
| AllSpring Buyer LLC, Term Loan, 6.762%, (3 mo. USD Term SOFR + 2.75%), 11/1/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12539 | &nbsp;&nbsp;&nbsp;&nbsp; 12581576 |

---

---

| | | |
|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Capital Markets (continued) | Capital Markets (continued) | Capital Markets (continued) |
| Aretec Group, Inc., Term Loan, 7.465%, (1 mo. USD Term SOFR + 3.50%), 8/9/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8522 | &nbsp;&nbsp;$8561912 |
| Citco Funding LLC, Term Loan, 6.806%, (3 mo. USD Term SOFR + 2.75%), 4/27/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8012 | &nbsp;&nbsp;&nbsp;&nbsp; 8064713 |
| Edelman Financial Center LLC, Term Loan, 6.965%, (1 mo. USD Term SOFR + 3.00%), 4/7/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9875 | &nbsp;&nbsp;&nbsp;&nbsp; 9919969 |
| EIG Management Co. LLC, Term Loan, 8.977%, (1 mo. USD Term SOFR + 5.00%), 5/17/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3562 | &nbsp;&nbsp;&nbsp;&nbsp; 3562034 |
| Focus Financial Partners LLC, Term Loan, 6.715%, (1 mo. USD Term SOFR + 2.75%), 9/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10838 | &nbsp;&nbsp;&nbsp;&nbsp; 10875912 |
| Franklin Square Holdings LP, Term Loan, 6.215%, (1 mo. USD Term SOFR + 2.25%), 4/25/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9702 | &nbsp;&nbsp;&nbsp;&nbsp; 9690060 |
| Guggenheim Partners LLC, Term Loan, 6.502%, (3 mo. USD Term SOFR + 2.50%), 11/26/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23980 | &nbsp;&nbsp;&nbsp;&nbsp; 24110310 |
| HighTower Holdings LLC, Term Loan, 7.071%, (3 mo. USD Term SOFR + 2.75%), 2/3/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2635 | &nbsp;&nbsp;&nbsp;&nbsp; 2637946 |
| Kestra Advisor Services Holdings A, Inc., Term Loan, 6.965%, (1 mo. USD Term SOFR + 3.00%), 3/22/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7911 | &nbsp;&nbsp;&nbsp;&nbsp; 7937071 |
| Mariner Wealth Advisors LLC, Term Loan, 6.502%, (3 mo. USD Term SOFR + 2.50%), 12/31/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2516563 |
| NEXUS Buyer LLC, Term Loan, 7/31/31<sup>(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4245 | &nbsp;&nbsp;&nbsp;&nbsp; 4223181 |
| Orion Advisor Solutions, Inc., Term Loan, 7.11%, (3 mo. USD Term SOFR + 3.25%), 9/24/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9919 | &nbsp;&nbsp;&nbsp;&nbsp; 9966953 |
| Orion U.S. Finco, Inc., Term Loan, 7.427%, (3 mo. USD Term SOFR + 3.50%), 10/8/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6225 | &nbsp;&nbsp;&nbsp;&nbsp; 6262474 |
| Victory Capital Holdings, Inc., Term Loan, 6.102%, (3 mo. USD Term SOFR + 2.00%), 9/23/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8875 | &nbsp;&nbsp;&nbsp;&nbsp; 8930469 |
|  |  | &nbsp;&nbsp;**$138385584** |
| Chemicals — 2.1% | Chemicals — 2.1% | Chemicals — 2.1% |
| Charter NEX U.S., Inc., Term Loan, 6.798%, (1 mo. USD Term SOFR + 2.75%), 11/29/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11691 | &nbsp;&nbsp;$11746778 |
| Chemours Co., Term Loan, 10/15/32<sup>(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6375 | &nbsp;&nbsp;&nbsp;&nbsp; 6285750 |
| Discovery Purchaser Corp., Term Loan, 7.607%, (3 mo. USD Term SOFR + 3.75%), 10/4/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8348 | &nbsp;&nbsp;&nbsp;&nbsp; 8287337 |
| INEOS Quattro Holdings U.K. Ltd., Term Loan, 7.815%, (1 mo. USD Term SOFR + 3.75%), 3/14/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3813 | &nbsp;&nbsp;&nbsp;&nbsp; 3091709 |
| INEOS U.S. Finance LLC: |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.965%, (1 mo. USD Term SOFR + 3.00%), 2/7/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5011 | &nbsp;&nbsp;&nbsp;&nbsp; 4262692 |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.215%, (1 mo. USD Term SOFR + 3.25%), 2/18/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15474 | &nbsp;&nbsp;&nbsp;&nbsp; 13329033 |

---

*22*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6b136600-8b05-431e-87fe-7584cf267881_TOC)

Eaton Vance

Floating Rate Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Chemicals (continued) | Chemicals (continued) | Chemicals (continued) | Chemicals (continued) |
| Lonza Group AG, Term Loan, 8.027%, (3 mo. USD Term SOFR + 3.93%), 7/3/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10193 | &nbsp;&nbsp;$9088236 |
| Minerals Technologies, Inc., Term Loan, 5.968%, (1 mo. USD Term SOFR + 2.00%), 11/26/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4764 | &nbsp;&nbsp;&nbsp;&nbsp; 4775910 |
| Olympus Water U.S. Holding Corp., Term Loan, 7.002%, (3 mo. USD Term SOFR + 3.00%), 6/20/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8465 | &nbsp;&nbsp;&nbsp;&nbsp; 8400528 |
| SCUR-Alpha 1503 GmbH, Term Loan, 9.34%, (3 mo. USD Term SOFR + 5.50%), 3/29/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10282 | &nbsp;&nbsp;&nbsp;&nbsp; 8985528 |
| Tronox Finance LLC, Term Loan, 6.465% - 6.502%, (1 mo. USD Term SOFR + 2.50%, 3 mo. USD Term SOFR + 2.50%), 9/30/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11483 | &nbsp;&nbsp;&nbsp;&nbsp; 8269505 |
| W.R. Grace & Co.-Conn., Term Loan, 7.002%, (3 mo. USD Term SOFR + 3.00%), 8/19/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5550 | &nbsp;&nbsp;&nbsp;&nbsp; 5534405 |
|  |  |  | &nbsp;&nbsp;**$92057411** |
| Commercial Services & Supplies — 3.3% | Commercial Services & Supplies — 3.3% | Commercial Services & Supplies — 3.3% | Commercial Services & Supplies — 3.3% |
| Albion Financing 3 SARL, Term Loan, 7.215%, (3 mo. USD Term SOFR + 3.00%), 5/21/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6830 | &nbsp;&nbsp;$6881487 |
| Allied Universal Holdco LLC, Term Loan, 7.315%, (1 mo. USD Term SOFR + 3.25%), 8/20/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13692 | &nbsp;&nbsp;&nbsp;&nbsp; 13763362 |
| Armor Holding II LLC, Term Loan, 7.916%, (6 mo. USD Term SOFR + 3.75%), 12/11/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1915 | &nbsp;&nbsp;&nbsp;&nbsp; 1925861 |
| Belfor Holdings, Inc., Term Loan, 6.715%, (1 mo. USD Term SOFR + 2.75%), 11/1/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5712 | &nbsp;&nbsp;&nbsp;&nbsp; 5733208 |
| EnergySolutions LLC, Term Loan, 7.215%, (1 mo. USD Term SOFR + 3.25%), 9/20/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13442 | &nbsp;&nbsp;&nbsp;&nbsp; 13538385 |
| Foundever Group, Term Loan, 5.65%, (1 mo. EURIBOR + 3.75%), 8/28/28 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3925 | &nbsp;&nbsp;&nbsp;&nbsp; 2160282 |
| Foundever Worldwide Corp., Term Loan, 7.829%, (1 mo. USD Term SOFR + 3.75%), 8/28/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11957 | &nbsp;&nbsp;&nbsp;&nbsp; 5649611 |
| Garda World Security Corp., Term Loan, 7.048%, (1 mo. USD Term SOFR + 3.00%), 2/1/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12357 | &nbsp;&nbsp;&nbsp;&nbsp; 12380456 |
| Gategroup Fin Luxembourg SA, Term Loan, 6/10/32<sup>(10)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1990 | &nbsp;&nbsp;&nbsp;&nbsp; 2009592 |
| Geosyntec Consultants, Term Loan, 7/31/31<sup>(10)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950 | &nbsp;&nbsp;&nbsp;&nbsp; 952375 |
| GFL Environmental, Inc., Term Loan, 6.671%, (3 mo. USD Term SOFR + 2.50%), 3/3/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16400 | &nbsp;&nbsp;&nbsp;&nbsp; 16428700 |
| Harsco Corp., Term Loan, 6.329%, (1 mo. USD Term SOFR + 2.25%), 6/9/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592 | &nbsp;&nbsp;&nbsp;&nbsp; 592358 |
| Heritage-Crystal Clean, Inc., Term Loan, 7.752%, (1 mo. USD Term SOFR + 3.75%), 10/17/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9192 | &nbsp;&nbsp;&nbsp;&nbsp; 9245324 |
| LSF12 Crown U.S. Commercial Bidco LLC, Term Loan, 7.663%, (1 mo. USD Term SOFR + 3.50%), 12/2/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19900 | &nbsp;&nbsp;&nbsp;&nbsp; 20043107 |
| Monitronics International, Inc., Term Loan, 11.763%, (3 mo. USD Term SOFR + 7.50%), 6/30/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10269 | &nbsp;&nbsp;&nbsp;&nbsp; 10278845 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Commercial Services & Supplies (continued) | Commercial Services & Supplies (continued) | Commercial Services & Supplies (continued) | Commercial Services & Supplies (continued) |
| MV Holding GmbH: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 4.145%, (1 mo. EURIBOR + 2.25%), 3/17/32 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1475 | &nbsp;&nbsp;$1711125 |
| &nbsp;&nbsp;&nbsp;Term Loan, 5.968%, (1 mo. USD Term SOFR + 2.00%), 3/17/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5661 | &nbsp;&nbsp;&nbsp;&nbsp; 5689117 |
| Prime Security Services Borrower LLC, Term Loan, 6.129%, (6 mo. USD Term SOFR + 2.00%), 10/13/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7446 | &nbsp;&nbsp;&nbsp;&nbsp; 7442230 |
| Tidal Waste & Recycling Holdings LLC, Term Loan, 7.002%, (3 mo. USD Term SOFR + 3.00%), 10/24/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5970 | &nbsp;&nbsp;&nbsp;&nbsp; 6003581 |
| TMF Group Holding BV, Term Loan, 6.684% - 6.701%, (3 mo. USD Term SOFR + 2.75%), 5/3/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6405 | &nbsp;&nbsp;&nbsp;&nbsp; 6439898 |
|  |  |  | &nbsp;&nbsp;**$148868904** |
| Communications Equipment — 0.1% | Communications Equipment — 0.1% | Communications Equipment — 0.1% | Communications Equipment — 0.1% |
| Viavi Solutions, Inc., Term Loan, 10/16/32<sup>(10)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5550 | &nbsp;&nbsp;$5565040 |
|  |  |  | &nbsp;&nbsp;**$5565040** |
| Construction Materials — 0.6% | Construction Materials — 0.6% | Construction Materials — 0.6% | Construction Materials — 0.6% |
| Knife River HoldCo, Term Loan, 6.123%, (3 mo. USD Term SOFR + 2.00%), 3/8/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2363 | &nbsp;&nbsp;$2374941 |
| Quikrete Holdings, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.215%, (1 mo. USD Term SOFR + 2.25%), 3/19/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11230 | &nbsp;&nbsp;&nbsp;&nbsp; 11255539 |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.215%, (1 mo. USD Term SOFR + 2.25%), 4/14/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp; 12287 |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.215%, (1 mo. USD Term SOFR + 2.25%), 2/10/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11474 | &nbsp;&nbsp;&nbsp;&nbsp; 11501174 |
| Smyrna Ready Mix Concrete LLC, Term Loan, 6.977%, (1 mo. USD Term SOFR + 3.00%), 4/2/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1197 | &nbsp;&nbsp;&nbsp;&nbsp; 1199985 |
|  |  |  | &nbsp;&nbsp;**$26343926** |
| Consumer Finance — 0.4% | Consumer Finance — 0.4% | Consumer Finance — 0.4% | Consumer Finance — 0.4% |
| CPI Holdco B LLC, Term Loan, 5.965%, (1 mo. USD Term SOFR + 2.00%), 5/19/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16216 | &nbsp;&nbsp;$16226560 |
|  |  |  | &nbsp;&nbsp;**$16226560** |
| Consumer Staples Distribution & Retail — 0.5% | Consumer Staples Distribution & Retail — 0.5% | Consumer Staples Distribution & Retail — 0.5% | Consumer Staples Distribution & Retail — 0.5% |
| Boots Group Bidco Ltd.: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 5.522%, (3 mo. EURIBOR + 3.50%), 8/30/32 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6075 | &nbsp;&nbsp;$7069362 |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.705%, (3 mo. USD Term SOFR + 3.50%), 8/30/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13325 | &nbsp;&nbsp;&nbsp;&nbsp; 13399953 |

---

*23*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6b136600-8b05-431e-87fe-7584cf267881_TOC)

Eaton Vance

Floating Rate Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Consumer Staples Distribution & Retail (continued) | Consumer Staples Distribution & Retail (continued) | Consumer Staples Distribution & Retail (continued) | Consumer Staples Distribution & Retail (continued) |
| Cardenas Markets, Inc., Term Loan, 10.852%, (3 mo. USD Term SOFR + 6.75%), 8/1/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4070 | &nbsp;&nbsp;$3256080 |
|  |  |  | &nbsp;&nbsp;**$23725395** |
| Containers & Packaging — 1.3% | Containers & Packaging — 1.3% | Containers & Packaging — 1.3% | Containers & Packaging — 1.3% |
| Altium Packaging LLC, Term Loan, 6.465%, (1 mo. USD Term SOFR + 2.50%), 6/11/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4715 | &nbsp;&nbsp;$4541435 |
| Berlin Packaging LLC, Term Loan, 7.235% - 7.384%, (1 mo. USD Term SOFR + 3.25%, 3 mo. USD Term SOFR + 3.25%), 6/7/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7356 | &nbsp;&nbsp;&nbsp;&nbsp; 7356984 |
| Clydesdale Acquisition Holdings, Inc., Term Loan, 7.14%, (1 mo. USD Term SOFR + 3.18%), 4/13/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20672 | &nbsp;&nbsp;&nbsp;&nbsp; 20683376 |
| Owens-Illinois, Inc., Term Loan, 6.838%, (3 mo. USD Term SOFR + 3.00%), 9/30/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp; 8996220 |
| Pretium PKG Holdings, Inc., Term Loan - Second Lien, 11.238%, (3 mo. USD Term SOFR + 6.75%), 10/1/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6675 | &nbsp;&nbsp;&nbsp;&nbsp; 629119 |
| Proampac PG Borrower LLC, Term Loan, 7.905% - 8.195%, (3 mo. USD Term SOFR + 4.00%), 9/15/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11826 | &nbsp;&nbsp;&nbsp;&nbsp; 11841143 |
| Trivium Packaging BV, Term Loan, 6.566%, (3 mo. EURIBOR + 4.50%), 5/28/30 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4800 | &nbsp;&nbsp;&nbsp;&nbsp; 5540798 |
|  |  |  | &nbsp;&nbsp;**$59589075** |
| Distributors — 0.6% | Distributors — 0.6% | Distributors — 0.6% | Distributors — 0.6% |
| Parts Europe SA, Term Loan, 5.004%, (3 mo. EURIBOR + 3.00%), 2/3/31 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14275 | &nbsp;&nbsp;$16596325 |
| Phillips Feed Service, Inc., Term Loan, 11.065%, (1 mo. USD Term SOFR + 7.00%), 11/13/26<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461 | &nbsp;&nbsp;&nbsp;&nbsp; 285458 |
| Rubix Group Midco 3 Ltd., Term Loan, 6.083%, (6 mo. EURIBOR + 4.00%), 9/30/28 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1743784 |
| Winterfell Financing SARL: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 5.454%, (3 mo. EURIBOR + 3.43%), 5/4/28 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4050 | &nbsp;&nbsp;&nbsp;&nbsp; 4153677 |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.029%, (3 mo. EURIBOR + 5.00%), 5/4/28 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2107425 |
|  |  |  | &nbsp;&nbsp;**$24886669** |
| Diversified Consumer Services — 1.4% | Diversified Consumer Services — 1.4% | Diversified Consumer Services — 1.4% | Diversified Consumer Services — 1.4% |
| Ascend Learning LLC, Term Loan, 6.965%, (1 mo. USD Term SOFR + 3.00%), 12/11/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15124 | &nbsp;&nbsp;$15134554 |
| Belron U.K. Finance PLC, Term Loan, 4.723%, (3 mo. EURIBOR + 2.75%), 10/16/31 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7850 | &nbsp;&nbsp;&nbsp;&nbsp; 9122725 |
| Fugue Finance BV, Term Loan, 6.949%, (3 mo. USD Term SOFR + 2.75%), 1/9/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5023 | &nbsp;&nbsp;&nbsp;&nbsp; 5041736 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Diversified Consumer Services (continued) | Diversified Consumer Services (continued) | Diversified Consumer Services (continued) | Diversified Consumer Services (continued) |
| KUEHG Corp., Term Loan, 6.752%, (3 mo. USD Term SOFR + 2.75%), 6/12/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17093 | &nbsp;&nbsp;$17062951 |
| Lernen Bidco Ltd., Term Loan, 7.863%, (3 mo. USD Term SOFR + 3.50%), 10/27/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4987 | &nbsp;&nbsp;&nbsp;&nbsp; 4997806 |
| Spring Education Group, Inc., Term Loan, 7.252%, (3 mo. USD Term SOFR + 3.25%), 10/4/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3660 | &nbsp;&nbsp;&nbsp;&nbsp; 3675824 |
| Wand NewCo 3, Inc., Term Loan, 6.465%, (1 mo. USD Term SOFR + 2.50%), 1/30/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9050 | &nbsp;&nbsp;&nbsp;&nbsp; 9040337 |
|  |  |  | &nbsp;&nbsp;**$64075933** |
| Diversified Financial Services — 0.2% | Diversified Financial Services — 0.2% | Diversified Financial Services — 0.2% | Diversified Financial Services — 0.2% |
| Concorde Midco Ltd., Term Loan, 5.517%, (3 mo. EURIBOR + 3.50%), 3/1/30 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8730 | &nbsp;&nbsp;$9840452 |
|  |  |  | &nbsp;&nbsp;**$9840452** |
| Diversified Telecommunication Services — 0.8% | Diversified Telecommunication Services — 0.8% | Diversified Telecommunication Services — 0.8% | Diversified Telecommunication Services — 0.8% |
| Altice France SA, Term Loan, 9.36%, (3 mo. USD Term SOFR + 5.38%), 5/14/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4946 | &nbsp;&nbsp;$4896241 |
| Anuvu Holdings 2 LLC, Term Loan, 12.376%, (3 mo. USD Term SOFR + 8.25%), 3/23/26<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8945 | &nbsp;&nbsp;&nbsp;&nbsp; 164597 |
| Level 3 Financing, Inc., Term Loan, 7.215%, (1 mo. USD Term SOFR + 3.25%), 3/29/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10851 | &nbsp;&nbsp;&nbsp;&nbsp; 10850607 |
| Lumen Technologies, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.429%, (1 mo. USD Term SOFR + 2.35%), 4/16/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7805 | &nbsp;&nbsp;&nbsp;&nbsp; 7775544 |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.429%, (1 mo. USD Term SOFR + 2.35%), 4/15/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7820 | &nbsp;&nbsp;&nbsp;&nbsp; 7791108 |
| Virgin Media Bristol LLC, Term Loan, 7.052%, (6 mo. USD Term SOFR + 3.18%), 3/31/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2563 | &nbsp;&nbsp;&nbsp;&nbsp; 2513082 |
|  |  |  | &nbsp;&nbsp;**$33991179** |
| Electric Utilities — 0.7% | Electric Utilities — 0.7% | Electric Utilities — 0.7% | Electric Utilities — 0.7% |
| Kohler Energy Co. LLC, Term Loan, 7.752%, (3 mo. USD Term SOFR + 3.75%), 5/1/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10586 | &nbsp;&nbsp;$10633899 |
| MRP Buyer LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.252%, (3 mo. USD Term SOFR + 3.25%), 6/4/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17077 | &nbsp;&nbsp;&nbsp;&nbsp; 16816878 |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.252%, (3 mo. USD Term SOFR + 3.25%), 6/4/32<sup>(8)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2173 | &nbsp;&nbsp;&nbsp;&nbsp; 2140330 |
|  |  |  | &nbsp;&nbsp;**$29591107** |
| Electrical Equipment — 0.4% | Electrical Equipment — 0.4% | Electrical Equipment — 0.4% | Electrical Equipment — 0.4% |
| Dynamo Newco II GmbH, Term Loan, 7.363%, (1 mo. USD Term SOFR + 3.25%), 9/30/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3094 | &nbsp;&nbsp;$3111153 |

---

*24*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6b136600-8b05-431e-87fe-7584cf267881_TOC)

Eaton Vance

Floating Rate Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Electrical Equipment (continued) | Electrical Equipment (continued) | Electrical Equipment (continued) |
| Nvent Electric PLC, Term Loan, 7.155%, (1 mo. USD Term SOFR + 3.00%), 1/30/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2394 | &nbsp;&nbsp;$2406341 |
| WEC U.S. Holdings Ltd., Term Loan, 6.384%, (1 mo. USD Term SOFR + 2.25%), 1/27/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10466 | &nbsp;&nbsp;&nbsp;&nbsp; 10502285 |
|  |  | &nbsp;&nbsp;**$16019779** |
| Electronic Equipment, Instruments & Components — 1.1% | Electronic Equipment, Instruments & Components — 1.1% | Electronic Equipment, Instruments & Components — 1.1% |
| Chamberlain Group, Inc., Term Loan, 6.965%, (1 mo. USD Term SOFR + 3.00%), 9/8/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13616 | &nbsp;&nbsp;$13675444 |
| Creation Technologies, Inc., Term Loan, 9.696%, (3 mo. USD Term SOFR + 5.50%), 10/5/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12556 | &nbsp;&nbsp;&nbsp;&nbsp; 12540243 |
| Range Red Operating, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 12.401%, (3 mo. USD Term SOFR + 8.00%), 10/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3183 | &nbsp;&nbsp;&nbsp;&nbsp; 3197576 |
| &nbsp;&nbsp;&nbsp;Term Loan - Second Lien, 12.401%, (3 mo. USD Term SOFR + 8.00%), 10/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13353 | &nbsp;&nbsp;&nbsp;&nbsp; 13413363 |
| TTM Technologies, Inc., Term Loan, 6.384%, (1 mo. USD Term SOFR + 2.25%), 5/30/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2052 | &nbsp;&nbsp;&nbsp;&nbsp; 2061975 |
| Verifone Systems, Inc., Term Loan, 9.352%, (3 mo. USD Term SOFR + 5.25%), 8/18/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6438 | &nbsp;&nbsp;&nbsp;&nbsp; 6181632 |
|  |  | &nbsp;&nbsp;**$51070233** |
| Energy Equipment & Services — 0.2% | Energy Equipment & Services — 0.2% | Energy Equipment & Services — 0.2% |
| Ameriforge Group, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 15.092%, (1 mo. USD Term SOFR + 11.00%), 4.092% Cash, 11.00% PIK, 12/31/25<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3986 | &nbsp;&nbsp;$256306 |
| &nbsp;&nbsp;&nbsp;Term Loan, 15.092%, (1 mo. USD Term SOFR + 11.00%), 4.092% Cash, 11.00% PIK, 12/31/25<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34416 | &nbsp;&nbsp;&nbsp;&nbsp; 2212967 |
| PG Investment Co. 59 SARL, Term Loan, 6.715%, (1 mo. USD Term SOFR + 2.75%), 3/26/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8249 | &nbsp;&nbsp;&nbsp;&nbsp; 8291283 |
|  |  | &nbsp;&nbsp;**$10760556** |
| Engineering & Construction — 1.2% | Engineering & Construction — 1.2% | Engineering & Construction — 1.2% |
| American Residential Services LLC, Term Loan, 6.752%, (3 mo. USD Term SOFR + 2.75%), 2/2/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489 | &nbsp;&nbsp;$488245 |
| Artera Services LLC, Term Loan, 8.502%, (3 mo. USD Term SOFR + 4.50%), 2/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8543 | &nbsp;&nbsp;&nbsp;&nbsp; 7311632 |
| Azuria Water Solutions, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.965%, (1 mo. USD Term SOFR + 3.00%), 5/17/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17984 | &nbsp;&nbsp;&nbsp;&nbsp; 18105495 |
| &nbsp;&nbsp;&nbsp;Term Loan, 5/17/28<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565 | &nbsp;&nbsp;&nbsp;&nbsp; 568748 |
| Construction Partners, Inc., Term Loan, 6.465%, (1 mo. USD Term SOFR + 2.50%), 11/3/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4789 | &nbsp;&nbsp;&nbsp;&nbsp; 4803777 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Engineering & Construction (continued) | Engineering & Construction (continued) | Engineering & Construction (continued) | Engineering & Construction (continued) |
| Green Infrastructure Partners, Inc., Term Loan, 6.753%, (3 mo. USD Term SOFR + 2.75%), 9/24/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7975 | &nbsp;&nbsp;$7997450 |
| Northstar Group Services, Inc., Term Loan, 8.59%, (3 mo. USD Term SOFR + 4.75%), 5/31/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13767 | &nbsp;&nbsp;&nbsp;&nbsp; 13904936 |
|  |  |  | &nbsp;&nbsp;**$53180283** |
| Entertainment — 2.0% | Entertainment — 2.0% | Entertainment — 2.0% | Entertainment — 2.0% |
| Creative Artists Agency LLC, Term Loan, 6.465%, (1 mo. USD Term SOFR + 2.50%), 10/1/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9165 | &nbsp;&nbsp;$9188265 |
| Dorna Sports SL, Term Loan, 4.821%, (3 mo. EURIBOR + 2.75%), 8/18/32 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1850 | &nbsp;&nbsp;&nbsp;&nbsp; 2145965 |
| EOC Borrower LLC, Term Loan, 6.965%, (1 mo. USD Term SOFR + 3.00%), 3/24/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28499 | &nbsp;&nbsp;&nbsp;&nbsp; 28682663 |
| Playtika Holding Corp., Term Loan, 6.829%, (1 mo. USD Term SOFR + 2.75%), 3/13/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13249 | &nbsp;&nbsp;&nbsp;&nbsp; 12982114 |
| Pretzel Parent, Inc., Term Loan, 8.465%, (1 mo. USD Term SOFR + 4.50%), 10/1/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9254 | &nbsp;&nbsp;&nbsp;&nbsp; 9238463 |
| TKO Worldwide Holdings LLC, Term Loan, 6.002%, (3 mo. USD Term SOFR + 2.00%), 11/21/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14657 | &nbsp;&nbsp;&nbsp;&nbsp; 14706446 |
| Varsity Brands, Inc., Term Loan, 7.026%, (3 mo. USD Term SOFR + 3.00%), 8/26/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11471 | &nbsp;&nbsp;&nbsp;&nbsp; 11511400 |
|  |  |  | &nbsp;&nbsp;**$88455316** |
| Financial Services — 0.8% | Financial Services — 0.8% | Financial Services — 0.8% | Financial Services — 0.8% |
| NCR Atleos LLC, Term Loan, 7.026%, (3 mo. USD Term SOFR + 3.00%), 4/16/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7284 | &nbsp;&nbsp;$7298722 |
| Nuvei Technologies Corp., Term Loan, 11/17/31<sup>(10)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1002165 |
| Planet U.S. Buyer LLC, Term Loan, 7.198%, (3 mo. USD Term SOFR + 3.00%), 2/7/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11529 | &nbsp;&nbsp;&nbsp;&nbsp; 11603829 |
| Synechron, Inc., Term Loan, 7.715%, (1 mo. USD Term SOFR + 3.75%), 10/3/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9388 | &nbsp;&nbsp;&nbsp;&nbsp; 9176892 |
| Walker & Dunlop, Inc., Term Loan, 6.031%, (1 mo. USD Term SOFR + 2.00%), 3/14/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6716 | &nbsp;&nbsp;&nbsp;&nbsp; 6724645 |
|  |  |  | &nbsp;&nbsp;**$35806253** |
| Food Products — 0.9% | Food Products — 0.9% | Food Products — 0.9% | Food Products — 0.9% |
| Del Monte Foods, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;DIP Loan, 13.648%, (1 mo. USD Term SOFR + 9.50%), 4/2/26 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3179 | &nbsp;&nbsp;$3071971 |
| &nbsp;&nbsp;&nbsp;Term Loan, 0.00%, 8/2/28<sup>(9)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;873 | &nbsp;&nbsp;&nbsp;&nbsp; 437488 |
| &nbsp;&nbsp;&nbsp;Term Loan, 0.00%, 8/2/28<sup>(9)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776 | &nbsp;&nbsp;&nbsp;&nbsp; 388861 |
| &nbsp;&nbsp;&nbsp;Term Loan, 13.632% - 13.648%, (1 mo. USD Term SOFR + 9.50%, 1 mo. USD Term SOFR + 9.60%), 4/2/26 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4118 | &nbsp;&nbsp;&nbsp;&nbsp; 3387388 |

---

*25*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6b136600-8b05-431e-87fe-7584cf267881_TOC)

Eaton Vance

Floating Rate Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Food Products (continued) | Food Products (continued) | Food Products (continued) | Food Products (continued) |
| Del Monte Foods, Inc.: (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan - Second Lien, 0.00%, 8/2/28<sup>(9)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6167 | &nbsp;&nbsp;$269801 |
| Froneri Lux Finco SARL: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.197%, (6 mo. USD Term SOFR + 2.00%), 9/30/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4620 | &nbsp;&nbsp;&nbsp;&nbsp; 4592716 |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.435%, (3 mo. USD Term SOFR + 2.50%), 8/2/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7150 | &nbsp;&nbsp;&nbsp;&nbsp; 7154862 |
| Golden State Food LLC, Term Loan, 8.163%, (1 mo. USD Term SOFR + 4.00%), 12/4/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2244 | &nbsp;&nbsp;&nbsp;&nbsp; 2255633 |
| Newly Weds Foods, Inc., Term Loan, 6.281%, (1 mo. USD Term SOFR + 2.25%), 3/15/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9277 | &nbsp;&nbsp;&nbsp;&nbsp; 9276750 |
| Nomad Foods U.S. LLC, Term Loan, 6.579%, (1 mo. USD Term SOFR + 2.50%), 11/12/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7794 | &nbsp;&nbsp;&nbsp;&nbsp; 7803590 |
| Valeo F1 Co. Ltd. (Ireland), Term Loan, 8.968%, (6 mo. GBP SONIA + 5.00%), 9/29/28 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 3276038 |
|  |  |  | &nbsp;&nbsp;**$41915098** |
| Gas Utilities — 0.4% | Gas Utilities — 0.4% | Gas Utilities — 0.4% | Gas Utilities — 0.4% |
| CQP Holdco LP, Term Loan, 6.002%, (3 mo. USD Term SOFR + 2.00%), 12/31/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11300 | &nbsp;&nbsp;$11333536 |
| Stonepeak Bayou Holdings LP, Term Loan, 6.735%, (3 mo. USD Term SOFR + 2.75%), 10/1/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8750 | &nbsp;&nbsp;&nbsp;&nbsp; 7918750 |
|  |  |  | &nbsp;&nbsp;**$19252286** |
| Ground Transportation — 0.2% | Ground Transportation — 0.2% | Ground Transportation — 0.2% | Ground Transportation — 0.2% |
| Student Transportation of America Holdings, Inc., Term Loan, 7.253%, (3 mo. USD Term SOFR + 3.25%), 6/24/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7557 | &nbsp;&nbsp;$7625832 |
|  |  |  | &nbsp;&nbsp;**$7625832** |
| Health Care Equipment & Supplies — 0.8% | Health Care Equipment & Supplies — 0.8% | Health Care Equipment & Supplies — 0.8% | Health Care Equipment & Supplies — 0.8% |
| Bausch & Lomb Corp., Term Loan, 8.215%, (1 mo. USD Term SOFR + 4.25%), 1/15/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17169 | &nbsp;&nbsp;$17297693 |
| Journey Personal Care Corp., Term Loan, 7.715%, (1 mo. USD Term SOFR + 3.75%), 3/1/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9166 | &nbsp;&nbsp;&nbsp;&nbsp; 8982745 |
| Medline Borrower LP, Term Loan, 5.965%, (1 mo. USD Term SOFR + 2.00%), 10/23/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10644 | &nbsp;&nbsp;&nbsp;&nbsp; 10660547 |
|  |  |  | &nbsp;&nbsp;**$36940985** |
| Health Care Providers & Services — 5.0% | Health Care Providers & Services — 5.0% | Health Care Providers & Services — 5.0% | Health Care Providers & Services — 5.0% |
| AEA International Holdings (Lux) SARL, Term Loan, 6.752%, (3 mo. USD Term SOFR + 2.75%), 9/7/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7468 | &nbsp;&nbsp;$7468387 |
| Cano Health LLC, Term Loan, 13.502%, (3 mo. USD Term SOFR + 9.50%), 6/28/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1526 | &nbsp;&nbsp;&nbsp;&nbsp; 1284072 |
| CCRR Parent, Inc., Term Loan, 8.71%, (3 mo. USD Term SOFR + 4.25%), 3/6/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4612 | &nbsp;&nbsp;&nbsp;&nbsp; 1533594 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Health Care Providers & Services (continued) | Health Care Providers & Services (continued) | Health Care Providers & Services (continued) | Health Care Providers & Services (continued) |
| Ceva Sante Animale: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 5.00%, (3 mo. EURIBOR + 3.00%), 11/8/30 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3725 | &nbsp;&nbsp;$4312406 |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.976%, (3 mo. USD Term SOFR + 2.75%), 11/8/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6197 | &nbsp;&nbsp;&nbsp;&nbsp; 6228805 |
| Concentra Health Services, Inc., Term Loan, 5.965%, (1 mo. USD Term SOFR + 2.00%), 7/26/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3499 | &nbsp;&nbsp;&nbsp;&nbsp; 3512828 |
| Electron BidCo, Inc., Term Loan, 6.715%, (1 mo. USD Term SOFR + 2.75%), 11/1/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4706 | &nbsp;&nbsp;&nbsp;&nbsp; 4731212 |
| Ensemble RCM LLC, Term Loan, 6.84%, (3 mo. USD Term SOFR + 3.00%), 8/1/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13542 | &nbsp;&nbsp;&nbsp;&nbsp; 13611119 |
| Global Medical Response, Inc., Term Loan, 7.384%, (3 mo. USD Term SOFR + 3.50%), 10/1/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9125 | &nbsp;&nbsp;&nbsp;&nbsp; 9174184 |
| Hanger, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.465%, (1 mo. USD Term SOFR + 3.50%), 10/23/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9291 | &nbsp;&nbsp;&nbsp;&nbsp; 9327192 |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.465%, (1 mo. USD Term SOFR + 3.50%), 10/23/31<sup>(8)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1201 | &nbsp;&nbsp;&nbsp;&nbsp; 1205277 |
| Heartland Dental LLC, Term Loan, 7.715%, (1 mo. USD Term SOFR + 3.75%), 8/25/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11347 | &nbsp;&nbsp;&nbsp;&nbsp; 11385538 |
| IVC Acquisition Ltd.: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.029%, (3 mo. EURIBOR + 4.00%), 12/12/28 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp; 4728134 |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.752%, (3 mo. USD Term SOFR + 3.75%), 12/12/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10415 | &nbsp;&nbsp;&nbsp;&nbsp; 10472180 |
| MDVIP, Inc., Term Loan, 6.752%, (1 mo. USD Term SOFR + 2.75%), 10/14/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6540 | &nbsp;&nbsp;&nbsp;&nbsp; 6568487 |
| MED ParentCo LP, Term Loan, 7.215%, (1 mo. USD Term SOFR + 3.25%), 4/15/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9482 | &nbsp;&nbsp;&nbsp;&nbsp; 9542999 |
| Medical Solutions Holdings, Inc., Term Loan - Second Lien, 10.94%, (3 mo. USD Term SOFR + 7.00%), 11/1/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9500 | &nbsp;&nbsp;&nbsp;&nbsp; 2137500 |
| Mehilainen Yhtiot OYJ, Term Loan, 5.50%, (3 mo. EURIBOR + 3.50%), 8/5/31 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9925 | &nbsp;&nbsp;&nbsp;&nbsp; 11552450 |
| Midwest Physician Administrative Services LLC, Term Loan, 7.263%, (3 mo. USD Term SOFR + 3.00%), 3/12/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5457 | &nbsp;&nbsp;&nbsp;&nbsp; 4992191 |
| National Mentor Holdings, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.815% - 7.852%, (1 mo. USD Term SOFR + 3.75%, 3 mo. USD Term SOFR + 3.75%), 3/2/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13919 | &nbsp;&nbsp;&nbsp;&nbsp; 13555484 |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.852%, (3 mo. USD Term SOFR + 3.75%), 3/2/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390 | &nbsp;&nbsp;&nbsp;&nbsp; 379571 |
| &nbsp;&nbsp;&nbsp;Term Loan - Second Lien, 11.352%, (3 mo. USD Term SOFR + 7.25%), 3/2/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5525 | &nbsp;&nbsp;&nbsp;&nbsp; 5221125 |
| Pacific Dental Services LLC, Term Loan, 6.537%, (1 mo. USD Term SOFR + 2.50%), 3/15/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11352 | &nbsp;&nbsp;&nbsp;&nbsp; 11387550 |
| Phoenix Guarantor, Inc., Term Loan, 6.465%, (1 mo. USD Term SOFR + 2.50%), 2/21/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16440 | &nbsp;&nbsp;&nbsp;&nbsp; 16509041 |

---

*26*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6b136600-8b05-431e-87fe-7584cf267881_TOC)

Eaton Vance

Floating Rate Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Health Care Providers & Services (continued) | Health Care Providers & Services (continued) | Health Care Providers & Services (continued) | Health Care Providers & Services (continued) |
| Radnet Management, Inc., Term Loan, 6.448%, (3 mo. USD Term SOFR + 2.25%), 4/18/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9648 | &nbsp;&nbsp;$9674414 |
| Raven Acquisition Holdings LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.965%, (1 mo. USD Term SOFR + 3.00%), 11/19/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15005 | &nbsp;&nbsp;&nbsp;&nbsp; 15026628 |
| &nbsp;&nbsp;&nbsp;Term Loan, 11/19/31<sup>(8)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1077 | &nbsp;&nbsp;&nbsp;&nbsp; 1078119 |
| Reverb Buyer, Inc., Term Loan, 7.44%, (3 mo. USD Term SOFR + 3.50%), 11/1/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11234 | &nbsp;&nbsp;&nbsp;&nbsp; 8425608 |
| Select Medical Corp., Term Loan, 5.965%, (1 mo. USD Term SOFR + 2.00%), 12/3/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8684 | &nbsp;&nbsp;&nbsp;&nbsp; 8716941 |
| Synlab Bondco PLC, Term Loan, 4.551%, (6 mo. EURIBOR + 2.50%), 7/1/27 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2125 | &nbsp;&nbsp;&nbsp;&nbsp; 2444225 |
| U.S. Anesthesia Partners, Inc., Term Loan, 8.249%, (1 mo. USD Term SOFR + 4.00%), 10/1/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4915 | &nbsp;&nbsp;&nbsp;&nbsp; 4926351 |
|  |  |  | &nbsp;&nbsp;**$221113612** |
| Health Care Technology — 2.0% | Health Care Technology — 2.0% | Health Care Technology — 2.0% | Health Care Technology — 2.0% |
| athenahealth Group, Inc., Term Loan, 6.715%, (1 mo. USD Term SOFR + 2.75%), 2/15/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31119 | &nbsp;&nbsp;$31026203 |
| Cotiviti Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.884%, (1 mo. USD Term SOFR + 2.75%), 5/1/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10666 | &nbsp;&nbsp;&nbsp;&nbsp; 10301911 |
| &nbsp;&nbsp;&nbsp;Term Loan - Second Lien, 6.884%, (1 mo. USD Term SOFR + 2.75%), 3/26/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2894055 |
| Imprivata, Inc., Term Loan, 7.002%, (3 mo. USD Term SOFR + 3.00%), 12/1/27 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16808 | &nbsp;&nbsp;&nbsp;&nbsp; 16916484 |
| PointClickCare Technologies, Inc., Term Loan, 6.752%, (3 mo. USD Term SOFR + 2.75%), 11/3/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14722 | &nbsp;&nbsp;&nbsp;&nbsp; 14777078 |
| Project Ruby Ultimate Parent Corp., Term Loan, 6.829%, (1 mo. USD Term SOFR + 2.75%), 3/10/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11344 | &nbsp;&nbsp;&nbsp;&nbsp; 11386273 |
| Symplr Software, Inc., Term Loan, 8.44%, (3 mo. USD Term SOFR + 4.50%), 12/22/27 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1497 | &nbsp;&nbsp;&nbsp;&nbsp; 1323197 |
| Waystar Technologies, Inc., Term Loan, 5.965%, (1 mo. USD Term SOFR + 2.00%), 10/22/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1719 | &nbsp;&nbsp;&nbsp;&nbsp; 1721579 |
|  |  |  | &nbsp;&nbsp;**$90346780** |
| Hotels, Restaurants & Leisure — 4.4% | Hotels, Restaurants & Leisure — 4.4% | Hotels, Restaurants & Leisure — 4.4% | Hotels, Restaurants & Leisure — 4.4% |
| 1011778 BC Unlimited Liability Co., Term Loan, 5.715%, (1 mo. USD Term SOFR + 1.75%), 9/20/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5761 | &nbsp;&nbsp;$5752615 |
| Betclic Everest Group, Term Loan, 6.093%, (3 mo. EURIBOR + 3.25%), 12/10/31 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4250 | &nbsp;&nbsp;&nbsp;&nbsp; 4932246 |
| Caesars Entertainment, Inc., Term Loan, 6.215%, (1 mo. USD Term SOFR + 2.25%), 2/6/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22138 | &nbsp;&nbsp;&nbsp;&nbsp; 21985677 |
| Fertitta Entertainment LLC, Term Loan, 7.215%, (1 mo. USD Term SOFR + 3.25%), 1/27/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22142 | &nbsp;&nbsp;&nbsp;&nbsp; 22147734 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Hotels, Restaurants & Leisure (continued) | Hotels, Restaurants & Leisure (continued) | Hotels, Restaurants & Leisure (continued) | Hotels, Restaurants & Leisure (continued) |
| Flutter Financing BV: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 5.752%, (3 mo. USD Term SOFR + 1.75%), 11/30/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24571 | &nbsp;&nbsp;$24503098 |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.002%, (3 mo. USD Term SOFR + 2.00%), 6/4/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5337 | &nbsp;&nbsp;&nbsp;&nbsp; 5318827 |
| GVC Holdings (Gibraltar) Ltd.: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 5.287%, (6 mo. EURIBOR + 3.25%), 6/30/28 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6650 | &nbsp;&nbsp;&nbsp;&nbsp; 7716977 |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.37%, (3 mo. USD Term SOFR + 2.25%), 7/31/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2075 | &nbsp;&nbsp;&nbsp;&nbsp; 2069813 |
| Herschend Entertainment Co. LLC, Term Loan, 7.215%, (1 mo. USD Term SOFR + 3.25%), 5/27/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4888 | &nbsp;&nbsp;&nbsp;&nbsp; 4917859 |
| Horizon U.S. Finco LP, Term Loan, 8.198%, (6 mo. USD Term SOFR + 4.50%), 10/31/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12061 | &nbsp;&nbsp;&nbsp;&nbsp; 11457992 |
| IRB Holding Corp., Term Loan, 6.465%, (1 mo. USD Term SOFR + 2.50%), 12/15/27 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10965 | &nbsp;&nbsp;&nbsp;&nbsp; 10992455 |
| Light & Wonder International, Inc., Term Loan, 6.287%, (1 mo. USD Term SOFR + 2.25%), 4/14/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8795 | &nbsp;&nbsp;&nbsp;&nbsp; 8833821 |
| New Bidco AB, Term Loan, 5.782%, (3 mo. EURIBOR + 3.75%), 11/2/31 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11694 | &nbsp;&nbsp;&nbsp;&nbsp; 13532101 |
| Ontario Gaming GTA LP, Term Loan, 8.24%, (3 mo. USD Term SOFR + 4.25%), 8/1/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11661 | &nbsp;&nbsp;&nbsp;&nbsp; 10966634 |
| Scientific Games Holdings LP, Term Loan, 6.934%, (3 mo. USD Term SOFR + 3.00%), 4/4/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3990 | &nbsp;&nbsp;&nbsp;&nbsp; 3948030 |
| SeaWorld Parks & Entertainment, Inc., Term Loan, 5.965%, (1 mo. USD Term SOFR + 2.00%), 12/4/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10238 | &nbsp;&nbsp;&nbsp;&nbsp; 10228490 |
| Turquoise Topco Ltd., Term Loan, 7/31/32<sup>(10)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11275 | &nbsp;&nbsp;&nbsp;&nbsp; 11152835 |
| Voyager Parent LLC, Term Loan, 8.752%, (3 mo. USD Term SOFR + 4.75%), 7/1/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14590 | &nbsp;&nbsp;&nbsp;&nbsp; 14609186 |
|  |  |  | &nbsp;&nbsp;**$195066390** |
| Household Durables — 1.3% | Household Durables — 1.3% | Household Durables — 1.3% | Household Durables — 1.3% |
| Libbey Glass, Inc., Term Loan, 10.509%, (3 mo. USD Term SOFR + 6.50%), 11/22/27 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13957 | &nbsp;&nbsp;$13496253 |
| Madison Safety & Flow LLC, Term Loan, 6.468%, (1 mo. USD Term SOFR + 2.50%), 9/26/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1657 | &nbsp;&nbsp;&nbsp;&nbsp; 1666515 |
| PHRG Intermediate LLC, Term Loan, 8.002%, (3 mo. USD Term SOFR + 4.00%), 2/20/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8978 | &nbsp;&nbsp;&nbsp;&nbsp; 8781162 |
| Serta Simmons Bedding LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 11.484%, (3 mo. USD Term SOFR + 7.50%), 6/29/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2140 | &nbsp;&nbsp;&nbsp;&nbsp; 2142291 |
| &nbsp;&nbsp;&nbsp;Term Loan, 11.616%, (3 mo. USD Term SOFR + 7.50%), 6/29/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19708 | &nbsp;&nbsp;&nbsp;&nbsp; 18575195 |

---

*27*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6b136600-8b05-431e-87fe-7584cf267881_TOC)

Eaton Vance

Floating Rate Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Household Durables (continued) | Household Durables (continued) | Household Durables (continued) | Household Durables (continued) |
| Somnigroup International, Inc., Term Loan, 6.215%, (1 mo. USD Term SOFR + 2.25%), 10/24/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11921 | &nbsp;&nbsp;$12002710 |
|  |  |  | &nbsp;&nbsp;**$56664126** |
| Household Products — 0.3% | Household Products — 0.3% | Household Products — 0.3% | Household Products — 0.3% |
| Kronos Acquisition Holdings, Inc., Term Loan, 8.002%, (3 mo. USD Term SOFR + 4.00%), 7/8/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15614 | &nbsp;&nbsp;$11423260 |
|  |  |  | &nbsp;&nbsp;**$11423260** |
| Independent Power and Renewable Electricity Producers — 0.4% | Independent Power and Renewable Electricity Producers — 0.4% | Independent Power and Renewable Electricity Producers — 0.4% | Independent Power and Renewable Electricity Producers — 0.4% |
| Cogentrix Finance Holdco I LLC, Term Loan, 6.215%, (1 mo. USD Term SOFR + 2.25%), 2/26/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7319 | &nbsp;&nbsp;$7367993 |
| Invenergy Thermal Operating I LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.734%, (3 mo. USD Term SOFR + 3.50%), 5/17/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9577 | &nbsp;&nbsp;&nbsp;&nbsp; 9659891 |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.734%, (3 mo. USD Term SOFR + 3.50%), 5/17/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;683 | &nbsp;&nbsp;&nbsp;&nbsp; 688719 |
| Talen Energy Supply LLC, Term Loan, 6.733%, (3 mo. USD Term SOFR + 2.50%), 12/15/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1496 | &nbsp;&nbsp;&nbsp;&nbsp; 1500443 |
|  |  |  | &nbsp;&nbsp;**$19217046** |
| Industrial Conglomerates — 0.5% | Industrial Conglomerates — 0.5% | Industrial Conglomerates — 0.5% | Industrial Conglomerates — 0.5% |
| Ammeraal Beltech Holding BV, Term Loan, 7.00%, (3 mo. EURIBOR + 5.00%), 12/30/28 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5273 | &nbsp;&nbsp;$5520011 |
| Rain Carbon GmbH, Term Loan, 7.029%, (3 mo. EURIBOR + 5.00%), 10/31/28 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13729 | &nbsp;&nbsp;&nbsp;&nbsp; 15760248 |
|  |  |  | &nbsp;&nbsp;**$21280259** |
| Insurance — 3.8% | Insurance — 3.8% | Insurance — 3.8% | Insurance — 3.8% |
| Acrisure LLC, Term Loan, 6.965%, (1 mo. USD Term SOFR + 3.00%), 11/6/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12895 | &nbsp;&nbsp;$12903116 |
| Alera Group, Inc., Term Loan, 7.215%, (1 mo. USD Term SOFR + 3.25%), 5/31/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17525 | &nbsp;&nbsp;&nbsp;&nbsp; 17633743 |
| Alliant Holdings Intermediate LLC, Term Loan, 6.465%, (1 mo. USD Term SOFR + 2.50%), 9/19/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22568 | &nbsp;&nbsp;&nbsp;&nbsp; 22572032 |
| AmWINS Group, Inc., Term Loan, 6.252%, (3 mo. USD Term SOFR + 2.25%), 1/30/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8227 | &nbsp;&nbsp;&nbsp;&nbsp; 8246742 |
| Broadstreet Partners, Inc., Term Loan, 6.715%, (1 mo. USD Term SOFR + 2.75%), 6/13/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24229 | &nbsp;&nbsp;&nbsp;&nbsp; 24312692 |
| HUB International Ltd., Term Loan, 6.12%, (3 mo. USD Term SOFR + 2.25%), 6/20/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22147 | &nbsp;&nbsp;&nbsp;&nbsp; 22244424 |
| IMA Financial Group, Inc., Term Loan, 6.965%, (1 mo. USD Term SOFR + 3.00%), 11/1/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8983 | &nbsp;&nbsp;&nbsp;&nbsp; 9019698 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Insurance (continued) | Insurance (continued) | Insurance (continued) | Insurance (continued) |
| Ryan Specialty Group LLC, Term Loan, 5.965%, (1 mo. USD Term SOFR + 2.00%), 9/15/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11439 | &nbsp;&nbsp;$11470762 |
| Siaci Saint Honore, Term Loan, 5.50%, (3 mo. EURIBOR + 3.50%), 7/26/32 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9125 | &nbsp;&nbsp;&nbsp;&nbsp; 10559267 |
| Trucordia Insurance Holdings LLC, Term Loan, 7.215%, (1 mo. USD Term SOFR + 3.25%), 6/17/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12820 | &nbsp;&nbsp;&nbsp;&nbsp; 12883798 |
| Truist Insurance Holdings LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.752%, (3 mo. USD Term SOFR + 2.75%), 5/6/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2988 | &nbsp;&nbsp;&nbsp;&nbsp; 2989801 |
| &nbsp;&nbsp;&nbsp;Term Loan - Second Lien, 8.752%, (3 mo. USD Term SOFR + 4.75%), 5/6/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1842 | &nbsp;&nbsp;&nbsp;&nbsp; 1873191 |
| USI, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.252%, (3 mo. USD Term SOFR + 2.25%), 11/21/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3416 | &nbsp;&nbsp;&nbsp;&nbsp; 3424574 |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.252%, (3 mo. USD Term SOFR + 2.25%), 9/29/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7381 | &nbsp;&nbsp;&nbsp;&nbsp; 7393404 |
|  |  |  | &nbsp;&nbsp;**$167527244** |
| Interactive Media & Services — 0.8% | Interactive Media & Services — 0.8% | Interactive Media & Services — 0.8% | Interactive Media & Services — 0.8% |
| Aragorn Parent Corp., Term Loan, 7.465%, (1 mo. USD Term SOFR + 3.50%), 12/15/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5589 | &nbsp;&nbsp;$5629878 |
| Foundational Education Group, Inc., Term Loan, 8.352%, (3 mo. USD Term SOFR + 4.25%), 8/31/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5031 | &nbsp;&nbsp;&nbsp;&nbsp; 4624203 |
| X Corp., Term Loan, 10.34%, (3 mo. USD Term SOFR + 6.50%), 10/26/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25077 | &nbsp;&nbsp;&nbsp;&nbsp; 24481231 |
|  |  |  | &nbsp;&nbsp;**$34735312** |
| IT Services — 4.0% | IT Services — 4.0% | IT Services — 4.0% | IT Services — 4.0% |
| Asurion LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 8.065%, (1 mo. USD Term SOFR + 4.00%), 8/19/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8876 | &nbsp;&nbsp;$8897860 |
| &nbsp;&nbsp;&nbsp;Term Loan, 8.327%, (1 mo. USD Term SOFR + 4.25%), 8/19/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6957 | &nbsp;&nbsp;&nbsp;&nbsp; 6988924 |
| &nbsp;&nbsp;&nbsp;Term Loan - Second Lien, 9.329%, (1 mo. USD Term SOFR + 5.25%), 1/31/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9168 | &nbsp;&nbsp;&nbsp;&nbsp; 9006139 |
| &nbsp;&nbsp;&nbsp;Term Loan - Second Lien, 9.329%, (1 mo. USD Term SOFR + 5.25%), 1/20/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2375 | &nbsp;&nbsp;&nbsp;&nbsp; 2270928 |
| Aurora Lux Finco SARL, Term Loan, 9.155%, (3 mo. USD Term SOFR + 5.25%), 10/1/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8280 | &nbsp;&nbsp;&nbsp;&nbsp; 8114400 |
| Endure Digital, Inc., Term Loan, 7.716%, (1 mo. USD Term SOFR + 3.50%), 2/10/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29165 | &nbsp;&nbsp;&nbsp;&nbsp; 22748437 |
| Gainwell Acquisition Corp., Term Loan, 8.102%, (3 mo. USD Term SOFR + 4.00%), 10/1/27 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11927 | &nbsp;&nbsp;&nbsp;&nbsp; 11837926 |
| Go Daddy Operating Co. LLC, Term Loan, 5.715%, (1 mo. USD Term SOFR + 1.75%), 11/9/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11357 | &nbsp;&nbsp;&nbsp;&nbsp; 11352255 |
| Indy U.S. Bidco LLC, Term Loan, 4.893%, (1 mo. EURIBOR + 3.00%), 10/31/30 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2600 | &nbsp;&nbsp;&nbsp;&nbsp; 3008908 |

---

*28*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6b136600-8b05-431e-87fe-7584cf267881_TOC)

Eaton Vance

Floating Rate Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| IT Services (continued) | IT Services (continued) | IT Services (continued) | IT Services (continued) |
| Informatica LLC, Term Loan, 6.215%, (1 mo. USD Term SOFR + 2.25%), 10/27/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30952 | &nbsp;&nbsp;$31087792 |
| Iron Mountain, Inc., Term Loan, 5.965%, (1 mo. USD Term SOFR + 2.00%), 1/31/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3560 | &nbsp;&nbsp;&nbsp;&nbsp; 3567203 |
| NAB Holdings LLC, Term Loan, 6.502%, (3 mo. USD Term SOFR + 2.50%), 11/23/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7083 | &nbsp;&nbsp;&nbsp;&nbsp; 6939174 |
| Nielsen Consumer, Inc., Term Loan, 6.465%, (1 mo. USD Term SOFR + 2.50%), 10/31/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10324 | &nbsp;&nbsp;&nbsp;&nbsp; 10324125 |
| Rackspace Finance LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 10.412%, (1 mo. USD Term SOFR + 6.25%), 5/15/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9826 | &nbsp;&nbsp;&nbsp;&nbsp; 10006151 |
| &nbsp;&nbsp;&nbsp;Term Loan - Second Lien, 6.912%, (1 mo. USD Term SOFR + 2.75%), 5/15/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7252 | &nbsp;&nbsp;&nbsp;&nbsp; 3297475 |
| Sedgwick Claims Management Services, Inc., Term Loan, 6.465%, (1 mo. USD Term SOFR + 2.50%), 7/31/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21656 | &nbsp;&nbsp;&nbsp;&nbsp; 21675528 |
| Shift4 Payments LLC, Term Loan, 6.502%, (3 mo. USD Term SOFR + 2.50%), 6/30/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2275 | &nbsp;&nbsp;&nbsp;&nbsp; 2293018 |
| Trio Bidco, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 10/29/32<sup>(10)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3348 | &nbsp;&nbsp;&nbsp;&nbsp; 3334028 |
| &nbsp;&nbsp;&nbsp;Term Loan, 10/29/32<sup>(10)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352 | &nbsp;&nbsp;&nbsp;&nbsp; 350950 |
| Virtusa Corp., Term Loan, 7.215%, (1 mo. USD Term SOFR + 3.25%), 2/15/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1970 | &nbsp;&nbsp;&nbsp;&nbsp; 1950300 |
|  |  |  | &nbsp;&nbsp;**$179051521** |
| Leisure Products — 0.8% | Leisure Products — 0.8% | Leisure Products — 0.8% | Leisure Products — 0.8% |
| GSM Holdings, Inc., Term Loan, 9.002%, (3 mo. USD Term SOFR + 5.00%), 9/30/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6707 | &nbsp;&nbsp;$6662512 |
| Hayward Industries, Inc., Term Loan, 6.579%, (1 mo. USD Term SOFR + 2.50%), 5/30/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8870 | &nbsp;&nbsp;&nbsp;&nbsp; 8907100 |
| Recess Holdings, Inc., Term Loan, 7.615%, (3 mo. USD Term SOFR + 3.75%), 2/20/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19709 | &nbsp;&nbsp;&nbsp;&nbsp; 19818474 |
|  |  |  | &nbsp;&nbsp;**$35388086** |
| Life Sciences Tools & Services — 0.8% | Life Sciences Tools & Services — 0.8% | Life Sciences Tools & Services — 0.8% | Life Sciences Tools & Services — 0.8% |
| ICON Luxembourg SARL, Term Loan, 6.002%, (3 mo. USD Term SOFR + 2.00%), 7/3/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5235 | &nbsp;&nbsp;$5269646 |
| Loire Finco Luxembourg SARL: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 5.893%, (1 mo. EURIBOR + 4.00%), 1/21/30 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5775 | &nbsp;&nbsp;&nbsp;&nbsp; 6706478 |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.965%, (1 mo. USD Term SOFR + 4.00%), 1/21/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1103 | &nbsp;&nbsp;&nbsp;&nbsp; 1106786 |
| Normec 1 BV, Term Loan, 5.107%, (1 mo. EURIBOR + 3.50%), 4/16/31 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1159445 |
| PRA Health Sciences, Inc., Term Loan, 6.002%, (3 mo. USD Term SOFR + 2.00%), 7/3/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1304 | &nbsp;&nbsp;&nbsp;&nbsp; 1312976 |
| Sotera Health Holdings LLC, Term Loan, 6.34%, (3 mo. USD Term SOFR + 2.50%), 5/30/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12721 | &nbsp;&nbsp;&nbsp;&nbsp; 12784919 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Life Sciences Tools & Services (continued) | Life Sciences Tools & Services (continued) | Life Sciences Tools & Services (continued) | Life Sciences Tools & Services (continued) |
| Spectris PLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 9/30/32<sup>(10)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2175 | &nbsp;&nbsp;$2520176 |
| &nbsp;&nbsp;&nbsp;Term Loan, 9/30/32<sup>(10)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3550 | &nbsp;&nbsp;&nbsp;&nbsp; 3563312 |
|  |  |  | &nbsp;&nbsp;**$34423738** |
| Machinery — 4.5% | Machinery — 4.5% | Machinery — 4.5% | Machinery — 4.5% |
| AAG U.S. GSI Bidco, Inc., Term Loan, 9.002%, (3 mo. USD Term SOFR + 5.00%), 10/31/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6720 | &nbsp;&nbsp;$6716011 |
| AI Aqua Merger Sub, Inc., Term Loan, 7.129%, (1 mo. USD Term SOFR + 3.00%), 7/31/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23177 | &nbsp;&nbsp;&nbsp;&nbsp; 23253949 |
| Apex Tool Group LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 9.236%, (1 mo. USD Term SOFR + 5.25%), 4/8/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5596 | &nbsp;&nbsp;&nbsp;&nbsp; 4980617 |
| &nbsp;&nbsp;&nbsp;Term Loan, 10.086%, (1 mo. USD Term SOFR + 6.00%), 4/8/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12569 | &nbsp;&nbsp;&nbsp;&nbsp; 8044429 |
| &nbsp;&nbsp;&nbsp;Term Loan, 4/8/30<sup>(10)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232 | &nbsp;&nbsp;&nbsp;&nbsp; 227238 |
| Astro Acquisition LLC, Term Loan, 7.122%, (6 mo. USD Term SOFR + 3.25%), 8/30/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500 | &nbsp;&nbsp;&nbsp;&nbsp; 5537812 |
| Barnes Group, Inc., Term Loan, 6.715%, (1 mo. USD Term SOFR + 2.75%), 1/27/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7463 | &nbsp;&nbsp;&nbsp;&nbsp; 7468731 |
| BCP V Modular Services Holdings IV Ltd., Term Loan, 7/10/31<sup>(10)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2825 | &nbsp;&nbsp;&nbsp;&nbsp; 2980140 |
| BG MS U.S. Holding LLC, Term Loan, 10/22/32<sup>(10)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7200 | &nbsp;&nbsp;&nbsp;&nbsp; 7096536 |
| Clark Equipment Co., Term Loan, 6.002%, (3 mo. USD Term SOFR + 2.00%), 4/20/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5367 | &nbsp;&nbsp;&nbsp;&nbsp; 5386046 |
| Cleanova U.S. Holdings LLC, Term Loan, 8.808%, (3 mo. USD Term SOFR + 4.75%), 6/14/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4800 | &nbsp;&nbsp;&nbsp;&nbsp; 4812000 |
| Conair Holdings LLC, Term Loan, 7.829%, (1 mo. USD Term SOFR + 3.75%), 5/17/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20743 | &nbsp;&nbsp;&nbsp;&nbsp; 12445757 |
| CoorsTek, Inc., Term Loan, 10/28/32<sup>(10)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7325 | &nbsp;&nbsp;&nbsp;&nbsp; 7306687 |
| CPM Holdings, Inc., Term Loan, 8.634%, (1 mo. USD Term SOFR + 4.50%), 9/28/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3930 | &nbsp;&nbsp;&nbsp;&nbsp; 3922631 |
| Cube Industrials Buyer, Inc., Term Loan, 6.912%, (3 mo. USD Term SOFR + 3.00%), 10/17/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3808 | &nbsp;&nbsp;&nbsp;&nbsp; 3828610 |
| Delachaux Group SA, Term Loan, 5.316%, (3 mo. EURIBOR + 3.25%), 4/16/29 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3886 | &nbsp;&nbsp;&nbsp;&nbsp; 4522829 |
| EMRLD Borrower LP: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.122%, (6 mo. USD Term SOFR + 2.25%), 8/4/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4900 | &nbsp;&nbsp;&nbsp;&nbsp; 4889516 |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.449%, (3 mo. USD Term SOFR + 2.25%), 5/31/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4421 | &nbsp;&nbsp;&nbsp;&nbsp; 4415157 |
| Engineered Machinery Holdings, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 5.75%, (3 mo. EURIBOR + 3.75%), 5/21/28 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10440 | &nbsp;&nbsp;&nbsp;&nbsp; 12172054 |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.763%, (3 mo. USD Term SOFR + 3.50%), 5/19/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8713 | &nbsp;&nbsp;&nbsp;&nbsp; 8769034 |
| &nbsp;&nbsp;&nbsp;Term Loan - Second Lien, 10.263%, (3 mo. USD Term SOFR + 6.00%), 5/21/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2010000 |

---

*29*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6b136600-8b05-431e-87fe-7584cf267881_TOC)

Eaton Vance

Floating Rate Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Machinery (continued) | Machinery (continued) | Machinery (continued) | Machinery (continued) |
| INNIO Group Holding GmbH, Term Loan, 4.754%, (3 mo. EURIBOR + 2.75%), 11/2/28 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2222 | &nbsp;&nbsp;$2577841 |
| Madison IAQ LLC, Term Loan, 6.702%, (6 mo. USD Term SOFR + 2.50%), 6/21/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11374 | &nbsp;&nbsp;&nbsp;&nbsp; 11408975 |
| Roper Industrial Products Investment Co. LLC, Term Loan, 6.752%, (3 mo. USD Term SOFR + 2.75%), 11/22/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9826 | &nbsp;&nbsp;&nbsp;&nbsp; 9868223 |
| SPX Flow, Inc., Term Loan, 6.715%, (1 mo. USD Term SOFR + 2.75%), 4/5/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10445 | &nbsp;&nbsp;&nbsp;&nbsp; 10516646 |
| TK Elevator Midco GmbH: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 5.333%, (6 mo. EURIBOR + 3.25%), 4/30/30 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6550 | &nbsp;&nbsp;&nbsp;&nbsp; 7612635 |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.197%, (6 mo. USD Term SOFR + 3.00%), 4/30/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12774 | &nbsp;&nbsp;&nbsp;&nbsp; 12867387 |
| Zephyr German BidCo GmbH, Term Loan, 5.169%, (3 mo. EURIBOR + 3.15%), 3/10/28 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4600 | &nbsp;&nbsp;&nbsp;&nbsp; 5319873 |
|  |  |  | &nbsp;&nbsp;**$200957364** |
| Media — 0.6% | Media — 0.6% | Media — 0.6% | Media — 0.6% |
| ABG Intermediate Holdings 2 LLC, Term Loan, 6.215%, (1 mo. USD Term SOFR + 2.25%), 2/13/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5746 | &nbsp;&nbsp;$5742534 |
| Charter Communications Operating LLC, Term Loan, 6.235%, (3 mo. USD Term SOFR + 2.25%), 12/15/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5235 | &nbsp;&nbsp;&nbsp;&nbsp; 5232767 |
| Emerald X, Inc., Term Loan, 7.215%, (1 mo. USD Term SOFR + 3.25%), 1/30/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2070 | &nbsp;&nbsp;&nbsp;&nbsp; 2085771 |
| Fleet Midco I Ltd., Term Loan, 6.542%, (6 mo. USD Term SOFR + 2.50%), 2/21/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8139 | &nbsp;&nbsp;&nbsp;&nbsp; 8169326 |
| Gray Television, Inc., Term Loan, 7.249%, (1 mo. USD Term SOFR + 3.00%), 12/1/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544 | &nbsp;&nbsp;&nbsp;&nbsp; 545510 |
| Hubbard Radio LLC, Term Loan, 8.465%, (1 mo. USD Term SOFR + 4.50%), 9/30/27 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5146 | &nbsp;&nbsp;&nbsp;&nbsp; 2547356 |
|  |  |  | &nbsp;&nbsp;**$24323264** |
| Metals/Mining — 0.7% | Metals/Mining — 0.7% | Metals/Mining — 0.7% | Metals/Mining — 0.7% |
| American Consolidated Natural Resources, Inc., Term Loan - Second Lien, 13.00%, 12/11/29<sup>(11)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4016 | &nbsp;&nbsp;$3998393 |
| Arsenal AIC Parent LLC, Term Loan, 6.715%, (1 mo. USD Term SOFR + 2.75%), 8/19/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10251 | &nbsp;&nbsp;&nbsp;&nbsp; 10296284 |
| PMHC II, Inc., Term Loan, 8.327%, (3 mo. USD Term SOFR + 4.25%), 4/23/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4726 | &nbsp;&nbsp;&nbsp;&nbsp; 3690332 |
| WireCo WorldGroup, Inc., Term Loan, 7.607%, (3 mo. USD Term SOFR + 3.75%), 11/13/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5698 | &nbsp;&nbsp;&nbsp;&nbsp; 5643768 |
| Zekelman Industries, Inc., Term Loan, 6.265%, (1 mo. USD Term SOFR + 2.25%), 1/24/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5237 | &nbsp;&nbsp;&nbsp;&nbsp; 5251060 |
|  |  |  | &nbsp;&nbsp;**$28879837** |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Oil, Gas & Consumable Fuels — 1.7% | Oil, Gas & Consumable Fuels — 1.7% | Oil, Gas & Consumable Fuels — 1.7% | Oil, Gas & Consumable Fuels — 1.7% |
| Epic Crude Services LP, Term Loan, 6.34%, (3 mo. USD Term SOFR + 2.50%), 10/15/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6333 | &nbsp;&nbsp;$6370864 |
| Freeport LNG Investments LLLP, Term Loan, 7.12%, (3 mo. USD Term SOFR + 3.25%), 12/21/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7261 | &nbsp;&nbsp;&nbsp;&nbsp; 7285885 |
| GIP Pilot Acquisition Partners LP, Term Loan, 5.935%, (3 mo. USD Term SOFR + 2.00%), 10/4/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4831 | &nbsp;&nbsp;&nbsp;&nbsp; 4839663 |
| Hilcorp Energy I LP, Term Loan, 6.032%, (1 mo. USD Term SOFR + 2.00%), 2/11/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7811 | &nbsp;&nbsp;&nbsp;&nbsp; 7835198 |
| ITT Holdings LLC, Term Loan, 6.44%, (1 mo. USD Term SOFR + 2.48%), 10/11/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8404 | &nbsp;&nbsp;&nbsp;&nbsp; 8421933 |
| Matador Bidco SARL, Term Loan, 8.315%, (1 mo. USD Term SOFR + 4.25%), 7/30/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24085 | &nbsp;&nbsp;&nbsp;&nbsp; 24192954 |
| Natgasoline LLC, Term Loan, 9.502%, (3 mo. USD Term SOFR + 5.50%), 3/29/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4863 | &nbsp;&nbsp;&nbsp;&nbsp; 4905993 |
| Oryx Midstream Services Permian Basin LLC, Term Loan, 6.227%, (1 mo. USD Term SOFR + 2.25%), 10/5/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2494 | &nbsp;&nbsp;&nbsp;&nbsp; 2502921 |
| Oxbow Carbon LLC, Term Loan, 7.465%, (1 mo. USD Term SOFR + 3.50%), 5/10/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5239 | &nbsp;&nbsp;&nbsp;&nbsp; 5238929 |
| Whitewater Matterhorn Holdings LLC, Term Loan, 6.313%, (3 mo. USD Term SOFR + 2.25%), 6/16/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4300 | &nbsp;&nbsp;&nbsp;&nbsp; 4309761 |
|  |  |  | &nbsp;&nbsp;**$75904101** |
| Passenger Airlines — 0.2% | Passenger Airlines — 0.2% | Passenger Airlines — 0.2% | Passenger Airlines — 0.2% |
| WestJet Loyalty LP, Term Loan, 7.252%, (3 mo. USD Term SOFR + 3.25%), 2/14/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9701 | &nbsp;&nbsp;$9746254 |
|  |  |  | &nbsp;&nbsp;**$9746254** |
| Pharmaceuticals — 0.9% | Pharmaceuticals — 0.9% | Pharmaceuticals — 0.9% | Pharmaceuticals — 0.9% |
| Aenova Holding GmbH, Term Loan, 5.032%, (3 mo. EURIBOR + 3.00%), 8/22/31 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2550 | &nbsp;&nbsp;$2957628 |
| Amneal Pharmaceuticals LLC, Term Loan, 7.465%, (1 mo. USD Term SOFR + 3.50%), 8/1/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5800 | &nbsp;&nbsp;&nbsp;&nbsp; 5855564 |
| Bausch Health Cos., Inc., Term Loan, 10.215%, (1 mo. USD Term SOFR + 6.25%), 10/8/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6867 | &nbsp;&nbsp;&nbsp;&nbsp; 6836929 |
| Jazz Financing Lux SARL, Term Loan, 6.215%, (1 mo. USD Term SOFR + 2.25%), 5/5/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11165 | &nbsp;&nbsp;&nbsp;&nbsp; 11204777 |
| Nidda Healthcare Holding AG, Term Loan, 5.526%, (3 mo. EURIBOR + 3.50%), 2/21/30 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4550 | &nbsp;&nbsp;&nbsp;&nbsp; 5274583 |
| Padagis LLC, Term Loan, 8.949%, (3 mo. USD Term SOFR + 4.75%), 7/6/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4690 | &nbsp;&nbsp;&nbsp;&nbsp; 4092025 |
| Recipharm AB, Term Loan, 5.234%, (3 mo. EURIBOR + 3.20%), 2/17/28 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1725 | &nbsp;&nbsp;&nbsp;&nbsp; 1992467 |
|  |  |  | &nbsp;&nbsp;**$38213973** |

---

*30*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6b136600-8b05-431e-87fe-7584cf267881_TOC)

Eaton Vance

Floating Rate Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Professional Services — 4.2% | Professional Services — 4.2% | Professional Services — 4.2% | Professional Services — 4.2% |
| AAL Delaware Holdco, Inc., Term Loan, 6.715%, (1 mo. USD Term SOFR + 2.75%), 7/30/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13067 | &nbsp;&nbsp;$13105711 |
| Amspec Parent LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.405% - 7.502%, (3 mo. USD Term SOFR + 3.50%), 12/22/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1119 | &nbsp;&nbsp;&nbsp;&nbsp; 1128323 |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.502%, (3 mo. USD Term SOFR + 3.50%), 12/22/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7262 | &nbsp;&nbsp;&nbsp;&nbsp; 7323090 |
| APFS Staffing Holdings, Inc., Term Loan, 8.215%, (1 mo. USD Term SOFR + 4.25%), 12/29/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3286 | &nbsp;&nbsp;&nbsp;&nbsp; 2909573 |
| Camelot U.S. Acquisition LLC, Term Loan, 6.715%, (1 mo. USD Term SOFR + 2.75%), 1/31/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6750 | &nbsp;&nbsp;&nbsp;&nbsp; 6638220 |
| Citrin Cooperman Advisors LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 4/1/32<sup>(10)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5009375 |
| &nbsp;&nbsp;&nbsp;Term Loan, 4/1/32<sup>(10)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303 | &nbsp;&nbsp;&nbsp;&nbsp; 303598 |
| CohnReznick LLP: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.502%, (3 mo. USD Term SOFR + 3.50%), 3/31/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6868 | &nbsp;&nbsp;&nbsp;&nbsp; 6902644 |
| &nbsp;&nbsp;&nbsp;Term Loan, 3/31/32<sup>(8)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1593 | &nbsp;&nbsp;&nbsp;&nbsp; 1601010 |
| CoreLogic, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.579%, (1 mo. USD Term SOFR + 3.50%), 6/2/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13811 | &nbsp;&nbsp;&nbsp;&nbsp; 13832182 |
| &nbsp;&nbsp;&nbsp;Term Loan - Second Lien, 10.579%, (1 mo. USD Term SOFR + 6.50%), 6/4/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp; 1203750 |
| Corporation Service Co., Term Loan, 5.965%, (1 mo. USD Term SOFR + 2.00%), 11/2/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8252 | &nbsp;&nbsp;&nbsp;&nbsp; 8227711 |
| EAB Global, Inc., Term Loan, 6.965%, (1 mo. USD Term SOFR + 3.00%), 8/16/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10491 | &nbsp;&nbsp;&nbsp;&nbsp; 10089260 |
| Employbridge Holding Co., Term Loan - Second Lien, 9.013%, (3 mo. USD Term SOFR + 4.75%), 1/19/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11080 | &nbsp;&nbsp;&nbsp;&nbsp; 1892893 |
| First Advantage Holdings LLC, Term Loan, 6.715%, (1 mo. USD Term SOFR + 2.75%), 10/31/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11437 | &nbsp;&nbsp;&nbsp;&nbsp; 11154698 |
| Galaxy Bidco Ltd., Term Loan, 6.042%, (6 mo. EURIBOR + 4.00%), 12/19/29 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6150 | &nbsp;&nbsp;&nbsp;&nbsp; 7184816 |
| Grant Thornton Advisors LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.465%, (1 mo. USD Term SOFR + 2.50%), 6/2/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6546 | &nbsp;&nbsp;&nbsp;&nbsp; 6534372 |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.965%, (1 mo. USD Term SOFR + 3.00%), 6/2/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12900 | &nbsp;&nbsp;&nbsp;&nbsp; 12951858 |
| Highspring Holdings LLC, Term Loan, 9.152%, (3 mo. USD Term SOFR + 5.00%), 1/21/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5965 | &nbsp;&nbsp;&nbsp;&nbsp; 5074585 |
| iSolved, Inc., Term Loan, 6.715%, (1 mo. USD Term SOFR + 2.75%), 10/15/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5098 | &nbsp;&nbsp;&nbsp;&nbsp; 5110507 |
| Mermaid Bidco, Inc., Term Loan, 7.571%, (3 mo. USD Term SOFR + 3.25%), 7/3/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15233 | &nbsp;&nbsp;&nbsp;&nbsp; 15290448 |
| Neptune Bidco U.S., Inc., Term Loan, 9.027%, (3 mo. USD Term SOFR + 5.00%), 4/11/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7055 | &nbsp;&nbsp;&nbsp;&nbsp; 6831747 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Professional Services (continued) | Professional Services (continued) | Professional Services (continued) | Professional Services (continued) |
| PHM Group Holding OYJ, Term Loan, 5.517%, (3 mo. EURIBOR + 3.50%), 4/22/32 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4900 | &nbsp;&nbsp;$5666821 |
| Techem Verwaltungsgesellschaft 675 GmbH, Term Loan, 5.269%, (3 mo. EURIBOR + 3.25%), 7/15/32 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4175 | &nbsp;&nbsp;&nbsp;&nbsp; 4848960 |
| Trans Union LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 5.715%, (1 mo. USD Term SOFR + 1.75%), 6/24/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6336 | &nbsp;&nbsp;&nbsp;&nbsp; 6340782 |
| &nbsp;&nbsp;&nbsp;Term Loan, 5.715%, (1 mo. USD Term SOFR + 1.75%), 6/24/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19528 | &nbsp;&nbsp;&nbsp;&nbsp; 19534524 |
| Turbo EMEA Holdings BV, Term Loan, 9/23/32<sup>(10)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1825 | &nbsp;&nbsp;&nbsp;&nbsp; 2110423 |
|  |  |  | &nbsp;&nbsp;**$188801881** |
| Real Estate Management & Development — 0.6% | Real Estate Management & Development — 0.6% | Real Estate Management & Development — 0.6% | Real Estate Management & Development — 0.6% |
| Cushman & Wakefield U.S. Borrower LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.465%, (1 mo. USD Term SOFR + 2.50%), 1/31/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5609 | &nbsp;&nbsp;$5640973 |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.715%, (1 mo. USD Term SOFR + 2.75%), 1/31/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5403 | &nbsp;&nbsp;&nbsp;&nbsp; 5425939 |
| Greystar Real Estate Partners LLC, Term Loan, 6.477%, (1 mo. USD Term SOFR + 2.50%), 8/21/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7845 | &nbsp;&nbsp;&nbsp;&nbsp; 7884449 |
| Metropolis Technologies, Inc., Term Loan, 11/3/32<sup>(10)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9225 | &nbsp;&nbsp;&nbsp;&nbsp; 9155813 |
|  |  |  | &nbsp;&nbsp;**$28107174** |
| Road & Rail — 0.9% | Road & Rail — 0.9% | Road & Rail — 0.9% | Road & Rail — 0.9% |
| Avis Budget Car Rental LLC, Term Loan, 6.465%, (1 mo. USD Term SOFR + 2.50%), 7/16/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29261 | &nbsp;&nbsp;$28956099 |
| Hertz Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.579%, (1 mo. USD Term SOFR + 3.50%), 6/30/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4012 | &nbsp;&nbsp;&nbsp;&nbsp; 3338368 |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.579%, (1 mo. USD Term SOFR + 3.50%), 6/30/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790 | &nbsp;&nbsp;&nbsp;&nbsp; 657080 |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.736%, (1 mo. USD Term SOFR + 3.75%), 6/30/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4924 | &nbsp;&nbsp;&nbsp;&nbsp; 4074792 |
| Kenan Advantage Group, Inc., Term Loan, 7.215%, (1 mo. USD Term SOFR + 3.25%), 1/25/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3960 | &nbsp;&nbsp;&nbsp;&nbsp; 3902481 |
|  |  |  | &nbsp;&nbsp;**$40928820** |
| Semiconductors & Semiconductor Equipment — 0.4% | Semiconductors & Semiconductor Equipment — 0.4% | Semiconductors & Semiconductor Equipment — 0.4% | Semiconductors & Semiconductor Equipment — 0.4% |
| Bright Bidco BV, Term Loan, 0.00%, 10/31/27<sup>(9)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3669 | &nbsp;&nbsp;$1438172 |
| MaxLinear, Inc., Term Loan, 6.342%, (1 mo. USD Term SOFR + 2.25%), 6/23/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2955 | &nbsp;&nbsp;&nbsp;&nbsp; 2748482 |
| MKS Instruments, Inc., Term Loan, 5.977%, (1 mo. USD Term SOFR + 2.00%), 8/17/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11445 | &nbsp;&nbsp;&nbsp;&nbsp; 11484514 |
|  |  |  | &nbsp;&nbsp;**$15671168** |

---

*31*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6b136600-8b05-431e-87fe-7584cf267881_TOC)

Eaton Vance

Floating Rate Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Software — 11.0% | Software — 11.0% | Software — 11.0% | Software — 11.0% |
| Applied Systems, Inc., Term Loan, 6.252%, (3 mo. USD Term SOFR + 2.25%), 2/24/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22028 | &nbsp;&nbsp;$22095359 |
| Astra Acquisition Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;DIP Loan, 4/1/26<sup>(10)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725 | &nbsp;&nbsp;&nbsp;&nbsp; 725094 |
| &nbsp;&nbsp;&nbsp;Term Loan, 0.00%, 2/25/28<sup>(9)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7342 | &nbsp;&nbsp;&nbsp;&nbsp; 1431773 |
| &nbsp;&nbsp;&nbsp;Term Loan, 0.00%, 10/25/28<sup>(9)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10314 | &nbsp;&nbsp;&nbsp;&nbsp; 120831 |
| &nbsp;&nbsp;&nbsp;Term Loan, 0.00%, 10/25/29<sup>(9)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15622 | &nbsp;&nbsp;&nbsp;&nbsp; 429616 |
| &nbsp;&nbsp;&nbsp;Term Loan, 4/1/26<sup>(10)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303 | &nbsp;&nbsp;&nbsp;&nbsp; 302532 |
| Avalara, Inc., Term Loan, 6.735%, (3 mo. USD Term SOFR + 2.75%), 3/26/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8454 | &nbsp;&nbsp;&nbsp;&nbsp; 8481330 |
| Boost Newco Borrower LLC, Term Loan, 6.002%, (3 mo. USD Term SOFR + 2.00%), 1/31/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28485 | &nbsp;&nbsp;&nbsp;&nbsp; 28591928 |
| Boxer Parent Co., Inc., Term Loan - Second Lien, 9.949%, (3 mo. USD Term SOFR + 5.75%), 7/30/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7500 | &nbsp;&nbsp;&nbsp;&nbsp; 7252500 |
| Calabrio, Inc., Term Loan, 10/14/32<sup>(10)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8600 | &nbsp;&nbsp;&nbsp;&nbsp; 8180750 |
| Cegid Group SAS: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 4.816%, (3 mo. EURIBOR + 2.75%), 7/10/28 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3525 | &nbsp;&nbsp;&nbsp;&nbsp; 4083834 |
| &nbsp;&nbsp;&nbsp;Term Loan, 4.816%, (3 mo. EURIBOR + 2.75%), 7/10/28 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3850 | &nbsp;&nbsp;&nbsp;&nbsp; 4460601 |
| Cloud Software Group, Inc., Term Loan, 7.252%, (3 mo. USD Term SOFR + 3.25%), 8/13/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23457 | &nbsp;&nbsp;&nbsp;&nbsp; 23484624 |
| Cloudera, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.815%, (1 mo. USD Term SOFR + 3.75%), 10/8/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18828 | &nbsp;&nbsp;&nbsp;&nbsp; 18128553 |
| &nbsp;&nbsp;&nbsp;Term Loan - Second Lien, 10.065%, (1 mo. USD Term SOFR + 6.00%), 10/8/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2950 | &nbsp;&nbsp;&nbsp;&nbsp; 2635456 |
| Clover Holdings 2 LLC, Term Loan, 7.829%, (1 mo. USD Term SOFR + 3.75%), 12/9/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11642 | &nbsp;&nbsp;&nbsp;&nbsp; 11656052 |
| Clover Holdings SPV III LLC, Term Loan, 15.00%, 12/9/27<sup>(11)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2272 | &nbsp;&nbsp;&nbsp;&nbsp; 2348620 |
| Constant Contact, Inc., Term Loan, 8.166%, (3 mo. USD Term SOFR + 4.00%), 2/10/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4949 | &nbsp;&nbsp;&nbsp;&nbsp; 4640540 |
| Dayforce, Inc., Term Loan, 10/7/32<sup>(10)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9800 | &nbsp;&nbsp;&nbsp;&nbsp; 9778979 |
| Delta TopCo, Inc., Term Loan, 6.876%, (1 mo. USD Term SOFR + 2.75%), 11/30/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12169 | &nbsp;&nbsp;&nbsp;&nbsp; 12049098 |
| Dragon Buyer, Inc., Term Loan, 6.752%, (3 mo. USD Term SOFR + 2.75%), 9/30/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3247 | &nbsp;&nbsp;&nbsp;&nbsp; 3260608 |
| Drake Software LLC, Term Loan, 8.215%, (1 mo. USD Term SOFR + 4.25%), 6/26/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3724 | &nbsp;&nbsp;&nbsp;&nbsp; 3705790 |
| ECI Macola Max Holding LLC, Term Loan, 6.752%, (3 mo. USD Term SOFR + 2.75%), 5/9/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18441 | &nbsp;&nbsp;&nbsp;&nbsp; 18508390 |
| Epicor Software Corp., Term Loan, 6.465%, (1 mo. USD Term SOFR + 2.50%), 5/30/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23393 | &nbsp;&nbsp;&nbsp;&nbsp; 23470737 |
| Fiserv Investment Solutions, Inc., Term Loan, 8.204%, (3 mo. USD Term SOFR + 4.00%), 2/18/27 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12184 | &nbsp;&nbsp;&nbsp;&nbsp; 12048507 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Software (continued) | Software (continued) | Software (continued) | Software (continued) |
| Gen Digital, Inc., Term Loan, 5.715%, (1 mo. USD Term SOFR + 1.75%), 9/12/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1135 | &nbsp;&nbsp;$1135292 |
| IGT Holding IV AB: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 4.90%, (3 mo. EURIBOR + 2.90%), 3/31/28 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1205 | &nbsp;&nbsp;&nbsp;&nbsp; 1393853 |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.951%, (3 mo. USD Term SOFR + 3.00%), 9/1/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3953 | &nbsp;&nbsp;&nbsp;&nbsp; 3973083 |
| Marcel LUX IV SARL: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 5.561%, (3 mo. EURIBOR + 3.50%), 11/12/30 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6650 | &nbsp;&nbsp;&nbsp;&nbsp; 7730583 |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.13%, (1 mo. USD Term SOFR + 3.00%), 11/12/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28040 | &nbsp;&nbsp;&nbsp;&nbsp; 28145180 |
| McAfee LLC, Term Loan, 6.965%, (1 mo. USD Term SOFR + 3.00%), 3/1/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29332 | &nbsp;&nbsp;&nbsp;&nbsp; 27926562 |
| Mosel Bidco SE, Term Loan, 5.75%, (3 mo. EURIBOR + 3.75%), 9/16/30 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4750 | &nbsp;&nbsp;&nbsp;&nbsp; 5510320 |
| N-Able International Holdings II LLC, Term Loan, 7.21%, (3 mo. USD Term SOFR + 2.75%), 7/19/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1238 | &nbsp;&nbsp;&nbsp;&nbsp; 1242880 |
| OceanKey (U.S.) II Corp., Term Loan, 7.565%, (1 mo. USD Term SOFR + 3.50%), 12/15/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp; 2392800 |
| OID-OL Intermediate I LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 8.24%, (3 mo. USD Term SOFR + 4.25%), 2/1/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9847 | &nbsp;&nbsp;&nbsp;&nbsp; 8394437 |
| &nbsp;&nbsp;&nbsp;Term Loan, 9.84%, (3 mo. USD Term SOFR + 6.00%), 2/1/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3657 | &nbsp;&nbsp;&nbsp;&nbsp; 3783688 |
| Open Text Corp., Term Loan, 5.715%, (1 mo. USD Term SOFR + 1.75%), 1/31/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12859 | &nbsp;&nbsp;&nbsp;&nbsp; 12866760 |
| Polaris Newco LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.066%, (3 mo. EURIBOR + 4.00%), 6/2/28 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6314 | &nbsp;&nbsp;&nbsp;&nbsp; 6727396 |
| &nbsp;&nbsp;&nbsp;Term Loan, 8.102%, (3 mo. USD Term SOFR + 4.00%), 6/2/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2882 | &nbsp;&nbsp;&nbsp;&nbsp; 2762505 |
| Project Alpha Intermediate Holding, Inc., Term Loan, 7.252%, (3 mo. USD Term SOFR + 3.25%), 10/26/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8809 | &nbsp;&nbsp;&nbsp;&nbsp; 8821621 |
| Project Boost Purchaser LLC, Term Loan, 6.608%, (3 mo. USD Term SOFR + 2.75%), 7/16/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15745 | &nbsp;&nbsp;&nbsp;&nbsp; 15730835 |
| Proofpoint, Inc., Term Loan, 6.965%, (1 mo. USD Term SOFR + 3.00%), 8/31/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4311 | &nbsp;&nbsp;&nbsp;&nbsp; 4337903 |
| RealPage, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.263%, (3 mo. USD Term SOFR + 3.00%), 4/24/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15448 | &nbsp;&nbsp;&nbsp;&nbsp; 15434974 |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.752%, (3 mo. USD Term SOFR + 3.75%), 4/24/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3980 | &nbsp;&nbsp;&nbsp;&nbsp; 3999422 |
| Rocket Software, Inc., Term Loan, 7.715%, (1 mo. USD Term SOFR + 3.75%), 11/28/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3342 | &nbsp;&nbsp;&nbsp;&nbsp; 3332970 |
| Sabre GLBL, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.579%, (1 mo. USD Term SOFR + 3.50%), 12/17/27 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965 | &nbsp;&nbsp;&nbsp;&nbsp; 920248 |

---

*32*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6b136600-8b05-431e-87fe-7584cf267881_TOC)

Eaton Vance

Floating Rate Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Software (continued) | Software (continued) | Software (continued) | Software (continued) |
| Sabre GLBL, Inc.: (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.579%, (1 mo. USD Term SOFR + 3.50%), 12/17/27 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2228 | &nbsp;&nbsp;$2125158 |
| &nbsp;&nbsp;&nbsp;Term Loan, 8.315%, (1 mo. USD Term SOFR + 4.25%), 6/30/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303 | &nbsp;&nbsp;&nbsp;&nbsp; 282504 |
| &nbsp;&nbsp;&nbsp;Term Loan, 9.065%, (1 mo. USD Term SOFR + 5.00%), 6/30/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271 | &nbsp;&nbsp;&nbsp;&nbsp; 252132 |
| &nbsp;&nbsp;&nbsp;Term Loan, 10.065%, (1 mo. USD Term SOFR + 6.00%), 11/15/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6023 | &nbsp;&nbsp;&nbsp;&nbsp; 5609031 |
| &nbsp;&nbsp;&nbsp;Term Loan, 10.065%, (1 mo. USD Term SOFR + 6.00%), 11/15/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2146 | &nbsp;&nbsp;&nbsp;&nbsp; 1996219 |
| SkillSoft Corp., Term Loan, 9.342%, (1 mo. USD Term SOFR + 5.25%), 7/14/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10117 | &nbsp;&nbsp;&nbsp;&nbsp; 8864091 |
| SolarWinds Holdings, Inc., Term Loan, 8.026%, (3 mo. USD Term SOFR + 4.00%), 4/16/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19375 | &nbsp;&nbsp;&nbsp;&nbsp; 19302441 |
| UKG, Inc., Term Loan, 6.338%, (3 mo. USD Term SOFR + 2.50%), 2/10/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34744 | &nbsp;&nbsp;&nbsp;&nbsp; 34779308 |
| Veritas U.S., Inc., Term Loan, 16.502%, (3 mo. USD Term SOFR + 12.50%), 12.002% Cash, 4.50% PIK, 12/9/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6207 | &nbsp;&nbsp;&nbsp;&nbsp; 6290247 |
| Vision Solutions, Inc., Term Loan, 8.102%, (3 mo. USD Term SOFR + 4.00%), 4/24/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12812 | &nbsp;&nbsp;&nbsp;&nbsp; 12387863 |
|  |  |  | &nbsp;&nbsp;**$490324408** |
| Specialty Retail — 1.4% | Specialty Retail — 1.4% | Specialty Retail — 1.4% | Specialty Retail — 1.4% |
| Applegreen Ireland, Term Loan, 7.066%, (3 mo. EURIBOR + 5.00%), 1/30/32 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;$1165975 |
| Apro LLC, Term Loan, 7.677%, (3 mo. USD Term SOFR + 3.75%), 7/9/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5693 | &nbsp;&nbsp;&nbsp;&nbsp; 5700811 |
| Boels Topholding BV, Term Loan, 4.676%, (1 mo. EURIBOR + 2.75%), 5/23/31 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131 | &nbsp;&nbsp;&nbsp;&nbsp; 152036 |
| EG America LLC, Term Loan, 7.699%, (3 mo. USD Term SOFR + 3.50%), 2/7/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1747 | &nbsp;&nbsp;&nbsp;&nbsp; 1758787 |
| Great Outdoors Group LLC, Term Loan, 7.215%, (1 mo. USD Term SOFR + 3.25%), 1/23/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7496 | &nbsp;&nbsp;&nbsp;&nbsp; 7505635 |
| Harbor Freight Tools USA, Inc., Term Loan, 6.215%, (1 mo. USD Term SOFR + 2.25%), 6/11/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15210 | &nbsp;&nbsp;&nbsp;&nbsp; 15031922 |
| Homeserve USA Holding Corp., Term Loan, 6.031%, (1 mo. USD Term SOFR + 2.00%), 10/21/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6365 | &nbsp;&nbsp;&nbsp;&nbsp; 6377029 |
| Les Schwab Tire Centers, Term Loan, 6.465% - 6.699%, (1 mo. USD Term SOFR + 2.50%, 3 mo. USD Term SOFR + 2.50%), 4/23/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3238 | &nbsp;&nbsp;&nbsp;&nbsp; 3227774 |
| LIDS Holdings, Inc., Term Loan, 9.631%, (1 mo. USD Term SOFR + 5.50%), 12/14/26 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381 | &nbsp;&nbsp;&nbsp;&nbsp; 378778 |
| Mavis Tire Express Services Corp., Term Loan, 7.199%, (3 mo. USD Term SOFR + 3.00%), 5/4/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6447 | &nbsp;&nbsp;&nbsp;&nbsp; 6467420 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Specialty Retail (continued) | Specialty Retail (continued) | Specialty Retail (continued) | Specialty Retail (continued) |
| Speedster Bidco GmbH: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 5.623%, (6 mo. EURIBOR + 3.50%), 12/10/31 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6100 | &nbsp;&nbsp;$7100036 |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.24%, (3 mo. USD Term SOFR + 3.25%), 12/10/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7736 | &nbsp;&nbsp;&nbsp;&nbsp; 7766151 |
|  |  |  | &nbsp;&nbsp;**$62632354** |
| Technology Hardware, Storage & Peripherals — 0.0%<sup>†</sup> | Technology Hardware, Storage & Peripherals — 0.0%<sup>†</sup> | Technology Hardware, Storage & Peripherals — 0.0%<sup>†</sup> | Technology Hardware, Storage & Peripherals — 0.0%<sup>†</sup> |
| Poseidon Bidco SASU, Term Loan, 7.00%, (3 mo. EURIBOR + 5.00%), 3/13/30 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4390 | &nbsp;&nbsp;$1846949 |
|  |  |  | &nbsp;&nbsp;**$1846949** |
| Trading Companies & Distributors — 2.2% | Trading Companies & Distributors — 2.2% | Trading Companies & Distributors — 2.2% | Trading Companies & Distributors — 2.2% |
| CD&R Hydra Buyer, Inc., Term Loan, 8.065%, (1 mo. USD Term SOFR + 4.00%), 3/25/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9945 | &nbsp;&nbsp;$9941183 |
| Core & Main LP, Term Loan, 5.991%, (1 mo. USD Term SOFR + 2.00%), 2/9/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3636 | &nbsp;&nbsp;&nbsp;&nbsp; 3640072 |
| DXP Enterprises, Inc., Term Loan, 7.715%, (1 mo. USD Term SOFR + 3.75%), 10/11/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7081 | &nbsp;&nbsp;&nbsp;&nbsp; 7140209 |
| Herc Holdings, Inc., Term Loan, 6.106%, (1 mo. USD Term SOFR + 2.00%), 6/2/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3250 | &nbsp;&nbsp;&nbsp;&nbsp; 3269971 |
| Kodiak Building Partners, Inc., Term Loan, 7.752%, (3 mo. USD Term SOFR + 3.75%), 12/4/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6935 | &nbsp;&nbsp;&nbsp;&nbsp; 6901983 |
| Paint Intermediate III LLC, Term Loan, 7.242%, (3 mo. USD Term SOFR + 3.00%), 10/9/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4776 | &nbsp;&nbsp;&nbsp;&nbsp; 4782567 |
| Patagonia Bidco Ltd., Term Loan, 9.467%, (3 mo. GBP SONIA + 5.25%), 11/1/28 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8875 | &nbsp;&nbsp;&nbsp;&nbsp; 10386320 |
| Quimper AB: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 5.859%, (6 mo. EURIBOR + 3.75%), 3/29/30 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp; 4050796 |
| &nbsp;&nbsp;&nbsp;Term Loan, 5.859%, (6 mo. EURIBOR + 3.75%), 3/29/30 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3275 | &nbsp;&nbsp;&nbsp;&nbsp; 3790387 |
| QXO, Inc., Term Loan, 6.965%, (1 mo. USD Term SOFR + 3.00%), 4/30/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp; 4513185 |
| Spin Holdco, Inc., Term Loan, 8.393%, (3 mo. USD Term SOFR + 4.00%), 3/4/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15999 | &nbsp;&nbsp;&nbsp;&nbsp; 13430582 |
| White Cap Buyer LLC, Term Loan, 7.215%, (1 mo. USD Term SOFR + 3.25%), 10/19/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13799 | &nbsp;&nbsp;&nbsp;&nbsp; 13848336 |
| Windsor Holdings III LLC, Term Loan, 6.727%, (1 mo. USD Term SOFR + 2.75%), 8/1/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11593 | &nbsp;&nbsp;&nbsp;&nbsp; 11602884 |
|  |  |  | &nbsp;&nbsp;**$97298475** |

---

*33*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6b136600-8b05-431e-87fe-7584cf267881_TOC)

Eaton Vance

Floating Rate Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Transportation Infrastructure — 0.2% | Transportation Infrastructure — 0.2% | Transportation Infrastructure — 0.2% |
| KKR Apple Bidco LLC, Term Loan, 6.465%, (1 mo. USD Term SOFR + 2.50%), 9/23/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10075 | &nbsp;&nbsp;$10112151 |
|  |  | &nbsp;&nbsp;**$10112151** |
| Total Senior Floating-Rate Loans<br> (identified cost $3,929,190,104) |  | &nbsp;&nbsp;**$3773063254** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Warrants — 0.0%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Health Care — 0.0% | Health Care — 0.0% | Health Care — 0.0% |
| Cano Health, Inc., Exp. 6/28/29<sup>(3)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9917 | &nbsp;&nbsp;$0 |
| Total Warrants<br> (identified cost $0) |  | &nbsp;&nbsp;**$0** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Short-Term Investments — 4.3%

Affiliated Fund — 4.2%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 4.00%<sup>(12)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;189108071 | &nbsp;&nbsp;$189108071 |
| Total Affiliated Fund<br> (identified cost $189,108,071) |  | &nbsp;&nbsp;**$189108071** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

U.S. Treasury Obligations — 0.1%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| U.S. Treasury Bills, 0.00%, 4/2/26<sup>(13)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5100 | &nbsp;&nbsp;$5021099 |
| Total U.S. Treasury Obligations<br> (identified cost $5,021,099) |  | &nbsp;&nbsp;**$5021099** |
| Total Short-Term Investments<br> (identified cost $194,129,170) |  | &nbsp;&nbsp;**$194129170** |
| Total Investments — 99.0%<br> (identified cost $4,620,651,940) |  | &nbsp;&nbsp;**$4421010587** |
| Less Unfunded Loan Commitments — (0.1)% |  | &nbsp;&nbsp;**$(6224863)** |
| Net Investments — 98.9%<br> (identified cost $4,614,427,077) |  | &nbsp;&nbsp;**$4414785724** |
| Other Assets, Less Liabilities — 1.1% |  | &nbsp;&nbsp;**$49858802** |
| Net Assets — 100.0% |  | &nbsp;&nbsp;**$4464644526** |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | The percentage shown for each investment category in the Portfolio of Investments is based on net assets. |
| <sup>†</sup> | Amount is less than 0.05% or (0.05)%, as applicable. |
| \* | In U.S. dollars unless otherwise indicated. |
| <sup>(1)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At October 31, 2025, the aggregate value of these securities is $341,737,439 or 7.7% of the Portfolio's net assets. |
| <sup>(2)</sup> | Variable rate security. The stated interest rate represents the rate in effect at October 31, 2025. |
| <sup>(3)</sup> | Security is valued using significant unobservable inputs and is categorized as Level 3 in the fair value hierarchy. |
| <sup>(4)</sup> | Non-income producing security. |
| <sup>(5)</sup> | Security was acquired in connection with a restructuring of a Senior Loan and may be subject to restrictions on resale. |
| <sup>(6)</sup> | Affiliated fund (see Note 7). |

---

*34*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6b136600-8b05-431e-87fe-7584cf267881_TOC)

Eaton Vance

Floating Rate Portfolio

October 31, 2025

Portfolio of Investments — continued

------

<sup>(7)</sup> Senior floating-rate loans (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 typically have an expected average life of approximately two to four years. Senior Loans typically have rates of interest which are redetermined periodically by reference to a base lending rate, plus a spread. These base lending rates are primarily the Secured Overnight Financing Rate ("SOFR") and secondarily, the prime rate offered by one or more major United States banks (the "Prime Rate"). Base lending rates may be subject to a floor, or minimum rate. Rates for SOFR are generally 1 or 3-month tenors and may also be subject to a credit spread adjustment. Senior Loans are generally subject to contractual restrictions that must be satisfied before they can be bought or sold.

<sup>(8)</sup> Unfunded or partially unfunded loan commitments. The stated interest rate reflects the reference rate and spread for the funded portion, if any. At October 31, 2025, the total value of unfunded loan commitments is $6,342,015. See Note 1F for description.

<sup>(9)</sup> Issuer is in default with respect to interest and/or principal payments or has declared bankruptcy and is non-income producing. For a variable rate security, interest rate has been adjusted to reflect non-accrual status.

<sup>(10)</sup> This Senior Loan will settle after October 31, 2025, at which time the interest rate will be determined.

<sup>(11)</sup> Fixed-rate loan.

<sup>(12)</sup> May be deemed to be an affiliated investment company (see Note 7). The rate shown is the annualized seven-day yield as of October 31, 2025.

<sup>(13)</sup> Security (or a portion thereof) has been pledged to cover collateral requirements on open derivative contracts.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts (OTC)** | **Forward Foreign Currency Exchange Contracts (OTC)** | **Forward Foreign Currency Exchange Contracts (OTC)** | **Forward Foreign Currency Exchange Contracts (OTC)** | **Forward Foreign Currency Exchange Contracts (OTC)** | **Forward Foreign Currency Exchange Contracts (OTC)** | **Forward Foreign Currency Exchange Contracts (OTC)** | **Forward Foreign Currency Exchange Contracts (OTC)** |
| **Currency Purchased** | **Currency Purchased** | &nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Settlement<br> Date** | &nbsp;&nbsp;**Unrealized<br> Appreciation** | &nbsp;&nbsp;**Unrealized<br> (Depreciation)** |
| USD | &nbsp;&nbsp;216353845 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;183766698 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;11/4/25 | &nbsp;&nbsp;$4535149 | &nbsp;&nbsp;$— |
| USD | &nbsp;&nbsp; 28694163 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 24442057 | &nbsp;&nbsp;Australia and New Zealand Banking Group Limited | &nbsp;&nbsp;11/28/25 | &nbsp;&nbsp;&nbsp;&nbsp; 482893 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 28713846 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 24442057 | &nbsp;&nbsp;HSBC Bank USA, N.A. | &nbsp;&nbsp;11/28/25 | &nbsp;&nbsp;&nbsp;&nbsp; 502576 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 23226813 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 19780658 | &nbsp;&nbsp;HSBC Bank USA, N.A. | &nbsp;&nbsp;11/28/25 | &nbsp;&nbsp;&nbsp;&nbsp; 395776 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 34261652 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 29184545 | &nbsp;&nbsp;State Street Bank and Trust Company | &nbsp;&nbsp;11/28/25 | &nbsp;&nbsp;&nbsp;&nbsp; 576553 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 28442968 | &nbsp;&nbsp;GBP | &nbsp;&nbsp; 21051751 | &nbsp;&nbsp;HSBC Bank USA, N.A. | &nbsp;&nbsp;11/28/25 | &nbsp;&nbsp;&nbsp;&nbsp; 785826 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp;212435314 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;183766698 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;12/2/25 | &nbsp;&nbsp;&nbsp;&nbsp; 282040 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 6001981 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 5083056 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;12/31/25 | &nbsp;&nbsp;&nbsp;&nbsp; 123981 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 5960825 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 5055861 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;12/31/25 | &nbsp;&nbsp;&nbsp;&nbsp; 114273 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 5000365 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 4235879 | &nbsp;&nbsp;State Street Bank and Trust Company | &nbsp;&nbsp;12/31/25 | &nbsp;&nbsp;&nbsp;&nbsp; 102033 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;**$7901100** | &nbsp;&nbsp;**$—** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Credit Default Swaps - Sell Protection (Centrally Cleared)** | **Credit Default Swaps - Sell Protection (Centrally Cleared)** | **Credit Default Swaps - Sell Protection (Centrally Cleared)** | **Credit Default Swaps - Sell Protection (Centrally Cleared)** | **Credit Default Swaps - Sell Protection (Centrally Cleared)** | **Credit Default Swaps - Sell Protection (Centrally Cleared)** | **Credit Default Swaps - Sell Protection (Centrally Cleared)** |
| **Reference Entity** | &nbsp;&nbsp;**Notional<br> Amount\*<br> (000's omitted)** | &nbsp;&nbsp;**Current<br> Market Annual<br> Fixed Rate\*\*\*** | &nbsp;&nbsp;**Termination<br> Date** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**Unamortized<br> Upfront<br> Receipts<br> (Payments)** | &nbsp;&nbsp;**Unrealized<br> Appreciation<br> (Depreciation)** |
| Markit CDX North America High Yield Index (CDX.NA.HY.45.V1) | &nbsp;&nbsp;$87500 &nbsp;&nbsp;5.00%<br> (pays quarterly)<sup>(1)</sup> | &nbsp;&nbsp;3.28% | &nbsp;&nbsp;12/20/30 | &nbsp;&nbsp;$6842038 | &nbsp;&nbsp;$(6496485) | &nbsp;&nbsp;$345553 |
| **Total** | &nbsp;&nbsp;**$87500** |  |  | &nbsp;&nbsp;**$6842038** | &nbsp;&nbsp;**$(6496485)** | &nbsp;&nbsp;**$345553** |

---

*35*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6b136600-8b05-431e-87fe-7584cf267881_TOC)

Eaton Vance

Floating Rate Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit Default Swaps - Sell Protection (OTC)** | **Credit Default Swaps - Sell Protection (OTC)** | **Credit Default Swaps - Sell Protection (OTC)** | **Credit Default Swaps - Sell Protection (OTC)** | **Credit Default Swaps - Sell Protection (OTC)** | **Credit Default Swaps - Sell Protection (OTC)** | **Credit Default Swaps - Sell Protection (OTC)** | **Credit Default Swaps - Sell Protection (OTC)** |
| **Reference Entity** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Notional<br> Amount\*<br> (000's omitted)** | &nbsp;&nbsp;**Current<br> Market<br> Annual<br> Fixed Rate\*\*\*** | &nbsp;&nbsp;**Termination<br> Date** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**Unamortized<br> Upfront<br> Receipts<br> (Payments)** | &nbsp;&nbsp;**Unrealized<br> Appreciation<br> (Depreciation)** |
| U.S. Land Banking | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;$5000 &nbsp;&nbsp;5.50%<br> (pays monthly)<sup>(1)</sup> | &nbsp;&nbsp;5.46% | &nbsp;&nbsp;10/10/29 | &nbsp;&nbsp;$23255 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$23255 |
| **Total** |  | &nbsp;&nbsp;**$5000** |  |  | &nbsp;&nbsp;**$23255** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$23255** |

---

\* 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 October 31, 2025, such maximum potential amount for all open credit default swaps in which the Portfolio is the seller was $92,500,000.

\*\* The contract annual fixed rate represents the fixed rate of interest received by the Portfolio (as a seller of protection) or paid by the Portfolio (as a buyer of protection) 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.

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

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| DIP | – Debtor In Possession |
| EURIBOR | – Euro Interbank Offered Rate |
| OTC | – Over-the-counter |
| PIK | – Payment In Kind |
| SOFR | – Secured Overnight Financing Rate |
| SONIA | – Sterling Overnight Interbank Average |

---

---

| | |
|:---|:---|
| **Currency Abbreviations:** | **Currency Abbreviations:** |
| EUR | – Euro |
| GBP | – British Pound Sterling |
| USD | – United States Dollar |

---

*36*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6b136600-8b05-431e-87fe-7584cf267881_TOC)

Eaton Vance

Floating Rate Portfolio

October 31, 2025

Statement of Assets and Liabilities

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**October 31, 2025** |
| Assets |  |
| Unaffiliated investments, at value (identified cost $4,396,273,266) | &nbsp;&nbsp;$4197108728 |
| Affiliated investments, at value (identified cost $218,153,811) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217676996 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17521054 |
| Deposits for derivatives collateral: |  |
| &nbsp;&nbsp;&nbsp;Centrally cleared swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6447582 |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3240000 |
| Foreign currency, at value (identified cost $52,239,207) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51508721 |
| Interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24256724 |
| Dividends receivable from affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;854932 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126970617 |
| Receivable for open forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7901100 |
| Receivable for open OTC swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23255 |
| Receivable from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16030 |
| Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328950 |
| Prepaid upfront fees on notes payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335476 |
| Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8285 |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102720 |
| **Total assets** | &nbsp;&nbsp;**$4654301170** |
| Liabilities |  |
| Cash collateral due to brokers | &nbsp;&nbsp;$3240000 |
| Payable for investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183176206 |
| Payable for variation margin on open centrally cleared swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91085 |
| Payable to affiliates: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment adviser fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1959532 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9042 |
| &nbsp;&nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328950 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;851829 |
| **Total liabilities** | &nbsp;&nbsp;**$189656644** |
| Commitments and contingencies (see Note 10) |  |
| **Net Assets applicable to investors' interest in Portfolio** | &nbsp;&nbsp;**$4464644526** |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6b136600-8b05-431e-87fe-7584cf267881_TOC)

Eaton Vance

Floating Rate Portfolio

October 31, 2025

Statement of Operations

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended** |
|  | &nbsp;&nbsp;&nbsp;**October 31, 2025** |
| Investment Income |  |
| Dividend income from affiliated investments | &nbsp;&nbsp;$9128287 |
| Interest income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398147930 |
| Other income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3082188 |
| **Total investment income** | &nbsp;&nbsp;**$410358405** |
| Expenses |  |
| Investment adviser fee | &nbsp;&nbsp;$25595465 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109301 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1049735 |
| Legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196283 |
| Interest expense and fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2461453 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215977 |
| **Total expenses** | &nbsp;&nbsp;**$29628214** |
| Deduct: |  |
| &nbsp;&nbsp;&nbsp;Waiver and/or reimbursement of expenses by affiliates | &nbsp;&nbsp;$365604 |
| **Total expense reductions** | &nbsp;&nbsp;**$365604** |
| **Net expenses** | &nbsp;&nbsp;**$29262610** |
| **Net investment income** | &nbsp;&nbsp;**$381095795** |
| Realized and Unrealized Gain (Loss) |  |
| Net realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;Investment transactions | &nbsp;&nbsp;$(105684603) |
| &nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;749953 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1383940) |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3055828) |
| **Net realized loss** | &nbsp;&nbsp;**$(109374418)** |
| Change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;$(24503102) |
| &nbsp;&nbsp;&nbsp;Investments - affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1868593 |
| &nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368808 |
| &nbsp;&nbsp;&nbsp;Foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1717586) |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6435489) |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$(30418776)** |
| **Net realized and unrealized loss** | &nbsp;&nbsp;**$(139793194)** |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$241302601** |

---

*38*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6b136600-8b05-431e-87fe-7584cf267881_TOC)

Eaton Vance

Floating Rate Portfolio

October 31, 2025

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
|  | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$381095795 | &nbsp;&nbsp;$479459514 |
| &nbsp;&nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(109374418) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(189984677) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30418776) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261416635 |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$241302601** | &nbsp;&nbsp;**$550891472** |
| Capital transactions: |  |  |
| &nbsp;&nbsp;&nbsp;Contributions | &nbsp;&nbsp;$211859678 | &nbsp;&nbsp;$313003430 |
| &nbsp;&nbsp;&nbsp;Withdrawals | &nbsp;&nbsp;&nbsp;&nbsp;(1335648314) | &nbsp;&nbsp;&nbsp;&nbsp;(1278538434) |
| **Net decrease in net assets from capital transactions** | &nbsp;&nbsp;**$(1123788636)** | &nbsp;&nbsp;**$(965535004)** |
| **Net decrease in net assets** | &nbsp;&nbsp;**$(882486035)** | &nbsp;&nbsp;**$(414643532)** |
| Net Assets |  |  |
| At beginning of year | &nbsp;&nbsp;$5347130561 | &nbsp;&nbsp;$5761774093 |
| **At end of year** | &nbsp;&nbsp;**$4464644526** | &nbsp;&nbsp;**$5347130561** |

---

*39*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6b136600-8b05-431e-87fe-7584cf267881_TOC)

Eaton Vance

Floating Rate Portfolio

October 31, 2025

Financial Highlights

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
|  | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Ratios (as a percentage of average daily net assets):<sup>(1)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59%<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57%<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58%<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54%<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.51% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26% |
| **Total Return** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.23%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.49%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.63%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3.32)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.80%** |
| **Net assets, end of year (000's omitted)** | &nbsp;&nbsp;**$4464645** | &nbsp;&nbsp;**$5347131** | &nbsp;&nbsp;**$5761774** | &nbsp;&nbsp;**$8101131** | &nbsp;&nbsp;**$8986782** |

---

<sup>(1)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Portfolio.

<sup>(2)</sup> Includes a reduction by the investment adviser of a portion of the Portfolio's adviser fees due to the Portfolio's investment in the Liquidity Fund and in other affiliated funds (equal to less than 0.01% of average daily net assets for the year ended October 31, 2025 and less than 0.005% of average daily net assets for the years ended October 31, 2024, 2023 and 2022).

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6b136600-8b05-431e-87fe-7584cf267881_TOC)

Eaton Vance

Floating Rate Portfolio

October 31, 2025

Notes to Financial Statements

------

1 Significant Accounting Policies

Eaton Vance Floating Rate Portfolio (the Portfolio) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified, open-end management investment company. The Portfolio's investment objective is to provide a high level of current income. The Declaration of Trust permits the Trustees to issue interests in the Portfolio. At October 31, 2025, Eaton Vance Floating-Rate Fund and Eaton Vance Floating-Rate & High Income Fund held an interest of 86.3% and 13.7%, respectively, in the Portfolio.

The following is a summary of significant accounting policies of the Portfolio. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Portfolio is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.

A Investment Valuation—The following methodologies are used to determine the market value or fair value of investments.

**Senior Floating-Rate Loans. Interests in senior floating-rate loans (Senior Loans) are valued generally at the average mean of bid and ask quotations obtained from a third party pricing service. Senior Loans, for which a valuation is not available or deemed unreliable, are fair valued by the investment adviser utilizing one or more of the valuation techniques described below to assess the likelihood that the borrower will make a full repayment of the loan underlying such Senior Loan. If the investment adviser believes that there is a reasonable likelihood of full repayment, the investment adviser will determine fair value using a matrix pricing approach that considers the yield on the Senior Loan relative to yields on other Senior Loans issued by companies of comparable credit quality. If the investment adviser believes there is not a reasonable likelihood of full repayment, the investment adviser will determine fair value using analyses that include, but are not limited to: (i) a comparison of the value of the borrower's outstanding equity and debt to that of comparable public companies; (ii) a discounted cash flow analysis; or (iii) when the investment adviser believes it is likely that a borrower will be liquidated or sold, an analysis of the terms of such liquidation or sale. In certain cases, the investment adviser will use a combination of analytical methods to determine fair value, such as when only a portion of a borrower's assets are likely to be sold. In conducting its assessment and analyses for purposes of determining fair value of a Senior Loan, the investment adviser will use its discretion and judgment in considering and appraising relevant factors. Junior Loans (i.e., subordinated loans and second lien loans) are valued in the same manner as Senior Loans.**

**Debt Obligations. Debt obligations are generally valued on the basis of valuations provided by third party pricing services, as derived from such services' pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and ask prices, broker/dealer quotations, prices or yields of securities with similar characteristics, interest rates, anticipated prepayments, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Short-term debt obligations purchased with a remaining maturity of sixty days or less for which a valuation from a third party pricing service is not readily available may be valued at amortized cost, which approximates fair value.**

**Equity Securities. Equity securities listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and ask prices on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ National Market System are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and ask prices or, in the case of preferred equity securities that are not listed or traded in the over-the-counter market, by a third party pricing service that uses various techniques that consider factors including, but not limited to, prices or yields of securities with similar characteristics, benchmark yields, broker/dealer quotes, quotes of underlying common stock, issuer spreads, as well as industry and economic events.**

**Derivatives. Forward foreign currency exchange contracts are generally valued at the mean of the average bid and average asked prices that are reported by currency dealers to a third party pricing service at the valuation time. Such third party pricing service valuations are supplied for specific settlement periods and the Portfolio's forward foreign currency exchange contracts are valued at an interpolated rate between the closest preceding and subsequent settlement period reported by the third party pricing service. Swaps are normally valued using valuations provided by a third party pricing service. Such pricing service valuations are based on the present value of fixed and projected floating rate cash flows over the term of the swap contract, and in the case of credit default swaps, based on credit spread quotations obtained from broker/dealers and expected default recovery rates determined by the pricing service using proprietary models. Future cash flows on swaps are discounted to their present value using swap rates provided by electronic data services or by broker/dealers.**

**Foreign Securities and Currencies. Foreign securities 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.**

**Other. Investments in management investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value as of the close of each business day. Exchange-traded funds are valued at the official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded.**

**Fair Valuation. In connection with Rule 2a-5 of the 1940 Act, the Trustees have designated the Portfolio's investment adviser as its valuation designee. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued by the investment adviser, as valuation designee, at fair value using methods that most fairly reflect the security's "fair value", which is the amount that the Portfolio might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are**

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[**Table of Contents**](#JOB_EV_AR_6b136600-8b05-431e-87fe-7584cf267881_TOC)

Eaton Vance

Floating Rate Portfolio

October 31, 2025

Notes to Financial Statements — continued

------

likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security's disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company's or entity's financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

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

C Income—Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount. Fees in connection with investments in senior floating-rate loans may include amendment fees, consent fees and prepayment fees, which are recorded to income as earned and included in Other income on the Statement of Operations. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. Distributions from investment companies are recorded as dividend income, capital gains or return of capital based on the nature of the distribution.

D Federal Taxes—The Portfolio has elected to be treated as a partnership for federal tax purposes. No provision is made by the Portfolio for federal or state taxes on any taxable income of the Portfolio because each investor in the Portfolio is ultimately responsible for the payment of any taxes on its share of taxable income. Since at least one of the Portfolio's investors is a regulated investment company that invests all or substantially all of its assets in the Portfolio, the Portfolio normally must satisfy the applicable source of income and diversification requirements (under the Internal Revenue Code) in order for its investors to satisfy them. The Portfolio will allocate, at least annually among its investors, each investor's distributive share of the Portfolio's net investment income, net realized capital gains and losses and any other items of income, gain, loss, deduction or credit.

As of October 31, 2025, the Portfolio had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Portfolio files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

E Foreign Currency Translation—Investment valuations, other assets, and liabilities initially expressed in foreign currencies are translated each business day into U.S. dollars based upon current exchange rates. Purchases and sales of foreign investment securities and income and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates in effect on the respective dates of such transactions. Recognized gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.

F Unfunded Loan Commitments—The Portfolio may enter into certain loan agreements all or a portion of which may be unfunded. The Portfolio is obligated to fund these commitments at the borrower's discretion. These commitments, if any, are disclosed in the accompanying Portfolio of Investments. At October 31, 2025, the Portfolio had sufficient cash and/or securities to cover these commitments.

G Use of Estimates—The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

H Indemnifications—Under the Portfolio's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Portfolio. Under Massachusetts law, if certain conditions prevail, interestholders in the Portfolio could be deemed to have personal liability for the obligations of the Portfolio. However, the Portfolio's Declaration of Trust contains an express disclaimer of liability on the part of Portfolio interestholders. Additionally, in the normal course of business, the Portfolio enters into agreements with service providers that may contain indemnification clauses. The Portfolio's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet occurred.

I Forward Foreign Currency Exchange Contracts—The Portfolio may enter into forward foreign currency exchange contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date. The forward foreign currency exchange contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded as unrealized until such time as the contracts have been closed. Risks may arise upon entering these contracts from the potential inability of counterparties to meet the terms of their contracts and from movements in the value of a foreign currency relative to the U.S. dollar.

J Credit Default Swaps—Swap contracts are privately negotiated agreements between the Portfolio and a counterparty. Certain swap contracts may be centrally cleared ("centrally cleared swaps"), whereby all payments made or received by the Portfolio pursuant to the contract are with a central clearing party (CCP) rather than the original counterparty. The CCP guarantees the performance of the original parties to the contract. Upon entering into centrally cleared swaps, the Portfolio is required to deposit with the CCP, either in cash or securities, an amount of initial margin determined by the CCP, which is subject to adjustment. When the Portfolio is the buyer of a credit default swap contract, the Portfolio is entitled to receive the par (or other agreed-upon) value of a referenced debt obligation (or basket of debt obligations) from the counterparty (or CCP in the case of a centrally cleared swap) to the contract if

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[**Table of Contents**](#JOB_EV_AR_6b136600-8b05-431e-87fe-7584cf267881_TOC)

Eaton Vance

Floating Rate Portfolio

October 31, 2025

Notes to Financial Statements — continued

------

a credit event by a third party, such as a U.S. or foreign corporate issuer or sovereign issuer, on the debt obligation occurs. In return, the Portfolio pays the counterparty a periodic stream of payments over the term of the contract provided that no credit event has occurred. If no credit event occurs, the Portfolio would have spent the stream of payments and received no proceeds from the contract. When the Portfolio is the seller of a credit default swap contract, it receives the stream of payments, but is obligated to pay to the buyer of the protection an amount up to the notional amount of the swap and in certain instances take delivery of securities of the reference entity upon the occurrence of a credit event, as defined under the terms of that particular swap agreement. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring, obligation acceleration and repudiation/moratorium. If the Portfolio is a seller of protection and a credit event occurs, the maximum potential amount of future payments that the Portfolio could be required to make would be an amount equal to the notional amount of the agreement. This potential amount would be partially offset by any recovery value of the respective referenced obligation, or net amount received from the settlement of a buy protection credit default swap agreement entered into by the Portfolio for the same referenced obligation. As the seller, the Portfolio may create economic leverage to its portfolio because, in addition to its total net assets, the Portfolio is subject to investment exposure on the notional amount of the swap. The interest fee paid or received on the swap contract, which is based on a specified interest rate on a fixed notional amount, is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as realized gain upon receipt or realized loss upon payment. The Portfolio also records an increase or decrease to unrealized appreciation (depreciation) in an amount equal to the daily valuation. For centrally cleared swaps, the daily change in valuation is recorded as a receivable or payable for variation margin and settled in cash with the CCP daily. All upfront payments and receipts, if any, are amortized over the life of the swap contract as realized gains or losses. Those upfront payments or receipts for non-centrally cleared swaps are recorded as other assets or other liabilities, respectively, net of amortization. For financial reporting purposes, unamortized upfront payments or receipts, if any, are netted with unrealized appreciation or depreciation on swap contracts to determine the market value of swaps as presented in Notes 5 and 8. These transactions involve certain risks, including the risk that the seller may be unable to fulfill the transaction. In the case of centrally cleared swaps, counterparty risk is minimal due to protections provided by the CCP.

K Segment Reporting—During this reporting period, the Portfolio adopted FASB Accounting Standards Update No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures* (ASU 2023-07), which requires incremental disclosures related to a public entity's reportable segments. The Portfolio operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. In connection with the adoption of ASU 2023-07, the Portfolio's President acts as the Portfolio's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Portfolio's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Portfolio's financial statements.

2 Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory services rendered to the Portfolio. The investment adviser fee is computed at an annual rate as a percentage of the Portfolio's average daily net assets as follows and is payable monthly:

---

| | |
|:---|:---|
| **Average Daily Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Annual Fee Rate** |
| Up to $1 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.5750% |
| $1 billion but less than $2 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.5250% |
| $2 billion but less than $5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.4900% |
| $5 billion but less than $10 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.4600% |
| $10 billion but less than $15 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.4350% |
| $15 billion but less than $20 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.4150% |
| $20 billion but less than $25 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.4000% |
| $25 billion and over | &nbsp;&nbsp;&nbsp;&nbsp;0.3900% |

---

For the year ended October 31, 2025, the Portfolio's investment adviser fee amounted to $25,595,465 or 0.51% of the Portfolio's average daily net assets. The Portfolio may invest in a money market fund, the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio (the "Liquidity Fund"), an open-end management investment company managed by Morgan Stanley Investment Management Inc., a wholly-owned subsidiary of Morgan Stanley and in other affiliated funds. The investment adviser fee paid by the Portfolio is reduced by an amount equal to its pro rata share of the advisory and administration fees paid by the Portfolio due to its investment in the Liquidity Fund and in other affiliated funds. For the year ended October 31, 2025, the investment adviser fee paid was reduced by $365,604 relating to the Portfolio's investment in the Liquidity Fund and in other affiliated funds.

Trustees and officers of the Portfolio who are members of BMR's organization receive remuneration for their services to the Portfolio out of the investment adviser fee. Trustees of the Portfolio who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. Certain officers and Trustees of the Portfolio are officers of the above organization.

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[**Table of Contents**](#JOB_EV_AR_6b136600-8b05-431e-87fe-7584cf267881_TOC)

Eaton Vance

Floating Rate Portfolio

October 31, 2025

Notes to Financial Statements — continued

------

During year ended October 31, 2025, BMR reimbursed the Portfolio $12,397 for a net realized loss due to a trading error. The amount of the reimbursement had no significant impact on total return.

3 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations and including maturities, and principal repayments on Senior Loans, aggregated $1,694,358,697 and $2,429,447,435, respectively, for the year ended October 31, 2025.

4 Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Portfolio at October 31, 2025, as determined on a federal income tax basis, were as follows:

---

| | |
|:---|:---|
| **Aggregate cost** | &nbsp;&nbsp;**$4620906735** |
| Gross unrealized appreciation | &nbsp;&nbsp;$47796640 |
| Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(253917651) |
| **Net unrealized depreciation** | &nbsp;&nbsp;**$(206121011)** |

---

5 Financial Instruments

The Portfolio may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include forward foreign currency exchange contracts and swap contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Portfolio has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at October 31, 2025 is included in the Portfolio of Investments. At October 31, 2025, 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:

Credit Risk: The Portfolio enters into credit default swap contracts to enhance total return and/or as a substitute for the purchase of securities.

Foreign Exchange Risk: 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 Portfolio enters into over-the-counter (OTC) derivatives that may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in the Portfolio's net assets below a certain level over a certain period of time, which would trigger a payment by the Portfolio for those derivatives in a liability position. At October 31, 2025, the Portfolio had no open derivatives with credit-related contingent features in a net liability position.

The OTC derivatives in which the Portfolio invests are subject to the risk that the counterparty to the contract fails to perform its obligations under the contract. To mitigate this risk, the Portfolio has entered into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with substantially all its derivative counterparties. An ISDA Master Agreement is a bilateral agreement between the Portfolio and a counterparty that governs certain OTC derivatives and typically contains, among other things, set-off provisions in the event of a default and/or termination event as defined under the relevant ISDA Master Agreement. Under an ISDA Master Agreement, the Portfolio may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy or insolvency. Certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event the Portfolio's net assets decline by a stated percentage or the Portfolio fails to meet the terms of its ISDA Master Agreements, which would cause the counterparty to accelerate payment by the Portfolio of any net liability owed to it.

The collateral requirements for derivatives traded under an ISDA Master Agreement are governed by a Credit Support Annex to the ISDA Master Agreement. Collateral requirements are determined at the close of business each day and are typically based on changes in market values for each transaction under an ISDA Master Agreement and netted into one amount for such agreement. Generally, the amount of collateral due from or to a counterparty is subject to a

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[**Table of Contents**](#JOB_EV_AR_6b136600-8b05-431e-87fe-7584cf267881_TOC)

Eaton Vance

Floating Rate Portfolio

October 31, 2025

Notes to Financial Statements — continued

------

minimum transfer threshold amount before a transfer is required, which may vary by counterparty. Collateral pledged for the benefit of the Portfolio and/or counterparty is held in segregated accounts by the Portfolio's custodian and cannot be sold, re-pledged, assigned or otherwise used while pledged. The portion of such collateral representing cash, if any, is reflected as deposits for derivatives collateral and, in the case of cash pledged by a counterparty for the benefit of the Portfolio, a corresponding liability on the Statement of Assets and Liabilities. Securities pledged by the Portfolio as collateral, if any, are identified as such in the Portfolio of Investments. The carrying amount of the liability for cash collateral due to brokers at October 31, 2025 approximated its fair value. If measured at fair value, such liability would have been considered as Level 2 in the fair value hierarchy (see Note 8) at October 31, 2025.

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at October 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;**Fair Value** |
| **Statement of Assets and Liabilities Caption** | &nbsp;&nbsp;**Credit** | &nbsp;&nbsp;**Foreign<br> Exchange** | &nbsp;&nbsp;**Total** |
| Not applicable | &nbsp;&nbsp;&nbsp;&nbsp;$6842038<sup>(1)</sup> | &nbsp;&nbsp;$— | &nbsp;&nbsp;$6842038 |
| Receivable for open forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;7901100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7901100 |
| Receivable for open OTC swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23255 |
| **Total Asset Derivatives** | &nbsp;&nbsp;**$6865293** | &nbsp;&nbsp;**$7901100** | &nbsp;&nbsp;**$14766393** |
| **Derivatives not subject to master netting or similar agreements** | &nbsp;&nbsp;**$6842038** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$6842038** |
| **Total Asset Derivatives subject to master netting or similar agreements** | &nbsp;&nbsp;**$23255** | &nbsp;&nbsp;**$7901100** | &nbsp;&nbsp;**$7924355** |

---

<sup>(1)</sup> Only the current day's variation margin on open centrally cleared swap contracts is reported within the Statement of Assets and Liabilities as Receivable or Payable for variation margin on open centrally cleared swap contracts, as applicable.

The Portfolio's derivative assets at fair value by risk, which are reported gross in the Statement of Assets and Liabilities, are presented in the table above. The following table presents the Portfolio's derivative assets by counterparty, net of amounts available for offset under a master netting agreement and net of the related collateral received by the Portfolio for such assets as of October 31, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | &nbsp;&nbsp;&nbsp;**Derivative<br> Assets Subject to<br> Master Netting<br> Agreement** | &nbsp;&nbsp;&nbsp;**Derivatives<br> Available<br> for Offset** | &nbsp;&nbsp;&nbsp;**Non-cash<br> Collateral<br> Received<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;**Cash<br> Collateral<br> Received<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;**Net Amount<br> of Derivative<br> Assets<sup>(b)</sup>** |
| Australia and New Zealand Banking Group Limited | &nbsp;&nbsp;&nbsp;$482893 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$(330000) | &nbsp;&nbsp;&nbsp;$152893 |
| Deutsche Bank AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238254 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238254 |
| Goldman Sachs International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23255 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23255 |
| HSBC Bank USA, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;1684178 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(1504086) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180092 |
| Standard Chartered Bank | &nbsp;&nbsp;&nbsp;&nbsp;4817189 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(1436230) | &nbsp;&nbsp;&nbsp;&nbsp;(2370000) | &nbsp;&nbsp;&nbsp;&nbsp;1010959 |
| State Street Bank and Trust Company | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678586 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(540000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138586 |
|  | &nbsp;&nbsp;&nbsp;**$7924355** | &nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;**$(2940316)** | &nbsp;&nbsp;&nbsp;**$(3240000)** | &nbsp;&nbsp;&nbsp;**$1744039** |

---

<sup>(a)</sup> In some instances, the total collateral received and/or pledged may be more than the amount shown due to overcollateralization.

<sup>(b)</sup> Net amount represents the net amount due from the counterparty in the event of default.

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[**Table of Contents**](#JOB_EV_AR_6b136600-8b05-431e-87fe-7584cf267881_TOC)

Eaton Vance

Floating Rate Portfolio

October 31, 2025

Notes to Financial Statements — continued

------

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations by risk exposure for the year ended October 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Statement of Operations Caption** | &nbsp;&nbsp;**Credit** | &nbsp;&nbsp;**Foreign<br> Exchange** | &nbsp;&nbsp;**Total** |
| Net realized gain (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;$749953 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$749953 |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(3055828) | &nbsp;&nbsp;&nbsp;&nbsp;(3055828) |
| **Total** | &nbsp;&nbsp;**$749953** | &nbsp;&nbsp;**$(3055828)** | &nbsp;&nbsp;**$(2305875)** |
| Change in unrealized appreciation (depreciation): |  |  |  |
| &nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;$368808 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$368808 |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(6435489) | &nbsp;&nbsp;&nbsp;&nbsp;(6435489) |
| **Total** | &nbsp;&nbsp;**$368808** | &nbsp;&nbsp;**$(6435489)** | &nbsp;&nbsp;**$(6066681)** |

---

The average notional amounts of forward foreign currency exchange contracts and swap contracts outstanding during the year ended October 31, 2025, which are indicative of the volume of these derivative types, were approximately as follows:

---

| | |
|:---|:---|
| **Forward<br> Foreign Currency<br> Exchange Contracts<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Swap<br> Contracts** |
| $787463000 | &nbsp;&nbsp;&nbsp;&nbsp;$18846000 |

---

<sup>(1)</sup> The average notional amount for forward foreign currency exchange contracts is based on the absolute value of notional amounts of currency purchased and currency sold.

6 Credit Facility

The Portfolio participates with another portfolio and fund managed by BMR and its affiliates in a $500 million unsecured credit facility agreement (Agreement) with a group of banks, which is in effect through March 2, 2026. Borrowings are made by the Portfolio solely to facilitate the handling of unusual and/or unanticipated short-term cash requirements. At the Portfolio's option, any loan under the Credit Facility that is made to it will bear interest at a rate equal to (i) the Benchmark Rate (defined below) plus a margin or, (ii) the Base Rate, or (iii) the Overnight Rate plus a margin. Base Rate is the highest of (a) administrative agent's prime rate, (b) 50 basis points above the Federal Funds rate, (c) the Benchmark Rate plus a margin and (d) 1.00%, in each case as in effect from time to time. The "Overnight Rate" is the greatest of the Benchmark Rate, the Federal Funds rate and 0.00%. "Benchmark Rate" means Term SOFR (defined as the forward-looking Secured Overnight Financing Rate term rate published two U.S. government securities business days prior to the commencement of the applicable interest period plus the Term SOFR Adjustment) for an interest period of one-month's duration. To the extent that, at any time, the Benchmark Rate is less than 0.00%, the Benchmark Rate shall be deemed to be 0.00% for purposes of the Credit Facility. "Term SOFR Adjustment" means 0.10%. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of each lender's commitment amount is allocated among the participating portfolios and fund at the end of each quarter. Also included in interest expense and fees on the Statement of Operations is approximately $1,003,000 of amortization of upfront fees paid by the Portfolio in connection with the annual renewal of the Agreement. The unamortized balance of upfront fees at October 31, 2025 is $335,476 and is included in prepaid upfront fees on notes payable in the Statement of Assets and Liabilities. Because the credit facility is not available exclusively to the Portfolio and the maximum amount is capped, it may be unable to borrow some or all of a requested amount at any particular time. For the year ended October 31, 2025, the average borrowings under the Agreement and the average annual interest rate (excluding fees) were $10,410,959 and 7.50%, respectively.

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[**Table of Contents**](#JOB_EV_AR_6b136600-8b05-431e-87fe-7584cf267881_TOC)

Eaton Vance

Floating Rate Portfolio

October 31, 2025

Notes to Financial Statements — continued

------

7 Affiliated Investments

An affiliated company is a company in which a fund has a direct or indirect ownership of, control of, or voting power of 5 percent or more of the outstanding voting shares, or a company that is under common ownership or control with a fund. At October 31, 2025, the value of the Portfolio's investment in affiliated companies and in funds that may be deemed to be affiliated was $217,676,996, which represents 4.9% of the Portfolio's net assets. Transactions in such investments by the Portfolio for the year ended October 31, 2025 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Value,<br> beginning<br> of period** | **Purchases** | **Sales<br> proceeds** | **Net realized<br> gain (loss)** | **Change in<br> unrealized<br> appreciation<br> (depreciation)** | **Value, end<br> of period** | **Dividend<br> income** | **Shares,<br> end of period** |
| **Common Stocks\*** | **Common Stocks\*** | **Common Stocks\*** | **Common Stocks\*** | **Common Stocks\*** | **Common Stocks\*** | **Common Stocks\*** | **Common Stocks\*** | **Common Stocks\*** |
| IAP Worldwide Services LLC | $— | $— | $— | $— | $— | &nbsp;&nbsp;&nbsp;&nbsp;$—<sup>(1)</sup> | $— | &nbsp;&nbsp;&nbsp;&nbsp; —<sup>(1)</sup> |
| **Exchange-Traded Funds** | **Exchange-Traded Funds** | **Exchange-Traded Funds** | **Exchange-Traded Funds** | **Exchange-Traded Funds** | **Exchange-Traded Funds** | **Exchange-Traded Funds** | **Exchange-Traded Funds** | **Exchange-Traded Funds** |
| Eaton Vance Floating-Rate ETF | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 29045740 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;(476815) | &nbsp;&nbsp;&nbsp; 28568925 | &nbsp;&nbsp;&nbsp;1349854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577500 |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| Liquidity Fund | &nbsp;&nbsp;&nbsp;212728697 | &nbsp;&nbsp;&nbsp;1631460870 | &nbsp;&nbsp;&nbsp;(1655081496) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;189108071 | &nbsp;&nbsp;&nbsp;7778433 | 189108071 |
| **Total** |  |  |  | **$—** | **$(476815)** | **$217676996** | **$9128287** |  |

---

\* The related industry is the same as the presentation in the Portfolio of Investments. <br> <sup>(1)</sup> Company is no longer an affiliate as of October 31, 2025.

8 Fair Value Measurements

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 October 31, 2025, the hierarchy of inputs used in valuing the Portfolio's investments and open derivative instruments, which are carried at fair value, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Asset-Backed Securities | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$105785158 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$105785158 |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 586596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50395779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17394942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68377317 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 238056072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 238056072 |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; 28568925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28568925 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3226539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9804152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13030691 |
| Senior Floating-Rate Loans (Less Unfunded Loan Commitments) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3759861854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6976537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3766838391 |
| Warrants | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0 |
| Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated Fund | &nbsp;&nbsp;&nbsp;&nbsp;189108071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 189108071 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5021099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5021099 |
| **Total Investments** | &nbsp;&nbsp;**$218263592** | &nbsp;&nbsp;&nbsp;&nbsp;**$4162346501** | &nbsp;&nbsp;&nbsp;&nbsp;**$34175631** | &nbsp;&nbsp;&nbsp;&nbsp;**$4414785724** |

---

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[**Table of Contents**](#JOB_EV_AR_6b136600-8b05-431e-87fe-7584cf267881_TOC)

Eaton Vance

Floating Rate Portfolio

October 31, 2025

Notes to Financial Statements — continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Description (continued)** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$7901100 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$7901100 |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6865293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6865293 |
| **Total** | &nbsp;&nbsp;**$218263592** | &nbsp;&nbsp;&nbsp;&nbsp;**$4177112894** | &nbsp;&nbsp;&nbsp;&nbsp;**$34175631** | &nbsp;&nbsp;&nbsp;&nbsp;**$4429552117** |

---

\* 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 year ended October 31, 2025 is not presented.

9 Risks and Uncertainties

#### Risks Associated with Foreign Investments
Foreign investments can be adversely affected by political, economic and market developments abroad, including the imposition of economic and other sanctions by the United States or another country, and by acts of terrorism and war. There may be less publicly available information about foreign issuers because they may not be subject to reporting practices, requirements or regulations comparable to those to which United States companies are subject. Foreign markets may be smaller, less liquid and more volatile than the major markets in the United States. Trading in foreign markets typically involves higher expense than trading in the United States. The Portfolio may have difficulties enforcing its legal or contractual rights in a foreign country. Securities that trade or are denominated in currencies other than the U.S. dollar may be adversely affected by fluctuations in currency exchange rates.

#### Credit Risk
The Portfolio invests primarily in below investment grade floating-rate loans, which are considered speculative because of the credit risk of their issuers. Changes in economic conditions or other circumstances are more likely to reduce the capacity of issuers of these securities to make principal and interest payments. Such companies are more likely to default on their payments of interest and principal owed than issuers of investment grade bonds. An economic downturn generally leads to a higher non-payment rate, and a loan or other debt obligation may lose significant value before a default occurs. Lower rated investments also may be subject to greater price volatility than higher rated investments. Moreover, the specific collateral used to secure a loan may decline in value or become illiquid, which would adversely affect the loan's value.

10 Commitments and Contingencies

In connection with the Serta Chapter 11 bankruptcy proceeding, on December 31, 2024, the U.S. Fifth Circuit Court of Appeals reversed a bankruptcy court's ruling that held permissible an "uptier" agreement (the "2020 Agreement") entered into by Serta with certain participating lenders, including the Portfolio. The 2020 Agreement had the effect of subordinating the existing debt of certain non-participating lenders to that of the participating lenders. The non-participating lenders brought claims for breach of contract, arguing that the participating lenders had breached an earlier agreement by entering into the 2020 Agreement. The appellate court found that the bankruptcy court had erred in determining that the 2020 Agreement was permitted by the terms of the earlier agreement and remanded the breach of contract claims for further consideration by the bankruptcy court. The appellate court further held that indemnification of the participating lenders in the 2020 Agreement was impermissible under the U.S. Bankruptcy Code. A request by the Portfolio and the other participating lenders for a rehearing of this matter before the Fifth Circuit en banc was denied. The matter has been remanded to the bankruptcy court to determine whether the participating lenders are liable for the breach of contract claims. A trial is scheduled to begin in February 2026. At this time, the Portfolio cannot reliably predict the outcome of these proceedings or the effect, if any, on the Portfolio's net asset value.

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[**Table of Contents**](#JOB_EV_AR_6b136600-8b05-431e-87fe-7584cf267881_TOC)

Eaton Vance

Floating Rate Portfolio

October 31, 2025

Report of Independent Registered Public Accounting Firm

------

To the Trustees and Investors of Eaton Vance Floating Rate Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Eaton Vance Floating Rate Portfolio (the "Portfolio"), including the portfolio of investments, as of October 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Portfolio as of October 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Portfolio's management. Our responsibility is to express an opinion on the Portfolio's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolio in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB and in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Portfolio is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Portfolio's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities and senior loans owned as of October 31, 2025, by correspondence with the custodian, brokers and agent banks; when replies were not received from brokers and agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 19, 2025

We have served as the auditor of one or more Eaton Vance investment companies since 1959.

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Eaton Vance

Floating-Rate & High Income Fund

October 31, 2025

Board of Trustees' Contract Approval

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Overview of the Contract Review Process

The Investment Company Act of 1940, as amended (the "1940 Act"), provides, in substance, that the investment advisory agreement between a fund and its investment adviser will continue in effect from year-to-year only if its continuation is approved on an annual basis by a vote of the fund's board of trustees, including a majority of the trustees who are not "interested persons" of the fund ("independent trustees"), cast in person at a meeting called for the purpose of considering such approval.

At a meeting held on June 12, 2025, the Boards of Trustees/Directors (collectively, the "Board") that oversee the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the "Eaton Vance Funds"), including a majority of the independent trustees (the "Independent Trustees"), voted to approve the continuation of existing investment advisory agreements and sub-advisory agreements<sup>1</sup> for each of the Eaton Vance Funds for an additional one-year period. The Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee comprised of all of the Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of meetings held between April and June 2025, as well as certain additional information provided in response to specific requests from the Independent Trustees as members of the Contract Review Committee. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee's annual evaluation of the investment advisory agreements and sub-advisory agreements.

In connection with its evaluation of the investment advisory agreements and sub-advisory agreements, the Board (directly or through one or more of its committees) considered various information relating to the Eaton Vance Funds. This included information applicable to all or groups of the Eaton Vance Funds, which is referenced immediately below, and information applicable to the particular Eaton Vance Fund covered by this report (each Eaton Vance Fund is referred to below as a "fund"). (For funds that invest through one or more underlying portfolios, references to "each fund" in this section may include information that was considered at the portfolio-level.)

*Information about Fees, Performance and Expenses*

• A report from an independent data provider comparing advisory and other fees paid by each fund to such fees paid by comparable funds, as identified by the independent data provider ("comparable funds");

• A report from an independent data provider comparing each fund's total expense ratio (and its components) to those of comparable funds;

• A report from an independent data provider comparing the investment performance of each fund to the investment performance of comparable funds and, as applicable, benchmark indices, over various time periods;

• In certain instances, data regarding investment performance relative to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board (a committee exclusively comprised of Independent Trustees);

• Comparative information concerning the fees charged and services provided by the adviser and sub-adviser to each fund in managing other accounts (which may include other funds, collective investment trusts and institutional accounts) with the same or substantially similar investment objective as the fund and with a significant overlap in holdings based on criteria set by the Board, if any;

• Profitability analyses on a fund-by-fund basis for the adviser and its affiliates and for each sub-adviser not affiliated with the adviser;

*Information about Portfolio Management and Trading*

• Descriptions of the investment management services provided to each fund, as well as each of the funds' investment strategies and policies;

• The procedures and processes used by the adviser to determine the value of fund assets, including, when necessary, the determination of "fair value" by the adviser in its role as each fund's valuation designee and actions taken to monitor and test the effectiveness of such procedures and processes;

• Information about the policies and practices of each fund's adviser and sub-adviser with respect to trading, including their processes for seeking best execution of portfolio transactions;

• Information about the allocation of brokerage transactions and the benefits, if any, received by the adviser and sub-adviser to each fund as a result of brokerage allocation, including, as applicable, information concerning the acquisition of research through client commission arrangements and policies with respect to "soft dollars";

• Data relating to the portfolio turnover rate of each fund and related information regarding active management in the context of particular strategies;

*Information about each Adviser and Sub-Adviser*

• Reports regarding the financial results and condition of the adviser and certain of its affiliates and of each sub-adviser not affiliated with the adviser;

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;Not all Eaton Vance Funds have entered into a sub-advisory agreement with a sub-adviser. Accordingly, references to "sub-adviser" or "sub-advisory agreement" in this "Overview" section may not be applicable to the particular Eaton Vance Fund covered by this report. Eaton Vance Management and Boston Management and Research are referred to collectively as the "adviser."

------

[**Table of Contents**](#JOB_EV_AR_6b136600-8b05-431e-87fe-7584cf267881_TOC)

Eaton Vance

Floating-Rate & High Income Fund

October 31, 2025

Board of Trustees' Contract Approval — continued

------

• Information regarding the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and, for portfolio managers and certain other investment professionals, information relating to their responsibilities with respect to managing other funds and investment accounts, as applicable;

• Information regarding the adviser's and its parent company's (Morgan Stanley's) efforts to retain and attract talented investment professionals, including in the context of a competitive marketplace for talent;

• Information regarding the adviser's compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals' investments in the fund(s) they manage;

• The personal trading codes of ethics of the adviser and its affiliates and the sub-adviser of each fund, together with information relating to compliance with, and the administration of, such codes;

• Policies and procedures relating to proxy voting, including regular reporting with respect to fund proxy voting activities;

• Information regarding the handling of corporate actions and class actions, as well as information regarding litigation and other regulatory matters;

• Information concerning the resources devoted to compliance efforts undertaken by the adviser and its affiliates and the sub-adviser of each fund, including descriptions of their various compliance programs and their record of compliance and remediation;

• Information concerning the business continuity and disaster recovery plans of the adviser and its affiliates and the sub-adviser of each fund;

• A description of the adviser's oversight of sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters, if any;

*Other Relevant Information*

• Information regarding ongoing initiatives to further integrate and harmonize, where applicable, the investment management and other departments of the adviser and its affiliates with the overall investment management infrastructure of Morgan Stanley, in light of Morgan Stanley's acquisition of Eaton Vance Corp. on March 1, 2021;

• Information concerning the nature, cost, and character of the administrative and other non-investment advisory services provided by the adviser and its affiliates;

• Information concerning oversight of the relationship with the custodian, subcustodians, fund accountants, and other third-party service providers by the adviser and/or administrator to each of the funds;

• Information concerning efforts to maintain policies and procedures with respect to various regulations applicable to the funds, including, without limitation, Rule 22e-4 (the Liquidity Risk Management Rule), Rule 12d1-4 (the Fund-of-Funds Rule), Rule 18f-4 (the Derivatives Rule), and Rule 2a-5 (the Fair Valuation Rule);

• For the Eaton Vance Fund structured as an interval fund, information regarding the interval fund's periodic repurchase offers under Rule 23c-3 and related policies and procedures;

• For each Eaton Vance Fund structured as an exchange-listed closed-end fund, information concerning the benefits of the closed-end fund structure, as well as, where relevant, the closed-end fund's market prices (including as compared to the closed-end fund's net asset value (NAV)), trading volume data, continued use of auction preferred shares (where applicable), distribution rates, and other relevant matters;

• The risks that the adviser and/or its affiliates incur in connection with the management and operation of the funds, including, among others, litigation, regulatory, entrepreneurial, data privacy and cybersecurity, and other business risks (and the associated costs of such risks, if any); and

• The terms of each investment advisory agreement and sub-advisory agreement.

During the various meetings of the Board and its committees over the course of the year leading up to the June 12, 2025 meeting, the Board and its committees received information from portfolio managers and other investment professionals of the adviser and sub-advisers of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds' investment objectives. The Board and its committees also received information regarding risk management techniques employed in connection with the management of the funds. The Board and its committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance, and other issues with respect to the funds, and received and participated in reports and presentations provided by the adviser, sub-advisers, and certain other service providers, with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees met in executive sessions and held regular video or telephone conferences to discuss, among other topics, matters relating to the continuation of investment advisory agreements and sub-advisory agreements.

Each of the Contract Review Committee and the Board was advised throughout the contract review process by Kirkland & Ellis LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee and the members of the Board, with the advice of such counsel, exercised their own business judgment in determining the material factors to be considered in evaluating each investment advisory agreement and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory agreement and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee and Board may have placed varying emphasis on particular factors in reaching conclusions with respect to each investment advisory agreement and sub-advisory agreement. In evaluating each investment advisory agreement and sub-advisory agreement, including the fee structures and other terms contained in such agreements, the members of the Contract Review Committee and Board were also informed by multiple years of analysis and discussion with the adviser and sub-adviser to each of the Eaton Vance Funds.

------

[**Table of Contents**](#JOB_EV_AR_6b136600-8b05-431e-87fe-7584cf267881_TOC)

Eaton Vance

Floating-Rate & High Income Fund

October 31, 2025

Board of Trustees' Contract Approval — continued

------

Results of the Contract Review Process

Based on its consideration of the foregoing, and such other information it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory agreement between Eaton Vance Floating-Rate & High Income Fund (the "Fund") and Eaton Vance Management ("EVM"), as well as the investment advisory agreements between each of Eaton Vance Floating Rate Portfolio and High Income Opportunities Portfolio (the "Portfolios"), which are portfolios in which the Fund is authorized to invest, and Boston Management and Research ("BMR") (EVM, with respect to the Fund, and BMR, with respect to the Portfolios, are each referred to herein as the "Adviser"), including their respective fee structures, are in the interests of shareholders and, therefore, recommended to the Board approval of each agreement. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreements for the Fund and the Portfolios.

*Nature, Extent and Quality of Services*

In considering whether to approve the investment advisory agreements for the Fund and the Portfolios, the Board evaluated the nature, extent and quality of services provided to the Fund and to the Portfolios by the applicable Adviser.

The Board considered each Adviser's management capabilities and investment processes in light of the types of investments held by the Fund and the Portfolios, including the education and experience of the investment professionals who provide services to the Fund and the Portfolios. In particular, the Board considered the abilities and experience of each Adviser's investment professionals in analyzing special considerations relevant to investing in senior floating rate loans and high yield debt. The Board considered the Adviser's large group of bank loan investment professionals and other personnel, which includes portfolio managers and analysts, who provide services to the Portfolios. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of each Adviser and other factors, including the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Fund and the Portfolios, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Fund and the Portfolios, including the provision of administrative services. The Board also considered the business-related and other risks to which each Adviser or its affiliates may be subject in managing the Fund and the Portfolios.

The Board considered the compliance programs of each Adviser and relevant affiliates thereof. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, compliance with policies and procedures, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered relevant examinations of the Adviser and its affiliates by regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

The Board considered other administrative services provided or overseen by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by each Adviser, taken as a whole, are appropriate and consistent with the terms of the applicable investment advisory agreement.

*Fund Performance*

The Board compared the Fund's investment performance to that of comparable funds identified by an independent data provider (the peer group), as well as an appropriate benchmark index. The Board's review included comparative performance data with respect to the Fund for the one-, three-, five- and ten-year periods ended December 31, 2024. In this regard, the Board noted that the performance of the Fund was lower than the median performance of the Fund's peer group for the three-year period. The Board also noted that the performance of the Fund was lower than its benchmark index for the three-year period. The Board also considered the performance of the underlying Portfolios. On the basis of the foregoing, the performance of the Fund over other periods, and other relevant information provided by the Adviser in response to requests from the Contract Review Committee, the Board concluded that the performance of the Fund was satisfactory.

*Management Fees and Expenses*

The Board considered contractual fee rates payable by the Portfolios and by the Fund for advisory and administrative services (referred to collectively as "management fees"). As part of its review, the Board considered the Fund's management fees and total expense ratio for the one-year period ended December 31, 2024, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered certain factors identified by management in response to inquiries from the Contract Review Committee regarding the Fund's total expense ratio relative to comparable funds.

After considering the foregoing information, and in light of the nature, extent and quality of the services provided by each Adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.

------

[**Table of Contents**](#JOB_EV_AR_6b136600-8b05-431e-87fe-7584cf267881_TOC)

Eaton Vance

Floating-Rate & High Income Fund

October 31, 2025

Board of Trustees' Contract Approval — continued

------

*Profitability and "Fall-Out" Benefits*

The Board considered the level of profits realized by each Adviser and relevant affiliates thereof in providing investment advisory and administrative services to the Fund, to the Portfolios and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by the Adviser and its affiliates to third parties in respect of distribution or other services.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by each Adviser and its affiliates are not excessive.

The Board also considered direct or indirect fall-out benefits received by each Adviser and its affiliates in connection with their respective relationships with the Fund and the Portfolios, including the benefits of research services that may be available to each Adviser as a result of securities transactions effected for the Fund and the Portfolios and other investment advisory clients.

*Economies of Scale*

In reviewing management fees and profitability, the Board also considered the extent to which the applicable Adviser and its affiliates, on the one hand, and the Fund and the Portfolios, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund and the Portfolios increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. To assist in the evaluation of the sharing of any economies of scale, the Board received data for recent years showing asset levels, Adviser profitability and total expense ratios. Based upon the foregoing, the Board concluded that the Fund currently shares in the benefits from economies of scale, if any, when they are realized by the Adviser. The Board also concluded that the structure of the advisory fees, which include breakpoints at several asset levels, will allow the Fund and the Portfolios to continue to benefit from any economies of scale in the future.

------

[**Table of Contents**](#JOB_EV_AR_6b136600-8b05-431e-87fe-7584cf267881_TOC)

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[**Table of Contents**](#JOB_EV_AR_6b136600-8b05-431e-87fe-7584cf267881_TOC)

EVFHX-NCSR&nbsp;&nbsp;&nbsp;&nbsp;10.31.25

------

## Eaton Vance

## Government Opportunities Fund

## Annual Financial Statements and Additional Information
October 31, 2025

------

![](g35982img7e5da92611.gif)

------

**This report must be preceded or accompanied by a current summary prospectus or prospectus. Before investing, investors should consider carefully the investment objective, risks, and charges and expenses of a mutual fund. This and other important information is contained in the prospectus and/or statement of additional information, which can be obtained by calling 1-800-262-1122 or from a financial intermediary. Prospective investors should read the prospectus carefully before investing.**

------

#### Annual Financial Statements and Additional Information October 31, 2025
Eaton Vance

Government Opportunities Fund

---

| | |
|:---|:---|
| **[**Table of Contents**](#xx_540dc553-0201-4da9-b572-ffc3349d22a0_1)** |  |
| [Items 6 and 7 of Form N-CSR:](#xx_33e2ca3c-5c76-430a-a4a1-894321c895ea_1) | [Items 6 and 7 of Form N-CSR:](#xx_33e2ca3c-5c76-430a-a4a1-894321c895ea_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Portfolio of Investments](#xx_33e2ca3c-5c76-430a-a4a1-894321c895ea_1) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#xx_ec876694-4f80-4105-aef2-b13e4df211c3_1) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#xx_ec876694-4f80-4105-aef2-b13e4df211c3_3) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx_ec876694-4f80-4105-aef2-b13e4df211c3_4) | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Cash Flows](#xx_ec876694-4f80-4105-aef2-b13e4df211c3_5) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx_284d89ba-b7d2-409f-a826-a87399f88e90_1) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx_9765ceee-d2af-44aa-b4f6-d3b33ff6fe4c_1) | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#xx_b04ad287-7028-4ba1-89c8-53247fecdc28_1) | 30 |
| [Federal Tax Information](#xx_3cb8c4f9-f833-4906-b95d-45bd0b2f0bfb_1) | 31 |
| [Item 11 of Form N-CSR:](#xx_11183486-31c0-42d7-941d-a648fea5d7e9_1) | [Item 11 of Form N-CSR:](#xx_11183486-31c0-42d7-941d-a648fea5d7e9_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Board of Trustees' Contract Approval](#xx_11183486-31c0-42d7-941d-a648fea5d7e9_1) | 32 |

---

Items 8 and 9 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7.

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[**Table of Contents**](#JOB_EV_AR_207706a5-ca43-4c92-92bc-46e454c1530e_TOC)

Eaton Vance

Government Opportunities Fund

October 31, 2025

Portfolio of Investments

------

Asset-Backed Securities — 3.3%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| CFMT LLC, Series 2023-HB12, Class M4, 4.25%, 4/25/33<sup>(1)(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;3490 | &nbsp;&nbsp;$3386253 |
| FMC Issuer Trust-FMSR, Series 2024-FT1, Class A, 6.559%, 9/25/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3021236 |
| NRZ Excess Spread-Collateralized Notes, Series 2021-GNT1, Class A, 3.474%, 11/25/26<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870 | &nbsp;&nbsp;&nbsp;&nbsp; 852016 |
| Pagaya AI Technology in Housing Trust, Series 2023-1, Class F, 3.60%, 10/25/40<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 847842 |
| Saluda Grade Alternative Mortgage Trust, Series 2025-NPL2, Class A1, 7.774% to 4/25/28, 5/25/30<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2416 | &nbsp;&nbsp;&nbsp;&nbsp; 2412688 |
| STAR Trust, Series 2021-SFR1, Class H, 8.598%, (1 mo. SOFR + 4.564%), 4/17/38<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 500603 |
| VINE Trust, Series 2023-SFR1, Class E1, 4.75%, 12/17/40<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1904907 |
| Total Asset-Backed Securities<br> (identified cost $11,932,167) |  | &nbsp;&nbsp;**$12925545** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Collateralized Mortgage Obligations — 75.0%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| BofA Lending Facility, 8.27%, (SOFR + 4.00%), 6/16/28<sup>(4)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636 | &nbsp;&nbsp;$638633 |
| Cascade MH Asset Trust, Series 2022-MH1, Class A, 4.25% to 7/25/27, 8/25/54<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1217 | &nbsp;&nbsp;&nbsp;&nbsp; 1188423 |
| Champs Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-1, Class A, 8.784%, 7/25/59<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2339 | &nbsp;&nbsp;&nbsp;&nbsp; 2425884 |
| &nbsp;&nbsp;&nbsp;Series 2024-2, Class A, 8.587%, 11/25/59<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1866 | &nbsp;&nbsp;&nbsp;&nbsp; 1951183 |
| &nbsp;&nbsp;&nbsp;Series 2024-3, Class A, 8.463%, 1/25/60<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1143 | &nbsp;&nbsp;&nbsp;&nbsp; 1192339 |
| &nbsp;&nbsp;&nbsp;Series 2025-2, Class A, 8.04%, 10/25/60<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3048 | &nbsp;&nbsp;&nbsp;&nbsp; 3159160 |
| CHNGE Mortgage Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-1, Class A1, 7.065%, 3/25/58<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349 | &nbsp;&nbsp;&nbsp;&nbsp; 349794 |
| &nbsp;&nbsp;&nbsp;Series 2023-2, Class A3, 7.436% to 5/25/26, 6/25/58<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1070 | &nbsp;&nbsp;&nbsp;&nbsp; 1079131 |
| EFMT, Series 2025-NQM3, Class B2, 7.216%, 8/25/70<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2330 | &nbsp;&nbsp;&nbsp;&nbsp; 2307223 |
| FARM Mortgage Trust, Series 2023-1, Class B, 3.039%, 3/25/52<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2920 | &nbsp;&nbsp;&nbsp;&nbsp; 2232878 |
| Federal Home Loan Mortgage Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;Series 1822, Class Z, 6.90%, 3/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp; 1535 |
| &nbsp;&nbsp;&nbsp;Series 1829, Class ZB, 6.50%, 3/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;Series 2075, Class PH, 6.50%, 8/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp; 7618 |
| &nbsp;&nbsp;&nbsp;Series 2091, Class ZC, 6.00%, 11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | &nbsp;&nbsp;&nbsp;&nbsp; 23691 |
| &nbsp;&nbsp;&nbsp;Series 2102, Class Z, 6.00%, 12/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp; 5991 |
| &nbsp;&nbsp;&nbsp;Series 2115, Class K, 6.00%, 1/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp; 18951 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Federal Home Loan Mortgage Corp.: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series 2142, Class Z, 6.50%, 4/15/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;$18927 |
| &nbsp;&nbsp;&nbsp;Series 4107, Class SA, 0.041%, (2.506% - 30-day SOFR Average x 0.571), 9/15/42<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419 | &nbsp;&nbsp;&nbsp;&nbsp; 252919 |
| &nbsp;&nbsp;&nbsp;Series 4107, Class SB, 0.041%, (2.506% - 30-day SOFR Average x 0.571), 9/15/42<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208 | &nbsp;&nbsp;&nbsp;&nbsp; 125733 |
| &nbsp;&nbsp;&nbsp;Series 4107, Class SC, 0.041%, (2.506% - 30-day SOFR Average x 0.571), 9/15/42<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 301507 |
| &nbsp;&nbsp;&nbsp;Series 4107, Class SD, 0.041%, (2.506% - 30-day SOFR Average x 0.571), 9/15/42<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373 | &nbsp;&nbsp;&nbsp;&nbsp; 225213 |
| &nbsp;&nbsp;&nbsp;Series 4204, Class AF, 5.00%, (30-day SOFR Average + 1.114%, Cap 5.00%), 5/15/43<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540 | &nbsp;&nbsp;&nbsp;&nbsp; 458050 |
| &nbsp;&nbsp;&nbsp;Series 4259, Class UE, 2.50%, 5/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182 | &nbsp;&nbsp;&nbsp;&nbsp; 177357 |
| &nbsp;&nbsp;&nbsp;Series 4623, Class SK, 0.408%, (3.49% - 30-day SOFR Average x 0.714), 10/15/46<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259 | &nbsp;&nbsp;&nbsp;&nbsp; 129486 |
| &nbsp;&nbsp;&nbsp;Series 4938, Class KZ, 2.50%, 12/25/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;684 | &nbsp;&nbsp;&nbsp;&nbsp; 398528 |
| &nbsp;&nbsp;&nbsp;Series 5031, Class Z, 2.50%, 10/25/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp; 301 |
| &nbsp;&nbsp;&nbsp;Series 5039, Class ZJ, 2.00%, 11/25/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104 | &nbsp;&nbsp;&nbsp;&nbsp; 49479 |
| &nbsp;&nbsp;&nbsp;Series 5042, Class PZ, 2.00%, 11/25/50 | &nbsp;&nbsp;&nbsp;&nbsp;2158 | &nbsp;&nbsp;&nbsp;&nbsp; 1082645 |
| &nbsp;&nbsp;&nbsp;Series 5071, Class CS, 0.00%, (3.30% - 30-day SOFR Average, Floor 0.00%), 2/25/51<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1266 | &nbsp;&nbsp;&nbsp;&nbsp; 540113 |
| &nbsp;&nbsp;&nbsp;Series 5093, Class Z, 3.00%, 1/25/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;Series 5101, Class EZ, 2.00%, 3/25/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570 | &nbsp;&nbsp;&nbsp;&nbsp; 232004 |
| &nbsp;&nbsp;&nbsp;Series 5104, Class WZ, 3.00%, 4/25/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137 | &nbsp;&nbsp;&nbsp;&nbsp; 89118 |
| &nbsp;&nbsp;&nbsp;Series 5114, Class ZH, 3.00%, 5/25/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 | &nbsp;&nbsp;&nbsp;&nbsp; 33653 |
| &nbsp;&nbsp;&nbsp;Series 5123, Class JZ, 2.00%, 7/25/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114 | &nbsp;&nbsp;&nbsp;&nbsp; 55383 |
| &nbsp;&nbsp;&nbsp;Series 5129, Class HZ, 1.25%, 4/25/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171 | &nbsp;&nbsp;&nbsp;&nbsp; 70068 |
| &nbsp;&nbsp;&nbsp;Series 5159, Class ZT, 3.00%, 11/25/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811 | &nbsp;&nbsp;&nbsp;&nbsp; 577821 |
| &nbsp;&nbsp;&nbsp;Series 5300, Class EY, 6.00%, 12/25/52 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2072347 |
| &nbsp;&nbsp;&nbsp;Series 5324, Class MZ, 6.00%, 7/25/53 | &nbsp;&nbsp;&nbsp;&nbsp;3823 | &nbsp;&nbsp;&nbsp;&nbsp; 3972897 |
| &nbsp;&nbsp;&nbsp;Series 5381, Class Z, 5.50%, 2/25/54 | &nbsp;&nbsp;&nbsp;&nbsp;4403 | &nbsp;&nbsp;&nbsp;&nbsp; 4379136 |
| &nbsp;&nbsp;&nbsp;Series 5391, Class EZ, 5.50%, 3/25/54 | &nbsp;&nbsp;&nbsp;&nbsp;4383 | &nbsp;&nbsp;&nbsp;&nbsp; 4445798 |
| &nbsp;&nbsp;&nbsp;Series 5453, Class DZ, 5.50%, 9/25/54 | &nbsp;&nbsp;&nbsp;&nbsp;4264 | &nbsp;&nbsp;&nbsp;&nbsp; 4219089 |
| &nbsp;&nbsp;&nbsp;Series 5478, Class SG, 6.308%, (15.51% - 30-day SOFR Average x 2.20), 12/25/54<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1889 | &nbsp;&nbsp;&nbsp;&nbsp; 1978279 |
| &nbsp;&nbsp;&nbsp;Series 5481, Class HZ, 5.50%, 12/25/54 | &nbsp;&nbsp;&nbsp;&nbsp;1577 | &nbsp;&nbsp;&nbsp;&nbsp; 1592719 |
| &nbsp;&nbsp;&nbsp;Series 5491, Class CZ, 5.50%, 1/25/55 | &nbsp;&nbsp;&nbsp;&nbsp;1570 | &nbsp;&nbsp;&nbsp;&nbsp; 1591035 |
| &nbsp;&nbsp;&nbsp;Series 5500, Class ZG, 5.50%, 10/25/54 | &nbsp;&nbsp;&nbsp;&nbsp;4168 | &nbsp;&nbsp;&nbsp;&nbsp; 4205441 |
| &nbsp;&nbsp;&nbsp;Series 5508, Class SC, 8.452%, (21.00% - 30-day SOFR Average x 3.00), 2/25/55<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3592 | &nbsp;&nbsp;&nbsp;&nbsp; 4046204 |
| &nbsp;&nbsp;&nbsp;Series 5535, Class MB, 8.233%, (30-day SOFR Average + 4.05%), 5/25/55<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3643 | &nbsp;&nbsp;&nbsp;&nbsp; 3756985 |
| &nbsp;&nbsp;&nbsp;Series 5563, Class TB, 8.25%, (21.15% - 30-day SOFR Average x 3.00), 6/25/55<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2887 | &nbsp;&nbsp;&nbsp;&nbsp; 3009047 |
| &nbsp;&nbsp;&nbsp;Series 5563, Class TV, 8.16%, (21.06% - 30-day SOFR Average x 3.00), 8/25/55<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2899 | &nbsp;&nbsp;&nbsp;&nbsp; 3023331 |
| &nbsp;&nbsp;&nbsp;Series 5592, Class ZC, 6.00%, 5/25/55 | &nbsp;&nbsp;&nbsp;&nbsp;7199 | &nbsp;&nbsp;&nbsp;&nbsp; 7183786 |
| Interest Only:<sup>(7)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Series 362, Class C12, 4.00%, 12/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;1762 | &nbsp;&nbsp;&nbsp;&nbsp; 356384 |
| &nbsp;&nbsp;&nbsp;Series 4749, Class IL, 4.00%, 12/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631 | &nbsp;&nbsp;&nbsp;&nbsp; 129143 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_207706a5-ca43-4c92-92bc-46e454c1530e_TOC)

Eaton Vance

Government Opportunities Fund

October 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Interest Only: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series 4756, Class KI, 4.00%, 1/15/48 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702 | &nbsp;&nbsp;$140255 |
| &nbsp;&nbsp;&nbsp;Series 4768, Class IO, 4.00%, 3/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502 | &nbsp;&nbsp;&nbsp;&nbsp; 102446 |
| &nbsp;&nbsp;&nbsp;Series 4772, Class PI, 4.00%, 1/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744 | &nbsp;&nbsp;&nbsp;&nbsp; 148665 |
| &nbsp;&nbsp;&nbsp;Series 4966, Class SY, 1.753%, (5.936% - 30-day SOFR Average), 4/25/50<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1814 | &nbsp;&nbsp;&nbsp;&nbsp; 244295 |
| &nbsp;&nbsp;&nbsp;Series 5008, Class IE, 2.00%, 9/25/50 | &nbsp;&nbsp;&nbsp;&nbsp;3911 | &nbsp;&nbsp;&nbsp;&nbsp; 494039 |
| &nbsp;&nbsp;&nbsp;Series 5010, Class I, 2.00%, 9/25/50 | &nbsp;&nbsp;&nbsp;&nbsp;2941 | &nbsp;&nbsp;&nbsp;&nbsp; 374383 |
| &nbsp;&nbsp;&nbsp;Series 5010, Class IN, 2.00%, 9/25/50 | &nbsp;&nbsp;&nbsp;&nbsp;2059 | &nbsp;&nbsp;&nbsp;&nbsp; 258088 |
| &nbsp;&nbsp;&nbsp;Series 5010, Class NI, 2.00%, 9/25/50 | &nbsp;&nbsp;&nbsp;&nbsp;2441 | &nbsp;&nbsp;&nbsp;&nbsp; 306958 |
| &nbsp;&nbsp;&nbsp;Series 5016, Class UI, 2.00%, 9/25/50 | &nbsp;&nbsp;&nbsp;&nbsp;2380 | &nbsp;&nbsp;&nbsp;&nbsp; 300693 |
| &nbsp;&nbsp;&nbsp;Series 5017, Class DI, 2.00%, 9/25/50 | &nbsp;&nbsp;&nbsp;&nbsp;4166 | &nbsp;&nbsp;&nbsp;&nbsp; 526213 |
| &nbsp;&nbsp;&nbsp;Series 5024, Class CI, 2.00%, 10/25/50 | &nbsp;&nbsp;&nbsp;&nbsp;4457 | &nbsp;&nbsp;&nbsp;&nbsp; 561603 |
| &nbsp;&nbsp;&nbsp;Series 5025, Class GI, 2.00%, 10/25/50 | &nbsp;&nbsp;&nbsp;&nbsp;1003 | &nbsp;&nbsp;&nbsp;&nbsp; 129200 |
| &nbsp;&nbsp;&nbsp;Series 5028, Class TI, 2.00%, 10/25/50 | &nbsp;&nbsp;&nbsp;&nbsp;1236 | &nbsp;&nbsp;&nbsp;&nbsp; 116829 |
| &nbsp;&nbsp;&nbsp;Series 5038, Class DI, 2.00%, 11/25/50 | &nbsp;&nbsp;&nbsp;&nbsp;6323 | &nbsp;&nbsp;&nbsp;&nbsp; 794099 |
| &nbsp;&nbsp;&nbsp;Series 5051, Class S, 0.00%, (3.60% - 30-day SOFR Average, Floor 0.00%), 12/25/50<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3836 | &nbsp;&nbsp;&nbsp;&nbsp; 121343 |
| &nbsp;&nbsp;&nbsp;Series 5070, Class CI, 2.00%, 2/25/51 | &nbsp;&nbsp;&nbsp;&nbsp;7222 | &nbsp;&nbsp;&nbsp;&nbsp; 970697 |
| Principal Only:<sup>(8)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Series 246, Class PO, 0.00%, 5/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925 | &nbsp;&nbsp;&nbsp;&nbsp; 775524 |
| &nbsp;&nbsp;&nbsp;Series 3435, Class PO, 0.00%, 4/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888 | &nbsp;&nbsp;&nbsp;&nbsp; 736986 |
| &nbsp;&nbsp;&nbsp;Series 4239, Class OU, 0.00%, 7/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319 | &nbsp;&nbsp;&nbsp;&nbsp; 197582 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-HQA3, Class B2, 11.797%, (30-day SOFR Average + 7.614%), 9/25/49<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1130594 |
| &nbsp;&nbsp;&nbsp;Series 2022-DNA4, Class B2, 14.433%, (30-day SOFR Average + 10.25%), 5/25/42<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2248956 |
| Federal National Mortgage Association: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2000-49, Class A, 8.00%, 3/18/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;Series 2001-81, Class HE, 6.50%, 1/25/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107 | &nbsp;&nbsp;&nbsp;&nbsp; 111358 |
| &nbsp;&nbsp;&nbsp;Series 2012-133, Class WS, 0.101%, (3.696% - 30-day SOFR Average x 0.833), 12/25/42<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305 | &nbsp;&nbsp;&nbsp;&nbsp; 195429 |
| &nbsp;&nbsp;&nbsp;Series 2012-134, Class ZT, 2.00%, 12/25/42 | &nbsp;&nbsp;&nbsp;&nbsp;1205 | &nbsp;&nbsp;&nbsp;&nbsp; 875213 |
| &nbsp;&nbsp;&nbsp;Series 2013-6, Class TY, 1.50%, 2/25/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795 | &nbsp;&nbsp;&nbsp;&nbsp; 544244 |
| &nbsp;&nbsp;&nbsp;Series 2013-58, Class SC, 0.00%, (5.828% - 30-day SOFR Average x 1.50, Floor 0.00%), 6/25/43<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323 | &nbsp;&nbsp;&nbsp;&nbsp; 195175 |
| &nbsp;&nbsp;&nbsp;Series 2020-63, Class ZN, 3.00%, 9/25/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 60595 |
| &nbsp;&nbsp;&nbsp;Series 2023-12, Class LW, 6.00%, 4/25/53 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2071622 |
| &nbsp;&nbsp;&nbsp;Series 2023-13, Class LY, 6.00%, 4/25/53<sup>(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2073334 |
| &nbsp;&nbsp;&nbsp;Series 2023-14, Class EL, 6.00%, 4/25/53<sup>(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp; 7326728 |
| &nbsp;&nbsp;&nbsp;Series 2024-105, Class KT, 0.125%, 1/25/55 | &nbsp;&nbsp;&nbsp;&nbsp;3501 | &nbsp;&nbsp;&nbsp;&nbsp; 2989910 |
| &nbsp;&nbsp;&nbsp;Series 2025-7, Class EZ, 5.50%, 2/25/55 | &nbsp;&nbsp;&nbsp;&nbsp;1563 | &nbsp;&nbsp;&nbsp;&nbsp; 1576583 |
| &nbsp;&nbsp;&nbsp;Series 2025-12, Class FM, 8.183%, (30-day SOFR Average + 4.00%), 3/25/55<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;957 | &nbsp;&nbsp;&nbsp;&nbsp; 993963 |
| &nbsp;&nbsp;&nbsp;Series 2025-85, Class TH, 7.20%, (21.30% - 30-day SOFR Average x 3.00), 10/25/55<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3978 | &nbsp;&nbsp;&nbsp;&nbsp; 4125953 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Federal National Mortgage Association: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-85, Class TN, 6.60%, (36.60% - 30-day SOFR Average x 6.00), 10/25/55<sup>(6)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;2957 | &nbsp;&nbsp;$2968231 |
| Interest Only:<sup>(7)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Series 2017-66, Class TI, 0.05%, (5.936% - 30-day SOFR Average, Cap 0.05%), 10/25/42<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9372 | &nbsp;&nbsp;&nbsp;&nbsp; 27051 |
| &nbsp;&nbsp;&nbsp;Series 2018-21, Class IO, 3.00%, 4/25/48 | &nbsp;&nbsp;&nbsp;&nbsp;1979 | &nbsp;&nbsp;&nbsp;&nbsp; 328125 |
| &nbsp;&nbsp;&nbsp;Series 2019-1, Class SA, 1.103%, (5.286% - 30-day SOFR Average), 2/25/49<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990 | &nbsp;&nbsp;&nbsp;&nbsp; 58330 |
| &nbsp;&nbsp;&nbsp;Series 2020-23, Class SP, 1.753%, (5.936% - 30-day SOFR Average), 2/25/50<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1775 | &nbsp;&nbsp;&nbsp;&nbsp; 239674 |
| &nbsp;&nbsp;&nbsp;Series 2020-45, Class HI, 2.50%, 7/25/50 | &nbsp;&nbsp;&nbsp;&nbsp;2710 | &nbsp;&nbsp;&nbsp;&nbsp; 404426 |
| &nbsp;&nbsp;&nbsp;Series 2020-45, Class IJ, 2.50%, 7/25/50 | &nbsp;&nbsp;&nbsp;&nbsp;4234 | &nbsp;&nbsp;&nbsp;&nbsp; 619584 |
| &nbsp;&nbsp;&nbsp;Series 2020-73, Class NI, 2.00%, 10/25/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634 | &nbsp;&nbsp;&nbsp;&nbsp; 81232 |
| &nbsp;&nbsp;&nbsp;Series 2021-3, Class KI, 2.50%, 2/25/51 | &nbsp;&nbsp;&nbsp;&nbsp;5843 | &nbsp;&nbsp;&nbsp;&nbsp; 874282 |
| &nbsp;&nbsp;&nbsp;Series 2021-3, Class LI, 2.50%, 2/25/51 | &nbsp;&nbsp;&nbsp;&nbsp;5688 | &nbsp;&nbsp;&nbsp;&nbsp; 836825 |
| &nbsp;&nbsp;&nbsp;Series 2021-4, Class AI, 2.00%, 12/25/49 | &nbsp;&nbsp;&nbsp;&nbsp;8274 | &nbsp;&nbsp;&nbsp;&nbsp; 992922 |
| &nbsp;&nbsp;&nbsp;Series 2021-10, Class EI, 2.00%, 3/25/51 | &nbsp;&nbsp;&nbsp;&nbsp;3388 | &nbsp;&nbsp;&nbsp;&nbsp; 467895 |
| Principal Only:<sup>(8)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Series 379, Class 1, 0.00%, 5/25/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603 | &nbsp;&nbsp;&nbsp;&nbsp; 501224 |
| &nbsp;&nbsp;&nbsp;Series 2014-9, Class DO, 0.00%, 2/25/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468 | &nbsp;&nbsp;&nbsp;&nbsp; 379490 |
| &nbsp;&nbsp;&nbsp;Series 2014-17, Class PO, 0.00%, 4/25/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905 | &nbsp;&nbsp;&nbsp;&nbsp; 662509 |
| &nbsp;&nbsp;&nbsp;Series 2023-55, Class OE, 0.00%, 11/25/53 | &nbsp;&nbsp;&nbsp;&nbsp;4020 | &nbsp;&nbsp;&nbsp;&nbsp; 3440673 |
| Government National Mortgage Association: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2016-168, Class JS, 0.00%, (4.336% - 1 mo. SOFR x 1.116, Floor 0.00%), 11/20/46<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | &nbsp;&nbsp;&nbsp;&nbsp; 17825 |
| &nbsp;&nbsp;&nbsp;Series 2017-137, Class AF, 4.646%, (1 mo. SOFR + 0.614%), 9/20/47<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736 | &nbsp;&nbsp;&nbsp;&nbsp; 718599 |
| &nbsp;&nbsp;&nbsp;Series 2020-84, Class BZ, 2.50%, 6/20/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;717 | &nbsp;&nbsp;&nbsp;&nbsp; 407402 |
| &nbsp;&nbsp;&nbsp;Series 2021-1, Class ZD, 3.00%, 1/20/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143 | &nbsp;&nbsp;&nbsp;&nbsp; 88053 |
| &nbsp;&nbsp;&nbsp;Series 2021-24, Class EZ, 2.50%, 1/20/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411 | &nbsp;&nbsp;&nbsp;&nbsp; 240056 |
| &nbsp;&nbsp;&nbsp;Series 2021-24, Class KZ, 2.50%, 2/20/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414 | &nbsp;&nbsp;&nbsp;&nbsp; 276987 |
| &nbsp;&nbsp;&nbsp;Series 2021-25, Class JZ, 2.50%, 2/20/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234 | &nbsp;&nbsp;&nbsp;&nbsp; 125183 |
| &nbsp;&nbsp;&nbsp;Series 2021-49, Class VZ, 2.50%, 3/20/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp; 1227 |
| &nbsp;&nbsp;&nbsp;Series 2021-77, Class ZG, 3.00%, 7/20/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 30340 |
| &nbsp;&nbsp;&nbsp;Series 2021-114, Class JZ, 3.00%, 6/20/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 124310 |
| &nbsp;&nbsp;&nbsp;Series 2021-121, Class ZE, 2.50%, 7/20/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 | &nbsp;&nbsp;&nbsp;&nbsp; 19788 |
| &nbsp;&nbsp;&nbsp;Series 2021-131, Class ZN, 3.00%, 7/20/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp; 224904 |
| &nbsp;&nbsp;&nbsp;Series 2021-137, Class GZ, 2.50%, 8/20/51 | &nbsp;&nbsp;&nbsp;&nbsp;2188 | &nbsp;&nbsp;&nbsp;&nbsp; 1452024 |
| &nbsp;&nbsp;&nbsp;Series 2021-139, Class ZJ, 2.50%, 8/20/51 | &nbsp;&nbsp;&nbsp;&nbsp;1793 | &nbsp;&nbsp;&nbsp;&nbsp; 1171440 |
| &nbsp;&nbsp;&nbsp;Series 2021-156, Class GZ, 3.00%, 9/20/51 | &nbsp;&nbsp;&nbsp;&nbsp;1777 | &nbsp;&nbsp;&nbsp;&nbsp; 1352420 |
| &nbsp;&nbsp;&nbsp;Series 2021-159, Class ZP, 2.00%, 9/20/51 | &nbsp;&nbsp;&nbsp;&nbsp;1208 | &nbsp;&nbsp;&nbsp;&nbsp; 674418 |
| &nbsp;&nbsp;&nbsp;Series 2021-177, Class JZ, 3.00%, 10/20/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527 | &nbsp;&nbsp;&nbsp;&nbsp; 372798 |
| &nbsp;&nbsp;&nbsp;Series 2021-214, Class LZ, 3.00%, 12/20/51 | &nbsp;&nbsp;&nbsp;&nbsp;1122 | &nbsp;&nbsp;&nbsp;&nbsp; 846692 |
| &nbsp;&nbsp;&nbsp;Series 2022-173, Class S, 7.393%, (22.733% - 30-day SOFR Average x 3.667), 10/20/52<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1170 | &nbsp;&nbsp;&nbsp;&nbsp; 1290752 |
| &nbsp;&nbsp;&nbsp;Series 2022-189, Class US, 7.393%, (22.733% - 30-day SOFR Average x 3.667), 11/20/52<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1397 | &nbsp;&nbsp;&nbsp;&nbsp; 1542868 |

---

*2*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_207706a5-ca43-4c92-92bc-46e454c1530e_TOC)

Eaton Vance

Government Opportunities Fund

October 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Government National Mortgage Association: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-195, Class AS, 7.645%, (23.125% - 30-day SOFR Average x 3.70), 11/20/52<sup>(6)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;779 | &nbsp;&nbsp;$885919 |
| &nbsp;&nbsp;&nbsp;Series 2022-197, Class SW, 6.279%, (16.32% - 30-day SOFR Average x 2.40), 11/20/52<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1090 | &nbsp;&nbsp;&nbsp;&nbsp; 1140058 |
| &nbsp;&nbsp;&nbsp;Series 2023-53, Class AL, 5.50%, 4/20/53<sup>(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4082104 |
| &nbsp;&nbsp;&nbsp;Series 2023-53, Class SE, 7.209%, (22.55% - 30-day SOFR Average x 3.667), 4/20/53<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1762 | &nbsp;&nbsp;&nbsp;&nbsp; 1913209 |
| &nbsp;&nbsp;&nbsp;Series 2023-63, Class LB, 6.00%, 5/20/53<sup>(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3118433 |
| &nbsp;&nbsp;&nbsp;Series 2023-63, Class S, 7.209%, (22.55% - 30-day SOFR Average x 3.667), 5/20/53<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1201 | &nbsp;&nbsp;&nbsp;&nbsp; 1304373 |
| &nbsp;&nbsp;&nbsp;Series 2023-64, Class LB, 6.00%, 5/20/53 | &nbsp;&nbsp;&nbsp;&nbsp;1224 | &nbsp;&nbsp;&nbsp;&nbsp; 1272012 |
| &nbsp;&nbsp;&nbsp;Series 2023-65, Class G, 7.209%, (22.55% - 30-day SOFR Average x 3.667), 5/20/53<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1585 | &nbsp;&nbsp;&nbsp;&nbsp; 1741386 |
| &nbsp;&nbsp;&nbsp;Series 2023-65, Class SB, 7.209%, (22.55% - 30-day SOFR Average x 3.667), 5/20/53<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1324 | &nbsp;&nbsp;&nbsp;&nbsp; 1419480 |
| &nbsp;&nbsp;&nbsp;Series 2023-66, Class S, 7.209%, (22.55% - 30-day SOFR Average x 3.667), 5/20/53<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604 | &nbsp;&nbsp;&nbsp;&nbsp; 654614 |
| &nbsp;&nbsp;&nbsp;Series 2023-82, Class AL, 6.00%, 6/20/53<sup>(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6237256 |
| &nbsp;&nbsp;&nbsp;Series 2023-84, Class MW, 6.00%, 6/20/53<sup>(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3655378 |
| &nbsp;&nbsp;&nbsp;Series 2023-84, Class SN, 7.033%, (22.387% - 30-day SOFR Average x 3.67), 6/20/53<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1209 | &nbsp;&nbsp;&nbsp;&nbsp; 1305879 |
| &nbsp;&nbsp;&nbsp;Series 2023-96, Class BL, 6.00%, 7/20/53<sup>(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2597953 |
| &nbsp;&nbsp;&nbsp;Series 2023-96, Class DB, 6.00%, 7/20/53<sup>(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2598234 |
| &nbsp;&nbsp;&nbsp;Series 2023-97, Class CB, 6.00%, 7/20/53<sup>(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3095196 |
| &nbsp;&nbsp;&nbsp;Series 2023-98, Class BW, 6.00%, 7/20/53 | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1559419 |
| &nbsp;&nbsp;&nbsp;Series 2023-98, Class JB, 6.00%, 7/20/53<sup>(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3118374 |
| &nbsp;&nbsp;&nbsp;Series 2023-99, Class AL, 6.00%, 7/20/53<sup>(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4158821 |
| &nbsp;&nbsp;&nbsp;Series 2023-117, Class JB, 6.00%, 8/20/53 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2078074 |
| &nbsp;&nbsp;&nbsp;Series 2023-150, Class AS, 11.42%, (27.528% - 30-day SOFR Average x 3.85), 10/20/53<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1060 | &nbsp;&nbsp;&nbsp;&nbsp; 1252022 |
| &nbsp;&nbsp;&nbsp;Series 2023-164, Class EL, 6.00%, 11/20/53<sup>(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5187044 |
| &nbsp;&nbsp;&nbsp;Series 2023-164, Class LD, 6.50%, 11/20/53<sup>(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4778 | &nbsp;&nbsp;&nbsp;&nbsp; 5001008 |
| &nbsp;&nbsp;&nbsp;Series 2023-165, Class DY, 6.00%, 11/20/53<sup>(9)</sup> | 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10307326 |
| &nbsp;&nbsp;&nbsp;Series 2023-165, Class EY, 6.50%, 11/20/53<sup>(9)</sup> | 19000 | &nbsp;&nbsp;&nbsp;&nbsp; 19901295 |
| &nbsp;&nbsp;&nbsp;Series 2023-173, Class AX, 6.00%, 11/20/53<sup>(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5187078 |
| &nbsp;&nbsp;&nbsp;Series 2023-182, Class EL, 6.00%, 12/20/53 | &nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2590801 |
| &nbsp;&nbsp;&nbsp;Series 2024-148, Class LZ, 5.50%, 9/20/54 | &nbsp;&nbsp;&nbsp;&nbsp;2122 | &nbsp;&nbsp;&nbsp;&nbsp; 2179250 |
| &nbsp;&nbsp;&nbsp;Series 2024-196, Class Z, 5.50%, 12/20/54 | &nbsp;&nbsp;&nbsp;&nbsp;1047 | &nbsp;&nbsp;&nbsp;&nbsp; 1044888 |
| &nbsp;&nbsp;&nbsp;Series 2025-62, Class FM, 8.384%, (30-day SOFR Average + 4.20%), 4/20/55<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1947 | &nbsp;&nbsp;&nbsp;&nbsp; 2016082 |
| &nbsp;&nbsp;&nbsp;Series 2025-63, Class FT, 8.00%, (26.40% - 30-day SOFR Average x 4.00, Cap 8.00%), 4/20/55<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1961 | &nbsp;&nbsp;&nbsp;&nbsp; 2018468 |
| &nbsp;&nbsp;&nbsp;Series 2025-82, Class FL, 8.684%, (30-day SOFR Average + 4.50%), 5/20/55<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1969 | &nbsp;&nbsp;&nbsp;&nbsp; 2042106 |
| &nbsp;&nbsp;&nbsp;Series 2025-83, Class MU, 8.484%, (30-day SOFR Average + 4.30%), 4/20/55<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;982 | &nbsp;&nbsp;&nbsp;&nbsp; 1008455 |
| &nbsp;&nbsp;&nbsp;Series 2025-90, Class MB, 8.484%, (30-day SOFR Average + 4.30%), 5/20/55<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3929 | &nbsp;&nbsp;&nbsp;&nbsp; 4039136 |
| &nbsp;&nbsp;&nbsp;Series 2025-98, Class GT, 8.40%, (21.30% - 30-day SOFR Average x 3.00), 6/20/55<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3951 | &nbsp;&nbsp;&nbsp;&nbsp; 4157252 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Government National Mortgage Association: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-105, Class TM, 8.40%, (21.30% - 30-day SOFR Average x 3.00), 6/20/55<sup>(6)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;3951 | &nbsp;&nbsp;$4145683 |
| &nbsp;&nbsp;&nbsp;Series 2025-114, Class GT, 8.40%, (21.30% - 30-day SOFR Average x 3.00), 7/20/55<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3961 | &nbsp;&nbsp;&nbsp;&nbsp; 4155482 |
| &nbsp;&nbsp;&nbsp;Series 2025-139, Class MT, 7.484%, (30-day SOFR Average + 3.30%), 4/20/55<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1964 | &nbsp;&nbsp;&nbsp;&nbsp; 2004826 |
| &nbsp;&nbsp;&nbsp;Series 2025-174, Class TC, 7.60%, (26.40% - 30-day SOFR Average x 4.00), 10/20/55<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2082447 |
| Interest Only:<sup>(7)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Series 2013-66, Class IE, 0.05%, (6.636% - 1 mo. SOFR x 1.00, Cap 0.05%), 7/20/42<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5135 | &nbsp;&nbsp;&nbsp;&nbsp; 10355 |
| &nbsp;&nbsp;&nbsp;Series 2014-94, Class IC, 0.10%, (6.286% - 1 mo. SOFR x 1.00, Cap 0.10%), 9/20/35<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7019 | &nbsp;&nbsp;&nbsp;&nbsp; 20050 |
| &nbsp;&nbsp;&nbsp;Series 2014-100, Class VI, 0.15%, (6.486% - 1 mo. SOFR x 1.00, Cap 0.15%), 5/20/40<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3109 | &nbsp;&nbsp;&nbsp;&nbsp; 14716 |
| &nbsp;&nbsp;&nbsp;Series 2014-139, Class BI, 0.25%, (6.536% - 1 mo. SOFR x 1.00, Cap 0.25%), 11/20/37<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2451 | &nbsp;&nbsp;&nbsp;&nbsp; 12147 |
| &nbsp;&nbsp;&nbsp;Series 2018-127, Class SG, 2.105%, (6.136% - 1 mo. SOFR), 9/20/48<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2298 | &nbsp;&nbsp;&nbsp;&nbsp; 266455 |
| &nbsp;&nbsp;&nbsp;Series 2019-27, Class SA, 1.905%, (5.936% - 1 mo. SOFR), 2/20/49<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1564 | &nbsp;&nbsp;&nbsp;&nbsp; 174033 |
| &nbsp;&nbsp;&nbsp;Series 2019-38, Class SQ, 1.905%, (5.936% - 1 mo. SOFR), 3/20/49<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2063 | &nbsp;&nbsp;&nbsp;&nbsp; 241237 |
| &nbsp;&nbsp;&nbsp;Series 2019-43, Class BS, 1.905%, (5.936% - 1 mo. SOFR), 4/20/49<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2849 | &nbsp;&nbsp;&nbsp;&nbsp; 317156 |
| &nbsp;&nbsp;&nbsp;Series 2020-32, Class KI, 3.50%, 3/20/50 | &nbsp;&nbsp;&nbsp;&nbsp;3065 | &nbsp;&nbsp;&nbsp;&nbsp; 503031 |
| &nbsp;&nbsp;&nbsp;Series 2020-65, Class MI, 2.50%, 12/20/49 | &nbsp;&nbsp;&nbsp;&nbsp;2244 | &nbsp;&nbsp;&nbsp;&nbsp; 287872 |
| &nbsp;&nbsp;&nbsp;Series 2020-97, Class MI, 2.50%, 3/20/50 | &nbsp;&nbsp;&nbsp;&nbsp;1520 | &nbsp;&nbsp;&nbsp;&nbsp; 208507 |
| &nbsp;&nbsp;&nbsp;Series 2020-146, Class IQ, 2.00%, 10/20/50 | &nbsp;&nbsp;&nbsp;&nbsp;8948 | &nbsp;&nbsp;&nbsp;&nbsp; 1102485 |
| &nbsp;&nbsp;&nbsp;Series 2020-146, Class QI, 2.00%, 10/20/50 | &nbsp;&nbsp;&nbsp;&nbsp;4778 | &nbsp;&nbsp;&nbsp;&nbsp; 584861 |
| &nbsp;&nbsp;&nbsp;Series 2020-149, Class NI, 2.50%, 10/20/50 | &nbsp;&nbsp;&nbsp;&nbsp;9386 | &nbsp;&nbsp;&nbsp;&nbsp; 1488880 |
| &nbsp;&nbsp;&nbsp;Series 2020-165, Class UI, 2.00%, 11/20/50 | &nbsp;&nbsp;&nbsp;&nbsp;3931 | &nbsp;&nbsp;&nbsp;&nbsp; 496348 |
| &nbsp;&nbsp;&nbsp;Series 2020-167, Class KI, 2.00%, 11/20/50 | &nbsp;&nbsp;&nbsp;&nbsp;6163 | &nbsp;&nbsp;&nbsp;&nbsp; 761016 |
| &nbsp;&nbsp;&nbsp;Series 2020-167, Class YI, 2.00%, 11/20/50 | &nbsp;&nbsp;&nbsp;&nbsp;4989 | &nbsp;&nbsp;&nbsp;&nbsp; 646748 |
| &nbsp;&nbsp;&nbsp;Series 2020-173, Class DI, 2.00%, 11/20/50 | &nbsp;&nbsp;&nbsp;&nbsp;7416 | &nbsp;&nbsp;&nbsp;&nbsp; 960895 |
| &nbsp;&nbsp;&nbsp;Series 2020-181, Class TI, 2.00%, 12/20/50 | 12678 | &nbsp;&nbsp;&nbsp;&nbsp; 1650417 |
| &nbsp;&nbsp;&nbsp;Series 2021-23, Class TI, 2.50%, 2/20/51 | &nbsp;&nbsp;&nbsp;&nbsp;5999 | &nbsp;&nbsp;&nbsp;&nbsp; 931628 |
| &nbsp;&nbsp;&nbsp;Series 2021-56, Class SD, 0.00%, (2.30% - 30-day SOFR Average, Floor 0.00%), 9/20/50<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3769 | &nbsp;&nbsp;&nbsp;&nbsp; 24463 |
| &nbsp;&nbsp;&nbsp;Series 2021-114, Class MI, 3.00%, 6/20/51 | &nbsp;&nbsp;&nbsp;&nbsp;4046 | &nbsp;&nbsp;&nbsp;&nbsp; 673129 |
| &nbsp;&nbsp;&nbsp;Series 2021-122, Class NI, 3.00%, 7/20/51 | &nbsp;&nbsp;&nbsp;&nbsp;2783 | &nbsp;&nbsp;&nbsp;&nbsp; 468161 |
| &nbsp;&nbsp;&nbsp;Series 2021-125, Class SA, 0.00%, (3.636% - 1 mo. SOFR, Floor 0.00%), 7/20/51<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3419 | &nbsp;&nbsp;&nbsp;&nbsp; 88413 |
| &nbsp;&nbsp;&nbsp;Series 2021-131, Class QI, 3.00%, 7/20/51 | &nbsp;&nbsp;&nbsp;&nbsp;5123 | &nbsp;&nbsp;&nbsp;&nbsp; 645644 |
| &nbsp;&nbsp;&nbsp;Series 2021-140, Class YS, 0.00%, (1.586% - 1 mo. SOFR, Floor 0.00%), 8/20/51<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2892 | &nbsp;&nbsp;&nbsp;&nbsp; 7205 |
| &nbsp;&nbsp;&nbsp;Series 2021-175, Class AS, 0.00%, (1.686% - 1 mo. SOFR, Floor 0.00%), 10/20/51<sup>(6)</sup> | 14825 | &nbsp;&nbsp;&nbsp;&nbsp; 42004 |
| &nbsp;&nbsp;&nbsp;Series 2021-175, Class SB, 0.00%, (1.686% - 1 mo. SOFR, Floor 0.00%), 10/20/51<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7463 | &nbsp;&nbsp;&nbsp;&nbsp; 21085 |

---

*3*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_207706a5-ca43-4c92-92bc-46e454c1530e_TOC)

Eaton Vance

Government Opportunities Fund

October 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Interest Only: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-193, Class IU, 3.00%, 11/20/49 | $11237 | &nbsp;&nbsp;$1582274 |
| &nbsp;&nbsp;&nbsp;Series 2021-193, Class YS, 0.00%, (2.45% - 30-day SOFR Average, Floor 0.00%), 11/20/51<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7050 | &nbsp;&nbsp;&nbsp;&nbsp; 51403 |
| &nbsp;&nbsp;&nbsp;Series 2021-196, Class GI, 3.00%, 11/20/51 | &nbsp;&nbsp;&nbsp;&nbsp;5284 | &nbsp;&nbsp;&nbsp;&nbsp; 846032 |
| &nbsp;&nbsp;&nbsp;Series 2022-119, Class CS, 0.00%, (3.00% - 30-day SOFR Average, Floor 0.00%), 7/20/52<sup>(6)</sup> | 36679 | &nbsp;&nbsp;&nbsp;&nbsp; 227077 |
| &nbsp;&nbsp;&nbsp;Series 2022-126, Class AS, 0.00%, (3.69% - 30-day SOFR Average, Floor 0.00%), 7/20/52<sup>(6)</sup> | 10938 | &nbsp;&nbsp;&nbsp;&nbsp; 152817 |
| &nbsp;&nbsp;&nbsp;Series 2022-135, Class SA, 0.00%, (3.00% - 30-day SOFR Average, Floor 0.00%), 6/20/52<sup>(6)</sup> | 15251 | &nbsp;&nbsp;&nbsp;&nbsp; 124569 |
| &nbsp;&nbsp;&nbsp;Series 2023-13, Class SA, 1.216%, (5.40% - 30-day SOFR Average), 1/20/53<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3230 | &nbsp;&nbsp;&nbsp;&nbsp; 147582 |
| &nbsp;&nbsp;&nbsp;Series 2023-19, Class SD, 2.116%, (6.30% - 30-day SOFR Average), 2/20/53<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2768 | &nbsp;&nbsp;&nbsp;&nbsp; 176318 |
| &nbsp;&nbsp;&nbsp;Series 2023-20, Class HS, 2.116%, (6.30% - 30-day SOFR Average), 2/20/53<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2904 | &nbsp;&nbsp;&nbsp;&nbsp; 184538 |
| &nbsp;&nbsp;&nbsp;Series 2023-22, Class ES, 2.116%, (6.30% - 30-day SOFR Average), 2/20/53<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4389 | &nbsp;&nbsp;&nbsp;&nbsp; 278857 |
| &nbsp;&nbsp;&nbsp;Series 2023-22, Class SA, 1.516%, (5.70% - 30-day SOFR Average), 2/20/53<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;&nbsp; 97037 |
| &nbsp;&nbsp;&nbsp;Series 2023-24, Class SB, 0.966%, (5.15% - 30-day SOFR Average), 2/20/53<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8778 | &nbsp;&nbsp;&nbsp;&nbsp; 315146 |
| &nbsp;&nbsp;&nbsp;Series 2023-24, Class SG, 2.116%, (6.30% - 30-day SOFR Average), 2/20/53<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4389 | &nbsp;&nbsp;&nbsp;&nbsp; 278857 |
| &nbsp;&nbsp;&nbsp;Series 2023-32, Class SA, 2.116%, (6.30% - 30-day SOFR Average), 2/20/53<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8229 | &nbsp;&nbsp;&nbsp;&nbsp; 522857 |
| &nbsp;&nbsp;&nbsp;Series 2023-38, Class LS, 2.116%, (6.30% - 30-day SOFR Average), 3/20/53<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2722 | &nbsp;&nbsp;&nbsp;&nbsp; 169912 |
| &nbsp;&nbsp;&nbsp;Series 2023-47, Class HS, 2.116%, (6.30% - 30-day SOFR Average), 3/20/53<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;898 | &nbsp;&nbsp;&nbsp;&nbsp; 56071 |
| &nbsp;&nbsp;&nbsp;Series 2023-47, Class SC, 2.066%, (6.25% - 30-day SOFR Average), 3/20/53<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1366 | &nbsp;&nbsp;&nbsp;&nbsp; 83917 |
| &nbsp;&nbsp;&nbsp;Series 2023-89, Class SE, 1.866%, (6.05% - 30-day SOFR Average), 6/20/53<sup>(6)</sup> | 22629 | &nbsp;&nbsp;&nbsp;&nbsp; 1181097 |
| &nbsp;&nbsp;&nbsp;Series 2024-64, Class EI, 6.50%, 4/20/64 | &nbsp;&nbsp;&nbsp;&nbsp;3060 | &nbsp;&nbsp;&nbsp;&nbsp; 386828 |
| JPM Lending Facility, 10.984%, (SOFR + 7.00%), 7/15/29<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2888 | &nbsp;&nbsp;&nbsp;&nbsp; 2913482 |
| Mello Warehouse Securitization Trust, Series 2025-1, Class F, 10.491%, (1 mo. SOFR + 6.50%), 5/25/59<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2049830 |
| NYMT Loan Trust, Series 2024-BPL1, Class A1, 7.154% to 7/25/26, 2/25/29<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2010165 |
| Unison Trust, Series 2021-1, Class A, 6.50%, 4/25/50<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7867 | &nbsp;&nbsp;&nbsp;&nbsp; 7577279 |
| Total Collateralized Mortgage Obligations<br> (identified cost $296,643,493) |  | &nbsp;&nbsp;**$291362270** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Government National Mortgage Association Participation Agreements — 3.8%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Government National Mortgage Association Participation Agreements, 5.734%, 1/1/59<sup>(10)</sup> | $14754 | &nbsp;&nbsp;$14831217 |
| Total Government National Mortgage Association Participation Agreements<br> (identified cost $14,754,185) |  | &nbsp;&nbsp;**$14831217** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

U.S. Department of Agriculture Loans — 6.9%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| USDA Guaranteed Loans: |  |  |
| &nbsp;&nbsp;&nbsp;6.75%, (U.S. (Fed) Prime Rate - 0.50%), 2/16/43<sup>(4)</sup> | $11098 | &nbsp;&nbsp;$11100383 |
| &nbsp;&nbsp;&nbsp;6.75%, (U.S. (Fed) Prime Rate - 0.50%), 2/16/43<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4136 | &nbsp;&nbsp;&nbsp;&nbsp; 4136775 |
| &nbsp;&nbsp;&nbsp;6.75%, (U.S. (Fed) Prime Rate - 0.50%), 2/16/43<sup>(4)</sup> | 11456 | &nbsp;&nbsp;&nbsp;&nbsp; 11458326 |
| Total U.S. Department of Agriculture Loans<br> (identified cost $26,690,413) |  | &nbsp;&nbsp;**$26695484** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

U.S. Government Agency Commercial Mortgage-Backed Securities — 0.6%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| FRESB Mortgage Trust: |  |  |
| Interest Only:<sup>(7)</sup><br> Series 2021-SB91, Class X1, 0.56%, 8/25/41<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;4335 | &nbsp;&nbsp;$112946 |
| Government National Mortgage Association: |  |  |
| Interest Only:<sup>(7)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-101, Class IO, 0.676%, 4/16/63<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8559 | &nbsp;&nbsp;&nbsp;&nbsp; 440240 |
| &nbsp;&nbsp;&nbsp;Series 2021-132, Class IO, 0.72%, 4/16/63<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8324 | &nbsp;&nbsp;&nbsp;&nbsp; 448089 |
| &nbsp;&nbsp;&nbsp;Series 2021-144, Class IO, 0.823%, 4/16/63<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8116 | &nbsp;&nbsp;&nbsp;&nbsp; 499834 |
| &nbsp;&nbsp;&nbsp;Series 2021-186, Class IO, 0.763%, 5/16/63<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9124 | &nbsp;&nbsp;&nbsp;&nbsp; 494325 |
| &nbsp;&nbsp;&nbsp;Series 2022-3, Class IO, 0.64%, 2/16/61<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9290 | &nbsp;&nbsp;&nbsp;&nbsp; 450213 |
| Total U.S. Government Agency Commercial Mortgage-Backed Securities<br> (identified cost $2,916,080) |  | &nbsp;&nbsp;**$2445647** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

U.S. Government Agency Mortgage-Backed Securities — 61.0%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Federal Home Loan Mortgage Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;4.219%, (COF + 1.254%), with maturity at 2034<sup>(11)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;$38961 |

---

*4*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_207706a5-ca43-4c92-92bc-46e454c1530e_TOC)

Eaton Vance

Government Opportunities Fund

October 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Federal Home Loan Mortgage Corp.: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;4.417%, (COF + 1.254%), with maturity at 2035<sup>(11)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77 | &nbsp;&nbsp;$75237 |
| &nbsp;&nbsp;&nbsp;4.50%, with maturity at 2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356 | &nbsp;&nbsp;&nbsp;&nbsp; 352755 |
| &nbsp;&nbsp;&nbsp;5.00%, with maturity at 2052<sup>(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3812 | &nbsp;&nbsp;&nbsp;&nbsp; 3761072 |
| &nbsp;&nbsp;&nbsp;5.50%, with various maturities to 2052 | &nbsp;&nbsp;&nbsp;&nbsp;1327 | &nbsp;&nbsp;&nbsp;&nbsp; 1347531 |
| &nbsp;&nbsp;&nbsp;5.50%, with maturity at 2053<sup>(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1534 | &nbsp;&nbsp;&nbsp;&nbsp; 1562809 |
| &nbsp;&nbsp;&nbsp;6.00%, with maturity at 2052<sup>(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;833 | &nbsp;&nbsp;&nbsp;&nbsp; 858693 |
| &nbsp;&nbsp;&nbsp;6.00%, with various maturities to 2053 | &nbsp;&nbsp;&nbsp;&nbsp;3216 | &nbsp;&nbsp;&nbsp;&nbsp; 3304360 |
| &nbsp;&nbsp;&nbsp;6.431%, (1 yr. CMT + 2.238%), with maturity at 2036<sup>(11)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268 | &nbsp;&nbsp;&nbsp;&nbsp; 273584 |
| &nbsp;&nbsp;&nbsp;6.463%, (1 yr. CMT + 2.251%), with maturity at 2038<sup>(11)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241 | &nbsp;&nbsp;&nbsp;&nbsp; 246182 |
| &nbsp;&nbsp;&nbsp;6.50%, with various maturities to 2053 | &nbsp;&nbsp;&nbsp;&nbsp;1093 | &nbsp;&nbsp;&nbsp;&nbsp; 1144441 |
| &nbsp;&nbsp;&nbsp;9.00%, with maturity at 2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 81 |
| Federal National Mortgage Association: |  |  |
| &nbsp;&nbsp;&nbsp;4.206%, (COF + 1.25%), with maturity at 2026<sup>(11)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp; 17344 |
| &nbsp;&nbsp;&nbsp;4.21%, (COF + 1.254%), with various maturities to 2035<sup>(11)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133 | &nbsp;&nbsp;&nbsp;&nbsp; 129101 |
| &nbsp;&nbsp;&nbsp;4.219%, (COF + 1.254%), with maturity at 2034<sup>(11)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp; 15665 |
| &nbsp;&nbsp;&nbsp;4.222%, (COF + 1.274%), with maturity at 2033<sup>(11)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118 | &nbsp;&nbsp;&nbsp;&nbsp; 115947 |
| &nbsp;&nbsp;&nbsp;4.242%, (COF + 1.291%), with maturity at 2035<sup>(11)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 | &nbsp;&nbsp;&nbsp;&nbsp; 43530 |
| &nbsp;&nbsp;&nbsp;4.25%, (COF + 1.302%), with maturity at 2033<sup>(11)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71 | &nbsp;&nbsp;&nbsp;&nbsp; 69341 |
| &nbsp;&nbsp;&nbsp;4.438%, (COF + 1.261%), with maturity at 2036<sup>(11)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59 | &nbsp;&nbsp;&nbsp;&nbsp; 57366 |
| &nbsp;&nbsp;&nbsp;4.566%, (COF + 1.329%), with maturity at 2036<sup>(11)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102 | &nbsp;&nbsp;&nbsp;&nbsp; 99819 |
| &nbsp;&nbsp;&nbsp;4.656%, (COF + 1.259%), with maturity at 2036<sup>(11)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp; 12290 |
| &nbsp;&nbsp;&nbsp;4.818%, (COF + 1.853%), with maturity at 2034<sup>(11)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 | &nbsp;&nbsp;&nbsp;&nbsp; 70738 |
| &nbsp;&nbsp;&nbsp;4.956%, (COF + 1.74%), with maturity at 2035<sup>(11)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268 | &nbsp;&nbsp;&nbsp;&nbsp; 264306 |
| &nbsp;&nbsp;&nbsp;5.00%, with maturity at 2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp; 11618 |
| &nbsp;&nbsp;&nbsp;5.136%, (COF + 1.80%), with maturity at 2036<sup>(11)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;942 | &nbsp;&nbsp;&nbsp;&nbsp; 928306 |
| &nbsp;&nbsp;&nbsp;5.271%, (1 Yr. MTA + 1.164%), with maturity at 2044<sup>(11)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 119238 |
| &nbsp;&nbsp;&nbsp;5.50%, with various maturities to 2052 | &nbsp;&nbsp;&nbsp;&nbsp;3774 | &nbsp;&nbsp;&nbsp;&nbsp; 3850980 |
| &nbsp;&nbsp;&nbsp;6.00%, with various maturities to 2053<sup>(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4542 | &nbsp;&nbsp;&nbsp;&nbsp; 4680943 |
| &nbsp;&nbsp;&nbsp;6.00%, with various maturities to 2053 | &nbsp;&nbsp;&nbsp;&nbsp;2150 | &nbsp;&nbsp;&nbsp;&nbsp; 2207870 |
| &nbsp;&nbsp;&nbsp;6.208%, (1 yr. CMT + 2.083%), with maturity at 2040<sup>(11)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112 | &nbsp;&nbsp;&nbsp;&nbsp; 114637 |
| &nbsp;&nbsp;&nbsp;6.50%, with various maturities to 2053 | &nbsp;&nbsp;&nbsp;&nbsp;4583 | &nbsp;&nbsp;&nbsp;&nbsp; 4769603 |
| &nbsp;&nbsp;&nbsp;8.346%, with maturity at 2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 65 |
| &nbsp;&nbsp;&nbsp;8.50%, with maturity at 2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp; 23177 |
| Government National Mortgage Association: |  |  |
| &nbsp;&nbsp;&nbsp;3.50%, with maturity at 2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433 | &nbsp;&nbsp;&nbsp;&nbsp; 398715 |
| &nbsp;&nbsp;&nbsp;4.00%, with various maturities to 2049 | &nbsp;&nbsp;&nbsp;&nbsp;1104 | &nbsp;&nbsp;&nbsp;&nbsp; 1051120 |
| &nbsp;&nbsp;&nbsp;4.50%, with various maturities to 2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314 | &nbsp;&nbsp;&nbsp;&nbsp; 309548 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Government National Mortgage Association: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;4.75%, (1 yr. CMT + 1.50%), with maturity at 2027<sup>(11)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;$16514 |
| &nbsp;&nbsp;&nbsp;5.00%, (1 yr. CMT + 1.50%), with maturity at 2026<sup>(11)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp; 6340 |
| &nbsp;&nbsp;&nbsp;5.00%, with various maturities to 2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;821 | &nbsp;&nbsp;&nbsp;&nbsp; 826359 |
| &nbsp;&nbsp;&nbsp;5.00%, with various maturities to 2052<sup>(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7477 | &nbsp;&nbsp;&nbsp;&nbsp; 7520583 |
| &nbsp;&nbsp;&nbsp;5.50%, with various maturities to 2062<sup>(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7715 | &nbsp;&nbsp;&nbsp;&nbsp; 7863504 |
| &nbsp;&nbsp;&nbsp;5.50%, with various maturities to 2063 | 24358 | &nbsp;&nbsp;&nbsp;&nbsp; 24813595 |
| &nbsp;&nbsp;&nbsp;6.00%, with various maturities to 2054<sup>(9)</sup> | 14670 | &nbsp;&nbsp;&nbsp;&nbsp; 15183820 |
| &nbsp;&nbsp;&nbsp;6.00%, with various maturities to 2063 | 31986 | &nbsp;&nbsp;&nbsp;&nbsp; 33057118 |
| &nbsp;&nbsp;&nbsp;6.50%, with various maturities to 2063<sup>(9)</sup> | 13877 | &nbsp;&nbsp;&nbsp;&nbsp; 14562347 |
| &nbsp;&nbsp;&nbsp;6.50%, with various maturities to 2063 | 17684 | &nbsp;&nbsp;&nbsp;&nbsp; 18304570 |
| &nbsp;&nbsp;&nbsp;7.00%, with various maturities to 2062 | 14654 | &nbsp;&nbsp;&nbsp;&nbsp; 15246020 |
| &nbsp;&nbsp;&nbsp;7.50%, with various maturities to 2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527 | &nbsp;&nbsp;&nbsp;&nbsp; 546343 |
| Uniform Mortgage-Backed Security: |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 30-Year, TBA<sup>(12)</sup> | 31480 | &nbsp;&nbsp;&nbsp;&nbsp; 27896691 |
| &nbsp;&nbsp;&nbsp;5.00%, 30-Year, TBA<sup>(12)</sup> | 17800 | &nbsp;&nbsp;&nbsp;&nbsp; 17715171 |
| &nbsp;&nbsp;&nbsp;5.50%, 30-Year, TBA<sup>(12)</sup> | 21000 | &nbsp;&nbsp;&nbsp;&nbsp; 21221484 |
| Total U.S. Government Agency Mortgage-Backed Securities<br> (identified cost $234,968,947) |  | &nbsp;&nbsp;**$237107432** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

U.S. Government Guaranteed Small Business Administration Loans — 0.1%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| SBA IO Trust: |  |  |
| Interest Only:<sup>(13)(14)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Series 2018-4, Class A, 1.699%, 2/25/44<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;9932 | &nbsp;&nbsp;$395666 |
| Total U.S. Government Guaranteed Small Business Administration Loans<br> (identified cost $3,818,089) |  | &nbsp;&nbsp;**$395666** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Short-Term Investments — 1.1%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| U.S. Treasury Bills: |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 11/12/25<sup>(15)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;1240 | &nbsp;&nbsp;$1238812 |
| &nbsp;&nbsp;&nbsp;0.00%, 4/2/26<sup>(15)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3060 | &nbsp;&nbsp;&nbsp;&nbsp; 3012695 |
| Total Short-Term Investments<br> (identified cost $4,251,064) |  | &nbsp;&nbsp;**$4251507** |

---

*5*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_207706a5-ca43-4c92-92bc-46e454c1530e_TOC)

Eaton Vance

Government Opportunities Fund

October 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Total Purchased Swaptions — 0.0%<sup>†</sup><br> (identified cost $71,620) |  | &nbsp;&nbsp;**$77448** |
| Total Investments — 151.8%<br> (identified cost $596,046,058) |  | &nbsp;&nbsp;**$590092216** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| TBA Sale Commitments — (7.3)% |
| U.S. Government Agency Mortgage-Backed Securities — (7.3)% |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Government National Mortgage Association, 3.00%, 30-Year, TBA<sup>(12)</sup> | $(31480) | &nbsp;&nbsp;$(28304606) |
| Total U.S. Government Agency Mortgage-Backed Securities<br> (proceeds $28,542,879) |  | &nbsp;&nbsp;**$(28304606)** |
| Total TBA Sale Commitments<br> (proceeds $28,542,879) |  | &nbsp;&nbsp;**$(28304606)** |
| Other Assets, Less Liabilities — (44.5)% |  | &nbsp;&nbsp;**$(172983820)** |
| Net Assets — 100.0% |  | &nbsp;&nbsp;**$388803790** |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | The percentage shown for each investment category in the Portfolio of Investments is based on net assets. |
| <sup>†</sup> | Amount is less than 0.05% or (0.05)%, as applicable. |
| <sup>(1)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At October 31, 2025, the aggregate value of these securities is $44,224,050 or 11.4% of the Fund's net assets. |
| <sup>(2)</sup> | Weighted average fixed-rate coupon that changes/updates monthly. Rate shown is the rate at October 31, 2025. |

---

<sup>(3)</sup> Step coupon security. Interest rate represents the rate in effect at October 31, 2025.

<sup>(4)</sup> Variable rate security. The stated interest rate represents the rate in effect at October 31, 2025.

<sup>(5)</sup> Principal amount is less than $500.

<sup>(6)</sup> 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 October 31, 2025.

<sup>(7)</sup> 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.

<sup>(8)</sup> Principal only security that entitles the holder to receive only principal payments on the underlying mortgages.

<sup>(9)</sup> Security (or a portion thereof) has been pledged for the benefit of the counterparty for reverse repurchase agreements.

<sup>(10)</sup> Represents a participation interest, through a participation agreement with a financial institution, in mortgage loans guaranteed by Government National Mortgage Association.

<sup>(11)</sup> Adjustable rate mortgage security whose interest rate generally adjusts monthly based on a weighted average of interest rates on the underlying mortgages. The coupon rate may not reflect the applicable index value as interest rates on the underlying mortgages may adjust on various dates and at various intervals and may be subject to lifetime ceilings and lifetime floors and lookback periods. Rate shown is the coupon rate at October 31, 2025.

<sup>(12)</sup> TBA (To Be Announced) securities are purchased or sold on a forward commitment basis with an approximate principal amount and maturity date. The actual principal amount, which is not expected to differ significantly from the commitment amount, and maturity date are determined upon settlement.

<sup>(13)</sup> Interest only security that entitles the holder to receive only a portion of the interest payments on the underlying loans. Principal amount shown is the notional amount of the underlying loans on which coupon interest is calculated.

<sup>(14)</sup> The stated interest rate represents the weighted average fixed interest rate at October 31, 2025, of all interest only securities comprising the trust.

<sup>(15)</sup> Security (or a portion thereof) has been pledged to cover collateral requirements on open derivative contracts.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Purchased Interest Rate Swaptions (OTC) — 0.0%<sup>†</sup>** | **Purchased Interest Rate Swaptions (OTC) — 0.0%<sup>†</sup>** | **Purchased Interest Rate Swaptions (OTC) — 0.0%<sup>†</sup>** | **Purchased Interest Rate Swaptions (OTC) — 0.0%<sup>†</sup>** | **Purchased Interest Rate Swaptions (OTC) — 0.0%<sup>†</sup>** | **Purchased Interest Rate Swaptions (OTC) — 0.0%<sup>†</sup>** |
| **Description** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Notional Amount** | &nbsp;&nbsp;**Notional Amount** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Value** |
| Option to enter into interest rate swap expiring 5/6/28 to pay 3.64% and receive SOFR | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp;28000000 | &nbsp;&nbsp;5/4/26 | &nbsp;&nbsp;$77448 |
| **Total** |  |  |  |  | &nbsp;&nbsp;**$77448** |

---

---

| | |
|:---|:---|
| <sup>†</sup> | Amount is less than 0.05% or (0.05)%, as applicable. |

---

*6*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_207706a5-ca43-4c92-92bc-46e454c1530e_TOC)

Eaton Vance

Government Opportunities Fund

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** |
| **Description** | &nbsp;&nbsp;&nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Position** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> Appreciation<br> (Depreciation)** |
| **Interest Rate Futures** |  |  |  |  |  |
| U.S. 5-Year Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;1405 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;12/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;$153441368 | &nbsp;&nbsp;&nbsp;&nbsp;$185520 |
| U.S. Ultra-Long Treasury Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4972531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23226 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**$208746** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swaps (Centrally Cleared)** | **Interest Rate Swaps (Centrally Cleared)** | **Interest Rate Swaps (Centrally Cleared)** | **Interest Rate Swaps (Centrally Cleared)** | **Interest Rate Swaps (Centrally Cleared)** | **Interest Rate Swaps (Centrally Cleared)** | **Interest Rate Swaps (Centrally Cleared)** | **Interest Rate Swaps (Centrally Cleared)** | **Interest Rate Swaps (Centrally Cleared)** |
| **Notional Amount<br> (000's omitted)** | **Notional Amount<br> (000's omitted)** | **Fund<br> Pays/<br> Receives<br> Floating<br> Rate** | **Floating Rate** | **Annual<br> Fixed Rate** | **Termination<br> Date** | **Value** | **Unamortized<br> Upfront<br> Receipts<br> (Payments)** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| USD | 14230 | Receives | SOFR<br> (pays annually) | 3.76%<br> (pays annually) | 4/12/55 | $528913 | $— | $528913 |
| **Total** |  |  |  |  |  | **$528913** | **$—** | **$528913** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit Default Swaps - Sell Protection (OTC)** | **Credit Default Swaps - Sell Protection (OTC)** | **Credit Default Swaps - Sell Protection (OTC)** | **Credit Default Swaps - Sell Protection (OTC)** | **Credit Default Swaps - Sell Protection (OTC)** | **Credit Default Swaps - Sell Protection (OTC)** | **Credit Default Swaps - Sell Protection (OTC)** | **Credit Default Swaps - Sell Protection (OTC)** |
| **Reference Entity** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Notional<br> Amount\*<br> (000's omitted)** | &nbsp;&nbsp;**Current<br> Market<br> Annual<br> Fixed Rate\*\*\*** | &nbsp;&nbsp;**Termination<br> Date** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**Unamortized<br> Upfront<br> Receipts<br> (Payments)** | &nbsp;&nbsp;**Unrealized<br> Appreciation<br> (Depreciation)** |
| U.S. Land Banking | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;$3000 &nbsp;&nbsp;5.50%<br> (pays monthly)<sup>(1)</sup> | &nbsp;&nbsp;5.46% | &nbsp;&nbsp;10/10/29 | &nbsp;&nbsp;$13953 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$13953 |
| U.S. Single Family Rental | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;&nbsp;&nbsp;1683 &nbsp;&nbsp;7.85%<br> (pays monthly)<sup>(1)</sup> | &nbsp;&nbsp;7.68 | &nbsp;&nbsp; 3/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;27975 | &nbsp;&nbsp;&nbsp;&nbsp;1986 | &nbsp;&nbsp;&nbsp;&nbsp;29961 |
| **Total** |  | &nbsp;&nbsp;**$4683** |  |  | &nbsp;&nbsp;**$41928** | &nbsp;&nbsp;**$1986** | &nbsp;&nbsp;**$43914** |

---

\* If the Fund is the seller of credit protection, the notional amount is the maximum potential amount of future payments the Fund could be required to make if a credit event, as defined in the credit default swap agreement, were to occur. At October 31, 2025, such maximum potential amount for all open credit default swaps in which the Fund is the seller was $4,683,000.

\*\* The contract annual fixed rate represents the fixed rate of interest received by the Fund (as a seller of protection) or paid by the Fund (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.

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

*7*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_207706a5-ca43-4c92-92bc-46e454c1530e_TOC)

Eaton Vance

Government Opportunities Fund

October 31, 2025

Portfolio of Investments — continued

------

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| CMT | – Constant Maturity Treasury |
| COF | – Cost of Funds 11th District |
| MTA | – Monthly Treasury Average |
| OTC | – Over-the-counter |
| SOFR | – Secured Overnight Financing Rate |
| STACR | – Structured Agency Credit Risk |
| TBA | – To Be Announced |

---

---

| | |
|:---|:---|
| **Currency Abbreviations:** | **Currency Abbreviations:** |
| USD | – United States Dollar |

---

*8*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_207706a5-ca43-4c92-92bc-46e454c1530e_TOC)

Eaton Vance

Government Opportunities Fund

October 31, 2025

Statement of Assets and Liabilities

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**October 31, 2025** |
| Assets |  |
| Investments, at value (identified cost $596,046,058) | &nbsp;&nbsp;$590092216 |
| Deposits for reverse repurchase agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290000 |
| Deposits for derivatives collateral: |  |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1967400 |
| &nbsp;&nbsp;&nbsp;Centrally cleared swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1349900 |
| &nbsp;&nbsp;&nbsp;OTC swaptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71000 |
| Interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2726509 |
| Dividends receivable from affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12542 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30473777 |
| Receivable for TBA sale commitments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28542879 |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616439 |
| Receivable for variation margin on open centrally cleared swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71910 |
| Receivable for open OTC swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43914 |
| Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171661 |
| **Total assets** | &nbsp;&nbsp;**$656430147** |
| Liabilities |  |
| Cash collateral due to brokers | &nbsp;&nbsp;$361000 |
| Payable for reverse repurchase agreements, including accrued interest of $17,119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135256035 |
| Payable for forward commitment securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97545886 |
| Payable for investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3281376 |
| TBA sale commitments, at value (proceeds receivable $28,542,879) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28304606 |
| Payable for Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1213071 |
| Payable for variation margin on open futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20483 |
| Upfront receipts on open OTC swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1986 |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48483 |
| Due to custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;882630 |
| Payable to affiliates: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment adviser fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215288 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39303 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agency fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10461 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2039 |
| &nbsp;&nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171661 |
| &nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51005 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221044 |
| **Total liabilities** | &nbsp;&nbsp;**$267626357** |
| **Net Assets** | &nbsp;&nbsp;**$388803790** |
| Sources of Net Assets |  |
| Paid-in capital | &nbsp;&nbsp;$501264125 |
| Accumulated loss | &nbsp;&nbsp;&nbsp;&nbsp;(112460335) |
| **Net Assets** | &nbsp;&nbsp;**$388803790** |
| Class A Shares |  |
| **Net Assets** | &nbsp;&nbsp;$103613294 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19164447 |
| **Net Asset Value and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$5.41 |
| **Maximum Offering Price Per Share<br> (100 ÷ 96.75 of net asset value per share)** | &nbsp;&nbsp;$5.59 |
| Class C Shares |  |
| **Net Assets** | &nbsp;&nbsp;$7060591 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1307933 |
| **Net Asset Value and Offering Price Per Share\*<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$5.40 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_207706a5-ca43-4c92-92bc-46e454c1530e_TOC)

Eaton Vance

Government Opportunities Fund

October 31, 2025

Statement of Assets and Liabilities — continued

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**October 31, 2025** |
| Class I Shares |  |
| **Net Assets** | &nbsp;&nbsp;$251148824 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46486544 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$5.40 |
| Class R Shares |  |
| **Net Assets** | &nbsp;&nbsp;$26981081 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5009129 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$5.39 |

---

---

| | |
|:---|:---|
| On sales of $100,000 or more, the offering price of Class A shares is reduced. | On sales of $100,000 or more, the offering price of Class A shares is reduced. |
| \* | Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge. |

---

*10*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_207706a5-ca43-4c92-92bc-46e454c1530e_TOC)

Eaton Vance

Government Opportunities Fund

October 31, 2025

Statement of Operations

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended** |
|  | &nbsp;&nbsp;&nbsp;**October 31, 2025** |
| Investment Income |  |
| Dividend income from affiliated investments | &nbsp;&nbsp;$164558 |
| Interest income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28490226 |
| **Total investment income** | &nbsp;&nbsp;**$28654784** |
| Expenses |  |
| Investment adviser fee | &nbsp;&nbsp;$2371213 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259499 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63212 |
| &nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139670 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23311 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205414 |
| Transfer and dividend disbursing agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286004 |
| Legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162604 |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63073 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73726 |
| Interest expense and fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6255514 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45361 |
| **Total expenses** | &nbsp;&nbsp;**$9948601** |
| Deduct: |  |
| &nbsp;&nbsp;&nbsp;Waiver and/or reimbursement of expenses by affiliates | &nbsp;&nbsp;$317934 |
| **Total expense reductions** | &nbsp;&nbsp;**$317934** |
| **Net expenses** | &nbsp;&nbsp;**$9630667** |
| **Net investment income** | &nbsp;&nbsp;**$19024117** |
| Realized and Unrealized Gain (Loss) |  |
| Net realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;Investment transactions | &nbsp;&nbsp;$(11162075) |
| &nbsp;&nbsp;&nbsp;Written swaptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(148465) |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1851221) |
| &nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6274322 |
| **Net realized loss** | &nbsp;&nbsp;**$(6887439)** |
| Change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;$19471721 |
| &nbsp;&nbsp;&nbsp;TBA sale commitments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(101082) |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4440179 |
| &nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4652770) |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$19158048** |
| **Net realized and unrealized gain** | &nbsp;&nbsp;**$12270609** |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$31294726** |

---

*11*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_207706a5-ca43-4c92-92bc-46e454c1530e_TOC)

Eaton Vance

Government Opportunities Fund

October 31, 2025

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
|  | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$19024117 | &nbsp;&nbsp;$17497089 |
| &nbsp;&nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6887439) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2608421) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19158048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18312482 |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$31294726** | &nbsp;&nbsp;**$33201150** |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(5592211) | &nbsp;&nbsp;$(5516424) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(294500) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(264877) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12799795) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12812887) |
| &nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1438634) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1547250) |
| **Total distributions to shareholders** | &nbsp;&nbsp;**$(20125140)** | &nbsp;&nbsp;**$(20141438)** |
| Tax return of capital to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(122273) | &nbsp;&nbsp;$(568326) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6482) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27510) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(282328) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1285460) |
| &nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31554) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(158095) |
| **Total tax return of capital to shareholders** | &nbsp;&nbsp;**$(442637)** | &nbsp;&nbsp;**$(2039391)** |
| Transactions in shares of beneficial interest: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(6409036) | &nbsp;&nbsp;$(3307601) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253248 |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16512676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42371836) |
| &nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2721046) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4446224) |
| **Net increase (decrease) in net assets from Fund share transactions** | &nbsp;&nbsp;**$7938905** | &nbsp;&nbsp;**$(49872413)** |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;**$18665854** | &nbsp;&nbsp;**$(38852092)** |
| Net Assets |  |  |
| At beginning of year | &nbsp;&nbsp;$370137936 | &nbsp;&nbsp;$408990028 |
| **At end of year** | &nbsp;&nbsp;**$388803790** | &nbsp;&nbsp;**$370137936** |

---

*12*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_207706a5-ca43-4c92-92bc-46e454c1530e_TOC)

Eaton Vance

Government Opportunities Fund

October 31, 2025

Statement of Cash Flows

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended** |
|  | &nbsp;&nbsp;&nbsp;**October 31, 2025** |
| Cash Flows From Operating Activities |  |
| Net increase in net assets from operations | &nbsp;&nbsp;$31294726 |
| Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities: |  |
| &nbsp;&nbsp;&nbsp;Investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;(1281422268) |
| &nbsp;&nbsp;&nbsp;Investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1265300355 |
| &nbsp;&nbsp;&nbsp;Increase in short-term investments, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(321308) |
| &nbsp;&nbsp;&nbsp;Net amortization/accretion of premium (discount) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5005710 |
| &nbsp;&nbsp;&nbsp;Decrease in interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474477 |
| &nbsp;&nbsp;&nbsp;Increase in dividends receivable from affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1272) |
| &nbsp;&nbsp;&nbsp;Increase in receivable for variation margin on open centrally cleared swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11906) |
| &nbsp;&nbsp;&nbsp;Increase in receivable for open swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40630) |
| &nbsp;&nbsp;&nbsp;Increase in Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5867) |
| &nbsp;&nbsp;&nbsp;Decrease in receivable from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6815 |
| &nbsp;&nbsp;&nbsp;Increase in cash collateral due to brokers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361000 |
| &nbsp;&nbsp;&nbsp;Decrease in payable for variation margin on open futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(362111) |
| &nbsp;&nbsp;&nbsp;Increase in upfront receipts on open OTC swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195 |
| &nbsp;&nbsp;&nbsp;Increase in payable to affiliates for investment adviser fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8768 |
| &nbsp;&nbsp;&nbsp;Increase in payable to affiliates for sub-transfer agency fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10461 |
| &nbsp;&nbsp;&nbsp;Decrease in payable to affiliates for Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(322) |
| &nbsp;&nbsp;&nbsp;Decrease in payable to affiliates for distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1477) |
| &nbsp;&nbsp;&nbsp;Increase in payable to affiliates for Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5867 |
| &nbsp;&nbsp;&nbsp;Increase in payable to affiliates for other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51005 |
| &nbsp;&nbsp;&nbsp;Decrease in accrued interest on reverse repurchase agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(641529) |
| &nbsp;&nbsp;&nbsp;Decrease in accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(81992) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) depreciation from investments, including TBA sale commitments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19370639) |
| &nbsp;&nbsp;&nbsp;Net realized loss from investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11162075 |
| **Net cash provided by operating activities** | &nbsp;&nbsp;**$11420133** |
| Cash Flows From Financing Activities |  |
| Cash distributions paid | &nbsp;&nbsp;$(578432) |
| Proceeds from Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142457061 |
| Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(154026958) |
| Decrease in reverse repurchase agreements, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2976564) |
| Increase in due to custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;882630 |
| **Net cash used in financing activities** | &nbsp;&nbsp;**$(14242263)** |
| **Net decrease in cash and restricted cash** | &nbsp;&nbsp;**$(2822130)** |
| **Cash and restricted cash at beginning of year** | &nbsp;&nbsp;**$6500430** |
| **Cash and restricted cash at end of year** | &nbsp;&nbsp;**$3678300** |
| Supplemental disclosure of cash flow information: |  |
| Noncash financing activities not included herein consist of: |  |
| &nbsp;&nbsp;&nbsp;Reinvestment of dividends and distributions | &nbsp;&nbsp;$19996717 |
| Cash paid for interest and fees on borrowings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6897720 |

---

*13*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_207706a5-ca43-4c92-92bc-46e454c1530e_TOC)

Eaton Vance

Government Opportunities Fund

October 31, 2025

Statement of Cash Flows — continued

------

The following table provides a reconciliation of cash and restricted cash reported within the Statement of Assets and Liabilities that sum to the total of such amounts shown on the Statement of Cash Flows.

---

| | |
|:---|:---|
| | &nbsp;&nbsp;&nbsp;**October 31, 2025** |
| Deposits for derivatives collateral: |  |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;$1967400 |
| &nbsp;&nbsp;&nbsp;Centrally cleared swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;1349900 |
| &nbsp;&nbsp;&nbsp;OTC swaptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71000 |
| Deposits for reverse repurchase agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290000 |
| **Total cash and restricted cash as shown on the Statement of Cash Flows** | &nbsp;&nbsp;**$3678300** |

---

*14*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_207706a5-ca43-4c92-92bc-46e454c1530e_TOC)

Eaton Vance

Government Opportunities Fund

October 31, 2025

Financial Highlights

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$5.24 | &nbsp;&nbsp;$5.12 | &nbsp;&nbsp;$5.51 | &nbsp;&nbsp;$6.03 | &nbsp;&nbsp;$6.18 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.27 | &nbsp;&nbsp;$0.24 | &nbsp;&nbsp;$0.23 | &nbsp;&nbsp;$0.12 | &nbsp;&nbsp;$0.12 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.46** | &nbsp;&nbsp;**$0.42** | &nbsp;&nbsp;**$(0.10)** | &nbsp;&nbsp;**$(0.39)** | &nbsp;&nbsp;**$(0.04)** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.28) | &nbsp;&nbsp;$(0.27) | &nbsp;&nbsp;$(0.28) | &nbsp;&nbsp;$(0.12) | &nbsp;&nbsp;$(0.11) |
| Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total distributions** | &nbsp;&nbsp;**$(0.29)** | &nbsp;&nbsp;**$(0.30)** | &nbsp;&nbsp;**$(0.29)** | &nbsp;&nbsp;**$(0.13)** | &nbsp;&nbsp;**$(0.11)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$5.41** | &nbsp;&nbsp;**$5.24** | &nbsp;&nbsp;**$5.12** | &nbsp;&nbsp;**$5.51** | &nbsp;&nbsp;**$6.03** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.85%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.27%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1.89)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(6.63)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.66)%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$103613 | &nbsp;&nbsp;$106831 | &nbsp;&nbsp;$107556 | &nbsp;&nbsp;$136321 | &nbsp;&nbsp;$163208 |
| Ratios (as a percentage of average daily net assets):<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.85%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.85%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.76%<sup>(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.78%<sup>(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38%<sup>(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.91% |
| Portfolio Turnover<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;796% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

<sup>(3)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(4)</sup> Includes interest expense, including on reverse repurchase agreements, of 1.71%, 1.73% and 0.33% of average daily net assets for the years ended October 31, 2025, 2024, and 2023, respectively.

<sup>(5)</sup> Includes a reduction by the investment adviser of a portion of its adviser fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.005%, less than 0.005%, less than 0.01% and less than 0.005% of average daily net assets for the years ended October 31, 2025, 2024, 2023 and 2022, respectively).

<sup>(6)</sup> Includes the effect of To Be Announced (TBA) transactions.

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_207706a5-ca43-4c92-92bc-46e454c1530e_TOC)

Eaton Vance

Government Opportunities Fund

October 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$5.24 | &nbsp;&nbsp;$5.11 | &nbsp;&nbsp;$5.50 | &nbsp;&nbsp;$6.02 | &nbsp;&nbsp;$6.17 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.23 | &nbsp;&nbsp;$0.20 | &nbsp;&nbsp;$0.19 | &nbsp;&nbsp;$0.07 | &nbsp;&nbsp;$0.07 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;(0.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.41** | &nbsp;&nbsp;**$0.39** | &nbsp;&nbsp;**$(0.14)** | &nbsp;&nbsp;**$(0.44)** | &nbsp;&nbsp;**$(0.09)** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.24) | &nbsp;&nbsp;$(0.24) | &nbsp;&nbsp;$(0.23) | &nbsp;&nbsp;$(0.07) | &nbsp;&nbsp;$(0.06) |
| Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total distributions** | &nbsp;&nbsp;**$(0.25)** | &nbsp;&nbsp;**$(0.26)** | &nbsp;&nbsp;**$(0.25)** | &nbsp;&nbsp;**$(0.08)** | &nbsp;&nbsp;**$(0.06)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$5.40** | &nbsp;&nbsp;**$5.24** | &nbsp;&nbsp;**$5.11** | &nbsp;&nbsp;**$5.50** | &nbsp;&nbsp;**$6.02** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.05%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.65%** | &nbsp;&nbsp;&nbsp;&nbsp;**(2.64)%** | &nbsp;&nbsp;&nbsp;&nbsp;**(7.34)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1.41)%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$7061 | &nbsp;&nbsp;$6310 | &nbsp;&nbsp;$5942 | &nbsp;&nbsp;$6980 | &nbsp;&nbsp;$11756 |
| Ratios (as a percentage of average daily net assets):<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.51%<sup>(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.53%<sup>(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14%<sup>(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17% |
| Portfolio Turnover<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;796% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

<sup>(3)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(4)</sup> Includes interest expense, including on reverse repurchase agreements, of 1.71%, 1.73% and 0.33% of average daily net assets for the years ended October 31, 2025, 2024, and 2023, respectively.

<sup>(5)</sup> Includes a reduction by the investment adviser of a portion of its adviser fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.005%, less than 0.005%, less than 0.01% and less than 0.005% of average daily net assets for the years ended October 31, 2025, 2024, 2023 and 2022, respectively).

<sup>(6)</sup> Includes the effect of To Be Announced (TBA) transactions.

*16*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_207706a5-ca43-4c92-92bc-46e454c1530e_TOC)

Eaton Vance

Government Opportunities Fund

October 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$5.24 | &nbsp;&nbsp;$5.12 | &nbsp;&nbsp;$5.51 | &nbsp;&nbsp;$6.03 | &nbsp;&nbsp;$6.17 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.28 | &nbsp;&nbsp;$0.25 | &nbsp;&nbsp;$0.24 | &nbsp;&nbsp;$0.13 | &nbsp;&nbsp;$0.14 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.47** | &nbsp;&nbsp;**$0.43** | &nbsp;&nbsp;**$(0.08)** | &nbsp;&nbsp;**$(0.38)** | &nbsp;&nbsp;**$(0.01)** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.30) | &nbsp;&nbsp;$(0.28) | &nbsp;&nbsp;$(0.29) | &nbsp;&nbsp;$(0.13) | &nbsp;&nbsp;$(0.13) |
| Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total distributions** | &nbsp;&nbsp;**$(0.31)** | &nbsp;&nbsp;**$(0.31)** | &nbsp;&nbsp;**$(0.31)** | &nbsp;&nbsp;**$(0.14)** | &nbsp;&nbsp;**$(0.13)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$5.40** | &nbsp;&nbsp;**$5.24** | &nbsp;&nbsp;**$5.12** | &nbsp;&nbsp;**$5.51** | &nbsp;&nbsp;**$6.03** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.13%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.56%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1.63)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(6.40)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.25)%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$251149 | &nbsp;&nbsp;$228120 | &nbsp;&nbsp;$263008 | &nbsp;&nbsp;$231855 | &nbsp;&nbsp;$222307 |
| Ratios (as a percentage of average daily net assets):<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.60%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.60%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.51%<sup>(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.53%<sup>(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15%<sup>(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17% |
| Portfolio Turnover<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;796% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

<sup>(3)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(4)</sup> Includes interest expense, including on reverse repurchase agreements, of 1.71%, 1.73% and 0.33% of average daily net assets for the years ended October 31, 2025, 2024, and 2023, respectively.

<sup>(5)</sup> Includes a reduction by the investment adviser of a portion of its adviser fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.005%, less than 0.005%, less than 0.01% and less than 0.005% of average daily net assets for the years ended October 31, 2025, 2024, 2023 and 2022, respectively).

<sup>(6)</sup> Includes the effect of To Be Announced (TBA) transactions.

*17*

*See Notes to Financial Statements.*

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[**Table of Contents**](#JOB_EV_AR_207706a5-ca43-4c92-92bc-46e454c1530e_TOC)

Eaton Vance

Government Opportunities Fund

October 31, 2025

Financial Highlights — continued

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class R** | &nbsp;&nbsp;&nbsp;**Class R** | &nbsp;&nbsp;&nbsp;**Class R** | &nbsp;&nbsp;&nbsp;**Class R** | &nbsp;&nbsp;&nbsp;**Class R** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$5.22 | &nbsp;&nbsp;$5.10 | &nbsp;&nbsp;$5.49 | &nbsp;&nbsp;$6.01 | &nbsp;&nbsp;$6.15 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.26 | &nbsp;&nbsp;$0.22 | &nbsp;&nbsp;$0.21 | &nbsp;&nbsp;$0.11 | &nbsp;&nbsp;$0.10 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.45** | &nbsp;&nbsp;**$0.40** | &nbsp;&nbsp;**$(0.11)** | &nbsp;&nbsp;**$(0.41)** | &nbsp;&nbsp;**$(0.05)** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.27) | &nbsp;&nbsp;$(0.25) | &nbsp;&nbsp;$(0.26) | &nbsp;&nbsp;$(0.10) | &nbsp;&nbsp;$(0.09) |
| Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total distributions** | &nbsp;&nbsp;**$(0.28)** | &nbsp;&nbsp;**$(0.28)** | &nbsp;&nbsp;**$(0.28)** | &nbsp;&nbsp;**$(0.11)** | &nbsp;&nbsp;**$(0.09)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$5.39** | &nbsp;&nbsp;**$5.22** | &nbsp;&nbsp;**$5.10** | &nbsp;&nbsp;**$5.49** | &nbsp;&nbsp;**$6.01** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.60%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.99%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2.17)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(6.90)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.75)%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$26981 | &nbsp;&nbsp;$28877 | &nbsp;&nbsp;$32485 | &nbsp;&nbsp;$46245 | &nbsp;&nbsp;$52503 |
| Ratios (as a percentage of average daily net assets):<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.68%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.01%<sup>(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.03%<sup>(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63%<sup>(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66% |
| Portfolio Turnover<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;796% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

<sup>(3)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(4)</sup> Includes interest expense, including on reverse repurchase agreements, of 1.71%, 1.73% and 0.33% of average daily net assets for the years ended October 31, 2025, 2024, and 2023, respectively.

<sup>(5)</sup> Includes a reduction by the investment adviser of a portion of its adviser fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.005%, less than 0.005%, less than 0.01% and less than 0.005% of average daily net assets for the years ended October 31, 2025, 2024, 2023 and 2022, respectively).

<sup>(6)</sup> Includes the effect of To Be Announced (TBA) transactions.

*18*

*See Notes to Financial Statements.*

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[**Table of Contents**](#JOB_EV_AR_207706a5-ca43-4c92-92bc-46e454c1530e_TOC)

Eaton Vance

Government Opportunities Fund

October 31, 2025

Notes to Financial Statements

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1 Significant Accounting Policies

Eaton Vance Government Opportunities Fund (the Fund) is a diversified series of Eaton Vance Mutual Funds Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund's investment objective is to provide a high current return. The Fund offers four classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective November 5, 2020, Class C shares automatically convert to Class A shares eight years after their purchase as described in the Fund's prospectus. Class I and Class R shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Net investment income, other than class-specific expenses, is allocated daily to each class of shares based upon the ratio of the value of each class's paid shares to the total value of all paid shares. Each class of shares differs in its distribution plan and certain other class-specific expenses.

The following is a summary of significant accounting policies of the Fund. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.

A Investment Valuation—The following methodologies are used to determine the market value or fair value of investments.

**Debt Obligations. Debt obligations are generally valued on the basis of valuations provided by third party pricing services, as derived from such services' pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and ask prices, broker/dealer quotations, prices or yields of securities with similar characteristics, interest rates, anticipated prepayments, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Short-term debt obligations purchased with a remaining maturity of sixty days or less for which a valuation from a third party pricing service is not readily available may be valued at amortized cost, which approximates fair value.**

**Derivatives. Futures contracts are valued at the closing settlement price established by the board of trade or exchange on which they are traded. Swaps and options on interest rate swaps ("swaptions") are normally valued using valuations provided by a third party pricing service. Such pricing service valuations are based on the present value of fixed and projected floating rate cash flows over the term of the swap contract, and in the case of credit default swaps, based on credit spread quotations obtained from broker/dealers and expected default recovery rates determined by the pricing service using proprietary models. Future cash flows on swaps are discounted to their present value using swap rates provided by electronic data services or by broker/dealers. Alternatively, swaptions may be valued at the valuation provided by a broker/dealer (usually the counterparty to the option), so determined using similar techniques as those employed by the pricing service.**

**Other. Investments in management investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value as of the close of each business day.**

**Fair Valuation. In connection with Rule 2a-5 of the 1940 Act, the Trustees have designated the Fund's investment adviser as its valuation designee. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued by the investment adviser, as valuation designee, at fair value using methods that most fairly reflect the security's "fair value", which is the amount that the Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security's disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company's or entity's financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.**

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

C Income—Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities.

D Federal Taxes—The Fund's policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary.

As of October 31, 2025, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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[**Table of Contents**](#JOB_EV_AR_207706a5-ca43-4c92-92bc-46e454c1530e_TOC)

Eaton Vance

Government Opportunities Fund

October 31, 2025

Notes to Financial Statements — continued

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E Expenses—The majority of expenses of the Trust are directly identifiable to an individual fund. Expenses which are not readily identifiable to a specific fund are allocated taking into consideration, among other things, the nature and type of expense and the relative size of the funds.

F Use of Estimates—The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

G Indemnifications—Under the Trust's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Trust) could be deemed to have personal liability for the obligations of the Trust. However, the Trust's Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and the By-laws provide that the Trust shall assume, upon request by the shareholder, the defense on behalf of any Fund shareholders. Moreover, the By-laws also provide for indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

H Futures Contracts—Upon entering into a 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, and are recorded as unrealized gains or losses by the Fund. Gains (losses) are realized upon the expiration or closing of the futures contracts. Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of the 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.

I Interest Rate Swaps—Swap contracts are privately negotiated agreements between the Fund and a counterparty. Certain swap contracts may be centrally cleared ("centrally cleared swaps"), whereby all payments made or received by the Fund pursuant to the contract are with a central clearing party (CCP) rather than the original counterparty. The CCP guarantees the performance of the original parties to the contract. Upon entering into centrally cleared swaps, the Fund is required to deposit with the CCP, either in cash or securities, an amount of initial margin determined by the CCP, which is subject to adjustment. Pursuant to interest rate swap agreements, the Fund either makes floating-rate payments to the counterparty (or CCP in the case of centrally cleared swaps) based on a benchmark interest rate in exchange for fixed-rate payments or the Fund makes fixed-rate payments to the counterparty

(or CCP in the case of a centrally cleared swap) in exchange for payments on a floating benchmark interest rate. Payments received or made, including amortization of upfront payments/receipts, if any (which are amortized over the life of the swap contract), are recorded as realized gains or losses. During the term of the outstanding swap agreement, changes in the underlying value of the swap are recorded as unrealized gains or losses. For centrally cleared swaps, the daily change in valuation is recorded as a receivable or payable for variation margin and settled in cash with the CCP daily. The value of the swap is determined by changes in the relationship between two rates of interest. The Fund is exposed to credit loss in the event of non-performance by the swap counterparty. In the case of centrally cleared swaps, counterparty risk is minimal due to protections provided by the CCP. Risk may also arise from movements in interest rates.

J Credit Default Swaps—When the Fund is the buyer of a credit default swap contract, the Fund is entitled to receive the par (or other agreed-upon) value of a referenced debt obligation (or basket of debt obligations) from the counterparty (or CCP in the case of a centrally cleared swap) to the contract if a credit event by a third party, such as a U.S. or foreign corporate issuer or sovereign issuer, on the debt obligation occurs. In return, the Fund pays the counterparty a periodic stream of payments over the term of the contract provided that no credit event has occurred. If no credit event occurs, the Fund would have spent the stream of payments and received no proceeds from the contract. When the Fund is the seller of a credit default swap contract, it receives the stream of payments, but is obligated to pay to the buyer of the protection an amount up to the notional amount of the swap and in certain instances take delivery of securities of the reference entity upon the occurrence of a credit event, as defined under the terms of that particular swap agreement. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring, obligation acceleration and repudiation/moratorium. If the Fund is a seller of protection and a credit event occurs, the maximum potential amount of future payments that the Fund could be required to make would be an amount equal to the notional amount of the agreement. This potential amount would be partially offset by any recovery value of the respective referenced obligation, or net amount received from the settlement of a buy protection credit default swap agreement entered into by the Fund for the same referenced obligation. As the seller, the Fund may create economic leverage to its portfolio because, in addition to its total net assets, the Fund is subject to investment exposure on the notional amount of the swap. The interest fee paid or received on the swap contract, which is based on a specified interest rate on a fixed notional amount, is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as realized gain upon receipt or realized loss upon payment. The Fund also records an increase or decrease to unrealized appreciation (depreciation) in an amount equal to the daily valuation. For centrally cleared swaps, the daily change in valuation is recorded as a receivable or payable for variation margin and settled in cash with the CCP daily. All upfront payments and receipts, if any, are amortized over the life of the swap contract as realized gains or losses. Those upfront payments or receipts for non-centrally cleared swaps are recorded as other assets or other liabilities, respectively, net of amortization. For financial reporting purposes, unamortized upfront payments or receipts, if any, are netted with unrealized appreciation or depreciation on swap contracts to determine the market value of swaps as presented in Notes 8 and 12. These transactions involve certain risks, including the risk that the seller may be unable to fulfill the transaction. In the case of centrally cleared swaps, counterparty risk is minimal due to protections provided by the CCP.

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[**Table of Contents**](#JOB_EV_AR_207706a5-ca43-4c92-92bc-46e454c1530e_TOC)

Eaton Vance

Government Opportunities Fund

October 31, 2025

Notes to Financial Statements — continued

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K Swaptions—A purchased swaption contract grants the Fund, in return for payment of the purchase price, the right, but not the obligation, to enter into a new swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, at some designated future time on specified terms. When the Fund purchases a swaption, the premium paid to the writer is recorded as an investment and subsequently marked-to-market to reflect the current value of the swaption. A written swaption gives the Fund the obligation, if exercised by the purchaser, to enter into a swap contract according to the terms of the underlying agreement. When the Fund writes a swaption, the premium received by the Fund is recorded as a liability and subsequently marked-to-market to reflect the current value of the swaption. When a swaption is exercised, the cost of the swap is adjusted by the amount of the premium paid or received. When a swaption expires or an unexercised swaption is closed, a gain or loss is recognized in the amount of the premium paid or received, plus the cost to close. The Fund's risk for purchased swaptions is limited to the premium paid. The writer of a swaption bears the risk of unfavorable changes in the preset terms of the underlying swap contract. Purchased swaptions traded over-the-counter involve risk that the issuer or counterparty will fail to perform its contractual obligations.

L When-Issued Securities and Delayed Delivery Transactions—The Fund may purchase securities on a delayed delivery, when-issued or forward commitment basis, including TBA (To Be Announced) securities. Payment and delivery may take place after the customary settlement period for that security. At the time the transaction is negotiated, the price of the security that will be delivered is fixed. Securities purchased on a delayed delivery, when-issued or forward commitment basis are marked-to-market daily and begin earning interest on settlement date. Such security purchases are subject to the risk that when delivered they will be worth less than the agreed upon payment price. Losses may also arise if the counterparty does not perform under the contract. A forward purchase commitment may also be closed by entering into an offsetting commitment. If an offsetting commitment is entered into, the Fund will realize a gain or loss on investments based on the price established when the Fund entered into the commitment.

M Forward Sale Commitments—The Fund may enter into forward sale commitments to sell generic U.S. government agency mortgage-backed securities to hedge its portfolio positions and/or to enhance return. The proceeds to be received from the forward sale commitment are recorded as an asset and a corresponding liability, which is subsequently valued at approximately the current market value of the underlying security in accordance with the Fund's policies on investment valuations discussed above. The Fund records an unrealized gain or loss on investments to the extent of the difference between the proceeds to be received and the value of the open forward sale commitment on the day of determination. If the forward sale commitment is closed through the acquisition of an offsetting purchase commitment or the delivery of securities, the Fund realizes a gain or loss on investments based on the price established when the Fund entered into the commitment. If the Fund enters into a forward sale commitment for the delivery of a security that it does not own or has the right to obtain, it is subject to the risk of loss if the purchase price to settle the commitment is higher than the price at which it was sold.

N Reverse Repurchase Agreements—Under a reverse repurchase agreement, the Fund temporarily transfers possession of a portfolio security to another party, such as a bank or broker/dealer, in return for cash. At the same time, the Fund agrees to repurchase the security at an agreed upon time and price, which reflects an interest payment. In periods of increased demand for a security, the Fund may receive a payment from the counterparty for the use of the security, which is recorded as interest income. Because the Fund retains effective control over the transferred security, the transaction is accounted for as a secured borrowing. The Fund may enter into such agreements when it believes it is able to invest the cash acquired at a rate higher than the cost of the agreement, which would increase earned income. When the Fund enters into a reverse repurchase agreement, any fluctuations in the market value of either the securities transferred to another party or the securities in which the proceeds may be invested would affect the market value of the Fund's assets. Because reverse repurchase agreements may be considered to be the practical equivalent of borrowing funds (and the counterparty making a loan), they constitute a form of leverage. The Fund segregates cash or liquid assets equal to its obligation to repurchase the security. During the term of the agreement, the Fund may also be obligated to pledge additional cash and/or securities in the event of a decline in the fair value of the transferred security. In the event the counterparty to a reverse repurchase agreement becomes insolvent, recovery of the security transferred by the Fund may be delayed or the Fund may incur a loss equal to the amount by which the value of the security transferred by the Fund exceeds the repurchase price payable by the Fund.

O Stripped Mortgage-Backed Securities—The Fund may invest in Interest Only (IO) and Principal Only (PO) securities, a form of stripped mortgage-

backed securities, whereby the IO security receives all the interest and the PO security receives all the principal on a pool of mortgage assets. The yield to maturity on an IO security is extremely sensitive to the rate of principal payments (including prepayments) on the related underlying mortgage assets, and a rapid rate of principal payments may have a material adverse effect on the yield to maturity from these securities. If the underlying mortgages experience greater than anticipated prepayments of principal, the Fund may fail to recoup its initial investment in an IO security. The market value of IO and PO securities can be unusually volatile due to changes in interest rates.

P Segment Reporting—During this reporting period, the Fund adopted FASB Accounting Standards Update No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures* (ASU 2023-07), which requires incremental disclosures related to a public entity's reportable segments. The Fund operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. In connection with the adoption of ASU 2023-07, the Fund's President acts as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's financial statements.

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[**Table of Contents**](#JOB_EV_AR_207706a5-ca43-4c92-92bc-46e454c1530e_TOC)

Eaton Vance

Government Opportunities Fund

October 31, 2025

Notes to Financial Statements — continued

------

2 Distributions to Shareholders and Income Tax Information

The Fund declares dividends daily to shareholders of record at the time of declaration. Distributions are generally paid monthly. Distributions of realized capital gains are made at least annually. Distributions are declared separately for each class of shares. Shareholders may reinvest income and capital gain distributions in additional shares of the same class of the Fund at the net asset value as of the reinvestment date or, at the election of the shareholder, receive distributions in cash. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

The tax character of distributions declared for the years ended October 31, 2025 and October 31, 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$20125140 | &nbsp;&nbsp;&nbsp;&nbsp;$20141438 |
| Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;$442637 | &nbsp;&nbsp;&nbsp;&nbsp;$2039391 |

---

As of October 31, 2025, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

---

| | |
|:---|:---|
| Deferred capital losses | &nbsp;&nbsp;&nbsp;&nbsp;$(105987392) |
| Net unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6424460) |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (48483) |
| **Accumulated loss** | &nbsp;&nbsp;&nbsp;&nbsp;**$(112460335)** |

---

At October 31, 2025, the Fund, for federal income tax purposes, had deferred capital losses of $105,987,392 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund's next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at October 31, 2025, $29,624,254 are short-term and $76,363,138 are long-term.

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, TBA sale commitments and reverse repurchase agreements, of the Fund at October 31, 2025, as determined on a federal income tax basis, were as follows:

---

| | |
|:---|:---|
| **Aggregate cost** | &nbsp;&nbsp;**$432884857** |
| Gross unrealized appreciation | &nbsp;&nbsp;$18833290 |
| Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25257750) |
| **Net unrealized depreciation** | &nbsp;&nbsp;**$(6424460)** |

---

------

[**Table of Contents**](#JOB_EV_AR_207706a5-ca43-4c92-92bc-46e454c1530e_TOC)

Eaton Vance

Government Opportunities Fund

October 31, 2025

Notes to Financial Statements — continued

------

3 Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory services rendered to the Fund. The investment adviser fee is computed at an annual rate as a percentage of the Fund's average daily net assets as follows and is payable monthly:

---

| | |
|:---|:---|
| **Average Daily Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Annual Fee Rate** |
| Up to $500 million | &nbsp;&nbsp;&nbsp;&nbsp;0.6500% |
| $500 million but less than $1 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.6250% |
| $1 billion but less than $1.5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.6000% |
| $1.5 billion but less than $2 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.5625% |
| $2 billion but less than $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.5000% |
| $2.5 billion and over | &nbsp;&nbsp;&nbsp;&nbsp;0.4375% |

---

For the year ended October 31, 2025, the Fund's investment adviser fee amounted to $2,371,213 or 0.65% of the Fund's average daily net assets. The Fund may invest in a money market fund, the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio (the "Liquidity Fund"), an open-end management investment company managed by Morgan Stanley Investment Management Inc., a wholly-owned subsidiary of Morgan Stanley. The investment adviser fee paid by the Fund is reduced by an amount equal to its pro rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the year ended October 31, 2025, the investment adviser fee paid was reduced by $5,661 relating to the Fund's investment in the Liquidity Fund.

Eaton Vance Management (EVM) has agreed to reimburse the Fund's expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only and excluding such expenses as brokerage commissions, acquired fund fees and expenses of unaffiliated funds, borrowing costs, taxes or litigation expenses) exceed 1.05%, 1.80%, 0.80% and 1.30% of the Fund's average daily net assets for Class A, Class C, Class I and Class R, respectively. This agreement may be changed or terminated after March 1, 2027. Pursuant to this agreement, EVM was allocated $312,273 of the Fund's operating expenses for the year ended October 31, 2025.

EVM, an affiliate of BMR, serves as administrator of the Fund, but receives no compensation. EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended October 31, 2025, EVM earned $37,109 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations. The Fund was informed that Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund's principal underwriter, received $2,107 as its portion of the sales charge on sales of Class A shares for the year ended October 31, 2025. EVD also received distribution and service fees from Class A and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5).

Trustees and officers of the Fund who are members of EVM's or BMR's organizations receive remuneration for their services to the Fund out of the investment adviser fee. Trustees of the Fund who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. Certain officers and Trustees of the Fund are officers of the above organizations.

4 Distribution Plans

The Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the year ended October 31, 2025 amounted to $259,499 for Class A shares.

The Fund also has in effect distribution plans for Class C shares (Class C Plan) and Class R shares (Class R Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the year ended October 31, 2025, the Fund paid or accrued to EVD $47,409 for Class C shares. The Class R Plan requires the Fund to pay EVD an amount up to 0.50% per annum of its average daily net assets attributable to Class R shares for providing ongoing distribution services and facilities to the Fund. The Trustees of the Trust have currently limited Class R distribution payments to 0.25% per annum of the average daily net assets attributable to Class R shares. For the year ended October 31, 2025, the Fund paid or accrued to EVD $69,835 for Class R shares.

Pursuant to the Class C and Class R Plans, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the year ended October 31, 2025 amounted to $15,803 and $69,835 for Class C and Class R shares, respectively.

------

[**Table of Contents**](#JOB_EV_AR_207706a5-ca43-4c92-92bc-46e454c1530e_TOC)

Eaton Vance

Government Opportunities Fund

October 31, 2025

Notes to Financial Statements — continued

------

Distribution and service fees are subject to the limitations contained in the Financial Industry Regulatory Authority Rule 2341(d).

5 Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within 12 months of purchase. Class A shares may be subject to a 0.75% CDSC if redeemed within 12 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the year ended October 31, 2025, the Fund was informed that EVD received $188 and $1,822 of CDSCs paid by Class A and Class C shareholders, respectively.

6 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, and including maturities, paydowns and TBA transactions, for the year ended October 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;&nbsp;&nbsp;**Sales** |
| Investments (non-U.S. Government) | &nbsp;&nbsp;&nbsp;&nbsp;$37443875 | &nbsp;&nbsp;&nbsp;&nbsp;$31945302 |
| U.S. Government and Agency Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1271593460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1236578218 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**$1309037335** | &nbsp;&nbsp;&nbsp;&nbsp;**$1268523520** |

---

7 Shares of Beneficial Interest

The Fund's Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value). Such shares may be issued in a number of different series (such as the Fund) and classes. Transactions in Fund shares, including direct exchanges pursuant to share class conversions, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2024** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 4663488 | &nbsp;&nbsp;&nbsp;&nbsp;$24935469 | &nbsp;&nbsp;&nbsp;&nbsp; 2851869 | &nbsp;&nbsp;&nbsp;&nbsp;$15221452 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 984784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5245976 | &nbsp;&nbsp;&nbsp;&nbsp; 1055878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5594017 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6855704) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36590481) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4556311) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24123070) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1207432)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(6409036)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(648564)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(3307601)** |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 542201 | &nbsp;&nbsp;&nbsp;&nbsp;$2884285 | &nbsp;&nbsp;&nbsp;&nbsp; 503209 | &nbsp;&nbsp;&nbsp;&nbsp;$2673886 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 56438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300484 | &nbsp;&nbsp;&nbsp;&nbsp; 54851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 290052 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (495613) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2628458) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (516121) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2710690) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp; **103026** | &nbsp;&nbsp;&nbsp;&nbsp;**$556311** | &nbsp;&nbsp;&nbsp;&nbsp; **41939** | &nbsp;&nbsp;&nbsp;&nbsp;**$253248** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;20121616 | &nbsp;&nbsp;&nbsp;&nbsp;$107277435 | &nbsp;&nbsp;&nbsp;&nbsp;16662631 | &nbsp;&nbsp;&nbsp;&nbsp;$88693118 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 2435803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12980399 | &nbsp;&nbsp;&nbsp;&nbsp; 2586986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13708295 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(19592540) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(103745158) | &nbsp;&nbsp;&nbsp;&nbsp;(27142779) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(144773249) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp; **2964879** | &nbsp;&nbsp;&nbsp;&nbsp;**$16512676** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(7893162)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(42371836)** |

---

------

[**Table of Contents**](#JOB_EV_AR_207706a5-ca43-4c92-92bc-46e454c1530e_TOC)

Eaton Vance

Government Opportunities Fund

October 31, 2025

Notes to Financial Statements — continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2024** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class R** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 1380931 | &nbsp;&nbsp;&nbsp;&nbsp;$7330800 | &nbsp;&nbsp;&nbsp;&nbsp; 799338 | &nbsp;&nbsp;&nbsp;&nbsp;$4237098 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 276919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1469858 | &nbsp;&nbsp;&nbsp;&nbsp; 322926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1704648 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2175870) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11521704) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1968041) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10387970) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(518020)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(2721046)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(845777)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(4446224)** |

---

8 Financial Instruments

The Fund may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include futures contracts, swaptions and swap contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Fund has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at October 31, 2025 is included in the Portfolio of Investments. At October 31, 2025, 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:

Interest Rate Risk: Because the Fund holds fixed-rate bonds, the value of these bonds may decrease if interest rates rise. The Fund utilizes futures contracts and interest rate swaps and swaptions to enhance total return, to change the overall duration of the Fund and/or to hedge against fluctuations in securities prices due to changes in interest rates.

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

The Fund enters into over-the-counter (OTC) derivatives that may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in the Fund's net assets below a certain level over a certain period of time, which would trigger a payment by the Fund for those derivatives in a liability position. At October 31, 2025, the Fund had no open derivatives with credit-related contingent features in a net liability position.

The OTC derivatives in which the Fund invests (except for written swaptions as the Fund, not the counterparty, is obligated to perform) are subject to the risk that the counterparty to the contract fails to perform its obligations under the contract. To mitigate this risk, the Fund has entered into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with substantially all its derivative counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, set-off provisions in the event of a default and/or termination event as defined under the relevant ISDA Master Agreement. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy or insolvency. Certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event the Fund's net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA Master Agreements, which would cause the counterparty to accelerate payment by the Fund of any net liability owed to it.

The collateral requirements for derivatives traded under an ISDA Master Agreement are governed by a Credit Support Annex to the ISDA Master Agreement. Collateral requirements are determined at the close of business each day and are typically based on changes in market values for each transaction under an ISDA Master Agreement and netted into one amount for such agreement. Generally, the amount of collateral due from or to a counterparty is subject to a minimum transfer threshold amount before a transfer is required, which may vary by counterparty. Collateral pledged for the benefit of the Fund and/or counterparty is held in segregated accounts by the Fund's custodian and cannot be sold, re-pledged, assigned or otherwise used while pledged. The portion of such collateral representing cash, if any, is reflected as deposits for derivatives collateral and, in the case of cash pledged by a counterparty for the benefit of the Fund, a corresponding liability on the Statement of Assets and Liabilities. Securities pledged by the Fund as collateral, if any, are identified as such in the Portfolio of Investments.

------

[**Table of Contents**](#JOB_EV_AR_207706a5-ca43-4c92-92bc-46e454c1530e_TOC)

Eaton Vance

Government Opportunities Fund

October 31, 2025

Notes to Financial Statements — continued

------

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at October 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;**Fair Value** |
| **Statement of Assets and Liabilities Caption** | &nbsp;&nbsp;**Credit** | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Total** |
| Unaffiliated investments, at value | &nbsp;&nbsp;$— | &nbsp;&nbsp;$77448 | &nbsp;&nbsp;$77448 |
| Accumulated loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;737659<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;737659 |
| Receivable for open OTC swap contracts; Upfront receipts on open OTC swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;41928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41928 |
| **Total Asset Derivatives** | &nbsp;&nbsp;**$41928** | &nbsp;&nbsp;**$815107** | &nbsp;&nbsp;**$857035** |
| **Derivatives not subject to master netting or similar agreements** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$737659** | &nbsp;&nbsp;**$737659** |
| **Total Asset Derivatives subject to master netting or similar agreements** | &nbsp;&nbsp;**$41928** | &nbsp;&nbsp;**$77448** | &nbsp;&nbsp;**$119376** |

---

<sup>(1)</sup> For futures contracts and centrally cleared swap contracts, amount represents value as shown in the Portfolio of Investments. Only the current day's variation margin on open futures contracts and centrally cleared swap contracts is reported within the Statement of Assets and Liabilities as Receivable or Payable for variation margin on open futures contracts and centrally cleared swap contracts, as applicable.

The Fund's derivative assets at fair value by risk, which are reported gross in the Statement of Assets and Liabilities, are presented in the table above. The following table presents the Fund's derivative assets by counterparty, net of amounts available for offset under a master netting agreement and net of the related collateral received by the Fund for such assets as of October 31, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | &nbsp;&nbsp;&nbsp;**Derivative<br> Assets Subject to<br> Master Netting<br> Agreement** | &nbsp;&nbsp;&nbsp;**Derivatives<br> Available<br> for Offset** | &nbsp;&nbsp;&nbsp;**Non-cash<br> Collateral<br> Received<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;**Cash<br> Collateral<br> Received<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;**Net Amount<br> of Derivative<br> Assets<sup>(b)</sup>** |
| Goldman Sachs International | &nbsp;&nbsp;&nbsp;$41928 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$41928 |
| JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77448 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(71000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6448 |
|  | &nbsp;&nbsp;&nbsp;**$119376** | &nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;**$(71000)** | &nbsp;&nbsp;&nbsp;**$48376** |

---

<sup>(a)</sup> In some instances, the total collateral received and/or pledged may be more than the amount shown due to overcollateralization.

<sup>(b)</sup> Net amount represents the net amount due from the counterparty in the event of default.

------

[**Table of Contents**](#JOB_EV_AR_207706a5-ca43-4c92-92bc-46e454c1530e_TOC)

Eaton Vance

Government Opportunities Fund

October 31, 2025

Notes to Financial Statements — continued

------

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations by risk exposure for the year ended October 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Statement of Operations Caption** | &nbsp;&nbsp;**Credit** | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Total** |
| Net realized gain (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment transactions<sup>(1)</sup> | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(137791) | &nbsp;&nbsp;$(137791) |
| &nbsp;&nbsp;&nbsp;Written options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(148465) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(148465) |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(1851221) | &nbsp;&nbsp;&nbsp;&nbsp;(1851221) |
| &nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;93878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6180444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6274322 |
| **Total** | &nbsp;&nbsp;**$93878** | &nbsp;&nbsp;**$4042967** | &nbsp;&nbsp;**$4136845** |
| Change in unrealized appreciation (depreciation): |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments<sup>(1)</sup> | &nbsp;&nbsp;$— | &nbsp;&nbsp;$5828 | &nbsp;&nbsp;$5828 |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4440179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4440179 |
| &nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;40630 | &nbsp;&nbsp;&nbsp;&nbsp;(4693400) | &nbsp;&nbsp;&nbsp;&nbsp;(4652770) |
| **Total** | &nbsp;&nbsp;**$40630** | &nbsp;&nbsp;**$(247393)** | &nbsp;&nbsp;**$(206763)** |

---

<sup>(1)</sup> Relates to purchased swaptions.

The average notional cost of futures contracts and average notional amounts of other derivative contracts outstanding during the year ended October 31, 2025, which are indicative of the volume of these derivative types, were approximately as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures<br> Contracts — Long** | &nbsp;&nbsp;&nbsp;&nbsp;**Futures<br> Contracts — Short** | &nbsp;&nbsp;&nbsp;&nbsp;**Purchased<br> Swaptions** | &nbsp;&nbsp;&nbsp;&nbsp;**Written<br> Swaptions** | &nbsp;&nbsp;&nbsp;&nbsp;**Swap<br> Contracts** |
| $251663000 | &nbsp;&nbsp;&nbsp;&nbsp;$28728000 | &nbsp;&nbsp;&nbsp;&nbsp;$13385000 | &nbsp;&nbsp;&nbsp;&nbsp;$1154000 | &nbsp;&nbsp;&nbsp;&nbsp;$25786000 |

---

9 Line of Credit

The Fund participates with other portfolios and funds managed by BMR and its affiliates in a $650 million unsecured revolving line of credit agreement with a group of banks, which is in effect through October 20, 2026. Borrowings are made by the Fund solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Fund based on its borrowings generally at an amount above either the Secured Overnight Financing Rate (SOFR) or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. In connection with the renewal of the agreement in October 2025, an arrangement fee of $150,000 was incurred that was allocated to the participating portfolios and funds. Because the line of credit is not available exclusively to the Fund, it may be unable to borrow some or all of its requested amounts at any particular time. The Fund did not have any significant borrowings or allocated fees during the year ended October 31, 2025.

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Eaton Vance

Government Opportunities Fund

October 31, 2025

Notes to Financial Statements — continued

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10 Reverse Repurchase Agreements

Reverse repurchase agreements outstanding as of October 31, 2025 were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | &nbsp;&nbsp;&nbsp;&nbsp;**Trade<br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Interest<br> Rate Paid<br> (Received)** | **Principal<br> Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value<br> Including<br> Accrued<br> Interest** |
| Bank of Montreal | &nbsp;&nbsp;&nbsp;&nbsp;10/30/25 &nbsp;&nbsp;&nbsp;&nbsp;On Demand<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.25% | $&nbsp;&nbsp;&nbsp;&nbsp;4107808 | &nbsp;&nbsp;&nbsp;&nbsp;$4108293 |
| Bank of Montreal | &nbsp;&nbsp;&nbsp;&nbsp;10/30/25 &nbsp;&nbsp;&nbsp;&nbsp;On Demand<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.28 | &nbsp;&nbsp;&nbsp;&nbsp;6886637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6887456 |
| MUFG Securities Americas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10/30/25 &nbsp;&nbsp;&nbsp;&nbsp;On Demand<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.25 | 54667489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54675388 |
| TD Securities (USA) LLC | &nbsp;&nbsp;&nbsp;&nbsp;10/30/25 &nbsp;&nbsp;&nbsp;&nbsp;On Demand<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.08 | 46728052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46733348 |
| TD Securities (USA) LLC | &nbsp;&nbsp;&nbsp;&nbsp;10/30/25 &nbsp;&nbsp;&nbsp;&nbsp;On Demand<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.13 | 22848930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22851550 |
| **Total** |  |  | $**135238916** | &nbsp;&nbsp;&nbsp;&nbsp;**$135256035** |

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

At October 31, 2025, the type of securities pledged as collateral for all open reverse repurchase agreements was U.S. Government Agency Mortgage-Backed Securities and Collateralized Mortgage Obligations.

The Fund also pledged cash of $290,000 to MUFG Securities America, Inc. as additional collateral for its reverse repurchase obligations.

For the year ended October 31, 2025, the average borrowings under settled reverse repurchase agreements and the average interest rate paid were approximately $137,115,000 and 4.59%, respectively. 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 October 31, 2025. If measured at fair value, borrowings under the reverse repurchase agreements would have been considered as Level 2 in the fair value hierarchy (see Note 12) at October 31, 2025.

Reverse repurchase agreements entered into by the Fund are subject to Master Repurchase Agreements (MRA), which permit the Fund, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from the Fund.

The following table presents the Fund's reverse repurchase agreements net of amounts available for offset under an MRA and net of the related collateral pledged by the Fund as of October 31, 2025.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | &nbsp;&nbsp;&nbsp;&nbsp;**Reverse<br> Repurchase<br> Agreements\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Assets<br> Available for<br> Offset** | &nbsp;&nbsp;&nbsp;&nbsp;**Securities<br> Collateral<br> Pledged<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Cash<br> Collateral<br> Pledged<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Net<br> Amount<sup>(b)</sup>** |
| Bank of Montreal | &nbsp;&nbsp;&nbsp;&nbsp;$(10995749) | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$10995749 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— |
| MUFG Securities Americas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54675388) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54675388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| TD Securities (USA) LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(69584898) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69584898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**$(135256035)** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$135256035** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** |

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\* Including accrued interest.

<sup>(a)</sup> In some instances, the total collateral pledged may be more than the amount shown due to overcollateralization.

<sup>(b)</sup> Net amount represents the net amount payable to the counterparty in the event of default.

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Eaton Vance

Government Opportunities Fund

October 31, 2025

Notes to Financial Statements — continued

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11 Affiliated Investments

Transactions in the Fund's investment in funds that may be deemed to be affiliated for the year ended October 31, 2025 were as follows:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Value,<br> beginning<br> of period** | **Purchases** | **Sales<br> proceeds** | **Net realized<br> gain (loss)** | **Change in<br> unrealized<br> appreciation<br> (depreciation)** | **Value, end<br> of period** | **Dividend<br> income** | **Shares,<br> end of period** |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| Liquidity Fund | $3509560 | $203547169 | $(207056729) | $— | $— | $— | $164558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

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12 Fair Value Measurements

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 October 31, 2025, the hierarchy of inputs used in valuing the Fund's investments and open derivative instruments, which are carried at fair value, were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Asset-Backed Securities | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$12925545 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$12925545 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291362270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291362270 |
| Government National Mortgage Association Participation Agreements | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14831217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14831217 |
| U.S. Department of Agriculture Loans | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26695484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26695484 |
| U.S. Government Agency Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2445647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2445647 |
| U.S. Government Agency Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237107432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237107432 |
| U.S. Government Guaranteed Small Business Administration Loans | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 395666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 395666 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4251507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4251507 |
| Purchased Interest Rate Swaptions | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77448 |
| **Total Investments** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$590092216** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$590092216** |
| Futures Contracts | &nbsp;&nbsp;$208746 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$208746 |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 570841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 570841 |
| **Total** | &nbsp;&nbsp;**$208746** | &nbsp;&nbsp;&nbsp;&nbsp;**$590663057** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$590871803** |
| **Liability Description** |  |  |  |  |
| TBA Sale Commitments | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(28304606) | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(28304606) |
| **Total** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$(28304606)** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$(28304606)** |

---

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Eaton Vance

Government Opportunities Fund

October 31, 2025

Report of Independent Registered Public Accounting Firm

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To the Trustees of Eaton Vance Mutual Funds Trust and Shareholders of Eaton Vance Government Opportunities Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Eaton Vance Government Opportunities Fund (the "Fund"), one of the funds constituting Eaton Vance Mutual Funds Trust, including the portfolio of investments, as of October 31, 2025, the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, and the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 22, 2025

We have served as the auditor of one or more Eaton Vance investment companies since 1959.

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Eaton Vance

Government Opportunities Fund

October 31, 2025

Federal Tax Information (Unaudited)

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The Form 1099-DIV you receive in February 2026 will show the tax status of all distributions paid to your account in calendar year 2025. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of 163(j) interest dividends.

**163(j) Interest Dividends. For the fiscal year ended October 31, 2025, the Fund designates 100.00% of distributions from net investment income as a 163(j) interest dividend.**

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[**Table of Contents**](#JOB_EV_AR_207706a5-ca43-4c92-92bc-46e454c1530e_TOC)

Eaton Vance

Government Opportunities Fund

October 31, 2025

Board of Trustees' Contract Approval

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Overview of the Contract Review Process

The Investment Company Act of 1940, as amended (the "1940 Act"), provides, in substance, that the investment advisory agreement between a fund and its investment adviser will continue in effect from year-to-year only if its continuation is approved on an annual basis by a vote of the fund's board of trustees, including a majority of the trustees who are not "interested persons" of the fund ("independent trustees"), cast in person at a meeting called for the purpose of considering such approval.

At a meeting held on June 12, 2025, the Boards of Trustees/Directors (collectively, the "Board") that oversee the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the "Eaton Vance Funds"), including a majority of the independent trustees (the "Independent Trustees"), voted to approve the continuation of existing investment advisory agreements and sub-advisory agreements<sup>1</sup> for each of the Eaton Vance Funds for an additional one-year period. The Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee comprised of all of the Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of meetings held between April and June 2025, as well as certain additional information provided in response to specific requests from the Independent Trustees as members of the Contract Review Committee. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee's annual evaluation of the investment advisory agreements and sub-advisory agreements.

In connection with its evaluation of the investment advisory agreements and sub-advisory agreements, the Board (directly or through one or more of its committees) considered various information relating to the Eaton Vance Funds. This included information applicable to all or groups of the Eaton Vance Funds, which is referenced immediately below, and information applicable to the particular Eaton Vance Fund covered by this report (each Eaton Vance Fund is referred to below as a "fund"). (For funds that invest through one or more underlying portfolios, references to "each fund" in this section may include information that was considered at the portfolio-level.)

*Information about Fees, Performance and Expenses*

• A report from an independent data provider comparing advisory and other fees paid by each fund to such fees paid by comparable funds, as identified by the independent data provider ("comparable funds");

• A report from an independent data provider comparing each fund's total expense ratio (and its components) to those of comparable funds;

• A report from an independent data provider comparing the investment performance of each fund to the investment performance of comparable funds and, as applicable, benchmark indices, over various time periods;

• In certain instances, data regarding investment performance relative to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board (a committee exclusively comprised of Independent Trustees);

• Comparative information concerning the fees charged and services provided by the adviser and sub-adviser to each fund in managing other accounts (which may include other funds, collective investment trusts and institutional accounts) with the same or substantially similar investment objective as the fund and with a significant overlap in holdings based on criteria set by the Board, if any;

• Profitability analyses on a fund-by-fund basis for the adviser and its affiliates and for each sub-adviser not affiliated with the adviser;

*Information about Portfolio Management and Trading*

• Descriptions of the investment management services provided to each fund, as well as each of the funds' investment strategies and policies;

• The procedures and processes used by the adviser to determine the value of fund assets, including, when necessary, the determination of "fair value" by the adviser in its role as each fund's valuation designee and actions taken to monitor and test the effectiveness of such procedures and processes;

• Information about the policies and practices of each fund's adviser and sub-adviser with respect to trading, including their processes for seeking best execution of portfolio transactions;

• Information about the allocation of brokerage transactions and the benefits, if any, received by the adviser and sub-adviser to each fund as a result of brokerage allocation, including, as applicable, information concerning the acquisition of research through client commission arrangements and policies with respect to "soft dollars";

• Data relating to the portfolio turnover rate of each fund and related information regarding active management in the context of particular strategies;

*Information about each Adviser and Sub-Adviser*

• Reports regarding the financial results and condition of the adviser and certain of its affiliates and of each sub-adviser not affiliated with the adviser;

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;Not all Eaton Vance Funds have entered into a sub-advisory agreement with a sub-adviser. Accordingly, references to "sub-adviser" or "sub-advisory agreement" in this "Overview" section may not be applicable to the particular Eaton Vance Fund covered by this report. Eaton Vance Management and Boston Management and Research are referred to collectively as the "adviser."

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[**Table of Contents**](#JOB_EV_AR_207706a5-ca43-4c92-92bc-46e454c1530e_TOC)

Eaton Vance

Government Opportunities Fund

October 31, 2025

Board of Trustees' Contract Approval — continued

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• Information regarding the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and, for portfolio managers and certain other investment professionals, information relating to their responsibilities with respect to managing other funds and investment accounts, as applicable;

• Information regarding the adviser's and its parent company's (Morgan Stanley's) efforts to retain and attract talented investment professionals, including in the context of a competitive marketplace for talent;

• Information regarding the adviser's compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals' investments in the fund(s) they manage;

• The personal trading codes of ethics of the adviser and its affiliates and the sub-adviser of each fund, together with information relating to compliance with, and the administration of, such codes;

• Policies and procedures relating to proxy voting, including regular reporting with respect to fund proxy voting activities;

• Information regarding the handling of corporate actions and class actions, as well as information regarding litigation and other regulatory matters;

• Information concerning the resources devoted to compliance efforts undertaken by the adviser and its affiliates and the sub-adviser of each fund, including descriptions of their various compliance programs and their record of compliance and remediation;

• Information concerning the business continuity and disaster recovery plans of the adviser and its affiliates and the sub-adviser of each fund;

• A description of the adviser's oversight of sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters, if any;

*Other Relevant Information*

• Information regarding ongoing initiatives to further integrate and harmonize, where applicable, the investment management and other departments of the adviser and its affiliates with the overall investment management infrastructure of Morgan Stanley, in light of Morgan Stanley's acquisition of Eaton Vance Corp. on March 1, 2021;

• Information concerning the nature, cost, and character of the administrative and other non-investment advisory services provided by the adviser and its affiliates;

• Information concerning oversight of the relationship with the custodian, subcustodians, fund accountants, and other third-party service providers by the adviser and/or administrator to each of the funds;

• Information concerning efforts to maintain policies and procedures with respect to various regulations applicable to the funds, including, without limitation, Rule 22e-4 (the Liquidity Risk Management Rule), Rule 12d1-4 (the Fund-of-Funds Rule), Rule 18f-4 (the Derivatives Rule), and Rule 2a-5 (the Fair Valuation Rule);

• For the Eaton Vance Fund structured as an interval fund, information regarding the interval fund's periodic repurchase offers under Rule 23c-3 and related policies and procedures;

• For each Eaton Vance Fund structured as an exchange-listed closed-end fund, information concerning the benefits of the closed-end fund structure, as well as, where relevant, the closed-end fund's market prices (including as compared to the closed-end fund's net asset value (NAV)), trading volume data, continued use of auction preferred shares (where applicable), distribution rates, and other relevant matters;

• The risks that the adviser and/or its affiliates incur in connection with the management and operation of the funds, including, among others, litigation, regulatory, entrepreneurial, data privacy and cybersecurity, and other business risks (and the associated costs of such risks, if any); and

• The terms of each investment advisory agreement and sub-advisory agreement.

During the various meetings of the Board and its committees over the course of the year leading up to the June 12, 2025 meeting, the Board and its committees received information from portfolio managers and other investment professionals of the adviser and sub-advisers of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds' investment objectives. The Board and its committees also received information regarding risk management techniques employed in connection with the management of the funds. The Board and its committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance, and other issues with respect to the funds, and received and participated in reports and presentations provided by the adviser, sub-advisers, and certain other service providers, with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees met in executive sessions and held regular video or telephone conferences to discuss, among other topics, matters relating to the continuation of investment advisory agreements and sub-advisory agreements.

Each of the Contract Review Committee and the Board was advised throughout the contract review process by Kirkland & Ellis LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee and the members of the Board, with the advice of such counsel, exercised their own business judgment in determining the material factors to be considered in evaluating each investment advisory agreement and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory agreement and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee and Board may have placed varying emphasis on particular factors in reaching conclusions with respect to each investment advisory agreement and sub-advisory agreement. In evaluating each investment advisory agreement and sub-advisory agreement, including the fee structures and other terms contained in such agreements, the members of the Contract Review Committee and Board were also informed by multiple years of analysis and discussion with the adviser and sub-adviser to each of the Eaton Vance Funds.

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Eaton Vance

Government Opportunities Fund

October 31, 2025

Board of Trustees' Contract Approval — continued

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Results of the Contract Review Process

Based on its consideration of the foregoing, and such other information it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory agreement between Eaton Vance Government Opportunities Fund (the "Fund") and Boston Management and Research (the "Adviser"), including its fee structure, is in the interests of shareholders and, therefore, recommended to the Board approval of the agreement. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreement for the Fund.

*Nature, Extent and Quality of Services*

In considering whether to approve the investment advisory agreement for the Fund, the Board evaluated the nature, extent and quality of services provided to the Fund by the Adviser.

The Board considered the Adviser's management capabilities and investment processes in light of the types of investments held by the Fund, including the education and experience of the investment professionals who provide services to the Fund. The Board specifically noted the Adviser's experience in investing in collateralized mortgage obligations and mortgage-backed securities, including seasoned mortgage-backed securities, as well as the Adviser's process for determining the extent to which the Fund will invest in seasoned mortgage-backed securities instead of other government securities. The Board also noted the Adviser's experience in investing in instruments other than government securities, including privately issued residential and commercial mortgage-backed securities, mortgage-related loans, asset-backed securities, non-US mortgage-related instruments and other income instruments. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of the Adviser and other factors, including the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Fund, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Fund, including the provision of administrative services. The Board also considered the business-related and other risks to which the Adviser or its affiliates may be subject in managing the Fund.

The Board considered the compliance programs of the Adviser and relevant affiliates thereof. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, compliance with policies and procedures, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered relevant examinations of the Adviser and its affiliates by regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

The Board considered other administrative services provided or overseen by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by the Adviser, taken as a whole, are appropriate and consistent with the terms of the investment advisory agreement.

*Fund Performance*

The Board compared the Fund's investment performance to that of comparable funds identified by an independent data provider (the peer group), as well as appropriate benchmark indices. The Board's review included comparative performance data with respect to the Fund for the one-, three-, five- and ten-year periods ended December 31, 2024. In this regard, the Board noted that the performance of the Fund was higher than the median performance of the Fund's peer group for the three-year period. The Board also noted that the performance of the Fund was higher than its primary performance benchmark index and lower than its secondary benchmark index for the three-year period. The Board concluded that the performance of the Fund was satisfactory.

*Management Fees and Expenses*

The Board considered contractual fee rates payable by the Fund for advisory and administrative services (referred to collectively as "management fees"). As part of its review, the Board considered the Fund's management fees and total expense ratio for the one-year period ended December 31, 2024, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered certain Fund specific factors that had an impact on the Fund's total expense ratio relative to comparable funds, as identified by management in response to inquiries from the Contract Review Committee.

After considering the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.

------

[**Table of Contents**](#JOB_EV_AR_207706a5-ca43-4c92-92bc-46e454c1530e_TOC)

Eaton Vance

Government Opportunities Fund

October 31, 2025

Board of Trustees' Contract Approval — continued

------

*Profitability and "Fall-Out" Benefits*

The Board considered the level of profits realized by the Adviser and relevant affiliates thereof in providing investment advisory and administrative services to the Fund and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by the Adviser and its affiliates to third parties in respect of distribution and other services.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates are not excessive.

The Board also considered direct or indirect fall-out benefits received by the Adviser and its affiliates in connection with their respective relationships with the Fund, including the benefits of research services that may be available to the Adviser as a result of securities transactions effected for the Fund and other investment advisory clients.

*Economies of Scale*

In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. To assist in the evaluation of the sharing of any economies of scale, the Board received data for recent years showing asset levels, Adviser profitability and total expense ratios. Based upon the foregoing, the Board concluded that the Fund currently shares in the benefits from economies of scale, if any, when they are realized by the Adviser. The Board also concluded that the structure of the advisory fees, which include breakpoints at several asset levels, will allow the Fund to continue to benefit from any economies of scale in the future.

------

[**Table of Contents**](#JOB_EV_AR_207706a5-ca43-4c92-92bc-46e454c1530e_TOC)

This Page Intentionally Left Blank

------

[**Table of Contents**](#JOB_EV_AR_207706a5-ca43-4c92-92bc-46e454c1530e_TOC)

EVGOX-NCSR&nbsp;&nbsp;&nbsp;&nbsp;10.31.25

------

## Eaton Vance

## High Income Opportunities Fund

## Annual Financial Statements and Additional Information
October 31, 2025

------

![](g35982img544d986b11.gif)

------

**This report must be preceded or accompanied by a current summary prospectus or prospectus. Before investing, investors should consider carefully the investment objective, risks, and charges and expenses of a mutual fund. This and other important information is contained in the prospectus and/or statement of additional information, which can be obtained by calling 1-800-262-1122 or from a financial intermediary. Prospective investors should read the prospectus carefully before investing.**

------

#### Annual Financial Statements and Additional Information October 31, 2025
Eaton Vance

High Income Opportunities Fund

---

| | |
|:---|:---|
| **[**Table of Contents**](#xx_ce77ac19-1dfa-46da-bf7b-19213d8aa43f_1)** |  |
| [Item 7 of Form N-CSR:](#xx_57300454-a524-4a62-9ce8-843785b400f2_1) | [Item 7 of Form N-CSR:](#xx_57300454-a524-4a62-9ce8-843785b400f2_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Assets and Liabilities](#xx_57300454-a524-4a62-9ce8-843785b400f2_1) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Operations](#xx_57300454-a524-4a62-9ce8-843785b400f2_2) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx_57300454-a524-4a62-9ce8-843785b400f2_3) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx_300cf905-e8e9-415c-ad00-2f3907b86a56_1) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx_e9482af0-703e-49b3-aa3c-ca4f857db2e7_1) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#xx_108ff49c-8ad0-41ae-87ab-919b3a23eac9_1) | 12 |
| [Federal Tax Information](#xx_42182fa2-0f5a-48b6-94ac-14738acacc3d_1) | 13 |
| [High Income Opportunities Portfolio](#xx_49b0044f-4458-4592-a25e-34735fab64ec_1) | [High Income Opportunities Portfolio](#xx_49b0044f-4458-4592-a25e-34735fab64ec_1) |
| [Items 6 and 7 of Form N-CSR:](#xx_49b0044f-4458-4592-a25e-34735fab64ec_1) | [Items 6 and 7 of Form N-CSR:](#xx_49b0044f-4458-4592-a25e-34735fab64ec_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Portfolio of Investments](#xx_49b0044f-4458-4592-a25e-34735fab64ec_1) | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Statements](#xx_e45c8254-4cab-4089-9d9c-e31a03680818_1) | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#xx_0d014694-d4e4-4952-ab7f-01185f254490_1) | 37 |
| Item 11 of Form N-CSR: | Item 11 of Form N-CSR: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Board of Trustees' Contract Approval](#xx_f9ff8228-27ac-4f08-b148-3fd351f76096_1) | 38 |

---

Items 8 and 9 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7.

------

[**Table of Contents**](#JOB_EV_AR_0b727f29-6fff-4065-8189-ae717694c986_TOC)

Eaton Vance

High Income Opportunities Fund

October 31, 2025

Statement of Assets and Liabilities

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**October 31, 2025** |
| Assets |  |
| Investment in High Income Opportunities Portfolio, at value (identified cost $1,006,407,487) | &nbsp;&nbsp;$1056626015 |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1231994 |
| **Total assets** | &nbsp;&nbsp;**$1057858009** |
| Liabilities |  |
| Payable for Fund shares redeemed | &nbsp;&nbsp;$2085763 |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448752 |
| Payable to affiliates: |  |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62856 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agency fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16404 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 |
| Payable for transfer and dividend disbursing agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206772 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130932 |
| **Total liabilities** | &nbsp;&nbsp;**$2951522** |
| **Net Assets** | &nbsp;&nbsp;**$1054906487** |
| Sources of Net Assets |  |
| Paid-in capital | &nbsp;&nbsp;$1041029201 |
| Distributable earnings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13877286 |
| **Net Assets** | &nbsp;&nbsp;**$1054906487** |
| Class A Shares |  |
| **Net Assets** | &nbsp;&nbsp;$238232109 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55692927 |
| **Net Asset Value and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$4.28 |
| **Maximum Offering Price Per Share <br> (100 ÷ 96.75 of net asset value per share)** | &nbsp;&nbsp;$4.42 |
| Class C Shares |  |
| **Net Assets** | &nbsp;&nbsp;$14734077 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3439067 |
| **Net Asset Value and Offering Price Per Share\*<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$4.28 |
| Class I Shares |  |
| **Net Assets** | &nbsp;&nbsp;$758520552 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177081340 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$4.28 |
| Class R6 Shares |  |
| **Net Assets** | &nbsp;&nbsp;$43419749 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10146855 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$4.28 |

---

---

| | |
|:---|:---|
| On sales of $100,000 or more, the offering price of Class A shares is reduced. | On sales of $100,000 or more, the offering price of Class A shares is reduced. |
| \* | Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge. |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_0b727f29-6fff-4065-8189-ae717694c986_TOC)

Eaton Vance

High Income Opportunities Fund

October 31, 2025

Statement of Operations

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended** |
|  | &nbsp;&nbsp;&nbsp;**October 31, 2025** |
| Investment Income |  |
| Dividend income allocated from Portfolio (net of foreign taxes withheld of $1,339) | &nbsp;&nbsp;$3485421 |
| Interest income allocated from Portfolio (net of foreign taxes withheld of $13) | &nbsp;&nbsp;&nbsp;&nbsp;73181735 |
| Other income allocated from Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161464 |
| Expenses allocated from Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5623359) |
| Waiver and/or reimbursement of expenses by affiliates allocated from Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63945 |
| **Total investment income from Portfolio** | &nbsp;&nbsp;**$71269206** |
| Expenses |  |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$569898 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157995 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63486 |
| Transfer and dividend disbursing agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1091729 |
| Legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106830 |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43957 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85738 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33819 |
| **Total expenses** | &nbsp;&nbsp;**$2153952** |
| **Net investment income** | &nbsp;&nbsp;**$69115254** |
| Realized and Unrealized Gain (Loss) from Portfolio |  |
| Net realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;Investment transactions | &nbsp;&nbsp;$2225982 |
| &nbsp;&nbsp;&nbsp;Written swaptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37764 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18779) |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1139823) |
| **Net realized gain** | &nbsp;&nbsp;**$1105144** |
| Change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;$14188252 |
| &nbsp;&nbsp;&nbsp;Foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5868 |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226881 |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$14421001** |
| **Net realized and unrealized gain** | &nbsp;&nbsp;**$15526145** |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$84641399** |

---

*2*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_0b727f29-6fff-4065-8189-ae717694c986_TOC)

Eaton Vance

High Income Opportunities Fund

October 31, 2025

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
|  | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$69115254 | &nbsp;&nbsp;$59672224 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1105144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13419028) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14421001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81711828 |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$84641399** | &nbsp;&nbsp;**$127965024** |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(14128347) | &nbsp;&nbsp;$(14480652) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(859957) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1046530) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51268109) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46201926) |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4734305) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(58002) |
| **Total distributions to shareholders** | &nbsp;&nbsp;**$(70990718)** | &nbsp;&nbsp;**$(61787110)** |
| Transactions in shares of beneficial interest: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$982412 | &nbsp;&nbsp;$5430624 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3382224) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3210763) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54832556) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142374457 |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41416221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1140642 |
| **Net increase (decrease) in net assets from Fund share transactions** | &nbsp;&nbsp;**$(15816147)** | &nbsp;&nbsp;**$145734960** |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;**$(2165466)** | &nbsp;&nbsp;**$211912874** |
| Net Assets |  |  |
| At beginning of year | &nbsp;&nbsp;$1057071953 | &nbsp;&nbsp;$845159079 |
| **At end of year** | &nbsp;&nbsp;**$1054906487** | &nbsp;&nbsp;**$1057071953** |

---

*3*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_0b727f29-6fff-4065-8189-ae717694c986_TOC)

Eaton Vance

High Income Opportunities Fund

October 31, 2025

Financial Highlights

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$4.22 | &nbsp;&nbsp;$3.92 | &nbsp;&nbsp;$3.92 | &nbsp;&nbsp;$4.52 | &nbsp;&nbsp;$4.21 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.26 | &nbsp;&nbsp;$0.25 | &nbsp;&nbsp;$0.22 | &nbsp;&nbsp;$0.19 | &nbsp;&nbsp;$0.20 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.32** | &nbsp;&nbsp;**$0.56** | &nbsp;&nbsp;**$0.23** | &nbsp;&nbsp;**$(0.38)** | &nbsp;&nbsp;**$0.54** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.26) | &nbsp;&nbsp;$(0.26) | &nbsp;&nbsp;$(0.23) | &nbsp;&nbsp;$(0.21) | &nbsp;&nbsp;$(0.18) |
| Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) |
| **Total distributions** | &nbsp;&nbsp;**$(0.26)** | &nbsp;&nbsp;**$(0.26)** | &nbsp;&nbsp;**$(0.23)** | &nbsp;&nbsp;**$(0.22)** | &nbsp;&nbsp;**$(0.23)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$4.28** | &nbsp;&nbsp;**$4.22** | &nbsp;&nbsp;**$3.92** | &nbsp;&nbsp;**$3.92** | &nbsp;&nbsp;**$4.52** |
| **Total Return<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.88%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.53%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.94%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(8.59)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.93%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$238232 | &nbsp;&nbsp;$234392 | &nbsp;&nbsp;$212170 | &nbsp;&nbsp;$188765 | &nbsp;&nbsp;$233330 |
| Ratios (as a percentage of average daily net assets):<sup>(4)(5)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.39% |
| Portfolio Turnover of the Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> The per share amount is not in accord with the net realized and unrealized gain (loss) for the period because of the timing of Fund share transactions and the amount of the per share realized and unrealized gains and losses at such time.

<sup>(3)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

<sup>(4)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and administrator and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(5)</sup> Includes the Fund's share of the Portfolio's allocated expenses.

<sup>(6)</sup> Includes a reduction by the investment adviser of a portion of the Portfolio's adviser fee due to the Portfolio's investment in the Liquidity Fund (equal to less than 0.01%, less than 0.01%, less than 0.01% and less than 0.005% of average daily net assets for the years ended October 31, 2025, 2024, 2023 and 2022, respectively).

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_0b727f29-6fff-4065-8189-ae717694c986_TOC)

Eaton Vance

High Income Opportunities Fund

October 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$4.23 | &nbsp;&nbsp;$3.93 | &nbsp;&nbsp;$3.92 | &nbsp;&nbsp;$4.52 | &nbsp;&nbsp;$4.21 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.22 | &nbsp;&nbsp;$0.22 | &nbsp;&nbsp;$0.20 | &nbsp;&nbsp;$0.16 | &nbsp;&nbsp;$0.16 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.28** | &nbsp;&nbsp;**$0.53** | &nbsp;&nbsp;**$0.21** | &nbsp;&nbsp;**$(0.41)** | &nbsp;&nbsp;**$0.50** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.23) | &nbsp;&nbsp;$(0.23) | &nbsp;&nbsp;$(0.20) | &nbsp;&nbsp;$(0.18) | &nbsp;&nbsp;$(0.15) |
| Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) |
| **Total distributions** | &nbsp;&nbsp;**$(0.23)** | &nbsp;&nbsp;**$(0.23)** | &nbsp;&nbsp;**$(0.20)** | &nbsp;&nbsp;**$(0.19)** | &nbsp;&nbsp;**$(0.19)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$4.28** | &nbsp;&nbsp;**$4.23** | &nbsp;&nbsp;**$3.93** | &nbsp;&nbsp;**$3.92** | &nbsp;&nbsp;**$4.52** |
| **Total Return<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.82%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.66%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.38%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(9.31)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.09%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$14734 | &nbsp;&nbsp;$17943 | &nbsp;&nbsp;$19686 | &nbsp;&nbsp;$23724 | &nbsp;&nbsp;$32926 |
| Ratios (as a percentage of average daily net assets):<sup>(4)(5)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.64% |
| Portfolio Turnover of the Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> The per share amount is not in accord with the net realized and unrealized gain (loss) for the period because of the timing of Fund share transactions and the amount of the per share realized and unrealized gains and losses at such time.

<sup>(3)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

<sup>(4)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and administrator and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(5)</sup> Includes the Fund's share of the Portfolio's allocated expenses.

<sup>(6)</sup> Includes a reduction by the investment adviser of a portion of the Portfolio's adviser fee due to the Portfolio's investment in the Liquidity Fund (equal to less than 0.01%, less than 0.01%, less than 0.01% and less than 0.005% of average daily net assets for the years ended October 31, 2025, 2024, 2023 and 2022, respectively).

*5*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_0b727f29-6fff-4065-8189-ae717694c986_TOC)

Eaton Vance

High Income Opportunities Fund

October 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$4.23 | &nbsp;&nbsp;$3.93 | &nbsp;&nbsp;$3.92 | &nbsp;&nbsp;$4.52 | &nbsp;&nbsp;$4.22 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.27 | &nbsp;&nbsp;$0.26 | &nbsp;&nbsp;$0.24 | &nbsp;&nbsp;$0.20 | &nbsp;&nbsp;$0.21 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.32** | &nbsp;&nbsp;**$0.57** | &nbsp;&nbsp;**$0.25** | &nbsp;&nbsp;**$(0.37)** | &nbsp;&nbsp;**$0.54** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.27) | &nbsp;&nbsp;$(0.27) | &nbsp;&nbsp;$(0.24) | &nbsp;&nbsp;$(0.22) | &nbsp;&nbsp;$(0.19) |
| Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) |
| **Total distributions** | &nbsp;&nbsp;**$(0.27)** | &nbsp;&nbsp;**$(0.27)** | &nbsp;&nbsp;**$(0.24)** | &nbsp;&nbsp;**$(0.23)** | &nbsp;&nbsp;**$(0.24)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$4.28** | &nbsp;&nbsp;**$4.23** | &nbsp;&nbsp;**$3.93** | &nbsp;&nbsp;**$3.92** | &nbsp;&nbsp;**$4.52** |
| **Total Return<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.89%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.79%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.48%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(8.36)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.93%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$758521 | &nbsp;&nbsp;$803506 | &nbsp;&nbsp;$613247 | &nbsp;&nbsp;$471064 | &nbsp;&nbsp;$476949 |
| Ratios (as a percentage of average daily net assets):<sup>(4)(5)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65% |
| Portfolio Turnover of the Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> The per share amount is not in accord with the net realized and unrealized gain (loss) for the period because of the timing of Fund share transactions and the amount of the per share realized and unrealized gains and losses at such time.

<sup>(3)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

<sup>(4)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and administrator and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(5)</sup> Includes the Fund's share of the Portfolio's allocated expenses.

<sup>(6)</sup> Includes a reduction by the investment adviser of a portion of the Portfolio's adviser fee due to the Portfolio's investment in the Liquidity Fund (equal to less than 0.01%, less than 0.01%, less than 0.01% and less than 0.005% of average daily net assets for the years ended October 31, 2025, 2024, 2023 and 2022, respectively).

*6*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_0b727f29-6fff-4065-8189-ae717694c986_TOC)

Eaton Vance

High Income Opportunities Fund

October 31, 2025

Financial Highlights — continued

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;&nbsp;**Class R6** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Period Ended<br> October 31,<br> 2023<sup>(1)</sup>** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**Period Ended<br> October 31,<br> 2023<sup>(1)</sup>** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$4.23 | &nbsp;&nbsp;$3.93 | &nbsp;&nbsp;$4.05 |
| Income (Loss) From Operations |  |  |  |
| Net investment income<sup>(2)</sup> | &nbsp;&nbsp;$0.27 | &nbsp;&nbsp;$0.27 | &nbsp;&nbsp;$0.08 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;(0.11) |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.33** | &nbsp;&nbsp;**$0.57** | &nbsp;&nbsp;**$(0.03)** |
| Less Distributions |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.28) | &nbsp;&nbsp;$(0.27) | &nbsp;&nbsp;$(0.09) |
| **Total distributions** | &nbsp;&nbsp;**$(0.28)** | &nbsp;&nbsp;**$(0.27)** | &nbsp;&nbsp;**$(0.09)** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$4.28** | &nbsp;&nbsp;**$4.23** | &nbsp;&nbsp;**$3.93** |
| **Total Return<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.99%** | &nbsp;&nbsp;&nbsp;&nbsp;**14.90%** | &nbsp;&nbsp;&nbsp;&nbsp;**(0.83)%<sup>(4)</sup>** |
| Ratios/Supplemental Data |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$43420 | &nbsp;&nbsp;$1230 | &nbsp;&nbsp;$57 |
| Ratios (as a percentage of average daily net assets):<sup>(5)(6)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60%<sup>(7)</sup> |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54%<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55%<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60%<sup>(7)(8)</sup> |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.18%<sup>(7)</sup> |
| Portfolio Turnover of the Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29%<sup>(9)</sup> |

---

<sup>(1)</sup> For the period from the commencement of operations, June 30, 2023, to October 31, 2023.

<sup>(2)</sup> Computed using average shares outstanding.

<sup>(3)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

<sup>(4)</sup> Not annualized.

<sup>(5)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and administrator and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(6)</sup> Includes the Fund's share of the Portfolio's allocated expenses.

<sup>(7)</sup> Annualized.

<sup>(8)</sup> Includes a reduction by the investment adviser of a portion of the Portfolio's adviser fee due to the Portfolio's investment in the Liquidity Fund (equal to less than 0.01% of average daily net assets for years ended October 31, 2025, 2024 and the period ended October 31, 2023).

<sup>(9)</sup> For the year ended October 31, 2023.

*7*

*See Notes to Financial Statements.*

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[**Table of Contents**](#JOB_EV_AR_0b727f29-6fff-4065-8189-ae717694c986_TOC)

Eaton Vance

High Income Opportunities Fund

October 31, 2025

Notes to Financial Statements

------

1 Significant Accounting Policies

Eaton Vance High Income Opportunities Fund (the Fund) is a diversified series of Eaton Vance Mutual Funds Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund offers four classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective November 5, 2020, Class C shares automatically convert to Class A shares eight years after their purchase as described in the Fund's prospectus. Class I and Class R6 shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Net investment income, other than class-specific expenses, is allocated daily to each class of shares based upon the ratio of the value of each class's paid shares to the total value of all paid shares. Sub-accounting, recordkeeping and similar administrative fees payable to financial intermediaries, which are a component of transfer and dividend disbursing agent fees on the Statement of Operations, are not allocated to Class R6 shares. Each class of shares differs in its distribution plan and certain other class-specific expenses. The Fund invests all of its investable assets in interests in High Income Opportunities Portfolio (the Portfolio), a Massachusetts business trust, having the same investment objectives and policies as the Fund. The value of the Fund's investment in the Portfolio reflects the Fund's proportionate interest in the net assets of the Portfolio (61.9% at October 31, 2025). The performance of the Fund is directly affected by the performance of the Portfolio. The financial statements of the Portfolio, including the portfolio of investments, are included elsewhere in this report and should be read in conjunction with the Fund's financial statements.

The following is a summary of significant accounting policies of the Fund. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.

A Investment Valuation—Valuation of securities by the Portfolio is discussed in Note 1A of the Portfolio's Notes to Financial Statements, which are included elsewhere in this report.

B Income—The Fund's net investment income or loss consists of the Fund's pro rata share of the net investment income or loss of the Portfolio, less all actual and accrued expenses of the Fund.

C Federal Taxes—The Fund's policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary.

As of October 31, 2025, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

D Expenses—The majority of expenses of the Trust are directly identifiable to an individual fund. Expenses which are not readily identifiable to a specific fund are allocated taking into consideration, among other things, the nature and type of expense and the relative size of the funds.

E Use of Estimates—The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

F Indemnifications—Under the Trust's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Trust) could be deemed to have personal liability for the obligations of the Trust. However, the Trust's Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and the By-laws provide that the Trust shall assume, upon request by the shareholder, the defense on behalf of any Fund shareholders. Moreover, the By-laws also provide for indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

G Other—Investment transactions are accounted for on a trade date basis.

H Segment Reporting—During this reporting period, the Fund adopted FASB Accounting Standards Update No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures* (ASU 2023-07), which requires incremental disclosures related to a public entity's reportable segments. The Fund operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. In connection with the adoption of ASU 2023-07, the Fund's President acts as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's financial statements.

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[**Table of Contents**](#JOB_EV_AR_0b727f29-6fff-4065-8189-ae717694c986_TOC)

Eaton Vance

High Income Opportunities Fund

October 31, 2025

Notes to Financial Statements — continued

------

2 Distributions to Shareholders and Income Tax Information

The Fund declares dividends daily to shareholders of record at the time of declaration. Distributions are generally paid monthly. Distributions of realized capital gains are made at least annually. Distributions are declared separately for each class of shares. Shareholders may reinvest income and capital gain distributions in additional shares of the same class of the Fund at the net asset value as of the reinvestment date or, at the election of the shareholder, receive distributions in cash. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

The tax character of distributions declared for the years ended October 31, 2025 and October 31, 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$70990718 | &nbsp;&nbsp;&nbsp;&nbsp;$61787110 |

---

During the year ended October 31, 2025, distributable earnings was increased by $227,594 and paid-in capital was decreased by $227,594 due to taxable overdistributions and differences between book and tax accounting. These reclassifications had no effect on the net assets or net asset value per share of the Fund.

As of October 31, 2025, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

---

| | |
|:---|:---|
| Deferred capital losses | &nbsp;&nbsp;&nbsp;&nbsp;$(18150647) |
| Net unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32476685 |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (448752) |
| **Distributable earnings** | &nbsp;&nbsp;&nbsp;&nbsp;**$13877286** |

---

At October 31, 2025, the Fund, for federal income tax purposes, had deferred capital losses of $18,150,647 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund's next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at October 31, 2025, $18,150,647 are long-term.

3 Investment Adviser Fee and Other Transactions with Affiliates

Pursuant to an investment advisory agreement with Eaton Vance Management (EVM), an indirect, wholly-owned subsidiary of Morgan Stanley, the Fund pays an investment adviser fee on its daily net assets that are not invested in other investment companies, and on its daily gross income that is not derived from other investment companies, for which EVM or its affiliates serve as investment adviser and receive an advisory fee at a per annum rate as follows and is payable monthly:

---

| | | |
|:---|:---|:---|
| **Total Daily Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Annual Asset<br> Rate** | &nbsp;&nbsp;&nbsp;&nbsp;**Daily Income<br> Rate** |
| Up to $500 million | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.300% | &nbsp;&nbsp;&nbsp;&nbsp;3.000% |
| $500 million but less than $1 billion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.275% | &nbsp;&nbsp;&nbsp;&nbsp;2.750% |
| $1 billion but less than $1.5 billion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.250% | &nbsp;&nbsp;&nbsp;&nbsp;2.500% |
| $1.5 billion but less than $2 billion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.225% | &nbsp;&nbsp;&nbsp;&nbsp;2.250% |
| $2 billion but less than $3 billion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.200% | &nbsp;&nbsp;&nbsp;&nbsp;2.000% |
| $3 billion and over | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.175% | &nbsp;&nbsp;&nbsp;&nbsp;1.750% |

---

For the year ended October 31, 2025, the Fund incurred no investment adviser fee on such assets. Pursuant to an investment sub-advisory agreement, EVM has delegated a portion of the investment management of the Fund to Eaton Vance Advisers International Ltd. (EVAIL), an affiliate of EVM. EVM pays EVAIL a portion of its investment adviser fee for sub-advisory services provided to the Fund. To the extent that the Fund's assets are invested in the

------

[**Table of Contents**](#JOB_EV_AR_0b727f29-6fff-4065-8189-ae717694c986_TOC)

Eaton Vance

High Income Opportunities Fund

October 31, 2025

Notes to Financial Statements — continued

------

Portfolio, the Fund is allocated its share of the Portfolio's investment adviser fee. The Portfolio has engaged Boston Management and Research (BMR) to render investment advisory services. See Note 2 of the Portfolio's Notes to Financial Statements which are included elsewhere in this report. EVM also serves as the administrator of the Fund, but receives no compensation.

EVM and BMR have agreed to reimburse the Fund's expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only and excluding such expenses as brokerage commissions, acquired fund fees and expenses of unaffiliated funds, borrowing costs, taxes or litigation expenses) exceed 0.95%, 1.70%, 0.70% and 0.62% of the Fund's average daily net assets for Class A, Class C, Class I and Class R6, respectively. This agreement may be changed or terminated after March 1, 2027. For the year ended October 31, 2025, no expenses were waived and/or reimbursed by EVM or BMR.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended October 31, 2025, EVM earned $55,627 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations. The Fund was informed that Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund's principal underwriter, received $10,924 as its portion of the sales charge on sales of Class A shares for the year ended October 31, 2025. The Fund was informed that Morgan Stanley affiliated broker-dealers, which may be deemed to be affiliates of EVM, BMR and EVD, also received a portion of the sales charge on sales of Class A shares for the year ended October 31, 2025 in the amount of $825. EVD also received distribution and service fees from Class A and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5).

Trustees and officers of the Fund who are members of EVM's or BMR's organizations receive remuneration for their services to the Fund out of the investment adviser fee. Certain officers and Trustees of the Fund and the Portfolio are officers of the above organizations.

4 Distribution Plans

The Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the year ended October 31, 2025 amounted to $569,898 for Class A shares.

The Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the year ended October 31, 2025, the Fund paid or accrued to EVD $118,496 for Class C shares.

Pursuant to the Class C Plan, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the year ended October 31, 2025 amounted to $39,499 for Class C shares.

Distribution and service fees are subject to the limitations contained in the Financial Industry Regulatory Authority Rule 2341(d).

5 Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within 12 months of purchase. Class A shares may be subject to a 1% CDSC if redeemed within 12 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the year ended October 31, 2025, the Fund was informed that EVD received $134 and $121 of CDSCs paid by Class A and Class C shareholders, respectively.

6 Investment Transactions

For the year ended October 31, 2025, increases and decreases in the Fund's investment in the Portfolio aggregated $159,909,439 and $248,797,757, respectively.

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[**Table of Contents**](#JOB_EV_AR_0b727f29-6fff-4065-8189-ae717694c986_TOC)

Eaton Vance

High Income Opportunities Fund

October 31, 2025

Notes to Financial Statements — continued

------

7 Shares of Beneficial Interest

The Fund's Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value). Such shares may be issued in a number of different series (such as the Fund) and classes. Transactions in Fund shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2024** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;17166529 | &nbsp;&nbsp;&nbsp;&nbsp;$72629142 | &nbsp;&nbsp;&nbsp;&nbsp;18600212 | &nbsp;&nbsp;&nbsp;&nbsp;$76904899 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 2878929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12206278 | &nbsp;&nbsp;&nbsp;&nbsp; 2988901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12479195 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(19850935) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(83853008) | &nbsp;&nbsp;&nbsp;&nbsp;(20194340) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(83953470) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp; **194523** | &nbsp;&nbsp;&nbsp;&nbsp;**$982412** | &nbsp;&nbsp;&nbsp;&nbsp; **1394773** | &nbsp;&nbsp;&nbsp;&nbsp;**$5430624** |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 579653 | &nbsp;&nbsp;&nbsp;&nbsp;$2459534 | &nbsp;&nbsp;&nbsp;&nbsp; 926251 | &nbsp;&nbsp;&nbsp;&nbsp;$3846645 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 195166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 828656 | &nbsp;&nbsp;&nbsp;&nbsp; 238744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 997735 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1577944) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6670414) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1935888) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8055143) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(803125)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(3382224)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(770893)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(3210763)** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;46245165 | &nbsp;&nbsp;&nbsp;&nbsp;$195965160 | &nbsp;&nbsp;&nbsp;&nbsp;79563864 | &nbsp;&nbsp;&nbsp;&nbsp;$332214146 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp;11322931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48077680 | &nbsp;&nbsp;&nbsp;&nbsp;10386196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43454962 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(70472769) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(298875396) | &nbsp;&nbsp;&nbsp;&nbsp;(56164754) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(233294651) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp;**(12904673)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(54832556)** | &nbsp;&nbsp;&nbsp;&nbsp;**33785306** | &nbsp;&nbsp;&nbsp;&nbsp;**$142374457** |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;18942210 | &nbsp;&nbsp;&nbsp;&nbsp;$80242617 | &nbsp;&nbsp;&nbsp;&nbsp; 322406 | &nbsp;&nbsp;&nbsp;&nbsp;$1331000 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 1110838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4711476 | &nbsp;&nbsp;&nbsp;&nbsp; 13824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58002 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(10197072) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43537872) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (59816) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (248360) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp; **9855976** | &nbsp;&nbsp;&nbsp;&nbsp;**$41416221** | &nbsp;&nbsp;&nbsp;&nbsp; **276414** | &nbsp;&nbsp;&nbsp;&nbsp;**$1140642** |

---

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[**Table of Contents**](#JOB_EV_AR_0b727f29-6fff-4065-8189-ae717694c986_TOC)

Eaton Vance

High Income Opportunities Fund

October 31, 2025

Report of Independent Registered Public Accounting Firm

------

To the Trustees of Eaton Vance Mutual Funds Trust and Shareholders of Eaton Vance High Income Opportunities Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Eaton Vance High Income Opportunities Fund (the "Fund"), one of the funds constituting Eaton Vance Mutual Funds Trust, as of October 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 22, 2025

We have served as the auditor of one or more Eaton Vance investment companies since 1959.

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[**Table of Contents**](#JOB_EV_AR_0b727f29-6fff-4065-8189-ae717694c986_TOC)

Eaton Vance

High Income Opportunities Fund

October 31, 2025

Federal Tax Information (Unaudited)

------

The Form 1099-DIV you receive in February 2026 will show the tax status of all distributions paid to your account in calendar year 2025. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of qualified dividend income for individuals and 163(j) interest dividends.

**Qualified Dividend Income. For the fiscal year ended October 31, 2025, the Fund designates approximately $687,517, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate of 15%.**

**163(j) Interest Dividends. For the fiscal year ended October 31, 2025, the Fund designates 98.01% of distributions from net investment income as a 163(j) interest dividend.**

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[**Table of Contents**](#JOB_EV_AR_0b727f29-6fff-4065-8189-ae717694c986_TOC)

High Income Opportunities Portfolio

October 31, 2025

Portfolio of Investments

------

Asset-Backed Securities — 2.3%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Ballyrock CLO 15 Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-1A, Class D1R, 6.755%, (3 mo. SOFR + 2.85%), 1/15/38<sup>(1)(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;$2008356 |
| &nbsp;&nbsp;&nbsp;Series 2021-1A, Class ER, 9.155%, (3 mo. SOFR + 5.25%), 1/15/38<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1459650 |
| Ballyrock CLO 16 Ltd., Series 2021-16A, Class C2R, 7.634%, (3 mo. SOFR + 3.75%), 4/20/38<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1484366 |
| Barings CLO Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-1A, Class D2, 7.534%, (3 mo. SOFR + 3.65%), 4/20/38<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1007426 |
| &nbsp;&nbsp;&nbsp;Series 2025-1A, Class E, 8.484%, (3 mo. SOFR + 4.60%), 4/20/38<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 986382 |
| Benefit Street Partners CLO XVI Ltd., Series 2018-16A, Class D2R2, 7.882%, (3 mo. SOFR + 4.00%), 1/17/38<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2007712 |
| Brookhaven Park CLO Ltd., Series 2024-1A, Class D, 7.484%, (3 mo. SOFR + 3.60%), 4/19/37<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1007011 |
| Bryant Park Funding Ltd., Series 2023-19A, Class D1R, 6.705%, (3 mo. SOFR + 2.80%), 4/15/38<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1502351 |
| Canyon Capital CLO Ltd., Series 2022-1A, Class E, 10.294%, (3 mo. SOFR + 6.40%), 4/15/35<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1975060 |
| Carlyle U.S. CLO Ltd., Series 2019-4A, Class DR, 10.505%, (3 mo. SOFR + 6.60%), 4/15/35<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2013616 |
| Elmwood CLO 40 Ltd., Series 2025-3A, Class E, 9.132%, (3 mo. SOFR + 5.25%), 3/22/38<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1519728 |
| Elmwood CLO VI Ltd., Series 2020-3A, Class D1RR, 6.984%, (3 mo. SOFR + 3.10%), 7/18/37<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1003739 |
| Golub Capital Partners CLO 72 B Ltd., Series 2024-72A, Class D, 7.858%, (3 mo. SOFR + 4.00%), 4/25/37<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1005882 |
| Harvest U.S. CLO Ltd., Series 2024-3A, Class D1, 7.184%, (3 mo. SOFR + 3.30%), 1/18/38<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1006190 |
| Madison Park Funding LIX Ltd., Series 2021-59A, Class ER, 10.284%, (3 mo. SOFR + 6.40%), 4/18/37<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1985140 |
| Madison Park Funding LV Ltd., Series 2022-55A, Class D1R, 7.034%, (3 mo. SOFR + 3.15%), 7/18/37<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1510047 |
| Madison Park Funding XXII Ltd., Series 2016-22A, Class D1R2, 6.805%, (3 mo. SOFR + 2.90%), 1/15/38<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2008282 |
| Madison Park Funding XXXVII Ltd., Series 2019-37A, Class ER2, 10.505%, (3 mo. SOFR + 6.60%), 4/15/37<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001964 |
| Magnetite XXII Ltd., Series 2019-22A, Class DRR, 6.805%, (3 mo. SOFR + 2.90%), 7/15/36<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1252549 |
| Neuberger Berman Loan Advisers CLO 59 Ltd., Series 2024-59A, Class E, 8.66%, (3 mo. SOFR + 4.80%), 1/23/39<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2012790 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Oaktree CLO Ltd., Series 2019-4A, Class D1RR, 7.284%, (3 mo. SOFR + 3.40%), 7/20/37<sup>(1)(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;$1005191 |
| OCP CLO Ltd., Series 2024-32A, Class D1, 7.61%, (3 mo. SOFR + 3.75%), 4/23/37<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1511623 |
| Palmer Square CLO Ltd., Series 2018-1A, Class CR, 7.784%, (3 mo. SOFR + 3.90%), 4/18/37<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1509577 |
| RR 38 Ltd., Series 2025-38A, Class C2, 7.555%, (3 mo. SOFR + 3.65%), 4/15/40<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2030838 |
| Wellfleet CLO Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-2A, Class E, 11.126%, (3 mo. SOFR + 7.222%), 7/15/34<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1968318 |
| &nbsp;&nbsp;&nbsp;Series 2021-3A, Class E, 11.266%, (3 mo. SOFR + 7.362%), 1/15/35<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1978612 |
| Total Asset-Backed Securities<br> (identified cost $39,709,012) |  | &nbsp;&nbsp;**$39762400** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Common Stocks — 1.4%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Energy — 0.3% | Energy — 0.3% | Energy — 0.3% |
| Ascent CNR Corp., Class A<sup>(3)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62734 | &nbsp;&nbsp;$2111626 |
| Energy Transfer LP | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp; 3366000 |
|  |  | &nbsp;&nbsp;**$5477626** |
| Environmental — 0.4% | Environmental — 0.4% | Environmental — 0.4% |
| GFL Environmental, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;140500 | &nbsp;&nbsp;$6138445 |
|  |  | &nbsp;&nbsp;**$6138445** |
| Healthcare — 0.2% | Healthcare — 0.2% | Healthcare — 0.2% |
| Ardent Health, Inc.<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;$2766400 |
| Mallinckrodt PLC<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 51500 |
|  |  | &nbsp;&nbsp;**$2817900** |
| Homebuilders & Real Estate — 0.2% | Homebuilders & Real Estate — 0.2% | Homebuilders & Real Estate — 0.2% |
| James Hardie Industries PLC<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;$3139500 |
|  |  | &nbsp;&nbsp;**$3139500** |
| Leisure — 0.0% | Leisure — 0.0% | Leisure — 0.0% |
| iFIT Health and Fitness, Inc.<sup>(3)(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;514080 | &nbsp;&nbsp;$0 |
|  |  | &nbsp;&nbsp;**$0** |
| Paper — 0.1% | Paper — 0.1% | Paper — 0.1% |
| Enviva LLC<sup>(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76513 | &nbsp;&nbsp;$1262465 |
|  |  | &nbsp;&nbsp;**$1262465** |

---

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[**Table of Contents**](#JOB_EV_AR_0b727f29-6fff-4065-8189-ae717694c986_TOC)

High Income Opportunities Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Utility — 0.2% | Utility — 0.2% | Utility — 0.2% |
| Vistra Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23528 | &nbsp;&nbsp;$4430322 |
|  |  | &nbsp;&nbsp;**$4430322** |
| Total Common Stocks<br> (identified cost $20,115,791) |  | &nbsp;&nbsp;**$23266258** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Convertible Bonds — 0.1%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Homebuilders & Real Estate — 0.1% | Homebuilders & Real Estate — 0.1% | Homebuilders & Real Estate — 0.1% |
| Pebblebrook Hotel Trust, 1.75%, 12/15/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2275 | &nbsp;&nbsp;$2188357 |
| Total Convertible Bonds<br> (identified cost $2,176,703) |  | &nbsp;&nbsp;**$2188357** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Corporate Bonds — 83.0%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Aerospace — 3.0% | Aerospace — 3.0% | Aerospace — 3.0% |
| Amentum Holdings, Inc., 7.25%, 8/1/32<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5593 | &nbsp;&nbsp;$5825725 |
| Axon Enterprise, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;6.125%, 3/15/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp; 1647261 |
| &nbsp;&nbsp;&nbsp;6.25%, 3/15/33<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1215 | &nbsp;&nbsp;&nbsp;&nbsp; 1258867 |
| Bombardier, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;7.00%, 6/1/32<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1915 | &nbsp;&nbsp;&nbsp;&nbsp; 2012935 |
| &nbsp;&nbsp;&nbsp;7.25%, 7/1/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp; 2231607 |
| &nbsp;&nbsp;&nbsp;7.875%, 4/15/27<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78 | &nbsp;&nbsp;&nbsp;&nbsp; 78310 |
| &nbsp;&nbsp;&nbsp;8.75%, 11/15/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2730 | &nbsp;&nbsp;&nbsp;&nbsp; 2947723 |
| BWX Technologies, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, 6/30/28<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1591 | &nbsp;&nbsp;&nbsp;&nbsp; 1560147 |
| &nbsp;&nbsp;&nbsp;4.125%, 4/15/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1341 | &nbsp;&nbsp;&nbsp;&nbsp; 1312844 |
| CACI International, Inc., 6.375%, 6/15/33<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3145 | &nbsp;&nbsp;&nbsp;&nbsp; 3273851 |
| Moog, Inc., 4.25%, 12/15/27<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2966 | &nbsp;&nbsp;&nbsp;&nbsp; 2942255 |
| Science Applications International Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, 4/1/28<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4831 | &nbsp;&nbsp;&nbsp;&nbsp; 4797082 |
| &nbsp;&nbsp;&nbsp;5.875%, 11/1/33<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3180 | &nbsp;&nbsp;&nbsp;&nbsp; 3173767 |
| TransDigm, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, 1/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1777 | &nbsp;&nbsp;&nbsp;&nbsp; 1749187 |
| &nbsp;&nbsp;&nbsp;6.25%, 1/31/34<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1085 | &nbsp;&nbsp;&nbsp;&nbsp; 1122138 |
| &nbsp;&nbsp;&nbsp;6.375%, 3/1/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1580 | &nbsp;&nbsp;&nbsp;&nbsp; 1624927 |
| &nbsp;&nbsp;&nbsp;6.625%, 3/1/32<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5115 | &nbsp;&nbsp;&nbsp;&nbsp; 5295708 |
| &nbsp;&nbsp;&nbsp;6.75%, 8/15/28<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3719 | &nbsp;&nbsp;&nbsp;&nbsp; 3797013 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Aerospace (continued) | Aerospace (continued) | Aerospace (continued) |
| TransDigm, Inc.: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;6.75%, 1/31/34<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4345 | &nbsp;&nbsp;$4505865 |
|  |  | &nbsp;&nbsp;**$51157212** |
| Air Transportation — 0.6% | Air Transportation — 0.6% | Air Transportation — 0.6% |
| Stonepeak Nile Parent LLC, 7.25%, 3/15/32<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2069 | &nbsp;&nbsp;$2189481 |
| VistaJet Malta Finance PLC/Vista Management Holding, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, 2/1/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7353 | &nbsp;&nbsp;&nbsp;&nbsp; 7108010 |
| &nbsp;&nbsp;&nbsp;9.50%, 6/1/28<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1370 | &nbsp;&nbsp;&nbsp;&nbsp; 1425710 |
|  |  | &nbsp;&nbsp;**$10723201** |
| Automotive & Auto Parts — 2.1% | Automotive & Auto Parts — 2.1% | Automotive & Auto Parts — 2.1% |
| Belron U.K. Finance PLC, 5.75%, 10/15/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7700 | &nbsp;&nbsp;$7806899 |
| Champions Financing, Inc., 8.75%, 2/15/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2086 | &nbsp;&nbsp;&nbsp;&nbsp; 2024238 |
| Clarios Global LP/Clarios U.S. Finance Co.: |  |  |
| &nbsp;&nbsp;&nbsp;6.75%, 2/15/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2460 | &nbsp;&nbsp;&nbsp;&nbsp; 2551930 |
| &nbsp;&nbsp;&nbsp;6.75%, 9/15/32<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4540 | &nbsp;&nbsp;&nbsp;&nbsp; 4648742 |
| Ford Motor Co., 4.75%, 1/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2651 | &nbsp;&nbsp;&nbsp;&nbsp; 2134831 |
| Goodyear Tire & Rubber Co., 5.00%, 7/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3471 | &nbsp;&nbsp;&nbsp;&nbsp; 3306814 |
| Real Hero Merger Sub 2, Inc., 6.25%, 2/1/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6106 | &nbsp;&nbsp;&nbsp;&nbsp; 3657464 |
| Wand NewCo 3, Inc., 7.625%, 1/30/32<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8544 | &nbsp;&nbsp;&nbsp;&nbsp; 8938084 |
|  |  | &nbsp;&nbsp;**$35069002** |
| Broadcasting — 0.9% | Broadcasting — 0.9% | Broadcasting — 0.9% |
| Playtika Holding Corp., 4.25%, 3/15/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3820 | &nbsp;&nbsp;$3453643 |
| Sinclair Television Group, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, 12/31/32<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486 | &nbsp;&nbsp;&nbsp;&nbsp; 356603 |
| &nbsp;&nbsp;&nbsp;8.125%, 2/15/33<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4043 | &nbsp;&nbsp;&nbsp;&nbsp; 4124972 |
| Starz Capital Holdings 1, Inc., 6.00%, 4/15/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1350 | &nbsp;&nbsp;&nbsp;&nbsp; 1274062 |
| Univision Communications, Inc., 9.375%, 8/1/32<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3136 | &nbsp;&nbsp;&nbsp;&nbsp; 3313600 |
| Warnermedia Holdings, Inc., 5.05%, 3/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3631 | &nbsp;&nbsp;&nbsp;&nbsp; 2918634 |
|  |  | &nbsp;&nbsp;**$15441514** |
| Building Materials — 4.0% | Building Materials — 4.0% | Building Materials — 4.0% |
| AmeriTex HoldCo Intermediate LLC, 7.625%, 8/15/33<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2909 | &nbsp;&nbsp;$3045248 |
| Builders FirstSource, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, 2/1/32<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5100 | &nbsp;&nbsp;&nbsp;&nbsp; 4829035 |
| &nbsp;&nbsp;&nbsp;5.00%, 3/1/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2850 | &nbsp;&nbsp;&nbsp;&nbsp; 2823744 |
| CP Atlas Buyer, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;9.75%, 7/15/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4153 | &nbsp;&nbsp;&nbsp;&nbsp; 4335992 |
| &nbsp;&nbsp;&nbsp;12.75%, (7.00% cash and 5.75% PIK), 1/15/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1174 | &nbsp;&nbsp;&nbsp;&nbsp; 1150757 |

---

------

[**Table of Contents**](#JOB_EV_AR_0b727f29-6fff-4065-8189-ae717694c986_TOC)

High Income Opportunities Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Building Materials (continued) | Building Materials (continued) | Building Materials (continued) | Building Materials (continued) |
| JH North America Holdings, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, 1/31/31<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2031 | &nbsp;&nbsp;$2072768 |
| &nbsp;&nbsp;&nbsp;6.125%, 7/31/32<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2605 | &nbsp;&nbsp;&nbsp;&nbsp; 2673590 |
| Masterbrand, Inc., 7.00%, 7/15/32<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5425 | &nbsp;&nbsp;&nbsp;&nbsp; 5636515 |
| MIWD Holdco II LLC/MIWD Finance Corp., 5.50%, 2/1/30<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1884 | &nbsp;&nbsp;&nbsp;&nbsp; 1832753 |
| Park River Holdings, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;8.00%, 3/15/31<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3241 | &nbsp;&nbsp;&nbsp;&nbsp; 3339151 |
| &nbsp;&nbsp;&nbsp;8.75%, 12/31/30<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;862 | &nbsp;&nbsp;&nbsp;&nbsp; 861741 |
| Quikrete Holdings, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, 3/1/32<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6010 | &nbsp;&nbsp;&nbsp;&nbsp; 6238212 |
| &nbsp;&nbsp;&nbsp;6.75%, 3/1/33<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6601 | &nbsp;&nbsp;&nbsp;&nbsp; 6874598 |
| Smyrna Ready Mix Concrete LLC, 6.00%, 11/1/28<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8358 | &nbsp;&nbsp;&nbsp;&nbsp; 8336811 |
| Standard Building Solutions, Inc., 6.50%, 8/15/32<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1885 | &nbsp;&nbsp;&nbsp;&nbsp; 1939687 |
| Standard Industries, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;2.25%, 11/21/26<sup>(6)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp; 2180727 |
| &nbsp;&nbsp;&nbsp;3.375%, 1/15/31<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2778 | &nbsp;&nbsp;&nbsp;&nbsp; 2531864 |
| &nbsp;&nbsp;&nbsp;4.375%, 7/15/30<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3112 | &nbsp;&nbsp;&nbsp;&nbsp; 3003769 |
| White Cap Supply Holdings LLC, 7.375%, 11/15/30<sup>(1)(7)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4430 | &nbsp;&nbsp;&nbsp;&nbsp; 4484079 |
|  |  |  | &nbsp;&nbsp;**$68191041** |
| Cable & Satellite TV — 2.5% | Cable & Satellite TV — 2.5% | Cable & Satellite TV — 2.5% | Cable & Satellite TV — 2.5% |
| CCO Holdings LLC/CCO Holdings Capital Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, 2/1/31<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1446 | &nbsp;&nbsp;$1310204 |
| &nbsp;&nbsp;&nbsp;4.25%, 1/15/34<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9932 | &nbsp;&nbsp;&nbsp;&nbsp; 8351010 |
| &nbsp;&nbsp;&nbsp;4.50%, 8/15/30<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7605 | &nbsp;&nbsp;&nbsp;&nbsp; 7134587 |
| &nbsp;&nbsp;&nbsp;4.50%, 5/1/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1055 | &nbsp;&nbsp;&nbsp;&nbsp; 939140 |
| &nbsp;&nbsp;&nbsp;4.75%, 3/1/30<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5575 | &nbsp;&nbsp;&nbsp;&nbsp; 5304697 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/28<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2010 | &nbsp;&nbsp;&nbsp;&nbsp; 1991083 |
| &nbsp;&nbsp;&nbsp;5.375%, 6/1/29<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;923 | &nbsp;&nbsp;&nbsp;&nbsp; 911618 |
| &nbsp;&nbsp;&nbsp;6.375%, 9/1/29<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3940 | &nbsp;&nbsp;&nbsp;&nbsp; 3973549 |
| CSC Holdings LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;3.375%, 2/15/31<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3173 | &nbsp;&nbsp;&nbsp;&nbsp; 1923714 |
| &nbsp;&nbsp;&nbsp;4.125%, 12/1/30<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2060 | &nbsp;&nbsp;&nbsp;&nbsp; 1269590 |
| &nbsp;&nbsp;&nbsp;5.50%, 4/15/27<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2585 | &nbsp;&nbsp;&nbsp;&nbsp; 2401076 |
| &nbsp;&nbsp;&nbsp;11.75%, 1/31/29<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2436 | &nbsp;&nbsp;&nbsp;&nbsp; 1925866 |
| DISH Network Corp., 11.75%, 11/15/27<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2604 | &nbsp;&nbsp;&nbsp;&nbsp; 2743074 |
| Versant Media Group, Inc., 7.25%, 1/30/31<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2695 | &nbsp;&nbsp;&nbsp;&nbsp; 2748771 |
|  |  |  | &nbsp;&nbsp;**$42927979** |
| Capital Goods — 2.4% | Capital Goods — 2.4% | Capital Goods — 2.4% | Capital Goods — 2.4% |
| Arcosa, Inc., 6.875%, 8/15/32<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2925 | &nbsp;&nbsp;$3074105 |
| Calderys Financing II LLC, 11.75%, (11.75% cash or 12.50% PIK), 6/1/28<sup>(1)(8)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3755 | &nbsp;&nbsp;&nbsp;&nbsp; 3900140 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Capital Goods (continued) | Capital Goods (continued) | Capital Goods (continued) | Capital Goods (continued) |
| Calderys Financing LLC, 11.25%, 6/1/28<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5427 | &nbsp;&nbsp;$5740545 |
| Chart Industries, Inc., 9.50%, 1/1/31<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4583 | &nbsp;&nbsp;&nbsp;&nbsp; 4923948 |
| EMRLD Borrower LP/Emerald Co-Issuer, Inc., 6.625%, 12/15/30<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4601 | &nbsp;&nbsp;&nbsp;&nbsp; 4735722 |
| ESAB Corp., 6.25%, 4/15/29<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2758 | &nbsp;&nbsp;&nbsp;&nbsp; 2825885 |
| JB Poindexter & Co., Inc., 8.75%, 12/15/31<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4504 | &nbsp;&nbsp;&nbsp;&nbsp; 4718895 |
| New Flyer Holdings, Inc., 9.25%, 7/1/30<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3580 | &nbsp;&nbsp;&nbsp;&nbsp; 3814783 |
| Patrick Industries, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;4.75%, 5/1/29<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5212 | &nbsp;&nbsp;&nbsp;&nbsp; 5133610 |
| &nbsp;&nbsp;&nbsp;6.375%, 11/1/32<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2905 | &nbsp;&nbsp;&nbsp;&nbsp; 2964907 |
|  |  |  | &nbsp;&nbsp;**$41832540** |
| Chemicals — 2.6% | Chemicals — 2.6% | Chemicals — 2.6% | Chemicals — 2.6% |
| Avient Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;6.25%, 11/1/31<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3955 | &nbsp;&nbsp;$4041285 |
| &nbsp;&nbsp;&nbsp;7.125%, 8/1/30<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4654 | &nbsp;&nbsp;&nbsp;&nbsp; 4793774 |
| Celanese U.S. Holdings LLC, 7.20%, 11/15/33 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9428 | &nbsp;&nbsp;&nbsp;&nbsp; 9675287 |
| Compass Minerals International, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;6.75%, 12/1/27<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950 | &nbsp;&nbsp;&nbsp;&nbsp; 955534 |
| &nbsp;&nbsp;&nbsp;8.00%, 7/1/30<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4344 | &nbsp;&nbsp;&nbsp;&nbsp; 4524159 |
| Nufarm Australia Ltd./Nufarm Americas, Inc., 5.00%, 1/27/30<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552 | &nbsp;&nbsp;&nbsp;&nbsp; 492189 |
| Olympus Water U.S. Holding Corp., 7.25%, 2/15/33<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12205 | &nbsp;&nbsp;&nbsp;&nbsp; 12158979 |
| Valvoline, Inc., 3.625%, 6/15/31<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7611 | &nbsp;&nbsp;&nbsp;&nbsp; 6949453 |
|  |  |  | &nbsp;&nbsp;**$43590660** |
| Consumer Products — 0.4% | Consumer Products — 0.4% | Consumer Products — 0.4% | Consumer Products — 0.4% |
| Somnigroup International, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, 10/15/31<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6589 | &nbsp;&nbsp;$6097226 |
| &nbsp;&nbsp;&nbsp;4.00%, 4/15/29<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;855 | &nbsp;&nbsp;&nbsp;&nbsp; 824389 |
|  |  |  | &nbsp;&nbsp;**$6921615** |
| Containers — 2.0% | Containers — 2.0% | Containers — 2.0% | Containers — 2.0% |
| Ardagh Group SA, 9.50%, 12/1/30<sup>(7)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3950 | &nbsp;&nbsp;$4216625 |
| Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 9/1/29<sup>(6)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6400 | &nbsp;&nbsp;&nbsp;&nbsp; 6896423 |
| &nbsp;&nbsp;&nbsp;4.00%, 9/1/29<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3149 | &nbsp;&nbsp;&nbsp;&nbsp; 2938395 |
| Canpack SA/Canpack U.S. LLC, 3.875%, 11/15/29<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4061 | &nbsp;&nbsp;&nbsp;&nbsp; 3860663 |
| Clydesdale Acquisition Holdings, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;6.75%, 4/15/32<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5222 | &nbsp;&nbsp;&nbsp;&nbsp; 5244000 |
| &nbsp;&nbsp;&nbsp;8.75%, 4/15/30<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6049 | &nbsp;&nbsp;&nbsp;&nbsp; 6066572 |

---

------

[**Table of Contents**](#JOB_EV_AR_0b727f29-6fff-4065-8189-ae717694c986_TOC)

High Income Opportunities Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Containers (continued) | Containers (continued) | Containers (continued) | Containers (continued) |
| Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo U.S. LLC, 9.50%, 5/15/30<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5405 | &nbsp;&nbsp;$5072967 |
|  |  |  | &nbsp;&nbsp;**$34295645** |
| Diversified Financial Services — 4.8% | Diversified Financial Services — 4.8% | Diversified Financial Services — 4.8% | Diversified Financial Services — 4.8% |
| Alexandrite Lake Lux Holdings SARL, 6.75%, 7/30/30<sup>(1)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2520 | &nbsp;&nbsp;$2979408 |
| Ally Financial, Inc., Series B, 4.70% to 5/15/26<sup>(9)(10)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6533 | &nbsp;&nbsp;&nbsp;&nbsp; 6407537 |
| Azorra Finance Ltd., 7.25%, 1/15/31<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3495 | &nbsp;&nbsp;&nbsp;&nbsp; 3664378 |
| Block, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, 8/15/30<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3700 | &nbsp;&nbsp;&nbsp;&nbsp; 3758216 |
| &nbsp;&nbsp;&nbsp;6.00%, 8/15/33<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4151 | &nbsp;&nbsp;&nbsp;&nbsp; 4247349 |
| Boost Newco Borrower LLC, 7.50%, 1/15/31<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4649 | &nbsp;&nbsp;&nbsp;&nbsp; 4942491 |
| CI Financial Corp., 4.10%, 6/15/51 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3691 | &nbsp;&nbsp;&nbsp;&nbsp; 2659961 |
| Compass Group Diversified Holdings LLC, 5.25%, 4/15/29<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3926 | &nbsp;&nbsp;&nbsp;&nbsp; 3559118 |
| Diebold Nixdorf, Inc., 7.75%, 3/31/30<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5556 | &nbsp;&nbsp;&nbsp;&nbsp; 5897433 |
| Focus Financial Partners LLC, 6.75%, 9/15/31<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4595 | &nbsp;&nbsp;&nbsp;&nbsp; 4740476 |
| Hightower Holding LLC, 9.125%, 1/31/30<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4765 | &nbsp;&nbsp;&nbsp;&nbsp; 5131195 |
| Phoenix Aviation Capital Ltd., 9.25%, 7/15/30<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6560 | &nbsp;&nbsp;&nbsp;&nbsp; 6916451 |
| Rocket Cos., Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;6.125%, 8/1/30<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3625 | &nbsp;&nbsp;&nbsp;&nbsp; 3741555 |
| &nbsp;&nbsp;&nbsp;6.375%, 8/1/33<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5435 | &nbsp;&nbsp;&nbsp;&nbsp; 5668596 |
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;3.625%, 3/1/29<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5608 | &nbsp;&nbsp;&nbsp;&nbsp; 5391961 |
| &nbsp;&nbsp;&nbsp;4.00%, 10/15/33<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp; 414767 |
| Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 6.75%, 8/15/32<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2925 | &nbsp;&nbsp;&nbsp;&nbsp; 3023582 |
| SS&C Technologies, Inc., 5.50%, 9/30/27<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3691 | &nbsp;&nbsp;&nbsp;&nbsp; 3695529 |
| UWM Holdings LLC, 6.25%, 3/15/31<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4373 | &nbsp;&nbsp;&nbsp;&nbsp; 4367866 |
|  |  |  | &nbsp;&nbsp;**$81207869** |
| Diversified Media — 2.2% | Diversified Media — 2.2% | Diversified Media — 2.2% | Diversified Media — 2.2% |
| Arches Buyer, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, 6/1/28<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2016 | &nbsp;&nbsp;$1971450 |
| &nbsp;&nbsp;&nbsp;6.125%, 12/1/28<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4486 | &nbsp;&nbsp;&nbsp;&nbsp; 4379261 |
| Cars.com, Inc., 6.375%, 11/1/28<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3521 | &nbsp;&nbsp;&nbsp;&nbsp; 3509721 |
| Clear Channel Outdoor Holdings, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;7.125%, 2/15/31<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1772 | &nbsp;&nbsp;&nbsp;&nbsp; 1829038 |
| &nbsp;&nbsp;&nbsp;7.50%, 3/15/33<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;796 | &nbsp;&nbsp;&nbsp;&nbsp; 833133 |
| &nbsp;&nbsp;&nbsp;7.75%, 4/15/28<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2149 | &nbsp;&nbsp;&nbsp;&nbsp; 2134492 |
| &nbsp;&nbsp;&nbsp;7.875%, 4/1/30<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2530 | &nbsp;&nbsp;&nbsp;&nbsp; 2654582 |
| Getty Images, Inc., 10.50%, 11/15/30<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2889 | &nbsp;&nbsp;&nbsp;&nbsp; 2915578 |
| Outfront Media Capital LLC/Outfront Media Capital Corp., 7.375%, 2/15/31<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4674 | &nbsp;&nbsp;&nbsp;&nbsp; 4941375 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Diversified Media (continued) | Diversified Media (continued) | Diversified Media (continued) |
| Snap, Inc., 6.875%, 3/1/33<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7789 | &nbsp;&nbsp;$7973405 |
| Stagwell Global LLC, 5.625%, 8/15/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4538 | &nbsp;&nbsp;&nbsp;&nbsp; 4328172 |
|  |  | &nbsp;&nbsp;**$37470207** |
| Energy — 7.5% | Energy — 7.5% | Energy — 7.5% |
| Aethon III BR LLC, 0.00%, 1/10/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;$14847900 |
| Aethon United BR LP/Aethon United Finance Corp., 7.50%, 10/1/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4210 | &nbsp;&nbsp;&nbsp;&nbsp; 4371362 |
| Civitas Resources, Inc., 8.625%, 11/1/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4798 | &nbsp;&nbsp;&nbsp;&nbsp; 4964409 |
| Energy Transfer LP, 5.00%, 5/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2087 | &nbsp;&nbsp;&nbsp;&nbsp; 1771475 |
| Global Partners LP/GLP Finance Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;7.125%, 7/1/33<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2056888 |
| &nbsp;&nbsp;&nbsp;8.25%, 1/15/32<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4008 | &nbsp;&nbsp;&nbsp;&nbsp; 4193498 |
| Kinetik Holdings LP, 5.875%, 6/15/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5259 | &nbsp;&nbsp;&nbsp;&nbsp; 5302303 |
| Kodiak Gas Services LLC: |  |  |
| &nbsp;&nbsp;&nbsp;6.50%, 10/1/33<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2912 | &nbsp;&nbsp;&nbsp;&nbsp; 2985944 |
| &nbsp;&nbsp;&nbsp;6.75%, 10/1/35<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1220 | &nbsp;&nbsp;&nbsp;&nbsp; 1257161 |
| Matador Resources Co., 6.50%, 4/15/32<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3560 | &nbsp;&nbsp;&nbsp;&nbsp; 3596063 |
| NGL Energy Operating LLC/NGL Energy Finance Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;8.125%, 2/15/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1656 | &nbsp;&nbsp;&nbsp;&nbsp; 1696330 |
| &nbsp;&nbsp;&nbsp;8.375%, 2/15/32<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2664 | &nbsp;&nbsp;&nbsp;&nbsp; 2726303 |
| Parkland Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, 10/1/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2516 | &nbsp;&nbsp;&nbsp;&nbsp; 2436948 |
| &nbsp;&nbsp;&nbsp;4.625%, 5/1/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2534 | &nbsp;&nbsp;&nbsp;&nbsp; 2460331 |
| Permian Resources Operating LLC: |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, 7/1/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2641 | &nbsp;&nbsp;&nbsp;&nbsp; 2645315 |
| &nbsp;&nbsp;&nbsp;6.25%, 2/1/33<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2615 | &nbsp;&nbsp;&nbsp;&nbsp; 2663275 |
| &nbsp;&nbsp;&nbsp;7.00%, 1/15/32<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2706 | &nbsp;&nbsp;&nbsp;&nbsp; 2809540 |
| Plains All American Pipeline LP, Series B, 8.583%, (3 mo. SOFR + 4.372%)<sup>(2)(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4645 | &nbsp;&nbsp;&nbsp;&nbsp; 4657709 |
| SM Energy Co., 7.00%, 8/1/32<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2975 | &nbsp;&nbsp;&nbsp;&nbsp; 2913299 |
| Sunoco LP: |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, 3/15/34<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3550 | &nbsp;&nbsp;&nbsp;&nbsp; 3551708 |
| &nbsp;&nbsp;&nbsp;7.25%, 5/1/32<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3010 | &nbsp;&nbsp;&nbsp;&nbsp; 3175935 |
| &nbsp;&nbsp;&nbsp;7.875% to 9/18/30<sup>(1)(9)(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12915 | &nbsp;&nbsp;&nbsp;&nbsp; 13125062 |
| Sunoco LP/Sunoco Finance Corp., 4.50%, 4/30/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2835 | &nbsp;&nbsp;&nbsp;&nbsp; 2748404 |
| Superior Plus LP/Superior General Partner, Inc., 4.50%, 3/15/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3101 | &nbsp;&nbsp;&nbsp;&nbsp; 3009382 |
| Transocean International Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;7.875%, 10/15/32<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 773107 |
| &nbsp;&nbsp;&nbsp;8.25%, 5/15/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3579 | &nbsp;&nbsp;&nbsp;&nbsp; 3602976 |
| &nbsp;&nbsp;&nbsp;8.75%, 2/15/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1067 | &nbsp;&nbsp;&nbsp;&nbsp; 1119931 |
| Venture Global LNG, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;8.375%, 6/1/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1771 | &nbsp;&nbsp;&nbsp;&nbsp; 1819731 |

---

------

[**Table of Contents**](#JOB_EV_AR_0b727f29-6fff-4065-8189-ae717694c986_TOC)

High Income Opportunities Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Energy (continued) | Energy (continued) | Energy (continued) |
| Venture Global LNG, Inc.: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;9.00% to 9/30/29<sup>(1)(9)(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1780 | &nbsp;&nbsp;$1665414 |
| &nbsp;&nbsp;&nbsp;9.50%, 2/1/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4863 | &nbsp;&nbsp;&nbsp;&nbsp; 5236906 |
| &nbsp;&nbsp;&nbsp;9.875%, 2/1/32<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;686 | &nbsp;&nbsp;&nbsp;&nbsp; 733181 |
| Vital Energy, Inc., 7.875%, 4/15/32<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1243 | &nbsp;&nbsp;&nbsp;&nbsp; 1177504 |
| VoltaGrid LLC, 7.375%, 11/1/30<sup>(1)(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5250 | &nbsp;&nbsp;&nbsp;&nbsp; 5342804 |
| WBI Operating LLC: |  |  |
| &nbsp;&nbsp;&nbsp;6.25%, 10/15/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4248 | &nbsp;&nbsp;&nbsp;&nbsp; 4246917 |
| &nbsp;&nbsp;&nbsp;6.50%, 10/15/33<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3673 | &nbsp;&nbsp;&nbsp;&nbsp; 3675332 |
| Weatherford International Ltd., 6.75%, 10/15/33<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2475 | &nbsp;&nbsp;&nbsp;&nbsp; 2531012 |
|  |  | &nbsp;&nbsp;**$127891359** |
| Entertainment & Film — 0.3% | Entertainment & Film — 0.3% | Entertainment & Film — 0.3% |
| Cinemark USA, Inc., 5.25%, 7/15/28<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4631 | &nbsp;&nbsp;$4612806 |
|  |  | &nbsp;&nbsp;**$4612806** |
| Environmental — 1.0% | Environmental — 1.0% | Environmental — 1.0% |
| Clean Harbors, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, 7/15/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1187 | &nbsp;&nbsp;$1186252 |
| &nbsp;&nbsp;&nbsp;6.375%, 2/1/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1560 | &nbsp;&nbsp;&nbsp;&nbsp; 1599636 |
| GFL Environmental, Inc., 4.75%, 6/15/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9118 | &nbsp;&nbsp;&nbsp;&nbsp; 9029726 |
| Reworld Holding Corp., 4.875%, 12/1/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3299 | &nbsp;&nbsp;&nbsp;&nbsp; 3108561 |
| Wrangler Holdco Corp., 6.625%, 4/1/32<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1905 | &nbsp;&nbsp;&nbsp;&nbsp; 1992489 |
|  |  | &nbsp;&nbsp;**$16916664** |
| Food & Drug Retail — 0.4% | Food & Drug Retail — 0.4% | Food & Drug Retail — 0.4% |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC: |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, 2/15/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1808 | &nbsp;&nbsp;$1787807 |
| &nbsp;&nbsp;&nbsp;5.875%, 2/15/28<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1807 | &nbsp;&nbsp;&nbsp;&nbsp; 1811174 |
| Ingles Markets, Inc., 4.00%, 6/15/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4305 | &nbsp;&nbsp;&nbsp;&nbsp; 4038789 |
|  |  | &nbsp;&nbsp;**$7637770** |
| Food, Beverage & Tobacco — 3.7% | Food, Beverage & Tobacco — 3.7% | Food, Beverage & Tobacco — 3.7% |
| BellRing Brands, Inc., 7.00%, 3/15/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3768 | &nbsp;&nbsp;$3889303 |
| Cerdia Finanz GmbH, 9.375%, 10/3/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9444 | &nbsp;&nbsp;&nbsp;&nbsp; 9886107 |
| Chobani Holdco II LLC, 9.50% PIK to 4/1/26, 10/1/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9483 | &nbsp;&nbsp;&nbsp;&nbsp; 10068605 |
| Chobani LLC/Chobani Finance Corp., Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, 11/15/28<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2225 | &nbsp;&nbsp;&nbsp;&nbsp; 2216995 |
| &nbsp;&nbsp;&nbsp;7.625%, 7/1/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5749 | &nbsp;&nbsp;&nbsp;&nbsp; 5986175 |
| Performance Food Group, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, 8/1/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5450 | &nbsp;&nbsp;&nbsp;&nbsp; 5321442 |
| &nbsp;&nbsp;&nbsp;5.50%, 10/15/27<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1594 | &nbsp;&nbsp;&nbsp;&nbsp; 1595856 |
| &nbsp;&nbsp;&nbsp;6.125%, 9/15/32<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2715 | &nbsp;&nbsp;&nbsp;&nbsp; 2790879 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Food, Beverage & Tobacco (continued) | Food, Beverage & Tobacco (continued) | Food, Beverage & Tobacco (continued) | Food, Beverage & Tobacco (continued) |
| Post Holdings, Inc., 6.25%, 2/15/32<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2786 | &nbsp;&nbsp;$2867186 |
| Primo Water Holdings, Inc./Triton Water Holdings, Inc., 6.25%, 4/1/29<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4325 | &nbsp;&nbsp;&nbsp;&nbsp; 4336310 |
| Turning Point Brands, Inc., 7.625%, 3/15/32<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp; 4351367 |
| U.S. Foods, Inc., 4.75%, 2/15/29<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6726 | &nbsp;&nbsp;&nbsp;&nbsp; 6658587 |
| Viking Baked Goods Acquisition Corp., 8.625%, 11/1/31<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2515 | &nbsp;&nbsp;&nbsp;&nbsp; 2529751 |
|  |  |  | &nbsp;&nbsp;**$62498563** |
| Gaming — 3.3% | Gaming — 3.3% | Gaming — 3.3% | Gaming — 3.3% |
| Allwyn Entertainment Financing U.K. PLC, 7.875%, 4/30/29<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6627 | &nbsp;&nbsp;$6878998 |
| Brightstar Lottery PLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 1/15/29<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2540 | &nbsp;&nbsp;&nbsp;&nbsp; 2535224 |
| &nbsp;&nbsp;&nbsp;6.25%, 1/15/27<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2048 | &nbsp;&nbsp;&nbsp;&nbsp; 2069559 |
| Caesars Entertainment, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;6.50%, 2/15/32<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2499 | &nbsp;&nbsp;&nbsp;&nbsp; 2521371 |
| &nbsp;&nbsp;&nbsp;7.00%, 2/15/30<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2900 | &nbsp;&nbsp;&nbsp;&nbsp; 2985678 |
| Churchill Downs, Inc., 5.75%, 4/1/30<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4352 | &nbsp;&nbsp;&nbsp;&nbsp; 4370165 |
| Flutter Treasury DAC, 5.875%, 6/4/31<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4229 | &nbsp;&nbsp;&nbsp;&nbsp; 4284506 |
| Genting New York LLC/GENNY Capital, Inc., 7.25%, 10/1/29<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4688 | &nbsp;&nbsp;&nbsp;&nbsp; 4856653 |
| Great Canadian Gaming Corp./Raptor LLC, 8.75%, 11/15/29<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp; 4403733 |
| LHMC Finco 2 SARL, 8.625%, (8.625% cash or 9.375% PIK), 5/15/30<sup>(1)(8)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2560 | &nbsp;&nbsp;&nbsp;&nbsp; 3082891 |
| Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings LLC, 8.25%, 4/15/30<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4996 | &nbsp;&nbsp;&nbsp;&nbsp; 5189637 |
| Rivers Enterprise Lender LLC/Rivers Enterprise Lender Corp., 6.25%, 10/15/30<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3710 | &nbsp;&nbsp;&nbsp;&nbsp; 3742557 |
| Voyager Parent LLC, 9.25%, 7/1/32<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8945 | &nbsp;&nbsp;&nbsp;&nbsp; 9384271 |
|  |  |  | &nbsp;&nbsp;**$56305243** |
| Healthcare — 7.5% | Healthcare — 7.5% | Healthcare — 7.5% | Healthcare — 7.5% |
| 1261229 BC Ltd., 10.00%, 4/15/32<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8055 | &nbsp;&nbsp;$8427741 |
| Amneal Pharmaceuticals LLC, 6.875%, 8/1/32<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2186 | &nbsp;&nbsp;&nbsp;&nbsp; 2294625 |
| athenahealth Group, Inc., 6.50%, 2/15/30<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12208 | &nbsp;&nbsp;&nbsp;&nbsp; 11962354 |
| CHS/Community Health Systems, Inc., 6.875%, 4/15/29<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3525 | &nbsp;&nbsp;&nbsp;&nbsp; 3199325 |
| Encompass Health Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, 4/1/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2698 | &nbsp;&nbsp;&nbsp;&nbsp; 2634461 |
| &nbsp;&nbsp;&nbsp;4.75%, 2/1/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1109 | &nbsp;&nbsp;&nbsp;&nbsp; 1098240 |
| Fortrea Holdings, Inc., 7.50%, 7/1/30<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3913 | &nbsp;&nbsp;&nbsp;&nbsp; 3761525 |
| Global Medical Response, Inc., 7.375%, 10/1/32<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4003 | &nbsp;&nbsp;&nbsp;&nbsp; 4191501 |
| HealthEquity, Inc., 4.50%, 10/1/29<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5710 | &nbsp;&nbsp;&nbsp;&nbsp; 5563815 |

---

------

[**Table of Contents**](#JOB_EV_AR_0b727f29-6fff-4065-8189-ae717694c986_TOC)

High Income Opportunities Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Healthcare (continued) | Healthcare (continued) | Healthcare (continued) |
| Heartland Dental LLC/Heartland Dental Finance Corp., 10.50%, 4/30/28<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1658 | &nbsp;&nbsp;$1750856 |
| IQVIA, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 5/15/27<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1329 | &nbsp;&nbsp;&nbsp;&nbsp; 1329467 |
| &nbsp;&nbsp;&nbsp;6.25%, 6/1/32<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5683 | &nbsp;&nbsp;&nbsp;&nbsp; 5930301 |
| &nbsp;&nbsp;&nbsp;6.50%, 5/15/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1862 | &nbsp;&nbsp;&nbsp;&nbsp; 1935294 |
| LifePoint Health, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, 1/15/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6397 | &nbsp;&nbsp;&nbsp;&nbsp; 6208211 |
| &nbsp;&nbsp;&nbsp;10.00%, 6/1/32<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;930 | &nbsp;&nbsp;&nbsp;&nbsp; 990346 |
| Medline Borrower LP, 5.25%, 10/1/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12917 | &nbsp;&nbsp;&nbsp;&nbsp; 12876306 |
| Molina Healthcare, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, 11/15/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501 | &nbsp;&nbsp;&nbsp;&nbsp; 462594 |
| &nbsp;&nbsp;&nbsp;3.875%, 5/15/32<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2454 | &nbsp;&nbsp;&nbsp;&nbsp; 2214851 |
| &nbsp;&nbsp;&nbsp;6.25%, 1/15/33<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1942 | &nbsp;&nbsp;&nbsp;&nbsp; 1956769 |
| Option Care Health, Inc., 4.375%, 10/31/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5025 | &nbsp;&nbsp;&nbsp;&nbsp; 4853601 |
| P&L Development LLC/PLD Finance Corp., 12.00%, (12.00% cash or 9.00% cash and 3.50% PIK), 5/15/29<sup>(1)(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1850 | &nbsp;&nbsp;&nbsp;&nbsp; 1903971 |
| Perrigo Finance Unlimited Co.: |  |  |
| &nbsp;&nbsp;&nbsp;4.90%, 6/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4615 | &nbsp;&nbsp;&nbsp;&nbsp; 4518163 |
| &nbsp;&nbsp;&nbsp;4.90%, 12/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1242 | &nbsp;&nbsp;&nbsp;&nbsp; 1027429 |
| Surgery Center Holdings, Inc., 7.25%, 4/15/32<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2722 | &nbsp;&nbsp;&nbsp;&nbsp; 2804101 |
| Team Health Holdings, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;8.375%, 6/30/28<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2803 | &nbsp;&nbsp;&nbsp;&nbsp; 2834940 |
| &nbsp;&nbsp;&nbsp;13.50%, (9.00% cash and 4.50% PIK), 6/30/28<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4627 | &nbsp;&nbsp;&nbsp;&nbsp; 4994547 |
| Tenet Healthcare Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, 1/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287 | &nbsp;&nbsp;&nbsp;&nbsp; 280343 |
| &nbsp;&nbsp;&nbsp;5.125%, 11/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3030 | &nbsp;&nbsp;&nbsp;&nbsp; 3028716 |
| &nbsp;&nbsp;&nbsp;6.125%, 10/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5025 | &nbsp;&nbsp;&nbsp;&nbsp; 5034618 |
| Teva Pharmaceutical Finance Netherlands III BV: |  |  |
| &nbsp;&nbsp;&nbsp;4.10%, 10/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10614 | &nbsp;&nbsp;&nbsp;&nbsp; 7983805 |
| &nbsp;&nbsp;&nbsp;6.00%, 12/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3200 | &nbsp;&nbsp;&nbsp;&nbsp; 3342538 |
| U.S. Acute Care Solutions LLC, 9.75%, 5/15/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6185 | &nbsp;&nbsp;&nbsp;&nbsp; 6305979 |
|  |  | &nbsp;&nbsp;**$127701333** |
| Homebuilders & Real Estate — 2.7% | Homebuilders & Real Estate — 2.7% | Homebuilders & Real Estate — 2.7% |
| Artera Services LLC, 8.50%, 2/15/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3795 | &nbsp;&nbsp;$3287415 |
| Ashton Woods USA LLC/Ashton Woods Finance Co.: |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, 8/1/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1606 | &nbsp;&nbsp;&nbsp;&nbsp; 1521937 |
| &nbsp;&nbsp;&nbsp;4.625%, 4/1/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2665 | &nbsp;&nbsp;&nbsp;&nbsp; 2515718 |
| Cushman & Wakefield U.S. Borrower LLC: |  |  |
| &nbsp;&nbsp;&nbsp;6.75%, 5/15/28<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3604 | &nbsp;&nbsp;&nbsp;&nbsp; 3635222 |
| &nbsp;&nbsp;&nbsp;8.875%, 9/1/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1988 | &nbsp;&nbsp;&nbsp;&nbsp; 2131286 |
| Greystar Real Estate Partners LLC, 7.75%, 9/1/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7888 | &nbsp;&nbsp;&nbsp;&nbsp; 8347531 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Homebuilders & Real Estate (continued) | Homebuilders & Real Estate (continued) | Homebuilders & Real Estate (continued) |
| K Hovnanian Enterprises, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;8.00%, 4/1/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1980 | &nbsp;&nbsp;$2024406 |
| &nbsp;&nbsp;&nbsp;8.375%, 10/1/33<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2070 | &nbsp;&nbsp;&nbsp;&nbsp; 2121189 |
| New Home Co., Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;8.50%, 11/1/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2217 | &nbsp;&nbsp;&nbsp;&nbsp; 2296963 |
| &nbsp;&nbsp;&nbsp;9.25%, 10/1/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9680 | &nbsp;&nbsp;&nbsp;&nbsp; 10164155 |
| Outfront Media Capital LLC/Outfront Media Capital Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, 1/15/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1965 | &nbsp;&nbsp;&nbsp;&nbsp; 1899181 |
| &nbsp;&nbsp;&nbsp;4.625%, 3/15/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1792 | &nbsp;&nbsp;&nbsp;&nbsp; 1732592 |
| STL Holding Co. LLC, 8.75%, 2/15/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp; 1993649 |
| TopBuild Corp., 4.125%, 2/15/32<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2923 | &nbsp;&nbsp;&nbsp;&nbsp; 2754995 |
|  |  | &nbsp;&nbsp;**$46426239** |
| Insurance — 2.0% | Insurance — 2.0% | Insurance — 2.0% |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer: |  |  |
| &nbsp;&nbsp;&nbsp;6.50%, 10/1/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1076 | &nbsp;&nbsp;$1104769 |
| &nbsp;&nbsp;&nbsp;6.75%, 10/15/27<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8655 | &nbsp;&nbsp;&nbsp;&nbsp; 8693757 |
| &nbsp;&nbsp;&nbsp;7.00%, 1/15/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1907 | &nbsp;&nbsp;&nbsp;&nbsp; 1976983 |
| &nbsp;&nbsp;&nbsp;7.375%, 10/1/32<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770 | &nbsp;&nbsp;&nbsp;&nbsp; 795449 |
| Amynta Agency Borrower, Inc. & Amynta Warranty Borrower, Inc., 7.50%, 7/15/33<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12698 | &nbsp;&nbsp;&nbsp;&nbsp; 13093809 |
| Panther Escrow Issuer LLC, 7.125%, 6/1/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4297 | &nbsp;&nbsp;&nbsp;&nbsp; 4444396 |
| Ryan Specialty LLC, 5.875%, 8/1/32<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4061 | &nbsp;&nbsp;&nbsp;&nbsp; 4132397 |
|  |  | &nbsp;&nbsp;**$34241560** |
| Leisure — 1.2% | Leisure — 1.2% | Leisure — 1.2% |
| Carnival Corp., 5.75%, 8/1/32<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3530 | &nbsp;&nbsp;$3630721 |
| Motion Finco SARL, 8.375%, 2/15/32<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3891 | &nbsp;&nbsp;&nbsp;&nbsp; 3276901 |
| NCL Corp. Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;6.75%, 2/1/32<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4195 | &nbsp;&nbsp;&nbsp;&nbsp; 4313240 |
| &nbsp;&nbsp;&nbsp;7.75%, 2/15/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4692 | &nbsp;&nbsp;&nbsp;&nbsp; 5021438 |
| Speedway Motorsports LLC/Speedway Funding II, Inc., 4.875%, 11/1/27<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2674 | &nbsp;&nbsp;&nbsp;&nbsp; 2653610 |
| Viking Cruises Ltd., 7.00%, 2/15/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;798 | &nbsp;&nbsp;&nbsp;&nbsp; 803012 |
| Viking Ocean Cruises Ship VII Ltd., 5.625%, 2/15/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551 | &nbsp;&nbsp;&nbsp;&nbsp; 550802 |
|  |  | &nbsp;&nbsp;**$20249724** |
| Metals & Mining — 1.9% | Metals & Mining — 1.9% | Metals & Mining — 1.9% |
| Arsenal AIC Parent LLC, 11.50%, 10/1/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4110 | &nbsp;&nbsp;$4573061 |
| Constellium SE, 3.75%, 4/15/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4864 | &nbsp;&nbsp;&nbsp;&nbsp; 4647669 |
| Eldorado Gold Corp., 6.25%, 9/1/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4103 | &nbsp;&nbsp;&nbsp;&nbsp; 4114493 |
| First Quantum Minerals Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;7.25%, 2/15/34<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1620 | &nbsp;&nbsp;&nbsp;&nbsp; 1683660 |

---

------

[**Table of Contents**](#JOB_EV_AR_0b727f29-6fff-4065-8189-ae717694c986_TOC)

High Income Opportunities Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Metals & Mining (continued) | Metals & Mining (continued) | Metals & Mining (continued) |
| First Quantum Minerals Ltd.: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;8.00%, 3/1/33<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2155 | &nbsp;&nbsp;$2292991 |
| &nbsp;&nbsp;&nbsp;9.375%, 3/1/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4651 | &nbsp;&nbsp;&nbsp;&nbsp; 4927135 |
| Hudbay Minerals, Inc., 6.125%, 4/1/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2194 | &nbsp;&nbsp;&nbsp;&nbsp; 2223165 |
| Novelis Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, 8/15/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1964 | &nbsp;&nbsp;&nbsp;&nbsp; 1801086 |
| &nbsp;&nbsp;&nbsp;4.75%, 1/30/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2569 | &nbsp;&nbsp;&nbsp;&nbsp; 2484836 |
| Roller Bearing Co. of America, Inc., 4.375%, 10/15/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4082 | &nbsp;&nbsp;&nbsp;&nbsp; 4005243 |
|  |  | &nbsp;&nbsp;**$32753339** |
| Publishing & Printing — 0.7% | Publishing & Printing — 0.7% | Publishing & Printing — 0.7% |
| Cimpress PLC, 7.375%, 9/15/32<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3245 | &nbsp;&nbsp;$3302073 |
| McGraw-Hill Education, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, 8/1/28<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3019 | &nbsp;&nbsp;&nbsp;&nbsp; 3015113 |
| &nbsp;&nbsp;&nbsp;7.375%, 9/1/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2050 | &nbsp;&nbsp;&nbsp;&nbsp; 2105776 |
| &nbsp;&nbsp;&nbsp;8.00%, 8/1/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4366 | &nbsp;&nbsp;&nbsp;&nbsp; 4404369 |
|  |  | &nbsp;&nbsp;**$12827331** |
| Railroad — 0.2% | Railroad — 0.2% | Railroad — 0.2% |
| Watco Cos. LLC/Watco Finance Corp., 7.125%, 8/1/32<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3955 | &nbsp;&nbsp;$4101117 |
|  |  | &nbsp;&nbsp;**$4101117** |
| Restaurant — 0.7% | Restaurant — 0.7% | Restaurant — 0.7% |
| 1011778 BC ULC/New Red Finance, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, 1/15/28<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1866 | &nbsp;&nbsp;$1834275 |
| &nbsp;&nbsp;&nbsp;4.00%, 10/15/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5641 | &nbsp;&nbsp;&nbsp;&nbsp; 5341566 |
| Yum! Brands, Inc., 3.625%, 3/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4317 | &nbsp;&nbsp;&nbsp;&nbsp; 4058282 |
|  |  | &nbsp;&nbsp;**$11234123** |
| Services — 5.5% | Services — 5.5% | Services — 5.5% |
| Adtalem Global Education, Inc., 5.50%, 3/1/28<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3877 | &nbsp;&nbsp;$3884134 |
| Allied Universal Holdco LLC, 7.875%, 2/15/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1695 | &nbsp;&nbsp;&nbsp;&nbsp; 1766615 |
| Allied Universal Holdco LLC/Allied Universal Finance Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, 6/1/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2157 | &nbsp;&nbsp;&nbsp;&nbsp; 2110574 |
| &nbsp;&nbsp;&nbsp;6.875%, 6/15/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2140 | &nbsp;&nbsp;&nbsp;&nbsp; 2197303 |
| Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL: |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, 6/1/28<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2161 | &nbsp;&nbsp;&nbsp;&nbsp; 2118048 |
| &nbsp;&nbsp;&nbsp;4.625%, 6/1/28<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2887 | &nbsp;&nbsp;&nbsp;&nbsp; 2827609 |
| APi Group DE, Inc., 4.75%, 10/15/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4707 | &nbsp;&nbsp;&nbsp;&nbsp; 4615908 |
| Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 8.375%, 6/15/32<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1555 | &nbsp;&nbsp;&nbsp;&nbsp; 1594309 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Services (continued) | Services (continued) | Services (continued) |
| Clarivate Science Holdings Corp., 4.875%, 7/1/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3533 | &nbsp;&nbsp;$3298936 |
| Herc Holdings, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;7.00%, 6/15/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3355 | &nbsp;&nbsp;&nbsp;&nbsp; 3513822 |
| &nbsp;&nbsp;&nbsp;7.25%, 6/15/33<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2875 | &nbsp;&nbsp;&nbsp;&nbsp; 3033320 |
| Imola Merger Corp., 4.75%, 5/15/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7541 | &nbsp;&nbsp;&nbsp;&nbsp; 7439689 |
| Korn Ferry, 4.625%, 12/15/27<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4509 | &nbsp;&nbsp;&nbsp;&nbsp; 4476628 |
| LBM Acquisition LLC: |  |  |
| &nbsp;&nbsp;&nbsp;6.25%, 1/15/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2086 | &nbsp;&nbsp;&nbsp;&nbsp; 1904894 |
| &nbsp;&nbsp;&nbsp;9.50%, 6/15/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5822 | &nbsp;&nbsp;&nbsp;&nbsp; 6098545 |
| NESCO Holdings II, Inc., 5.50%, 4/15/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3951 | &nbsp;&nbsp;&nbsp;&nbsp; 3865729 |
| RB Global Holdings, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;6.75%, 3/15/28<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2550 | &nbsp;&nbsp;&nbsp;&nbsp; 2606883 |
| &nbsp;&nbsp;&nbsp;7.75%, 3/15/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1032 | &nbsp;&nbsp;&nbsp;&nbsp; 1078315 |
| Specialty Building Products Holdings LLC/SBP Finance Corp., 7.75%, 10/15/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5788 | &nbsp;&nbsp;&nbsp;&nbsp; 5829471 |
| VT Topco, Inc., 8.50%, 8/15/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5167 | &nbsp;&nbsp;&nbsp;&nbsp; 5378797 |
| WESCO Distribution, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, 3/15/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2127 | &nbsp;&nbsp;&nbsp;&nbsp; 2200209 |
| &nbsp;&nbsp;&nbsp;6.375%, 3/15/33<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2955 | &nbsp;&nbsp;&nbsp;&nbsp; 3089890 |
| &nbsp;&nbsp;&nbsp;6.625%, 3/15/32<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3548 | &nbsp;&nbsp;&nbsp;&nbsp; 3712805 |
| &nbsp;&nbsp;&nbsp;7.25%, 6/15/28<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1848 | &nbsp;&nbsp;&nbsp;&nbsp; 1874923 |
| White Cap Buyer LLC, 6.875%, 10/15/28<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5443 | &nbsp;&nbsp;&nbsp;&nbsp; 5446455 |
| Windsor Holdings III LLC, 8.50%, 6/15/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7346 | &nbsp;&nbsp;&nbsp;&nbsp; 7764171 |
|  |  | &nbsp;&nbsp;**$93727982** |
| Steel — 0.8% | Steel — 0.8% | Steel — 0.8% |
| Cleveland-Cliffs, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;7.375%, 5/1/33<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3880 | &nbsp;&nbsp;$4018380 |
| &nbsp;&nbsp;&nbsp;7.50%, 9/15/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3290 | &nbsp;&nbsp;&nbsp;&nbsp; 3446699 |
| &nbsp;&nbsp;&nbsp;7.625%, 1/15/34<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2345 | &nbsp;&nbsp;&nbsp;&nbsp; 2439813 |
| TMS International Corp., 6.25%, 4/15/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4064 | &nbsp;&nbsp;&nbsp;&nbsp; 3993777 |
|  |  | &nbsp;&nbsp;**$13898669** |
| Super Retail — 4.6% | Super Retail — 4.6% | Super Retail — 4.6% |
| Asbury Automotive Group, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, 11/15/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;889 | &nbsp;&nbsp;$864256 |
| &nbsp;&nbsp;&nbsp;4.75%, 3/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788 | &nbsp;&nbsp;&nbsp;&nbsp; 770888 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/15/32<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2474 | &nbsp;&nbsp;&nbsp;&nbsp; 2384374 |
| Bath & Body Works, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;6.75%, 7/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;734 | &nbsp;&nbsp;&nbsp;&nbsp; 761088 |
| &nbsp;&nbsp;&nbsp;6.875%, 11/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2276 | &nbsp;&nbsp;&nbsp;&nbsp; 2383764 |
| &nbsp;&nbsp;&nbsp;6.95%, 3/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1721 | &nbsp;&nbsp;&nbsp;&nbsp; 1785064 |
| Beach Acquisition Bidco LLC, 10.00%, (10.00% cash or 10.75% PIK), 7/15/33<sup>(1)(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18430 | &nbsp;&nbsp;&nbsp;&nbsp; 19833739 |
| Champ Acquisition Corp., 8.375%, 12/1/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4036 | &nbsp;&nbsp;&nbsp;&nbsp; 4308721 |

---

------

[**Table of Contents**](#JOB_EV_AR_0b727f29-6fff-4065-8189-ae717694c986_TOC)

High Income Opportunities Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Super Retail (continued) | Super Retail (continued) | Super Retail (continued) | Super Retail (continued) |
| Cougar JV Subsidiary LLC, 8.00%, 5/15/32<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4700 | &nbsp;&nbsp;$5015342 |
| Global Auto Holdings Ltd./AAG FH U.K. Ltd.: |  |  |  |
| &nbsp;&nbsp;&nbsp;8.375%, 1/15/29<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1306 | &nbsp;&nbsp;&nbsp;&nbsp; 1258338 |
| &nbsp;&nbsp;&nbsp;8.75%, 1/15/32<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1495 | &nbsp;&nbsp;&nbsp;&nbsp; 1420264 |
| Group 1 Automotive, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 8/15/28<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1587 | &nbsp;&nbsp;&nbsp;&nbsp; 1540840 |
| &nbsp;&nbsp;&nbsp;6.375%, 1/15/30<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1275 | &nbsp;&nbsp;&nbsp;&nbsp; 1302902 |
| Ken Garff Automotive LLC, 4.875%, 9/15/28<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2173 | &nbsp;&nbsp;&nbsp;&nbsp; 2138835 |
| LCM Investments Holdings II LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, 5/1/29<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4015 | &nbsp;&nbsp;&nbsp;&nbsp; 3912079 |
| &nbsp;&nbsp;&nbsp;8.25%, 8/1/31<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559 | &nbsp;&nbsp;&nbsp;&nbsp; 588629 |
| Lithia Motors, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, 6/1/29<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960 | &nbsp;&nbsp;&nbsp;&nbsp; 917564 |
| &nbsp;&nbsp;&nbsp;4.375%, 1/15/31<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3334 | &nbsp;&nbsp;&nbsp;&nbsp; 3181339 |
| Mavis Tire Express Services Topco Corp., 6.50%, 5/15/29<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7302 | &nbsp;&nbsp;&nbsp;&nbsp; 7229699 |
| PetSmart LLC/PetSmart Finance Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;7.50%, 9/15/32<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3490 | &nbsp;&nbsp;&nbsp;&nbsp; 3489825 |
| &nbsp;&nbsp;&nbsp;10.00%, 9/15/33<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1620 | &nbsp;&nbsp;&nbsp;&nbsp; 1630904 |
| Sonic Automotive, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, 11/15/29<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2081 | &nbsp;&nbsp;&nbsp;&nbsp; 2025388 |
| &nbsp;&nbsp;&nbsp;4.875%, 11/15/31<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1734 | &nbsp;&nbsp;&nbsp;&nbsp; 1651227 |
| Under Armour, Inc., 7.25%, 7/15/30<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8228 | &nbsp;&nbsp;&nbsp;&nbsp; 8142195 |
|  |  |  | &nbsp;&nbsp;**$78537264** |
| Technology — 2.9% | Technology — 2.9% | Technology — 2.9% | Technology — 2.9% |
| Atos SE, 5.00% to 12/18/25, 12/18/30<sup>(6)(11)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;$4518223 |
| Ciena Corp., 4.00%, 1/31/30<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2929 | &nbsp;&nbsp;&nbsp;&nbsp; 2817662 |
| Cloud Software Group, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;6.50%, 3/31/29<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3476 | &nbsp;&nbsp;&nbsp;&nbsp; 3504409 |
| &nbsp;&nbsp;&nbsp;9.00%, 9/30/29<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7796 | &nbsp;&nbsp;&nbsp;&nbsp; 8070380 |
| Fair Isaac Corp., 4.00%, 6/15/28<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2362 | &nbsp;&nbsp;&nbsp;&nbsp; 2320186 |
| Insight Enterprises, Inc., 6.625%, 5/15/32<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3553 | &nbsp;&nbsp;&nbsp;&nbsp; 3640482 |
| McAfee Corp., 7.375%, 2/15/30<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4512 | &nbsp;&nbsp;&nbsp;&nbsp; 4136514 |
| ON Semiconductor Corp., 3.875%, 9/1/28<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3322 | &nbsp;&nbsp;&nbsp;&nbsp; 3244682 |
| Seagate Data Storage Technology Pte. Ltd., 9.625%, 12/1/32<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4172 | &nbsp;&nbsp;&nbsp;&nbsp; 4760578 |
| Sensata Technologies, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;3.75%, 2/15/31<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3414 | &nbsp;&nbsp;&nbsp;&nbsp; 3176192 |
| &nbsp;&nbsp;&nbsp;6.625%, 7/15/32<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1225 | &nbsp;&nbsp;&nbsp;&nbsp; 1276869 |
| VM Consolidated, Inc., 5.50%, 4/15/29<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4297 | &nbsp;&nbsp;&nbsp;&nbsp; 4261649 |
| WULF Compute LLC, 7.75%, 10/15/30<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3146 | &nbsp;&nbsp;&nbsp;&nbsp; 3270440 |
|  |  |  | &nbsp;&nbsp;**$48998266** |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Telecommunications — 3.2% | Telecommunications — 3.2% | Telecommunications — 3.2% |
| Altice Financing SA: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 1/15/28<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2145 | &nbsp;&nbsp;$1600847 |
| &nbsp;&nbsp;&nbsp;5.75%, 8/15/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1253 | &nbsp;&nbsp;&nbsp;&nbsp; 913136 |
| C&W Senior Finance Ltd., 9.00%, 1/15/33<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2320 | &nbsp;&nbsp;&nbsp;&nbsp; 2367412 |
| EchoStar Corp., 10.75%, 11/30/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5314 | &nbsp;&nbsp;&nbsp;&nbsp; 5853926 |
| Iliad Holding SAS: |  |  |
| &nbsp;&nbsp;&nbsp;7.00%, 4/15/32<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2795 | &nbsp;&nbsp;&nbsp;&nbsp; 2863818 |
| &nbsp;&nbsp;&nbsp;8.50%, 4/15/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2175348 |
| Level 3 Financing, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, 10/15/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;737 | &nbsp;&nbsp;&nbsp;&nbsp; 663991 |
| &nbsp;&nbsp;&nbsp;4.50%, 4/1/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2365 | &nbsp;&nbsp;&nbsp;&nbsp; 2196506 |
| &nbsp;&nbsp;&nbsp;7.00%, 3/31/34<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1487 | &nbsp;&nbsp;&nbsp;&nbsp; 1528603 |
| Sable International Finance Ltd., 7.125%, 10/15/32<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2181 | &nbsp;&nbsp;&nbsp;&nbsp; 2184448 |
| Virgin Media Secured Finance PLC, 4.50%, 8/15/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5737 | &nbsp;&nbsp;&nbsp;&nbsp; 5336677 |
| Vmed O2 U.K. Financing I PLC: |  |  |
| &nbsp;&nbsp;&nbsp;4.75%, 7/15/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6072 | &nbsp;&nbsp;&nbsp;&nbsp; 5624620 |
| &nbsp;&nbsp;&nbsp;6.75%, 1/15/33<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2760 | &nbsp;&nbsp;&nbsp;&nbsp; 2770231 |
| &nbsp;&nbsp;&nbsp;7.75%, 4/15/32<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1550 | &nbsp;&nbsp;&nbsp;&nbsp; 1608785 |
| Windstream Services LLC, 7.50%, 10/15/33<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8610 | &nbsp;&nbsp;&nbsp;&nbsp; 8608493 |
| Zegona Finance PLC, 8.625%, 7/15/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5999 | &nbsp;&nbsp;&nbsp;&nbsp; 6391809 |
| Ziggo BV, 4.875%, 1/15/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2956 | &nbsp;&nbsp;&nbsp;&nbsp; 2792399 |
|  |  | &nbsp;&nbsp;**$55481049** |
| Transport Excluding Air & Rail — 0.3% | Transport Excluding Air & Rail — 0.3% | Transport Excluding Air & Rail — 0.3% |
| Seaspan Corp., 5.50%, 8/1/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4761 | &nbsp;&nbsp;$4589183 |
|  |  | &nbsp;&nbsp;**$4589183** |
| Utility — 5.1% | Utility — 5.1% | Utility — 5.1% |
| Alpha Generation LLC, 6.75%, 10/15/32<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8094 | &nbsp;&nbsp;$8324857 |
| Atlantica Sustainable Infrastructure Ltd., 4.125%, 6/15/28<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1962029 |
| California Buyer Ltd./Atlantica Sustainable Infrastructure PLC, 6.375%, 2/15/32<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4860 | &nbsp;&nbsp;&nbsp;&nbsp; 4913455 |
| Calpine Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, 2/15/28<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1920 | &nbsp;&nbsp;&nbsp;&nbsp; 1916518 |
| &nbsp;&nbsp;&nbsp;4.625%, 2/1/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2185 | &nbsp;&nbsp;&nbsp;&nbsp; 2172961 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445 | &nbsp;&nbsp;&nbsp;&nbsp; 446076 |
| &nbsp;&nbsp;&nbsp;5.125%, 3/15/28<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4564 | &nbsp;&nbsp;&nbsp;&nbsp; 4566351 |
| Ferrellgas LP/Ferrellgas Finance Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, 4/1/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5493 | &nbsp;&nbsp;&nbsp;&nbsp; 5225374 |
| &nbsp;&nbsp;&nbsp;9.25%, 1/15/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1970 | &nbsp;&nbsp;&nbsp;&nbsp; 1989518 |
| Leeward Renewable Energy Operations LLC, 4.25%, 7/1/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp; 2295550 |

---

------

[**Table of Contents**](#JOB_EV_AR_0b727f29-6fff-4065-8189-ae717694c986_TOC)

High Income Opportunities Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Utility (continued) | Utility (continued) | Utility (continued) |
| NRG Energy, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, 2/15/32<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3359 | &nbsp;&nbsp;$3119501 |
| &nbsp;&nbsp;&nbsp;5.75%, 1/15/34<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4851 | &nbsp;&nbsp;&nbsp;&nbsp; 4888403 |
| &nbsp;&nbsp;&nbsp;6.00%, 2/1/33<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3495 | &nbsp;&nbsp;&nbsp;&nbsp; 3567808 |
| &nbsp;&nbsp;&nbsp;6.00%, 1/15/36<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2925 | &nbsp;&nbsp;&nbsp;&nbsp; 2977234 |
| &nbsp;&nbsp;&nbsp;6.25%, 11/1/34<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2335 | &nbsp;&nbsp;&nbsp;&nbsp; 2405799 |
| &nbsp;&nbsp;&nbsp;10.25% to 3/15/28<sup>(1)(9)(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3771 | &nbsp;&nbsp;&nbsp;&nbsp; 4149639 |
| Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 6/1/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3783 | &nbsp;&nbsp;&nbsp;&nbsp; 3590213 |
| TerraForm Power Operating LLC, 5.00%, 1/31/28<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3536 | &nbsp;&nbsp;&nbsp;&nbsp; 3525151 |
| TransAlta Corp., 7.75%, 11/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3909 | &nbsp;&nbsp;&nbsp;&nbsp; 4072963 |
| Vistra Operations Co. LLC: |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, 5/1/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2224 | &nbsp;&nbsp;&nbsp;&nbsp; 2185082 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/31/27<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6128 | &nbsp;&nbsp;&nbsp;&nbsp; 6135145 |
| &nbsp;&nbsp;&nbsp;6.875%, 4/15/32<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3705 | &nbsp;&nbsp;&nbsp;&nbsp; 3894348 |
| XPLR Infrastructure Operating Partners LP: |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, 9/15/27<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3251 | &nbsp;&nbsp;&nbsp;&nbsp; 3186640 |
| &nbsp;&nbsp;&nbsp;8.375%, 1/15/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2315 | &nbsp;&nbsp;&nbsp;&nbsp; 2423682 |
| &nbsp;&nbsp;&nbsp;8.625%, 3/15/33<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2325 | &nbsp;&nbsp;&nbsp;&nbsp; 2441176 |
|  |  | &nbsp;&nbsp;**$86375473** |
| Total Corporate Bonds<br> (identified cost $1,392,511,370) |  | &nbsp;&nbsp;**$1415833542** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Preferred Stocks — 0.3%

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Insurance — 0.3% | Insurance — 0.3% | Insurance — 0.3% |
| AH Parent, Inc. (Alliant), Series A, 10.00% cash or 10.50% PIK<sup>(4)(8)</sup> | $4286760 | &nbsp;&nbsp;$4381313 |
| Total Preferred Stocks<br> (identified cost $4,224,210) |  | &nbsp;&nbsp;**$4381313** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Senior Floating-Rate Loans — 8.3%<sup>(12)</sup>

---

| | | |
|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Aerospace — 0.1% | Aerospace — 0.1% | Aerospace — 0.1% |
| TransDigm, Inc., Term Loan, 6.252%, (3 mo. USD Term SOFR + 2.25%), 3/22/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1670 | &nbsp;&nbsp;$1673576 |
|  |  | &nbsp;&nbsp;**$1673576** |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Automotive & Auto Parts — 1.5% | Automotive & Auto Parts — 1.5% | Automotive & Auto Parts — 1.5% | Automotive & Auto Parts — 1.5% |
| ABC Technologies, Inc., Term Loan, 12.187%, (3 mo. USD Term SOFR + 8.25%), 8/22/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11900 | &nbsp;&nbsp;$11412052 |
| Clarios Global LP: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 4.893%, (1 mo. EURIBOR + 3.00%), 7/16/31 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7520 | &nbsp;&nbsp;&nbsp;&nbsp; 8710098 |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.465%, (1 mo. USD Term SOFR + 2.50%), 5/6/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3303 | &nbsp;&nbsp;&nbsp;&nbsp; 3308209 |
| Crash Champions LLC, Term Loan, 2/23/29<sup>(13)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1895 | &nbsp;&nbsp;&nbsp;&nbsp; 1758870 |
|  |  |  | &nbsp;&nbsp;**$25189229** |
| Building Materials — 0.5% | Building Materials — 0.5% | Building Materials — 0.5% | Building Materials — 0.5% |
| Associated Materials, Inc., Term Loan, 9.965%, (1 mo. USD Term SOFR + 6.00%), 3/8/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5163 | &nbsp;&nbsp;$4903525 |
| CP Atlas Buyer, Inc., Term Loan, 9.215%, (1 mo. USD Term SOFR + 5.25%), 7/8/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2533 | &nbsp;&nbsp;&nbsp;&nbsp; 2507037 |
| Park River Holdings, Inc., Term Loan, 3/15/31<sup>(13)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1890 | &nbsp;&nbsp;&nbsp;&nbsp; 1899450 |
|  |  |  | &nbsp;&nbsp;**$9310012** |
| Cable & Satellite TV — 0.3% | Cable & Satellite TV — 0.3% | Cable & Satellite TV — 0.3% | Cable & Satellite TV — 0.3% |
| E.W. Scripps Co.: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.497%, (1 mo. USD Term SOFR + 3.35%), 11/30/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3276 | &nbsp;&nbsp;$3182782 |
| &nbsp;&nbsp;&nbsp;Term Loan, 9.897%, (1 mo. USD Term SOFR + 5.75%), 6/30/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1493 | &nbsp;&nbsp;&nbsp;&nbsp; 1516837 |
|  |  |  | &nbsp;&nbsp;**$4699619** |
| Capital Goods — 0.3% | Capital Goods — 0.3% | Capital Goods — 0.3% | Capital Goods — 0.3% |
| EMRLD Borrower LP: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.122%, (6 mo. USD Term SOFR + 2.25%), 8/4/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1485 | &nbsp;&nbsp;$1481709 |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.449%, (3 mo. USD Term SOFR + 2.25%), 5/31/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3282 | &nbsp;&nbsp;&nbsp;&nbsp; 3278154 |
|  |  |  | &nbsp;&nbsp;**$4759863** |
| Diversified Media — 0.0%<sup>†</sup> | Diversified Media — 0.0%<sup>†</sup> | Diversified Media — 0.0%<sup>†</sup> | Diversified Media — 0.0%<sup>†</sup> |
| CMG Media Corp., Term Loan, 7.602%, (3 mo. USD Term SOFR + 3.50%), 6/18/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820 | &nbsp;&nbsp;$760223 |
|  |  |  | &nbsp;&nbsp;**$760223** |
| Energy — 0.3% | Energy — 0.3% | Energy — 0.3% | Energy — 0.3% |
| New Generation Gas Gathering LLC, Term Loan, 9.59%, (3 mo. USD Term SOFR + 5.75%), 9/30/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6092 | &nbsp;&nbsp;$6073312 |
|  |  |  | &nbsp;&nbsp;**$6073312** |

---

------

[**Table of Contents**](#JOB_EV_AR_0b727f29-6fff-4065-8189-ae717694c986_TOC)

High Income Opportunities Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Food, Beverage & Tobacco — 0.3% | Food, Beverage & Tobacco — 0.3% | Food, Beverage & Tobacco — 0.3% |
| Primo Brands Corp., Term Loan, 6.252%, (3 mo. USD Term SOFR + 2.25%), 3/31/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4662 | &nbsp;&nbsp;$4679984 |
|  |  | &nbsp;&nbsp;**$4679984** |
| Gaming — 0.6% | Gaming — 0.6% | Gaming — 0.6% |
| Peninsula Pacific Entertainment LLC: |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 8.735%, (3 mo. USD Term SOFR + 4.75%), 10/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3406 | &nbsp;&nbsp;$3410029 |
| &nbsp;&nbsp;&nbsp;Term Loan, 13.00%, 12/24/29<sup>(3)(14)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3038 | &nbsp;&nbsp;&nbsp;&nbsp; 3037976 |
| &nbsp;&nbsp;&nbsp;Term Loan, 10/1/32<sup>(15)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;798 | &nbsp;&nbsp;&nbsp;&nbsp; 799226 |
| Spectacle Gary Holdings LLC, Term Loan, 8.402%, (3 mo. USD Term SOFR + 4.25%), 12/11/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3675 | &nbsp;&nbsp;&nbsp;&nbsp; 3590644 |
|  |  | &nbsp;&nbsp;**$10837875** |
| Healthcare — 1.0% | Healthcare — 1.0% | Healthcare — 1.0% |
| athenahealth Group, Inc., Term Loan, 6.715%, (1 mo. USD Term SOFR + 2.75%), 2/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1741 | &nbsp;&nbsp;$1735859 |
| Bausch Health Cos., Inc., Term Loan, 10.215%, (1 mo. USD Term SOFR + 6.25%), 10/8/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9137 | &nbsp;&nbsp;&nbsp;&nbsp; 9097171 |
| Endo Luxembourg Finance Co. I SARL, Term Loan, 7.965%, (1 mo. USD Term SOFR + 4.00%), 4/23/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3293 | &nbsp;&nbsp;&nbsp;&nbsp; 3278858 |
| LifePoint Health, Inc., Term Loan, 7.655% - 7.782%, (1 mo. USD Term SOFR + 3.75%, 3 mo. USD Term SOFR + 3.75%), 5/19/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2492 | &nbsp;&nbsp;&nbsp;&nbsp; 2496508 |
|  |  | &nbsp;&nbsp;**$16608396** |
| Homebuilders & Real Estate — 0.2% | Homebuilders & Real Estate — 0.2% | Homebuilders & Real Estate — 0.2% |
| Signal Parent, Inc., Term Loan, 7.44%, (3 mo. USD Term SOFR + 3.50%), 4/3/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3955 | &nbsp;&nbsp;$2789157 |
|  |  | &nbsp;&nbsp;**$2789157** |
| Insurance — 0.2% | Insurance — 0.2% | Insurance — 0.2% |
| Truist Insurance Holdings LLC, Term Loan - Second Lien, 8.752%, (3 mo. USD Term SOFR + 4.75%), 5/6/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2824 | &nbsp;&nbsp;$2871334 |
|  |  | &nbsp;&nbsp;**$2871334** |
| Leisure — 0.3% | Leisure — 0.3% | Leisure — 0.3% |
| Peloton Interactive, Inc., Term Loan, 9.465%, (1 mo. USD Term SOFR + 5.50%), 5/30/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5435 | &nbsp;&nbsp;$5512190 |
|  |  | &nbsp;&nbsp;**$5512190** |

---

---

| | | |
|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Restaurant — 0.5% | Restaurant — 0.5% | Restaurant — 0.5% |
| IRB Holding Corp., Term Loan, 6.465%, (1 mo. USD Term SOFR + 2.50%), 12/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7847 | &nbsp;&nbsp;$7866441 |
|  |  | &nbsp;&nbsp;**$7866441** |
| Services — 0.4% | Services — 0.4% | Services — 0.4% |
| LBM Acquisition LLC, Term Loan, 7.881%, (1 mo. USD Term SOFR + 3.75%), 6/6/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3598 | &nbsp;&nbsp;$3483964 |
| Specialty Building Products Holdings LLC, Term Loan, 10/15/28<sup>(13)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4045 | &nbsp;&nbsp;&nbsp;&nbsp; 3889632 |
|  |  | &nbsp;&nbsp;**$7373596** |
| Super Retail — 1.0% | Super Retail — 1.0% | Super Retail — 1.0% |
| Evergreen Acqco 1 LP, Term Loan, 7.026%, (3 mo. USD Term SOFR + 3.00%), 9/17/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6473 | &nbsp;&nbsp;$6486755 |
| Hanesbrands, Inc., Term Loan, 6.715%, (1 mo. USD Term SOFR + 2.75%), 3/7/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1786 | &nbsp;&nbsp;&nbsp;&nbsp; 1794449 |
| Mavis Tire Express Services Corp., Term Loan, 7.199%, (3 mo. USD Term SOFR + 3.00%), 5/4/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2324 | &nbsp;&nbsp;&nbsp;&nbsp; 2331121 |
| Petco Health & Wellness Co., Inc., Term Loan, 7.513%, (3 mo. USD Term SOFR + 3.25%), 3/3/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3922 | &nbsp;&nbsp;&nbsp;&nbsp; 3873075 |
| PetSmart, Inc., Term Loan, 8.031%, (1 mo. USD Term SOFR + 4.00%), 8/18/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2281 | &nbsp;&nbsp;&nbsp;&nbsp; 2252495 |
|  |  | &nbsp;&nbsp;**$16737895** |
| Technology — 0.6% | Technology — 0.6% | Technology — 0.6% |
| Fortress Intermediate 3, Inc., Term Loan, 7.106%, (1 mo. USD Term SOFR + 3.00%), 6/27/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9441 | &nbsp;&nbsp;$9476047 |
| McAfee LLC, Term Loan, 6.965%, (1 mo. USD Term SOFR + 3.00%), 3/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990 | &nbsp;&nbsp;&nbsp;&nbsp; 942577 |
|  |  | &nbsp;&nbsp;**$10418624** |
| Telecommunications — 0.2% | Telecommunications — 0.2% | Telecommunications — 0.2% |
| Lumen Technologies, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.429%, (1 mo. USD Term SOFR + 2.35%), 4/16/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1797 | &nbsp;&nbsp;$1790089 |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.429%, (1 mo. USD Term SOFR + 2.35%), 4/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2270 | &nbsp;&nbsp;&nbsp;&nbsp; 2262099 |
|  |  | &nbsp;&nbsp;**$4052188** |
| Total Senior Floating-Rate Loans<br> (identified cost $141,828,052) |  | &nbsp;&nbsp;**$142213514** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_EV_AR_0b727f29-6fff-4065-8189-ae717694c986_TOC)

High Income Opportunities Portfolio

October 31, 2025

Portfolio of Investments — continued

------

Miscellaneous — 0.3%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount/<br> Shares** | &nbsp;&nbsp;**Value** |
| Diversified Financial Services — 0.0% | Diversified Financial Services — 0.0% | Diversified Financial Services — 0.0% |
| ACC Claims Holdings LLC<sup>(3)</sup> | 8415190 | &nbsp;&nbsp;$0 |
|  |  | &nbsp;&nbsp;**$0** |
| Diversified Media — 0.0% | Diversified Media — 0.0% | Diversified Media — 0.0% |
| National CineMedia, Inc., Escrow Certificates<sup>(3)(5)</sup> | $1660000 | &nbsp;&nbsp;$0 |
|  |  | &nbsp;&nbsp;**$0** |
| Gaming — 0.3% | Gaming — 0.3% | Gaming — 0.3% |
| PGP Investors, LLC, Membership Interests<sup>(3)(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19811 | &nbsp;&nbsp;$5012671 |
|  |  | &nbsp;&nbsp;**$5012671** |
| Healthcare — 0.0% | Healthcare — 0.0% | Healthcare — 0.0% |
| Endo Design LLC, Escrow Certificates<sup>(3)(5)</sup> | $1153000 | &nbsp;&nbsp;$0 |
| Endo Luxembourg Finance SARL, Escrow Certificates<sup>(3)(5)</sup> | 2774000 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
|  |  | &nbsp;&nbsp;**$0** |
| Paper — 0.0% | Paper — 0.0% | Paper — 0.0% |
| Enviva LLC, Escrow Certificates<sup>(3)(5)</sup> | $2404000 | &nbsp;&nbsp;$0 |
|  |  | &nbsp;&nbsp;**$0** |
| Services — 0.0%<sup>†</sup> | Services — 0.0%<sup>†</sup> | Services — 0.0%<sup>†</sup> |
| Hertz Corp., Escrow Certificates<sup>(5)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;502000 | &nbsp;&nbsp;$80320 |
|  |  | &nbsp;&nbsp;**$80320** |
| Total Miscellaneous<br> (identified cost $792,331) |  | &nbsp;&nbsp;**$5092991** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Short-Term Investments — 3.9%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 4.00%<sup>(16)</sup> | 67422607 | &nbsp;&nbsp;$67422607 |
| Total Short-Term Investments<br> (identified cost $67,422,607) |  | &nbsp;&nbsp;**$67422607** |
| Total Investments — 99.6%<br> (identified cost $1,668,780,076) |  | &nbsp;&nbsp;**$1700160982** |
| Less Unfunded Loan Commitments — (0.0)%<sup>†</sup> |  | &nbsp;&nbsp;**$(798228)** |
| Net Investments — 99.6%<br> (identified cost $1,667,981,848) |  | &nbsp;&nbsp;**$1699362754** |
| Other Assets, Less Liabilities — 0.4% |  | &nbsp;&nbsp;**$7262426** |
| Net Assets — 100.0% |  | &nbsp;&nbsp;**$1706625180** |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | The percentage shown for each investment category in the Portfolio of Investments is based on net assets. |
| <sup>†</sup> | Amount is less than 0.05% or (0.05)%, as applicable. |
| \* | In U.S. dollars unless otherwise indicated. |
| <sup>(1)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At October 31, 2025, the aggregate value of these securities is $1,335,332,777 or 78.2% of the Portfolio's net assets. |
| <sup>(2)</sup> | Variable rate security. The stated interest rate represents the rate in effect at October 31, 2025. |
| <sup>(3)</sup> | Security is valued using significant unobservable inputs and is categorized as Level 3 in the fair value hierarchy. |
| <sup>(4)</sup> | Restricted security (see Note 5). |
| <sup>(5)</sup> | Non-income producing security. |
| <sup>(6)</sup> | Security exempt from registration under Regulation S of the Securities Act of 1933, as amended, 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, as amended. At October 31, 2025, the aggregate value of these securities is $13,595,373 or 0.8% of the Portfolio's net assets. |
| <sup>(7)</sup> | When-issued security. |
| <sup>(8)</sup> | Represents a payment-in-kind security which may pay interest in additional principal at the issuer's discretion. |
| <sup>(9)</sup> | Perpetual security with no stated maturity date but may be subject to calls by the issuer. |
| <sup>(10)</sup> | Security converts to variable rate after the indicated fixed-rate coupon period. |
| <sup>(11)</sup> | Step coupon security. Interest rate represents the rate in effect at October 31, 2025. |

---

------

[**Table of Contents**](#JOB_EV_AR_0b727f29-6fff-4065-8189-ae717694c986_TOC)

High Income Opportunities Portfolio

October 31, 2025

Portfolio of Investments — continued

------

<sup>(12)</sup> Senior floating-rate loans (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 typically have an expected average life of approximately two to four years. Senior Loans typically have rates of interest which are redetermined periodically by reference to a base lending rate, plus a spread. These base lending rates are primarily the Secured Overnight Financing Rate ("SOFR") and secondarily, the prime rate offered by one or more major United States banks (the "Prime Rate"). Base lending rates may be subject to a floor, or minimum rate. Rates for SOFR are generally 1 or 3-month tenors and may also be subject to a credit spread adjustment. Senior Loans are generally subject to contractual restrictions that must be satisfied before they can be bought or sold.

<sup>(13)</sup> This Senior Loan will settle after October 31, 2025, at which time the interest rate will be determined.

<sup>(14)</sup> Fixed-rate loan.

<sup>(15)</sup> Unfunded or partially unfunded loan commitments. The stated interest rate reflects the reference rate and spread for the funded portion, if any. At October 31, 2025, the total value of unfunded loan commitments is $799,226. See Note 1F for description.

<sup>(16)</sup> May be deemed to be an affiliated investment company (see Note 8). The rate shown is the annualized seven-day yield as of October 31, 2025.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts (OTC)** | **Forward Foreign Currency Exchange Contracts (OTC)** | **Forward Foreign Currency Exchange Contracts (OTC)** | **Forward Foreign Currency Exchange Contracts (OTC)** | **Forward Foreign Currency Exchange Contracts (OTC)** | **Forward Foreign Currency Exchange Contracts (OTC)** | **Forward Foreign Currency Exchange Contracts (OTC)** | **Forward Foreign Currency Exchange Contracts (OTC)** |
| **Currency Purchased** | **Currency Purchased** | &nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Settlement<br> Date** | &nbsp;&nbsp;**Unrealized<br> Appreciation** | &nbsp;&nbsp;**Unrealized<br> (Depreciation)** |
| USD | &nbsp;&nbsp;28817324 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;24724218 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;1/30/26 | &nbsp;&nbsp;$181875 | &nbsp;&nbsp;$— |
|  |  |  |  |  |  | &nbsp;&nbsp;**$181875** | &nbsp;&nbsp;**$—** |

---

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| EURIBOR | – Euro Interbank Offered Rate |
| OTC | – Over-the-counter |
| PIK | – Payment In Kind |
| SOFR | – Secured Overnight Financing Rate |

---

---

| | |
|:---|:---|
| **Currency Abbreviations:** | **Currency Abbreviations:** |
| EUR | – Euro |
| USD | – United States Dollar |

---

------

[**Table of Contents**](#JOB_EV_AR_0b727f29-6fff-4065-8189-ae717694c986_TOC)

High Income Opportunities Portfolio

October 31, 2025

Statement of Assets and Liabilities

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**October 31, 2025** |
| Assets |  |
| Unaffiliated investments, at value (identified cost $1,600,559,241) | &nbsp;&nbsp;$1631940147 |
| Affiliated investments, at value (identified cost $67,422,607) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67422607 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373322 |
| Foreign currency, at value (identified cost $40,465) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40414 |
| Interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22917105 |
| Dividends receivable from affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205493 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8584548 |
| Receivable for open forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181875 |
| Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230415 |
| **Total assets** | &nbsp;&nbsp;**$1731895926** |
| Liabilities |  |
| Payable for investments purchased | &nbsp;&nbsp;$10208786 |
| Payable for when-issued securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13919744 |
| Payable to affiliates: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment adviser fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665222 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8496 |
| &nbsp;&nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230415 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238083 |
| **Total liabilities** | &nbsp;&nbsp;**$25270746** |
| **Net Assets applicable to investors' interest in Portfolio** | &nbsp;&nbsp;**$1706625180** |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_0b727f29-6fff-4065-8189-ae717694c986_TOC)

High Income Opportunities Portfolio

October 31, 2025

Statement of Operations

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended** |
|  | &nbsp;&nbsp;&nbsp;**October 31, 2025** |
| Investment Income |  |
| Dividend income (net of foreign taxes withheld of $1,992) | &nbsp;&nbsp;$2348294 |
| Dividend income from affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2771780 |
| Interest income | &nbsp;&nbsp;&nbsp;&nbsp;107253957 |
| Other income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233245 |
| **Total investment income** | &nbsp;&nbsp;**$112607276** |
| Expenses |  |
| Investment adviser fee | &nbsp;&nbsp;$7545230 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105749 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393147 |
| Legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155458 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65803 |
| **Total expenses** | &nbsp;&nbsp;**$8265387** |
| Deduct: |  |
| &nbsp;&nbsp;&nbsp;Waiver and/or reimbursement of expenses by affiliates | &nbsp;&nbsp;$93982 |
| **Total expense reductions** | &nbsp;&nbsp;**$93982** |
| **Net expenses** | &nbsp;&nbsp;**$8171405** |
| **Net investment income** | &nbsp;&nbsp;**$104435871** |
| Realized and Unrealized Gain (Loss) |  |
| Net realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;Investment transactions | &nbsp;&nbsp;$3693406 |
| &nbsp;&nbsp;&nbsp;Written swaptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58094 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29791) |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1724979) |
| **Net realized gain** | &nbsp;&nbsp;**$1996730** |
| Change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;$21298215 |
| &nbsp;&nbsp;&nbsp;Foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1973 |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367524 |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$21667712** |
| **Net realized and unrealized gain** | &nbsp;&nbsp;**$23664442** |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$128100313** |

---

*27*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_0b727f29-6fff-4065-8189-ae717694c986_TOC)

High Income Opportunities Portfolio

October 31, 2025

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
|  | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$104435871 | &nbsp;&nbsp;$84980627 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1996730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18265318) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21667712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111443813 |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$128100313** | &nbsp;&nbsp;**$178159122** |
| Capital transactions: |  |  |
| &nbsp;&nbsp;&nbsp;Contributions | &nbsp;&nbsp;$369318643 | &nbsp;&nbsp;$424870583 |
| &nbsp;&nbsp;&nbsp;Withdrawals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(282583939) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(202065219) |
| **Net increase in net assets from capital transactions** | &nbsp;&nbsp;**$86734704** | &nbsp;&nbsp;**$222805364** |
| **Net increase in net assets** | &nbsp;&nbsp;**$214835017** | &nbsp;&nbsp;**$400964486** |
| Net Assets |  |  |
| At beginning of year | &nbsp;&nbsp;$1491790163 | &nbsp;&nbsp;$1090825677 |
| **At end of year** | &nbsp;&nbsp;**$1706625180** | &nbsp;&nbsp;**$1491790163** |

---

*28*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_0b727f29-6fff-4065-8189-ae717694c986_TOC)

High Income Opportunities Portfolio

October 31, 2025

Financial Highlights

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| <br>Ratios/Supplemental Data | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Ratios (as a percentage of average daily net assets):<sup>(1)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50%<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51%<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53%<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49%<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.78% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64% |
| **Total Return** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.14%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.95%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.66%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(8.20)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.11%** |
| **Net assets, end of year (000's omitted)** | &nbsp;&nbsp;**$1706625** | &nbsp;&nbsp;**$1491790** | &nbsp;&nbsp;**$1090826** | &nbsp;&nbsp;**$1020273** | &nbsp;&nbsp;**$1000095** |

---

<sup>(1)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Portfolio.

<sup>(2)</sup> Includes a reduction by the investment adviser of a portion of its adviser fee due to the Portfolio's investment in the Liquidity Fund (equal to less than 0.01%, less than 0.01%, less than 0.01% and less than 0.005% of average daily net assets for the years ended October 31, 2025, 2024, 2023 and 2022, respectively).

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_0b727f29-6fff-4065-8189-ae717694c986_TOC)

High Income Opportunities Portfolio

October 31, 2025

Notes to Financial Statements

------

1 Significant Accounting Policies

High Income Opportunities Portfolio (the Portfolio) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified, open-end management investment company. The Portfolio's investment objective is to provide a high level of current income. The Portfolio also seeks growth of capital as a secondary investment objective. The Declaration of Trust permits the Trustees to issue interests in the Portfolio. At October 31, 2025, Eaton Vance High Income Opportunities Fund, Eaton Vance Strategic Income Fund, Eaton Vance Floating-Rate & High Income Fund and Eaton Vance International (Cayman Islands) Strategic Income Fund held an interest of 61.9%, 31.6%, 5.9% and 0.6%, respectively, in the Portfolio.

The following is a summary of significant accounting policies of the Portfolio. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Portfolio is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.

A Investment Valuation—The following methodologies are used to determine the market value or fair value of investments.

**Debt Obligations. Debt obligations are generally valued on the basis of valuations provided by third party pricing services, as derived from such services' pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and ask prices, broker/dealer quotations, prices or yields of securities with similar characteristics, interest rates, anticipated prepayments, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Short-term debt obligations purchased with a remaining maturity of sixty days or less for which a valuation from a third party pricing service is not readily available may be valued at amortized cost, which approximates fair value.**

**Senior Floating-Rate Loans. Interests in senior floating-rate loans (Senior Loans) are valued generally at the average mean of bid and ask quotations obtained from a third party pricing service. Senior Loans, for which a valuation is not available or deemed unreliable, are fair valued by the investment adviser utilizing one or more of the valuation techniques described below to assess the likelihood that the borrower will make a full repayment of the loan underlying such Senior Loan. If the investment adviser believes that there is a reasonable likelihood of full repayment, the investment adviser will determine fair value using a matrix pricing approach that considers the yield on the Senior Loan relative to yields on other Senior Loans issued by companies of comparable credit quality. If the investment adviser believes there is not a reasonable likelihood of full repayment, the investment adviser will determine fair value using analyses that include, but are not limited to: (i) a comparison of the value of the borrower's outstanding equity and debt to that of comparable public companies; (ii) a discounted cash flow analysis; or (iii) when the investment adviser believes it is likely that a borrower will be liquidated or sold, an analysis of the terms of such liquidation or sale. In certain cases, the investment adviser will use a combination of analytical methods to determine fair value, such as when only a portion of a borrower's assets are likely to be sold. In conducting its assessment and analyses for purposes of determining fair value of a Senior Loan, the investment adviser will use its discretion and judgment in considering and appraising relevant factors. Junior Loans (i.e., subordinated loans and second lien loans) are valued in the same manner as Senior Loans.**

**Equity Securities. Equity securities listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and ask prices on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ National Market System are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and ask prices or, in the case of preferred equity securities that are not listed or traded in the over-the-counter market, by a third party pricing service that uses various techniques that consider factors including, but not limited to, prices or yields of securities with similar characteristics, benchmark yields, broker/dealer quotes, quotes of underlying common stock, issuer spreads, as well as industry and economic events.**

**Derivatives. Forward foreign currency exchange contracts are generally valued at the mean of the average bid and average ask prices that are reported by currency dealers to a third party pricing service at the valuation time. Such third party pricing service valuations are supplied for specific settlement periods and the Portfolio's forward foreign currency exchange contracts are valued at an interpolated rate between the closest preceding and subsequent settlement period reported by the third party pricing service.**

**Foreign Securities and Currencies. Foreign securities 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.**

**Other. Investments in management investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value as of the close of each business day.**

**Fair Valuation. In connection with Rule 2a-5 of the 1940 Act, the Trustees have designated the Portfolio's investment adviser as its valuation designee. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued by the investment adviser, as valuation designee, at fair value using methods that most fairly reflect the security's "fair value", which is the amount that the Portfolio might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security's disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities,**

------

[**Table of Contents**](#JOB_EV_AR_0b727f29-6fff-4065-8189-ae717694c986_TOC)

High Income Opportunities Portfolio

October 31, 2025

Notes to Financial Statements — continued

------

quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company's or entity's financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

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

C Income—Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount. Fees in connection with investments in senior floating-rate loans may include amendment fees, consent fees and prepayment fees, which are recorded to income as earned and included in Other income on the Statement of Operations. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. Withholding taxes on foreign dividends have been provided for in accordance with the Portfolio's understanding of the applicable countries' tax rules and rates. Distributions from investment companies are recorded as dividend income, capital gains or return of capital based on the nature of the distribution.

D Federal Taxes—The Portfolio has elected to be treated as a partnership for federal tax purposes. No provision is made by the Portfolio for federal or state taxes on any taxable income of the Portfolio because each investor in the Portfolio is ultimately responsible for the payment of any taxes on its share of taxable income. Since at least one of the Portfolio's investors is a regulated investment company that invests all or substantially all of its assets in the Portfolio, the Portfolio normally must satisfy the applicable source of income and diversification requirements (under the Internal Revenue Code) in order for its investors to satisfy them. The Portfolio will allocate, at least annually among its investors, each investor's distributive share of the Portfolio's net investment income, net realized capital gains and losses and any other items of income, gain, loss, deduction or credit.

As of October 31, 2025, the Portfolio had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Portfolio files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

E Foreign Currency Translation—Investment valuations, other assets, and liabilities initially expressed in foreign currencies are translated each business day into U.S. dollars based upon current exchange rates. Purchases and sales of foreign investment securities and income and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates in effect on the respective dates of such transactions. Recognized gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.

F Unfunded Loan Commitments—The Portfolio may enter into certain loan agreements all or a portion of which may be unfunded. The Portfolio is obligated to fund these commitments at the borrower's discretion. These commitments, if any, are disclosed in the accompanying Portfolio of Investments. At October 31, 2025, the Portfolio had sufficient cash and/or securities to cover these commitments.

G Use of Estimates—The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

H Indemnifications—Under the Portfolio's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Portfolio. Under Massachusetts law, if certain conditions prevail, interestholders in the Portfolio could be deemed to have personal liability for the obligations of the Portfolio. However, the Portfolio's Declaration of Trust contains an express disclaimer of liability on the part of Portfolio interestholders. Additionally, in the normal course of business, the Portfolio enters into agreements with service providers that may contain indemnification clauses. The Portfolio's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet occurred.

I Forward Foreign Currency Exchange Contracts—The Portfolio may enter into forward foreign currency exchange contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date. The forward foreign currency exchange contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded as unrealized until such time as the contracts have been closed. Risks may arise upon entering these contracts from the potential inability of counterparties to meet the terms of their contracts and from movements in the value of a foreign currency relative to the U.S. dollar.

J Swaptions—A purchased swaption contract grants the Portfolio, in return for payment of the purchase price, the right, but not the obligation, to enter into a new swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, at some designated future time on specified terms. When the Portfolio purchases a swaption, the premium paid to the writer is recorded as an investment and subsequently marked-to-market to reflect the current value of the swaption. A written swaption gives the Portfolio the obligation, if exercised by the purchaser, to enter into a swap contract according to the terms of the underlying agreement. When the Portfolio writes a swaption, the premium received by the Portfolio is recorded as a liability and subsequently marked-to-market to reflect the current value of the swaption. When a swaption is exercised, the cost of the swap is adjusted by the amount of the premium paid or received. When a swaption expires or an unexercised swaption is closed, a gain or loss is recognized in the amount of the

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High Income Opportunities Portfolio

October 31, 2025

Notes to Financial Statements — continued

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premium paid or received, plus the cost to close. The Portfolio's risk for purchased swaptions is limited to the premium paid. The writer of a swaption bears the risk of unfavorable changes in the preset terms of the underlying swap contract. Purchased swaptions traded over-the-counter involve risk that the issuer or counterparty will fail to perform its contractual obligations.

K Segment Reporting—During this reporting period, the Portfolio adopted FASB Accounting Standards Update No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures* (ASU 2023-07), which requires incremental disclosures related to a public entity's reportable segments. The Portfolio operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. In connection with the adoption of ASU 2023-07, the Portfolio's President acts as the Portfolio's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Portfolio's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Portfolio's financial statements.

2 Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory services rendered to the Portfolio. The investment adviser fee is based upon a percentage of total daily net assets plus a percentage of total daily gross income as follows and is payable monthly:

---

| | | |
|:---|:---|:---|
| **Total Daily Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Annual Asset<br> Rate** | &nbsp;&nbsp;&nbsp;&nbsp;**Daily Income<br> Rate** |
| Up to $500 million | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.300% | &nbsp;&nbsp;&nbsp;&nbsp;3.000% |
| $500 million but less than $1 billion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.275% | &nbsp;&nbsp;&nbsp;&nbsp;2.750% |
| $1 billion but less than $1.5 billion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.250% | &nbsp;&nbsp;&nbsp;&nbsp;2.500% |
| $1.5 billion but less than $2 billion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.225% | &nbsp;&nbsp;&nbsp;&nbsp;2.250% |
| $2 billion but less than $3 billion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.200% | &nbsp;&nbsp;&nbsp;&nbsp;2.000% |
| $3 billion and over | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.175% | &nbsp;&nbsp;&nbsp;&nbsp;1.750% |

---

For the year ended October 31, 2025, the Portfolio's investment adviser fee amounted to $7,545,230 or 0.46% of the Portfolio's average daily net assets. Pursuant to an investment sub-advisory agreement, BMR has delegated a portion of the investment management of the Portfolio to Eaton Vance Advisers International Ltd. (EVAIL), an affiliate of BMR. BMR pays EVAIL a portion of its investment adviser fee for sub-advisory services provided to the Portfolio. The Portfolio may invest in a money market fund, the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio (the "Liquidity Fund"), an open-end management investment company managed by Morgan Stanley Investment Management Inc., a wholly-owned subsidiary of Morgan Stanley. The investment adviser fee paid by the Portfolio is reduced by an amount equal to its pro rata share of the advisory and administration fees paid by the Portfolio due to its investment in the Liquidity Fund. For the year ended October 31, 2025, the investment adviser fee paid was reduced by $93,982 relating to the Portfolio's investment in the Liquidity Fund.

Trustees and officers of the Portfolio who are members of BMR's organization receive remuneration for their services to the Portfolio out of the investment adviser fee. Trustees of the Portfolio who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. Certain officers and Trustees of the Portfolio are officers of the above organization.

3 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations and including maturities and principal repayments on Senior Loans, aggregated $884,812,185 and $704,737,180, respectively, for the year ended October 31, 2025.

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High Income Opportunities Portfolio

October 31, 2025

Notes to Financial Statements — continued

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4 Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Portfolio at October 31, 2025, as determined on a federal income tax basis, were as follows:

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| | |
|:---|:---|
| **Aggregate cost** | &nbsp;&nbsp;**$1677764706** |
| Gross unrealized appreciation | &nbsp;&nbsp;$39932498 |
| Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18334450) |
| **Net unrealized appreciation** | &nbsp;&nbsp;**$21598048** |

---

5 Restricted Securities

At October 31, 2025, the Portfolio owned the following securities (representing 0.7% of net assets) which were restricted as to public resale and not registered under the Securities Act of 1933 (excluding Rule 144A securities). The Portfolio has various registration rights (exercisable under a variety of circumstances) with respect to these securities. The value of these securities is determined based on valuations provided by brokers when available, or if not available, they are valued at fair value using methods determined in good faith by or at the direction of the Trustees' valuation designee.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | &nbsp;&nbsp;&nbsp;&nbsp;**Date(s) of<br> Acquisition** | &nbsp;&nbsp;&nbsp;&nbsp;**Principal Amount/<br> Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Cost** | &nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| **Common Stocks** |  |  |  |  |
| Ascent CNR Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;4/25/16, 11/16/16 | &nbsp;&nbsp;&nbsp;&nbsp;62734 | &nbsp;&nbsp;&nbsp;&nbsp;$0 | &nbsp;&nbsp;&nbsp;&nbsp;$2111626 |
| Enviva LLC | &nbsp;&nbsp;&nbsp;&nbsp;12/6/24 | &nbsp;&nbsp;&nbsp;&nbsp;76513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 459465 | &nbsp;&nbsp;&nbsp;&nbsp; 1262465 |
| iFIT Health and Fitness, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10/6/22 | &nbsp;&nbsp;&nbsp;&nbsp;514080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1799280 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| **Total Common Stocks** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**$2258745** | &nbsp;&nbsp;&nbsp;&nbsp;**$3374091** |
| **Preferred Stocks** |  |  |  |  |
| AH Parent, Inc. (Alliant), Series A | &nbsp;&nbsp;&nbsp;&nbsp;9/25/24 | &nbsp;&nbsp;&nbsp;&nbsp;$4286760 | &nbsp;&nbsp;&nbsp;&nbsp;$4224210 | &nbsp;&nbsp;&nbsp;&nbsp;$4381313 |
| **Total Preferred Stocks** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**$4224210** | &nbsp;&nbsp;&nbsp;&nbsp;**$4381313** |
| **Miscellaneous** |  |  |  |  |
| PGP Investors, LLC, Membership Interests | &nbsp;&nbsp;&nbsp;&nbsp;2/18/15, 4/23/18,12/17/21, 7/21/25, 9/5/25 | &nbsp;&nbsp;&nbsp;&nbsp;19811 | &nbsp;&nbsp;&nbsp;&nbsp;$792331 | &nbsp;&nbsp;&nbsp;&nbsp;$5012671 |
| **Total Miscellaneous** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**$792331** | &nbsp;&nbsp;&nbsp;&nbsp;**$5012671** |
| **Total Restricted Securities** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**$7275286** | &nbsp;&nbsp;&nbsp;&nbsp;**$12768075** |

---

6 Financial Instruments

The Portfolio may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include swaptions and forward foreign currency exchange contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Portfolio has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at October 31, 2025 is included in the Portfolio of Investments. At October 31, 2025, 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:

Credit Risk: The Portfolio enters into credit default swaptions to manage certain investment risks and/or to enhance total return or as a substitute for the purchase or sale of securities.

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October 31, 2025

Notes to Financial Statements — continued

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Foreign Exchange Risk: 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 Portfolio enters into over-the-counter (OTC) derivatives that may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in the Portfolio's net assets below a certain level over a certain period of time, which would trigger a payment by the Portfolio for those derivatives in a liability position. At October 31, 2025, the Portfolio had no open derivatives with credit-related contingent features in a net liability position.

The OTC derivatives in which the Portfolio invests are subject to the risk that the counterparty to the contract fails to perform its obligations under the contract. To mitigate this risk, the Portfolio has entered into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with substantially all its derivative counterparties. An ISDA Master Agreement is a bilateral agreement between the Portfolio and a counterparty that governs certain OTC derivatives and typically contains, among other things, set-off provisions in the event of a default and/or termination event as defined under the relevant ISDA Master Agreement. Under an ISDA Master Agreement, the Portfolio may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy or insolvency. Certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event the Portfolio's net assets decline by a stated percentage or the Portfolio fails to meet the terms of its ISDA Master Agreements, which would cause the counterparty to accelerate payment by the Portfolio of any net liability owed to it.

The collateral requirements for derivatives traded under an ISDA Master Agreement are governed by a Credit Support Annex to the ISDA Master Agreement. Collateral requirements are determined at the close of business each day and are typically based on changes in market values for each transaction under an ISDA Master Agreement and netted into one amount for such agreement. Generally, the amount of collateral due from or to a counterparty is subject to a minimum transfer threshold amount before a transfer is required, which may vary by counterparty. Collateral pledged for the benefit of the Portfolio and/or counterparty is held in segregated accounts by the Portfolio's custodian and cannot be sold, re-pledged, assigned or otherwise used while pledged. The portion of such collateral representing cash, if any, is reflected as deposits for derivatives collateral and, in the case of cash pledged by a counterparty for the benefit of the Portfolio, a corresponding liability on the Statement of Assets and Liabilities. Securities pledged by the Portfolio as collateral, if any, are identified as such in the Portfolio of Investments.

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 October 31, 2025 was as follows:

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;&nbsp;&nbsp;**Fair Value** |
| **Derivative** | &nbsp;&nbsp;&nbsp;&nbsp;**Asset Derivative<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Liability Derivative** |
| Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;$181875 | &nbsp;&nbsp;&nbsp;&nbsp;$— |
| **Total Derivatives subject to master netting or similar agreements** | &nbsp;&nbsp;&nbsp;&nbsp;**$181875** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** |

---

<sup>(1)</sup> Statement of Assets and Liabilities location: Receivable for open forward foreign currency exchange contracts.

The Portfolio's derivative assets at fair value by type, which are reported gross in the Statement of Assets and Liabilities, are presented in the table above. The following table presents the Portfolio's derivative assets by counterparty, net of amounts available for offset under a master netting agreement and net of the related collateral received by the Portfolio for such assets as of October 31, 2025.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | &nbsp;&nbsp;&nbsp;**Derivative<br> Assets Subject to<br> Master Netting<br> Agreement** | &nbsp;&nbsp;&nbsp;**Derivatives<br> Available<br> for Offset** | &nbsp;&nbsp;&nbsp;**Non-cash<br> Collateral<br> Received** | &nbsp;&nbsp;&nbsp;**Cash<br> Collateral<br> Received** | &nbsp;&nbsp;&nbsp;**Net Amount<br> of Derivative<br> Assets** |
| Deutsche Bank AG | &nbsp;&nbsp;&nbsp;$181875 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$181875 |

---

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High Income Opportunities Portfolio

October 31, 2025

Notes to Financial Statements — continued

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The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is foreign exchange risk for the year ended October 31, 2025 was as follows:

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| | | | |
|:---|:---|:---|:---|
| **Statement of Operations Caption** | &nbsp;&nbsp;**Credit** | &nbsp;&nbsp;**Foreign<br> Exchange** | &nbsp;&nbsp;**Total** |
| Net realized gain (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment transactions<sup>(1)</sup> | &nbsp;&nbsp;$(481094) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(481094) |
| &nbsp;&nbsp;&nbsp;Written swaptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58094 |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(1724979) | &nbsp;&nbsp;&nbsp;&nbsp;(1724979) |
| **Total** | &nbsp;&nbsp;**$(423000)** | &nbsp;&nbsp;**$(1724979)** | &nbsp;&nbsp;**$(2147979)** |
| Change in unrealized appreciation (depreciation): |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;$— | &nbsp;&nbsp;$367524 | &nbsp;&nbsp;$367524 |

---

<sup>(1)</sup> Relates to purchased swaptions.

The average notional cost of futures contracts and average notional amounts of other derivative contracts outstanding during the year ended October 31, 2025, which are indicative of the volume of these derivative types, were approximately as follows:

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| | | |
|:---|:---|:---|
| **Forward<br> Foreign Currency<br> Exchange Contracts<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Purchased<br> Swaptions** | &nbsp;&nbsp;&nbsp;&nbsp;**Written<br> Swaptions** |
| $39604000 | &nbsp;&nbsp;&nbsp;&nbsp;$9310000 | &nbsp;&nbsp;&nbsp;&nbsp;$9310000 |

---

<sup>(1)</sup> The average notional amount for forward foreign currency exchange contracts is based on the absolute value of notional amounts of currency purchased and currency sold.

7 Line of Credit

The Portfolio participates with other portfolios and funds managed by BMR and its affiliates in a $650 million unsecured revolving line of credit agreement with a group of banks, which is in effect through October 20, 2026. Borrowings are made by the Portfolio solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Portfolio based on its borrowings generally at an amount above either the Secured Overnight Financing Rate (SOFR) or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. In connection with the renewal of the agreement in October 2025, an arrangement fee of $150,000 was incurred that was allocated to the participating portfolios and funds. Because the line of credit is not available exclusively to the Portfolio, it may be unable to borrow some or all of its requested amounts at any particular time. The Portfolio did not have any significant borrowings or allocated fees during the year ended October 31, 2025.

8 Affiliated Investments

At October 31, 2025, the value of the Portfolio's investment in funds that may be deemed to be affiliated was $67,422,607, which represents 3.9% of the Portfolio's net assets. Transactions in such investments by the Portfolio for the year ended October 31, 2025 were as follows:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Value,<br> beginning<br> of period** | **Purchases** | **Sales<br> proceeds** | **Net realized<br> gain (loss)** | **Change in<br> unrealized<br> appreciation<br> (depreciation)** | **Value, end<br> of period** | **Dividend<br> income** | **Shares,<br> end of period** |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| Liquidity Fund | $49686239 | $556277850 | $(538541482) | $— | $— | $67422607 | $2771780 | 67422607 |

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High Income Opportunities Portfolio

October 31, 2025

Notes to Financial Statements — continued

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9 Fair Value Measurements

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 October 31, 2025, the hierarchy of inputs used in valuing the Portfolio's investments and open derivative instruments, which are carried at fair value, were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Asset-Backed Securities | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$39762400 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$39762400 |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;19840667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1313965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2111626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23266258 |
| Convertible Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2188357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2188357 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1415833542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1415833542 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4381313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4381313 |
| Senior Floating-Rate Loans (Less Unfunded Loan Commitments) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 138377310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3037976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 141415286 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5012671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5092991 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;67422607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67422607 |
| **Total Investments** | &nbsp;&nbsp;**$87263274** | &nbsp;&nbsp;&nbsp;&nbsp;**$1601937207** | &nbsp;&nbsp;&nbsp;&nbsp;**$10162273** | &nbsp;&nbsp;&nbsp;&nbsp;**$1699362754** |
| Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$181875 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$181875 |
| **Total** | &nbsp;&nbsp;**$87263274** | &nbsp;&nbsp;&nbsp;&nbsp;**$1602119082** | &nbsp;&nbsp;&nbsp;&nbsp;**$10162273** | &nbsp;&nbsp;&nbsp;&nbsp;**$1699544629** |

---

\* 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 year ended October 31, 2025 is not presented.

10 Risks and Uncertainties

#### Credit Risk
The Portfolio primarily invests in lower rated and comparable quality unrated high yield securities. These investments have different risks than investments in debt securities rated investment grade. Risk of loss upon default by the borrower is significantly greater with respect to such debt than with other debt securities because these securities are generally unsecured and are more sensitive to adverse economic conditions, such as recession or increasing interest rates, than are investment grade issuers.

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High Income Opportunities Portfolio

October 31, 2025

Report of Independent Registered Public Accounting Firm

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To the Trustees and Investors of High Income Opportunities Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of High Income Opportunities Portfolio (the "Portfolio"), including the portfolio of investments, as of October 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Portfolio as of October 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Portfolio's management. Our responsibility is to express an opinion on the Portfolio's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolio in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB and in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Portfolio is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Portfolio's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities and senior loans owned as of October 31, 2025, by correspondence with the custodian, brokers, and agent banks; when replies were not received from brokers and agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 22, 2025

We have served as the auditor of one or more Eaton Vance investment companies since 1959.

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[**Table of Contents**](#JOB_EV_AR_0b727f29-6fff-4065-8189-ae717694c986_TOC)

Eaton Vance

High Income Opportunities Fund

October 31, 2025

Board of Trustees' Contract Approval

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Overview of the Contract Review Process

The Investment Company Act of 1940, as amended (the "1940 Act"), provides, in substance, that the investment advisory agreement between a fund and its investment adviser will continue in effect from year-to-year only if its continuation is approved on an annual basis by a vote of the fund's board of trustees, including a majority of the trustees who are not "interested persons" of the fund ("independent trustees"), cast in person at a meeting called for the purpose of considering such approval.

At a meeting held on June 12, 2025, the Boards of Trustees/Directors (collectively, the "Board") that oversee the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the "Eaton Vance Funds"), including a majority of the independent trustees (the "Independent Trustees"), voted to approve the continuation of existing investment advisory agreements and sub-advisory agreements<sup>1</sup> for each of the Eaton Vance Funds for an additional one-year period. The Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee comprised of all of the Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of meetings held between April and June 2025, as well as certain additional information provided in response to specific requests from the Independent Trustees as members of the Contract Review Committee. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee's annual evaluation of the investment advisory agreements and sub-advisory agreements.

In connection with its evaluation of the investment advisory agreements and sub-advisory agreements, the Board (directly or through one or more of its committees) considered various information relating to the Eaton Vance Funds. This included information applicable to all or groups of the Eaton Vance Funds, which is referenced immediately below, and information applicable to the particular Eaton Vance Fund covered by this report (each Eaton Vance Fund is referred to below as a "fund"). (For funds that invest through one or more underlying portfolios, references to "each fund" in this section may include information that was considered at the portfolio-level.)

*Information about Fees, Performance and Expenses*

• A report from an independent data provider comparing advisory and other fees paid by each fund to such fees paid by comparable funds, as identified by the independent data provider ("comparable funds");

• A report from an independent data provider comparing each fund's total expense ratio (and its components) to those of comparable funds;

• A report from an independent data provider comparing the investment performance of each fund to the investment performance of comparable funds and, as applicable, benchmark indices, over various time periods;

• In certain instances, data regarding investment performance relative to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board (a committee exclusively comprised of Independent Trustees);

• Comparative information concerning the fees charged and services provided by the adviser and sub-adviser to each fund in managing other accounts (which may include other funds, collective investment trusts and institutional accounts) with the same or substantially similar investment objective as the fund and with a significant overlap in holdings based on criteria set by the Board, if any;

• Profitability analyses on a fund-by-fund basis for the adviser and its affiliates and for each sub-adviser not affiliated with the adviser;

*Information about Portfolio Management and Trading*

• Descriptions of the investment management services provided to each fund, as well as each of the funds' investment strategies and policies;

• The procedures and processes used by the adviser to determine the value of fund assets, including, when necessary, the determination of "fair value" by the adviser in its role as each fund's valuation designee and actions taken to monitor and test the effectiveness of such procedures and processes;

• Information about the policies and practices of each fund's adviser and sub-adviser with respect to trading, including their processes for seeking best execution of portfolio transactions;

• Information about the allocation of brokerage transactions and the benefits, if any, received by the adviser and sub-adviser to each fund as a result of brokerage allocation, including, as applicable, information concerning the acquisition of research through client commission arrangements and policies with respect to "soft dollars";

• Data relating to the portfolio turnover rate of each fund and related information regarding active management in the context of particular strategies;

*Information about each Adviser and Sub-Adviser*

• Reports regarding the financial results and condition of the adviser and certain of its affiliates and of each sub-adviser not affiliated with the adviser;

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;Not all Eaton Vance Funds have entered into a sub-advisory agreement with a sub-adviser. Accordingly, references to "sub-adviser" or "sub-advisory agreement" in this "Overview" section may not be applicable to the particular Eaton Vance Fund covered by this report. Eaton Vance Management and Boston Management and Research are referred to collectively as the "adviser."

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[**Table of Contents**](#JOB_EV_AR_0b727f29-6fff-4065-8189-ae717694c986_TOC)

Eaton Vance

High Income Opportunities Fund

October 31, 2025

Board of Trustees' Contract Approval — continued

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• Information regarding the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and, for portfolio managers and certain other investment professionals, information relating to their responsibilities with respect to managing other funds and investment accounts, as applicable;

• Information regarding the adviser's and its parent company's (Morgan Stanley's) efforts to retain and attract talented investment professionals, including in the context of a competitive marketplace for talent;

• Information regarding the adviser's compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals' investments in the fund(s) they manage;

• The personal trading codes of ethics of the adviser and its affiliates and the sub-adviser of each fund, together with information relating to compliance with, and the administration of, such codes;

• Policies and procedures relating to proxy voting, including regular reporting with respect to fund proxy voting activities;

• Information regarding the handling of corporate actions and class actions, as well as information regarding litigation and other regulatory matters;

• Information concerning the resources devoted to compliance efforts undertaken by the adviser and its affiliates and the sub-adviser of each fund, including descriptions of their various compliance programs and their record of compliance and remediation;

• Information concerning the business continuity and disaster recovery plans of the adviser and its affiliates and the sub-adviser of each fund;

• A description of the adviser's oversight of sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters, if any;

*Other Relevant Information*

• Information regarding ongoing initiatives to further integrate and harmonize, where applicable, the investment management and other departments of the adviser and its affiliates with the overall investment management infrastructure of Morgan Stanley, in light of Morgan Stanley's acquisition of Eaton Vance Corp. on March 1, 2021;

• Information concerning the nature, cost, and character of the administrative and other non-investment advisory services provided by the adviser and its affiliates;

• Information concerning oversight of the relationship with the custodian, subcustodians, fund accountants, and other third-party service providers by the adviser and/or administrator to each of the funds;

• Information concerning efforts to maintain policies and procedures with respect to various regulations applicable to the funds, including, without limitation, Rule 22e-4 (the Liquidity Risk Management Rule), Rule 12d1-4 (the Fund-of-Funds Rule), Rule 18f-4 (the Derivatives Rule), and Rule 2a-5 (the Fair Valuation Rule);

• For the Eaton Vance Fund structured as an interval fund, information regarding the interval fund's periodic repurchase offers under Rule 23c-3 and related policies and procedures;

• For each Eaton Vance Fund structured as an exchange-listed closed-end fund, information concerning the benefits of the closed-end fund structure, as well as, where relevant, the closed-end fund's market prices (including as compared to the closed-end fund's net asset value (NAV)), trading volume data, continued use of auction preferred shares (where applicable), distribution rates, and other relevant matters;

• The risks that the adviser and/or its affiliates incur in connection with the management and operation of the funds, including, among others, litigation, regulatory, entrepreneurial, data privacy and cybersecurity, and other business risks (and the associated costs of such risks, if any); and

• The terms of each investment advisory agreement and sub-advisory agreement.

During the various meetings of the Board and its committees over the course of the year leading up to the June 12, 2025 meeting, the Board and its committees received information from portfolio managers and other investment professionals of the adviser and sub-advisers of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds' investment objectives. The Board and its committees also received information regarding risk management techniques employed in connection with the management of the funds. The Board and its committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance, and other issues with respect to the funds, and received and participated in reports and presentations provided by the adviser, sub-advisers, and certain other service providers, with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees met in executive sessions and held regular video or telephone conferences to discuss, among other topics, matters relating to the continuation of investment advisory agreements and sub-advisory agreements.

Each of the Contract Review Committee and the Board was advised throughout the contract review process by Kirkland & Ellis LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee and the members of the Board, with the advice of such counsel, exercised their own business judgment in determining the material factors to be considered in evaluating each investment advisory agreement and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory agreement and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee and Board may have placed varying emphasis on particular factors in reaching conclusions with respect to each investment advisory agreement and sub-advisory agreement. In evaluating each investment advisory agreement and sub-advisory agreement, including the fee structures and other terms contained in such agreements, the members of the Contract Review Committee and Board were also informed by multiple years of analysis and discussion with the adviser and sub-adviser to each of the Eaton Vance Funds.

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[**Table of Contents**](#JOB_EV_AR_0b727f29-6fff-4065-8189-ae717694c986_TOC)

Eaton Vance

High Income Opportunities Fund

October 31, 2025

Board of Trustees' Contract Approval — continued

------

Results of the Contract Review Process

Based on its consideration of the foregoing, and such other information it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory agreement between Eaton Vance High Income Opportunities Fund (the "Fund") and Eaton Vance Management ("EVM"), as well as the investment advisory agreement between High Income Opportunities Portfolio (the "Portfolio"), the portfolio in which the Fund invests, and Boston Management and Research ("BMR") (EVM, with respect to the Fund, and BMR, with respect to the Portfolio, are each referred to herein as the "Adviser"), and the sub-advisory agreement between EVM and Eaton Vance Advisers International Ltd. (the "Sub-adviser"), an affiliate of the Advisers, with respect to the Fund, and the sub-advisory agreement between BMR and the Sub-adviser, with respect to the Portfolio, including their respective fee structures, are in the interests of shareholders and, therefore, recommended to the Board approval of each agreement. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreements for the Fund and the Portfolio (together, the "investment advisory agreements") and the sub-advisory agreements for the Fund and the Portfolio (together, the "sub-advisory agreements").

*Nature, Extent and Quality of Services*

In considering whether to approve the investment advisory agreements and sub-advisory agreements for the Fund and the Portfolio, the Board evaluated the nature, extent and quality of services provided to the Fund and to the Portfolio by the applicable Adviser and the Sub-adviser, respectively.

The Board considered each Adviser's and the Sub-adviser's management capabilities and investment processes in light of the types of investments held by the Fund and the Portfolio, including the education and experience of the investment professionals who provide services to the Fund and the Portfolio. Regarding each Adviser, the Board considered the Adviser's responsibilities with respect to oversight of the Sub-adviser. The Board also considered the abilities and experience of each Adviser's investment professionals in analyzing special considerations relevant to investing in high-yield debt. With respect to the Sub-adviser, the Board considered the abilities and experience of the Sub-adviser's investment professionals in analyzing factors such as special considerations relevant to investing in global high yield debt and foreign markets. The Board considered the international investment capabilities of the Sub-adviser, which is based in London, and the benefits to the Fund and the Portfolio of having portfolio management services involving investments in international securities provided by investment professionals located abroad. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of each Adviser and other factors, including the reputation and resources of each Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Fund and the Portfolio, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Fund and the Portfolio, including the provision of administrative services. The Board also considered the business-related and other risks to which each Adviser or its affiliates may be subject in managing the Fund and the Portfolio.

The Board noted that, under the terms of the investment advisory agreement of the Fund, EVM may invest assets of the Fund directly in securities, for which it would receive a fee, or in the Portfolio, for which it receives no separate fee but for which BMR receives an advisory fee from the Portfolio.

The Board considered the compliance programs of each Adviser and relevant affiliates thereof, including the Sub-adviser. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, compliance with policies and procedures, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered relevant examinations of each Adviser and its affiliates by regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

The Board considered other administrative services provided or overseen by EVM and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by each Adviser and the Sub-adviser, taken as a whole, are appropriate and consistent with the terms of the applicable investment advisory agreement and the applicable sub-advisory agreement.

*Fund Performance*

The Board compared the Fund's investment performance to that of comparable funds identified by an independent data provider (the peer group), as well as appropriate benchmark indices. The Board's review included comparative performance data with respect to the Fund for the one-, three-, five- and ten-year periods ended December 31, 2024. In this regard, the Board noted that the performance of the Fund was higher than the median performance of the Fund's peer group for the three-year period. The Board also noted that the performance of the Fund was higher than its primary performance benchmark and secondary benchmark indexes for the three-year period. The Board concluded that the performance of the Fund was satisfactory.

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[**Table of Contents**](#JOB_EV_AR_0b727f29-6fff-4065-8189-ae717694c986_TOC)

Eaton Vance

High Income Opportunities Fund

October 31, 2025

Board of Trustees' Contract Approval — continued

------

*Management Fees and Expenses*

The Board considered contractual fee rates payable by the Portfolio and by the Fund for advisory and administrative services (referred to collectively as "management fees"). As part of its review, the Board considered the Fund's management fees and total expense ratio for the one-year period ended December 31, 2024, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered factors that had an impact on the Fund's total expense ratio relative to comparable funds. The Board also received and considered information about the services offered and the fee rates charged by the Adviser and/or Sub-adviser to other types of accounts with the same or substantially similar investment objective as the Portfolio and with a significant overlap in holdings based on criteria set by the Board. For any such type of account, the Board received information about the differences in the nature and scope of services the Adviser and/or Sub-adviser provide to the Portfolio as compared to other type of account and the material differences in compliance, reporting and other legal burdens and risks to the Adviser and/or Sub-adviser as between the Portfolio and other type of account.

After considering the foregoing information, and in light of the nature, extent and quality of the services provided by each Adviser and the Sub-adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.

*Profitability and "Fall-Out" Benefits*

The Board considered the level of profits realized by each Adviser and relevant affiliates thereof, including the Sub-adviser, in providing investment advisory and administrative services to the Fund, to the Portfolio and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by each Adviser and its affiliates to third parties in respect of distribution or other services.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by each Adviser and its affiliates, including the Sub-adviser, are not excessive.

The Board also considered direct or indirect fall-out benefits received by each Adviser and its affiliates, including the Sub-adviser, in connection with their respective relationships with the Fund and the Portfolio, including the benefits of research services that may be available to each Adviser or the Sub-adviser as a result of securities transactions effected for the Fund and the Portfolio and other investment advisory clients.

*Economies of Scale*

In reviewing management fees and profitability, the Board also considered the extent to which the applicable Adviser and its affiliates, on the one hand, and the Fund and the Portfolio, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund and the Portfolio increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. To assist in the evaluation of the sharing of any economies of scale, the Board received data for recent years showing asset levels, Adviser profitability and total expense ratios. Based upon the foregoing, the Board concluded that the Fund currently shares in the benefits from economies of scale, if any, when they are realized by the Adviser. The Board also concluded that the structure of the advisory fees, which include breakpoints at several asset levels, will allow the Fund and the Portfolio to continue to benefit from any economies of scale in the future.

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[**Table of Contents**](#JOB_EV_AR_0b727f29-6fff-4065-8189-ae717694c986_TOC)

ETHIX-NCSR&nbsp;&nbsp;&nbsp;&nbsp;10.31.25

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## Eaton Vance

## Diversified Currency Income Fund (formerly, Eaton Vance Global Sovereign Opportunities Fund)

## Annual Financial Statements and Additional Information
October 31, 2025

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![](g35982imgeac7273911.gif)

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**This report must be preceded or accompanied by a current summary prospectus or prospectus. Before investing, investors should consider carefully the investment objective, risks, and charges and expenses of a mutual fund. This and other important information is contained in the prospectus and/or statement of additional information, which can be obtained by calling 1-800-262-1122 or from a financial intermediary. Prospective investors should read the prospectus carefully before investing.**

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#### Annual Financial Statements and Additional Information October 31, 2025
Eaton Vance

Diversified Currency Income Fund

---

| | |
|:---|:---|
| **[**Table of Contents**](#xx_f8e18430-e1f8-4551-9985-38d1688e1233_1)** |  |
| [Item 7 of Form N-CSR:](#xx_c38509a0-edef-4f9a-b65d-50bc42537bd6_1) | [Item 7 of Form N-CSR:](#xx_c38509a0-edef-4f9a-b65d-50bc42537bd6_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#xx_c38509a0-edef-4f9a-b65d-50bc42537bd6_1) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#xx_c38509a0-edef-4f9a-b65d-50bc42537bd6_2) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx_c38509a0-edef-4f9a-b65d-50bc42537bd6_3) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx_8963ee93-964f-4e4f-8846-918e21ca0bcb_1) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx_d8ee38de-8c89-46fb-8143-e5c51822b820_1) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#xx_910a3cce-830b-477d-a44b-ba4adc8bdb21_1) | 11 |
| [Federal Tax Information](#xx_ca46ea54-d245-4c5f-846e-1383cb406fca_1) | 12 |
| [International Income Portfolio](#xx_c6f6c61f-63cf-4077-a893-0acd922f38dd_1) | [International Income Portfolio](#xx_c6f6c61f-63cf-4077-a893-0acd922f38dd_1) |
| [Items 6 and 7 of Form N-CSR:](#xx_c6f6c61f-63cf-4077-a893-0acd922f38dd_1) | [Items 6 and 7 of Form N-CSR:](#xx_c6f6c61f-63cf-4077-a893-0acd922f38dd_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Portfolio of Investments](#xx_c6f6c61f-63cf-4077-a893-0acd922f38dd_1) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Statements](#xx_68f3ecbd-ccf0-4e73-ab6d-f4a58be16fdc_1) | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#xx_6434c8e2-e514-4524-9915-3ce8f39b2357_1) | 38 |
| Item 11 of Form N-CSR: | Item 11 of Form N-CSR: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Board of Trustees' Contract Approval](#xx_f29e8fd5-2e27-4351-888c-8ac86fa6e604_1) | 39 |

---

Items 8 and 9 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7.

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[**Table of Contents**](#JOB_EV_AR_de6013fe-4cfe-45f4-89ab-b97a76fe6fde_TOC)

Eaton Vance

Diversified Currency Income Fund

October 31, 2025

Statement of Assets and Liabilities

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---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**October 31, 2025** |
| Assets |  |
| Investment in International Income Portfolio, at value (identified cost $39,537,982) | &nbsp;&nbsp;$39828249 |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66606 |
| Receivable from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15981 |
| **Total assets** | &nbsp;&nbsp;**$39910836** |
| Liabilities |  |
| Payable for Fund shares redeemed | &nbsp;&nbsp;$23052 |
| Payable to affiliates: |  |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2507 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agency fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 |
| Payable for custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5734 |
| Payable for transfer and dividend disbursing agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9430 |
| Payable for legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33913 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11633 |
| **Total liabilities** | &nbsp;&nbsp;**$87257** |
| **Net Assets** | &nbsp;&nbsp;**$39823579** |
| Sources of Net Assets |  |
| Paid-in capital | &nbsp;&nbsp;$75262384 |
| Accumulated loss | &nbsp;&nbsp;&nbsp;&nbsp;(35438805) |
| **Net Assets** | &nbsp;&nbsp;**$39823579** |
| Class A Shares |  |
| **Net Assets** | &nbsp;&nbsp;$9318466 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1356207 |
| **Net Asset Value and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$6.87 |
| **Maximum Offering Price Per Share<br> (100 ÷ 96.75 of net asset value per share)** | &nbsp;&nbsp;$7.10 |
| Class C Shares |  |
| **Net Assets** | &nbsp;&nbsp;$625336 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91005 |
| **Net Asset Value and Offering Price Per Share\*<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$6.87 |
| Class I Shares |  |
| **Net Assets** | &nbsp;&nbsp;$29879777 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4365750 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$6.84 |

---

---

| | |
|:---|:---|
| On sales of $100,000 or more, the offering price of Class A shares is reduced. | On sales of $100,000 or more, the offering price of Class A shares is reduced. |
| \* | Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge. |

---

*See Notes to Financial Statements.*

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[**Table of Contents**](#JOB_EV_AR_de6013fe-4cfe-45f4-89ab-b97a76fe6fde_TOC)

Eaton Vance

Diversified Currency Income Fund

October 31, 2025

Statement of Operations

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---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended** |
|  | &nbsp;&nbsp;&nbsp;**October 31, 2025** |
| Investment Income |  |
| Dividend income allocated from Portfolio | &nbsp;&nbsp;$71094 |
| Interest income allocated from Portfolio (net of foreign taxes withheld of $39,764) | &nbsp;&nbsp;&nbsp;&nbsp;2436397 |
| Expenses, excluding interest expense, allocated from Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(612637) |
| Interest expense allocated from Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50277) |
| Waiver and/or reimbursement of expenses by affiliates allocated from Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378248 |
| **Total investment income from Portfolio** | &nbsp;&nbsp;**$2222825** |
| Expenses |  |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$22953 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4926 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21791 |
| Transfer and dividend disbursing agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37677 |
| Legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42922 |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5670 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50757 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13679 |
| **Total expenses** | &nbsp;&nbsp;**$200875** |
| Deduct: |  |
| &nbsp;&nbsp;&nbsp;Waiver and/or reimbursement of expenses by affiliates | &nbsp;&nbsp;$172765 |
| **Total expense reductions** | &nbsp;&nbsp;**$172765** |
| **Net expenses** | &nbsp;&nbsp;**$28110** |
| **Net investment income** | &nbsp;&nbsp;**$2194715** |
| Realized and Unrealized Gain (Loss) from Portfolio |  |
| Net realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;Investment transactions | &nbsp;&nbsp;$111010 |
| &nbsp;&nbsp;&nbsp;Written options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22004 |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45590 |
| &nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209401 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(95187) |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162324 |
| &nbsp;&nbsp;&nbsp;Non-deliverable bond forward contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15187) |
| **Net realized gain** | &nbsp;&nbsp;**$439955** |
| Change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;$417935 |
| &nbsp;&nbsp;&nbsp;Written options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1196 |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115798 |
| &nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(79972) |
| &nbsp;&nbsp;&nbsp;Foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15342 |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286986 |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$757285** |
| **Net realized and unrealized gain** | &nbsp;&nbsp;**$1197240** |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$3391955** |

---

*2*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_de6013fe-4cfe-45f4-89ab-b97a76fe6fde_TOC)

Eaton Vance

Diversified Currency Income Fund

October 31, 2025

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
|  | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$2194715 | &nbsp;&nbsp;$1884297 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1604717) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;757285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3062419 |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$3391955** | &nbsp;&nbsp;**$3341999** |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(480986) | &nbsp;&nbsp;$(481167) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22512) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30894) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1359935) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1109465) |
| **Total distributions to shareholders** | &nbsp;&nbsp;**$(1863433)** | &nbsp;&nbsp;**$(1621526)** |
| Transactions in shares of beneficial interest: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(420500) | &nbsp;&nbsp;$(2049191) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(456978) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7456106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4025963) |
| **Net increase (decrease) in net assets from Fund share transactions** | &nbsp;&nbsp;**$7080312** | &nbsp;&nbsp;**$(6532132)** |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;**$8608834** | &nbsp;&nbsp;**$(4811659)** |
| Net Assets |  |  |
| At beginning of year | &nbsp;&nbsp;$31214745 | &nbsp;&nbsp;$36026404 |
| **At end of year** | &nbsp;&nbsp;**$39823579** | &nbsp;&nbsp;**$31214745** |

---

*3*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_de6013fe-4cfe-45f4-89ab-b97a76fe6fde_TOC)

Eaton Vance

Diversified Currency Income Fund

October 31, 2025

Financial Highlights

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$6.55 | &nbsp;&nbsp;$6.29 | &nbsp;&nbsp;$6.19 | &nbsp;&nbsp;$7.96 | &nbsp;&nbsp;$8.44 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.42 | &nbsp;&nbsp;$0.36 | &nbsp;&nbsp;$0.29 | &nbsp;&nbsp;$0.21 | &nbsp;&nbsp;$0.13 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.67** | &nbsp;&nbsp;**$0.57** | &nbsp;&nbsp;**$0.41** | &nbsp;&nbsp;**$(1.47)** | &nbsp;&nbsp;**$(0.02)** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.35) | &nbsp;&nbsp;$(0.31) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(0.15) |
| Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) |
| **Total distributions** | &nbsp;&nbsp;**$(0.35)** | &nbsp;&nbsp;**$(0.31)** | &nbsp;&nbsp;**$(0.31)** | &nbsp;&nbsp;**$(0.30)** | &nbsp;&nbsp;**$(0.46)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$6.87** | &nbsp;&nbsp;**$6.55** | &nbsp;&nbsp;**$6.29** | &nbsp;&nbsp;**$6.19** | &nbsp;&nbsp;**$7.96** |
| **Total Return<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**10.52%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.05%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.55%** | &nbsp;&nbsp;&nbsp;&nbsp;**(18.94)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.38)%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$9318 | &nbsp;&nbsp;$9307 | &nbsp;&nbsp;$10889 | &nbsp;&nbsp;$11466 | &nbsp;&nbsp;$20539 |
| Ratios (as a percentage of average daily net assets):<sup>(4)(5)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50% |
| &nbsp;&nbsp;&nbsp;Net expenses<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57% |
| Portfolio Turnover of the Portfolio<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> The per share amount is not in accord with the net realized and unrealized gain (loss) for the period because of the timing of sales of Fund shares and the amount of the per share realized and unrealized gains and losses at such time.

<sup>(3)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

<sup>(4)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(5)</sup> Includes the Fund's share of the Portfolio's allocated expenses.

<sup>(6)</sup> Includes interest expense, including on securities sold short and/or reverse repurchase agreements if applicable, of 0.15%, 0.31%, 0.03%, 0.02% and 0.01% of average daily net assets for the years ended October 31, 2025, 2024, 2023, 2022 and 2021, respectively.

<sup>(7)</sup> Includes a reduction by the investment adviser of a portion of the Portfolio's adviser fee due to the Portfolio's investment in the Liquidity Fund (equal to less than 0.01%, less than 0.01%, 0.01% and less than 0.005% of average daily net assets for the years ended October 31, 2025, 2024, 2023 and 2022, respectively).

<sup>(8)</sup> Includes the effect of To Be Announced (TBA) transactions.

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_de6013fe-4cfe-45f4-89ab-b97a76fe6fde_TOC)

Eaton Vance

Diversified Currency Income Fund

October 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$6.55 | &nbsp;&nbsp;$6.29 | &nbsp;&nbsp;$6.19 | &nbsp;&nbsp;$7.96 | &nbsp;&nbsp;$8.44 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.38 | &nbsp;&nbsp;$0.31 | &nbsp;&nbsp;$0.24 | &nbsp;&nbsp;$0.16 | &nbsp;&nbsp;$0.07 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.68) | &nbsp;&nbsp;&nbsp;&nbsp;(0.15) |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.62** | &nbsp;&nbsp;**$0.52** | &nbsp;&nbsp;**$0.36** | &nbsp;&nbsp;**$(1.52)** | &nbsp;&nbsp;**$(0.08)** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.30) | &nbsp;&nbsp;$(0.26) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(0.13) |
| Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;(0.27) |
| **Total distributions** | &nbsp;&nbsp;**$(0.30)** | &nbsp;&nbsp;**$(0.26)** | &nbsp;&nbsp;**$(0.26)** | &nbsp;&nbsp;**$(0.25)** | &nbsp;&nbsp;**$(0.40)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$6.87** | &nbsp;&nbsp;**$6.55** | &nbsp;&nbsp;**$6.29** | &nbsp;&nbsp;**$6.19** | &nbsp;&nbsp;**$7.96** |
| **Total Return<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.69%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.24%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.79%** | &nbsp;&nbsp;&nbsp;&nbsp;**(19.50)%** | &nbsp;&nbsp;&nbsp;&nbsp;**(1.09)%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$625 | &nbsp;&nbsp;$560 | &nbsp;&nbsp;$970 | &nbsp;&nbsp;$1238 | &nbsp;&nbsp;$2115 |
| Ratios (as a percentage of average daily net assets):<sup>(4)(5)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20% |
| &nbsp;&nbsp;&nbsp;Net expenses<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.85%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.01%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% |
| Portfolio Turnover of the Portfolio<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> The per share amount is not in accord with the net realized and unrealized gain (loss) for the period because of the timing of sales of Fund shares and the amount of the per share realized and unrealized gains and losses at such time.

<sup>(3)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

<sup>(4)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(5)</sup> Includes the Fund's share of the Portfolio's allocated expenses.

<sup>(6)</sup> Includes interest expense, including on securities sold short and/or reverse repurchase agreements if applicable, of 0.15%, 0.31%, 0.03%, 0.02% and 0.01% of average daily net assets for the years ended October 31, 2025, 2024, 2023, 2022 and 2021, respectively.

<sup>(7)</sup> Includes a reduction by the investment adviser of a portion of the Portfolio's adviser fee due to the Portfolio's investment in the Liquidity Fund (equal to less than 0.01%, less than 0.01%, 0.01% and less than 0.005% of average daily net assets for the years ended October 31, 2025, 2024, 2023 and 2022, respectively).

<sup>(8)</sup> Includes the effect of To Be Announced (TBA) transactions.

*5*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_de6013fe-4cfe-45f4-89ab-b97a76fe6fde_TOC)

Eaton Vance

Diversified Currency Income Fund

October 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$6.53 | &nbsp;&nbsp;$6.27 | &nbsp;&nbsp;$6.16 | &nbsp;&nbsp;$7.93 | &nbsp;&nbsp;$8.41 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.44 | &nbsp;&nbsp;$0.37 | &nbsp;&nbsp;$0.31 | &nbsp;&nbsp;$0.22 | &nbsp;&nbsp;$0.16 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.67) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.68** | &nbsp;&nbsp;**$0.58** | &nbsp;&nbsp;**$0.43** | &nbsp;&nbsp;**$(1.45)** | &nbsp;&nbsp;**$0.01** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.37) | &nbsp;&nbsp;$(0.32) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(0.15) |
| Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34) |
| **Total distributions** | &nbsp;&nbsp;**$(0.37)** | &nbsp;&nbsp;**$(0.32)** | &nbsp;&nbsp;**$(0.32)** | &nbsp;&nbsp;**$(0.32)** | &nbsp;&nbsp;**$(0.49)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$6.84** | &nbsp;&nbsp;**$6.53** | &nbsp;&nbsp;**$6.27** | &nbsp;&nbsp;**$6.16** | &nbsp;&nbsp;**$7.93** |
| **Total Return<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.82%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.34%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.86%** | &nbsp;&nbsp;&nbsp;&nbsp;**(18.65)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.11)%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$29880 | &nbsp;&nbsp;$21348 | &nbsp;&nbsp;$24167 | &nbsp;&nbsp;$15706 | &nbsp;&nbsp;$35316 |
| Ratios (as a percentage of average daily net assets):<sup>(4)(5)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20% |
| &nbsp;&nbsp;&nbsp;Net expenses<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.86% |
| Portfolio Turnover of the Portfolio<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> The per share amount is not in accord with the net realized and unrealized gain (loss) for the period because of the timing of sales of Fund shares and the amount of the per share realized and unrealized gains and losses at such time.

<sup>(3)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

<sup>(4)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(5)</sup> Includes the Fund's share of the Portfolio's allocated expenses.

<sup>(6)</sup> Includes interest expense, including on securities sold short and/or reverse repurchase agreements if applicable, of 0.15%, 0.31%, 0.03%, 0.02% and 0.01% of average daily net assets for the years ended October 31, 2025, 2024, 2023, 2022 and 2021, respectively.

<sup>(7)</sup> Includes a reduction by the investment adviser of a portion of the Portfolio's adviser fee due to the Portfolio's investment in the Liquidity Fund (equal to less than 0.01%, less than 0.01%, 0.01% and less than 0.005% of average daily net assets for the years ended October 31, 2025, 2024, 2023 and 2022, respectively).

<sup>(8)</sup> Includes the effect of To Be Announced (TBA) transactions.

*6*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_de6013fe-4cfe-45f4-89ab-b97a76fe6fde_TOC)

Eaton Vance

Diversified Currency Income Fund

October 31, 2025

Notes to Financial Statements

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1 Significant Accounting Policies

Eaton Vance Diversified Currency Income Fund (formerly, Eaton Vance Global Sovereign Opportunities Fund) (the Fund) is a diversified series of Eaton Vance Mutual Funds Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund offers three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective November 5, 2020, Class C shares automatically convert to Class A shares eight years after their purchase as described in the Fund's prospectus. Class I shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses and net investment income and losses, other than class-specific expenses, are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Each class of shares differs in its distribution plan and certain other class-specific expenses. The Fund invests its assets in interests in International Income Portfolio (the Portfolio), a Massachusetts business trust, having the same investment objective and policies as the Fund. The value of the Fund's investment in the Portfolio reflects the Fund's proportionate interest in the net assets of the Portfolio (approximately 100% at October 31, 2025). The performance of the Fund is directly affected by the performance of the Portfolio. The financial statements of the Portfolio, including the portfolio of investments, are included elsewhere in this report and should be read in conjunction with the Fund's financial statements.

The following is a summary of significant accounting policies of the Fund. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.

A Investment Valuation—Valuation of securities by the Portfolio is discussed in Note 1A of the Portfolio's Notes to Financial Statements, which are included elsewhere in this report.

B Income—The Fund's net investment income or loss consists of the Fund's pro rata share of the net investment income or loss of the Portfolio, less all actual and accrued expenses of the Fund.

C Federal and Other Taxes —The Fund's policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary.

As of October 31, 2025, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

D Expenses—The majority of expenses of the Trust are directly identifiable to an individual fund. Expenses which are not readily identifiable to a specific fund are allocated taking into consideration, among other things, the nature and type of expense and the relative size of the funds.

E Use of Estimates—The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

F Indemnifications—Under the Trust's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Trust) could be deemed to have personal liability for the obligations of the Trust. However, the Trust's Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and the By-laws provide that the Trust shall assume, upon request by the shareholder, the defense on behalf of any Fund shareholders. Moreover, the By-laws also provide for indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

G Other—Investment transactions are accounted for on a trade date basis.

H Segment Reporting—During this reporting period, the Fund adopted FASB Accounting Standards Update No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures* (ASU 2023-07), which requires incremental disclosures related to a public entity's reportable segments. The Fund operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. In connection with the adoption of ASU 2023-07, the Fund's President acts as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's financial statements.

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[**Table of Contents**](#JOB_EV_AR_de6013fe-4cfe-45f4-89ab-b97a76fe6fde_TOC)

Eaton Vance

Diversified Currency Income Fund

October 31, 2025

Notes to Financial Statements — continued

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2 Distributions to Shareholders and Income Tax Information

The Fund expects to pay any required income distributions monthly and intends to distribute annually all or substantially all of its net realized capital gains. The Fund may include in its distributions amounts attributable to the imputed interest on foreign currency exposures and certain other derivative positions which, in certain circumstances, may result in a return of capital for federal income tax purposes. Distributions to shareholders are recorded on the ex-dividend date. Distributions are declared separately for each class of shares. Shareholders may reinvest income and capital gain distributions in additional shares of the same class of the Fund at the net asset value as of the ex-dividend date or, at the election of the shareholder, receive distributions in cash. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

The tax character of distributions declared for the years ended October 31, 2025 and October 31, 2024 was as follows:

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$1863433 | &nbsp;&nbsp;&nbsp;&nbsp;$1621526 |

---

As of October 31, 2025, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$1416416 |
| Deferred capital losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34998437) |
| Net unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1856784) |
| **Accumulated loss** | &nbsp;&nbsp;&nbsp;&nbsp;**$(35438805)** |

---

At October 31, 2025, the Fund, for federal income tax purposes, had deferred capital losses of $34,998,437 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund's next taxable year, can be carried forward for an unlimited period, and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at October 31, 2025, $7,578,353 are short-term and $27,420,084 are long-term.

3 Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Eaton Vance Management (EVM), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory services rendered to the Fund. The investment adviser fee is computed at an annual rate as a percentage of the Fund's average daily net assets that are not invested in other investment companies for which EVM or its affiliates serve as investment adviser and receive an advisory fee as follows and is payable monthly:

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| | |
|:---|:---|
| **Average Daily Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Annual Fee Rate** |
| Up to $1 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.500% |
| $1 billion but less than $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.475% |
| $2.5 billion but less than $5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.455% |
| $5 billion and over | &nbsp;&nbsp;&nbsp;&nbsp;0.440% |

---

For the year ended October 31, 2025, the Fund incurred no investment adviser fee on such assets. Pursuant to an investment sub-advisory agreement effective December 31, 2024, EVM has delegated a portion of the investment management of the Fund to Morgan Stanley Investment Management Limited (MSIM Ltd.), a wholly-owned subsidiary of Morgan Stanley. EVM pays MSIM Ltd. a portion of its investment adviser fee for sub-advisory services provided to the Fund. To the extent the Fund's assets are invested in the Portfolio, the Fund is allocated its share of the Portfolio's investment adviser fee. The Portfolio has engaged Boston Management and Research (BMR), a subsidiary of EVM, to render investment advisory services. See Note 2 of the Portfolio's Notes to Financial Statements which are included elsewhere in this report. EVM also serves as the administrator of the Fund, but receives no compensation.

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[**Table of Contents**](#JOB_EV_AR_de6013fe-4cfe-45f4-89ab-b97a76fe6fde_TOC)

Eaton Vance

Diversified Currency Income Fund

October 31, 2025

Notes to Financial Statements — continued

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EVM has agreed to reimburse the Fund's expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only and excluding such expenses as brokerage commissions, acquired fund fees and expenses of unaffiliated funds, borrowing costs, taxes or litigation expenses) exceed 0.95%, 1.70% and 0.70% of the Fund's average daily net assets for Class A, Class C and Class I, respectively. This agreement may be changed or terminated after March 1, 2027. Pursuant to this agreement, EVM waived and/or reimbursed $172,765 of the Fund's operating expenses for the year ended October 31, 2025.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended October 31, 2025, EVM earned $3,184 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations. The Fund was informed that Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund's principal underwriter, received $112 as its portion of the sales charge on sales of Class A shares for the year ended October 31, 2025. EVD also received distribution and service fees from Class A and Class C shares (see Note 4).

Trustees and officers of the Fund who are members of EVM's or BMR's organizations receive remuneration for their services to the Fund out of the investment adviser fee. Certain officers and Trustees of the Fund and the Portfolio are officers of the above organizations.

4 Distribution Plans

The Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the year ended October 31, 2025 amounted to $22,953 for Class A shares.

The Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the year ended October 31, 2025, the Fund paid or accrued to EVD $3,695 for Class C shares.

Pursuant to the Class C Plan, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the year ended October 31, 2025 amounted to $1,231 for Class C shares.

Distribution and service fees are subject to the limitations contained in the Financial Industry Regulatory Authority Rule 2341(d).

5 Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within 12 months of purchase. Class A shares may be subject to a 0.75% CDSC if redeemed within 12 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the year ended October 31, 2025, the Fund was informed that EVD received no CDSCs paid by Class A and Class C shareholders.

6 Investment Transactions

For the year ended October 31, 2025, increases and decreases in the Fund's investment in the Portfolio aggregated $15,792,596 and $10,671,658, respectively.

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[**Table of Contents**](#JOB_EV_AR_de6013fe-4cfe-45f4-89ab-b97a76fe6fde_TOC)

Eaton Vance

Diversified Currency Income Fund

October 31, 2025

Notes to Financial Statements — continued

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7 Shares of Beneficial Interest

The Fund's Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value). Such shares may be issued in a number of different series (such as the Fund) and classes. Transactions in Fund shares, including direct exchanges pursuant to share class conversions, were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2024** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 98918 | &nbsp;&nbsp;&nbsp;&nbsp;$671933 | &nbsp;&nbsp;&nbsp;&nbsp; 88759 | &nbsp;&nbsp;&nbsp;&nbsp;$584058 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 67647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 453768 | &nbsp;&nbsp;&nbsp;&nbsp; 68183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 453070 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (230693) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1546201) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (468060) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3086319) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(64128)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(420500)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(311118)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(2049191)** |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 41038 | &nbsp;&nbsp;&nbsp;&nbsp;$281338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 3352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22512 | &nbsp;&nbsp;&nbsp;&nbsp; 4118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27387 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (38896) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (259144) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (72871) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (484365) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp; **5494** | &nbsp;&nbsp;&nbsp;&nbsp;**$44706** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(68753)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(456978)** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;2603953 | &nbsp;&nbsp;&nbsp;&nbsp;$17532589 | &nbsp;&nbsp;&nbsp;&nbsp; 750759 | &nbsp;&nbsp;&nbsp;&nbsp;$4975825 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 202291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1354891 | &nbsp;&nbsp;&nbsp;&nbsp; 166593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1103723 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(1710758) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11431374) | &nbsp;&nbsp;&nbsp;&nbsp;(1503708) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10105511) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp;**1095486** | &nbsp;&nbsp;&nbsp;&nbsp;**$7456106** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(586356)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(4025963)** |

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8 Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates in a $650 million unsecured revolving line of credit agreement with a group of banks, which is in effect through October 20, 2026. Borrowings are made by the Fund solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Fund based on its borrowings generally at an amount above either the Secured Overnight Financing Rate (SOFR) or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. In connection with the renewal of the agreement in October 2025, an arrangement fee of $150,000 was incurred that was allocated to the participating portfolios and funds. Because the line of credit is not available exclusively to the Fund, it may be unable to borrow some or all of its requested amounts at any particular time. The Fund did not have any significant borrowings or allocated fees during the year ended October 31, 2025.

9 Name Change

Effective August 12, 2025, the name of Eaton Vance Diversified Currency Income Fund was changed from Eaton Vance Global Sovereign Opportunities Fund. In connection with the name change, the Fund's policy to, under normal market conditions, invest at least 80% of its net assets in U.S. and non-U.S. sovereign investments was revised to state that, under normal market conditions, the Fund invests at least 80% of its net assets in (i) securities denominated in foreign currencies; (ii) fixed income instruments issued by foreign entities or sovereign nations; and/or (iii) derivative instruments, denominated in or based on the currencies, interest rates, or issues of foreign entities or sovereign nations.

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[**Table of Contents**](#JOB_EV_AR_de6013fe-4cfe-45f4-89ab-b97a76fe6fde_TOC)

Eaton Vance

Diversified Currency Income Fund

October 31, 2025

Report of Independent Registered Public Accounting Firm

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To the Trustees of Eaton Vance Mutual Funds Trust and Shareholders of Eaton Vance Diversified Currency Income Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Eaton Vance Diversified Currency Income Fund (formerly, Eaton Vance Global Sovereign Opportunities Fund) (the "Fund"), one of the funds constituting Eaton Vance Mutual Funds Trust, as of October 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 22, 2025

We have served as the auditor of one or more Eaton Vance investment companies since 1959.

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[**Table of Contents**](#JOB_EV_AR_de6013fe-4cfe-45f4-89ab-b97a76fe6fde_TOC)

Eaton Vance

Diversified Currency Income Fund

October 31, 2025

Federal Tax Information (Unaudited)

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The Form 1099-DIV you receive in February 2026 will show the tax status of all distributions paid to your account in calendar year 2025. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund.

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[**Table of Contents**](#JOB_EV_AR_de6013fe-4cfe-45f4-89ab-b97a76fe6fde_TOC)

International Income Portfolio

October 31, 2025

Portfolio of Investments

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Credit Linked Notes — 0.9%

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| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| South Africa — 0.9% | South Africa — 0.9% | South Africa — 0.9% | South Africa — 0.9% |
| Absa Bank Ltd. (Arab Republic of Egypt): |  |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 4/23/26<sup>(1)</sup> | EGP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8775 | &nbsp;&nbsp;$165974 |
| &nbsp;&nbsp;&nbsp;0.00%, 10/22/26<sup>(1)</sup> | EGP | &nbsp;&nbsp;&nbsp;&nbsp;10825 | &nbsp;&nbsp;&nbsp;&nbsp; 185135 |
| Total Credit Linked Notes<br> (identified cost $347,446) |  |  | &nbsp;&nbsp;**$351109** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Foreign Corporate Bonds — 0.5%

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| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Uzbekistan — 0.5% | Uzbekistan — 0.5% | Uzbekistan — 0.5% | Uzbekistan — 0.5% |
| JSCB Agrobank, 20.75%, 9/15/28 | UZS | 2500000 | &nbsp;&nbsp;$208133 |
| Total Foreign Corporate Bonds<br> (identified cost $199,668) |  |  | &nbsp;&nbsp;**$208133** |

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&nbsp;&nbsp;&nbsp;&nbsp;

Sovereign Government Bonds — 31.1%

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| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Brazil — 5.2% | Brazil — 5.2% | Brazil — 5.2% | Brazil — 5.2% |
| Brazil Letras do Tesouro Nacional: |  |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 1/1/26 | BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;$1271910 |
| &nbsp;&nbsp;&nbsp;0.00%, 7/1/26 | BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4600 | &nbsp;&nbsp;&nbsp;&nbsp; 783586 |
|  |  |  | &nbsp;&nbsp;**$2055496** |
| Czech Republic — 1.4% | Czech Republic — 1.4% | Czech Republic — 1.4% | Czech Republic — 1.4% |
| Czech Republic Government Bonds, 1.00%, 6/26/26<sup>(2)</sup> | CZK | &nbsp;&nbsp;&nbsp;&nbsp;11800 | &nbsp;&nbsp;$551306 |
|  |  |  | &nbsp;&nbsp;**$551306** |
| Dominican Republic — 2.3% | Dominican Republic — 2.3% | Dominican Republic — 2.3% | Dominican Republic — 2.3% |
| Dominican Republic Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;8.00%, 1/15/27<sup>(2)</sup> | DOP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3970 | &nbsp;&nbsp;$61118 |
| &nbsp;&nbsp;&nbsp;8.00%, 2/12/27<sup>(2)</sup> | DOP | &nbsp;&nbsp;&nbsp;&nbsp;11950 | &nbsp;&nbsp;&nbsp;&nbsp; 183330 |
| &nbsp;&nbsp;&nbsp;10.75%, 6/1/36<sup>(3)</sup> | DOP | &nbsp;&nbsp;&nbsp;&nbsp;11850 | &nbsp;&nbsp;&nbsp;&nbsp; 198960 |
| &nbsp;&nbsp;&nbsp;13.00%, 6/10/34<sup>(2)</sup> | DOP | &nbsp;&nbsp;&nbsp;&nbsp;25400 | &nbsp;&nbsp;&nbsp;&nbsp; 476524 |
| Dominican Republic Central Bank Notes, 8.00%, 3/12/27<sup>(2)</sup> | DOP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp; 13693 |
|  |  |  | &nbsp;&nbsp;**$933625** |

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| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Egypt — 2.1% | Egypt — 2.1% | Egypt — 2.1% | Egypt — 2.1% |
| Egypt Government Bonds, 24.458%, 10/1/27 | EGP | &nbsp;&nbsp;&nbsp;&nbsp;38565 | &nbsp;&nbsp;$830363 |
|  |  |  | &nbsp;&nbsp;**$830363** |
| Georgia — 1.6% | Georgia — 1.6% | Georgia — 1.6% | Georgia — 1.6% |
| Georgia Treasury Bonds, 8.125%, 1/28/26 | GEL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1780 | &nbsp;&nbsp;$659816 |
|  |  |  | &nbsp;&nbsp;**$659816** |
| Iceland — 1.6% | Iceland — 1.6% | Iceland — 1.6% | Iceland — 1.6% |
| Republic of Iceland, 6.75%, 10/15/26 | ISK | &nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;$632618 |
|  |  |  | &nbsp;&nbsp;**$632618** |
| Paraguay — 3.4% | Paraguay — 3.4% | Paraguay — 3.4% | Paraguay — 3.4% |
| Paraguay Government Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;7.90%, 2/9/31<sup>(3)</sup> | PYG | 3553000 | &nbsp;&nbsp;$475648 |
| &nbsp;&nbsp;&nbsp;7.90%, 2/9/31<sup>(2)</sup> | PYG | 2046000 | &nbsp;&nbsp;&nbsp;&nbsp; 273903 |
| &nbsp;&nbsp;&nbsp;8.50%, 3/4/35<sup>(3)</sup> | PYG | 4462000 | &nbsp;&nbsp;&nbsp;&nbsp; 594956 |
|  |  |  | &nbsp;&nbsp;**$1344507** |
| Poland — 1.2% | Poland — 1.2% | Poland — 1.2% | Poland — 1.2% |
| Republic of Poland Government Bonds, 0.00%, 4/25/26 | PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1733 | &nbsp;&nbsp;$463497 |
|  |  |  | &nbsp;&nbsp;**$463497** |
| Serbia — 2.5% | Serbia — 2.5% | Serbia — 2.5% | Serbia — 2.5% |
| Serbia Treasury Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, 1/11/26 | RSD | &nbsp;&nbsp;&nbsp;&nbsp;66000 | &nbsp;&nbsp;$648999 |
| &nbsp;&nbsp;&nbsp;4.50%, 8/20/32 | RSD | &nbsp;&nbsp;&nbsp;&nbsp;14180 | &nbsp;&nbsp;&nbsp;&nbsp; 137259 |
| &nbsp;&nbsp;&nbsp;7.00%, 10/26/31 | RSD | &nbsp;&nbsp;&nbsp;&nbsp;19670 | &nbsp;&nbsp;&nbsp;&nbsp; 216512 |
|  |  |  | &nbsp;&nbsp;**$1002770** |
| Sri Lanka — 2.2% | Sri Lanka — 2.2% | Sri Lanka — 2.2% | Sri Lanka — 2.2% |
| Sri Lanka Government Bonds, 11.00%, 10/15/28 | LKR | &nbsp;&nbsp;&nbsp;&nbsp;259000 | &nbsp;&nbsp;$891527 |
|  |  |  | &nbsp;&nbsp;**$891527** |
| Sweden — 2.1% | Sweden — 2.1% | Sweden — 2.1% | Sweden — 2.1% |
| Sweden Government Bonds, 1.00%, 11/12/26<sup>(2)</sup> | SEK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8225 | &nbsp;&nbsp;$857782 |
|  |  |  | &nbsp;&nbsp;**$857782** |
| Turkey — 3.2% | Turkey — 3.2% | Turkey — 3.2% | Turkey — 3.2% |
| Turkiye Government Bonds, 42.548%, (1 day TRY TLREF + 0.00%), 8/19/26<sup>(4)</sup> | TRY | &nbsp;&nbsp;&nbsp;&nbsp;52123 | &nbsp;&nbsp;$1267317 |
|  |  |  | &nbsp;&nbsp;**$1267317** |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_de6013fe-4cfe-45f4-89ab-b97a76fe6fde_TOC)

International Income Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Uganda — 0.7% | Uganda — 0.7% | Uganda — 0.7% | Uganda — 0.7% |
| Republic of Uganda Government Bonds, 13.50%, 7/9/26 | UGX | &nbsp;&nbsp;&nbsp;&nbsp;970000 | &nbsp;&nbsp;$280506 |
|  |  |  | &nbsp;&nbsp;**$280506** |
| Ukraine — 1.6% | Ukraine — 1.6% | Ukraine — 1.6% | Ukraine — 1.6% |
| Ukraine Government Bonds, 9.79%, 5/26/27 | UAH | &nbsp;&nbsp;&nbsp;&nbsp;33000 | &nbsp;&nbsp;$636412 |
|  |  |  | &nbsp;&nbsp;**$636412** |
| Total Sovereign Government Bonds<br> (identified cost $12,361,406) |  |  | &nbsp;&nbsp;**$12407542** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

U.S. Government Agency Mortgage-Backed Securities — 0.2%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Federal National Mortgage Association, 5.118%, (COF + 1.791%), with maturity at 2035<sup>(5)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 | &nbsp;&nbsp;$60265 |
| Total U.S. Government Agency Mortgage-Backed Securities<br> (identified cost $61,170) |  | &nbsp;&nbsp;**$60265** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Short-Term Investments — 62.5%

Affiliated Fund — 2.1%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 4.00%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;815625 | &nbsp;&nbsp;$815625 |
| Total Affiliated Fund<br> (identified cost $815,625) |  | &nbsp;&nbsp;**$815625** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Sovereign Government Securities — 14.1%

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Canada — 2.0% | Canada — 2.0% | Canada — 2.0% | Canada — 2.0% |
| Canada Treasury Bills, 0.00%, 12/3/25 | CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;$782686 |
|  |  |  | &nbsp;&nbsp;**$782686** |
| Egypt — 0.9% | Egypt — 0.9% | Egypt — 0.9% | Egypt — 0.9% |
| Egypt Treasury Bills: |  |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 12/9/25 | EGP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;$4650 |
| &nbsp;&nbsp;&nbsp;0.00%, 1/6/26 | EGP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2050 | &nbsp;&nbsp;&nbsp;&nbsp; 41536 |
| &nbsp;&nbsp;&nbsp;0.00%, 3/31/26 | EGP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1350 | &nbsp;&nbsp;&nbsp;&nbsp; 25923 |
| &nbsp;&nbsp;&nbsp;0.00%, 5/12/26 | EGP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 18666 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Egypt (continued) | Egypt (continued) | Egypt (continued) | Egypt (continued) |
| Egypt Treasury Bills: (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 7/7/26 | EGP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4750 | &nbsp;&nbsp;$85752 |
| &nbsp;&nbsp;&nbsp;0.00%, 10/27/26 | EGP | &nbsp;&nbsp;&nbsp;&nbsp;11200 | &nbsp;&nbsp;&nbsp;&nbsp; 190858 |
|  |  |  | &nbsp;&nbsp;**$367385** |
| Kazakhstan — 0.6% | Kazakhstan — 0.6% | Kazakhstan — 0.6% | Kazakhstan — 0.6% |
| Kazakhstan Treasury Bills, 0.00%, 5/15/26 | KZT | &nbsp;&nbsp;&nbsp;&nbsp;136300 | &nbsp;&nbsp;$235118 |
|  |  |  | &nbsp;&nbsp;**$235118** |
| Nigeria — 4.1% | Nigeria — 4.1% | Nigeria — 4.1% | Nigeria — 4.1% |
| Nigeria OMO Bills: |  |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 1/6/26 | NGN | &nbsp;&nbsp;&nbsp;&nbsp;30107 | &nbsp;&nbsp;$20277 |
| &nbsp;&nbsp;&nbsp;0.00%, 1/13/26 | NGN | &nbsp;&nbsp;&nbsp;&nbsp;138826 | &nbsp;&nbsp;&nbsp;&nbsp; 93138 |
| &nbsp;&nbsp;&nbsp;0.00%, 1/27/26 | NGN | &nbsp;&nbsp;&nbsp;&nbsp;632381 | &nbsp;&nbsp;&nbsp;&nbsp; 421148 |
| &nbsp;&nbsp;&nbsp;0.00%, 2/17/26 | NGN | &nbsp;&nbsp;&nbsp;&nbsp;104423 | &nbsp;&nbsp;&nbsp;&nbsp; 68954 |
| &nbsp;&nbsp;&nbsp;0.00%, 3/10/26 | NGN | &nbsp;&nbsp;&nbsp;&nbsp;557000 | &nbsp;&nbsp;&nbsp;&nbsp; 362348 |
| &nbsp;&nbsp;&nbsp;0.00%, 3/17/26 | NGN | &nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp; 243023 |
| &nbsp;&nbsp;&nbsp;0.00%, 4/28/26 | NGN | &nbsp;&nbsp;&nbsp;&nbsp;230621 | &nbsp;&nbsp;&nbsp;&nbsp; 146267 |
| &nbsp;&nbsp;&nbsp;0.00%, 6/23/26 | NGN | &nbsp;&nbsp;&nbsp;&nbsp;213009 | &nbsp;&nbsp;&nbsp;&nbsp; 132296 |
| &nbsp;&nbsp;&nbsp;0.00%, 6/30/26 | NGN | &nbsp;&nbsp;&nbsp;&nbsp;244397 | &nbsp;&nbsp;&nbsp;&nbsp; 150097 |
|  |  |  | &nbsp;&nbsp;**$1637548** |
| Norway — 1.1% | Norway — 1.1% | Norway — 1.1% | Norway — 1.1% |
| Norway Treasury Bills, 0.00%, 12/17/25<sup>(2)(3)</sup> | NOK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4405 | &nbsp;&nbsp;$432861 |
|  |  |  | &nbsp;&nbsp;**$432861** |
| Uganda — 3.1% | Uganda — 3.1% | Uganda — 3.1% | Uganda — 3.1% |
| Republic of Uganda Treasury Bills: |  |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 1/15/26 | UGX | &nbsp;&nbsp;&nbsp;&nbsp;535000 | &nbsp;&nbsp;$150824 |
| &nbsp;&nbsp;&nbsp;0.00%, 1/29/26 | UGX | 3850000 | &nbsp;&nbsp;&nbsp;&nbsp; 1082904 |
|  |  |  | &nbsp;&nbsp;**$1233728** |
| Uruguay — 2.3% | Uruguay — 2.3% | Uruguay — 2.3% | Uruguay — 2.3% |
| Uruguay Monetary Regulation Bills: |  |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 11/7/25 | UYU | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1009 | &nbsp;&nbsp;$25289 |
| &nbsp;&nbsp;&nbsp;0.00%, 12/5/25 | UYU | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 99636 |
| &nbsp;&nbsp;&nbsp;0.00%, 12/19/25 | UYU | &nbsp;&nbsp;&nbsp;&nbsp;31219 | &nbsp;&nbsp;&nbsp;&nbsp; 775282 |
| &nbsp;&nbsp;&nbsp;0.00%, 12/30/25 | UYU | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462 | &nbsp;&nbsp;&nbsp;&nbsp; 11450 |
| &nbsp;&nbsp;&nbsp;0.00%, 3/6/26 | UYU | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1009 | &nbsp;&nbsp;&nbsp;&nbsp; 24652 |
|  |  |  | &nbsp;&nbsp;**$936309** |
| Total Sovereign Government Securities<br> (identified cost $5,525,550) |  |  | &nbsp;&nbsp;**$5625635** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

*14*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_de6013fe-4cfe-45f4-89ab-b97a76fe6fde_TOC)

International Income Portfolio

October 31, 2025

Portfolio of Investments — continued

------

U.S. Treasury Obligations — 46.3%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| U.S. Treasury Bills: |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 11/13/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;$1997857 |
| &nbsp;&nbsp;&nbsp;0.00%, 11/20/25<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500 | &nbsp;&nbsp;&nbsp;&nbsp; 5489916 |
| &nbsp;&nbsp;&nbsp;0.00%, 12/11/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3485691 |
| &nbsp;&nbsp;&nbsp;0.00%, 12/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 3980684 |
| &nbsp;&nbsp;&nbsp;0.00%, 1/8/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3475761 |
| Total U.S. Treasury Obligations<br> (identified cost $18,405,647) |  | &nbsp;&nbsp;**$18429909** |
| Total Short-Term Investments<br> (identified cost $24,746,822) |  | &nbsp;&nbsp;**$24871169** |

---

---

| | |
|:---|:---|
| Total Purchased Options — 0.0%<sup>†</sup><br> (identified cost $32,238) | &nbsp;&nbsp;**$10058** |
| Total Investments — 95.2%<br> (identified cost $37,748,750) | &nbsp;&nbsp;**$37908276** |
| Total Written Options — (0.1)%<br> (premiums received $27,795) | &nbsp;&nbsp;**$(26820)** |
| Other Assets, Less Liabilities — 4.9% | &nbsp;&nbsp;**$1955887** |
| Net Assets — 100.0% | &nbsp;&nbsp;**$39837343** |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | The percentage shown for each investment category in the Portfolio of Investments is based on net assets. |
| <sup>†</sup> | Amount is less than 0.05% or (0.05)%, as applicable. |
| <sup>(1)</sup> | Security whose performance is linked to the price of an underlying security issued by the Arab Republic of Egypt. The investment is subject to credit risk of the issuing financial institution (Absa Bank Ltd.) in addition to the market risk of the underlying security. |

---

<sup>(2)</sup> Security exempt from registration under Regulation S of the Securities Act of 1933, as amended, 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, as amended. At October 31, 2025, the aggregate value of these securities is $2,850,517 or 7.2% of the Portfolio's net assets.

<sup>(3)</sup> Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At October 31, 2025, the aggregate value of these securities is $1,702,425 or 4.3% of the Portfolio's net assets.

<sup>(4)</sup> Variable rate security. The stated interest rate represents the rate in effect at October 31, 2025.

<sup>(5)</sup> Adjustable rate mortgage security whose interest rate generally adjusts monthly based on a weighted average of interest rates on the underlying mortgages. The coupon rate may not reflect the applicable index value as interest rates on the underlying mortgages may adjust on various dates and at various intervals and may be subject to lifetime ceilings and lifetime floors and lookback periods. Rate shown is the coupon rate at October 31, 2025.

<sup>(6)</sup> May be deemed to be an affiliated investment company (see Note 9). The rate shown is the annualized seven-day yield as of October 31, 2025.

<sup>(7)</sup> Security (or a portion thereof) has been pledged to cover collateral requirements on open derivative contracts.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchased Currency Options (OTC) — 0.0%<sup>†</sup>** | **Purchased Currency Options (OTC) — 0.0%<sup>†</sup>** | **Purchased Currency Options (OTC) — 0.0%<sup>†</sup>** | **Purchased Currency Options (OTC) — 0.0%<sup>†</sup>** | **Purchased Currency Options (OTC) — 0.0%<sup>†</sup>** | **Purchased Currency Options (OTC) — 0.0%<sup>†</sup>** | **Purchased Currency Options (OTC) — 0.0%<sup>†</sup>** | **Purchased Currency Options (OTC) — 0.0%<sup>†</sup>** |
| **Description** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Notional Amount** | &nbsp;&nbsp;**Notional Amount** | &nbsp;&nbsp;**Exercise<br> Price** | &nbsp;&nbsp;**Exercise<br> Price** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Value** |
| Put USD vs. Call CNH | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;USD | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;CNH | &nbsp;&nbsp; 7.00 | &nbsp;&nbsp;1/26/26 | &nbsp;&nbsp;$1161 |
| Put USD vs. Call CNH | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;USD | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;CNH | &nbsp;&nbsp; 7.00 | &nbsp;&nbsp;1/29/26 | &nbsp;&nbsp; 764 |
| Put USD vs. Call CNH | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;USD | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;CNH | &nbsp;&nbsp; 7.00 | &nbsp;&nbsp;1/29/26 | &nbsp;&nbsp; 127 |
| Put USD vs. Call CNH | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;USD | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;CNH | &nbsp;&nbsp; 7.00 | &nbsp;&nbsp;1/26/26 | &nbsp;&nbsp; 464 |
| Put USD vs. Call INR | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;INR | &nbsp;&nbsp;87.00 | &nbsp;&nbsp;2/18/26 | &nbsp;&nbsp; 145 |
| Put USD vs. Call INR | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;USD | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;INR | &nbsp;&nbsp;87.00 | &nbsp;&nbsp;&nbsp;&nbsp;2/5/26 | &nbsp;&nbsp; 126 |
| Put USD vs. Call INR | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;USD | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;INR | &nbsp;&nbsp;87.00 | &nbsp;&nbsp;&nbsp;&nbsp;2/9/26 | &nbsp;&nbsp; 134 |
| Put USD vs. Call INR | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;INR | &nbsp;&nbsp;87.00 | &nbsp;&nbsp;2/10/26 | &nbsp;&nbsp; 136 |
| Put USD vs. Call INR | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp;1100000 | &nbsp;&nbsp;INR | &nbsp;&nbsp;85.50 | &nbsp;&nbsp;1/25/29 | &nbsp;&nbsp; 3271 |

---

*15*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_de6013fe-4cfe-45f4-89ab-b97a76fe6fde_TOC)

International Income Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchased Currency Options (OTC) (continued)** | **Purchased Currency Options (OTC) (continued)** | **Purchased Currency Options (OTC) (continued)** | **Purchased Currency Options (OTC) (continued)** | **Purchased Currency Options (OTC) (continued)** | **Purchased Currency Options (OTC) (continued)** | **Purchased Currency Options (OTC) (continued)** | **Purchased Currency Options (OTC) (continued)** |
| **Description** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Notional Amount** | &nbsp;&nbsp;**Notional Amount** | &nbsp;&nbsp;**Exercise<br> Price** | &nbsp;&nbsp;**Exercise<br> Price** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Value** |
| Put USD vs. Call INR | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;INR | &nbsp;&nbsp;85.50 | &nbsp;&nbsp;1/25/29 | &nbsp;&nbsp;$1784 |
| Put USD vs. Call INR | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp; 510000 | &nbsp;&nbsp;INR | &nbsp;&nbsp;85.50 | &nbsp;&nbsp;1/30/29 | &nbsp;&nbsp; 1524 |
| Put USD vs. Call INR | &nbsp;&nbsp;Nomura International PLC | &nbsp;&nbsp;USD | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;INR | &nbsp;&nbsp;87.00 | &nbsp;&nbsp;2/10/26 | &nbsp;&nbsp; 407 |
| Put USD vs. Call INR | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;USD | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;INR | &nbsp;&nbsp;87.00 | &nbsp;&nbsp;2/24/26 | &nbsp;&nbsp; 15 |
| **Total** |  |  |  |  |  |  | &nbsp;&nbsp;**$10058** |

---

---

| | |
|:---|:---|
| <sup>†</sup> | Amount is less than 0.05% or (0.05)%, as applicable. |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Written Currency Options (OTC) — (0.1)%** | **Written Currency Options (OTC) — (0.1)%** | **Written Currency Options (OTC) — (0.1)%** | **Written Currency Options (OTC) — (0.1)%** | **Written Currency Options (OTC) — (0.1)%** | **Written Currency Options (OTC) — (0.1)%** | **Written Currency Options (OTC) — (0.1)%** | **Written Currency Options (OTC) — (0.1)%** |
| **Description** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Notional Amount** | &nbsp;&nbsp;**Notional Amount** | &nbsp;&nbsp;**Exercise<br> Price** | &nbsp;&nbsp;**Exercise<br> Price** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Value** |
| Call USD vs. Put BRL (Digital Option) | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;USD | &nbsp;&nbsp; 28000 | &nbsp;&nbsp;BRL | &nbsp;&nbsp; 7.00 | &nbsp;&nbsp;7/12/27 | &nbsp;&nbsp;$(19257) |
| Call USD vs. Put BRL (Digital Option) | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;USD | &nbsp;&nbsp; 22000 | &nbsp;&nbsp;BRL | &nbsp;&nbsp; 7.00 | &nbsp;&nbsp;7/14/27 | &nbsp;&nbsp; (5610) |
| Call USD vs. Put INR | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp;100000 | &nbsp;&nbsp;INR | &nbsp;&nbsp; 91.00 | &nbsp;&nbsp;2/18/26 | &nbsp;&nbsp; (238) |
| Call USD vs. Put INR | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;USD | &nbsp;&nbsp;100000 | &nbsp;&nbsp;INR | &nbsp;&nbsp; 91.00 | &nbsp;&nbsp;&nbsp;&nbsp;2/5/26 | &nbsp;&nbsp; (183) |
| Call USD vs. Put INR | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;USD | &nbsp;&nbsp;100000 | &nbsp;&nbsp;INR | &nbsp;&nbsp; 91.00 | &nbsp;&nbsp;&nbsp;&nbsp;2/9/26 | &nbsp;&nbsp; (198) |
| Call USD vs. Put INR | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp;100000 | &nbsp;&nbsp;INR | &nbsp;&nbsp; 91.00 | &nbsp;&nbsp;2/10/26 | &nbsp;&nbsp; (203) |
| Call USD vs. Put INR | &nbsp;&nbsp;Nomura International PLC | &nbsp;&nbsp;USD | &nbsp;&nbsp;300000 | &nbsp;&nbsp;INR | &nbsp;&nbsp; 91.00 | &nbsp;&nbsp;2/10/26 | &nbsp;&nbsp; (608) |
| Call USD vs. Put INR | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;USD | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;INR | &nbsp;&nbsp; 91.00 | &nbsp;&nbsp;2/24/26 | &nbsp;&nbsp; (26) |
| Put USD vs. Call INR | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp;100000 | &nbsp;&nbsp;INR | &nbsp;&nbsp; 85.00 | &nbsp;&nbsp;2/18/26 | &nbsp;&nbsp; (30) |
| Put USD vs. Call INR | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;USD | &nbsp;&nbsp;100000 | &nbsp;&nbsp;INR | &nbsp;&nbsp; 84.50 | &nbsp;&nbsp;&nbsp;&nbsp;2/5/26 | &nbsp;&nbsp; (16) |
| Put USD vs. Call INR | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;USD | &nbsp;&nbsp;100000 | &nbsp;&nbsp;INR | &nbsp;&nbsp; 84.50 | &nbsp;&nbsp;&nbsp;&nbsp;2/9/26 | &nbsp;&nbsp; (18) |
| Put USD vs. Call INR | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp;100000 | &nbsp;&nbsp;INR | &nbsp;&nbsp; 84.50 | &nbsp;&nbsp;2/10/26 | &nbsp;&nbsp; (18) |
| Put USD vs. Call INR | &nbsp;&nbsp;Nomura International PLC | &nbsp;&nbsp;USD | &nbsp;&nbsp;300000 | &nbsp;&nbsp;INR | &nbsp;&nbsp; 84.50 | &nbsp;&nbsp;2/10/26 | &nbsp;&nbsp; (54) |
| Put USD vs. Call INR | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;USD | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;INR | &nbsp;&nbsp; 84.50 | &nbsp;&nbsp;2/24/26 | &nbsp;&nbsp; (2) |
| Put USD vs. Call KRW | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;USD | &nbsp;&nbsp;100000 | &nbsp;&nbsp;KRW | &nbsp;&nbsp;1300.00 | &nbsp;&nbsp;1/26/26 | &nbsp;&nbsp; (36) |
| Put USD vs. Call KRW | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;USD | &nbsp;&nbsp;200000 | &nbsp;&nbsp;KRW | &nbsp;&nbsp;1310.00 | &nbsp;&nbsp;&nbsp;&nbsp;2/5/26 | &nbsp;&nbsp; (134) |
| Put USD vs. Call KRW | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp;200000 | &nbsp;&nbsp;KRW | &nbsp;&nbsp;1300.00 | &nbsp;&nbsp;1/22/26 | &nbsp;&nbsp; (64) |
| Put USD vs. Call KRW | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;USD | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;KRW | &nbsp;&nbsp;1300.00 | &nbsp;&nbsp;1/26/26 | &nbsp;&nbsp; (18) |
| Put USD vs. Call KRW | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;USD | &nbsp;&nbsp;150000 | &nbsp;&nbsp;KRW | &nbsp;&nbsp;1310.00 | &nbsp;&nbsp;&nbsp;&nbsp;2/9/26 | &nbsp;&nbsp; (107) |
| **Total** |  |  |  |  |  |  | &nbsp;&nbsp;**$(26820)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts (Centrally Cleared)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared)** |
| **Currency Purchased** | **Currency Purchased** | &nbsp;&nbsp;&nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;&nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;&nbsp;&nbsp;**Settlement<br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> Appreciation<br> (Depreciation)** |
| BRL | &nbsp;&nbsp;&nbsp;&nbsp; 2050000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 369726 | &nbsp;&nbsp;&nbsp;&nbsp;12/2/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8580 |
| BRL | &nbsp;&nbsp;&nbsp;&nbsp; 875000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 156005 | &nbsp;&nbsp;&nbsp;&nbsp;12/2/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5467 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 526429 | &nbsp;&nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp; 2925000 | &nbsp;&nbsp;&nbsp;&nbsp;12/2/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13348) |
| CLP | &nbsp;&nbsp;&nbsp;&nbsp; 308702822 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 324529 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3042 |
| CLP | &nbsp;&nbsp;&nbsp;&nbsp; 157600000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 165680 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1553 |

---

*16*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_de6013fe-4cfe-45f4-89ab-b97a76fe6fde_TOC)

International Income Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** |
| **Currency Purchased** | **Currency Purchased** | &nbsp;&nbsp;&nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;&nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;&nbsp;&nbsp;**Settlement<br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> Appreciation<br> (Depreciation)** |
| CLP | &nbsp;&nbsp;&nbsp;&nbsp; 46000000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 47968 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$844 |
| CLP | &nbsp;&nbsp;&nbsp;&nbsp; 42000000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 44074 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 493 |
| CLP | &nbsp;&nbsp;&nbsp;&nbsp; 7115132 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 7418 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 132 |
| CLP | &nbsp;&nbsp;&nbsp;&nbsp; 8000000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 8406 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83 |
| CLP | &nbsp;&nbsp;&nbsp;&nbsp; 8214868 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 8642 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 |
| CLP | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 2086 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| COP | &nbsp;&nbsp;&nbsp;&nbsp; 1390000000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 350070 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8409 |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 535358 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 621369 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2783) |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 1946033 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 2294443 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45876) |
| IDR | &nbsp;&nbsp;&nbsp;&nbsp;12507506900 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 759234 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7717) |
| INR | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 45205 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (252) |
| INR | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 112723 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (341) |
| INR | &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 67799 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (369) |
| INR | &nbsp;&nbsp;&nbsp;&nbsp; 7200000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 81354 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (439) |
| INR | &nbsp;&nbsp;&nbsp;&nbsp; 12900000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 145639 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (666) |
| INR | &nbsp;&nbsp;&nbsp;&nbsp; 35000000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 395543 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2205) |
| INR | &nbsp;&nbsp;&nbsp;&nbsp; 47000000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 531091 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2894) |
| INR | &nbsp;&nbsp;&nbsp;&nbsp; 64670000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 730718 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3942) |
| KRW | &nbsp;&nbsp;&nbsp;&nbsp; 33230170 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 23487 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (191) |
| KRW | &nbsp;&nbsp;&nbsp;&nbsp; 764000000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 551892 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16309) |
| KRW | &nbsp;&nbsp;&nbsp;&nbsp; 818000000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 590844 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17406) |
| PEN | &nbsp;&nbsp;&nbsp;&nbsp; 2532457 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 720635 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30628 |
| PEN | &nbsp;&nbsp;&nbsp;&nbsp; 290671 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 82713 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3515 |
| PHP | &nbsp;&nbsp;&nbsp;&nbsp; 6587476 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 113187 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1039) |
| PHP | &nbsp;&nbsp;&nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 120242 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1071) |
| PHP | &nbsp;&nbsp;&nbsp;&nbsp; 12112524 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 207520 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1311) |
| PHP | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 52442 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1368) |
| PHP | &nbsp;&nbsp;&nbsp;&nbsp; 15300000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 262887 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2413) |
| TWD | &nbsp;&nbsp;&nbsp;&nbsp; 2737000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 89997 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (988) |
| TWD | &nbsp;&nbsp;&nbsp;&nbsp; 2975000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 97876 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1127) |
| TWD | &nbsp;&nbsp;&nbsp;&nbsp; 3213000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 105649 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1160) |
| TWD | &nbsp;&nbsp;&nbsp;&nbsp; 2975000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 98058 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1309) |
| TWD | &nbsp;&nbsp;&nbsp;&nbsp; 18000000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 599540 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14169) |
| TWD | &nbsp;&nbsp;&nbsp;&nbsp; 19160000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 639519 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16424) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 165680 | &nbsp;&nbsp;&nbsp;&nbsp;CLP | &nbsp;&nbsp;&nbsp;&nbsp; 157600000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1553) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 1414843 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28289 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 631206 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp; 535358 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12621 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 1058164 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp; 911691 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4739 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 28750 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp; 24384 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 575 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 328845 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp;5398000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4505 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 187207 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp;3072000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2625 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 139380 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp;2281507000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2295 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 107067 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp;1756000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1557 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 19081 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24) |

---

*17*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_de6013fe-4cfe-45f4-89ab-b97a76fe6fde_TOC)

International Income Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** |
| **Currency Purchased** | **Currency Purchased** | &nbsp;&nbsp;&nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;&nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;&nbsp;&nbsp;**Settlement<br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> Appreciation<br> (Depreciation)** |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 30203 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp; 2690000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(28) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 38181 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp; 3400000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (29) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 33674 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (41) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 44880 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (73) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 40489 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp; 3610000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (81) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 44851 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (102) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 56088 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (103) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 60579 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp; 5400000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (108) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 56079 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (112) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 196347 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp; 17500000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (322) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 78720 | &nbsp;&nbsp;&nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp; 110000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1608 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 146860 | &nbsp;&nbsp;&nbsp;&nbsp;PEN | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1467) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 254963 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 7700000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4555 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 65499 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 457 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 65391 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 42517 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 1300000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 240 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 32685 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 164 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 32669 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 148 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 30461 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 934000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 27098 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 831000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 25147 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 771000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 23704 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 727000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 22073 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 677000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 20308 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 623000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 24107 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 740000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 30465 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 936000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 30459 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 936000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 27100 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 833000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 16525 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 508000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 53449 | &nbsp;&nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2475 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$(30600)** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts (OTC)** | **Forward Foreign Currency Exchange Contracts (OTC)** | **Forward Foreign Currency Exchange Contracts (OTC)** | **Forward Foreign Currency Exchange Contracts (OTC)** | **Forward Foreign Currency Exchange Contracts (OTC)** | **Forward Foreign Currency Exchange Contracts (OTC)** | **Forward Foreign Currency Exchange Contracts (OTC)** | **Forward Foreign Currency Exchange Contracts (OTC)** |
| **Currency Purchased** | **Currency Purchased** | &nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Settlement<br> Date** | &nbsp;&nbsp;**Unrealized<br> Appreciation** | &nbsp;&nbsp;**Unrealized<br> (Depreciation)** |
| USD | &nbsp;&nbsp; 57293 | &nbsp;&nbsp;PLN | &nbsp;&nbsp; 209087 | &nbsp;&nbsp;Credit Agricole Corporate and Investment Bank | &nbsp;&nbsp;11/3/25 | &nbsp;&nbsp;$676 | &nbsp;&nbsp;$— |
| NGN | &nbsp;&nbsp; 11972000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 8461 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;11/4/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (70) |
| NGN | &nbsp;&nbsp; 11930000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 8461 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;11/4/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (100) |
| KZT | &nbsp;&nbsp; 78309226 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 147237 | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;11/7/25 | &nbsp;&nbsp;&nbsp;&nbsp; 446 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| EGP | &nbsp;&nbsp; 4302068 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 89292 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;11/10/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1586 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

*18*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_de6013fe-4cfe-45f4-89ab-b97a76fe6fde_TOC)

International Income Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** |
| **Currency Purchased** | **Currency Purchased** | &nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Settlement<br> Date** | &nbsp;&nbsp;**Unrealized<br> Appreciation** | &nbsp;&nbsp;**Unrealized<br> (Depreciation)** |
| KZT | &nbsp;&nbsp; 15511300 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 28347 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;11/10/25 | &nbsp;&nbsp;$880 | &nbsp;&nbsp;$— |
| KZT | &nbsp;&nbsp; 14826519 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 27155 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;11/10/25 | &nbsp;&nbsp;&nbsp;&nbsp; 782 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| EGP | &nbsp;&nbsp; 2925009 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 60484 | &nbsp;&nbsp;Bank of America, N.A. | &nbsp;&nbsp;11/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1154 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| EGP | &nbsp;&nbsp; 3785000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 78458 | &nbsp;&nbsp;HSBC Bank USA, N.A. | &nbsp;&nbsp;11/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1303 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| VND | &nbsp;&nbsp; 2750000000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 103970 | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;11/28/25 | &nbsp;&nbsp;&nbsp;&nbsp; 437 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| EUR | &nbsp;&nbsp; 102800 | &nbsp;&nbsp;ISK | &nbsp;&nbsp; 14834076 | &nbsp;&nbsp;Bank of America, N.A. | &nbsp;&nbsp;12/4/25 | &nbsp;&nbsp;&nbsp;&nbsp; 940 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| ISK | &nbsp;&nbsp; 14834076 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 102142 | &nbsp;&nbsp;Bank of America, N.A. | &nbsp;&nbsp;12/4/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (180) |
| EUR | &nbsp;&nbsp; 73922 | &nbsp;&nbsp;ISK | &nbsp;&nbsp; 10668404 | &nbsp;&nbsp;Bank of America, N.A. | &nbsp;&nbsp;12/5/25 | &nbsp;&nbsp;&nbsp;&nbsp; 678 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| ISK | &nbsp;&nbsp; 12406324 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 85425 | &nbsp;&nbsp;Bank of America, N.A. | &nbsp;&nbsp;12/5/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (166) |
| USD | &nbsp;&nbsp; 108245 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 93000 | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;12/5/25 | &nbsp;&nbsp;&nbsp;&nbsp; 861 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| KZT | &nbsp;&nbsp; 16031357 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 28782 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;12/8/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1173 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| KZT | &nbsp;&nbsp; 15681380 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 28347 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;12/8/25 | &nbsp;&nbsp;&nbsp;&nbsp; 954 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| HKD | &nbsp;&nbsp; 585000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 75631 | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;12/9/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (298) |
| HKD | &nbsp;&nbsp; 1130000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 145936 | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;12/9/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (422) |
| HKD | &nbsp;&nbsp; 7375000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 955249 | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;12/9/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (5544) |
| USD | &nbsp;&nbsp; 50363 | &nbsp;&nbsp;HKD | &nbsp;&nbsp; 390000 | &nbsp;&nbsp;Bank of America, N.A. | &nbsp;&nbsp;12/9/25 | &nbsp;&nbsp;&nbsp;&nbsp; 141 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 1123611 | &nbsp;&nbsp;HKD | &nbsp;&nbsp; 8700000 | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;12/9/25 | &nbsp;&nbsp;&nbsp;&nbsp; 3281 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| EGP | &nbsp;&nbsp; 13443962 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 271961 | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;12/11/25 | &nbsp;&nbsp;&nbsp;&nbsp; 8814 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| EUR | &nbsp;&nbsp; 76126 | &nbsp;&nbsp;ISK | &nbsp;&nbsp; 11057352 | &nbsp;&nbsp;Bank of America, N.A. | &nbsp;&nbsp;12/12/25 | &nbsp;&nbsp;&nbsp;&nbsp; 234 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| KZT | &nbsp;&nbsp; 7187099 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 13065 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;12/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 331 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| AUD | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 262691 | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (848) |
| AUD | &nbsp;&nbsp; 665000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 439197 | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3882) |
| AUD | &nbsp;&nbsp; 80000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 52593 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (225) |
| AUD | &nbsp;&nbsp; 410000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 269188 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (799) |
| CHF | &nbsp;&nbsp; 487000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 620406 | &nbsp;&nbsp;State Street Bank and Trust Company | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (12172) |
| CNH | &nbsp;&nbsp; 3801790 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 536787 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1503) |
| CNH | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 56435 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (116) |
| CNH | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 282827 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1232) |
| CNH | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 282809 | &nbsp;&nbsp;HSBC Bank USA, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1213) |
| EUR | &nbsp;&nbsp; 67962 | &nbsp;&nbsp;NOK | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (447) |
| EUR | &nbsp;&nbsp; 72431 | &nbsp;&nbsp;SEK | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (734) |
| GBP | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 271499 | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (8745) |
| ILS | &nbsp;&nbsp; 1460000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 437235 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 10856 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| ISK | &nbsp;&nbsp; 9319433 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 64161 | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (256) |
| JPY | &nbsp;&nbsp; 76621211 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 524633 | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (25305) |
| KES | &nbsp;&nbsp; 85600000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 657652 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 2143 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| KZT | &nbsp;&nbsp; 707000000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 1269528 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 47308 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| KZT | &nbsp;&nbsp; 11534000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 20763 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 720 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| MXN | &nbsp;&nbsp; 5183679 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 275413 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 2347 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| MXN | &nbsp;&nbsp; 3860000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 205085 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1748 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| MYR | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 476179 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1904 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| MYR | &nbsp;&nbsp; 900000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 214332 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 806 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| MYR | &nbsp;&nbsp; 118300 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 28203 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 76 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| MYR | &nbsp;&nbsp; 43300 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 10340 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

*19*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_de6013fe-4cfe-45f4-89ab-b97a76fe6fde_TOC)

International Income Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** |
| **Currency Purchased** | **Currency Purchased** | &nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Settlement<br> Date** | &nbsp;&nbsp;**Unrealized<br> Appreciation** | &nbsp;&nbsp;**Unrealized<br> (Depreciation)** |
| MYR | &nbsp;&nbsp; 14400 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 3438 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;$4 | &nbsp;&nbsp;$— |
| MYR | &nbsp;&nbsp; 4700 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 1120 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| MYR | &nbsp;&nbsp; 98200 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 23484 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (11) |
| MYR | &nbsp;&nbsp; 170200 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 40601 | &nbsp;&nbsp;Credit Agricole Corporate and Investment Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 84 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| MYR | &nbsp;&nbsp; 161500 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 38564 | &nbsp;&nbsp;Credit Agricole Corporate and Investment Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| MYR | &nbsp;&nbsp; 148000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 35404 | &nbsp;&nbsp;Credit Agricole Corporate and Investment Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (26) |
| MYR | &nbsp;&nbsp; 108300 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 25825 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 63 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| MYR | &nbsp;&nbsp; 27900 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 6663 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| MYR | &nbsp;&nbsp; 9200 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 2197 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| MYR | &nbsp;&nbsp; 108500 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 25988 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (52) |
| MYR | &nbsp;&nbsp; 164800 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 39336 | &nbsp;&nbsp;State Street Bank and Trust Company | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| MYR | &nbsp;&nbsp; 132700 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 31689 | &nbsp;&nbsp;State Street Bank and Trust Company | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| MYR | &nbsp;&nbsp; 132800 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 31789 | &nbsp;&nbsp;State Street Bank and Trust Company | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (45) |
| NOK | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 68112 | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 274 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| NZD | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 468595 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (9957) |
| PKR | &nbsp;&nbsp; 55000000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 190311 | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 4401 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| SEK | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 72810 | &nbsp;&nbsp;HSBC Bank USA, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 296 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| SEK | &nbsp;&nbsp; 646246 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 69354 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1154) |
| SEK | &nbsp;&nbsp; 643754 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 69105 | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1168) |
| SEK | &nbsp;&nbsp; 2600000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 279356 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4972) |
| SGD | &nbsp;&nbsp; 1281000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 1003867 | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (16475) |
| THB | &nbsp;&nbsp; 16700000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 516773 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1476 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| TRY | &nbsp;&nbsp; 18879092 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 428135 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 5320 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 377210 | &nbsp;&nbsp;AUD | &nbsp;&nbsp; 570000 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 4083 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 98527 | &nbsp;&nbsp;AUD | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 336 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 75488 | &nbsp;&nbsp;CHF | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 552 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 300305 | &nbsp;&nbsp;CNH | &nbsp;&nbsp; 2125000 | &nbsp;&nbsp;HSBC Bank USA, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1110 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 271499 | &nbsp;&nbsp;GBP | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 8745 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 61572 | &nbsp;&nbsp;ILS | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 23674 | &nbsp;&nbsp;NZD | &nbsp;&nbsp; 39653 | &nbsp;&nbsp;HSBC Bank USA, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 941 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 7349 | &nbsp;&nbsp;NZD | &nbsp;&nbsp; 12309 | &nbsp;&nbsp;HSBC Bank USA, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 292 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 58771 | &nbsp;&nbsp;SEK | &nbsp;&nbsp; 550000 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 728 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 390289 | &nbsp;&nbsp;TRY | &nbsp;&nbsp; 17210498 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4856) |
| VND | &nbsp;&nbsp;35250000000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 1329637 | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 7190 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| VND | &nbsp;&nbsp;11760000000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 443272 | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 2716 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| ZAR | &nbsp;&nbsp; 6400000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 365698 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 2355 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| ZAR | &nbsp;&nbsp; 738005 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 42170 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 272 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| ZMW | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 208681 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 15592 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| CRC | &nbsp;&nbsp; 75000000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 147571 | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;12/22/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1695 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| CRC | &nbsp;&nbsp; 262500000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 515707 | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;12/22/25 | &nbsp;&nbsp;&nbsp;&nbsp; 6723 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| EGP | &nbsp;&nbsp; 8357581 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 166901 | &nbsp;&nbsp;Bank of America, N.A. | &nbsp;&nbsp;1/5/26 | &nbsp;&nbsp;&nbsp;&nbsp; 5758 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 642916 | &nbsp;&nbsp;BRL | &nbsp;&nbsp; 3714000 | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;1/5/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (37814) |

---

*20*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_de6013fe-4cfe-45f4-89ab-b97a76fe6fde_TOC)

International Income Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** |
| **Currency Purchased** | **Currency Purchased** | &nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Settlement<br> Date** | &nbsp;&nbsp;**Unrealized<br> Appreciation** | &nbsp;&nbsp;**Unrealized<br> (Depreciation)** |
| USD | &nbsp;&nbsp; 570268 | &nbsp;&nbsp;BRL | &nbsp;&nbsp; 3286000 | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;1/5/26 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(32015) |
| VND | &nbsp;&nbsp; 950010000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 35782 | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;1/8/26 | &nbsp;&nbsp;&nbsp;&nbsp; 195 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| VND | &nbsp;&nbsp; 250196261 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 9427 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;1/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| KZT | &nbsp;&nbsp; 5599000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 10102 | &nbsp;&nbsp;ICBC Standard Bank plc | &nbsp;&nbsp;1/21/26 | &nbsp;&nbsp;&nbsp;&nbsp; 211 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| NGN | &nbsp;&nbsp; 13858000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 9010 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;1/21/26 | &nbsp;&nbsp;&nbsp;&nbsp; 493 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| EGP | &nbsp;&nbsp; 8823862 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 179310 | &nbsp;&nbsp;Bank of America, N.A. | &nbsp;&nbsp;1/22/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1942 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| KZT | &nbsp;&nbsp; 8414000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 15153 | &nbsp;&nbsp;ICBC Standard Bank plc | &nbsp;&nbsp;1/22/26 | &nbsp;&nbsp;&nbsp;&nbsp; 340 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| KZT | &nbsp;&nbsp; 6721000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 12094 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;1/23/26 | &nbsp;&nbsp;&nbsp;&nbsp; 279 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| GEL | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 127273 | &nbsp;&nbsp;ICBC Standard Bank plc | &nbsp;&nbsp;1/26/26 | &nbsp;&nbsp;&nbsp;&nbsp; 663 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| VND | &nbsp;&nbsp; 250563900 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 9427 | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;1/26/26 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 24045 | &nbsp;&nbsp;UGX | &nbsp;&nbsp; 84758000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;1/30/26 | &nbsp;&nbsp;&nbsp;&nbsp; 196 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 24045 | &nbsp;&nbsp;UGX | &nbsp;&nbsp; 84830000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;1/30/26 | &nbsp;&nbsp;&nbsp;&nbsp; 176 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 42319 | &nbsp;&nbsp;UGX | &nbsp;&nbsp;149385000 | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;2/3/26 | &nbsp;&nbsp;&nbsp;&nbsp; 364 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| TRY | &nbsp;&nbsp; 2749538 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 53680 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;3/23/26 | &nbsp;&nbsp;&nbsp;&nbsp; 4735 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 51853 | &nbsp;&nbsp;TRY | &nbsp;&nbsp; 2749538 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;3/23/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (6562) |
| TRY | &nbsp;&nbsp; 6592102 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 123680 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;3/26/26 | &nbsp;&nbsp;&nbsp;&nbsp; 16039 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 23053 | &nbsp;&nbsp;TRY | &nbsp;&nbsp; 1235654 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;3/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3136) |
| USD | &nbsp;&nbsp; 98943 | &nbsp;&nbsp;TRY | &nbsp;&nbsp; 5356448 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;3/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (14587) |
| KZT | &nbsp;&nbsp; 14001000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 24377 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; 618 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 48089 | &nbsp;&nbsp;UGX | &nbsp;&nbsp;171439000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; 623 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 24045 | &nbsp;&nbsp;UGX | &nbsp;&nbsp; 85840000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; 278 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| KZT | &nbsp;&nbsp; 16744000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 29252 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;4/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; 628 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| KZT | &nbsp;&nbsp; 13980000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 24377 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;4/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; 571 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| KZT | &nbsp;&nbsp; 13971000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 24378 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;4/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; 554 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 48090 | &nbsp;&nbsp;UGX | &nbsp;&nbsp;171920000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;4/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; 499 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 36067 | &nbsp;&nbsp;UGX | &nbsp;&nbsp;129120037 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;4/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; 324 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 24045 | &nbsp;&nbsp;UGX | &nbsp;&nbsp; 86560932 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;4/22/26 | &nbsp;&nbsp;&nbsp;&nbsp; 106 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| KZT | &nbsp;&nbsp; 6930000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 12094 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;4/23/26 | &nbsp;&nbsp;&nbsp;&nbsp; 244 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| KZT | &nbsp;&nbsp; 13848000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 24189 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;4/24/26 | &nbsp;&nbsp;&nbsp;&nbsp; 458 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 36067 | &nbsp;&nbsp;UGX | &nbsp;&nbsp;130022000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;5/4/26 | &nbsp;&nbsp;&nbsp;&nbsp; 192 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 24045 | &nbsp;&nbsp;UGX | &nbsp;&nbsp; 86561000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;5/4/26 | &nbsp;&nbsp;&nbsp;&nbsp; 161 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| EUR | &nbsp;&nbsp; 65070 | &nbsp;&nbsp;RON | &nbsp;&nbsp; 357595 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4404) |
| RON | &nbsp;&nbsp; 357595 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 66890 | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp; 2286 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| UZS | &nbsp;&nbsp;23242800000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 1680000 | &nbsp;&nbsp;ICBC Standard Bank plc | &nbsp;&nbsp;7/2/26 | &nbsp;&nbsp;&nbsp;&nbsp;135489 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 24045 | &nbsp;&nbsp;UGX | &nbsp;&nbsp; 88364000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;7/24/26 | &nbsp;&nbsp;&nbsp;&nbsp; 367 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 24045 | &nbsp;&nbsp;UGX | &nbsp;&nbsp; 88124000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;7/28/26 | &nbsp;&nbsp;&nbsp;&nbsp; 465 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| MNT | &nbsp;&nbsp; 24656700 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 6438 | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;9/28/26 | &nbsp;&nbsp;&nbsp;&nbsp; 107 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| MNT | &nbsp;&nbsp; 25405000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 6621 | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;10/5/26 | &nbsp;&nbsp;&nbsp;&nbsp; 116 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| AMD | &nbsp;&nbsp; 160895000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 404259 | &nbsp;&nbsp;ICBC Standard Bank plc | &nbsp;&nbsp;10/7/26 | &nbsp;&nbsp;&nbsp;&nbsp; 494 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| KZT | &nbsp;&nbsp; 14889000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 24378 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;10/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 605 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 24045 | &nbsp;&nbsp;UGX | &nbsp;&nbsp; 88725000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;10/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; 856 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 24045 | &nbsp;&nbsp;UGX | &nbsp;&nbsp; 89446000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;10/21/26 | &nbsp;&nbsp;&nbsp;&nbsp; 674 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| KZT | &nbsp;&nbsp; 14743000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 24189 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;10/23/26 | &nbsp;&nbsp;&nbsp;&nbsp; 486 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 24045 | &nbsp;&nbsp;UGX | &nbsp;&nbsp; 89326000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;10/23/26 | &nbsp;&nbsp;&nbsp;&nbsp; 718 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

*21*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_de6013fe-4cfe-45f4-89ab-b97a76fe6fde_TOC)

International Income Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** |
| **Currency Purchased** | **Currency Purchased** | &nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Settlement<br> Date** | &nbsp;&nbsp;**Unrealized<br> Appreciation** | &nbsp;&nbsp;**Unrealized<br> (Depreciation)** |
| KZT | &nbsp;&nbsp; 22541000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 37252 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;10/27/26 | &nbsp;&nbsp;$425 | &nbsp;&nbsp;$— |
| USD | &nbsp;&nbsp; 48089 | &nbsp;&nbsp;UGX | &nbsp;&nbsp;179133000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;11/3/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1449 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| KWD | &nbsp;&nbsp; 195000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 640604 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;3/3/27 | &nbsp;&nbsp;&nbsp;&nbsp; 687 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 645690 | &nbsp;&nbsp;KWD | &nbsp;&nbsp; 195000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;3/3/27 | &nbsp;&nbsp;&nbsp;&nbsp; 4399 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;**$344532** | &nbsp;&nbsp;**$(201491)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** |
| **Description** | &nbsp;&nbsp;&nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Position** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> Appreciation<br> (Depreciation)** |
| **Interest Rate Futures** |  |  |  |  |  |
| Euro-Bobl | &nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;&nbsp;12/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;$(136312) | &nbsp;&nbsp;&nbsp;&nbsp;$(611) |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**$(611)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Cross-Currency Swaps (OTC)** | **Cross-Currency Swaps (OTC)** | **Cross-Currency Swaps (OTC)** |  |  |
| **Counterparty** | &nbsp;&nbsp;**Portfolio Receives** | &nbsp;&nbsp;**Portfolio Pays** | &nbsp;&nbsp;**Effective Date/<br> Termination<br> Date<sup>(1)</sup>** | &nbsp;&nbsp;**Value/Unrealized<br> Appreciation<br> (Depreciation)** |
| Bank of America, N.A. | &nbsp;&nbsp;3-month PLN WIBOR + 0.59% on PLN 4,411,843 (Notional Amount) (pays quarterly) plus EUR equivalent of Notional Amount\* | &nbsp;&nbsp;3-month EURIBOR on EUR equivalent of Notional Amount (pays quarterly) plus Notional Amount\* | &nbsp;&nbsp;6/5/26/<br>6/5/29 | &nbsp;&nbsp;$4291 |
| JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;3-month PLN WIBOR + 0.62% on PLN 8,421,053 (Notional Amount) (pays quarterly) plus EUR equivalent of Notional Amount\* | &nbsp;&nbsp;3-month EURIBOR on EUR equivalent of Notional Amount (pays quarterly) plus Notional Amount\* | &nbsp;&nbsp;5/31/26/<br>5/31/29 | &nbsp;&nbsp;&nbsp;&nbsp;10159 |
|  |  |  |  | &nbsp;&nbsp;**$14450** |

---

<sup>(1)</sup> Effective date represents the date on which the Portfolio and counterparty exchange the currencies and begin interest payment accrual.

\* 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. For non-deliverable currency swaps, the net of the USD amount and USD equivalent of the Notional Amount will be paid or received by the Portfolio.

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| COF | – Cost of Funds 11th District |
| EURIBOR | – Euro Interbank Offered Rate |
| OTC | – Over-the-counter |
| TLREF | – Turkish Lira Overnight Reference Rate |
| WIBOR | – Warsaw Interbank Offered Rate |

---

*22*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_de6013fe-4cfe-45f4-89ab-b97a76fe6fde_TOC)

International Income Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | |
|:---|:---|
| **Currency Abbreviations:** | **Currency Abbreviations:** |
| AMD | – Armenian Dram |
| AUD | – Australian Dollar |
| BRL | – Brazilian Real |
| CAD | – Canadian Dollar |
| CHF | – Swiss Franc |
| CLP | – Chilean Peso |
| CNH | – Yuan Renminbi Offshore |
| COP | – Colombian Peso |
| CRC | – Costa Rican Colon |
| CZK | – Czech Koruna |
| DOP | – Dominican Peso |
| EGP | – Egyptian Pound |
| EUR | – Euro |
| GBP | – British Pound Sterling |
| GEL | – Georgian Lari |
| HKD | – Hong Kong Dollar |
| IDR | – Indonesian Rupiah |
| ILS | – Israeli Shekel |
| INR | – Indian Rupee |
| ISK | – Icelandic Krona |
| JPY | – Japanese Yen |
| KES | – Kenyan Shilling |
| KRW | – South Korean Won |
| KWD | – Kuwaiti Dinar |
| KZT | – Kazakhstani Tenge |
| LKR | – Sri Lankan Rupee |
| MNT | – Mongolia Tughrik |

---

---

| | |
|:---|:---|
| MXN | – Mexican Peso |
| MYR | – Malaysian Ringgit |
| NGN | – Nigerian Naira |
| NOK | – Norwegian Krone |
| NZD | – New Zealand Dollar |
| PEN | – Peruvian Sol |
| PHP | – Philippine Peso |
| PKR | – Pakistan Rupee |
| PLN | – Polish Zloty |
| PYG | – Paraguayan Guarani |
| RON | – Romanian Leu |
| RSD | – Serbian Dinar |
| SEK | – Swedish Krona |
| SGD | – Singapore Dollar |
| THB | – Thai Baht |
| TRY | – Turkish Lira |
| TWD | – New Taiwan Dollar |
| UAH | – Ukrainian Hryvnia |
| UGX | – Ugandan Shilling |
| USD | – United States Dollar |
| UYU | – Uruguayan Peso |
| UZS | – Uzbekistani Som |
| VND | – Viet Nam Dong |
| ZAR | – South African Rand |
| ZMW | – Zambian Kwacha |

---

*23*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_de6013fe-4cfe-45f4-89ab-b97a76fe6fde_TOC)

International Income Portfolio

October 31, 2025

Statement of Assets and Liabilities

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**October 31, 2025** |
| Assets |  |
| Unaffiliated investments, at value (identified cost $36,933,125) | &nbsp;&nbsp;$37092651 |
| Affiliated investments, at value (identified cost $815,625) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815625 |
| Deposits for derivatives collateral: |  |
| &nbsp;&nbsp;&nbsp;Centrally cleared derivatives | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270721 |
| Foreign currency, at value (identified cost $623,046) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618442 |
| Interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290939 |
| Dividends receivable from affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3779 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1124302 |
| Receivable for open forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344532 |
| Receivable for open swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14450 |
| Receivable from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41206 |
| Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46477 |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1289 |
| **Total assets** | &nbsp;&nbsp;**$40664413** |
| Liabilities |  |
| Written options outstanding, at value (premiums received $27,795) | &nbsp;&nbsp;$26820 |
| Payable for investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43306 |
| Payable for variation margin on open futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2147 |
| Payable for variation margin on open centrally cleared derivatives | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1986 |
| Payable for open forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201491 |
| Due to custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340743 |
| Payable to affiliates: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment adviser fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16654 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235 |
| &nbsp;&nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46477 |
| Payable for custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75012 |
| Payable for legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72199 |
| **Total liabilities** | &nbsp;&nbsp;**$827070** |
| **Net Assets applicable to investors' interest in Portfolio** | &nbsp;&nbsp;**$39837343** |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_de6013fe-4cfe-45f4-89ab-b97a76fe6fde_TOC)

International Income Portfolio

October 31, 2025

Statement of Operations

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended** |
|  | &nbsp;&nbsp;&nbsp;**October 31, 2025** |
| Investment Income |  |
| Dividend income from affiliated investments | &nbsp;&nbsp;$71112 |
| Interest income (net of foreign taxes withheld of $39,774) | &nbsp;&nbsp;&nbsp;&nbsp;2437017 |
| **Total investment income** | &nbsp;&nbsp;**$2508129** |
| Expenses |  |
| Investment adviser fee | &nbsp;&nbsp;$169133 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2574 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340730 |
| Legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95122 |
| Interest expense and fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50290 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5231 |
| **Total expenses** | &nbsp;&nbsp;**$663080** |
| Deduct: |  |
| &nbsp;&nbsp;&nbsp;Waiver and/or reimbursement of expenses by affiliates | &nbsp;&nbsp;$378344 |
| **Total expense reductions** | &nbsp;&nbsp;**$378344** |
| **Net expenses** | &nbsp;&nbsp;**$284736** |
| **Net investment income** | &nbsp;&nbsp;**$2223393** |
| Realized and Unrealized Gain (Loss) |  |
| Net realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;Investment transactions | &nbsp;&nbsp;$111025 |
| &nbsp;&nbsp;&nbsp;Written options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22010 |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45603 |
| &nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209482 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(95213) |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162372 |
| &nbsp;&nbsp;&nbsp;Non-deliverable bond forward contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15191) |
| **Net realized gain** | &nbsp;&nbsp;**$440088** |
| Change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;$418047 |
| &nbsp;&nbsp;&nbsp;Written options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1197 |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115831 |
| &nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80012) |
| &nbsp;&nbsp;&nbsp;Foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15346 |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287058 |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$757467** |
| **Net realized and unrealized gain** | &nbsp;&nbsp;**$1197555** |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$3420948** |

---

*25*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_de6013fe-4cfe-45f4-89ab-b97a76fe6fde_TOC)

International Income Portfolio

October 31, 2025

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
|  | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$2223393 | &nbsp;&nbsp;$1918919 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1605098) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;757467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3063047 |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$3420948** | &nbsp;&nbsp;**$3376868** |
| Capital transactions: |  |  |
| &nbsp;&nbsp;&nbsp;Contributions | &nbsp;&nbsp;$15792596 | &nbsp;&nbsp;$3549095 |
| &nbsp;&nbsp;&nbsp;Withdrawals | &nbsp;&nbsp;&nbsp;&nbsp;(10671658) | &nbsp;&nbsp;&nbsp;&nbsp;(11658791) |
| **Net increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp;**$5120938** | &nbsp;&nbsp;**$(8109696)** |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;**$8541886** | &nbsp;&nbsp;**$(4732828)** |
| Net Assets |  |  |
| At beginning of year | &nbsp;&nbsp;$31295457 | &nbsp;&nbsp;$36028285 |
| **At end of year** | &nbsp;&nbsp;**$39837343** | &nbsp;&nbsp;**$31295457** |

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*26*

*See Notes to Financial Statements.*

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[**Table of Contents**](#JOB_EV_AR_de6013fe-4cfe-45f4-89ab-b97a76fe6fde_TOC)

International Income Portfolio

October 31, 2025

Financial Highlights

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| <br>Ratios/Supplemental Data | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Ratios (as a percentage of average daily net assets):<sup>(1)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90% |
| &nbsp;&nbsp;&nbsp;Net expenses<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.86% |
| Portfolio Turnover<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102% |
| **Total Return** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.82%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.35%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.86%** | &nbsp;&nbsp;&nbsp;&nbsp;**(18.54)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.08)%** |
| **Net assets, end of year (000's omitted)** | &nbsp;&nbsp;**$39837** | &nbsp;&nbsp;**$31295** | &nbsp;&nbsp;**$36028** | &nbsp;&nbsp;**$28555** | &nbsp;&nbsp;**$58102** |

---

<sup>(1)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Portfolio.

<sup>(2)</sup> Includes interest expense, including on securities sold short and/or reverse repurchase agreements if applicable, of 0.15%, 0.31%, 0.03%, 0.02% and 0.01% of average daily net assets for the years ended October 31, 2025, 2024, 2023, 2022 and 2021, respectively.

<sup>(3)</sup> Includes a reduction by the investment adviser of a portion of its adviser fee due to the Portfolio's investment in the Liquidity Fund (equal to less than 0.01%, less than 0.01%, 0.01% and less than 0.005% of average daily net assets for the years ended October 31, 2025, 2024, 2023 and 2022, respectively).

<sup>(4)</sup> Includes the effect of To Be Announced (TBA) transactions.

*See Notes to Financial Statements.*

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[**Table of Contents**](#JOB_EV_AR_de6013fe-4cfe-45f4-89ab-b97a76fe6fde_TOC)

International Income Portfolio

October 31, 2025

Notes to Financial Statements

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1 Significant Accounting Policies

International Income Portfolio (the Portfolio) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified, open-end management investment company. The Portfolio's investment objective is total return. The Declaration of Trust permits the Trustees to issue interests in the Portfolio. At October 31, 2025, Eaton Vance Diversified Currency Income Fund (formerly, Eaton Vance Global Sovereign Opportunities Fund) held an interest of approximately 100% in the Portfolio.

The following is a summary of significant accounting policies of the Portfolio. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Portfolio is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.

A Investment Valuation—The following methodologies are used to determine the market value or fair value of investments.

**Debt Obligations. Debt obligations are generally valued on the basis of valuations provided by third party pricing services, as derived from such services' pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and ask prices, broker/dealer quotations, prices or yields of securities with similar characteristics, interest rates, anticipated prepayments, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Short-term debt obligations purchased with a remaining maturity of sixty days or less for which a valuation from a third party pricing service is not readily available may be valued at amortized cost, which approximates fair value.**

**Derivatives. U.S. exchange-traded options are valued at the mean between the bid and ask prices at valuation time as reported by the Options Price Reporting Authority. Non-U.S. exchange-traded options and over-the-counter options (including options on securities, indices and foreign currencies) are valued by a third party pricing service using techniques that consider factors including the value of the underlying instrument, the volatility of the underlying instrument and the period of time until option expiration. Futures contracts are valued at the closing settlement price established by the board of trade or exchange on which they are traded. Forward foreign currency exchange contracts are generally valued at the mean of the average bid and average ask prices that are reported by currency dealers to a third party pricing service at the valuation time. Such third party pricing service valuations are supplied for specific settlement periods and the Portfolio's forward foreign currency exchange contracts are valued at an interpolated rate between the closest preceding and subsequent settlement period reported by the third party pricing service. Swaps are normally valued using valuations provided by a third party pricing service. Such pricing service valuations are based on the present value of fixed and projected floating rate cash flows over the term of the swap contract. Future cash flows on swaps are discounted to their present value using swap rates provided by electronic data services or by broker/dealers.**

**Foreign Securities and Currencies. Foreign securities 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.**

**Other. Investments in management investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value as of the close of each business day.**

**Fair Valuation. In connection with Rule 2a-5 of the 1940 Act, the Trustees have designated the Portfolio's investment adviser as its valuation designee. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued by the investment adviser, as valuation designee, at fair value using methods that most fairly reflect the security's "fair value", which is the amount that the Portfolio might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security's disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company's or entity's financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.**

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

C Income—Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount. Withholding taxes on foreign interest have been provided for in accordance with the Portfolio's understanding of the applicable countries' tax rules and rates. Inflation adjustments to the principal amount of inflation-adjusted bonds and notes are reflected as interest income. Deflation adjustments to the principal amount of an inflation-adjusted bond or note are reflected as reductions to interest income to the extent of interest income previously recorded on such bond or note. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities.

D Federal and Other Taxes—The Portfolio has elected to be treated as a partnership for federal tax purposes. No provision is made by the Portfolio for federal or state taxes on any taxable income of the Portfolio because each investor in the Portfolio is ultimately responsible for the payment of any taxes on its share of taxable income. Since at least one of the Portfolio's investors is a regulated investment company that invests all or substantially all of its assets in the Portfolio, the Portfolio normally must satisfy the applicable source of income and diversification requirements (under the Internal Revenue Code) in

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[**Table of Contents**](#JOB_EV_AR_de6013fe-4cfe-45f4-89ab-b97a76fe6fde_TOC)

International Income Portfolio

October 31, 2025

Notes to Financial Statements — continued

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order for its investors to satisfy them. The Portfolio will allocate, at least annually among its investors, each investor's distributive share of the Portfolio's net investment income, net realized capital gains and losses and any other items of income, gain, loss, deduction or credit.

In addition to the requirements of the Internal Revenue Code, the Portfolio may also be subject to local taxes on the recognition of capital gains in certain countries. In determining the daily net asset value, the Portfolio estimates the accrual for such taxes, if any, based on the unrealized appreciation on certain portfolio securities and the related tax rates. Taxes attributable to unrealized appreciation are included in the change in unrealized appreciation (depreciation) on investments. Capital gains taxes on securities sold are included in net realized gain (loss) on investments.

As of October 31, 2025, the Portfolio had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Portfolio files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

E Foreign Currency Translation—Investment valuations, other assets, and liabilities initially expressed in foreign currencies are translated each business day into U.S. dollars based upon current exchange rates. Purchases and sales of foreign investment securities and income and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates in effect on the respective dates of such transactions. Recognized gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.

F Use of Estimates—The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

G Indemnifications—Under the Portfolio's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Portfolio. Under Massachusetts law, if certain conditions prevail, interestholders in the Portfolio could be deemed to have personal liability for the obligations of the Portfolio. However, the Portfolio's Declaration of Trust contains an express disclaimer of liability on the part of Portfolio interestholders. Additionally, in the normal course of business, the Portfolio enters into agreements with service providers that may contain indemnification clauses. The Portfolio's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet occurred.

H Futures Contracts—Upon entering into a futures contract, the Portfolio 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 Portfolio each business day, depending on the daily fluctuations in the value of the underlying security or index, and are recorded as unrealized gains or losses by the Portfolio. Gains (losses) are realized upon the expiration or closing of the futures contracts. Should market conditions change unexpectedly, the Portfolio may not achieve the anticipated benefits of the 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.

I Forward Foreign Currency Exchange and Non-Deliverable Bond Forward Contracts—The Portfolio may enter into forward foreign currency exchange contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date. The forward foreign currency exchange contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded as unrealized until such time as the contracts have been closed. While forward foreign currency exchange contracts are privately negotiated agreements between the Portfolio and a counterparty, certain contracts may be "centrally cleared", whereby all payments made or received by the Portfolio pursuant to the contract are with a central clearing party (CCP) rather than the original counterparty. The CCP guarantees the performance of the original parties to the contract. Upon entering into centrally cleared contracts, the Portfolio is required to deposit with the CCP, either in cash or securities, an amount of initial margin determined by the CCP, which is subject to adjustment. For centrally cleared contracts, the daily change in valuation is recorded as a receivable or payable for variation margin and settled in cash with the CCP daily. The Portfolio may also enter into non-deliverable bond forward contracts for the purchase or sale of a bond denominated in a non-deliverable foreign currency at a fixed price on a future date. For non-deliverable bond forward contracts, unrealized gains and losses, based on changes in the value of the contract, and realized gains and losses are accounted for as described above. Risks may arise upon entering these contracts from the potential inability of counterparties to meet the terms of their contracts and, in the case of forward foreign currency exchange contracts, from movements in the value of a foreign currency relative to the U.S. dollar. In the case of centrally cleared contracts, counterparty risk is minimal due to protections provided by the CCP.

J Purchased Options—Upon the purchase of a call or put option, the premium paid by the Portfolio is included in the Statement of Assets and Liabilities as an investment. The amount of the investment is subsequently marked-to-market to reflect the current market value of the option purchased, in accordance with the Portfolio's policies on investment valuations discussed above. Premiums paid for purchasing options that expire are treated as realized losses. Premiums paid for purchasing options that are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain or loss. The risk associated with purchasing options is limited to the premium originally paid. Purchased options traded over-the-counter involve risk that the issuer or counterparty will fail to perform its contractual obligations.

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[**Table of Contents**](#JOB_EV_AR_de6013fe-4cfe-45f4-89ab-b97a76fe6fde_TOC)

International Income Portfolio

October 31, 2025

Notes to Financial Statements — continued

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K Written Options—Upon the writing of a call or a put option, the premium received by the Portfolio is included in the Statement of Assets and Liabilities as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option written, in accordance with the Portfolio's policies on investment valuations discussed above. Premiums received from writing options that expire are treated as realized gains. Premiums received from writing options that are exercised or are closed are added to or offset against the proceeds or amount paid on the transaction to determine the realized gain or loss. The Portfolio, as a writer of an option, may have no control over whether the underlying instrument may be sold (call) or purchased (put) and, as a result, bears the market risk of an unfavorable change in the price of the instrument underlying the written option. The Portfolio may also bear the risk of not being able to enter into a closing transaction if a liquid secondary market does not exist.

L Interest Rate Swaps—Swap contracts are privately negotiated agreements between the Portfolio and a counterparty. Certain swap contracts may be centrally cleared. Pursuant to interest rate swap agreements, the Portfolio either makes floating-rate payments to the counterparty (or CCP in the case of centrally cleared swaps) based on a benchmark interest rate in exchange for fixed-rate payments or the Portfolio makes fixed-rate payments to the counterparty (or CCP in the case of a centrally cleared swap) in exchange for payments on a floating benchmark interest rate. Payments received or made, including amortization of upfront payments/receipts, if any (which are amortized over the life of the swap contract), are recorded as realized gains or losses. During the term of the outstanding swap agreement, changes in the underlying value of the swap are recorded as unrealized gains or losses. For centrally cleared swaps, the daily change in valuation is recorded as a receivable or payable for variation margin and settled in cash with the CCP daily. The value of the swap is determined by changes in the relationship between two rates of interest. The Portfolio is exposed to credit loss in the event of non-performance by the swap counterparty. In the case of centrally cleared swaps, counterparty risk is minimal due to protections provided by the CCP. Risk may also arise from movements in interest rates.

M Inflation Swaps—Pursuant to inflation swap agreements, the Portfolio either makes floating-rate payments to the counterparty (or CCP in the case of centrally cleared swaps) based on a benchmark index in exchange for fixed-rate payments or the Portfolio makes fixed-rate payments to the counterparty (or CCP in the case of centrally cleared swaps) in exchange for floating-rate payments based on the return of a benchmark index. By design, the benchmark index is an inflation index, such as the Consumer Price Index. The accounting policy for payments received or made and changes in the underlying value of the inflation swap are the same as for interest rate swaps as described above. The value of the swap is determined by changes in the relationship between the rate of interest and the benchmark index. The Portfolio is exposed to credit loss in the event of nonperformance by the swap counterparty. In the case of centrally cleared swaps, counterparty risk is minimal due to protections provided by the CCP. Risk may also arise from the unanticipated movements in value of interest rates or the index.

N Cross-Currency Swaps —Cross-currency swaps are interest rate swaps in which interest cash flows are exchanged between two parties based on the notional amounts of two different currencies. The notional amounts are typically determined based on the spot exchange rates at the inception of the trade. Cross-currency swaps also involve the exchange of the notional amounts at the start of the contract at the current spot rate with an agreement to re-exchange such amounts at a later date at either the same exchange rate, a specified rate or the then current spot rate. The entire principal value of a cross-currency swap is subject to the risk that the counterparty to the swap will default on its contractual delivery obligations.

O Total Return Swaps—In a total return swap, the buyer receives a periodic return equal to the total return of a specified security, securities or index for a specified period of time. In return, the buyer pays the counterparty a fixed or variable stream of payments, typically based upon short-term interest rates, possibly plus or minus an agreed upon spread. During the term of the outstanding swap agreement, changes in the underlying value of the swap are recorded as unrealized gains and losses. Periodic payments received or made are recorded as realized gains or losses. The Portfolio is exposed to credit loss in the event of nonperformance by the swap counterparty. Risk may also arise from the unanticipated movements in value of exchange rates, interest rates, securities, or the index.

P Swaptions—A purchased swaption contract grants the Portfolio, in return for payment of the purchase price, the right, but not the obligation, to enter into a new swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, at some designated future time on specified terms. When the Portfolio purchases a swaption, the premium paid to the writer is recorded as an investment and subsequently marked-to-market to reflect the current value of the swaption. A written swaption gives the Portfolio the obligation, if exercised by the purchaser, to enter into a swap contract according to the terms of the underlying agreement. When the Portfolio writes a swaption, the premium received by the Portfolio is recorded as a liability and subsequently marked-to-market to reflect the current value of the swaption. When a swaption is exercised, the cost of the swap is adjusted by the amount of the premium paid or received. When a swaption expires or an unexercised swaption is closed, a gain or loss is recognized in the amount of the premium paid or received, plus the cost to close. The Portfolio's risk for purchased swaptions is limited to the premium paid. The writer of a swaption bears the risk of unfavorable changes in the preset terms of the underlying swap contract. Purchased swaptions traded over-the-counter involve risk that the issuer or counterparty will fail to perform its contractual obligations.

Q When-Issued Securities and Delayed Delivery Transactions—The Portfolio may purchase securities on a delayed delivery, when-issued or forward commitment basis, including TBA (To Be Announced) securities. Payment and delivery may take place after the customary settlement period for that security. At the time the transaction is negotiated, the price of the security that will be delivered is fixed. Securities purchased on a delayed delivery, when-issued or forward commitment basis are marked-to-market daily and begin earning interest on settlement date. Such security purchases are subject to the risk that when delivered they will be worth less than the agreed upon payment price. Losses may also arise if the counterparty does not perform under the contract. A forward purchase commitment may also be closed by entering into an offsetting commitment. If an offsetting commitment is entered into, the Portfolio will realize a gain or loss on investments based on the price established when the Portfolio entered into the commitment.

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[**Table of Contents**](#JOB_EV_AR_de6013fe-4cfe-45f4-89ab-b97a76fe6fde_TOC)

International Income Portfolio

October 31, 2025

Notes to Financial Statements — continued

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R Repurchase Agreements—A repurchase agreement is the purchase by the Portfolio of securities from a counterparty in exchange for cash that is coupled with an agreement to resell those securities to the counterparty at a specified date and price. When a repurchase agreement is entered, the Portfolio typically receives securities with a value that equals or exceeds the repurchase price, including any accrued interest earned on the agreement. The value of such securities will be marked-to-market daily, and cash or additional securities will be exchanged between the parties as needed. Except in the case of a repurchase agreement entered to settle a short sale, the value of the securities delivered to the Portfolio will be at least equal to 90% of the repurchase price during the term of the repurchase agreement. The terms of a repurchase agreement entered to settle a short sale may provide that the cash purchase price paid by the Portfolio is more than the value of purchased securities that effectively collateralize the repurchase price payable by the counterparty. In the event of insolvency of the counterparty to a repurchase agreement, recovery of the repurchase price owed to the Portfolio may be delayed. Such an insolvency also may result in a loss to the extent that the value of the purchased securities decreases during the delay or that value has otherwise not been maintained at an amount at least equal to the repurchase price.

S Reverse Repurchase Agreements—Under a reverse repurchase agreement, the Portfolio temporarily transfers possession of a portfolio security to another party, such as a bank or broker/dealer, in return for cash. At the same time, the Portfolio agrees to repurchase the security at an agreed upon time and price, which reflects an interest payment. In periods of increased demand for a security, the Portfolio may receive a payment from the counterparty for the use of the security, which is recorded as interest income. Because the Portfolio retains effective control over the transferred security, the transaction is accounted for as a secured borrowing. The Portfolio may enter into such agreements when it believes it is able to invest the cash acquired at a rate higher than the cost of the agreement, which would increase earned income. When the Portfolio enters into a reverse repurchase agreement, any fluctuations in the market value of either the securities transferred to another party or the securities in which the proceeds may be invested would affect the market value of the Portfolio's assets. Because reverse repurchase agreements may be considered to be the practical equivalent of borrowing funds (and the counterparty making a loan), they constitute a form of leverage. The Portfolio segregates cash or liquid assets equal to its obligation to repurchase the security. During the term of the agreement, the Portfolio may also be obligated to pledge additional cash and/or securities in the event of a decline in the fair value of the transferred security. In the event the counterparty to a reverse repurchase agreement becomes insolvent, recovery of the security transferred by the Portfolio may be delayed or the Portfolio may incur a loss equal to the amount by which the value of the security transferred by the Portfolio exceeds the repurchase price payable by the Portfolio.

T Segment Reporting—During this reporting period, the Portfolio adopted FASB Accounting Standards Update No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures* (ASU 2023-07), which requires incremental disclosures related to a public entity's reportable segments. The Portfolio operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. In connection with the adoption of ASU 2023-07, the Portfolio's President acts as the Portfolio's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Portfolio's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Portfolio's financial statements.

2 Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory services rendered to the Portfolio. The fee is computed at an annual rate as a percentage of the Portfolio's average daily net assets as follows and is payable monthly:

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| | |
|:---|:---|
| **Average Daily Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Annual Fee Rate** |
| Up to $1 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.500% |
| $1 billion but less than $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.475% |
| $2.5 billion but less than $5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.455% |
| $5 billion and over | &nbsp;&nbsp;&nbsp;&nbsp;0.440% |

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For the year ended October 31, 2025, the Portfolio's investment adviser fee amounted to $169,133 or 0.50% of the Portfolio's average daily net assets. Pursuant to a voluntary expense reimbursement, BMR was allocated $375,877 of the Portfolio's operating expenses for the year ended October 31, 2025.

The Portfolio may invest in a money market fund, the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio (the "Liquidity Fund"), an open-end management investment company managed by Morgan Stanley Investment Management Inc., a wholly-owned subsidiary of Morgan Stanley. The investment adviser fee paid by the Portfolio is reduced by an amount equal to its pro rata share of the advisory and administration fees paid by the Portfolio due to its investment in the Liquidity Fund. For the year ended October 31, 2025, the investment adviser fee paid was reduced by $2,467 relating to the Portfolio's investment in the Liquidity Fund.

Pursuant to an investment sub-advisory agreement effective December 31, 2024, BMR has delegated a portion of the investment management of the Portfolio to Morgan Stanley Investment Management Limited (MSIM Ltd.), a wholly-owned subsidiary of Morgan Stanley. BMR pays MSIM Ltd. a portion of its investment adviser fee for sub-advisory services provided to the Portfolio.

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International Income Portfolio

October 31, 2025

Notes to Financial Statements — continued

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Trustees and officers of the Portfolio who are members of BMR's organization receive remuneration for their services to the Portfolio out of the investment adviser fee. Trustees of the Portfolio who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. Certain officers and Trustees of the Portfolio are officers of the above organization.

3 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations and including maturities, paydowns, TBA transactions and securities sold short, for the year ended October 31, 2025 were as follows:

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;&nbsp;&nbsp;**Sales** |
| Investments (non-U.S. Government) | &nbsp;&nbsp;&nbsp;&nbsp;$19385549 | &nbsp;&nbsp;&nbsp;&nbsp;$34328071 |
| U.S. Government and Agency Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24056578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30499047 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**$43442127** | &nbsp;&nbsp;&nbsp;&nbsp;**$64827118** |

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4 Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Portfolio at October 31, 2025, as determined on a federal income tax basis, were as follows:

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| | |
|:---|:---|
| **Aggregate cost** | &nbsp;&nbsp;**$37838780** |
| Gross unrealized appreciation | &nbsp;&nbsp;$247755 |
| Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(183368) |
| **Net unrealized appreciation** | &nbsp;&nbsp;**$64387** |

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5 Financial Instruments

The Portfolio may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include written options and swaptions, forward foreign currency exchange contracts, non-deliverable bond forward contracts, futures contracts and swap contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Portfolio has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at October 31, 2025 is included in the Portfolio of Investments. At October 31, 2025, 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:

Foreign Exchange Risk: The Portfolio engages in forward foreign currency exchange contracts, currency options 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 non-deliverable bond forward contracts, interest rate futures contracts, interest rate swaps and swaptions, inflation swaps, total return 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 Portfolio enters into over-the-counter (OTC) derivatives that may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in the Portfolio's net assets below a certain level over a certain period of time, which would trigger a payment by the Portfolio for those derivatives in a liability position. At October 31, 2025, the fair value of derivatives with credit-related contingent features in a net liability position was $228,311. The aggregate fair value of assets pledged as collateral by the Portfolio for such liability was $31,941 at October 31, 2025.

The OTC derivatives in which the Portfolio invests (except for written options and swaptions as the Portfolio, not the counterparty, is obligated to perform) are subject to the risk that the counterparty to the contract fails to perform its obligations under the contract. To mitigate this risk, the Portfolio has entered into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with substantially all its

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[**Table of Contents**](#JOB_EV_AR_de6013fe-4cfe-45f4-89ab-b97a76fe6fde_TOC)

International Income Portfolio

October 31, 2025

Notes to Financial Statements — continued

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derivative counterparties. An ISDA Master Agreement is a bilateral agreement between the Portfolio and a counterparty that governs certain OTC derivatives and typically contains, among other things, set-off provisions in the event of a default and/ or termination event as defined under the relevant ISDA Master Agreement. Under an ISDA Master Agreement, the Portfolio may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy or insolvency. Certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event the Portfolio's net assets decline by a stated percentage or the Portfolio fails to meet the terms of its ISDA Master Agreements, which would cause the counterparty to accelerate payment by the Portfolio of any net liability owed to it.

The collateral requirements for derivatives traded under an ISDA Master Agreement are governed by a Credit Support Annex to the ISDA Master Agreement. Collateral requirements are determined at the close of business each day and are typically based on changes in market values for each transaction under an ISDA Master Agreement and netted into one amount for such agreement. Generally, the amount of collateral due from or to a counterparty is subject to a minimum transfer threshold amount before a transfer is required, which may vary by counterparty. Collateral pledged for the benefit of the Portfolio and/ or counterparty is held in segregated accounts by the Portfolio's custodian and cannot be sold, re-pledged, assigned or otherwise used while pledged. The portion of such collateral representing cash, if any, is reflected as deposits for derivatives collateral and, in the case of cash pledged by a counterparty for the benefit of the Portfolio, a corresponding liability on the Statement of Assets and Liabilities. Securities pledged by the Portfolio as collateral, if any, are identified as such in the Portfolio of Investments.

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at October 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;**Fair Value** |
| **Statement of Assets and Liabilities Caption** | &nbsp;&nbsp;**Foreign<br> Exchange** | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Total** |
| Unaffiliated investments, at value | &nbsp;&nbsp;$10058 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$10058 |
| Not applicable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130560<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130560 |
| Receivable for open forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344532 |
| Receivable for open swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;14450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14450 |
| **Total Asset Derivatives** | &nbsp;&nbsp;**$485150** | &nbsp;&nbsp;**$14450** | &nbsp;&nbsp;**$499600** |
| **Derivatives not subject to master netting or similar agreements** | &nbsp;&nbsp;**$130560** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$130560** |
| **Total Asset Derivatives subject to master netting or similar agreements** | &nbsp;&nbsp;**$354590** | &nbsp;&nbsp;**$14450** | &nbsp;&nbsp;**$369040** |
| Written options, at value | &nbsp;&nbsp;$(26820) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(26820) |
| Not applicable | &nbsp;&nbsp;&nbsp;&nbsp;(161160)<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(611)<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(161771) |
| Payable for open forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;(201491) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(201491) |
| **Total Liability Derivatives** | &nbsp;&nbsp;**$(389471)** | &nbsp;&nbsp;**$(611)** | &nbsp;&nbsp;**$(390082)** |
| **Derivatives not subject to master netting or similar agreements** | &nbsp;&nbsp;**$(161160)** | &nbsp;&nbsp;**$(611)** | &nbsp;&nbsp;**$(161771)** |
| **Total Liability Derivatives subject to master netting or similar agreements** | &nbsp;&nbsp;**$(228311)** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$(228311)** |

---

<sup>(1)</sup> Only the current day's variation margin on open futures contracts and centrally cleared derivatives is reported within the Statement of Assets and Liabilities as Receivable or Payable for variation margin on open futures contracts and centrally cleared derivatives, as applicable.

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[**Table of Contents**](#JOB_EV_AR_de6013fe-4cfe-45f4-89ab-b97a76fe6fde_TOC)

International Income Portfolio

October 31, 2025

Notes to Financial Statements — continued

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The Portfolio's derivative assets and liabilities at fair value by risk, which are reported gross in the Statement of Assets and Liabilities, are presented in the table above. The following tables present the Portfolio's derivative assets and liabilities by counterparty, net of amounts available for offset under a master netting agreement and net of the related collateral received by the Portfolio for such assets and pledged by the Portfolio for such liabilities as of October 31, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | &nbsp;&nbsp;&nbsp;**Derivative<br> Assets Subject to<br> Master Netting<br> Agreement** | &nbsp;&nbsp;&nbsp;**Derivatives<br> Available<br> for Offset** | &nbsp;&nbsp;&nbsp;**Non-cash<br> Collateral<br> Received<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;**Cash<br> Collateral<br> Received<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;**Net Amount<br> of Derivative<br> Assets<sup>(b)</sup>** |
| Bank of America, N.A. | &nbsp;&nbsp;&nbsp;$15138 | &nbsp;&nbsp;&nbsp;$(346) | &nbsp;&nbsp;&nbsp;$(14792) | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7555) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492 |
| BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(134) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;944 |
| Citibank, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34840) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Credit Agricole Corporate and Investment Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775 |
| Deutsche Bank AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5197) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4224 |
| Goldman Sachs International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27416) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35656 |
| HSBC Bank USA, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1213) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2729 |
| ICBC Standard Bank plc | &nbsp;&nbsp;&nbsp;&nbsp;137197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;137197 |
| JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30880) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Nomura International PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(407) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Standard Chartered Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39421) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24707 |
| State Street Bank and Trust Company | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(89) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp;**$369040** | &nbsp;&nbsp;&nbsp;**$(147524)** | &nbsp;&nbsp;&nbsp;**$(14792)** | &nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;**$206724** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | &nbsp;&nbsp;&nbsp;**Derivative<br> Liabilities Subject to<br> Master Netting<br> Agreement** | &nbsp;&nbsp;&nbsp;**Derivatives<br> Available<br> for Offset** | &nbsp;&nbsp;&nbsp;**Non-cash<br> Collateral<br> Pledged<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;**Cash<br> Collateral<br> Pledged<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;**Net Amount<br> of Derivative<br> Liabilities<sup>(c)</sup>** |
| Bank of America, N.A. | &nbsp;&nbsp;&nbsp;$(346) | &nbsp;&nbsp;&nbsp;$346 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7555) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7555 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(134) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Citibank, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(94803) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34840 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(59963) |
| Credit Agricole Corporate and Investment Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Deutsche Bank AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5197) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5197 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Goldman Sachs International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27416) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27416 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| HSBC Bank USA, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1213) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1213 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38522) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30880 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7642) |
| Nomura International PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(662) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(255) |
| Standard Chartered Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39421) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39421 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| State Street Bank and Trust Company | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12217) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(12128) |
| UBS AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(799) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(799) |
|  | &nbsp;&nbsp;&nbsp;**$(228311)** | &nbsp;&nbsp;&nbsp;**$147524** | &nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;**$(80787)** |

---

<sup>(a)</sup> In some instances, the total collateral received and/or pledged may be more than the amount shown due to overcollateralization.

<sup>(b)</sup> Net amount represents the net amount due from the counterparty in the event of default.

<sup>(c)</sup> Net amount represents the net amount payable to the counterparty in the event of default.

Information with respect to reverse repurchase agreements at October 31, 2025 is included at Note 7.

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[**Table of Contents**](#JOB_EV_AR_de6013fe-4cfe-45f4-89ab-b97a76fe6fde_TOC)

International Income Portfolio

October 31, 2025

Notes to Financial Statements — continued

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The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations by risk exposure for the year ended October 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Statement of Operations Caption** | &nbsp;&nbsp;**Foreign<br> Exchange** | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Total** |
| Net realized gain (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment transactions<sup>(1)</sup> | &nbsp;&nbsp;$(28616) | &nbsp;&nbsp;$(8867) | &nbsp;&nbsp;$(37483) |
| &nbsp;&nbsp;&nbsp;Written options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22010 |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45603 |
| &nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;209482 | &nbsp;&nbsp;&nbsp;&nbsp;209482 |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;162372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;162372 |
| &nbsp;&nbsp;&nbsp;Non-deliverable bond forward contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15191) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15191) |
| **Total** | &nbsp;&nbsp;**$155766** | &nbsp;&nbsp;**$231027** | &nbsp;&nbsp;**$386793** |
| Change in unrealized appreciation (depreciation): |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments<sup>(1)</sup> | &nbsp;&nbsp;$(7219) | &nbsp;&nbsp;$8867 | &nbsp;&nbsp;$1648 |
| &nbsp;&nbsp;&nbsp;Written options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1197 |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;115831 | &nbsp;&nbsp;&nbsp;&nbsp;115831 |
| &nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80012) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80012) |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;287058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;287058 |
| **Total** | &nbsp;&nbsp;**$281036** | &nbsp;&nbsp;**$44686** | &nbsp;&nbsp;**$325722** |

---

<sup>(1)</sup> Relates to purchased options.

The average notional cost of futures contracts and average notional amounts of other derivative contracts outstanding during the year ended October 31, 2025, which are indicative of the volume of these derivative types, were approximately as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures<br> Contracts — Long** | &nbsp;&nbsp;&nbsp;&nbsp;**Futures<br> Contracts — Short** | &nbsp;&nbsp;&nbsp;&nbsp;**Forward<br> Foreign Currency<br> Exchange Contracts<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Non-Deliverable<br> Bond Forward<br> Contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Purchased<br> Swaptions** | &nbsp;&nbsp;&nbsp;&nbsp;**Swap<br> Contracts** |
| $8702000 | &nbsp;&nbsp;&nbsp;&nbsp;$2045000 | &nbsp;&nbsp;&nbsp;&nbsp;$92682000 | &nbsp;&nbsp;&nbsp;&nbsp;$40000 | &nbsp;&nbsp;&nbsp;&nbsp;$350000 | &nbsp;&nbsp;&nbsp;&nbsp;$49770000 |

---

<sup>(1)</sup> The average notional amount for forward foreign currency exchange contracts is based on the absolute value of notional amounts of currency purchased and currency sold.

The average principal amount of purchased and written currency options contracts outstanding during the year ended October 31, 2025, which are indicative of the volume of these derivative types, were approximately $3,859,000 and $3,263,000, respectively.

6 Line of Credit

The Portfolio participates with other portfolios and funds managed by EVM and its affiliates in a $650 million unsecured revolving line of credit agreement with a group of banks, which is in effect through October 20, 2026. Borrowings are made by the Portfolio solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Portfolio based on its borrowings generally at an amount above either the Secured Overnight Financing Rate (SOFR) or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. In connection with the renewal of the agreement in October 2025, an arrangement fee of $150,000 was incurred that was allocated to the participating portfolios and funds. Because the line of credit is not available exclusively to the Portfolio, it may be unable to borrow some or all of its requested amounts at any particular time. The Portfolio did not have any significant borrowings or allocated fees during the year ended October 31, 2025.

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[**Table of Contents**](#JOB_EV_AR_de6013fe-4cfe-45f4-89ab-b97a76fe6fde_TOC)

International Income Portfolio

October 31, 2025

Notes to Financial Statements — continued

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7 Reverse Repurchase Agreements

There were no reverse repurchase agreements outstanding as of October 31, 2025. For the year ended October 31, 2025, the average borrowings under settled reverse repurchase agreements and the average annual interest rate paid were approximately $1,205,000 and 4.18%, respectively.

Reverse repurchase agreements entered into by the Portfolio are subject to Master Repurchase Agreements (MRA), which permit the Portfolio, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from the Portfolio.

8 Overdraft Advances

Pursuant to the custodian agreement, State Street Bank and Trust Company (SSBT) may, in its discretion, advance funds to the Portfolio to make properly authorized payments. When such payments result in an overdraft, the Portfolio is obligated to repay SSBT at the current rate of interest charged by SSBT for secured loans (currently, the Federal Funds rate plus 2%). This obligation is payable on demand to SSBT. SSBT has a lien on the Portfolio's assets to the extent of any overdraft. At October 31, 2025, the Portfolio had a payment due to SSBT pursuant to the foregoing arrangement of $340,743. Based on the short-term nature of these payments and the variable interest rate, the carrying value of the overdraft advances approximated its fair value at October 31, 2025. If measured at fair value, overdraft advances would have been considered as Level 2 in the fair value hierarchy (see Note 10) at October 31, 2025. The Portfolio's average overdraft advances during the year ended October 31, 2025 were not significant.

9 Affiliated Investments

At October 31, 2025, the value of the Portfolio's investment in funds that may be deemed to be affiliated was $815,625, which represents 2.1% of the Portfolio's net assets. Transactions in such investments by the Portfolio for the year ended October 31, 2025 were as follows:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Value,<br> beginning<br> of period** | **Purchases** | **Sales<br> proceeds** | **Net realized<br> gain (loss)** | **Change in<br> unrealized<br> appreciation<br> (depreciation)** | **Value, end<br> of period** | **Dividend<br> income** | **Shares,<br> end of period** |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| Liquidity Fund | $1107669 | $41871352 | $(42163396) | $— | $— | $815625 | $71112 | 815625 |

---

10 Fair Value Measurements

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 October 31, 2025, the hierarchy of inputs used in valuing the Portfolio's investments and open derivative instruments, which are carried at fair value, were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Credit Linked Notes | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$351109 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$351109 |
| Foreign Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 208133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 208133 |
| Sovereign Government Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12407542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12407542 |
| U.S. Government Agency Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60265 |
| Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated Fund | &nbsp;&nbsp;&nbsp;&nbsp;815625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 815625 |

---

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[**Table of Contents**](#JOB_EV_AR_de6013fe-4cfe-45f4-89ab-b97a76fe6fde_TOC)

International Income Portfolio

October 31, 2025

Notes to Financial Statements — continued

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| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Description (continued)** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;&nbsp;Sovereign Government Securities | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$5625635 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$5625635 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18429909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18429909 |
| Purchased Currency Options | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10058 |
| **Total Investments** | &nbsp;&nbsp;**$815625** | &nbsp;&nbsp;&nbsp;&nbsp;**$37092651** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$37908276** |
| Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$475092 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$475092 |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14450 |
| **Total** | &nbsp;&nbsp;**$815625** | &nbsp;&nbsp;&nbsp;&nbsp;**$37582193** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$38397818** |
| **Liability Description** |  |  |  |  |
| Written Currency Options | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(26820) | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(26820) |
| Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (362651) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (362651) |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (611) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (611) |
| **Total** | &nbsp;&nbsp;**$(611)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(389471)** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$(390082)** |

---

11 Risks and Uncertainties

#### Risks Associated with Foreign Investments
Foreign investments can be adversely affected by political, economic and market developments abroad, including the imposition of economic and other sanctions by the United States or another country, and by acts of terrorism and war. There may be less publicly available information about foreign issuers because they may not be subject to reporting practices, requirements or regulations comparable to those to which United States companies are subject. Foreign markets may be smaller, less liquid and more volatile than the major markets in the United States. Trading in foreign markets typically involves higher expense than trading in the United States. The Portfolio may have difficulties enforcing its legal or contractual rights in a foreign country. Securities that trade or are denominated in currencies other than the U.S. dollar may be adversely affected by fluctuations in currency exchange rates.

Emerging market securities often involve greater risks than developed market securities. Investment markets within emerging market countries are typically smaller, less liquid, less developed and more volatile than those in more developed markets like the United States, and may be focused in certain economic sectors. The information available about an emerging market issuer may be less reliable than for comparable issuers in more developed capital markets. Governmental actions can have a significant effect on the economic conditions in emerging market countries. It may be more difficult to make a claim or obtain a judgment in the courts of these countries than it is in the United States. The possibility of fraud, negligence, undue influence being exerted by an issuer or refusal to recognize ownership exists in some emerging markets. Disruptions due to work stoppages and trading improprieties in foreign securities markets have caused such markets to close. Emerging market securities are also subject to speculative trading, which contributes to their volatility.

Economic data as reported by sovereign entities may be delayed, inaccurate or fraudulent. In the event of a default by a sovereign entity, there are typically no assets to be seized or cash flows to be attached. Furthermore, the willingness or ability of a sovereign entity to restructure defaulted debt may be limited. Therefore, losses on sovereign defaults may far exceed the losses from the default of a similarly rated U.S. debt issuer.

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[**Table of Contents**](#JOB_EV_AR_de6013fe-4cfe-45f4-89ab-b97a76fe6fde_TOC)

International Income Portfolio

October 31, 2025

Report of Independent Registered Public Accounting Firm

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To the Trustees and Investors of International Income Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of International Income Portfolio (the "Portfolio"), including the portfolio of investments, as of October 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Portfolio as of October 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Portfolio's management. Our responsibility is to express an opinion on the Portfolio's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolio in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB and in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Portfolio is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Portfolio's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 22, 2025

We have served as the auditor of one or more Eaton Vance investment companies since 1959.

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[**Table of Contents**](#JOB_EV_AR_de6013fe-4cfe-45f4-89ab-b97a76fe6fde_TOC)

Eaton Vance

Diversified Currency Income Fund

October 31, 2025

Board of Trustees' Contract Approval

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Overview of the Contract Review Process

The Investment Company Act of 1940, as amended (the "1940 Act"), provides, in substance, that the investment advisory agreement between a fund and its investment adviser will continue in effect from year-to-year only if its continuation is approved on an annual basis by a vote of the fund's board of trustees, including a majority of the trustees who are not "interested persons" of the fund ("independent trustees"), cast in person at a meeting called for the purpose of considering such approval.

At a meeting held on June 12, 2025, the Boards of Trustees/Directors (collectively, the "Board") that oversee the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the "Eaton Vance Funds"), including a majority of the independent trustees (the "Independent Trustees"), voted to approve the continuation of existing investment advisory agreements and sub-advisory agreements<sup>1</sup> for each of the Eaton Vance Funds for an additional one-year period. The Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee comprised of all of the Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of meetings held between April and June 2025, as well as certain additional information provided in response to specific requests from the Independent Trustees as members of the Contract Review Committee. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee's annual evaluation of the investment advisory agreements and sub-advisory agreements.

In connection with its evaluation of the investment advisory agreements and sub-advisory agreements, the Board (directly or through one or more of its committees) considered various information relating to the Eaton Vance Funds. This included information applicable to all or groups of the Eaton Vance Funds, which is referenced immediately below, and information applicable to the particular Eaton Vance Fund covered by this report (each Eaton Vance Fund is referred to below as a "fund"). (For funds that invest through one or more underlying portfolios, references to "each fund" in this section may include information that was considered at the portfolio-level.)

*Information about Fees, Performance and Expenses*

• A report from an independent data provider comparing advisory and other fees paid by each fund to such fees paid by comparable funds, as identified by the independent data provider ("comparable funds");

• A report from an independent data provider comparing each fund's total expense ratio (and its components) to those of comparable funds;

• A report from an independent data provider comparing the investment performance of each fund to the investment performance of comparable funds and, as applicable, benchmark indices, over various time periods;

• In certain instances, data regarding investment performance relative to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board (a committee exclusively comprised of Independent Trustees);

• Comparative information concerning the fees charged and services provided by the adviser and sub-adviser to each fund in managing other accounts (which may include other funds, collective investment trusts and institutional accounts) with the same or substantially similar investment objective as the fund and with a significant overlap in holdings based on criteria set by the Board, if any;

• Profitability analyses on a fund-by-fund basis for the adviser and its affiliates and for each sub-adviser not affiliated with the adviser;

*Information about Portfolio Management and Trading*

• Descriptions of the investment management services provided to each fund, as well as each of the funds' investment strategies and policies;

• The procedures and processes used by the adviser to determine the value of fund assets, including, when necessary, the determination of "fair value" by the adviser in its role as each fund's valuation designee and actions taken to monitor and test the effectiveness of such procedures and processes;

• Information about the policies and practices of each fund's adviser and sub-adviser with respect to trading, including their processes for seeking best execution of portfolio transactions;

• Information about the allocation of brokerage transactions and the benefits, if any, received by the adviser and sub-adviser to each fund as a result of brokerage allocation, including, as applicable, information concerning the acquisition of research through client commission arrangements and policies with respect to "soft dollars";

• Data relating to the portfolio turnover rate of each fund and related information regarding active management in the context of particular strategies;

*Information about each Adviser and Sub-Adviser*

• Reports regarding the financial results and condition of the adviser and certain of its affiliates and of each sub-adviser not affiliated with the adviser;

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;Not all Eaton Vance Funds have entered into a sub-advisory agreement with a sub-adviser. Accordingly, references to "sub-adviser" or "sub-advisory agreement" in this "Overview" section may not be applicable to the particular Eaton Vance Fund covered by this report. Eaton Vance Management and Boston Management and Research are referred to collectively as the "adviser."

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[**Table of Contents**](#JOB_EV_AR_de6013fe-4cfe-45f4-89ab-b97a76fe6fde_TOC)

Eaton Vance

Diversified Currency Income Fund

October 31, 2025

Board of Trustees' Contract Approval — continued

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• Information regarding the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and, for portfolio managers and certain other investment professionals, information relating to their responsibilities with respect to managing other funds and investment accounts, as applicable;

• Information regarding the adviser's and its parent company's (Morgan Stanley's) efforts to retain and attract talented investment professionals, including in the context of a competitive marketplace for talent;

• Information regarding the adviser's compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals' investments in the fund(s) they manage;

• The personal trading codes of ethics of the adviser and its affiliates and the sub-adviser of each fund, together with information relating to compliance with, and the administration of, such codes;

• Policies and procedures relating to proxy voting, including regular reporting with respect to fund proxy voting activities;

• Information regarding the handling of corporate actions and class actions, as well as information regarding litigation and other regulatory matters;

• Information concerning the resources devoted to compliance efforts undertaken by the adviser and its affiliates and the sub-adviser of each fund, including descriptions of their various compliance programs and their record of compliance and remediation;

• Information concerning the business continuity and disaster recovery plans of the adviser and its affiliates and the sub-adviser of each fund;

• A description of the adviser's oversight of sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters, if any;

*Other Relevant Information*

• Information regarding ongoing initiatives to further integrate and harmonize, where applicable, the investment management and other departments of the adviser and its affiliates with the overall investment management infrastructure of Morgan Stanley, in light of Morgan Stanley's acquisition of Eaton Vance Corp. on March 1, 2021;

• Information concerning the nature, cost, and character of the administrative and other non-investment advisory services provided by the adviser and its affiliates;

• Information concerning oversight of the relationship with the custodian, subcustodians, fund accountants, and other third-party service providers by the adviser and/or administrator to each of the funds;

• Information concerning efforts to maintain policies and procedures with respect to various regulations applicable to the funds, including, without limitation, Rule 22e-4 (the Liquidity Risk Management Rule), Rule 12d1-4 (the Fund-of-Funds Rule), Rule 18f-4 (the Derivatives Rule), and Rule 2a-5 (the Fair Valuation Rule);

• For the Eaton Vance Fund structured as an interval fund, information regarding the interval fund's periodic repurchase offers under Rule 23c-3 and related policies and procedures;

• For each Eaton Vance Fund structured as an exchange-listed closed-end fund, information concerning the benefits of the closed-end fund structure, as well as, where relevant, the closed-end fund's market prices (including as compared to the closed-end fund's net asset value (NAV)), trading volume data, continued use of auction preferred shares (where applicable), distribution rates, and other relevant matters;

• The risks that the adviser and/or its affiliates incur in connection with the management and operation of the funds, including, among others, litigation, regulatory, entrepreneurial, data privacy and cybersecurity, and other business risks (and the associated costs of such risks, if any); and

• The terms of each investment advisory agreement and sub-advisory agreement.

During the various meetings of the Board and its committees over the course of the year leading up to the June 12, 2025 meeting, the Board and its committees received information from portfolio managers and other investment professionals of the adviser and sub-advisers of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds' investment objectives. The Board and its committees also received information regarding risk management techniques employed in connection with the management of the funds. The Board and its committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance, and other issues with respect to the funds, and received and participated in reports and presentations provided by the adviser, sub-advisers, and certain other service providers, with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees met in executive sessions and held regular video or telephone conferences to discuss, among other topics, matters relating to the continuation of investment advisory agreements and sub-advisory agreements.

Each of the Contract Review Committee and the Board was advised throughout the contract review process by Kirkland & Ellis LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee and the members of the Board, with the advice of such counsel, exercised their own business judgment in determining the material factors to be considered in evaluating each investment advisory agreement and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory agreement and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee and Board may have placed varying emphasis on particular factors in reaching conclusions with respect to each investment advisory agreement and sub-advisory agreement. In evaluating each investment advisory agreement and sub-advisory agreement, including the fee structures and other terms contained in such agreements, the members of the Contract Review Committee and Board were also informed by multiple years of analysis and discussion with the adviser and sub-adviser to each of the Eaton Vance Funds.

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[**Table of Contents**](#JOB_EV_AR_de6013fe-4cfe-45f4-89ab-b97a76fe6fde_TOC)

Eaton Vance

Diversified Currency Income Fund

October 31, 2025

Board of Trustees' Contract Approval — continued

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Results of the Contract Review Process

Based on its consideration of the foregoing, and such other information it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory agreement between Eaton Vance Diversified Currency Income Fund (formerly, Eaton Vance Global Sovereign Opportunities Fund) (the "Fund") and Eaton Vance Management ("EVM"), as well as the investment advisory agreement between International Income Portfolio (the "Portfolio"), the portfolio in which the Fund invests, and Boston Management and Research ("BMR") (EVM, with respect to the Fund, and BMR, with respect to the Portfolio, are each referred to herein as the "Adviser"), including their respective fee structures, are in the interests of shareholders and, therefore, recommended to the Board approval of each agreement. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreements for the Fund and the Portfolio. Morgan Stanley Investment Management Limited, an affiliate of each Adviser (the "Sub-adviser"), began serving as the sub-adviser to the Fund and the Portfolio on January 1, 2025. Accordingly, each investment sub-advisory agreement with the Sub-adviser was in its initial two-year term, and the Board was not required to approve each agreement at its meeting on June 12, 2025.

*Nature, Extent and Quality of Services*

In considering whether to approve the investment advisory agreements for the Fund and the Portfolio, the Board evaluated the nature, extent and quality of services provided to the Fund and the Portfolio by the applicable Adviser.

The Board considered each Adviser's management capabilities and investment processes in light of the types of investments held by the Fund and the Portfolio, including the education and experience of the investment professionals who provide services to the Fund and the Portfolio, including recent changes to such personnel. In this regard, the Board considered each Adviser's responsibilities with respect to oversight of the Sub-adviser. In particular, the Board considered the expertise of each Adviser's and the Sub-adviser's investment professionals with respect to analyzing factors relevant to investment in sovereign obligations and global markets and in-house research capabilities. The Board considered the international and emerging markets investment capabilities of the Sub-adviser, which has its principal office in London, and the benefits to the Funds of having portfolio management services involving investments in international and emerging market securities provided by investment professionals located abroad. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of each Adviser and other factors, including the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Fund and the Portfolio, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Fund and the Portfolio, including the provision of administrative services. The Board also considered the business-related and other risks to which each Adviser or its affiliates may be subject in managing the Fund and the Portfolio.

The Board noted that under the terms of the investment advisory agreement of the Fund, EVM may invest assets of the Fund directly in securities, for which it would receive a fee, or in the Portfolio, for which it receives no separate fee but for which BMR receives an advisory fee from the Portfolio.

The Board considered the compliance programs of each Adviser and relevant affiliates thereof. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, compliance with policies and procedures, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered relevant examinations of each Adviser and its affiliates by regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

The Board considered other administrative services provided or overseen by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by each Adviser, taken as a whole, are appropriate and consistent with the terms of the applicable investment advisory agreement.

*Fund Performance*

The Board noted that, effective June 26, 2023, the Fund's name and investment strategies changed to allow the Fund, under normal market conditions, to invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in U.S. and non-U.S. sovereign investments. The Board also noted that the Fund, under normal market conditions, continues to invest at least 40% of its net assets in foreign investments. Although the Board considered information comparing the Fund's investment performance to that of comparable funds identified by an independent data provider (the peer group), the Board determined, in light of the recent changes to the Fund, to continue to monitor and evaluate the effectiveness of such changes over time.

*Management Fees and Expenses*

The Board considered contractual fee rates payable by the Portfolio and by the Fund for advisory and administrative services (referred to collectively as "management fees"). As part of its review, the Board considered the Fund's management fees and total expense ratio for the one-year period ended December 31, 2024, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered factors that had an impact on the Fund's total expense ratio relative to comparable funds.

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[**Table of Contents**](#JOB_EV_AR_de6013fe-4cfe-45f4-89ab-b97a76fe6fde_TOC)

Eaton Vance

Diversified Currency Income Fund

October 31, 2025

Board of Trustees' Contract Approval — continued

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After considering the foregoing information, and in light of the nature, extent and quality of the services provided by each Adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.

*Profitability and "Fall-Out" Benefits*

The Board considered the level of profits realized by each Adviser and relevant affiliates thereof in providing investment advisory and administrative services to the Fund, to the Portfolio and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by each Adviser and its affiliates to third parties in respect of distribution or other services.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by each Adviser and its affiliates are not excessive.

The Board also considered direct or indirect fall-out benefits received by each Adviser and its affiliates in connection with their respective relationships with the Fund and the Portfolio, including the benefits of research services that may be available to each Adviser as a result of securities transactions effected for the Fund and the Portfolio and other investment advisory clients.

*Economies of Scale*

In reviewing management fees and profitability, the Board also considered the extent to which the applicable Adviser and its affiliates, on the one hand, and the Fund and the Portfolio, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund and the Portfolio increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. To assist in the evaluation of the sharing of any economies of scale, the Board received data for recent years showing asset levels, Adviser profitability and total expense ratios. Based upon the foregoing, the Board concluded that the Fund currently shares in the benefits from economies of scale, if any, when they are realized by the Adviser. The Board also concluded that the structure of the advisory fees, which include breakpoints at several asset levels, will allow the Fund and the Portfolio to continue to benefit from any economies of scale in the future.

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[**Table of Contents**](#JOB_EV_AR_de6013fe-4cfe-45f4-89ab-b97a76fe6fde_TOC)

EAIIX-NCSR&nbsp;&nbsp;&nbsp;&nbsp;10.31.25

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## Eaton Vance

## Short Duration Government Income Fund

## Annual Financial Statements and Additional Information
October 31, 2025

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![](g35982img3f4b069811.gif)

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**This report must be preceded or accompanied by a current summary prospectus or prospectus. Before investing, investors should consider carefully the investment objective, risks, and charges and expenses of a mutual fund. This and other important information is contained in the prospectus and/or statement of additional information, which can be obtained by calling 1-800-262-1122 or from a financial intermediary. Prospective investors should read the prospectus carefully before investing.**

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#### Annual Financial Statements and Additional Information October 31, 2025
Eaton Vance

Short Duration Government Income Fund

---

| | |
|:---|:---|
| **[**Table of Contents**](#xx_89da4767-3e1f-4000-aa91-c596372f590b_1)** |  |
| [Items 6 and 7 of Form N-CSR:](#xx_e9d95c91-a5bb-480e-a76f-ec78c7da90a6_1) | [Items 6 and 7 of Form N-CSR:](#xx_e9d95c91-a5bb-480e-a76f-ec78c7da90a6_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Portfolio of Investments](#xx_e9d95c91-a5bb-480e-a76f-ec78c7da90a6_1) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#xx_09a6de10-c2d5-4ce2-acab-28f38e0a2a70_1) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#xx_09a6de10-c2d5-4ce2-acab-28f38e0a2a70_3) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx_09a6de10-c2d5-4ce2-acab-28f38e0a2a70_4) | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx_9569390c-1410-4294-a001-f691d55ec7be_1) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx_ae066527-1db5-42f1-9887-d541203bcac0_1) | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#xx_dfb6fe98-25af-4af4-9cb6-cd29d076a71b_1) | 29 |
| [Federal Tax Information](#xx_5c0ba27c-7a36-4ec4-bde0-59e39ba80bae_1) | 30 |
| [Item 11 of Form N-CSR:](#xx_37bdf918-e492-4c27-b176-4efe3d9550c4_1) | [Item 11 of Form N-CSR:](#xx_37bdf918-e492-4c27-b176-4efe3d9550c4_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Board of Trustees' Contract Approval](#xx_37bdf918-e492-4c27-b176-4efe3d9550c4_1) | 31 |

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Items 8 and 9 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7.

------

[**Table of Contents**](#JOB_EV_AR_90c2488c-ccbc-4ae9-a21a-8ddc941f52b1_TOC)

Eaton Vance

Short Duration Government Income Fund

October 31, 2025

Portfolio of Investments

------

Collateralized Mortgage Obligations — 62.3%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Federal Home Loan Mortgage Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2135, Class JZ, 6.00%, 3/15/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106 | &nbsp;&nbsp;$108480 |
| &nbsp;&nbsp;&nbsp;Series 3866, Class DF, 5.798%, (30-day SOFR Average + 1.564%), 5/15/41<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1044 | &nbsp;&nbsp;&nbsp;&nbsp; 952029 |
| &nbsp;&nbsp;&nbsp;Series 4102, Class DF, 5.50%, (30-day SOFR Average + 1.264%, Cap 5.50%), 9/15/42<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271 | &nbsp;&nbsp;&nbsp;&nbsp; 236349 |
| &nbsp;&nbsp;&nbsp;Series 4159, Class FP, 5.00%, (30-day SOFR Average + 1.014%, Cap 5.00%), 11/15/42<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611 | &nbsp;&nbsp;&nbsp;&nbsp; 538389 |
| &nbsp;&nbsp;&nbsp;Series 4180, Class KF, 5.00%, (30-day SOFR Average + 1.114%, Cap 5.00%), 1/15/43<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3145 | &nbsp;&nbsp;&nbsp;&nbsp; 2771868 |
| &nbsp;&nbsp;&nbsp;Series 4204, Class AF, 5.00%, (30-day SOFR Average + 1.114%, Cap 5.00%), 5/15/43<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540 | &nbsp;&nbsp;&nbsp;&nbsp; 458050 |
| &nbsp;&nbsp;&nbsp;Series 4223, Class NF, 5.379%, (30-day SOFR Average + 1.064%), 7/15/43<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1931 | &nbsp;&nbsp;&nbsp;&nbsp; 1691655 |
| &nbsp;&nbsp;&nbsp;Series 4249, Class CF, 5.229%, (30-day SOFR Average + 0.914%), 9/15/43<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7082 | &nbsp;&nbsp;&nbsp;&nbsp; 7032961 |
| &nbsp;&nbsp;&nbsp;Series 4299, Class JG, 2.50%, 7/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336 | &nbsp;&nbsp;&nbsp;&nbsp; 328423 |
| &nbsp;&nbsp;&nbsp;Series 4389, Class CA, 3.00%, 9/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1131 | &nbsp;&nbsp;&nbsp;&nbsp; 1026774 |
| &nbsp;&nbsp;&nbsp;Series 4619, Class KF, 5.00%, (30-day SOFR Average + 0.864%, Cap 5.00%), 6/15/39<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710 | &nbsp;&nbsp;&nbsp;&nbsp; 694676 |
| &nbsp;&nbsp;&nbsp;Series 4678, Class PC, 3.00%, 1/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1030 | &nbsp;&nbsp;&nbsp;&nbsp; 980456 |
| &nbsp;&nbsp;&nbsp;Series 4876, Class FA, 5.048%, (30-day SOFR Average + 0.814%), 5/15/49<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4925 | &nbsp;&nbsp;&nbsp;&nbsp; 4913163 |
| &nbsp;&nbsp;&nbsp;Series 4995, Class ZN, 2.50%, 7/25/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1095 | &nbsp;&nbsp;&nbsp;&nbsp; 636392 |
| &nbsp;&nbsp;&nbsp;Series 5031, Class Z, 2.50%, 10/25/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp; 4362 |
| &nbsp;&nbsp;&nbsp;Series 5037, Class ZQ, 2.00%, 11/25/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811 | &nbsp;&nbsp;&nbsp;&nbsp; 415497 |
| &nbsp;&nbsp;&nbsp;Series 5038, Class Z, 2.50%, 10/25/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp; 1946 |
| &nbsp;&nbsp;&nbsp;Series 5039, Class ZJ, 2.00%, 11/25/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372 | &nbsp;&nbsp;&nbsp;&nbsp; 176236 |
| &nbsp;&nbsp;&nbsp;Series 5058, Class Z, 2.00%, 1/25/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;743 | &nbsp;&nbsp;&nbsp;&nbsp; 363312 |
| &nbsp;&nbsp;&nbsp;Series 5071, Class CS, 0.00%, (3.30% - 30-day SOFR Average, Floor 0.00%), 2/25/51<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6990 | &nbsp;&nbsp;&nbsp;&nbsp; 2981423 |
| &nbsp;&nbsp;&nbsp;Series 5071, Class SP, 0.00%, (3.30% - 30-day SOFR Average, Floor 0.00%), 2/25/51<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9615 | &nbsp;&nbsp;&nbsp;&nbsp; 4173582 |
| &nbsp;&nbsp;&nbsp;Series 5083, Class SK, 0.00%, (3.867% - 30-day SOFR Average x 1.333, Floor 0.00%), 3/25/51<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8471 | &nbsp;&nbsp;&nbsp;&nbsp; 3759529 |
| &nbsp;&nbsp;&nbsp;Series 5093, Class Z, 3.00%, 1/25/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp; 626 |
| &nbsp;&nbsp;&nbsp;Series 5093, Class ZM, 3.00%, 3/25/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp; 1283 |
| &nbsp;&nbsp;&nbsp;Series 5101, Class EZ, 2.00%, 3/25/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2127 | &nbsp;&nbsp;&nbsp;&nbsp; 866131 |
| &nbsp;&nbsp;&nbsp;Series 5104, Class WZ, 3.00%, 4/25/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965 | &nbsp;&nbsp;&nbsp;&nbsp; 629304 |
| &nbsp;&nbsp;&nbsp;Series 5114, Class ZH, 3.00%, 5/25/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471 | &nbsp;&nbsp;&nbsp;&nbsp; 261051 |
| &nbsp;&nbsp;&nbsp;Series 5123, Class JZ, 2.00%, 7/25/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;812 | &nbsp;&nbsp;&nbsp;&nbsp; 394104 |
| &nbsp;&nbsp;&nbsp;Series 5129, Class HZ, 1.25%, 4/25/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1679 | &nbsp;&nbsp;&nbsp;&nbsp; 686652 |
| &nbsp;&nbsp;&nbsp;Series 5129, Class WZ, 3.00%, 8/25/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp; 630 |
| &nbsp;&nbsp;&nbsp;Series 5129, Class ZE, 3.00%, 9/25/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 129961 |
| &nbsp;&nbsp;&nbsp;Series 5129, Class ZH, 3.00%, 7/25/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp; 663 |
| &nbsp;&nbsp;&nbsp;Series 5129, Class ZW, 3.00%, 8/25/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp; 442 |
| &nbsp;&nbsp;&nbsp;Series 5140, Class WZ, 2.50%, 9/25/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7191 | &nbsp;&nbsp;&nbsp;&nbsp; 4645557 |
| &nbsp;&nbsp;&nbsp;Series 5159, Class MZ, 3.00%, 11/25/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1075 | &nbsp;&nbsp;&nbsp;&nbsp; 699791 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Federal Home Loan Mortgage Corp.: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series 5159, Class ZT, 3.00%, 11/25/51 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8664 | &nbsp;&nbsp;$6175982 |
| &nbsp;&nbsp;&nbsp;Series 5160, Class ZW, 3.00%, 8/25/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2872 | &nbsp;&nbsp;&nbsp;&nbsp; 2165849 |
| &nbsp;&nbsp;&nbsp;Series 5169, Class JZ, 3.00%, 1/25/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407 | &nbsp;&nbsp;&nbsp;&nbsp; 201384 |
| &nbsp;&nbsp;&nbsp;Series 5300, Class EY, 6.00%, 12/25/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5180866 |
| &nbsp;&nbsp;&nbsp;Series 5327, Class B, 6.00%, 8/25/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20607693 |
| &nbsp;&nbsp;&nbsp;Series 5543, Class CS, 6.952%, (19.50% - 30-day SOFR Average x 3.00), 10/25/53<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3416 | &nbsp;&nbsp;&nbsp;&nbsp; 3620351 |
| &nbsp;&nbsp;&nbsp;Series 5418, Class FC, 5.583%, (30-day SOFR Average + 1.40%), 6/25/54<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33158 | &nbsp;&nbsp;&nbsp;&nbsp; 33398926 |
| &nbsp;&nbsp;&nbsp;Series 5460, Class UZ, 6.50%, 10/25/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401 | &nbsp;&nbsp;&nbsp;&nbsp; 400258 |
| &nbsp;&nbsp;&nbsp;Series 5461, Class Z, 6.50%, 10/25/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6843 | &nbsp;&nbsp;&nbsp;&nbsp; 6817141 |
| &nbsp;&nbsp;&nbsp;Series 5462, Class Z, 6.50%, 10/25/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5169 | &nbsp;&nbsp;&nbsp;&nbsp; 5159336 |
| &nbsp;&nbsp;&nbsp;Series 5478, Class SG, 6.308%, (15.51% - 30-day SOFR Average x 2.20), 12/25/54<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5666 | &nbsp;&nbsp;&nbsp;&nbsp; 5934838 |
| &nbsp;&nbsp;&nbsp;Series 5489, Class S, 6.418%, (15.62% - 30-day SOFR Average x 2.20), 1/25/55<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4765 | &nbsp;&nbsp;&nbsp;&nbsp; 5047908 |
| &nbsp;&nbsp;&nbsp;Series 5500, Class SC, 8.452%, (21.00% - 30-day SOFR Average x 3.00), 10/25/54<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13158 | &nbsp;&nbsp;&nbsp;&nbsp; 14498076 |
| &nbsp;&nbsp;&nbsp;Series 5502, Class FD, 5.783%, (30-day SOFR Average + 1.60%), 2/25/55<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43767 | &nbsp;&nbsp;&nbsp;&nbsp; 44170336 |
| &nbsp;&nbsp;&nbsp;Series 5506, Class Z, 5.50%, 2/25/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5907 | &nbsp;&nbsp;&nbsp;&nbsp; 5901414 |
| &nbsp;&nbsp;&nbsp;Series 5508, Class AS, 8.452%, (21.00% - 30-day SOFR Average x 3.00), 2/25/55<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13102 | &nbsp;&nbsp;&nbsp;&nbsp; 14524441 |
| &nbsp;&nbsp;&nbsp;Series 5508, Class DS, 8.452%, (21.00% - 30-day SOFR Average x 3.00), 2/25/55<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3630 | &nbsp;&nbsp;&nbsp;&nbsp; 4116078 |
| &nbsp;&nbsp;&nbsp;Series 5508, Class SC, 8.452%, (21.00% - 30-day SOFR Average x 3.00), 2/25/55<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8981 | &nbsp;&nbsp;&nbsp;&nbsp; 10115509 |
| &nbsp;&nbsp;&nbsp;Series 5511, Class LT, 8.133%, (30-day SOFR Average + 3.95%), 3/25/55<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3258 | &nbsp;&nbsp;&nbsp;&nbsp; 3397003 |
| &nbsp;&nbsp;&nbsp;Series 5511, Class TE, 8.133%, (30-day SOFR Average + 3.95%), 3/25/55<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1874 | &nbsp;&nbsp;&nbsp;&nbsp; 1957437 |
| &nbsp;&nbsp;&nbsp;Series 5513, Class MQ, 8.133%, (30-day SOFR Average + 3.95%), 6/25/54<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8904 | &nbsp;&nbsp;&nbsp;&nbsp; 9228768 |
| &nbsp;&nbsp;&nbsp;Series 5516, Class HZ, 6.00%, 3/25/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12488 | &nbsp;&nbsp;&nbsp;&nbsp; 13150517 |
| &nbsp;&nbsp;&nbsp;Series 5516, Class MC, 7.483%, (30-day SOFR Average + 3.30%), 3/25/55<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp; 8241953 |
| &nbsp;&nbsp;&nbsp;Series 5517, Class NA, 8.133%, (30-day SOFR Average + 3.95%), 3/25/55<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6816 | &nbsp;&nbsp;&nbsp;&nbsp; 7103340 |
| &nbsp;&nbsp;&nbsp;Series 5517, Class NT, 8.133%, (30-day SOFR Average + 3.95%), 3/25/55<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6007 | &nbsp;&nbsp;&nbsp;&nbsp; 6277974 |
| &nbsp;&nbsp;&nbsp;Series 5523, Class ZC, 6.50%, 11/25/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382 | &nbsp;&nbsp;&nbsp;&nbsp; 388925 |
| &nbsp;&nbsp;&nbsp;Series 5523, Class ZW, 6.50%, 4/25/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2944 | &nbsp;&nbsp;&nbsp;&nbsp; 2943269 |
| &nbsp;&nbsp;&nbsp;Series 5529, Class MA, 7.983%, (30-day SOFR Average + 3.80%), 3/25/55<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3005 | &nbsp;&nbsp;&nbsp;&nbsp; 3106944 |
| &nbsp;&nbsp;&nbsp;Series 5549, Class JF, 5.733%, (30-day SOFR Average + 1.55%), 6/25/55<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77122 | &nbsp;&nbsp;&nbsp;&nbsp; 77934021 |
| &nbsp;&nbsp;&nbsp;Series 5563, Class TV, 8.16%, (21.06% - 30-day SOFR Average x 3.00), 8/25/55<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5798 | &nbsp;&nbsp;&nbsp;&nbsp; 6046663 |
| &nbsp;&nbsp;&nbsp;Series 5575, Class TA, 8.25%, (21.15% - 30-day SOFR Average x 3.00), 9/25/55<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7810 | &nbsp;&nbsp;&nbsp;&nbsp; 8165891 |
| &nbsp;&nbsp;&nbsp;Series 5585, Class AZ, 6.00%, 10/25/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3645 | &nbsp;&nbsp;&nbsp;&nbsp; 3636092 |
| &nbsp;&nbsp;&nbsp;Series 5585, Class KZ, 6.00%, 10/25/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5484 | &nbsp;&nbsp;&nbsp;&nbsp; 5478832 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_90c2488c-ccbc-4ae9-a21a-8ddc941f52b1_TOC)

Eaton Vance

Short Duration Government Income Fund

October 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Federal Home Loan Mortgage Corp.: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series 5587, Class ZU, 6.00%, 10/25/55 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3461 | &nbsp;&nbsp;$3450671 |
| Interest Only:<sup>(4)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Series 354, Class C11, 3.50%, 7/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6927 | &nbsp;&nbsp;&nbsp;&nbsp; 1200405 |
| &nbsp;&nbsp;&nbsp;Series 354, Class C15, 3.50%, 11/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6517 | &nbsp;&nbsp;&nbsp;&nbsp; 1316637 |
| &nbsp;&nbsp;&nbsp;Series 362, Class C11, 4.00%, 12/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3303 | &nbsp;&nbsp;&nbsp;&nbsp; 716220 |
| &nbsp;&nbsp;&nbsp;Series 362, Class C12, 4.00%, 12/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6764 | &nbsp;&nbsp;&nbsp;&nbsp; 1367956 |
| &nbsp;&nbsp;&nbsp;Series 362, Class C7, 3.50%, 9/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11297 | &nbsp;&nbsp;&nbsp;&nbsp; 2192432 |
| &nbsp;&nbsp;&nbsp;Series 380, Class C5, 3.50%, 1/25/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7924 | &nbsp;&nbsp;&nbsp;&nbsp; 1563239 |
| &nbsp;&nbsp;&nbsp;Series 3030, Class SL, 1.752%, (5.986% - 30-day SOFR Average), 9/15/35<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613 | &nbsp;&nbsp;&nbsp;&nbsp; 42209 |
| &nbsp;&nbsp;&nbsp;Series 3114, Class TS, 2.302%, (6.536% - 30-day SOFR Average), 9/15/30<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499 | &nbsp;&nbsp;&nbsp;&nbsp; 16033 |
| &nbsp;&nbsp;&nbsp;Series 3339, Class JI, 2.242%, (6.476% - 30-day SOFR Average), 7/15/37<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525 | &nbsp;&nbsp;&nbsp;&nbsp; 42556 |
| &nbsp;&nbsp;&nbsp;Series 4094, Class CS, 1.652%, (5.886% - 30-day SOFR Average), 8/15/42<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419 | &nbsp;&nbsp;&nbsp;&nbsp; 45768 |
| &nbsp;&nbsp;&nbsp;Series 4109, Class SA, 1.852%, (6.086% - 30-day SOFR Average), 9/15/32<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634 | &nbsp;&nbsp;&nbsp;&nbsp; 38552 |
| &nbsp;&nbsp;&nbsp;Series 4497, Class CS, 1.852%, (6.086% - 30-day SOFR Average), 9/15/44<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103 | &nbsp;&nbsp;&nbsp;&nbsp; 3231 |
| &nbsp;&nbsp;&nbsp;Series 4507, Class EI, 4.00%, 8/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1767 | &nbsp;&nbsp;&nbsp;&nbsp; 185935 |
| &nbsp;&nbsp;&nbsp;Series 4507, Class MI, 3.50%, 8/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111 | &nbsp;&nbsp;&nbsp;&nbsp; 3308 |
| &nbsp;&nbsp;&nbsp;Series 4549, Class DS, 1.552%, (5.786% - 30-day SOFR Average), 8/15/45<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510 | &nbsp;&nbsp;&nbsp;&nbsp; 32174 |
| &nbsp;&nbsp;&nbsp;Series 4601, Class IN, 3.50%, 7/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10942 | &nbsp;&nbsp;&nbsp;&nbsp; 2019551 |
| &nbsp;&nbsp;&nbsp;Series 4625, Class BI, 3.50%, 6/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2160 | &nbsp;&nbsp;&nbsp;&nbsp; 382542 |
| &nbsp;&nbsp;&nbsp;Series 4637, Class IP, 3.50%, 4/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 | &nbsp;&nbsp;&nbsp;&nbsp; 472 |
| &nbsp;&nbsp;&nbsp;Series 4749, Class IL, 4.00%, 12/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;758 | &nbsp;&nbsp;&nbsp;&nbsp; 154972 |
| &nbsp;&nbsp;&nbsp;Series 4768, Class IO, 4.00%, 3/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;878 | &nbsp;&nbsp;&nbsp;&nbsp; 179280 |
| &nbsp;&nbsp;&nbsp;Series 4768, Class KI, 4.00%, 11/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1529 | &nbsp;&nbsp;&nbsp;&nbsp; 304997 |
| &nbsp;&nbsp;&nbsp;Series 4772, Class PI, 4.00%, 1/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;954 | &nbsp;&nbsp;&nbsp;&nbsp; 190658 |
| &nbsp;&nbsp;&nbsp;Series 4791, Class SA, 1.852%, (6.086% - 30-day SOFR Average), 5/15/48<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3695 | &nbsp;&nbsp;&nbsp;&nbsp; 454409 |
| &nbsp;&nbsp;&nbsp;Series 4796, Class AS, 1.852%, (6.086% - 30-day SOFR Average), 5/15/48<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2340 | &nbsp;&nbsp;&nbsp;&nbsp; 287772 |
| &nbsp;&nbsp;&nbsp;Series 4808, Class IB, 4.00%, 5/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3681 | &nbsp;&nbsp;&nbsp;&nbsp; 767948 |
| &nbsp;&nbsp;&nbsp;Series 4966, Class SY, 1.753%, (5.936% - 30-day SOFR Average), 4/25/50<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3628 | &nbsp;&nbsp;&nbsp;&nbsp; 488589 |
| &nbsp;&nbsp;&nbsp;Series 5008, Class IE, 2.00%, 9/25/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29930 | &nbsp;&nbsp;&nbsp;&nbsp; 3780691 |
| &nbsp;&nbsp;&nbsp;Series 5010, Class I, 2.00%, 9/25/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26465 | &nbsp;&nbsp;&nbsp;&nbsp; 3369449 |
| &nbsp;&nbsp;&nbsp;Series 5010, Class IB, 2.00%, 9/25/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39054 | &nbsp;&nbsp;&nbsp;&nbsp; 4933248 |
| &nbsp;&nbsp;&nbsp;Series 5010, Class IN, 2.00%, 9/25/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44281 | &nbsp;&nbsp;&nbsp;&nbsp; 5549481 |
| &nbsp;&nbsp;&nbsp;Series 5010, Class NI, 2.00%, 9/25/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13097 | &nbsp;&nbsp;&nbsp;&nbsp; 1647024 |
| &nbsp;&nbsp;&nbsp;Series 5016, Class UI, 2.00%, 9/25/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12497 | &nbsp;&nbsp;&nbsp;&nbsp; 1578639 |
| &nbsp;&nbsp;&nbsp;Series 5017, Class DI, 2.00%, 9/25/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25887 | &nbsp;&nbsp;&nbsp;&nbsp; 3270039 |
| &nbsp;&nbsp;&nbsp;Series 5019, Class CI, 2.00%, 10/25/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21213 | &nbsp;&nbsp;&nbsp;&nbsp; 2712631 |
| &nbsp;&nbsp;&nbsp;Series 5020, Class CI, 2.00%, 9/25/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5221 | &nbsp;&nbsp;&nbsp;&nbsp; 642748 |
| &nbsp;&nbsp;&nbsp;Series 5024, Class CI, 2.00%, 10/25/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52524 | &nbsp;&nbsp;&nbsp;&nbsp; 6617865 |
| &nbsp;&nbsp;&nbsp;Series 5025, Class GI, 2.00%, 10/25/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9186 | &nbsp;&nbsp;&nbsp;&nbsp; 1182991 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Interest Only: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series 5028, Class TI, 2.00%, 10/25/50 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11122 | &nbsp;&nbsp;$1051460 |
| &nbsp;&nbsp;&nbsp;Series 5038, Class DI, 2.00%, 11/25/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64809 | &nbsp;&nbsp;&nbsp;&nbsp; 8139512 |
| &nbsp;&nbsp;&nbsp;Series 5051, Class S, 0.00%, (3.60% - 30-day SOFR Average, Floor 0.00%), 12/25/50<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26705 | &nbsp;&nbsp;&nbsp;&nbsp; 844725 |
| &nbsp;&nbsp;&nbsp;Series 5156, Class IP, 3.00%, 12/25/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20277 | &nbsp;&nbsp;&nbsp;&nbsp; 3173222 |
| &nbsp;&nbsp;&nbsp;Series 5191, Class IB, 2.50%, 2/25/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43644 | &nbsp;&nbsp;&nbsp;&nbsp; 7114296 |
| Principal Only:<sup>(5)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Series 213, Class PO, 0.00%, 6/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530 | &nbsp;&nbsp;&nbsp;&nbsp; 484942 |
| &nbsp;&nbsp;&nbsp;Series 239, Class PO, 0.00%, 8/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372 | &nbsp;&nbsp;&nbsp;&nbsp; 301152 |
| &nbsp;&nbsp;&nbsp;Series 246, Class PO, 0.00%, 5/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;873 | &nbsp;&nbsp;&nbsp;&nbsp; 732148 |
| &nbsp;&nbsp;&nbsp;Series 3072, Class WO, 0.00%, 11/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284 | &nbsp;&nbsp;&nbsp;&nbsp; 241619 |
| &nbsp;&nbsp;&nbsp;Series 3342, Class KO, 0.00%, 7/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122 | &nbsp;&nbsp;&nbsp;&nbsp; 103815 |
| &nbsp;&nbsp;&nbsp;Series 3476, Class PO, 0.00%, 7/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164 | &nbsp;&nbsp;&nbsp;&nbsp; 129586 |
| &nbsp;&nbsp;&nbsp;Series 3862, Class PO, 0.00%, 5/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341 | &nbsp;&nbsp;&nbsp;&nbsp; 275171 |
| &nbsp;&nbsp;&nbsp;Series 4239, Class OU, 0.00%, 7/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2826 | &nbsp;&nbsp;&nbsp;&nbsp; 1748897 |
| Federal National Mortgage Association: |  |  |
| &nbsp;&nbsp;&nbsp;Series G97-4, Class FA, 5.106%, (30-day SOFR Average + 0.914%), 6/17/27<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;&nbsp; 14307 |
| &nbsp;&nbsp;&nbsp;Series 2009-48, Class WA, 5.765%, 7/25/39<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108 | &nbsp;&nbsp;&nbsp;&nbsp; 110362 |
| &nbsp;&nbsp;&nbsp;Series 2009-62, Class WA, 5.586%, 8/25/39<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149 | &nbsp;&nbsp;&nbsp;&nbsp; 151867 |
| &nbsp;&nbsp;&nbsp;Series 2010-112, Class DZ, 4.00%, 10/25/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247 | &nbsp;&nbsp;&nbsp;&nbsp; 234033 |
| &nbsp;&nbsp;&nbsp;Series 2011-49, Class NT, 6.00%, (64.855% - 30-day SOFR Average x 10.00, Cap 6.00%), 6/25/41<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99 | &nbsp;&nbsp;&nbsp;&nbsp; 98403 |
| &nbsp;&nbsp;&nbsp;Series 2012-51, Class FD, 4.877%, (30-day SOFR Average + 0.694%), 5/25/42<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12035 | &nbsp;&nbsp;&nbsp;&nbsp; 11915378 |
| &nbsp;&nbsp;&nbsp;Series 2012-103, Class ZP, 3.00%, 9/25/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;858 | &nbsp;&nbsp;&nbsp;&nbsp; 581288 |
| &nbsp;&nbsp;&nbsp;Series 2012-115, Class MX, 0.00%, (3.329% - 30-day SOFR Average x 1.154, Floor 0.00%), 10/25/42<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628 | &nbsp;&nbsp;&nbsp;&nbsp; 347667 |
| &nbsp;&nbsp;&nbsp;Series 2012-128, Class WS, 0.00%, (3.886% - 30-day SOFR Average, Floor 0.00%), 11/25/42<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547 | &nbsp;&nbsp;&nbsp;&nbsp; 376724 |
| &nbsp;&nbsp;&nbsp;Series 2012-134, Class ZT, 2.00%, 12/25/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;904 | &nbsp;&nbsp;&nbsp;&nbsp; 656410 |
| &nbsp;&nbsp;&nbsp;Series 2013-52, Class GA, 1.00%, 6/25/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509 | &nbsp;&nbsp;&nbsp;&nbsp; 441495 |
| &nbsp;&nbsp;&nbsp;Series 2013-58, Class SC, 0.00%, (5.828% - 30-day SOFR Average x 1.50, Floor 0.00%), 6/25/43<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2651 | &nbsp;&nbsp;&nbsp;&nbsp; 1602802 |
| &nbsp;&nbsp;&nbsp;Series 2013-67, Class NF, 5.00%, (30-day SOFR Average + 1.114%, Cap 5.00%), 7/25/43<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631 | &nbsp;&nbsp;&nbsp;&nbsp; 606889 |
| &nbsp;&nbsp;&nbsp;Series 2014-1, Class HF, 5.00%, (30-day SOFR Average + 1.614%, Cap 5.00%), 6/25/43<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730 | &nbsp;&nbsp;&nbsp;&nbsp; 633353 |
| &nbsp;&nbsp;&nbsp;Series 2015-74, Class SL, 0.00%, (2.282% - 30-day SOFR Average x 0.587, Floor 0.00%), 10/25/45<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1883 | &nbsp;&nbsp;&nbsp;&nbsp; 1179600 |
| &nbsp;&nbsp;&nbsp;Series 2016-26, Class KS, 0.00%, (5.05% - 30-day SOFR Average x 1.75, Floor 0.00%), 11/25/42<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1603 | &nbsp;&nbsp;&nbsp;&nbsp; 1063883 |
| &nbsp;&nbsp;&nbsp;Series 2017-15, Class LE, 3.00%, 6/25/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81 | &nbsp;&nbsp;&nbsp;&nbsp; 80421 |
| &nbsp;&nbsp;&nbsp;Series 2017-56, Class KF, 5.429%, (30-day SOFR Average + 1.114%), 7/25/47<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561 | &nbsp;&nbsp;&nbsp;&nbsp; 540218 |

---

*2*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_90c2488c-ccbc-4ae9-a21a-8ddc941f52b1_TOC)

Eaton Vance

Short Duration Government Income Fund

October 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Federal National Mortgage Association: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series 2017-56, Class KS, 0.571%, (4.886% - 30-day SOFR Average), 7/25/47<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314 | &nbsp;&nbsp;$159035 |
| &nbsp;&nbsp;&nbsp;Series 2019-1, Class FA, 4.897%, (30-day SOFR Average + 0.714%), 2/25/49<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4803 | &nbsp;&nbsp;&nbsp;&nbsp; 4744305 |
| &nbsp;&nbsp;&nbsp;Series 2019-8, Class FD, 4.997%, (30-day SOFR Average + 0.814%), 3/25/49<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14903 | &nbsp;&nbsp;&nbsp;&nbsp; 14862780 |
| &nbsp;&nbsp;&nbsp;Series 2019-9, Class LF, 4.847%, (30-day SOFR Average + 0.664%), 3/25/49<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5670 | &nbsp;&nbsp;&nbsp;&nbsp; 5604060 |
| &nbsp;&nbsp;&nbsp;Series 2019-16, Class AF, 4.847%, (30-day SOFR Average + 0.664%), 4/25/49<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5535 | &nbsp;&nbsp;&nbsp;&nbsp; 5454100 |
| &nbsp;&nbsp;&nbsp;Series 2020-63, Class ZN, 3.00%, 9/25/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328 | &nbsp;&nbsp;&nbsp;&nbsp; 198394 |
| &nbsp;&nbsp;&nbsp;Series 2020-86, Class ZP, 2.50%, 12/25/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1464 | &nbsp;&nbsp;&nbsp;&nbsp; 772200 |
| &nbsp;&nbsp;&nbsp;Series 2020-95, Class BZ, 2.50%, 1/25/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336 | &nbsp;&nbsp;&nbsp;&nbsp; 172204 |
| &nbsp;&nbsp;&nbsp;Series 2020-96, Class EZ, 2.50%, 1/25/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690 | &nbsp;&nbsp;&nbsp;&nbsp; 361249 |
| &nbsp;&nbsp;&nbsp;Series 2020-96, Class KZ, 2.50%, 1/25/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328 | &nbsp;&nbsp;&nbsp;&nbsp; 172267 |
| &nbsp;&nbsp;&nbsp;Series 2021-8, Class NZ, 2.50%, 3/25/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1114 | &nbsp;&nbsp;&nbsp;&nbsp; 620583 |
| &nbsp;&nbsp;&nbsp;Series 2021-11, Class KZ, 3.00%, 6/25/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585 | &nbsp;&nbsp;&nbsp;&nbsp; 382244 |
| &nbsp;&nbsp;&nbsp;Series 2021-22, Class MZ, 3.00%, 4/25/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2405 | &nbsp;&nbsp;&nbsp;&nbsp; 1594793 |
| &nbsp;&nbsp;&nbsp;Series 2021-42, Class ZA, 3.00%, 2/25/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5095 | &nbsp;&nbsp;&nbsp;&nbsp; 3481030 |
| &nbsp;&nbsp;&nbsp;Series 2021-45, Class DZ, 3.00%, 7/25/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402 | &nbsp;&nbsp;&nbsp;&nbsp; 238008 |
| &nbsp;&nbsp;&nbsp;Series 2021-51, Class EZ, 2.50%, 8/25/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1291 | &nbsp;&nbsp;&nbsp;&nbsp; 731054 |
| &nbsp;&nbsp;&nbsp;Series 2021-55, Class ZN, 2.50%, 8/25/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372 | &nbsp;&nbsp;&nbsp;&nbsp; 206475 |
| &nbsp;&nbsp;&nbsp;Series 2021-59, Class EZ, 2.50%, 9/25/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1537 | &nbsp;&nbsp;&nbsp;&nbsp; 885038 |
| &nbsp;&nbsp;&nbsp;Series 2023-12, Class LW, 6.00%, 4/25/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15537163 |
| &nbsp;&nbsp;&nbsp;Series 2023-13, Class LY, 6.00%, 4/25/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9120 | &nbsp;&nbsp;&nbsp;&nbsp; 9454368 |
| &nbsp;&nbsp;&nbsp;Series 2023-14, Class EL, 6.00%, 4/25/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23200 | &nbsp;&nbsp;&nbsp;&nbsp; 24282872 |
| &nbsp;&nbsp;&nbsp;Series 2023-61, Class BL, 6.00%, 12/25/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5158506 |
| &nbsp;&nbsp;&nbsp;Series 2024-21, Class GZ, 6.00%, 5/25/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7175 | &nbsp;&nbsp;&nbsp;&nbsp; 7391342 |
| &nbsp;&nbsp;&nbsp;Series 2024-82, Class CF, 5.533%, (30-day SOFR Average + 1.35%), 11/25/54<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60582 | &nbsp;&nbsp;&nbsp;&nbsp; 60850860 |
| &nbsp;&nbsp;&nbsp;Series 2024-86, Class FC, 5.583%, (30-day SOFR Average + 1.40%), 12/25/54<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11000 | &nbsp;&nbsp;&nbsp;&nbsp; 11061406 |
| &nbsp;&nbsp;&nbsp;Series 2024-92, Class JM, 8.133%, (30-day SOFR Average + 3.95%), 12/25/54<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3699 | &nbsp;&nbsp;&nbsp;&nbsp; 3861288 |
| &nbsp;&nbsp;&nbsp;Series 2024-98, Class S, 6.418%, (15.62% - 30-day SOFR Average x 2.20), 1/25/55<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4861 | &nbsp;&nbsp;&nbsp;&nbsp; 5141223 |
| &nbsp;&nbsp;&nbsp;Series 2024-102, Class SA, 6.418%, (15.62% - 30-day SOFR Average x 2.20), 1/25/55<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7431 | &nbsp;&nbsp;&nbsp;&nbsp; 7897790 |
| &nbsp;&nbsp;&nbsp;Series 2024-105, Class KT, 0.125%, 1/25/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10503 | &nbsp;&nbsp;&nbsp;&nbsp; 8969730 |
| &nbsp;&nbsp;&nbsp;Series 2025-2, Class BZ, 6.00%, 7/25/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15689 | &nbsp;&nbsp;&nbsp;&nbsp; 16287518 |
| &nbsp;&nbsp;&nbsp;Series 2025-10, Class AS, 8.602%, (21.15% - 30-day SOFR Average x 3.00), 2/25/55<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3581 | &nbsp;&nbsp;&nbsp;&nbsp; 3969408 |
| &nbsp;&nbsp;&nbsp;Series 2025-12, Class FM, 8.183%, (30-day SOFR Average + 4.00%), 3/25/55<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4785 | &nbsp;&nbsp;&nbsp;&nbsp; 4969817 |
| &nbsp;&nbsp;&nbsp;Series 2025-15, Class FM, 8.033%, (30-day SOFR Average + 3.85%), 4/25/55<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4841 | &nbsp;&nbsp;&nbsp;&nbsp; 5042165 |
| &nbsp;&nbsp;&nbsp;Series 2025-16, Class NA, 7.333%, (30-day SOFR Average + 3.15%), 1/25/55<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10539 | &nbsp;&nbsp;&nbsp;&nbsp; 10631210 |
| &nbsp;&nbsp;&nbsp;Series 2025-29, Class MH, 8.233%, (30-day SOFR Average + 4.05%), 2/25/55<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5150 | &nbsp;&nbsp;&nbsp;&nbsp; 5343902 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Federal National Mortgage Association: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-33, Class ZW, 6.50%, 5/25/55 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31281 | &nbsp;&nbsp;$31305823 |
| &nbsp;&nbsp;&nbsp;Series 2025-35, Class FE, 5.633%, (30-day SOFR Average + 1.45%), 5/25/55<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45340 | &nbsp;&nbsp;&nbsp;&nbsp; 45684033 |
| &nbsp;&nbsp;&nbsp;Series 2025-35, Class MT, 8.452%, (30-day SOFR Average + 5.00%), 5/25/55<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9068 | &nbsp;&nbsp;&nbsp;&nbsp; 9410551 |
| &nbsp;&nbsp;&nbsp;Series 2025-85, Class TN, 6.60%, (36.60% - 30-day SOFR Average x 6.00), 10/25/55<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9858 | &nbsp;&nbsp;&nbsp;&nbsp; 9894102 |
| &nbsp;&nbsp;&nbsp;Series 2025-89, Class UZ, 6.00%, 10/25/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8042 | &nbsp;&nbsp;&nbsp;&nbsp; 8037594 |
| &nbsp;&nbsp;&nbsp;Series 2025-89, Class ZU, 6.00%, 10/25/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11588 | &nbsp;&nbsp;&nbsp;&nbsp; 11584290 |
| &nbsp;&nbsp;&nbsp;Series 2025-91, Class UZ, 6.00%, 10/25/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4787 | &nbsp;&nbsp;&nbsp;&nbsp; 4766745 |
| Interest Only:<sup>(4)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Series 2004-60, Class SW, 2.753%, (6.936% - 30-day SOFR Average), 4/25/34<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73 | &nbsp;&nbsp;&nbsp;&nbsp; 1635 |
| &nbsp;&nbsp;&nbsp;Series 2005-68, Class XI, 6.00%, 8/25/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;742 | &nbsp;&nbsp;&nbsp;&nbsp; 102353 |
| &nbsp;&nbsp;&nbsp;Series 2006-65, Class PS, 2.923%, (7.106% - 30-day SOFR Average), 7/25/36<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469 | &nbsp;&nbsp;&nbsp;&nbsp; 53003 |
| &nbsp;&nbsp;&nbsp;Series 2007-99, Class SD, 2.103%, (6.286% - 30-day SOFR Average), 10/25/37<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702 | &nbsp;&nbsp;&nbsp;&nbsp; 55567 |
| &nbsp;&nbsp;&nbsp;Series 2007-102, Class ST, 2.143%, (6.326% - 30-day SOFR Average), 11/25/37<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327 | &nbsp;&nbsp;&nbsp;&nbsp; 23080 |
| &nbsp;&nbsp;&nbsp;Series 2011-59, Class IW, 6.00%, 7/25/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494 | &nbsp;&nbsp;&nbsp;&nbsp; 73208 |
| &nbsp;&nbsp;&nbsp;Series 2011-101, Class IC, 3.50%, 10/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 | &nbsp;&nbsp;&nbsp;&nbsp; 119 |
| &nbsp;&nbsp;&nbsp;Series 2012-147, Class SA, 1.803%, (5.986% - 30-day SOFR Average), 1/25/43<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569 | &nbsp;&nbsp;&nbsp;&nbsp; 59889 |
| &nbsp;&nbsp;&nbsp;Series 2014-41, Class SA, 1.753%, (5.936% - 30-day SOFR Average), 7/25/44<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569 | &nbsp;&nbsp;&nbsp;&nbsp; 82113 |
| &nbsp;&nbsp;&nbsp;Series 2014-55, Class IL, 3.50%, 9/25/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476 | &nbsp;&nbsp;&nbsp;&nbsp; 90435 |
| &nbsp;&nbsp;&nbsp;Series 2014-55, Class IN, 3.50%, 7/25/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455 | &nbsp;&nbsp;&nbsp;&nbsp; 84304 |
| &nbsp;&nbsp;&nbsp;Series 2014-89, Class IO, 3.50%, 1/25/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;703 | &nbsp;&nbsp;&nbsp;&nbsp; 132652 |
| &nbsp;&nbsp;&nbsp;Series 2015-22, Class GI, 3.50%, 4/25/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194 | &nbsp;&nbsp;&nbsp;&nbsp; 35358 |
| &nbsp;&nbsp;&nbsp;Series 2015-31, Class SG, 1.803%, (5.986% - 30-day SOFR Average), 5/25/45<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691 | &nbsp;&nbsp;&nbsp;&nbsp; 106112 |
| &nbsp;&nbsp;&nbsp;Series 2015-36, Class IL, 3.00%, 6/25/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694 | &nbsp;&nbsp;&nbsp;&nbsp; 99355 |
| &nbsp;&nbsp;&nbsp;Series 2016-61, Class DI, 3.00%, 4/25/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539 | &nbsp;&nbsp;&nbsp;&nbsp; 59048 |
| &nbsp;&nbsp;&nbsp;Series 2018-21, Class IO, 3.00%, 4/25/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3292 | &nbsp;&nbsp;&nbsp;&nbsp; 545945 |
| &nbsp;&nbsp;&nbsp;Series 2018-42, Class IA, 3.50%, 6/25/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725 | &nbsp;&nbsp;&nbsp;&nbsp; 98533 |
| &nbsp;&nbsp;&nbsp;Series 2019-1, Class SA, 1.103%, (5.286% - 30-day SOFR Average), 2/25/49<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3358 | &nbsp;&nbsp;&nbsp;&nbsp; 197892 |
| &nbsp;&nbsp;&nbsp;Series 2020-23, Class SP, 1.753%, (5.936% - 30-day SOFR Average), 2/25/50<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10101 | &nbsp;&nbsp;&nbsp;&nbsp; 1363667 |
| &nbsp;&nbsp;&nbsp;Series 2020-45, Class HI, 2.50%, 7/25/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5420 | &nbsp;&nbsp;&nbsp;&nbsp; 808851 |
| &nbsp;&nbsp;&nbsp;Series 2020-73, Class NI, 2.00%, 10/25/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5705 | &nbsp;&nbsp;&nbsp;&nbsp; 731092 |
| &nbsp;&nbsp;&nbsp;Series 2020-89, Class PI, 2.50%, 12/25/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11546 | &nbsp;&nbsp;&nbsp;&nbsp; 1887461 |
| &nbsp;&nbsp;&nbsp;Series 2020-94, Class DI, 2.00%, 1/25/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13537 | &nbsp;&nbsp;&nbsp;&nbsp; 1820997 |
| &nbsp;&nbsp;&nbsp;Series 2021-3, Class KI, 2.50%, 2/25/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24051 | &nbsp;&nbsp;&nbsp;&nbsp; 3598472 |
| &nbsp;&nbsp;&nbsp;Series 2021-3, Class LI, 2.50%, 2/25/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22298 | &nbsp;&nbsp;&nbsp;&nbsp; 3280435 |
| &nbsp;&nbsp;&nbsp;Series 2021-10, Class EI, 2.00%, 3/25/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10760 | &nbsp;&nbsp;&nbsp;&nbsp; 1485929 |
| &nbsp;&nbsp;&nbsp;Series 2021-34, Class QI, 3.00%, 6/25/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35345 | &nbsp;&nbsp;&nbsp;&nbsp; 6420167 |
| &nbsp;&nbsp;&nbsp;Series 2021-73, Class AI, 2.50%, 6/25/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6875 | &nbsp;&nbsp;&nbsp;&nbsp; 965705 |

---

*3*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_90c2488c-ccbc-4ae9-a21a-8ddc941f52b1_TOC)

Eaton Vance

Short Duration Government Income Fund

October 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Interest Only: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-94, Class CI, 3.00%, 1/25/52 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9008 | &nbsp;&nbsp;$1501108 |
| &nbsp;&nbsp;&nbsp;Series 2022-6, Class IO, 2.50%, 7/25/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27186 | &nbsp;&nbsp;&nbsp;&nbsp; 4427808 |
| Principal Only:<sup>(5)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Series 379, Class 1, 0.00%, 5/25/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;781 | &nbsp;&nbsp;&nbsp;&nbsp; 649735 |
| &nbsp;&nbsp;&nbsp;Series 380, Class 1, 0.00%, 7/25/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191 | &nbsp;&nbsp;&nbsp;&nbsp; 159657 |
| &nbsp;&nbsp;&nbsp;Series 2007-17, Class PO, 0.00%, 3/25/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154 | &nbsp;&nbsp;&nbsp;&nbsp; 123071 |
| &nbsp;&nbsp;&nbsp;Series 2009-82, Class PO, 0.00%, 10/25/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362 | &nbsp;&nbsp;&nbsp;&nbsp; 291659 |
| &nbsp;&nbsp;&nbsp;Series 2012-5, Class PO, 0.00%, 12/25/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248 | &nbsp;&nbsp;&nbsp;&nbsp; 206437 |
| &nbsp;&nbsp;&nbsp;Series 2012-61, Class PO, 0.00%, 8/25/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1029 | &nbsp;&nbsp;&nbsp;&nbsp; 862059 |
| &nbsp;&nbsp;&nbsp;Series 2014-9, Class DO, 0.00%, 2/25/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7304 | &nbsp;&nbsp;&nbsp;&nbsp; 5926826 |
| &nbsp;&nbsp;&nbsp;Series 2014-17, Class PO, 0.00%, 4/25/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;872 | &nbsp;&nbsp;&nbsp;&nbsp; 638138 |
| Government National Mortgage Association: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2012-77, Class MT, 4.536%, (1 mo. SOFR + 0.504%), 5/16/41<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253 | &nbsp;&nbsp;&nbsp;&nbsp; 250007 |
| &nbsp;&nbsp;&nbsp;Series 2015-144, Class KB, 3.00%, 8/20/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503 | &nbsp;&nbsp;&nbsp;&nbsp; 406776 |
| &nbsp;&nbsp;&nbsp;Series 2016-168, Class JF, 5.249%, (1 mo. SOFR + 1.114%), 11/20/46<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128 | &nbsp;&nbsp;&nbsp;&nbsp; 113011 |
| &nbsp;&nbsp;&nbsp;Series 2017-121, Class DF, 4.646%, (1 mo. SOFR + 0.614%), 8/20/47<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2487 | &nbsp;&nbsp;&nbsp;&nbsp; 2431200 |
| &nbsp;&nbsp;&nbsp;Series 2017-137, Class AF, 4.646%, (1 mo. SOFR + 0.614%), 9/20/47<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1103 | &nbsp;&nbsp;&nbsp;&nbsp; 1077899 |
| &nbsp;&nbsp;&nbsp;Series 2020-76, Class ZL, 2.75%, 5/20/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329 | &nbsp;&nbsp;&nbsp;&nbsp; 136340 |
| &nbsp;&nbsp;&nbsp;Series 2021-1, Class ZD, 3.00%, 1/20/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1685 | &nbsp;&nbsp;&nbsp;&nbsp; 1035298 |
| &nbsp;&nbsp;&nbsp;Series 2021-24, Class EZ, 2.50%, 1/20/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3697 | &nbsp;&nbsp;&nbsp;&nbsp; 2160505 |
| &nbsp;&nbsp;&nbsp;Series 2021-24, Class KZ, 2.50%, 2/20/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3781 | &nbsp;&nbsp;&nbsp;&nbsp; 2528643 |
| &nbsp;&nbsp;&nbsp;Series 2021-25, Class JZ, 2.50%, 2/20/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2105 | &nbsp;&nbsp;&nbsp;&nbsp; 1126649 |
| &nbsp;&nbsp;&nbsp;Series 2021-49, Class VZ, 2.50%, 3/20/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp; 11073 |
| &nbsp;&nbsp;&nbsp;Series 2021-77, Class ZG, 3.00%, 7/20/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376 | &nbsp;&nbsp;&nbsp;&nbsp; 226931 |
| &nbsp;&nbsp;&nbsp;Series 2021-86, Class ZJ, 1.50%, 5/20/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293 | &nbsp;&nbsp;&nbsp;&nbsp; 116569 |
| &nbsp;&nbsp;&nbsp;Series 2021-105, Class ZH, 1.50%, 6/20/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1532 | &nbsp;&nbsp;&nbsp;&nbsp; 756184 |
| &nbsp;&nbsp;&nbsp;Series 2021-107, Class GZ, 3.00%, 6/20/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2560 | &nbsp;&nbsp;&nbsp;&nbsp; 1727779 |
| &nbsp;&nbsp;&nbsp;Series 2021-114, Class JZ, 3.00%, 6/20/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2195 | &nbsp;&nbsp;&nbsp;&nbsp; 1402616 |
| &nbsp;&nbsp;&nbsp;Series 2021-121, Class ZE, 2.50%, 7/20/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133 | &nbsp;&nbsp;&nbsp;&nbsp; 68676 |
| &nbsp;&nbsp;&nbsp;Series 2021-131, Class ZN, 3.00%, 7/20/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2765 | &nbsp;&nbsp;&nbsp;&nbsp; 1942700 |
| &nbsp;&nbsp;&nbsp;Series 2021-137, Class GZ, 2.50%, 8/20/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1308 | &nbsp;&nbsp;&nbsp;&nbsp; 867903 |
| &nbsp;&nbsp;&nbsp;Series 2021-159, Class ZP, 2.00%, 9/20/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7940 | &nbsp;&nbsp;&nbsp;&nbsp; 4434662 |
| &nbsp;&nbsp;&nbsp;Series 2021-177, Class JZ, 3.00%, 10/20/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5173 | &nbsp;&nbsp;&nbsp;&nbsp; 3659130 |
| &nbsp;&nbsp;&nbsp;Series 2021-182, Class KZ, 3.00%, 10/20/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1413 | &nbsp;&nbsp;&nbsp;&nbsp; 875746 |
| &nbsp;&nbsp;&nbsp;Series 2021-194, Class HZ, 3.00%, 11/20/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9893 | &nbsp;&nbsp;&nbsp;&nbsp; 7492066 |
| &nbsp;&nbsp;&nbsp;Series 2021-213, Class NZ, 3.00%, 12/20/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8121 | &nbsp;&nbsp;&nbsp;&nbsp; 6063968 |
| &nbsp;&nbsp;&nbsp;Series 2021-214, Class LZ, 3.00%, 12/20/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11056 | &nbsp;&nbsp;&nbsp;&nbsp; 8345076 |
| &nbsp;&nbsp;&nbsp;Series 2022-31, Class ZD, 3.00%, 2/20/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;843 | &nbsp;&nbsp;&nbsp;&nbsp; 500776 |
| &nbsp;&nbsp;&nbsp;Series 2022-175, Class SB, 7.393%, (22.733% - 30-day SOFR Average x 3.667), 10/20/52<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1419 | &nbsp;&nbsp;&nbsp;&nbsp; 1490863 |
| &nbsp;&nbsp;&nbsp;Series 2022-189, Class US, 7.393%, (22.733% - 30-day SOFR Average x 3.667), 11/20/52<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9081 | &nbsp;&nbsp;&nbsp;&nbsp; 10028643 |
| &nbsp;&nbsp;&nbsp;Series 2022-195, Class AS, 7.645%, (23.125% - 30-day SOFR Average x 3.70), 11/20/52<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2921 | &nbsp;&nbsp;&nbsp;&nbsp; 3322196 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Government National Mortgage Association: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-197, Class SW, 6.279%, (16.32% - 30-day SOFR Average x 2.40), 11/20/52<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4224 | &nbsp;&nbsp;$4417723 |
| &nbsp;&nbsp;&nbsp;Series 2022-208, Class YF, 5.184%, (30-day SOFR Average + 1.00%), 12/20/52<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19179 | &nbsp;&nbsp;&nbsp;&nbsp; 19208489 |
| &nbsp;&nbsp;&nbsp;Series 2022-211, Class HF, 5.184%, (30-day SOFR Average + 1.00%), 12/20/52<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76718 | &nbsp;&nbsp;&nbsp;&nbsp; 76718227 |
| &nbsp;&nbsp;&nbsp;Series 2023-53, Class AL, 5.50%, 4/20/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26000 | &nbsp;&nbsp;&nbsp;&nbsp; 26533673 |
| &nbsp;&nbsp;&nbsp;Series 2023-53, Class SE, 7.209%, (22.55% - 30-day SOFR Average x 3.667), 4/20/53<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9982 | &nbsp;&nbsp;&nbsp;&nbsp; 10841517 |
| &nbsp;&nbsp;&nbsp;Series 2023-63, Class LB, 6.00%, 5/20/53<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10394777 |
| &nbsp;&nbsp;&nbsp;Series 2023-63, Class S, 7.209%, (22.55% - 30-day SOFR Average x 3.667), 5/20/53<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4805 | &nbsp;&nbsp;&nbsp;&nbsp; 5217492 |
| &nbsp;&nbsp;&nbsp;Series 2023-64, Class LB, 6.00%, 5/20/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4079 | &nbsp;&nbsp;&nbsp;&nbsp; 4240038 |
| &nbsp;&nbsp;&nbsp;Series 2023-65, Class G, 7.209%, (22.55% - 30-day SOFR Average x 3.667), 5/20/53<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9395 | &nbsp;&nbsp;&nbsp;&nbsp; 10323931 |
| &nbsp;&nbsp;&nbsp;Series 2023-65, Class SB, 7.209%, (22.55% - 30-day SOFR Average x 3.667), 5/20/53<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2718 | &nbsp;&nbsp;&nbsp;&nbsp; 2913547 |
| &nbsp;&nbsp;&nbsp;Series 2023-65, Class SD, 7.209%, (22.55% - 30-day SOFR Average x 3.667), 5/20/53<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2182 | &nbsp;&nbsp;&nbsp;&nbsp; 2405158 |
| &nbsp;&nbsp;&nbsp;Series 2023-66, Class S, 7.209%, (22.55% - 30-day SOFR Average x 3.667), 5/20/53<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3018 | &nbsp;&nbsp;&nbsp;&nbsp; 3273071 |
| &nbsp;&nbsp;&nbsp;Series 2023-66, Class SD, 7.209%, (22.55% - 30-day SOFR Average x 3.667), 5/20/53<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1207 | &nbsp;&nbsp;&nbsp;&nbsp; 1309228 |
| &nbsp;&nbsp;&nbsp;Series 2023-82, Class AL, 6.00%, 6/20/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18360 | &nbsp;&nbsp;&nbsp;&nbsp; 19086132 |
| &nbsp;&nbsp;&nbsp;Series 2023-83, Class GS, 8.355%, (27.60% - 30-day SOFR Average x 4.60), 6/20/53<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5129 | &nbsp;&nbsp;&nbsp;&nbsp; 5804289 |
| &nbsp;&nbsp;&nbsp;Series 2023-83, Class S, 7.054%, (22.868% - 30-day SOFR Average x 3.78), 6/20/53<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2746 | &nbsp;&nbsp;&nbsp;&nbsp; 2972786 |
| &nbsp;&nbsp;&nbsp;Series 2023-84, Class MW, 6.00%, 6/20/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4600 | &nbsp;&nbsp;&nbsp;&nbsp; 4804211 |
| &nbsp;&nbsp;&nbsp;Series 2023-84, Class SN, 7.033%, (22.387% - 30-day SOFR Average x 3.67), 6/20/53<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3628 | &nbsp;&nbsp;&nbsp;&nbsp; 3917638 |
| &nbsp;&nbsp;&nbsp;Series 2023-89, Class SD, 6.843%, (22.183% - 30-day SOFR Average x 3.667), 6/20/53<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3670 | &nbsp;&nbsp;&nbsp;&nbsp; 3910961 |
| &nbsp;&nbsp;&nbsp;Series 2023-96, Class BL, 6.00%, 7/20/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5195907 |
| &nbsp;&nbsp;&nbsp;Series 2023-96, Class DB, 6.00%, 7/20/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12250 | &nbsp;&nbsp;&nbsp;&nbsp; 12731345 |
| &nbsp;&nbsp;&nbsp;Series 2023-97, Class CB, 6.00%, 7/20/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14000 | &nbsp;&nbsp;&nbsp;&nbsp; 14444248 |
| &nbsp;&nbsp;&nbsp;Series 2023-98, Class BW, 6.00%, 7/20/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3250 | &nbsp;&nbsp;&nbsp;&nbsp; 3378742 |
| &nbsp;&nbsp;&nbsp;Series 2023-98, Class JB, 6.00%, 7/20/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12714 | &nbsp;&nbsp;&nbsp;&nbsp; 13215668 |
| &nbsp;&nbsp;&nbsp;Series 2023-99, Class AL, 6.00%, 7/20/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17468 | &nbsp;&nbsp;&nbsp;&nbsp; 18161090 |
| &nbsp;&nbsp;&nbsp;Series 2023-117, Class JB, 6.00%, 8/20/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9602 | &nbsp;&nbsp;&nbsp;&nbsp; 9977115 |
| &nbsp;&nbsp;&nbsp;Series 2023-165, Class DY, 6.00%, 11/20/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20614652 |
| &nbsp;&nbsp;&nbsp;Series 2023-165, Class EY, 6.50%, 11/20/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;&nbsp; 23043605 |
| &nbsp;&nbsp;&nbsp;Series 2023-182, Class EL, 6.00%, 12/20/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp; 7254241 |
| &nbsp;&nbsp;&nbsp;Series 2024-14, Class CY, 5.50%, 1/20/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15284659 |
| &nbsp;&nbsp;&nbsp;Series 2024-126, Class DY, 5.50%, 8/20/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17593 | &nbsp;&nbsp;&nbsp;&nbsp; 17736255 |
| &nbsp;&nbsp;&nbsp;Series 2024-126, Class KY, 6.00%, 8/20/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3049697 |
| &nbsp;&nbsp;&nbsp;Series 2024-148, Class GB, 6.00%, 9/20/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14000 | &nbsp;&nbsp;&nbsp;&nbsp; 14551401 |
| &nbsp;&nbsp;&nbsp;Series 2024-197, Class JY, 6.50%, 12/20/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp; 8465086 |
| &nbsp;&nbsp;&nbsp;Series 2025-1, Class BY, 6.50%, 1/20/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12500 | &nbsp;&nbsp;&nbsp;&nbsp; 13245475 |

---

*4*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_90c2488c-ccbc-4ae9-a21a-8ddc941f52b1_TOC)

Eaton Vance

Short Duration Government Income Fund

October 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Government National Mortgage Association: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-39, Class CM, 8.084%, (30-day SOFR Average + 3.90%), 3/20/55<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9711 | &nbsp;&nbsp;$10082795 |
| &nbsp;&nbsp;&nbsp;Series 2025-39, Class YM, 7.934%, (30-day SOFR Average + 3.75%), 3/20/55<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3237 | &nbsp;&nbsp;&nbsp;&nbsp; 3333457 |
| &nbsp;&nbsp;&nbsp;Series 2025-41, Class MT, 7.117%, (30-day SOFR Average + 2.933%), 3/20/65<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15593 | &nbsp;&nbsp;&nbsp;&nbsp; 15857361 |
| &nbsp;&nbsp;&nbsp;Series 2025-41, Class NT, 7.117%, (30-day SOFR Average + 2.933%), 3/20/55<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18327 | &nbsp;&nbsp;&nbsp;&nbsp; 18796745 |
| &nbsp;&nbsp;&nbsp;Series 2025-62, Class FM, 8.384%, (30-day SOFR Average + 4.20%), 4/20/55<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4867 | &nbsp;&nbsp;&nbsp;&nbsp; 5040205 |
| &nbsp;&nbsp;&nbsp;Series 2025-63, Class FT, 8.00%, (26.40% - 30-day SOFR Average x 4.00, Cap 8.00%), 4/20/55<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11028 | &nbsp;&nbsp;&nbsp;&nbsp; 11353880 |
| &nbsp;&nbsp;&nbsp;Series 2025-64, Class FM, 8.444%, (30-day SOFR Average + 4.26%), 4/20/55<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9776 | &nbsp;&nbsp;&nbsp;&nbsp; 10121758 |
| &nbsp;&nbsp;&nbsp;Series 2025-69, Class VN, 10.00%, (68.667% - 30-day SOFR Average x 13.333, Cap 10.00%), 4/20/55<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7842 | &nbsp;&nbsp;&nbsp;&nbsp; 8212672 |
| &nbsp;&nbsp;&nbsp;Series 2025-82, Class FL, 8.684%, (30-day SOFR Average + 4.50%), 5/20/55<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3938 | &nbsp;&nbsp;&nbsp;&nbsp; 4084211 |
| &nbsp;&nbsp;&nbsp;Series 2025-83, Class JM, 9.304%, (30-day SOFR Average + 5.12%), 5/20/55<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6726 | &nbsp;&nbsp;&nbsp;&nbsp; 6972805 |
| &nbsp;&nbsp;&nbsp;Series 2025-83, Class MU, 8.484%, (30-day SOFR Average + 4.30%), 4/20/55<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3929 | &nbsp;&nbsp;&nbsp;&nbsp; 4033819 |
| &nbsp;&nbsp;&nbsp;Series 2025-90, Class MB, 8.484%, (30-day SOFR Average + 4.30%), 5/20/55<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7859 | &nbsp;&nbsp;&nbsp;&nbsp; 8078271 |
| &nbsp;&nbsp;&nbsp;Series 2025-98, Class GT, 8.40%, (21.30% - 30-day SOFR Average x 3.00), 6/20/55<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16794 | &nbsp;&nbsp;&nbsp;&nbsp; 17668320 |
| &nbsp;&nbsp;&nbsp;Series 2025-98, Class TE, 8.40%, (25.60% - 30-day SOFR Average x 4.00), 6/20/55<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7903 | &nbsp;&nbsp;&nbsp;&nbsp; 8241608 |
| &nbsp;&nbsp;&nbsp;Series 2025-98, Class TK, 8.52%, (25.72% - 30-day SOFR Average x 4.00), 6/20/55<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1976 | &nbsp;&nbsp;&nbsp;&nbsp; 2072693 |
| &nbsp;&nbsp;&nbsp;Series 2025-105, Class TA, 8.40%, (25.60% - 30-day SOFR Average x 4.00), 6/20/55<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11851 | &nbsp;&nbsp;&nbsp;&nbsp; 12383458 |
| &nbsp;&nbsp;&nbsp;Series 2025-105, Class TM, 8.40%, (21.30% - 30-day SOFR Average x 3.00), 6/20/55<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4939 | &nbsp;&nbsp;&nbsp;&nbsp; 5182103 |
| &nbsp;&nbsp;&nbsp;Series 2025-110, Class DT, 8.40%, (21.30% - 30-day SOFR Average x 3.00), 6/20/55<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7903 | &nbsp;&nbsp;&nbsp;&nbsp; 8286444 |
| &nbsp;&nbsp;&nbsp;Series 2025-114, Class GT, 8.40%, (21.30% - 30-day SOFR Average x 3.00), 7/20/55<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12872 | &nbsp;&nbsp;&nbsp;&nbsp; 13505317 |
| &nbsp;&nbsp;&nbsp;Series 2025-134, Class MC, 10.884%, (30-day SOFR Average + 6.70%), 6/20/55<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3791 | &nbsp;&nbsp;&nbsp;&nbsp; 3905273 |
| &nbsp;&nbsp;&nbsp;Series 2025-139, Class MT, 7.484%, (30-day SOFR Average + 3.30%), 4/20/55<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13745 | &nbsp;&nbsp;&nbsp;&nbsp; 14033780 |
| &nbsp;&nbsp;&nbsp;Series 2025-155, Class DZ, 6.00%, 9/20/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13014 | &nbsp;&nbsp;&nbsp;&nbsp; 13006115 |
| Interest Only:<sup>(4)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Series 2014-98, Class IM, 0.00%, 1/20/43<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3724 | &nbsp;&nbsp;&nbsp;&nbsp; 120006 |
| &nbsp;&nbsp;&nbsp;Series 2015-151, Class KI, 0.524%, 11/20/42<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4217 | &nbsp;&nbsp;&nbsp;&nbsp; 123259 |
| &nbsp;&nbsp;&nbsp;Series 2017-104, Class SD, 2.055%, (6.086% - 1 mo. SOFR), 7/20/47<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1811 | &nbsp;&nbsp;&nbsp;&nbsp; 228244 |
| &nbsp;&nbsp;&nbsp;Series 2017-121, Class DS, 0.355%, (4.386% - 1 mo. SOFR), 8/20/47<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;&nbsp; 90173 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Interest Only: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series 2018-127, Class SG, 2.105%, (6.136% - 1 mo. SOFR), 9/20/48<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4698 | &nbsp;&nbsp;$544787 |
| &nbsp;&nbsp;&nbsp;Series 2019-27, Class SA, 1.905%, (5.936% - 1 mo. SOFR), 2/20/49<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1564 | &nbsp;&nbsp;&nbsp;&nbsp; 174033 |
| &nbsp;&nbsp;&nbsp;Series 2019-38, Class SQ, 1.905%, (5.936% - 1 mo. SOFR), 3/20/49<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5008 | &nbsp;&nbsp;&nbsp;&nbsp; 585712 |
| &nbsp;&nbsp;&nbsp;Series 2019-43, Class BS, 1.905%, (5.936% - 1 mo. SOFR), 4/20/49<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2833 | &nbsp;&nbsp;&nbsp;&nbsp; 315307 |
| &nbsp;&nbsp;&nbsp;Series 2020-97, Class MI, 2.50%, 3/20/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4562 | &nbsp;&nbsp;&nbsp;&nbsp; 625661 |
| &nbsp;&nbsp;&nbsp;Series 2020-116, Class MI, 2.00%, 8/20/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434 | &nbsp;&nbsp;&nbsp;&nbsp; 56084 |
| &nbsp;&nbsp;&nbsp;Series 2020-134, Class IM, 2.50%, 9/20/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12339 | &nbsp;&nbsp;&nbsp;&nbsp; 1945402 |
| &nbsp;&nbsp;&nbsp;Series 2020-146, Class IQ, 2.00%, 10/20/50 | &nbsp;&nbsp;&nbsp;&nbsp;116768 | &nbsp;&nbsp;&nbsp;&nbsp; 14387435 |
| &nbsp;&nbsp;&nbsp;Series 2020-146, Class QI, 2.00%, 10/20/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35036 | &nbsp;&nbsp;&nbsp;&nbsp; 4288981 |
| &nbsp;&nbsp;&nbsp;Series 2020-151, Class AI, 2.00%, 10/20/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73862 | &nbsp;&nbsp;&nbsp;&nbsp; 9551074 |
| &nbsp;&nbsp;&nbsp;Series 2020-162, Class BI, 2.00%, 10/20/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16820 | &nbsp;&nbsp;&nbsp;&nbsp; 2187707 |
| &nbsp;&nbsp;&nbsp;Series 2020-167, Class KI, 2.00%, 11/20/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73512 | &nbsp;&nbsp;&nbsp;&nbsp; 9077084 |
| &nbsp;&nbsp;&nbsp;Series 2020-167, Class YI, 2.00%, 11/20/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89564 | &nbsp;&nbsp;&nbsp;&nbsp; 11609961 |
| &nbsp;&nbsp;&nbsp;Series 2020-173, Class DI, 2.00%, 11/20/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73542 | &nbsp;&nbsp;&nbsp;&nbsp; 9528876 |
| &nbsp;&nbsp;&nbsp;Series 2020-176, Class AI, 2.00%, 11/20/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24870 | &nbsp;&nbsp;&nbsp;&nbsp; 3223553 |
| &nbsp;&nbsp;&nbsp;Series 2020-176, Class HI, 2.50%, 11/20/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16871 | &nbsp;&nbsp;&nbsp;&nbsp; 2661332 |
| &nbsp;&nbsp;&nbsp;Series 2020-181, Class TI, 2.00%, 12/20/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72013 | &nbsp;&nbsp;&nbsp;&nbsp; 9374370 |
| &nbsp;&nbsp;&nbsp;Series 2020-185, Class BI, 2.00%, 12/20/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14423 | &nbsp;&nbsp;&nbsp;&nbsp; 1877645 |
| &nbsp;&nbsp;&nbsp;Series 2021-9, Class GI, 2.00%, 1/20/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35024 | &nbsp;&nbsp;&nbsp;&nbsp; 4583342 |
| &nbsp;&nbsp;&nbsp;Series 2021-15, Class AI, 2.00%, 1/20/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19103 | &nbsp;&nbsp;&nbsp;&nbsp; 2500173 |
| &nbsp;&nbsp;&nbsp;Series 2021-23, Class TI, 2.50%, 2/20/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9748 | &nbsp;&nbsp;&nbsp;&nbsp; 1513895 |
| &nbsp;&nbsp;&nbsp;Series 2021-30, Class AI, 2.00%, 2/20/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8308 | &nbsp;&nbsp;&nbsp;&nbsp; 1095640 |
| &nbsp;&nbsp;&nbsp;Series 2021-46, Class IM, 2.50%, 3/20/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3955 | &nbsp;&nbsp;&nbsp;&nbsp; 602342 |
| &nbsp;&nbsp;&nbsp;Series 2021-56, Class SD, 0.00%, (2.30% - 30-day SOFR Average, Floor 0.00%), 9/20/50<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12501 | &nbsp;&nbsp;&nbsp;&nbsp; 81127 |
| &nbsp;&nbsp;&nbsp;Series 2021-56, Class SE, 0.00%, (2.30% - 30-day SOFR Average, Floor 0.00%), 10/20/50<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4592 | &nbsp;&nbsp;&nbsp;&nbsp; 29453 |
| &nbsp;&nbsp;&nbsp;Series 2021-77, Class SB, 0.00%, (3.636% - 1 mo. SOFR, Floor 0.00%), 5/20/51<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13773 | &nbsp;&nbsp;&nbsp;&nbsp; 322298 |
| &nbsp;&nbsp;&nbsp;Series 2021-77, Class SE, 0.00%, (3.636% - 1 mo. SOFR, Floor 0.00%), 5/20/51<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8436 | &nbsp;&nbsp;&nbsp;&nbsp; 193226 |
| &nbsp;&nbsp;&nbsp;Series 2021-97, Class IG, 2.50%, 8/20/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60188 | &nbsp;&nbsp;&nbsp;&nbsp; 7054075 |
| &nbsp;&nbsp;&nbsp;Series 2021-97, Class QI, 3.00%, 6/20/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13422 | &nbsp;&nbsp;&nbsp;&nbsp; 2258343 |
| &nbsp;&nbsp;&nbsp;Series 2021-98, Class EI, 3.00%, 6/20/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26207 | &nbsp;&nbsp;&nbsp;&nbsp; 4054932 |
| &nbsp;&nbsp;&nbsp;Series 2021-114, Class MI, 3.00%, 6/20/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9802 | &nbsp;&nbsp;&nbsp;&nbsp; 1630931 |
| &nbsp;&nbsp;&nbsp;Series 2021-122, Class NI, 3.00%, 7/20/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6726 | &nbsp;&nbsp;&nbsp;&nbsp; 1131583 |
| &nbsp;&nbsp;&nbsp;Series 2021-125, Class SA, 0.00%, (3.636% - 1 mo. SOFR, Floor 0.00%), 7/20/51<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16412 | &nbsp;&nbsp;&nbsp;&nbsp; 424380 |
| &nbsp;&nbsp;&nbsp;Series 2021-131, Class QI, 3.00%, 7/20/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24423 | &nbsp;&nbsp;&nbsp;&nbsp; 3077835 |
| &nbsp;&nbsp;&nbsp;Series 2021-140, Class YS, 0.00%, (1.586% - 1 mo. SOFR, Floor 0.00%), 8/20/51<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18512 | &nbsp;&nbsp;&nbsp;&nbsp; 46115 |
| &nbsp;&nbsp;&nbsp;Series 2021-160, Class DI, 3.00%, 9/20/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24628 | &nbsp;&nbsp;&nbsp;&nbsp; 4350900 |
| &nbsp;&nbsp;&nbsp;Series 2021-160, Class IT, 2.50%, 9/20/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34178 | &nbsp;&nbsp;&nbsp;&nbsp; 3951479 |

---

*5*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_90c2488c-ccbc-4ae9-a21a-8ddc941f52b1_TOC)

Eaton Vance

Short Duration Government Income Fund

October 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Interest Only: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-175, Class AS, 0.00%, (1.686% - 1 mo. SOFR, Floor 0.00%), 10/20/51<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37064 | &nbsp;&nbsp;$105009 |
| &nbsp;&nbsp;&nbsp;Series 2021-175, Class SB, 0.00%, (1.686% - 1 mo. SOFR, Floor 0.00%), 10/20/51<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18657 | &nbsp;&nbsp;&nbsp;&nbsp; 52712 |
| &nbsp;&nbsp;&nbsp;Series 2021-193, Class IU, 3.00%, 11/20/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52563 | &nbsp;&nbsp;&nbsp;&nbsp; 7401388 |
| &nbsp;&nbsp;&nbsp;Series 2021-193, Class YS, 0.00%, (2.45% - 30-day SOFR Average, Floor 0.00%), 11/20/51<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42301 | &nbsp;&nbsp;&nbsp;&nbsp; 308419 |
| &nbsp;&nbsp;&nbsp;Series 2021-196, Class GI, 3.00%, 11/20/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25706 | &nbsp;&nbsp;&nbsp;&nbsp; 4115595 |
| &nbsp;&nbsp;&nbsp;Series 2021-201, Class PI, 3.00%, 11/20/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20792 | &nbsp;&nbsp;&nbsp;&nbsp; 2384364 |
| &nbsp;&nbsp;&nbsp;Series 2021-209, Class IW, 3.00%, 11/20/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13687 | &nbsp;&nbsp;&nbsp;&nbsp; 1825941 |
| &nbsp;&nbsp;&nbsp;Series 2022-104, Class IO, 2.50%, 6/20/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21512 | &nbsp;&nbsp;&nbsp;&nbsp; 3110679 |
| &nbsp;&nbsp;&nbsp;Series 2022-119, Class CS, 0.00%, (3.00% - 30-day SOFR Average, Floor 0.00%), 7/20/52<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;165054 | &nbsp;&nbsp;&nbsp;&nbsp; 1021847 |
| &nbsp;&nbsp;&nbsp;Series 2022-119, Class SC, 0.00%, (3.00% - 30-day SOFR Average, Floor 0.00%), 7/20/52<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18339 | &nbsp;&nbsp;&nbsp;&nbsp; 113539 |
| &nbsp;&nbsp;&nbsp;Series 2022-126, Class AS, 0.00%, (3.69% - 30-day SOFR Average, Floor 0.00%), 7/20/52<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49219 | &nbsp;&nbsp;&nbsp;&nbsp; 687678 |
| &nbsp;&nbsp;&nbsp;Series 2022-126, Class SC, 0.00%, (3.73% - 30-day SOFR Average, Floor 0.00%), 7/20/52<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36679 | &nbsp;&nbsp;&nbsp;&nbsp; 536329 |
| &nbsp;&nbsp;&nbsp;Series 2022-135, Class SA, 0.00%, (3.00% - 30-day SOFR Average, Floor 0.00%), 6/20/52<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;106278 | &nbsp;&nbsp;&nbsp;&nbsp; 868072 |
| &nbsp;&nbsp;&nbsp;Series 2023-13, Class SA, 1.216%, (5.40% - 30-day SOFR Average), 1/20/53<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8075 | &nbsp;&nbsp;&nbsp;&nbsp; 368956 |
| &nbsp;&nbsp;&nbsp;Series 2023-19, Class SD, 2.116%, (6.30% - 30-day SOFR Average), 2/20/53<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11900 | &nbsp;&nbsp;&nbsp;&nbsp; 758165 |
| &nbsp;&nbsp;&nbsp;Series 2023-20, Class HS, 2.116%, (6.30% - 30-day SOFR Average), 2/20/53<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8229 | &nbsp;&nbsp;&nbsp;&nbsp; 522857 |
| &nbsp;&nbsp;&nbsp;Series 2023-22, Class ES, 2.116%, (6.30% - 30-day SOFR Average), 2/20/53<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10972 | &nbsp;&nbsp;&nbsp;&nbsp; 697143 |
| &nbsp;&nbsp;&nbsp;Series 2023-22, Class SA, 1.516%, (5.70% - 30-day SOFR Average), 2/20/53<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14158 | &nbsp;&nbsp;&nbsp;&nbsp; 679256 |
| &nbsp;&nbsp;&nbsp;Series 2023-24, Class SB, 0.966%, (5.15% - 30-day SOFR Average), 2/20/53<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21944 | &nbsp;&nbsp;&nbsp;&nbsp; 787864 |
| &nbsp;&nbsp;&nbsp;Series 2023-24, Class SG, 2.116%, (6.30% - 30-day SOFR Average), 2/20/53<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10972 | &nbsp;&nbsp;&nbsp;&nbsp; 697143 |
| &nbsp;&nbsp;&nbsp;Series 2023-32, Class SA, 2.116%, (6.30% - 30-day SOFR Average), 2/20/53<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37030 | &nbsp;&nbsp;&nbsp;&nbsp; 2352858 |
| &nbsp;&nbsp;&nbsp;Series 2023-38, Class LS, 2.116%, (6.30% - 30-day SOFR Average), 3/20/53<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16331 | &nbsp;&nbsp;&nbsp;&nbsp; 1019474 |
| &nbsp;&nbsp;&nbsp;Series 2023-47, Class HS, 2.116%, (6.30% - 30-day SOFR Average), 3/20/53<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5444 | &nbsp;&nbsp;&nbsp;&nbsp; 339825 |
| &nbsp;&nbsp;&nbsp;Series 2023-47, Class SC, 2.066%, (6.25% - 30-day SOFR Average), 3/20/53<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8197 | &nbsp;&nbsp;&nbsp;&nbsp; 503502 |
| &nbsp;&nbsp;&nbsp;Series 2023-53, Class SK, 2.016%, (6.20% - 30-day SOFR Average), 4/20/53<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22143 | &nbsp;&nbsp;&nbsp;&nbsp; 1339854 |
| &nbsp;&nbsp;&nbsp;Series 2023-65, Class BS, 1.966%, (6.15% - 30-day SOFR Average), 5/20/53<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21952 | &nbsp;&nbsp;&nbsp;&nbsp; 1094165 |
| &nbsp;&nbsp;&nbsp;Series 2024-64, Class EI, 6.50%, 4/20/64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4973 | &nbsp;&nbsp;&nbsp;&nbsp; 628595 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Principal Only:<sup>(5)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Series 2009-117, Class PO, 0.00%, 12/16/39 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571 | &nbsp;&nbsp;$449645 |
| &nbsp;&nbsp;&nbsp;Series 2010-88, Class OA, 0.00%, 7/20/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395 | &nbsp;&nbsp;&nbsp;&nbsp; 304540 |
| &nbsp;&nbsp;&nbsp;Series 2015-24, Class KO, 0.00%, 6/20/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315 | &nbsp;&nbsp;&nbsp;&nbsp; 288907 |
| Total Collateralized Mortgage Obligations<br> (identified cost $1,780,631,029) |  | &nbsp;&nbsp;**$1735926254** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Government National Mortgage Association Participation Agreements — 3.8%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Government National Mortgage Association Participation Agreements, 5.734%, 1/1/59<sup>(7)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;107056 | &nbsp;&nbsp;$107615308 |
| Total Government National Mortgage Association Participation Agreements<br> (identified cost $107,056,366) |  | &nbsp;&nbsp;**$107615308** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

U.S. Department of Agriculture Loans — 2.1%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| USDA Guaranteed Loans: |  |  |
| &nbsp;&nbsp;&nbsp;6.75%, (U.S. (Fed) Prime Rate - 0.50%), 2/16/43<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1784 | &nbsp;&nbsp;$1784286 |
| &nbsp;&nbsp;&nbsp;6.75%, (U.S. (Fed) Prime Rate - 0.50%), 2/16/43<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6406 | &nbsp;&nbsp;&nbsp;&nbsp; 6407553 |
| &nbsp;&nbsp;&nbsp;6.75%, (U.S. (Fed) Prime Rate - 0.50%), 2/16/43<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14194 | &nbsp;&nbsp;&nbsp;&nbsp; 14196547 |
| &nbsp;&nbsp;&nbsp;6.75%, (U.S. (Fed) Prime Rate - 0.50%), 2/16/43<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6029748 |
| &nbsp;&nbsp;&nbsp;6.75%, (U.S. (Fed) Prime Rate - 0.50%), 2/16/43<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8791 | &nbsp;&nbsp;&nbsp;&nbsp; 8834315 |
| &nbsp;&nbsp;&nbsp;6.75%, (U.S. (Fed) Prime Rate - 0.50%), 2/16/43<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13827 | &nbsp;&nbsp;&nbsp;&nbsp; 13841816 |
| &nbsp;&nbsp;&nbsp;6.75%, (U.S. (Fed) Prime Rate - 0.50%), 8/1/54<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7640 | &nbsp;&nbsp;&nbsp;&nbsp; 7641452 |
| Total U.S. Department of Agriculture Loans<br> (identified cost $58,641,996) |  | &nbsp;&nbsp;**$58735717** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

U.S. Government Agency Commercial Mortgage-Backed Securities — 0.6%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| FRESB Mortgage Trust: |  |  |
| Interest Only:<sup>(4)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-SB91, Class X1, 0.56%, 8/25/41<sup>(6)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41610 | &nbsp;&nbsp;$1084282 |

---

*6*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_90c2488c-ccbc-4ae9-a21a-8ddc941f52b1_TOC)

Eaton Vance

Short Duration Government Income Fund

October 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Interest Only: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-SB92, Class X1, 0.557%, 8/25/41<sup>(6)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21195 | &nbsp;&nbsp;$573542 |
| Government National Mortgage Association: |  |  |
| Interest Only:<sup>(4)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-101, Class IO, 0.676%, 4/16/63<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51357 | &nbsp;&nbsp;&nbsp;&nbsp; 2641437 |
| &nbsp;&nbsp;&nbsp;Series 2021-132, Class IO, 0.72%, 4/16/63<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55088 | &nbsp;&nbsp;&nbsp;&nbsp; 2965479 |
| &nbsp;&nbsp;&nbsp;Series 2021-144, Class IO, 0.823%, 4/16/63<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48698 | &nbsp;&nbsp;&nbsp;&nbsp; 2999004 |
| &nbsp;&nbsp;&nbsp;Series 2021-186, Class IO, 0.763%, 5/16/63<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45618 | &nbsp;&nbsp;&nbsp;&nbsp; 2471625 |
| &nbsp;&nbsp;&nbsp;Series 2022-3, Class IO, 0.64%, 2/16/61<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65032 | &nbsp;&nbsp;&nbsp;&nbsp; 3151489 |
| Total U.S. Government Agency Commercial Mortgage-Backed Securities<br> (identified cost $19,051,195) |  | &nbsp;&nbsp;**$15886858** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

U.S. Government Agency Mortgage-Backed Securities — 70.9%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Federal Home Loan Mortgage Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;4.263%, (COF + 1.254%), with maturity at 2029<sup>(8)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;$2632 |
| &nbsp;&nbsp;&nbsp;4.417%, (COF + 1.254%), with maturity at 2035<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 | &nbsp;&nbsp;&nbsp;&nbsp; 32877 |
| &nbsp;&nbsp;&nbsp;4.50%, with maturity at 2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 163791 |
| &nbsp;&nbsp;&nbsp;4.524%, (COF + 1.252%), with maturity at 2032<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 | &nbsp;&nbsp;&nbsp;&nbsp; 49776 |
| &nbsp;&nbsp;&nbsp;4.671%, (COF + 1.251%), with maturity at 2030<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 | &nbsp;&nbsp;&nbsp;&nbsp; 52690 |
| &nbsp;&nbsp;&nbsp;5.00%, with maturity at 2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3911 | &nbsp;&nbsp;&nbsp;&nbsp; 3859582 |
| &nbsp;&nbsp;&nbsp;5.284%, (5 yr. CMT + 2.515%), with maturity at 2032<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78 | &nbsp;&nbsp;&nbsp;&nbsp; 77600 |
| &nbsp;&nbsp;&nbsp;5.287%, (COF + 2.314%), with maturity at 2037<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109 | &nbsp;&nbsp;&nbsp;&nbsp; 108056 |
| &nbsp;&nbsp;&nbsp;5.50%, with various maturities to 2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48831 | &nbsp;&nbsp;&nbsp;&nbsp; 49663763 |
| &nbsp;&nbsp;&nbsp;5.598%, (30-day SOFR Average + 2.37%), with maturity at 2052<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651 | &nbsp;&nbsp;&nbsp;&nbsp; 667725 |
| &nbsp;&nbsp;&nbsp;6.00%, with various maturities to 2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41709 | &nbsp;&nbsp;&nbsp;&nbsp; 42770439 |
| &nbsp;&nbsp;&nbsp;6.124%, (30-day SOFR Average + 2.165%), with maturity at 2054<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1663 | &nbsp;&nbsp;&nbsp;&nbsp; 1697912 |
| &nbsp;&nbsp;&nbsp;6.197%, (1 yr. CMT + 1.975%), with maturity at 2034<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 168268 |
| &nbsp;&nbsp;&nbsp;6.375%, (1 yr. CMT + 2.251%), with maturity at 2035<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732 | &nbsp;&nbsp;&nbsp;&nbsp; 746356 |
| &nbsp;&nbsp;&nbsp;6.431%, (1 yr. CMT + 2.238%), with maturity at 2036<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268 | &nbsp;&nbsp;&nbsp;&nbsp; 273584 |
| &nbsp;&nbsp;&nbsp;6.463%, (1 yr. CMT + 2.251%), with maturity at 2038<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241 | &nbsp;&nbsp;&nbsp;&nbsp; 246182 |
| &nbsp;&nbsp;&nbsp;6.493%, (1 yr. CMT + 2.348%), with maturity at 2036<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238 | &nbsp;&nbsp;&nbsp;&nbsp; 243738 |
| &nbsp;&nbsp;&nbsp;6.50%, with various maturities to 2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99545 | &nbsp;&nbsp;&nbsp;&nbsp; 103339830 |
| &nbsp;&nbsp;&nbsp;7.00%, with maturity at 2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20675 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Federal National Mortgage Association: |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, with various maturities to 2050 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13690 | &nbsp;&nbsp;$12332228 |
| &nbsp;&nbsp;&nbsp;4.206%, (COF + 1.25%), with various maturities to 2027<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp; 12159 |
| &nbsp;&nbsp;&nbsp;4.21%, (COF + 1.254%), with various maturities to 2035<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123 | &nbsp;&nbsp;&nbsp;&nbsp; 119759 |
| &nbsp;&nbsp;&nbsp;4.219%, (COF + 1.254%), with various maturities to 2034<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159 | &nbsp;&nbsp;&nbsp;&nbsp; 156859 |
| &nbsp;&nbsp;&nbsp;4.27%, (COF + 1.254%), with maturity at 2034<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 | &nbsp;&nbsp;&nbsp;&nbsp; 38898 |
| &nbsp;&nbsp;&nbsp;4.438%, (COF + 1.261%), with maturity at 2036<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59 | &nbsp;&nbsp;&nbsp;&nbsp; 57366 |
| &nbsp;&nbsp;&nbsp;4.566%, (COF + 1.329%), with maturity at 2036<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 | &nbsp;&nbsp;&nbsp;&nbsp; 33273 |
| &nbsp;&nbsp;&nbsp;4.651%, (COF + 1.695%), with maturity at 2029<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0<sup>(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 91 |
| &nbsp;&nbsp;&nbsp;4.656%, (COF + 1.259%), with maturity at 2036<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp; 11776 |
| &nbsp;&nbsp;&nbsp;4.668%, (COF + 1.497%), with maturity at 2029<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76 | &nbsp;&nbsp;&nbsp;&nbsp; 76284 |
| &nbsp;&nbsp;&nbsp;4.707%, (COF + 1.232%), with maturity at 2037<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp; 18810 |
| &nbsp;&nbsp;&nbsp;4.75%, (COF + 1.257%), with maturity at 2038<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp; 2348 |
| &nbsp;&nbsp;&nbsp;4.755%, (COF + 1.799%), with maturity at 2034<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113 | &nbsp;&nbsp;&nbsp;&nbsp; 111336 |
| &nbsp;&nbsp;&nbsp;4.818%, (COF + 1.853%), with maturity at 2034<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;&nbsp; 13495 |
| &nbsp;&nbsp;&nbsp;4.956%, (COF + 1.74%), with maturity at 2035<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121 | &nbsp;&nbsp;&nbsp;&nbsp; 119812 |
| &nbsp;&nbsp;&nbsp;5.00%, with various maturities to 2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1011 | &nbsp;&nbsp;&nbsp;&nbsp; 1002057 |
| &nbsp;&nbsp;&nbsp;5.118%, (COF + 1.791%), with maturity at 2035<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 84017 |
| &nbsp;&nbsp;&nbsp;5.136%, (COF + 1.80%), with maturity at 2036<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151 | &nbsp;&nbsp;&nbsp;&nbsp; 148599 |
| &nbsp;&nbsp;&nbsp;5.295%, (COF + 2.295%), with maturity at 2026<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp; 2519 |
| &nbsp;&nbsp;&nbsp;5.50%, with various maturities to 2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28983 | &nbsp;&nbsp;&nbsp;&nbsp; 29467387 |
| &nbsp;&nbsp;&nbsp;5.611%, (COF + 1.739%), with maturity at 2034<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 24647 |
| &nbsp;&nbsp;&nbsp;5.948%, (30-day SOFR Average + 2.05%), with maturity at 2054<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1762 | &nbsp;&nbsp;&nbsp;&nbsp; 1816425 |
| &nbsp;&nbsp;&nbsp;6.00%, with various maturities to 2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15858 | &nbsp;&nbsp;&nbsp;&nbsp; 16407917 |
| &nbsp;&nbsp;&nbsp;6.00%, (30-day SOFR Average + 2.256%), with maturity at 2054<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2195 | &nbsp;&nbsp;&nbsp;&nbsp; 2261069 |
| &nbsp;&nbsp;&nbsp;6.053%, (1 yr. CMT + 2.007%), with maturity at 2033<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108 | &nbsp;&nbsp;&nbsp;&nbsp; 110168 |
| &nbsp;&nbsp;&nbsp;6.07%, (1 yr. CMT + 2.195%), with maturity at 2031<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp; 6653 |
| &nbsp;&nbsp;&nbsp;6.191%, (1 yr. CMT + 2.096%), with maturity at 2037<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 239874 |
| &nbsp;&nbsp;&nbsp;6.208%, (1 yr. CMT + 2.083%), with maturity at 2040<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106 | &nbsp;&nbsp;&nbsp;&nbsp; 108520 |
| &nbsp;&nbsp;&nbsp;6.265%, (1 yr. CMT + 2.156%), with maturity at 2036<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93 | &nbsp;&nbsp;&nbsp;&nbsp; 94714 |

---

*7*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_90c2488c-ccbc-4ae9-a21a-8ddc941f52b1_TOC)

Eaton Vance

Short Duration Government Income Fund

October 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Federal National Mortgage Association: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;6.291%, (1 yr. CMT + 2.247%), with maturity at 2033<sup>(8)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634 | &nbsp;&nbsp;$647893 |
| &nbsp;&nbsp;&nbsp;6.323%, (1 yr. CMT + 2.196%), with maturity at 2039<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554 | &nbsp;&nbsp;&nbsp;&nbsp; 566054 |
| &nbsp;&nbsp;&nbsp;6.353%, (COF + 2.004%), with maturity at 2032<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 14961 |
| &nbsp;&nbsp;&nbsp;6.50%, with various maturities to 2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47229 | &nbsp;&nbsp;&nbsp;&nbsp; 49084453 |
| &nbsp;&nbsp;&nbsp;6.636%, (1 yr. RFUCCT + 1.75%), with maturity at 2035<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261 | &nbsp;&nbsp;&nbsp;&nbsp; 268163 |
| &nbsp;&nbsp;&nbsp;6.753%, (1 yr. CMT + 2.588%), with maturity at 2038<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249 | &nbsp;&nbsp;&nbsp;&nbsp; 255516 |
| &nbsp;&nbsp;&nbsp;6.925%, (1 yr. RFUCCT + 1.80%), with maturity at 2034<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 | &nbsp;&nbsp;&nbsp;&nbsp; 74732 |
| &nbsp;&nbsp;&nbsp;7.00%, with maturity at 2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1741 | &nbsp;&nbsp;&nbsp;&nbsp; 1812422 |
| &nbsp;&nbsp;&nbsp;7.50%, with maturity at 2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259 | &nbsp;&nbsp;&nbsp;&nbsp; 269386 |
| Government National Mortgage Association: |  |  |
| &nbsp;&nbsp;&nbsp;2.50%, with maturity at 2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1810 | &nbsp;&nbsp;&nbsp;&nbsp; 1556529 |
| &nbsp;&nbsp;&nbsp;4.00%, with various maturities to 2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2470 | &nbsp;&nbsp;&nbsp;&nbsp; 2348223 |
| &nbsp;&nbsp;&nbsp;4.50%, with various maturities to 2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40327 | &nbsp;&nbsp;&nbsp;&nbsp; 39597094 |
| &nbsp;&nbsp;&nbsp;4.75%, (1 yr. CMT + 1.50%), with maturity at 2027<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp; 16514 |
| &nbsp;&nbsp;&nbsp;5.00%, 30-Year, TBA<sup>(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp; 99579080 |
| &nbsp;&nbsp;&nbsp;5.00%, (1 yr. CMT + 1.50%), with maturity at 2026<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp; 6340 |
| &nbsp;&nbsp;&nbsp;5.00%, with various maturities to 2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75640 | &nbsp;&nbsp;&nbsp;&nbsp; 76127989 |
| &nbsp;&nbsp;&nbsp;5.50%, with various maturities to 2062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92771 | &nbsp;&nbsp;&nbsp;&nbsp; 94803260 |
| &nbsp;&nbsp;&nbsp;6.00%, with various maturities to 2063 | &nbsp;&nbsp;&nbsp;&nbsp;103520 | &nbsp;&nbsp;&nbsp;&nbsp; 107213484 |
| &nbsp;&nbsp;&nbsp;6.50%, with various maturities to 2065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91221 | &nbsp;&nbsp;&nbsp;&nbsp; 94626358 |
| &nbsp;&nbsp;&nbsp;7.00%, with maturity at 2055<sup>(11)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2898 | &nbsp;&nbsp;&nbsp;&nbsp; 2956949 |
| &nbsp;&nbsp;&nbsp;7.00%, with various maturities to 2065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99079 | &nbsp;&nbsp;&nbsp;&nbsp; 101672839 |
| &nbsp;&nbsp;&nbsp;7.50%, with various maturities to 2064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8784 | &nbsp;&nbsp;&nbsp;&nbsp; 8996377 |
| Uniform Mortgage-Backed Security: |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 30-Year, TBA<sup>(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;223000 | &nbsp;&nbsp;&nbsp;&nbsp; 197616334 |
| &nbsp;&nbsp;&nbsp;5.50%, 30-Year, TBA<sup>(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;315200 | &nbsp;&nbsp;&nbsp;&nbsp; 318524367 |
| &nbsp;&nbsp;&nbsp;6.00%, 30-Year, TBA<sup>(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;402275 | &nbsp;&nbsp;&nbsp;&nbsp; 411467607 |
| &nbsp;&nbsp;&nbsp;6.50%, 30-Year, TBA<sup>(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92900 | &nbsp;&nbsp;&nbsp;&nbsp; 96209567 |
| Total U.S. Government Agency Mortgage-Backed Securities<br> (identified cost $1,970,379,772) |  | &nbsp;&nbsp;**$1975377027** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

U.S. Government Guaranteed Small Business Administration Pools & Loans — 1.0%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;&nbsp;6.25%, (U.S. (Fed) Prime Rate - 1.00%), 4/25/44<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10631 | &nbsp;&nbsp;$11182858 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;&nbsp;6.575%, (U.S. (Fed) Prime Rate - 0.675%), 2/25/44<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7622 | &nbsp;&nbsp;$8105394 |
| SBA IO Trust: |  |  |
| Interest Only:<sup>(12)(13)(14)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Series 2018-5, Class A, 2.11%, 6/27/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40539 | &nbsp;&nbsp;&nbsp;&nbsp; 1594536 |
| &nbsp;&nbsp;&nbsp;Series 2019-1, Class A, 2.37%, 9/25/45 | &nbsp;&nbsp;&nbsp;&nbsp;113688 | &nbsp;&nbsp;&nbsp;&nbsp; 5920051 |
| Total U.S. Government Guaranteed Small Business Administration Pools & Loans<br> (identified cost $56,486,478) |  | &nbsp;&nbsp;**$26802839** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Short-Term Investments — 1.6%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 4.00%<sup>(15)</sup> | 44144647 | &nbsp;&nbsp;$44144647 |
| Total Short-Term Investments<br> (identified cost $44,144,647) |  | &nbsp;&nbsp;**$44144647** |
| Total Purchased Swaptions — 0.0%<sup>†</sup><br> (identified cost $639,460) |  | &nbsp;&nbsp;**$691500** |
| Total Investments — 142.3%<br> (identified cost $4,037,030,943) |  | &nbsp;&nbsp;**$3965180150** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| TBA Sale Commitments — (9.1)% |
| U.S. Government Agency Mortgage-Backed Securities — (9.1)% |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Government National Mortgage Association: |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 30-Year, TBA<sup>(10)</sup> | $(237000) | &nbsp;&nbsp;$(213093763) |
| &nbsp;&nbsp;&nbsp;4.00%, 30-Year, TBA<sup>(10)</sup> | &nbsp;&nbsp; (1600) | &nbsp;&nbsp;&nbsp;&nbsp; (1513240) |
| &nbsp;&nbsp;&nbsp;4.50%, 30-Year, TBA<sup>(10)</sup> | &nbsp;&nbsp; (40700) | &nbsp;&nbsp;&nbsp;&nbsp; (39730196) |
| Total U.S. Government Agency Mortgage-Backed Securities<br> (proceeds $255,957,898) |  | &nbsp;&nbsp;**$(254337199)** |
| Total TBA Sale Commitments<br> (proceeds $255,957,898) |  | &nbsp;&nbsp;**$(254337199)** |
| Other Assets, Less Liabilities — (33.2)% |  | &nbsp;&nbsp;**$(923937229)** |
| Net Assets — 100.0% |  | &nbsp;&nbsp;**$2786905722** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

*8*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_90c2488c-ccbc-4ae9-a21a-8ddc941f52b1_TOC)

Eaton Vance

Short Duration Government Income Fund

October 31, 2025

Portfolio of Investments — continued

------

---

| | |
|:---|:---|
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | The percentage shown for each investment category in the Portfolio of Investments is based on net assets. |
| <sup>†</sup> | Amount is less than 0.05% or (0.05)%, as applicable. |
| <sup>(1)</sup> | Variable rate security. The stated interest rate represents the rate in effect at October 31, 2025. |
| <sup>(2)</sup> | 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 October 31, 2025. |
| <sup>(3)</sup> | Security (or a portion thereof) has been pledged for the benefit of the counterparty for reverse repurchase agreements. |
| <sup>(4)</sup> | 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. |
| <sup>(5)</sup> | Principal only security that entitles the holder to receive only principal payments on the underlying mortgages. |
| <sup>(6)</sup> | Weighted average fixed-rate coupon that changes/updates monthly. Rate shown is the rate at October 31, 2025. |
| <sup>(7)</sup> | Represents a participation interest, through a participation agreement with a financial institution, in mortgage loans guaranteed by Government National Mortgage Association. |
| <sup>(8)</sup> | Adjustable rate mortgage security whose interest rate generally adjusts monthly based on a weighted average of interest rates on the underlying mortgages. The coupon rate may not reflect the applicable index value as interest rates on the underlying mortgages may adjust on various dates and at various intervals and may be subject to lifetime ceilings and lifetime floors and lookback periods. Rate shown is the coupon rate at October 31, 2025. |

---

<sup>(9)</sup> Principal amount is less than $500.

<sup>(10)</sup> TBA (To Be Announced) securities are purchased or sold on a forward commitment basis with an approximate principal amount and maturity date. The actual principal amount, which is not expected to differ significantly from the commitment amount, and maturity date are determined upon settlement.

<sup>(11)</sup> When-issued security.

<sup>(12)</sup> Interest only security that entitles the holder to receive only a portion of the interest payments on the underlying loans. Principal amount shown is the notional amount of the underlying loans on which coupon interest is calculated.

<sup>(13)</sup> Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At October 31, 2025, the aggregate value of these securities is $7,514,587 or 0.3% of the Fund's net assets.

<sup>(14)</sup> The stated interest rate represents the weighted average fixed interest rate at October 31, 2025, of all interest only securities comprising the trust.

<sup>(15)</sup> May be deemed to be an affiliated investment company (see Note 11). The rate shown is the annualized seven-day yield as of October 31, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Purchased Interest Rate Swaptions (OTC) — 0.0%<sup>†</sup>** | **Purchased Interest Rate Swaptions (OTC) — 0.0%<sup>†</sup>** | **Purchased Interest Rate Swaptions (OTC) — 0.0%<sup>†</sup>** | **Purchased Interest Rate Swaptions (OTC) — 0.0%<sup>†</sup>** | **Purchased Interest Rate Swaptions (OTC) — 0.0%<sup>†</sup>** | **Purchased Interest Rate Swaptions (OTC) — 0.0%<sup>†</sup>** |
| **Description** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Notional Amount** | &nbsp;&nbsp;**Notional Amount** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Value** |
| Option to enter into interest rate swap expiring 5/6/28 to pay 3.64% and receive SOFR | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp;250000000 | &nbsp;&nbsp;5/4/26 | &nbsp;&nbsp;$691500 |
| **Total** |  |  |  |  | &nbsp;&nbsp;**$691500** |

---

---

| | |
|:---|:---|
| <sup>†</sup> | Amount is less than 0.05% or (0.05)%, as applicable. |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** |
| **Description** | &nbsp;&nbsp;&nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Position** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> Appreciation<br> (Depreciation)** |
| **Interest Rate Futures** |  |  |  |  |  |
| U.S. 5-Year Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;618 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;12/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;$67492360 | &nbsp;&nbsp;&nbsp;&nbsp;$(502600) |
| U.S. 10-Year Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;(408) | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;&nbsp;12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45970125) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (277627) |
| U.S. Long Treasury Bond | &nbsp;&nbsp;&nbsp;&nbsp;(380) | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;&nbsp;12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44578750) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1134849) |
| U.S. Ultra 10-Year Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;(739) | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;&nbsp;12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(85342953) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1119273) |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**$(3034349)** |

---

*9*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_90c2488c-ccbc-4ae9-a21a-8ddc941f52b1_TOC)

Eaton Vance

Short Duration Government Income Fund

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swaps (Centrally Cleared)** | **Interest Rate Swaps (Centrally Cleared)** | **Interest Rate Swaps (Centrally Cleared)** | **Interest Rate Swaps (Centrally Cleared)** | **Interest Rate Swaps (Centrally Cleared)** | **Interest Rate Swaps (Centrally Cleared)** | **Interest Rate Swaps (Centrally Cleared)** | **Interest Rate Swaps (Centrally Cleared)** | **Interest Rate Swaps (Centrally Cleared)** |
| **Notional Amount<br> (000's omitted)** | **Notional Amount<br> (000's omitted)** | **Fund<br> Pays/<br> Receives<br> Floating<br> Rate** | **Floating Rate** | **Annual<br> Fixed Rate** | **Termination<br> Date** | **Value** | **Unamortized<br> Upfront<br> Receipts<br> (Payments)** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| USD | 120000 | Receives | SOFR<br> (pays quarterly) | 2.01%<br> (pays semi-annually) | 2/16/52 | $44784280 | $— | $44784280 |
| **Total** |  |  |  |  |  | **$44784280** | **$—** | **$44784280** |

---

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| CMT | – Constant Maturity Treasury |
| COF | – Cost of Funds 11th District |
| OTC | – Over-the-counter |
| RFUCCT | – FTSE USD IBOR Consumer Cash Fallbacks Term |
| SOFR | – Secured Overnight Financing Rate |
| TBA | – To Be Announced |

---

---

| | |
|:---|:---|
| **Currency Abbreviations:** | **Currency Abbreviations:** |
| USD | – United States Dollar |

---

*10*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_90c2488c-ccbc-4ae9-a21a-8ddc941f52b1_TOC)

Eaton Vance

Short Duration Government Income Fund

October 31, 2025

Statement of Assets and Liabilities

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**October 31, 2025** |
| Assets |  |
| Unaffiliated investments, at value (identified cost $3,992,886,296) | &nbsp;&nbsp;$3921035503 |
| Affiliated investments, at value (identified cost $44,144,647) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44144647 |
| Deposits for forward purchase commitments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2693000 |
| Deposits for reverse repurchase agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4420000 |
| Deposits for derivatives collateral: |  |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3553325 |
| &nbsp;&nbsp;&nbsp;Centrally cleared swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8174773 |
| &nbsp;&nbsp;&nbsp;OTC swaptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292000 |
| Interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15747603 |
| Dividends receivable from affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155735 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325243583 |
| Receivable for TBA sale commitments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255957898 |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4013801 |
| Receivable for variation margin on open futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165831 |
| Receivable for variation margin on open centrally cleared swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522237 |
| Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120830 |
| **Total assets** | &nbsp;&nbsp;**$4586240766** |
| Liabilities |  |
| Cash collateral due to brokers | &nbsp;&nbsp;$2235000 |
| Payable for reverse repurchase agreements, including accrued interest of $10,091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85180824 |
| Payable for when-issued/forward commitment securities | &nbsp;&nbsp;&nbsp;&nbsp;1448428764 |
| TBA sale commitments, at value (proceeds receivable $255,957,898) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254337199 |
| Payable for Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5524306 |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1515946 |
| Payable to affiliates: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment adviser fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1125199 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117387 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agency fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9574 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9042 |
| &nbsp;&nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120830 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730973 |
| **Total liabilities** | &nbsp;&nbsp;**$1799335044** |
| **Net Assets** | &nbsp;&nbsp;**$2786905722** |
| Sources of Net Assets |  |
| Paid-in capital | &nbsp;&nbsp;$3514189544 |
| Accumulated loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(727283822) |
| **Net Assets** | &nbsp;&nbsp;**$2786905722** |
| Advisers Class Shares |  |
| **Net Assets** | &nbsp;&nbsp;$101388569 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13863983 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$7.31 |
| Class A Shares |  |
| **Net Assets** | &nbsp;&nbsp;$359751300 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49157471 |
| **Net Asset Value and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$7.32 |
| **Maximum Offering Price Per Share<br> (100 ÷ 97.75 of net asset value per share)** | &nbsp;&nbsp;$7.49 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_90c2488c-ccbc-4ae9-a21a-8ddc941f52b1_TOC)

Eaton Vance

Short Duration Government Income Fund

October 31, 2025

Statement of Assets and Liabilities — continued

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**October 31, 2025** |
| Class C Shares |  |
| **Net Assets** | &nbsp;&nbsp;$27966626 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3815598 |
| **Net Asset Value and Offering Price Per Share\*<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$7.33 |
| Class I Shares |  |
| **Net Assets** | &nbsp;&nbsp;$2297799227 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314292057 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$7.31 |

---

---

| | |
|:---|:---|
| On sales of $100,000 or more, the offering price of Class A shares is reduced. | On sales of $100,000 or more, the offering price of Class A shares is reduced. |
| \* | Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge. |

---

*12*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_90c2488c-ccbc-4ae9-a21a-8ddc941f52b1_TOC)

Eaton Vance

Short Duration Government Income Fund

October 31, 2025

Statement of Operations

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended** |
|  | &nbsp;&nbsp;&nbsp;**October 31, 2025** |
| Investment Income |  |
| Dividend income from affiliated investments | &nbsp;&nbsp;$2295746 |
| Interest income | &nbsp;&nbsp;&nbsp;&nbsp;141809032 |
| **Total investment income** | &nbsp;&nbsp;**$144104778** |
| Expenses |  |
| Investment adviser fee | &nbsp;&nbsp;$12764035 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;Advisers Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210960 |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905554 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257023 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108772 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646364 |
| Transfer and dividend disbursing agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1270847 |
| Legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163820 |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316640 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123131 |
| Interest expense and fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1425159 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37717 |
| **Total expenses** | &nbsp;&nbsp;**$18230022** |
| Deduct: |  |
| &nbsp;&nbsp;&nbsp;Waiver and/or reimbursement of expenses by affiliates | &nbsp;&nbsp;$77531 |
| **Total expense reductions** | &nbsp;&nbsp;**$77531** |
| **Net expenses** | &nbsp;&nbsp;**$18152491** |
| **Net investment income** | &nbsp;&nbsp;**$125952287** |
| Realized and Unrealized Gain (Loss) |  |
| Net realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;Investment transactions | &nbsp;&nbsp;$(99836226) |
| &nbsp;&nbsp;&nbsp;Written swaptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(989767) |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8328354) |
| &nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92408361 |
| **Net realized loss** | &nbsp;&nbsp;**$(16745986)** |
| Change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;$169066001 |
| &nbsp;&nbsp;&nbsp;TBA sale commitments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3718227) |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(730053) |
| &nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74385450) |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$90232271** |
| **Net realized and unrealized gain** | &nbsp;&nbsp;**$73486285** |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$199438572** |

---

*13*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_90c2488c-ccbc-4ae9-a21a-8ddc941f52b1_TOC)

Eaton Vance

Short Duration Government Income Fund

October 31, 2025

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
|  | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$125952287 | &nbsp;&nbsp;$112191271 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16745986) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23327255 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90232271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46736360 |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$199438572** | &nbsp;&nbsp;**$182254886** |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Advisers Class | &nbsp;&nbsp;$(4308575) | &nbsp;&nbsp;$(3362919) |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18602888) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24372619) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1389294) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2090150) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(115720372) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(129732267) |
| **Total distributions to shareholders** | &nbsp;&nbsp;**$(140021129)** | &nbsp;&nbsp;**$(159557955)** |
| Tax return of capital to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Advisers Class | &nbsp;&nbsp;$(386789) | &nbsp;&nbsp;$(240546) |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1603457) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1778543) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(117112) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(149829) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10085553) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9498224) |
| **Total tax return of capital to shareholders** | &nbsp;&nbsp;**$(12192911)** | &nbsp;&nbsp;**$(11667142)** |
| Transactions in shares of beneficial interest: |  |  |
| &nbsp;&nbsp;&nbsp;Advisers Class | &nbsp;&nbsp;$34974363 | &nbsp;&nbsp;$(7539920) |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18683704) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(95846791) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6973562) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12028911) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180138724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(394583850) |
| **Net increase (decrease) in net assets from Fund share transactions** | &nbsp;&nbsp;**$189455821** | &nbsp;&nbsp;**$(509999472)** |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;**$236680353** | &nbsp;&nbsp;**$(498969683)** |
| Net Assets |  |  |
| At beginning of year | &nbsp;&nbsp;$2550225369 | &nbsp;&nbsp;$3049195052 |
| **At end of year** | &nbsp;&nbsp;**$2786905722** | &nbsp;&nbsp;**$2550225369** |

---

*14*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_90c2488c-ccbc-4ae9-a21a-8ddc941f52b1_TOC)

Eaton Vance

Short Duration Government Income Fund

October 31, 2025

Financial Highlights

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Advisers Class** | &nbsp;&nbsp;&nbsp;**Advisers Class** | &nbsp;&nbsp;&nbsp;**Advisers Class** | &nbsp;&nbsp;&nbsp;**Advisers Class** | &nbsp;&nbsp;&nbsp;**Advisers Class** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Period Ended<br> October 31,**  |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021<sup>(1)</sup>** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$7.18 | &nbsp;&nbsp;$7.17 | &nbsp;&nbsp;$7.61 | &nbsp;&nbsp;$7.99 | &nbsp;&nbsp;$8.10 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(2)</sup> | &nbsp;&nbsp;$0.33 | &nbsp;&nbsp;$0.30 | &nbsp;&nbsp;$0.30 | &nbsp;&nbsp;$0.13 | &nbsp;&nbsp;$0.03 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.53** | &nbsp;&nbsp;**$0.47** | &nbsp;&nbsp;**$(0.07)** | &nbsp;&nbsp;**$(0.22)** | &nbsp;&nbsp;**$(0.06)** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.37) | &nbsp;&nbsp;$(0.43) | &nbsp;&nbsp;$(0.37) | &nbsp;&nbsp;$(0.14) | &nbsp;&nbsp;$(0.05) |
| Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)<sup>(3)</sup> |
| **Total distributions** | &nbsp;&nbsp;**$(0.40)** | &nbsp;&nbsp;**$(0.46)** | &nbsp;&nbsp;**$(0.37)** | &nbsp;&nbsp;**$(0.16)** | &nbsp;&nbsp;**$(0.05)** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$7.31** | &nbsp;&nbsp;**$7.18** | &nbsp;&nbsp;**$7.17** | &nbsp;&nbsp;**$7.61** | &nbsp;&nbsp;**$7.99** |
| **Total Return<sup>(4)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.61%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.64%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.92)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2.73)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.70)%<sup>(5)</sup>** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$101389 | &nbsp;&nbsp;$64940 | &nbsp;&nbsp;$72272 | &nbsp;&nbsp;$201056 | &nbsp;&nbsp;$276067 |
| Ratios (as a percentage of average daily net assets):<sup>(6)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%<sup>(8)</sup> |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89%<sup>(7)(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40%<sup>(7)(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02%<sup>(7)(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79%<sup>(7)(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%<sup>(8)</sup> |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90%<sup>(8)</sup> |
| Portfolio Turnover<sup>(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;798% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310%<sup>(11)</sup> |

---

<sup>(1)</sup> For the period from the commencement of operations, May 17, 2021, to October 31, 2021.

<sup>(2)</sup> Computed using average shares outstanding.

<sup>(3)</sup> Amount is less than $(0.005).

<sup>(4)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

<sup>(5)</sup> Not annualized.

<sup>(6)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(7)</sup> Includes interest expense, including on reverse repurchase agreements, of 0.05%, 0.55%, 0.20% and 0.01% of average daily net assets for the years ended October 31, 2025, 2024, 2023 and 2022, respectively.

<sup>(8)</sup> Annualized.

<sup>(9)</sup> Includes a reduction by the investment adviser of a portion of its adviser fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.005%, less than 0.005%, less than 0.005% and less than 0.01% of average daily net assets for the years ended October 31, 2025, 2024, 2023 and 2022, respectively).

<sup>(10)</sup> Includes the effect of To Be Announced (TBA) transactions.

<sup>(11)</sup> For the year ended October 31, 2021.

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_90c2488c-ccbc-4ae9-a21a-8ddc941f52b1_TOC)

Eaton Vance

Short Duration Government Income Fund

October 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$7.19 | &nbsp;&nbsp;$7.17 | &nbsp;&nbsp;$7.61 | &nbsp;&nbsp;$8.00 | &nbsp;&nbsp;$8.12 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.33 | &nbsp;&nbsp;$0.30 | &nbsp;&nbsp;$0.30 | &nbsp;&nbsp;$0.13 | &nbsp;&nbsp;$0.07 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.54** | &nbsp;&nbsp;**$0.48** | &nbsp;&nbsp;**$(0.07)** | &nbsp;&nbsp;**$(0.23)** | &nbsp;&nbsp;**$0.00** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.38) | &nbsp;&nbsp;$(0.43) | &nbsp;&nbsp;$(0.37) | &nbsp;&nbsp;$(0.14) | &nbsp;&nbsp;$(0.11) |
| Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) |
| **Total distributions** | &nbsp;&nbsp;**$(0.41)** | &nbsp;&nbsp;**$(0.46)** | &nbsp;&nbsp;**$(0.37)** | &nbsp;&nbsp;**$(0.16)** | &nbsp;&nbsp;**$(0.12)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$7.32** | &nbsp;&nbsp;**$7.19** | &nbsp;&nbsp;**$7.17** | &nbsp;&nbsp;**$7.61** | &nbsp;&nbsp;**$8.00** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.62%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.80%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.92)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2.85)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.01)%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$359751 | &nbsp;&nbsp;$371893 | &nbsp;&nbsp;$465670 | &nbsp;&nbsp;$879760 | &nbsp;&nbsp;$2018166 |
| Ratios (as a percentage of average daily net assets):<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89%<sup>(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40%<sup>(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02%<sup>(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79%<sup>(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89% |
| Portfolio Turnover<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;798% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

<sup>(3)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(4)</sup> Includes interest expense, including on reverse repurchase agreements, of 0.05%, 0.55%, 0.20% and 0.01% of average daily net assets for the years ended October 31, 2025, 2024, 2023 and 2022, respectively.

<sup>(5)</sup> Includes a reduction by the investment adviser of a portion of its adviser fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.005%, less than 0.005%, less than 0.005% and less than 0.01% of average daily net assets for the years ended October 31, 2025, 2024, 2023 and 2022, respectively).

<sup>(6)</sup> Includes the effect of To Be Announced (TBA) transactions.

*16*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_90c2488c-ccbc-4ae9-a21a-8ddc941f52b1_TOC)

Eaton Vance

Short Duration Government Income Fund

October 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$7.20 | &nbsp;&nbsp;$7.18 | &nbsp;&nbsp;$7.62 | &nbsp;&nbsp;$8.01 | &nbsp;&nbsp;$8.13 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.29 | &nbsp;&nbsp;$0.25 | &nbsp;&nbsp;$0.26 | &nbsp;&nbsp;$0.09 | &nbsp;&nbsp;$0.02 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.49** | &nbsp;&nbsp;**$0.43** | &nbsp;&nbsp;**$(0.11)** | &nbsp;&nbsp;**$(0.27)** | &nbsp;&nbsp;**$(0.05)** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.33) | &nbsp;&nbsp;$(0.38) | &nbsp;&nbsp;$(0.33) | &nbsp;&nbsp;$(0.11) | &nbsp;&nbsp;$(0.07) |
| Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)<sup>(2)</sup> |
| **Total distributions** | &nbsp;&nbsp;**$(0.36)** | &nbsp;&nbsp;**$(0.41)** | &nbsp;&nbsp;**$(0.33)** | &nbsp;&nbsp;**$(0.12)** | &nbsp;&nbsp;**$(0.07)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$7.33** | &nbsp;&nbsp;**$7.20** | &nbsp;&nbsp;**$7.18** | &nbsp;&nbsp;**$7.62** | &nbsp;&nbsp;**$8.01** |
| **Total Return<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.98%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.14%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1.51)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3.43)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.60)%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$27967 | &nbsp;&nbsp;$34387 | &nbsp;&nbsp;$46203 | &nbsp;&nbsp;$72212 | &nbsp;&nbsp;$103518 |
| Ratios (as a percentage of average daily net assets):<sup>(4)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49%<sup>(5)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%<sup>(5)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62%<sup>(5)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39%<sup>(5)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30% |
| Portfolio Turnover<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;798% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> Amount is less than $(0.005).

<sup>(3)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

<sup>(4)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(5)</sup> Includes interest expense, including on reverse repurchase agreements, of 0.05%, 0.55%, 0.20% and 0.01% of average daily net assets for the years ended October 31, 2025, 2024, 2023 and 2022, respectively.

<sup>(6)</sup> Includes a reduction by the investment adviser of a portion of its adviser fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.005%, less than 0.005%, less than 0.005% and less than 0.01% of average daily net assets for the years ended October 31, 2025, 2024, 2023 and 2022, respectively).

<sup>(7)</sup> Includes the effect of To Be Announced (TBA) transactions.

*17*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_90c2488c-ccbc-4ae9-a21a-8ddc941f52b1_TOC)

Eaton Vance

Short Duration Government Income Fund

October 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$7.18 | &nbsp;&nbsp;$7.16 | &nbsp;&nbsp;$7.60 | &nbsp;&nbsp;$7.99 | &nbsp;&nbsp;$8.11 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.35 | &nbsp;&nbsp;$0.31 | &nbsp;&nbsp;$0.32 | &nbsp;&nbsp;$0.15 | &nbsp;&nbsp;$0.09 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.55** | &nbsp;&nbsp;**$0.50** | &nbsp;&nbsp;**$(0.05)** | &nbsp;&nbsp;**$(0.21)** | &nbsp;&nbsp;**$0.02** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.39) | &nbsp;&nbsp;$(0.45) | &nbsp;&nbsp;$(0.39) | &nbsp;&nbsp;$(0.16) | &nbsp;&nbsp;$(0.13) |
| Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) |
| **Total distributions** | &nbsp;&nbsp;**$(0.42)** | &nbsp;&nbsp;**$(0.48)** | &nbsp;&nbsp;**$(0.39)** | &nbsp;&nbsp;**$(0.18)** | &nbsp;&nbsp;**$(0.14)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$7.31** | &nbsp;&nbsp;**$7.18** | &nbsp;&nbsp;**$7.16** | &nbsp;&nbsp;**$7.60** | &nbsp;&nbsp;**$7.99** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.88%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.05%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.81)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2.49)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.24%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$2297799 | &nbsp;&nbsp;$2079005 | &nbsp;&nbsp;$2465050 | &nbsp;&nbsp;$4738534 | &nbsp;&nbsp;$7682437 |
| Ratios (as a percentage of average daily net assets):<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64%<sup>(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15%<sup>(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77%<sup>(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54%<sup>(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15% |
| Portfolio Turnover<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;798% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

<sup>(3)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(4)</sup> Includes interest expense, including on reverse repurchase agreements, of 0.05%, 0.55%, 0.20% and 0.01% of average daily net assets for the years ended October 31, 2025, 2024, 2023 and 2022, respectively.

<sup>(5)</sup> Includes a reduction by the investment adviser of a portion of its adviser fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.005%, less than 0.005%, less than 0.005% and less than 0.01% of average daily net assets for the years ended October 31, 2025, 2024, 2023 and 2022, respectively).

<sup>(6)</sup> Includes the effect of To Be Announced (TBA) transactions.

*18*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_90c2488c-ccbc-4ae9-a21a-8ddc941f52b1_TOC)

Eaton Vance

Short Duration Government Income Fund

October 31, 2025

Notes to Financial Statements

------

1 Significant Accounting Policies

Eaton Vance Short Duration Government Income Fund (the Fund) is a diversified series of Eaton Vance Mutual Funds Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund's investment objective is to seek total return. The Fund offers four classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective November 5, 2020, Class C shares automatically convert to Class A shares eight years after their purchase as described in the Fund's prospectus. Advisers Class and Class I shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Net investment income, other than class-specific expenses, is allocated daily to each class of shares based upon the ratio of the value of each class's paid shares to the total value of all paid shares. Each class of shares differs in its distribution plan and certain other class-specific expenses.

The following is a summary of significant accounting policies of the Fund. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.

A Investment Valuation—The following methodologies are used to determine the market value or fair value of investments.

**Debt Obligations. Debt obligations are generally valued on the basis of valuations provided by third party pricing services, as derived from such services' pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and ask prices, broker/dealer quotations, prices or yields of securities with similar characteristics, interest rates, anticipated prepayments, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Short-term debt obligations purchased with a remaining maturity of sixty days or less for which a valuation from a third party pricing service is not readily available may be valued at amortized cost, which approximates fair value.**

**Derivatives. Futures contracts are valued at the closing settlement price established by the board of trade or exchange on which they are traded. Swaps and options on interest rate swaps ("swaptions") are normally valued using valuations provided by a third party pricing service. Such pricing service valuations are based on the present value of fixed and projected floating rate cash flows over the term of the swap contract. Future cash flows on swaps are discounted to their present value using swap rates provided by electronic data services or by broker/dealers. Alternatively, swaptions may be valued at the valuation provided by a broker/dealer (usually the counterparty to the option), so determined using similar techniques as those employed by the pricing service.**

**Other. Investments in management investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value as of the close of each business day.**

**Fair Valuation. In connection with Rule 2a-5 of the 1940 Act, the Trustees have designated the Fund's investment adviser as its valuation designee. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued by the investment adviser, as valuation designee, at fair value using methods that most fairly reflect the security's "fair value", which is the amount that the Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security's disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company's or entity's financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.**

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

C Income—Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities.

D Federal Taxes—The Fund's policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary.

As of October 31, 2025, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

E Expenses—The majority of expenses of the Trust are directly identifiable to an individual fund. Expenses which are not readily identifiable to a specific fund are allocated taking into consideration, among other things, the nature and type of expense and the relative size of the funds.

------

[**Table of Contents**](#JOB_EV_AR_90c2488c-ccbc-4ae9-a21a-8ddc941f52b1_TOC)

Eaton Vance

Short Duration Government Income Fund

October 31, 2025

Notes to Financial Statements — continued

------

F Use of Estimates—The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

G Indemnifications—Under the Trust's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Trust) could be deemed to have personal liability for the obligations of the Trust. However, the Trust's Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and the By-laws provide that the Trust shall assume, upon request by the shareholder, the defense on behalf of any Fund shareholders. Moreover, the By-laws also provide for indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

H Futures Contracts —Upon entering into a 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, and are recorded as unrealized gains or losses by the Fund. Gains (losses) are realized upon the expiration or closing of the futures contracts. Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of the 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.

I Interest Rate Swaps—Swap contracts are privately negotiated agreements between the Fund and a counterparty. Certain swap contracts may be centrally cleared ("centrally cleared swaps"), whereby all payments made or received by the Fund pursuant to the contract are with a central clearing party (CCP) rather than the original counterparty. The CCP guarantees the performance of the original parties to the contract. Upon entering into centrally cleared swaps, the Fund is required to deposit with the CCP, either in cash or securities, an amount of initial margin determined by the CCP, which is subject to adjustment. Pursuant to interest rate swap agreements, the Fund either makes floating-rate payments to the counterparty (or CCP in the case of centrally cleared swaps) based on a benchmark interest rate in exchange for fixed-rate payments or the Fund makes fixed-rate payments to the counterparty (or CCP in the case of a centrally cleared swap) in exchange for payments on a floating benchmark interest rate. Payments received or made, including amortization of upfront payments/receipts, if any (which are amortized over the life of the swap contract), are recorded as realized gains or losses. During the term of the outstanding swap agreement, changes in the underlying value of the swap are recorded as unrealized gains or losses. For centrally cleared swaps, the daily change in valuation is recorded as a receivable or payable for variation margin and settled in cash with the CCP daily. The value of the swap is determined by changes in the relationship between two rates of interest. The Fund is exposed to credit loss in the event of non-performance by the swap counterparty. In the case of centrally cleared swaps, counterparty risk is minimal due to protections provided by the CCP. Risk may also arise from movements in interest rates.

J Swaptions—A purchased swaption contract grants the Fund, in return for payment of the purchase price, the right, but not the obligation, to enter into a new swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, at some designated future time on specified terms. When the Fund purchases a swaption, the premium paid to the writer is recorded as an investment and subsequently marked-to-market to reflect the current value of the swaption. A written swaption gives the Fund the obligation, if exercised by the purchaser, to enter into a swap contract according to the terms of the underlying agreement. When the Fund writes a swaption, the premium received by the Fund is recorded as a liability and subsequently marked-to-market to reflect the current value of the swaption. When a swaption is exercised, the cost of the swap is adjusted by the amount of the premium paid or received. When a swaption expires or an unexercised swaption is closed, a gain or loss is recognized in the amount of the premium paid or received, plus the cost to close. The Fund's risk for purchased swaptions is limited to the premium paid. The writer of a swaption bears the risk of unfavorable changes in the preset terms of the underlying swap contract. Purchased swaptions traded over-the-counter involve risk that the issuer or counterparty will fail to perform its contractual obligations.

K When-Issued Securities and Delayed Delivery Transactions—The Fund may purchase securities on a delayed delivery, when-issued or forward commitment basis, including TBA (To Be Announced) securities. Payment and delivery may take place after the customary settlement period for that security. At the time the transaction is negotiated, the price of the security that will be delivered is fixed. Securities purchased on a delayed delivery, when-issued or forward commitment basis are marked-to-market daily and begin earning interest on settlement date. Such security purchases are subject to the risk that when delivered they will be worth less than the agreed upon payment price. Losses may also arise if the counterparty does not perform under the contract. A forward purchase commitment may also be closed by entering into an offsetting commitment. If an offsetting commitment is entered into, the Fund will realize a gain or loss on investments based on the price established when the Fund entered into the commitment.

L Forward Sale Commitments—The Fund may enter into forward sale commitments to sell generic U.S. government agency mortgage-backed securities to hedge its portfolio positions and/or to enhance return. The proceeds to be received from the forward sale commitment are recorded as an asset and a corresponding liability, which is subsequently valued at approximately the current market value of the underlying security in accordance with the Fund's policies on investment valuations discussed above. The Fund records an unrealized gain or loss on investments to the extent of the difference between the proceeds to be received and the value of the open forward sale commitment on the day of determination. If the forward sale commitment is closed through the acquisition of an offsetting purchase commitment or the delivery of securities, the Fund realizes a gain or loss on investments based on the price

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Eaton Vance

Short Duration Government Income Fund

October 31, 2025

Notes to Financial Statements — continued

------

established when the Fund entered into the commitment. If the Fund enters into a forward sale commitment for the delivery of a security that it does not own or has the right to obtain, it is subject to the risk of loss if the purchase price to settle the commitment is higher than the price at which it was sold.

M Reverse Repurchase Agreements—Under a reverse repurchase agreement, the Fund temporarily transfers possession of a portfolio security to another party, such as a bank or broker/dealer, in return for cash. At the same time, the Fund agrees to repurchase the security at an agreed upon time and price, which reflects an interest payment. In periods of increased demand for a security, the Fund may receive a payment from the counterparty for the use of the security, which is recorded as interest income. Because the Fund retains effective control over the transferred security, the transaction is accounted for as a secured borrowing. The Fund may enter into such agreements when it believes it is able to invest the cash acquired at a rate higher than the cost of the agreement, which would increase earned income. When the Fund enters into a reverse repurchase agreement, any fluctuations in the market value of either the securities transferred to another party or the securities in which the proceeds may be invested would affect the market value of the Fund's assets. Because reverse repurchase agreements may be considered to be the practical equivalent of borrowing funds (and the counterparty making a loan), they constitute a form of leverage. The Fund segregates cash or liquid assets equal to its obligation to repurchase the security. During the term of the agreement, the Fund may also be obligated to pledge additional cash and/or securities in the event of a decline in the fair value of the transferred security. In the event the counterparty to a reverse repurchase agreement becomes insolvent, recovery of the security transferred by the Fund may be delayed or the Fund may incur a loss equal to the amount by which the value of the security transferred by the Fund exceeds the repurchase price payable by the Fund.

N Stripped Mortgage-Backed Securities—The Fund may invest in Interest Only (IO) and Principal Only (PO) securities, a form of stripped mortgage-

backed securities, whereby the IO security receives all the interest and the PO security receives all the principal on a pool of mortgage assets. The yield to maturity on an IO security is extremely sensitive to the rate of principal payments (including prepayments) on the related underlying mortgage assets, and a rapid rate of principal payments may have a material adverse effect on the yield to maturity from these securities. If the underlying mortgages experience greater than anticipated prepayments of principal, the Fund may fail to recoup its initial investment in an IO security. The market value of IO and PO securities can be unusually volatile due to changes in interest rates.

O Segment Reporting—During this reporting period, the Fund adopted FASB Accounting Standards Update No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures* (ASU 2023-07), which requires incremental disclosures related to a public entity's reportable segments. The Fund operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. In connection with the adoption of ASU 2023-07, the Fund's President acts as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's financial statements.

2 Distributions to Shareholders and Income Tax Information

The Fund declares dividends daily to shareholders of record at the time of declaration. Distributions are generally paid monthly. Distributions of realized capital gains are made at least annually. Distributions are declared separately for each class of shares. Shareholders may reinvest income and capital gain distributions in additional shares of the same class of the Fund at the net asset value as of the reinvestment date or, at the election of the shareholder, receive distributions in cash. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

The tax character of distributions declared for the years ended October 31, 2025 and October 31, 2024 was as follows:

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$140021129 | &nbsp;&nbsp;&nbsp;&nbsp;$159557955 |
| Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;$12192911 | &nbsp;&nbsp;&nbsp;&nbsp;$11667142 |

---

As of October 31, 2025, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

---

| | |
|:---|:---|
| Deferred capital losses | &nbsp;&nbsp;&nbsp;&nbsp;$(696307261) |
| Net unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29460615) |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1515946) |
| **Accumulated loss** | &nbsp;&nbsp;&nbsp;&nbsp;**$(727283822)** |

---

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[**Table of Contents**](#JOB_EV_AR_90c2488c-ccbc-4ae9-a21a-8ddc941f52b1_TOC)

Eaton Vance

Short Duration Government Income Fund

October 31, 2025

Notes to Financial Statements — continued

------

At October 31, 2025, the Fund, for federal income tax purposes, had deferred capital losses of $696,307,261 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund's next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at October 31, 2025, $445,750,129 are short-term and $250,557,132 are long-term.

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, TBA sale commitments and reverse repurchase agreements, of the Fund at October 31, 2025, as determined on a federal income tax basis, were as follows:

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| | |
|:---|:---|
| **Aggregate cost** | &nbsp;&nbsp;**$3698195201** |
| Gross unrealized appreciation | &nbsp;&nbsp;$157160604 |
| Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(186621219) |
| **Net unrealized depreciation** | &nbsp;&nbsp;**$(29460615)** |

---

3 Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory services rendered to the Fund. The investment adviser fee is computed at an annual rate as a percentage of the Fund's average daily net assets as follows and is payable monthly:

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| | |
|:---|:---|
| **Average Daily Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Annual Fee Rate** |
| Up to $1 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.5000% |
| $1 billion but less than $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.4750% |
| $2.5 billion but less than $5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.4550% |
| $5 billion but less than $10 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.4400% |
| $10 billion but less than $15 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.4300% |
| $15 billion but less than $20 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.4225% |
| $20 billion and over | &nbsp;&nbsp;&nbsp;&nbsp;0.4175% |

---

Pursuant to an amendment to the investment advisory agreement dated April 29, 2022, BMR contractually agreed to reduce its investment advisory fee rate on average daily net assets of $10 billion and over from 0.4400% to the rates as stated above. This contractual reduction cannot be terminated or reduced without Trustee and shareholder approval. For the year ended October 31, 2025, the Fund's investment adviser fee amounted to $12,764,035 or 0.48% of the Fund's average daily net assets. The Fund may invest in a money market fund, the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio (the "Liquidity Fund"), an open-end management investment company managed by Morgan Stanley Investment Management Inc., a wholly-owned subsidiary of Morgan Stanley. The investment adviser fee paid by the Fund is reduced by an amount equal to its pro rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the year ended October 31, 2025, the investment adviser fee paid was reduced by $77,531 relating to the Fund's investment in the Liquidity Fund.

BMR has agreed to reimburse the Fund's expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only and excluding such expenses as brokerage commissions, acquired fund fees and expenses of unaffiliated funds, borrowing costs, taxes or litigation expenses) exceed 0.85%, 0.85%, 1.45% and 0.60% of the Fund's average daily net assets for Advisers Class, Class A, Class C and Class I, respectively. This agreement may be changed or terminated after March 1, 2027. Pursuant to this agreement, no operating expenses were waived and/or reimbursed by BMR for the year ended October 31, 2025.

Eaton Vance Management (EVM), an affiliate of BMR, serves as the administrator of the Fund, but receives no compensation. EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended October 31, 2025, EVM earned $33,486 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations. The Fund was informed that Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund's principal underwriter, received $7,579 as its portion of the sales charge on sales of Class A shares for the year ended October 31, 2025. EVD also received distribution and service fees from Class A and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5).

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[**Table of Contents**](#JOB_EV_AR_90c2488c-ccbc-4ae9-a21a-8ddc941f52b1_TOC)

Eaton Vance

Short Duration Government Income Fund

October 31, 2025

Notes to Financial Statements — continued

------

Trustees and officers of the Fund who are members of EVM's or BMR's organizations receive remuneration for their services to the Fund out of the investment adviser fee. Trustees of the Fund who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. Certain officers and Trustees of the Fund are officers of the above organizations.

4 Distribution Plans

The Fund has in effect distribution plans for the Advisers Class shares and Class A shares (Advisers/Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Advisers/Class A Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Advisers Class shares and Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the year ended October 31, 2025 amounted to $210,960 for Advisers Class shares and $905,554 for Class A shares. The Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.60% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the year ended October 31, 2025, the Fund paid or accrued to EVD $181,428 for Class C shares.

Pursuant to the Class C Plan, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to Class C shares. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the year ended October 31, 2025 amounted to $75,595 for Class C shares.

Distribution and service fees are subject to the limitations contained in the Financial Industry Regulatory Authority Rule 2341(d).

5 Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within 12 months of purchase. Class A shares may be subject to a 0.25% CDSC if redeemed within 12 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the year ended October 31, 2025, the Fund was informed that EVD received $8,915 and $1,794 of CDSCs paid by Class A and Class C shareholders, respectively.

6 Purchases and Sales of Investments

Purchases and sales of investments (all U.S. Government and Agency Securities), other than short-term obligations and including maturities, paydowns and TBA transactions, aggregated $19,708,939,896 and $19,286,727,628, respectively, for the year ended October 31, 2025.

7 Shares of Beneficial Interest

The Fund's Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value). Such shares may be issued in a number of different series (such as the Fund) and classes. Transactions in Fund shares, including direct exchanges pursuant to share class conversions, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2024** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Advisers Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 8060874 | &nbsp;&nbsp;&nbsp;&nbsp;$58540186 | &nbsp;&nbsp;&nbsp;&nbsp; 3899807 | &nbsp;&nbsp;&nbsp;&nbsp;$28351377 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 644942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4695011 | &nbsp;&nbsp;&nbsp;&nbsp; 496356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3602837 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3884925) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (28260834) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5437531) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (39494134) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp; **4820891** | &nbsp;&nbsp;&nbsp;&nbsp;**$34974363** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(1041368)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(7539920)** |

---

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[**Table of Contents**](#JOB_EV_AR_90c2488c-ccbc-4ae9-a21a-8ddc941f52b1_TOC)

Eaton Vance

Short Duration Government Income Fund

October 31, 2025

Notes to Financial Statements — continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2024** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 11986541 | &nbsp;&nbsp;&nbsp;&nbsp;$87206544 | &nbsp;&nbsp;&nbsp;&nbsp; 9901978 | &nbsp;&nbsp;&nbsp;&nbsp;$71972831 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 2634510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19180368 | &nbsp;&nbsp;&nbsp;&nbsp; 3425989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24875205 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17214105) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (125070616) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26507966) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (192694827) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(2593054)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(18683704)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(13179999)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(95846791)** |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 685688 | &nbsp;&nbsp;&nbsp;&nbsp;$4995383 | &nbsp;&nbsp;&nbsp;&nbsp; 530702 | &nbsp;&nbsp;&nbsp;&nbsp;$3874206 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 201776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1470809 | &nbsp;&nbsp;&nbsp;&nbsp; 302888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2202668 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1849858) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13439754) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2489141) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18105785) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(962394)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(6973562)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(1655551)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(12028911)** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;140436579 | &nbsp;&nbsp;&nbsp;&nbsp;$1019543403 | &nbsp;&nbsp;&nbsp;&nbsp;145761147 | &nbsp;&nbsp;&nbsp;&nbsp;$1058858769 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 14937995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108667053 | &nbsp;&nbsp;&nbsp;&nbsp; 17232712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 124989941 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(130713167) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (948071732) | &nbsp;&nbsp;&nbsp;&nbsp;(217484893) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1578432560) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp; **24661407** | &nbsp;&nbsp;&nbsp;&nbsp;**$180138724** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(54491034)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(394583850)** |

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8 Financial Instruments

The Fund may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include futures contracts, swaptions and swap contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Fund has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at October 31, 2025 is included in the Portfolio of Investments. At October 31, 2025, the Fund had sufficient cash and/or securities to cover commitments under these contracts.

The Fund is subject to interest rate risk in the normal course of pursuing its investment objective. Because the Fund holds fixed-rate bonds, the value of these bonds may decrease if interest rates rise. The Fund utilizes futures contracts and interest rate swaps and swaptions to enhance total return, to change the overall duration of the Fund and/or to hedge against fluctuations in securities prices due to changes in interest rates.

The Fund enters into over-the-counter (OTC) derivatives that may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in the Fund's net assets below a certain level over a certain period of time, which would trigger a payment by the Fund for those derivatives in a liability position. At October 31, 2025, the Fund had no open derivatives with credit-related contingent features in a net liability position.

The OTC derivatives in which the Fund invests (except for written swaptions as the Fund, not the counterparty, is obligated to perform) are subject to the risk that the counterparty to the contract fails to perform its obligations under the contract. To mitigate this risk, the Fund has entered into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with substantially all its derivative counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, set-off provisions in the event of a default and/or termination event as defined under the relevant ISDA Master Agreement. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a

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[**Table of Contents**](#JOB_EV_AR_90c2488c-ccbc-4ae9-a21a-8ddc941f52b1_TOC)

Eaton Vance

Short Duration Government Income Fund

October 31, 2025

Notes to Financial Statements — continued

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particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy or insolvency. Certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event the Fund's net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA Master Agreements, which would cause the counterparty to accelerate payment by the Fund of any net liability owed to it.

The collateral requirements for derivatives traded under an ISDA Master Agreement are governed by a Credit Support Annex to the ISDA Master Agreement. Collateral requirements are determined at the close of business each day and are typically based on changes in market values for each transaction under an ISDA Master Agreement and netted into one amount for such agreement. Generally, the amount of collateral due from or to a counterparty is subject to a minimum transfer threshold amount before a transfer is required, which may vary by counterparty. Collateral pledged for the benefit of the Fund and/or counterparty is held in segregated accounts by the Fund's custodian and cannot be sold, re-pledged, assigned or otherwise used while pledged. The portion of such collateral representing cash, if any, is reflected as deposits for derivatives collateral and, in the case of cash pledged by a counterparty for the benefit of the Fund, a corresponding liability on the Statement of Assets and Liabilities. Securities pledged by the Fund as collateral, if any, are identified as such in the Portfolio of Investments.

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 October 31, 2025 was as follows:

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;&nbsp;&nbsp;**Fair Value** |
| **Derivative** | &nbsp;&nbsp;&nbsp;&nbsp;**Asset Derivative** | &nbsp;&nbsp;&nbsp;&nbsp;**Liability Derivative** |
| Purchased swaptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$691500<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$— |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3034349)<sup>(2)</sup> |
| Swap contracts (centrally cleared) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44784280<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp;**$45475780** | &nbsp;&nbsp;&nbsp;&nbsp;**$(3034349)** |
| **Derivatives not subject to master netting or similar agreements** | &nbsp;&nbsp;&nbsp;&nbsp;**$44784280** | &nbsp;&nbsp;&nbsp;&nbsp;**$(3034349)** |
| **Total Derivatives subject to master netting or similar agreements** | &nbsp;&nbsp;&nbsp;&nbsp;**$691500** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** |

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<sup>(1)</sup> Statement of Assets and Liabilities location: Unaffiliated investments, at value.

<sup>(2)</sup> Only the current day's variation margin on open futures contracts and centrally cleared swap contracts is reported within the Statement of Assets and Liabilities as Receivable or Payable for variation margin on open futures contracts and centrally cleared swap contracts, as applicable.

The Fund's derivative assets at fair value by type, which are reported gross in the Statement of Assets and Liabilities, are presented in the table above. The following table presents the Fund's derivative assets by counterparty, net of amounts available for offset under a master netting agreement and net of the related collateral received by the Fund for such assets as of October 31, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | &nbsp;&nbsp;&nbsp;**Derivative<br> Assets Subject to<br> Master Netting<br> Agreement** | &nbsp;&nbsp;&nbsp;**Derivatives<br> Available<br> for Offset** | &nbsp;&nbsp;&nbsp;**Non-cash<br> Collateral<br> Received<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;**Cash<br> Collateral<br> Received<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;**Net Amount<br> of Derivative<br> Assets<sup>(b)</sup>** |
| JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp;$691500 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$(292000) | &nbsp;&nbsp;&nbsp;$399500 |

---

<sup>(a)</sup> In some instances, the total collateral received and/or pledged may be more than the amount shown due to overcollateralization.

<sup>(b)</sup> Net amount represents the net amount due from the counterparty in the event of default.

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[**Table of Contents**](#JOB_EV_AR_90c2488c-ccbc-4ae9-a21a-8ddc941f52b1_TOC)

Eaton Vance

Short Duration Government Income Fund

October 31, 2025

Notes to Financial Statements — continued

------

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is interest rate risk for the year ended October 31, 2025 was as follows:

---

| | | |
|:---|:---|:---|
| **Derivative** | &nbsp;&nbsp;&nbsp;&nbsp;**Realized Gain (Loss)<br> on Derivatives Recognized<br> in Income** | &nbsp;&nbsp;&nbsp;&nbsp;**Change in Unrealized<br> Appreciation (Depreciation) on<br> Derivatives Recognized in Income** |
| Purchased swaptions | &nbsp;&nbsp;&nbsp;&nbsp;$(918605)<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$52040<sup>(2)</sup> |
| Written swaptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(989767)<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8328354)<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(730053)<sup>(5)</sup> |
| Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92408361<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74385450)<sup>(7)</sup> |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp;**$82171635** | &nbsp;&nbsp;&nbsp;&nbsp;**$(75063463)** |

---

<sup>(1)</sup> Statement of Operations location: Net realized gain (loss): Investment transactions.

<sup>(2)</sup> Statement of Operations location: Change in unrealized appreciation (depreciation): Investments.

<sup>(3)</sup> Statement of Operations location: Net realized gain (loss): Written swaptions.

<sup>(4)</sup> Statement of Operations location: Net realized gain (loss): Futures contracts.

<sup>(5)</sup> Statement of Operations location: Change in unrealized appreciation (depreciation): Futures contracts.

<sup>(6)</sup> Statement of Operations location: Net realized gain (loss): Swap contracts.

<sup>(7)</sup> Statement of Operations location: Change in unrealized appreciation (depreciation): Swap contracts.

The average notional cost of futures contracts and average notional amounts of other derivative contracts outstanding during the year ended October 31, 2025, which are indicative of the volume of these derivative types, were approximately as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures<br> Contracts — Long** | &nbsp;&nbsp;&nbsp;&nbsp;**Futures<br> Contracts — Short** | &nbsp;&nbsp;&nbsp;&nbsp;**Purchased<br> Swaptions** | &nbsp;&nbsp;&nbsp;&nbsp;**Written<br> Swaptions** | &nbsp;&nbsp;&nbsp;&nbsp;**Swap<br> Contracts** |
| $349009000 | &nbsp;&nbsp;&nbsp;&nbsp;$242583000 | &nbsp;&nbsp;&nbsp;&nbsp;$103846000 | &nbsp;&nbsp;&nbsp;&nbsp;$7692000 | &nbsp;&nbsp;&nbsp;&nbsp;$300400000 |

---

9 Line of Credit

The Fund participates with other portfolios and funds managed by BMR and its affiliates in a $650 million unsecured revolving line of credit agreement with a group of banks, which is in effect through October 20, 2026. Borrowings are made by the Fund solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Fund based on its borrowings generally at an amount above either the Secured Overnight Financing Rate (SOFR) or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. In connection with the renewal of the agreement in October 2025, an arrangement fee of $150,000 was incurred that was allocated to the participating portfolios and funds. Because the line of credit is not available exclusively to the Fund, it may be unable to borrow some or all of its requested amounts at any particular time. The Fund did not have any significant borrowings or allocated fees during the year ended October 31, 2025.

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[**Table of Contents**](#JOB_EV_AR_90c2488c-ccbc-4ae9-a21a-8ddc941f52b1_TOC)

Eaton Vance

Short Duration Government Income Fund

October 31, 2025

Notes to Financial Statements — continued

------

10 Reverse Repurchase Agreements

Reverse repurchase agreements outstanding as of October 31, 2025 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | &nbsp;&nbsp;&nbsp;&nbsp;**Trade<br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Interest<br> Rate Paid<br> (Received)** | **Principal<br> Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value<br> Including<br> Accrued<br> Interest** |
| Bank of Montreal | &nbsp;&nbsp;&nbsp;&nbsp;10/30/25 | &nbsp;&nbsp;&nbsp;&nbsp;11/10/25 | &nbsp;&nbsp;&nbsp;&nbsp;4.28% | $18169969 | &nbsp;&nbsp;&nbsp;&nbsp;$18172129 |
| Bank of Montreal | &nbsp;&nbsp;&nbsp;&nbsp;10/30/25 | &nbsp;&nbsp;&nbsp;&nbsp;On Demand<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.28 | 25437956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25440981 |
| MUFG Securities Americas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10/30/25 | &nbsp;&nbsp;&nbsp;&nbsp;On Demand<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.25 | 41562808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41567714 |
| **Total** |  |  |  | $**85170733** | &nbsp;&nbsp;&nbsp;&nbsp;**$85180824** |

---

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

At October 31, 2025, the type of securities pledged as collateral for all open reverse repurchase agreements was Collateralized Mortgage Obligations.

The Fund also pledged cash of $1,250,000 to MUFG Securities Americas, Inc. and $3,170,000 to Bank of Montreal as additional collateral for its reverse repurchase obligations.

For the year ended October 31, 2025, the average borrowings under settled reverse repurchase agreements and the average interest rate paid were approximately $28,370,000 and 4.67%, respectively. 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 October 31, 2025. If measured at fair value, borrowings under the reverse repurchase agreements would have been considered as Level 2 in the fair value hierarchy (see Note 12) at October 31, 2025.

Reverse repurchase agreements entered into by the Fund are subject to Master Repurchase Agreements (MRA), which permit the Fund, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from the Fund.

The following table presents the Fund's reverse repurchase agreements net of amounts available for offset under an MRA and net of the related collateral pledged by the Fund as of October 31, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | &nbsp;&nbsp;&nbsp;&nbsp;**Reverse<br> Repurchase<br> Agreements\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Assets<br> Available for<br> Offset** | &nbsp;&nbsp;&nbsp;&nbsp;**Securities<br> Collateral<br> Pledged<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Cash<br> Collateral<br> Pledged<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Net<br> Amount<sup>(b)</sup>** |
| Bank of Montreal | &nbsp;&nbsp;&nbsp;&nbsp;$(43613110) | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$43613110 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— |
| MUFG Securities Americas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41567714) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41567714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**$(85180824)** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$85180824** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** |

---

\* Including accrued interest.

<sup>(a)</sup> In some instances, the total collateral pledged may be more than the amount shown due to overcollateralization.

<sup>(b)</sup> Net amount represents the net amount payable to the counterparty in the event of default.

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[**Table of Contents**](#JOB_EV_AR_90c2488c-ccbc-4ae9-a21a-8ddc941f52b1_TOC)

Eaton Vance

Short Duration Government Income Fund

October 31, 2025

Notes to Financial Statements — continued

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11 Affiliated Investments

At October 31, 2025, the value of the Fund's investment in funds that may be deemed to be affiliated was $44,144,647, which represents 1.6% of the Fund's net assets. Transactions in such investments by the Fund for the year ended October 31, 2025 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Value,<br> beginning<br> of period** | **Purchases** | **Sales<br> proceeds** | **Net realized<br> gain (loss)** | **Change in<br> unrealized<br> appreciation<br> (depreciation)** | **Value, end<br> of period** | **Dividend<br> income** | **Shares,<br> end of period** |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| Liquidity Fund | $12523153 | $1523318844 | $(1491697350) | $— | $— | $44144647 | $2295746 | 44144647 |

---

12 Fair Value Measurements

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 October 31, 2025, the hierarchy of inputs used in valuing the Fund's investments and open derivative instruments, which are carried at fair value, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$1735926254 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$1735926254 |
| Government National Mortgage Association Participation Agreements | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107615308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107615308 |
| U.S. Department of Agriculture Loans | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58735717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58735717 |
| U.S. Government Agency Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15886858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15886858 |
| U.S. Government Agency Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1975377027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1975377027 |
| U.S. Government Guaranteed Small Business Administration Pools & Loans | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26802839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26802839 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;44144647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44144647 |
| Purchased Interest Rate Swaptions | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 691500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 691500 |
| **Total Investments** | &nbsp;&nbsp;**$44144647** | &nbsp;&nbsp;&nbsp;&nbsp;**$3921035503** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$3965180150** |
| Swap Contracts | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$44784280 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$44784280 |
| **Total** | &nbsp;&nbsp;**$44144647** | &nbsp;&nbsp;&nbsp;&nbsp;**$3965819783** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$4009964430** |
| **Liability Description** |  |  |  |  |
| TBA Sale Commitments | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(254337199) | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(254337199) |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3034349) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3034349) |
| **Total** | &nbsp;&nbsp;**$(3034349)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(254337199)** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$(257371548)** |

---

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[**Table of Contents**](#JOB_EV_AR_90c2488c-ccbc-4ae9-a21a-8ddc941f52b1_TOC)

Eaton Vance

Short Duration Government Income Fund

October 31, 2025

Report of Independent Registered Public Accounting Firm

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To the Trustees of Eaton Vance Mutual Funds Trust and Shareholders of Eaton Vance Short Duration Government Income Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Eaton Vance Short Duration Government Income Fund (the "Fund"), one of the funds constituting Eaton Vance Mutual Funds Trust, including the portfolio of investments, as of October 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 22, 2025

We have served as the auditor of one or more Eaton Vance investment companies since 1959.

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[**Table of Contents**](#JOB_EV_AR_90c2488c-ccbc-4ae9-a21a-8ddc941f52b1_TOC)

Eaton Vance

Short Duration Government Income Fund

October 31, 2025

Federal Tax Information (Unaudited)

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The Form 1099-DIV you receive in February 2026 will show the tax status of all distributions paid to your account in calendar year 2025. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of 163(j) interest dividends.

**163(j) Interest Dividends. For the fiscal year ended October 31, 2025, the Fund designates 95.65% of distributions from net investment income as a 163(j) interest dividend.**

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[**Table of Contents**](#JOB_EV_AR_90c2488c-ccbc-4ae9-a21a-8ddc941f52b1_TOC)

Eaton Vance

Short Duration Government Income Fund

October 31, 2025

Board of Trustees' Contract Approval

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Overview of the Contract Review Process

The Investment Company Act of 1940, as amended (the "1940 Act"), provides, in substance, that the investment advisory agreement between a fund and its investment adviser will continue in effect from year-to-year only if its continuation is approved on an annual basis by a vote of the fund's board of trustees, including a majority of the trustees who are not "interested persons" of the fund ("independent trustees"), cast in person at a meeting called for the purpose of considering such approval.

At a meeting held on June 12, 2025, the Boards of Trustees/Directors (collectively, the "Board") that oversee the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the "Eaton Vance Funds"), including a majority of the independent trustees (the "Independent Trustees"), voted to approve the continuation of existing investment advisory agreements and sub-advisory agreements<sup>1</sup> for each of the Eaton Vance Funds for an additional one-year period. The Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee comprised of all of the Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of meetings held between April and June 2025, as well as certain additional information provided in response to specific requests from the Independent Trustees as members of the Contract Review Committee. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee's annual evaluation of the investment advisory agreements and sub-advisory agreements.

In connection with its evaluation of the investment advisory agreements and sub-advisory agreements, the Board (directly or through one or more of its committees) considered various information relating to the Eaton Vance Funds. This included information applicable to all or groups of the Eaton Vance Funds, which is referenced immediately below, and information applicable to the particular Eaton Vance Fund covered by this report (each Eaton Vance Fund is referred to below as a "fund"). (For funds that invest through one or more underlying portfolios, references to "each fund" in this section may include information that was considered at the portfolio-level.)

*Information about Fees, Performance and Expenses*

• A report from an independent data provider comparing advisory and other fees paid by each fund to such fees paid by comparable funds, as identified by the independent data provider ("comparable funds");

• A report from an independent data provider comparing each fund's total expense ratio (and its components) to those of comparable funds;

• A report from an independent data provider comparing the investment performance of each fund to the investment performance of comparable funds and, as applicable, benchmark indices, over various time periods;

• In certain instances, data regarding investment performance relative to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board (a committee exclusively comprised of Independent Trustees);

• Comparative information concerning the fees charged and services provided by the adviser and sub-adviser to each fund in managing other accounts (which may include other funds, collective investment trusts and institutional accounts) with the same or substantially similar investment objective as the fund and with a significant overlap in holdings based on criteria set by the Board, if any;

• Profitability analyses on a fund-by-fund basis for the adviser and its affiliates and for each sub-adviser not affiliated with the adviser;

*Information about Portfolio Management and Trading*

• Descriptions of the investment management services provided to each fund, as well as each of the funds' investment strategies and policies;

• The procedures and processes used by the adviser to determine the value of fund assets, including, when necessary, the determination of "fair value" by the adviser in its role as each fund's valuation designee and actions taken to monitor and test the effectiveness of such procedures and processes;

• Information about the policies and practices of each fund's adviser and sub-adviser with respect to trading, including their processes for seeking best execution of portfolio transactions;

• Information about the allocation of brokerage transactions and the benefits, if any, received by the adviser and sub-adviser to each fund as a result of brokerage allocation, including, as applicable, information concerning the acquisition of research through client commission arrangements and policies with respect to "soft dollars";

• Data relating to the portfolio turnover rate of each fund and related information regarding active management in the context of particular strategies;

*Information about each Adviser and Sub-Adviser*

• Reports regarding the financial results and condition of the adviser and certain of its affiliates and of each sub-adviser not affiliated with the adviser;

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;Not all Eaton Vance Funds have entered into a sub-advisory agreement with a sub-adviser. Accordingly, references to "sub-adviser" or "sub-advisory agreement" in this "Overview" section may not be applicable to the particular Eaton Vance Fund covered by this report. Eaton Vance Management and Boston Management and Research are referred to collectively as the "adviser."

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[**Table of Contents**](#JOB_EV_AR_90c2488c-ccbc-4ae9-a21a-8ddc941f52b1_TOC)

Eaton Vance

Short Duration Government Income Fund

October 31, 2025

Board of Trustees' Contract Approval — continued

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• Information regarding the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and, for portfolio managers and certain other investment professionals, information relating to their responsibilities with respect to managing other funds and investment accounts, as applicable;

• Information regarding the adviser's and its parent company's (Morgan Stanley's) efforts to retain and attract talented investment professionals, including in the context of a competitive marketplace for talent;

• Information regarding the adviser's compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals' investments in the fund(s) they manage;

• The personal trading codes of ethics of the adviser and its affiliates and the sub-adviser of each fund, together with information relating to compliance with, and the administration of, such codes;

• Policies and procedures relating to proxy voting, including regular reporting with respect to fund proxy voting activities;

• Information regarding the handling of corporate actions and class actions, as well as information regarding litigation and other regulatory matters;

• Information concerning the resources devoted to compliance efforts undertaken by the adviser and its affiliates and the sub-adviser of each fund, including descriptions of their various compliance programs and their record of compliance and remediation;

• Information concerning the business continuity and disaster recovery plans of the adviser and its affiliates and the sub-adviser of each fund;

• A description of the adviser's oversight of sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters, if any;

*Other Relevant Information*

• Information regarding ongoing initiatives to further integrate and harmonize, where applicable, the investment management and other departments of the adviser and its affiliates with the overall investment management infrastructure of Morgan Stanley, in light of Morgan Stanley's acquisition of Eaton Vance Corp. on March 1, 2021;

• Information concerning the nature, cost, and character of the administrative and other non-investment advisory services provided by the adviser and its affiliates;

• Information concerning oversight of the relationship with the custodian, subcustodians, fund accountants, and other third-party service providers by the adviser and/or administrator to each of the funds;

• Information concerning efforts to maintain policies and procedures with respect to various regulations applicable to the funds, including, without limitation, Rule 22e-4 (the Liquidity Risk Management Rule), Rule 12d1-4 (the Fund-of-Funds Rule), Rule 18f-4 (the Derivatives Rule), and Rule 2a-5 (the Fair Valuation Rule);

• For the Eaton Vance Fund structured as an interval fund, information regarding the interval fund's periodic repurchase offers under Rule 23c-3 and related policies and procedures;

• For each Eaton Vance Fund structured as an exchange-listed closed-end fund, information concerning the benefits of the closed-end fund structure, as well as, where relevant, the closed-end fund's market prices (including as compared to the closed-end fund's net asset value (NAV)), trading volume data, continued use of auction preferred shares (where applicable), distribution rates, and other relevant matters;

• The risks that the adviser and/or its affiliates incur in connection with the management and operation of the funds, including, among others, litigation, regulatory, entrepreneurial, data privacy and cybersecurity, and other business risks (and the associated costs of such risks, if any); and

• The terms of each investment advisory agreement and sub-advisory agreement.

During the various meetings of the Board and its committees over the course of the year leading up to the June 12, 2025 meeting, the Board and its committees received information from portfolio managers and other investment professionals of the adviser and sub-advisers of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds' investment objectives. The Board and its committees also received information regarding risk management techniques employed in connection with the management of the funds. The Board and its committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance, and other issues with respect to the funds, and received and participated in reports and presentations provided by the adviser, sub-advisers, and certain other service providers, with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees met in executive sessions and held regular video or telephone conferences to discuss, among other topics, matters relating to the continuation of investment advisory agreements and sub-advisory agreements.

Each of the Contract Review Committee and the Board was advised throughout the contract review process by Kirkland & Ellis LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee and the members of the Board, with the advice of such counsel, exercised their own business judgment in determining the material factors to be considered in evaluating each investment advisory agreement and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory agreement and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee and Board may have placed varying emphasis on particular factors in reaching conclusions with respect to each investment advisory agreement and sub-advisory agreement. In evaluating each investment advisory agreement and sub-advisory agreement, including the fee structures and other terms contained in such agreements, the members of the Contract Review Committee and Board were also informed by multiple years of analysis and discussion with the adviser and sub-adviser to each of the Eaton Vance Funds.

------

[**Table of Contents**](#JOB_EV_AR_90c2488c-ccbc-4ae9-a21a-8ddc941f52b1_TOC)

Eaton Vance

Short Duration Government Income Fund

October 31, 2025

Board of Trustees' Contract Approval — continued

------

Results of the Contract Review Process

Based on its consideration of the foregoing, and such other information it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory and administrative agreement between Eaton Vance Short Duration Government Income Fund (the "Fund") and Boston Management and Research (the "Adviser"), including its fee structure, is in the interests of shareholders and, therefore, recommended to the Board approval of the agreement. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory and administrative agreement for the Fund.

*Nature, Extent and Quality of Services*

In considering whether to approve the investment advisory agreement for the Fund, the Board evaluated the nature, extent and quality of services provided to the Fund by the Adviser.

The Board considered the Adviser's management capabilities and investment processes in light of the types of investments held by the Fund, including the education and experience of the investment professionals who provide services to the Fund. In particular, the Board considered the abilities and experience of the Adviser's investment professionals in analyzing special considerations relevant to investing in investment grade and other income securities, including in investing in securities issued, backed or otherwise guaranteed by the U.S. government. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of the Adviser and other factors, including the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Fund, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Fund, including the provision of administrative services. The Board also considered the business-related and other risks to which the Adviser or its affiliates may be subject in managing the Fund.

The Board considered the compliance programs of the Adviser and relevant affiliates thereof. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, compliance with policies and procedures, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered relevant examinations of the Adviser and its affiliates by regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

The Board considered other administrative services provided or overseen by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by the Adviser, taken as a whole, are appropriate and consistent with the terms of the investment advisory agreement.

*Fund Performance*

The Board compared the Fund's investment performance to that of comparable funds identified by an independent data provider (the peer group), as well as appropriate benchmark indices. The Board's review included comparative performance data with respect to the Fund for the one-, three-, five- and ten-year periods ended December 31, 2024. In this regard, the Board noted that the performance of the Fund was higher than the median performance of the Fund's peer group for the three-year period. The Board also noted that the performance of the Fund was higher than its primary performance benchmark index and lower than its secondary benchmark index for the three-year period. The Board concluded that the performance of the Fund was satisfactory.

*Management Fees and Expenses*

The Board considered contractual fee rates payable by the Fund for advisory and administrative services (referred to collectively as "management fees"). As part of its review, the Board considered the Fund's management fees and total expense ratio for the one-year period ended December 31, 2024, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered certain factors identified by management in response to inquiries from the Contract Review Committee regarding the Fund's total expense ratio relative to comparable funds.

After considering the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.

*Profitability and "Fall-Out" Benefits*

The Board considered the level of profits realized by the Adviser and relevant affiliates thereof in providing investment advisory and administrative services to the Fund and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by the Adviser and its affiliates to third parties in respect of distribution or other services.

------

[**Table of Contents**](#JOB_EV_AR_90c2488c-ccbc-4ae9-a21a-8ddc941f52b1_TOC)

Eaton Vance

Short Duration Government Income Fund

October 31, 2025

Board of Trustees' Contract Approval — continued

------

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates are not excessive.

The Board also considered direct or indirect fall-out benefits received by the Adviser and its affiliates in connection with their respective relationships with the Fund, including the benefits of research services that may be available to the Adviser as a result of securities transactions effected for the Fund and other investment advisory clients.

*Economies of Scale*

In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. To assist in the evaluation of the sharing of any economies of scale, the Board received data for recent years showing asset levels, Adviser profitability and total expense ratios. Based upon the foregoing, the Board concluded that the Fund currently shares in the benefits from economies of scale, if any, when they are realized by the Adviser. The Board also concluded that the structure of the advisory fee, which includes breakpoints at several asset levels, will allow the Fund to continue to benefit from any economies of scale in the future.

------

[**Table of Contents**](#JOB_EV_AR_90c2488c-ccbc-4ae9-a21a-8ddc941f52b1_TOC)

EALDX-NCSR&nbsp;&nbsp;&nbsp;&nbsp;10.31.25

------

## Eaton Vance

## Global Macro Absolute Return Advantage Fund

## Annual Financial Statements and Additional Information
October 31, 2025

------

![](g35982imgcc165ca411.gif)

------

**This report must be preceded or accompanied by a current summary prospectus or prospectus. Before investing, investors should consider carefully the investment objective, risks, and charges and expenses of a mutual fund. This and other important information is contained in the prospectus and/or statement of additional information, which can be obtained by calling 1-800-262-1122 or from a financial intermediary. Prospective investors should read the prospectus carefully before investing.**

------

#### Annual Financial Statements and Additional Information October 31, 2025
Eaton Vance

Global Macro Absolute Return Advantage Fund

---

| | |
|:---|:---|
| **[**Table of Contents**](#xx_9c0124b5-ac17-45a0-9d35-12aba3bd7ea4_1)** |  |
| [Item 7 of Form N-CSR:](#xx_f585519e-712b-45df-b3ce-f7c652060689_1) | [Item 7 of Form N-CSR:](#xx_f585519e-712b-45df-b3ce-f7c652060689_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#xx_f585519e-712b-45df-b3ce-f7c652060689_1) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#xx_f585519e-712b-45df-b3ce-f7c652060689_3) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx_f585519e-712b-45df-b3ce-f7c652060689_4) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx_3f0ae3ec-764e-45b1-8dc8-5ffd12faed96_1) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx_23929c8b-c10e-4015-9f62-50ae43197543_1) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#xx_d5e75a19-0353-412e-b2f8-d9c2a5fa274c_1) | 15 |
| [Federal Tax Information](#xx_b65bebbc-80af-4c69-827e-296114192fb8_1) | 16 |
| [Global Macro Absolute Return Advantage Portfolio](#xx_f3ffe72d-27fc-4f3f-9fe7-6021bd5988ba_1) | [Global Macro Absolute Return Advantage Portfolio](#xx_f3ffe72d-27fc-4f3f-9fe7-6021bd5988ba_1) |
| [Items 6 and 7 of Form N-CSR:](#xx_f3ffe72d-27fc-4f3f-9fe7-6021bd5988ba_1) | [Items 6 and 7 of Form N-CSR:](#xx_f3ffe72d-27fc-4f3f-9fe7-6021bd5988ba_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Portfolio of Investments](#xx_f3ffe72d-27fc-4f3f-9fe7-6021bd5988ba_1) | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Statements](#xx_3d4d8843-b704-47c3-a4de-b29af534c00a_1) | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#xx_2c3ffb1a-98f9-4af1-b104-75c90da745b8_1) | 70 |
| Item 11 of Form N-CSR: | Item 11 of Form N-CSR: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Board of Trustees' Contract Approval](#xx_0d1b87c0-0d5c-41b2-bc22-63095b725165_1) | 71 |

---

Items 8 and 9 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7.

------

[**Table of Contents**](#JOB_EV_AR_231c4145-125b-48d0-80d1-bb6e9d068795_TOC)

Eaton Vance

Global Macro Absolute Return Advantage Fund

October 31, 2025

Statement of Assets and Liabilities

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**October 31, 2025** |
| Assets |  |
| Investment in Global Macro Absolute Return Advantage Portfolio, at value (identified cost $3,224,115,789) | &nbsp;&nbsp;$3434228612 |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5777548 |
| Receivable from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416579 |
| **Total assets** | &nbsp;&nbsp;**$3440422739** |
| Liabilities |  |
| Payable for Fund shares redeemed | &nbsp;&nbsp;$1457737 |
| Payable to affiliates: |  |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129448 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agency fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12052 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 |
| Payable for transfer and dividend disbursing agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311753 |
| Payable for printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189571 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130155 |
| **Total liabilities** | &nbsp;&nbsp;**$2230759** |
| **Net Assets** | &nbsp;&nbsp;**$3438191980** |
| Sources of Net Assets |  |
| Paid-in capital | &nbsp;&nbsp;$3359882151 |
| Distributable earnings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78309829 |
| **Net Assets** | &nbsp;&nbsp;**$3438191980** |
| Class A Shares |  |
| **Net Assets** | &nbsp;&nbsp;$574495456 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48622111 |
| **Net Asset Value and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$11.82 |
| **Maximum Offering Price Per Share <br> (100 ÷ 96.75 of net asset value per share)** | &nbsp;&nbsp;$12.22 |
| Class C Shares |  |
| **Net Assets** | &nbsp;&nbsp;$12877472 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1119365 |
| **Net Asset Value and Offering Price Per Share\*<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$11.50 |
| Class I Shares |  |
| **Net Assets** | &nbsp;&nbsp;$2019463637 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168009417 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$12.02 |
| Class R Shares |  |
| **Net Assets** | &nbsp;&nbsp;$1407789 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120993 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$11.64 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_231c4145-125b-48d0-80d1-bb6e9d068795_TOC)

Eaton Vance

Global Macro Absolute Return Advantage Fund

October 31, 2025

Statement of Assets and Liabilities — continued

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**October 31, 2025** |
| Class R6 Shares |  |
| **Net Assets** | &nbsp;&nbsp;$829947626 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69198490 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$11.99 |

---

---

| | |
|:---|:---|
| On sales of $100,000 or more, the offering price of Class A shares is reduced. | On sales of $100,000 or more, the offering price of Class A shares is reduced. |
| \* | Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge. |

---

*2*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_231c4145-125b-48d0-80d1-bb6e9d068795_TOC)

Eaton Vance

Global Macro Absolute Return Advantage Fund

October 31, 2025

Statement of Operations

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended** |
|  | &nbsp;&nbsp;&nbsp;**October 31, 2025** |
| Investment Income |  |
| Dividend income allocated from Portfolio (net of foreign taxes withheld of $560,916) | &nbsp;&nbsp;$15532458 |
| Interest income allocated from Portfolio (net of foreign taxes withheld of $8,065,126) | &nbsp;&nbsp;&nbsp;&nbsp;227310225 |
| Other income allocated from Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865284 |
| Expenses, excluding interest and dividend expense, allocated from Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25022361) |
| Interest and dividend expense allocated from Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29061734) |
| Waiver and/or reimbursement of expenses by affiliates allocated from Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139212 |
| **Total investment income from Portfolio** | &nbsp;&nbsp;**$189763084** |
| Expenses |  |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$998479 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91312 |
| &nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6756 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63441 |
| Transfer and dividend disbursing agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1548223 |
| Legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153065 |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230738 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212851 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52280 |
| **Total expenses** | &nbsp;&nbsp;**$3357645** |
| Deduct: |  |
| &nbsp;&nbsp;&nbsp;Waiver and/or reimbursement of expenses by affiliates | &nbsp;&nbsp;$1365144 |
| **Total expense reductions** | &nbsp;&nbsp;**$1365144** |
| **Net expenses** | &nbsp;&nbsp;**$1992501** |
| **Net investment income** | &nbsp;&nbsp;**$187770583** |
| Realized and Unrealized Gain (Loss) from Portfolio |  |
| Net realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;Investment transactions | &nbsp;&nbsp;$64014175 |
| &nbsp;&nbsp;&nbsp;Written options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1018741 |
| &nbsp;&nbsp;&nbsp;Securities sold short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1040326 |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12492674) |
| &nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6479230 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2403438) |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23350652) |
| &nbsp;&nbsp;&nbsp;Non-deliverable bond forward contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(219054) |
| **Net realized gain** | &nbsp;&nbsp;**$34086654** |
| Change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Investments (including net decrease in accrued foreign capital gains taxes of $18,937) | &nbsp;&nbsp;$225303841 |
| &nbsp;&nbsp;&nbsp;Written options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114740 |
| &nbsp;&nbsp;&nbsp;Securities sold short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13367195) |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;624245 |
| &nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2158295) |
| &nbsp;&nbsp;&nbsp;Foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570253 |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4879089 |
| &nbsp;&nbsp;&nbsp;Non-deliverable bond forward contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(558517) |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$215408161** |
| **Net realized and unrealized gain** | &nbsp;&nbsp;**$249494815** |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$437265398** |

---

*3*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_231c4145-125b-48d0-80d1-bb6e9d068795_TOC)

Eaton Vance

Global Macro Absolute Return Advantage Fund

October 31, 2025

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
|  | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$187770583 | &nbsp;&nbsp;$139549891 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34086654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80786099) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215408161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118656639 |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$437265398** | &nbsp;&nbsp;**$177420431** |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(18077532) | &nbsp;&nbsp;$(8221994) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(387043) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(175661) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57290735) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29881618) |
| &nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61788) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40321) |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44693036) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23171574) |
| **Total distributions to shareholders** | &nbsp;&nbsp;**$(120510134)** | &nbsp;&nbsp;**$(61491168)** |
| Transactions in shares of beneficial interest: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$233173438 | &nbsp;&nbsp;$13622715 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3904830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(946360) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;863164889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53311272 |
| &nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(400531) |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20693852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12535856 |
| **Net increase in net assets from Fund share transactions** | &nbsp;&nbsp;**$1121056598** | &nbsp;&nbsp;**$78122952** |
| **Net increase in net assets** | &nbsp;&nbsp;**$1437811862** | &nbsp;&nbsp;**$194052215** |
| Net Assets |  |  |
| At beginning of year | &nbsp;&nbsp;$2000380118 | &nbsp;&nbsp;$1806327903 |
| **At end of year** | &nbsp;&nbsp;**$3438191980** | &nbsp;&nbsp;**$2000380118** |

---

*4*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_231c4145-125b-48d0-80d1-bb6e9d068795_TOC)

Eaton Vance

Global Macro Absolute Return Advantage Fund

October 31, 2025

Financial Highlights

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$10.53 | &nbsp;&nbsp;$9.91 | &nbsp;&nbsp;$9.48 | &nbsp;&nbsp;$10.45 | &nbsp;&nbsp;$10.45 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.80 | &nbsp;&nbsp;$0.73 | &nbsp;&nbsp;$0.56 | &nbsp;&nbsp;$0.53 | &nbsp;&nbsp;$0.52 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$1.89** | &nbsp;&nbsp;**$0.93** | &nbsp;&nbsp;**$0.86** | &nbsp;&nbsp;**$(0.51)** | &nbsp;&nbsp;**$0.57** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.60) | &nbsp;&nbsp;$(0.31) | &nbsp;&nbsp;$(0.43) | &nbsp;&nbsp;$(0.46) | &nbsp;&nbsp;$(0.57) |
| **Total distributions** | &nbsp;&nbsp;**$(0.60)** | &nbsp;&nbsp;**$(0.31)** | &nbsp;&nbsp;**$(0.43)** | &nbsp;&nbsp;**$(0.46)** | &nbsp;&nbsp;**$(0.57)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$11.82** | &nbsp;&nbsp;**$10.53** | &nbsp;&nbsp;**$9.91** | &nbsp;&nbsp;**$9.48** | &nbsp;&nbsp;**$10.45** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.84%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.63%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.16%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(5.02)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.52%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$574495 | &nbsp;&nbsp;$289366 | &nbsp;&nbsp;$258776 | &nbsp;&nbsp;$151818 | &nbsp;&nbsp;$676641 |
| Ratios (as a percentage of average daily net assets):<sup>(3)(4)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57% |
| &nbsp;&nbsp;&nbsp;Net expenses<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.47%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.22%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.99%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.03% |
| Portfolio Turnover of the Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

<sup>(3)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(4)</sup> Includes the Fund's share of the Portfolio's allocated expenses.

<sup>(5)</sup> Includes interest and/or dividend expense, including on securities sold short and/or reverse repurchase agreements if applicable, of 1.17%, 0.92%, 0.67%, 0.16% and 0.11% of average daily net assets for the years ended October 31, 2025, 2024, 2023, 2022 and 2021, respectively.

<sup>(6)</sup> Includes a reduction by the investment adviser of a portion of the Portfolio's adviser fee due to the Portfolio's investment in the Liquidity Fund (equal to less than 0.01%, less than 0.01%, 0.01% and less than 0.005% of average daily net assets for the years ended October 31, 2025, 2024, 2023 and 2022, respectively).

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_231c4145-125b-48d0-80d1-bb6e9d068795_TOC)

Eaton Vance

Global Macro Absolute Return Advantage Fund

October 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$10.26 | &nbsp;&nbsp;$9.64 | &nbsp;&nbsp;$9.23 | &nbsp;&nbsp;$10.18 | &nbsp;&nbsp;$10.15 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.71 | &nbsp;&nbsp;$0.63 | &nbsp;&nbsp;$0.48 | &nbsp;&nbsp;$0.50 | &nbsp;&nbsp;$0.44 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$1.76** | &nbsp;&nbsp;**$0.84** | &nbsp;&nbsp;**$0.76** | &nbsp;&nbsp;**$(0.56)** | &nbsp;&nbsp;**$0.48** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.52) | &nbsp;&nbsp;$(0.22) | &nbsp;&nbsp;$(0.35) | &nbsp;&nbsp;$(0.39) | &nbsp;&nbsp;$(0.45) |
| **Total distributions** | &nbsp;&nbsp;**$(0.52)** | &nbsp;&nbsp;**$(0.22)** | &nbsp;&nbsp;**$(0.35)** | &nbsp;&nbsp;**$(0.39)** | &nbsp;&nbsp;**$(0.45)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$11.50** | &nbsp;&nbsp;**$10.26** | &nbsp;&nbsp;**$9.64** | &nbsp;&nbsp;**$9.23** | &nbsp;&nbsp;**$10.18** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.98%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.84%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.31%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(5.69)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.85%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$12877 | &nbsp;&nbsp;$7832 | &nbsp;&nbsp;$8278 | &nbsp;&nbsp;$10906 | &nbsp;&nbsp;$14020 |
| Ratios (as a percentage of average daily net assets):<sup>(3)(4)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.27% |
| &nbsp;&nbsp;&nbsp;Net expenses<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.22%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.97%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.71%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.21%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.33% |
| Portfolio Turnover of the Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

<sup>(3)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(4)</sup> Includes the Fund's share of the Portfolio's allocated expenses.

<sup>(5)</sup> Includes interest and/or dividend expense, including on securities sold short and/or reverse repurchase agreements if applicable, of 1.17%, 0.92%, 0.67%, 0.16% and 0.11% of average daily net assets for the years ended October 31, 2025, 2024, 2023, 2022 and 2021, respectively.

<sup>(6)</sup> Includes a reduction by the investment adviser of a portion of the Portfolio's adviser fee due to the Portfolio's investment in the Liquidity Fund (equal to less than 0.01%, less than 0.01%, 0.01% and less than 0.005% of average daily net assets for the years ended October 31, 2025, 2024, 2023 and 2022, respectively).

*6*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_231c4145-125b-48d0-80d1-bb6e9d068795_TOC)

Eaton Vance

Global Macro Absolute Return Advantage Fund

October 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$10.70 | &nbsp;&nbsp;$10.06 | &nbsp;&nbsp;$9.64 | &nbsp;&nbsp;$10.62 | &nbsp;&nbsp;$10.61 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.84 | &nbsp;&nbsp;$0.77 | &nbsp;&nbsp;$0.59 | &nbsp;&nbsp;$0.62 | &nbsp;&nbsp;$0.57 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$1.94** | &nbsp;&nbsp;**$0.98** | &nbsp;&nbsp;**$0.88** | &nbsp;&nbsp;**$(0.48)** | &nbsp;&nbsp;**$0.61** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.62) | &nbsp;&nbsp;$(0.34) | &nbsp;&nbsp;$(0.46) | &nbsp;&nbsp;$(0.50) | &nbsp;&nbsp;$(0.60) |
| **Total distributions** | &nbsp;&nbsp;**$(0.62)** | &nbsp;&nbsp;**$(0.34)** | &nbsp;&nbsp;**$(0.46)** | &nbsp;&nbsp;**$(0.50)** | &nbsp;&nbsp;**$(0.60)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$12.02** | &nbsp;&nbsp;**$10.70** | &nbsp;&nbsp;**$10.06** | &nbsp;&nbsp;**$9.64** | &nbsp;&nbsp;**$10.62** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.09%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.97%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.39%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4.79)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.93%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$2019464 | &nbsp;&nbsp;$980907 | &nbsp;&nbsp;$870694 | &nbsp;&nbsp;$803281 | &nbsp;&nbsp;$836706 |
| Ratios (as a percentage of average daily net assets):<sup>(3)(4)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27% |
| &nbsp;&nbsp;&nbsp;Net expenses<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.22%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.97%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35% |
| Portfolio Turnover of the Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

<sup>(3)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(4)</sup> Includes the Fund's share of the Portfolio's allocated expenses.

<sup>(5)</sup> Includes interest and/or dividend expense, including on securities sold short and/or reverse repurchase agreements if applicable, of 1.17%, 0.92%, 0.67%, 0.16% and 0.11% of average daily net assets for the years ended October 31, 2025, 2024, 2023, 2022 and 2021, respectively.

<sup>(6)</sup> Includes a reduction by the investment adviser of a portion of the Portfolio's adviser fee due to the Portfolio's investment in the Liquidity Fund (equal to less than 0.01%, less than 0.01%, 0.01% and less than 0.005% of average daily net assets for the years ended October 31, 2025, 2024, 2023 and 2022, respectively).

*7*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_231c4145-125b-48d0-80d1-bb6e9d068795_TOC)

Eaton Vance

Global Macro Absolute Return Advantage Fund

October 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class R** | &nbsp;&nbsp;&nbsp;**Class R** | &nbsp;&nbsp;&nbsp;**Class R** | &nbsp;&nbsp;&nbsp;**Class R** | &nbsp;&nbsp;&nbsp;**Class R** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$10.37 | &nbsp;&nbsp;$9.76 | &nbsp;&nbsp;$9.36 | &nbsp;&nbsp;$10.33 | &nbsp;&nbsp;$10.33 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.77 | &nbsp;&nbsp;$0.68 | &nbsp;&nbsp;$0.53 | &nbsp;&nbsp;$0.55 | &nbsp;&nbsp;$0.50 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;(1.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$1.83** | &nbsp;&nbsp;**$0.90** | &nbsp;&nbsp;**$0.81** | &nbsp;&nbsp;**$(0.52)** | &nbsp;&nbsp;**$0.55** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.56) | &nbsp;&nbsp;$(0.29) | &nbsp;&nbsp;$(0.41) | &nbsp;&nbsp;$(0.45) | &nbsp;&nbsp;$(0.55) |
| **Total distributions** | &nbsp;&nbsp;**$(0.56)** | &nbsp;&nbsp;**$(0.29)** | &nbsp;&nbsp;**$(0.41)** | &nbsp;&nbsp;**$(0.45)** | &nbsp;&nbsp;**$(0.55)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$11.64** | &nbsp;&nbsp;**$10.37** | &nbsp;&nbsp;**$9.76** | &nbsp;&nbsp;**$9.36** | &nbsp;&nbsp;**$10.33** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**18.53%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.41%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.91%** | &nbsp;&nbsp;&nbsp;&nbsp;**(5.29)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.36%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$1408 | &nbsp;&nbsp;$1121 | &nbsp;&nbsp;$1441 | &nbsp;&nbsp;$1340 | &nbsp;&nbsp;$1398 |
| Ratios (as a percentage of average daily net assets):<sup>(3)(4)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77% |
| &nbsp;&nbsp;&nbsp;Net expenses<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.72%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.47%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.21%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.82% |
| Portfolio Turnover of the Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

<sup>(3)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(4)</sup> Includes the Fund's share of the Portfolio's allocated expenses.

<sup>(5)</sup> Includes interest and/or dividend expense, including on securities sold short and/or reverse repurchase agreements if applicable, of 1.17%, 0.92%, 0.67%, 0.16% and 0.11% of average daily net assets for the years ended October 31, 2025, 2024, 2023, 2022 and 2021, respectively.

<sup>(6)</sup> Includes a reduction by the investment adviser of a portion of the Portfolio's adviser fee due to the Portfolio's investment in the Liquidity Fund (equal to less than 0.01%, less than 0.01%, 0.01% and less than 0.005% of average daily net assets for the years ended October 31, 2025, 2024, 2023 and 2022, respectively).

*8*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_231c4145-125b-48d0-80d1-bb6e9d068795_TOC)

Eaton Vance

Global Macro Absolute Return Advantage Fund

October 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;&nbsp;**Class R6** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$10.69 | &nbsp;&nbsp;$10.05 | &nbsp;&nbsp;$9.63 | &nbsp;&nbsp;$10.63 | &nbsp;&nbsp;$10.62 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.86 | &nbsp;&nbsp;$0.77 | &nbsp;&nbsp;$0.60 | &nbsp;&nbsp;$0.62 | &nbsp;&nbsp;$0.57 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$1.93** | &nbsp;&nbsp;**$0.99** | &nbsp;&nbsp;**$0.89** | &nbsp;&nbsp;**$(0.49)** | &nbsp;&nbsp;**$0.62** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.63) | &nbsp;&nbsp;$(0.35) | &nbsp;&nbsp;$(0.47) | &nbsp;&nbsp;$(0.51) | &nbsp;&nbsp;$(0.61) |
| **Total distributions** | &nbsp;&nbsp;**$(0.63)** | &nbsp;&nbsp;**$(0.35)** | &nbsp;&nbsp;**$(0.47)** | &nbsp;&nbsp;**$(0.51)** | &nbsp;&nbsp;**$(0.61)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$11.99** | &nbsp;&nbsp;**$10.69** | &nbsp;&nbsp;**$10.05** | &nbsp;&nbsp;**$9.63** | &nbsp;&nbsp;**$10.63** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.12%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.97%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.60%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4.84)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.94%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$829948 | &nbsp;&nbsp;$721154 | &nbsp;&nbsp;$667138 | &nbsp;&nbsp;$553393 | &nbsp;&nbsp;$637812 |
| Ratios (as a percentage of average daily net assets):<sup>(3)(4)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24% |
| &nbsp;&nbsp;&nbsp;Net expenses<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.94%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.68%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.36% |
| Portfolio Turnover of the Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

<sup>(3)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(4)</sup> Includes the Fund's share of the Portfolio's allocated expenses.

<sup>(5)</sup> Includes interest and/or dividend expense, including on securities sold short and/or reverse repurchase agreements if applicable, of 1.17%, 0.92%, 0.67%, 0.16% and 0.11% of average daily net assets for the years ended October 31, 2025, 2024, 2023, 2022 and 2021, respectively.

<sup>(6)</sup> Includes a reduction by the investment adviser of a portion of the Portfolio's adviser fee due to the Portfolio's investment in the Liquidity Fund (equal to less than 0.01%, less than 0.01%, 0.01% and less than 0.005% of average daily net assets for the years ended October 31, 2025, 2024, 2023 and 2022, respectively).

*9*

*See Notes to Financial Statements.*

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[**Table of Contents**](#JOB_EV_AR_231c4145-125b-48d0-80d1-bb6e9d068795_TOC)

Eaton Vance

Global Macro Absolute Return Advantage Fund

October 31, 2025

Notes to Financial Statements

------

1 Significant Accounting Policies

Eaton Vance Global Macro Absolute Return Advantage Fund (the Fund) is a non-diversified series of Eaton Vance Mutual Funds Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund offers five classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective November 5, 2020, Class C shares automatically convert to Class A shares eight years after their purchase as described in the Fund's prospectus. Class I, Class R and Class R6 shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses and net investment income and losses, other than class-specific expenses, are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Sub-accounting, recordkeeping and similar administrative fees payable to financial intermediaries, which are a component of transfer and dividend disbursing agent fees on the Statement of Operations, are not allocated to Class R6 shares. Each class of shares differs in its distribution plan and certain other class-specific expenses. The Fund invests its assets in interests in Global Macro Absolute Return Advantage Portfolio (the Portfolio), a Massachusetts business trust, having the same investment objective and policies as the Fund. The value of the Fund's investment in the Portfolio reflects the Fund's proportionate interest in the net assets of the Portfolio (59.0% at October 31, 2025). The performance of the Fund is directly affected by the performance of the Portfolio. The consolidated financial statements of the Portfolio, including the consolidated portfolio of investments, are included elsewhere in this report and should be read in conjunction with the Fund's financial statements.

The following is a summary of significant accounting policies of the Fund. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.

A Investment Valuation—Valuation of securities by the Portfolio is discussed in Note 1A of the Portfolio's Notes to Consolidated Financial Statements, which are included elsewhere in this report.

B Income—The Fund's net investment income or loss consists of the Fund's pro rata share of the net investment income or loss of the Portfolio, less all actual and accrued expenses of the Fund.

C Federal and Other Taxes—The Fund's policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary.

In addition to the requirements of the Internal Revenue Code, the Fund may also be required to recognize its pro rata share of the capital gains taxes incurred by the Portfolio. In doing so, the daily net asset value would reflect the Fund's pro rata share of the estimated reserve for such taxes incurred by the Portfolio.

As of October 31, 2025, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

D Expenses—The majority of expenses of the Trust are directly identifiable to an individual fund. Expenses which are not readily identifiable to a specific fund are allocated taking into consideration, among other things, the nature and type of expense and the relative size of the funds.

E Use of Estimates—The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

F Indemnifications— Under the Trust's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Trust) could be deemed to have personal liability for the obligations of the Trust. However, the Trust's Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and the By-laws provide that the Trust shall assume, upon request by the shareholder, the defense on behalf of any Fund shareholders. Moreover, the By-laws also provide for indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

G Other—Investment transactions are accounted for on a trade date basis.

H Segment Reporting—During this reporting period, the Fund adopted FASB Accounting Standards Update No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures* (ASU 2023-07), which requires incremental disclosures related to a public entity's reportable segments. The Fund operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. In connection

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[**Table of Contents**](#JOB_EV_AR_231c4145-125b-48d0-80d1-bb6e9d068795_TOC)

Eaton Vance

Global Macro Absolute Return Advantage Fund

October 31, 2025

Notes to Financial Statements — continued

------

with the adoption of ASU 2023-07, the Fund's President acts as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's financial statements.

2 Distributions to Shareholders and Income Tax Information

It is the present policy of the Fund to make at least one distribution annually (normally in December) of all or substantially all of its net investment income and to distribute annually all or substantially all of its net realized capital gains. Distributions to shareholders are recorded on the ex-dividend date. Distributions are declared separately for each class of shares. Shareholders may reinvest income and capital gain distributions in additional shares of the same class of the Fund at the net asset value as of the ex-dividend date or, at the election of the shareholder, receive distributions in cash. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

The tax character of distributions declared for the years ended October 31, 2025 and October 31, 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$120510134 | &nbsp;&nbsp;&nbsp;&nbsp;$61491168 |

---

During the year ended October 31, 2025, distributable earnings was decreased by $17,184,836 and paid-in capital was increased by $17,184,836 due to the Fund's use of equalization accounting. Tax equalization accounting allows the Fund to treat as a distribution that portion of redemption proceeds representing a redeeming shareholder's portion of undistributed taxable income and net capital gains. These reclassifications had no effect on the net assets or net asset value per share of the Fund.

As of October 31, 2025, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$187884374 |
| Deferred capital losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(204839513) |
| Net unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95264968 |
| **Distributable earnings** | &nbsp;&nbsp;&nbsp;&nbsp;**$78309829** |

---

At October 31, 2025, the Fund, for federal income tax purposes, had deferred capital losses of $204,839,513 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund's next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at October 31, 2025, $54,689,456 are short-term and $150,150,057 are long-term.

------

[**Table of Contents**](#JOB_EV_AR_231c4145-125b-48d0-80d1-bb6e9d068795_TOC)

Eaton Vance

Global Macro Absolute Return Advantage Fund

October 31, 2025

Notes to Financial Statements — continued

------

3 Investment Adviser and Administration Fee and Other Transactions with Affiliates

The investment adviser and administration fee is earned by Eaton Vance Management (EVM), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory and administrative services rendered to the Fund. The investment adviser and administration fee is computed at an annual rate as a percentage of the Fund's average daily net assets that are not invested in other investment companies for which EVM or its affiliates serve as investment adviser and receive an advisory fee as follows and is payable monthly:

---

| | |
|:---|:---|
| **Average Daily Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Annual Fee Rate** |
| Up to $500 million | &nbsp;&nbsp;&nbsp;&nbsp;1.000% |
| $500 million but less than $1 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.950% |
| $1 billion but less than $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.925% |
| $2.5 billion but less than $5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.900% |
| $5 billion and over | &nbsp;&nbsp;&nbsp;&nbsp;0.880% |

---

For the year ended October 31, 2025, the Fund incurred no investment adviser and administration fee on such assets. Pursuant to an investment sub-advisory agreement, EVM has delegated a portion of the investment management of the Fund to Morgan Stanley Investment Management Limited. (MSIM Ltd.), an affiliate of EVM and an indirect, wholly-owned subsidiary of Morgan Stanley. EVM pays MSIM Ltd. a portion of its investment adviser and administration fee for sub-advisory services provided to the Fund. To the extent the Fund's assets are invested in the Portfolio, the Fund is allocated its share of the Portfolio's investment adviser fee. The Portfolio has engaged Boston Management and Research (BMR) to render investment advisory services. See Note 2 of the Portfolio's Notes to Consolidated Financial Statements which are included elsewhere in this report.

EVM has agreed to reimburse the Fund's expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only and excluding such expenses as brokerage commissions, acquired fund fees and expenses of unaffiliated funds, borrowing costs, taxes or litigation expenses) exceed 1.30%, 2.05%, 1.05%, 1.55% and 1.02% of the Fund's average daily net assets for Class A, Class C, Class I, Class R and Class R6, respectively. This agreement may be changed or terminated after March 1, 2027. Pursuant to this agreement, EVM waived and/or reimbursed $1,365,144 of the Fund's operating expenses for the year ended October 31, 2025.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended October 31, 2025, EVM earned $39,541 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations. The Fund was informed that Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund's principal underwriter, received $11,460 as its portion of the sales charge on sales of Class A shares for the year ended October 31, 2025. EVD also received distribution and service fees from Class A, Class C and Class R shares (see Note 4) and contingent deferred sales charges (see Note 5).

Trustees and officers of the Fund who are members of EVM's or BMR's organizations receive remuneration for their services to the Fund out of the investment adviser fee. Certain officers and Trustees of the Fund and the Portfolio are officers of the above organizations.

4 Distribution Plans

The Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the year ended October 31, 2025 amounted to $998,479 for Class A shares.

The Fund also has in effect distribution plans for Class C shares (Class C Plan) and Class R shares (Class R Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the year ended October 31, 2025, the Fund paid or accrued to EVD $68,484 for Class C shares. The Class R Plan requires the Fund to pay EVD an amount up to 0.50% per annum of its average daily net assets attributable to Class R shares for providing ongoing distribution services and facilities to the Fund. The Trustees of the Trust have currently limited Class R distribution payments to 0.25% per annum of the average daily net assets attributable to Class R shares. For the year ended October 31, 2025, the Fund paid or accrued to EVD $3,378 for Class R shares.

Pursuant to the Class C and Class R Plans, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the year ended October 31, 2025 amounted to $22,828 and $3,378 for Class C and Class R shares, respectively.

Distribution and service fees are subject to the limitations contained in the Financial Industry Regulatory Authority Rule 2341(d).

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[**Table of Contents**](#JOB_EV_AR_231c4145-125b-48d0-80d1-bb6e9d068795_TOC)

Eaton Vance

Global Macro Absolute Return Advantage Fund

October 31, 2025

Notes to Financial Statements — continued

------

5 Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within 12 months of purchase. Class A shares may be subject to a 0.75% CDSC if redeemed within 12 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the year ended October 31, 2025, the Fund was informed that EVD received $967 of CDSCs paid by Class C shareholders

and no CDSCs paid by Class A shareholders.

6 Investment Transactions

For the year ended October 31, 2025, increases and decreases in the Fund's investment in the Portfolio aggregated $1,254,583,549 and $259,216,848, respectively.

7 Shares of Beneficial Interest

The Fund's Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value). Such shares may be issued in a number of different series (such as the Fund) and classes. Transactions in Fund shares, including direct exchanges pursuant to share class conversions, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2024** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 27126416 | &nbsp;&nbsp;&nbsp;&nbsp;$300177546 | &nbsp;&nbsp;&nbsp;&nbsp; 5971591 | &nbsp;&nbsp;&nbsp;&nbsp;$61986066 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 1759974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17934129 | &nbsp;&nbsp;&nbsp;&nbsp; 822420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8133738 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp; (7738647) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (84938237) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5444022) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56497089) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp; **21147743** | &nbsp;&nbsp;&nbsp;&nbsp;**$233173438** | &nbsp;&nbsp;&nbsp;&nbsp; **1349989** | &nbsp;&nbsp;&nbsp;&nbsp;**$13622715** |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 587424 | &nbsp;&nbsp;&nbsp;&nbsp;$6392389 | &nbsp;&nbsp;&nbsp;&nbsp; 240291 | &nbsp;&nbsp;&nbsp;&nbsp;$2428317 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 38404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 383271 | &nbsp;&nbsp;&nbsp;&nbsp; 18093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175497 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp; (269494) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2870830) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (354008) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3550174) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp; **356334** | &nbsp;&nbsp;&nbsp;&nbsp;**$3904830** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(95624)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(946360)** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;101672074 | &nbsp;&nbsp;&nbsp;&nbsp;$1143929971 | &nbsp;&nbsp;&nbsp;&nbsp;29998210 | &nbsp;&nbsp;&nbsp;&nbsp;$313094941 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 4789711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49525610 | &nbsp;&nbsp;&nbsp;&nbsp; 2596195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26039831 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(30097312) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (330290692) | &nbsp;&nbsp;&nbsp;&nbsp;(27475002) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(285823500) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp; **76364473** | &nbsp;&nbsp;&nbsp;&nbsp;**$863164889** | &nbsp;&nbsp;&nbsp;&nbsp; **5119403** | &nbsp;&nbsp;&nbsp;&nbsp;**$53311272** |
| **Class R** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 34144 | &nbsp;&nbsp;&nbsp;&nbsp;$360948 | &nbsp;&nbsp;&nbsp;&nbsp; 39637 | &nbsp;&nbsp;&nbsp;&nbsp;$404944 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 6148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61788 | &nbsp;&nbsp;&nbsp;&nbsp; 4131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40321 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp; (27396) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (303147) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (83371) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (845796) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp; **12896** | &nbsp;&nbsp;&nbsp;&nbsp;**$119589** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(39603)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(400531)** |

---

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[**Table of Contents**](#JOB_EV_AR_231c4145-125b-48d0-80d1-bb6e9d068795_TOC)

Eaton Vance

Global Macro Absolute Return Advantage Fund

October 31, 2025

Notes to Financial Statements — continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2024** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 23171583 | &nbsp;&nbsp;&nbsp;&nbsp;$258907139 | &nbsp;&nbsp;&nbsp;&nbsp;14702693 | &nbsp;&nbsp;&nbsp;&nbsp;$153467324 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 1325501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13679173 | &nbsp;&nbsp;&nbsp;&nbsp; 793518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7943119 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(22766556) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (251892460) | &nbsp;&nbsp;&nbsp;&nbsp;(14384347) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(148874587) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp; **1730528** | &nbsp;&nbsp;&nbsp;&nbsp;**$20693852** | &nbsp;&nbsp;&nbsp;&nbsp; **1111864** | &nbsp;&nbsp;&nbsp;&nbsp;**$12535856** |

---

------

[**Table of Contents**](#JOB_EV_AR_231c4145-125b-48d0-80d1-bb6e9d068795_TOC)

Eaton Vance

Global Macro Absolute Return Advantage Fund

October 31, 2025

Report of Independent Registered Public Accounting Firm

------

To the Trustees of Eaton Vance Mutual Funds Trust and Shareholders of Eaton Vance Global Macro Absolute Return Advantage Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Eaton Vance Global Macro Absolute Return Advantage Fund (the "Fund"), one of the funds constituting Eaton Vance Mutual Funds Trust, as of October 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 23, 2025

We have served as the auditor of one or more Eaton Vance investment companies since 1959.

------

[**Table of Contents**](#JOB_EV_AR_231c4145-125b-48d0-80d1-bb6e9d068795_TOC)

Eaton Vance

Global Macro Absolute Return Advantage Fund

October 31, 2025

Federal Tax Information (Unaudited)

------

The Form 1099-DIV you receive in February 2026 will show the tax status of all distributions paid to your account in calendar year 2025. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of qualified dividend income for individuals, the foreign tax credit and 163(j) interest dividends.

**Qualified Dividend Income. For the fiscal year ended October 31, 2025, the Fund designates approximately $10,543,262, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate of 15%.**

#### Foreign Tax Credit. For the fiscal year ended October 31, 2025, the Fund paid foreign taxes of $8,572,076 and recognized foreign source income of $173,505,178.
**163(j) Interest Dividends. For the fiscal year ended October 31, 2025, the Fund designates 96.21% of distributions from net investment income as a 163(j) interest dividend.**

------

[**Table of Contents**](#JOB_EV_AR_231c4145-125b-48d0-80d1-bb6e9d068795_TOC)

Global Macro Absolute Return Advantage Portfolio

October 31, 2025

Consolidated Portfolio of Investments

------

Collateralized Mortgage Obligations — 0.7%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Federal Home Loan Mortgage Corp.:<br> Interest Only:<sup>(1)</sup><br> Series 2770, Class SH, 2.752%, (6.986% - 30-day SOFR Average), 3/15/34<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402 | &nbsp;&nbsp;$38968 |
| Federal National Mortgage Association:<br> Interest Only:<sup>(1)</sup><br> Series 2010-109, Class PS, 2.303%, (6.486% - 30-day SOFR Average), 10/25/40<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915 | &nbsp;&nbsp;&nbsp;&nbsp; 73210 |
| Unison Trust, Series 2021-1, Class A, 6.50%, 4/25/50<sup>(3)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40910 | &nbsp;&nbsp;&nbsp;&nbsp; 39401850 |
| Total Collateralized Mortgage Obligations<br> (identified cost $40,386,076) |  | &nbsp;&nbsp;**$39514028** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Common Stocks — 9.7%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Argentina — 0.6% | Argentina — 0.6% | Argentina — 0.6% |
| Banco BBVA Argentina SA ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116700 | &nbsp;&nbsp;$1933719 |
| Banco Macro SA ADR<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67600 | &nbsp;&nbsp;&nbsp;&nbsp; 6115096 |
| Central Puerto SA ADR<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75200 | &nbsp;&nbsp;&nbsp;&nbsp; 1170112 |
| Corp. America Airports SA<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26800 | &nbsp;&nbsp;&nbsp;&nbsp; 593888 |
| Cresud SA ADR<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29900 | &nbsp;&nbsp;&nbsp;&nbsp; 369863 |
| Empresa Distribuidora Y Comercializadora Norte ADR<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14900 | &nbsp;&nbsp;&nbsp;&nbsp; 496319 |
| Grupo Financiero Galicia SA ADR<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188100 | &nbsp;&nbsp;&nbsp;&nbsp; 11122353 |
| Grupo Supervielle SA ADR<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96700 | &nbsp;&nbsp;&nbsp;&nbsp; 1201014 |
| IRSA Inversiones y Representaciones SA ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23400 | &nbsp;&nbsp;&nbsp;&nbsp; 362700 |
| Loma Negra Cia Industrial Argentina SA ADR<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39800 | &nbsp;&nbsp;&nbsp;&nbsp; 436606 |
| Pampa Energia SA ADR<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29800 | &nbsp;&nbsp;&nbsp;&nbsp; 2556840 |
| Telecom Argentina SA ADR<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67000 | &nbsp;&nbsp;&nbsp;&nbsp; 753750 |
| Transportadora de Gas del Sur SA, Class B ADR<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53300 | &nbsp;&nbsp;&nbsp;&nbsp; 1659229 |
| Vista Energy SAB de CV ADR<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57900 | &nbsp;&nbsp;&nbsp;&nbsp; 2805255 |
| YPF SA ADR<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145200 | &nbsp;&nbsp;&nbsp;&nbsp; 5289636 |
|  |  | &nbsp;&nbsp;**$36866380** |
| Belgium — 0.0%<sup>†</sup> | Belgium — 0.0%<sup>†</sup> | Belgium — 0.0%<sup>†</sup> |
| Cenergy Holdings SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154785 | &nbsp;&nbsp;$2564722 |
|  |  | &nbsp;&nbsp;**$2564722** |
| Brazil — 0.3% | Brazil — 0.3% | Brazil — 0.3% |
| Adecoagro SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26600 | &nbsp;&nbsp;$214396 |
| Arcos Dorados Holdings, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113400 | &nbsp;&nbsp;&nbsp;&nbsp; 813078 |
| Vale SA ADR | &nbsp;&nbsp;&nbsp;&nbsp;1477000 | &nbsp;&nbsp;&nbsp;&nbsp; 17856930 |
|  |  | &nbsp;&nbsp;**$18884404** |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Bulgaria — 0.2% | Bulgaria — 0.2% | Bulgaria — 0.2% |
| Eurohold Bulgaria AD<sup>(5)</sup> | 10954272 | &nbsp;&nbsp;$11454561 |
|  |  | &nbsp;&nbsp;**$11454561** |
| Canada — 0.0%<sup>†</sup> | Canada — 0.0%<sup>†</sup> | Canada — 0.0%<sup>†</sup> |
| Amaroq Ltd.<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1096000 | &nbsp;&nbsp;$1219531 |
| Lithium Argentina AG<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106400 | &nbsp;&nbsp;&nbsp;&nbsp; 447944 |
|  |  | &nbsp;&nbsp;**$1667475** |
| Chile — 0.6% | Chile — 0.6% | Chile — 0.6% |
| Banco de Chile | 17180700 | &nbsp;&nbsp;$2972641 |
| Banco de Credito e Inversiones SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84500 | &nbsp;&nbsp;&nbsp;&nbsp; 4336648 |
| Banco Santander Chile | 60613000 | &nbsp;&nbsp;&nbsp;&nbsp; 4379478 |
| Cencosud SA | &nbsp;&nbsp;&nbsp;&nbsp;1647000 | &nbsp;&nbsp;&nbsp;&nbsp; 5101438 |
| Empresas CMPC SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp; 1155334 |
| Empresas COPEC SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283000 | &nbsp;&nbsp;&nbsp;&nbsp; 2021634 |
| Enel Americas SA | &nbsp;&nbsp;&nbsp;&nbsp;4807000 | &nbsp;&nbsp;&nbsp;&nbsp; 454460 |
| Enel Chile SA | 20935000 | &nbsp;&nbsp;&nbsp;&nbsp; 1597922 |
| Falabella SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464800 | &nbsp;&nbsp;&nbsp;&nbsp; 2926833 |
| Latam Airlines Group SA | 179820000 | &nbsp;&nbsp;&nbsp;&nbsp; 4086716 |
| Sociedad Quimica y Minera de Chile SA, Series B, PFC Shares<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114000 | &nbsp;&nbsp;&nbsp;&nbsp; 5546563 |
|  |  | &nbsp;&nbsp;**$34579667** |
| Cyprus — 1.2% | Cyprus — 1.2% | Cyprus — 1.2% |
| Bank of Cyprus Holdings PLC<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;$5473296 |
| Bank of Cyprus Holdings PLC<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7032524 | &nbsp;&nbsp;&nbsp;&nbsp; 64719176 |
|  |  | &nbsp;&nbsp;**$70192472** |
| Georgia — 0.3% | Georgia — 0.3% | Georgia — 0.3% |
| Georgia Capital PLC<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490372 | &nbsp;&nbsp;$16687572 |
|  |  | &nbsp;&nbsp;**$16687572** |
| Greece — 0.9% | Greece — 0.9% | Greece — 0.9% |
| Alpha Bank SA | &nbsp;&nbsp;&nbsp;&nbsp;1906446 | &nbsp;&nbsp;$7473667 |
| Athens International Airport SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18592 | &nbsp;&nbsp;&nbsp;&nbsp; 214620 |
| Eurobank Ergasias Services and Holdings SA, Class A | &nbsp;&nbsp;&nbsp;&nbsp;2009502 | &nbsp;&nbsp;&nbsp;&nbsp; 7558949 |
| Hellenic Telecommunications Organization SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123839 | &nbsp;&nbsp;&nbsp;&nbsp; 2325548 |
| Ideal Holdings SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88382 | &nbsp;&nbsp;&nbsp;&nbsp; 598373 |
| JUMBO SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86884 | &nbsp;&nbsp;&nbsp;&nbsp; 2757062 |
| LAMDA Development SA<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39874 | &nbsp;&nbsp;&nbsp;&nbsp; 340103 |
| Metlen Energy & Metals PLC<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67784 | &nbsp;&nbsp;&nbsp;&nbsp; 3449728 |
| Motor Oil (Hellas) Corinth Refineries SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40809 | &nbsp;&nbsp;&nbsp;&nbsp; 1222945 |
| National Bank of Greece SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600246 | &nbsp;&nbsp;&nbsp;&nbsp; 8822726 |
| OPAP SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116414 | &nbsp;&nbsp;&nbsp;&nbsp; 2406769 |
| Optima bank SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300354 | &nbsp;&nbsp;&nbsp;&nbsp; 2781513 |
| Piraeus Financial Holdings SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805851 | &nbsp;&nbsp;&nbsp;&nbsp; 6293866 |
| Public Power Corp. SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158110 | &nbsp;&nbsp;&nbsp;&nbsp; 2745921 |
| Qualco Group SA<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205222 | &nbsp;&nbsp;&nbsp;&nbsp; 1272902 |
| Titan SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44160 | &nbsp;&nbsp;&nbsp;&nbsp; 1977274 |
|  |  | &nbsp;&nbsp;**$52241966** |

---

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_231c4145-125b-48d0-80d1-bb6e9d068795_TOC)

Global Macro Absolute Return Advantage Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Iceland — 0.8% | Iceland — 0.8% | Iceland — 0.8% |
| Arion Banki Hf.<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7000132 | &nbsp;&nbsp;$9801807 |
| Eik fasteignafelag Hf. | 11971940 | &nbsp;&nbsp;&nbsp;&nbsp; 1351805 |
| Eimskipafelag Islands Hf. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;809063 | &nbsp;&nbsp;&nbsp;&nbsp; 1985377 |
| Festi Hf. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895742 | &nbsp;&nbsp;&nbsp;&nbsp; 2252148 |
| Hagar Hf. | &nbsp;&nbsp;&nbsp;&nbsp;6527976 | &nbsp;&nbsp;&nbsp;&nbsp; 5761077 |
| Hampidjan Hf. | &nbsp;&nbsp;&nbsp;&nbsp;1332529 | &nbsp;&nbsp;&nbsp;&nbsp; 1241032 |
| Heimar Hf. | &nbsp;&nbsp;&nbsp;&nbsp;9470888 | &nbsp;&nbsp;&nbsp;&nbsp; 2848990 |
| Icelandair Group Hf.<sup>(5)</sup> | 138342419 | &nbsp;&nbsp;&nbsp;&nbsp; 905405 |
| Islandsbanki Hf. | &nbsp;&nbsp;&nbsp;&nbsp;6785230 | &nbsp;&nbsp;&nbsp;&nbsp; 6557314 |
| Kvika banki Hf. | 24176345 | &nbsp;&nbsp;&nbsp;&nbsp; 3364115 |
| Olgerdin Egill Skallagrims Hf.<sup>(5)</sup> | 12186826 | &nbsp;&nbsp;&nbsp;&nbsp; 1600341 |
| Reitir fasteignafelag Hf. | &nbsp;&nbsp;&nbsp;&nbsp;3221540 | &nbsp;&nbsp;&nbsp;&nbsp; 3204311 |
| Siminn Hf. | &nbsp;&nbsp;&nbsp;&nbsp;9361518 | &nbsp;&nbsp;&nbsp;&nbsp; 1034952 |
| Skagi Hf. | &nbsp;&nbsp;&nbsp;&nbsp;9151064 | &nbsp;&nbsp;&nbsp;&nbsp; 1434502 |
|  |  | &nbsp;&nbsp;**$43343176** |
| India — 0.9% | India — 0.9% | India — 0.9% |
| Ambuja Cements Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169700 | &nbsp;&nbsp;$1079120 |
| Apollo Hospitals Enterprise Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp;&nbsp; 1064463 |
| Asian Paints Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40900 | &nbsp;&nbsp;&nbsp;&nbsp; 1157561 |
| Bharti Airtel Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49200 | &nbsp;&nbsp;&nbsp;&nbsp; 1139284 |
| Dabur India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196900 | &nbsp;&nbsp;&nbsp;&nbsp; 1080955 |
| DLF Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125600 | &nbsp;&nbsp;&nbsp;&nbsp; 1069207 |
| Fortis Healthcare Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88300 | &nbsp;&nbsp;&nbsp;&nbsp; 1016983 |
| HDFC Asset Management Co. Ltd.<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16700 | &nbsp;&nbsp;&nbsp;&nbsp; 1011560 |
| HDFC Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97200 | &nbsp;&nbsp;&nbsp;&nbsp; 1080751 |
| HDFC Life Insurance Co. Ltd.<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130200 | &nbsp;&nbsp;&nbsp;&nbsp; 1072438 |
| Hero MotoCorp Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17300 | &nbsp;&nbsp;&nbsp;&nbsp; 1079871 |
| Hindustan Aeronautics Ltd.<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19900 | &nbsp;&nbsp;&nbsp;&nbsp; 1048311 |
| Hindustan Unilever Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38500 | &nbsp;&nbsp;&nbsp;&nbsp; 1069231 |
| ICICI Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69400 | &nbsp;&nbsp;&nbsp;&nbsp; 1051593 |
| ICICI Prudential Life Insurance Co. Ltd.<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164700 | &nbsp;&nbsp;&nbsp;&nbsp; 1096083 |
| Infosys Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279300 | &nbsp;&nbsp;&nbsp;&nbsp; 4653722 |
| ITC Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242800 | &nbsp;&nbsp;&nbsp;&nbsp; 1149301 |
| Jindal Steel Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96900 | &nbsp;&nbsp;&nbsp;&nbsp; 1163371 |
| JSW Steel Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83600 | &nbsp;&nbsp;&nbsp;&nbsp; 1135196 |
| Lodha Developers Ltd.<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82800 | &nbsp;&nbsp;&nbsp;&nbsp; 1118484 |
| Marico Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136700 | &nbsp;&nbsp;&nbsp;&nbsp; 1108117 |
| Maruti Suzuki India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5900 | &nbsp;&nbsp;&nbsp;&nbsp; 1074482 |
| Max Healthcare Institute Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82300 | &nbsp;&nbsp;&nbsp;&nbsp; 1063923 |
| Muthoot Finance Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29600 | &nbsp;&nbsp;&nbsp;&nbsp; 1060572 |
| Nippon Life India Asset Management Ltd.<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109000 | &nbsp;&nbsp;&nbsp;&nbsp; 1073320 |
| Oberoi Realty Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57300 | &nbsp;&nbsp;&nbsp;&nbsp; 1147203 |
| One 97 Communications Ltd.<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75900 | &nbsp;&nbsp;&nbsp;&nbsp; 1112907 |
| Persistent Systems Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72100 | &nbsp;&nbsp;&nbsp;&nbsp; 4798119 |
| Reliance Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70600 | &nbsp;&nbsp;&nbsp;&nbsp; 1181339 |
| SBI Life Insurance Co. Ltd.<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52700 | &nbsp;&nbsp;&nbsp;&nbsp; 1159509 |
| State Bank of India | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109000 | &nbsp;&nbsp;&nbsp;&nbsp; 1150763 |
| Tata Consultancy Services Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138300 | &nbsp;&nbsp;&nbsp;&nbsp; 4759831 |
| Tata Steel Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555700 | &nbsp;&nbsp;&nbsp;&nbsp; 1143639 |
| TVS Motor Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27000 | &nbsp;&nbsp;&nbsp;&nbsp; 1066358 |
| UltraTech Cement Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7800 | &nbsp;&nbsp;&nbsp;&nbsp; 1048869 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| India (continued) | India (continued) | India (continued) |
| Varun Beverages Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218000 | &nbsp;&nbsp;$1151997 |
| Wipro Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1649100 | &nbsp;&nbsp;&nbsp;&nbsp; 4466071 |
|  |  | &nbsp;&nbsp;**$54904504** |
| Luxembourg — 0.1% | Luxembourg — 0.1% | Luxembourg — 0.1% |
| Alvotech SA<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593154 | &nbsp;&nbsp;$4482058 |
|  |  | &nbsp;&nbsp;**$4482058** |
| Nigeria — 0.1% | Nigeria — 0.1% | Nigeria — 0.1% |
| Access Holdings PLC | 24607531 | &nbsp;&nbsp;$419107 |
| Fidelity Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;7594240 | &nbsp;&nbsp;&nbsp;&nbsp; 100946 |
| First HoldCo PLC | 57722000 | &nbsp;&nbsp;&nbsp;&nbsp; 1272769 |
| Guaranty Trust Holding Co. PLC | 14809316 | &nbsp;&nbsp;&nbsp;&nbsp; 924118 |
| Nigerian Breweries PLC<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2078768 | &nbsp;&nbsp;&nbsp;&nbsp; 104019 |
| Transnational Corp. of Nigeria PLC | &nbsp;&nbsp;&nbsp;&nbsp;3836054 | &nbsp;&nbsp;&nbsp;&nbsp; 134214 |
| United Bank for Africa PLC | 58876000 | &nbsp;&nbsp;&nbsp;&nbsp; 1648387 |
| Zenith Bank PLC | 43000662 | &nbsp;&nbsp;&nbsp;&nbsp; 1891873 |
|  |  | &nbsp;&nbsp;**$6495433** |
| Philippines — 0.4% | Philippines — 0.4% | Philippines — 0.4% |
| Ayala Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172120 | &nbsp;&nbsp;$1367813 |
| Ayala Land, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5524300 | &nbsp;&nbsp;&nbsp;&nbsp; 1866080 |
| Bank of the Philippine Islands | &nbsp;&nbsp;&nbsp;&nbsp;1414230 | &nbsp;&nbsp;&nbsp;&nbsp; 2532629 |
| BDO Unibank, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1536582 | &nbsp;&nbsp;&nbsp;&nbsp; 3484878 |
| International Container Terminal Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577470 | &nbsp;&nbsp;&nbsp;&nbsp; 5208424 |
| SM Investments Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336590 | &nbsp;&nbsp;&nbsp;&nbsp; 4165068 |
| SM Prime Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9456900 | &nbsp;&nbsp;&nbsp;&nbsp; 3599600 |
|  |  | &nbsp;&nbsp;**$22224492** |
| Puerto Rico — 0.1% | Puerto Rico — 0.1% | Puerto Rico — 0.1% |
| Liberty Latin America Ltd., Class C<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;883900 | &nbsp;&nbsp;$6991649 |
|  |  | &nbsp;&nbsp;**$6991649** |
| Slovenia — 0.3% | Slovenia — 0.3% | Slovenia — 0.3% |
| Nova Ljubljanska Banka DD GDR<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434788 | &nbsp;&nbsp;$17444307 |
|  |  | &nbsp;&nbsp;**$17444307** |
| South Korea — 0.9% | South Korea — 0.9% | South Korea — 0.9% |
| CJ CheilJedang Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4157 | &nbsp;&nbsp;$668536 |
| Coway Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20211 | &nbsp;&nbsp;&nbsp;&nbsp; 1263789 |
| GS Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26011 | &nbsp;&nbsp;&nbsp;&nbsp; 874269 |
| Hana Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43853 | &nbsp;&nbsp;&nbsp;&nbsp; 2627171 |
| Hyundai Mobis Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25934 | &nbsp;&nbsp;&nbsp;&nbsp; 5734979 |
| Industrial Bank of Korea | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120713 | &nbsp;&nbsp;&nbsp;&nbsp; 1635898 |
| Kakao Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73598 | &nbsp;&nbsp;&nbsp;&nbsp; 3354207 |
| Kangwon Land, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61870 | &nbsp;&nbsp;&nbsp;&nbsp; 732487 |
| KB Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57419 | &nbsp;&nbsp;&nbsp;&nbsp; 4687319 |
| KT&G Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33737 | &nbsp;&nbsp;&nbsp;&nbsp; 3175050 |
| LG Uplus Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126528 | &nbsp;&nbsp;&nbsp;&nbsp; 1352533 |
| Meritz Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28734 | &nbsp;&nbsp;&nbsp;&nbsp; 2226713 |
| NAVER Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15313 | &nbsp;&nbsp;&nbsp;&nbsp; 2869904 |
| Samsung C&T Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46940 | &nbsp;&nbsp;&nbsp;&nbsp; 7428313 |

---

*18*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_231c4145-125b-48d0-80d1-bb6e9d068795_TOC)

Global Macro Absolute Return Advantage Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| South Korea (continued) | South Korea (continued) | South Korea (continued) |
| Samsung Fire & Marine Insurance Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7019 | &nbsp;&nbsp;$2172411 |
| Samsung Life Insurance Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30452 | &nbsp;&nbsp;&nbsp;&nbsp; 3290924 |
| Shinhan Financial Group Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77516 | &nbsp;&nbsp;&nbsp;&nbsp; 3981418 |
| SK Telecom Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59240 | &nbsp;&nbsp;&nbsp;&nbsp; 2168887 |
| Woori Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112458 | &nbsp;&nbsp;&nbsp;&nbsp; 2001943 |
|  |  | &nbsp;&nbsp;**$52246751** |
| Switzerland — 0.0%<sup>†</sup> | Switzerland — 0.0%<sup>†</sup> | Switzerland — 0.0%<sup>†</sup> |
| Oculis Holding AG<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32690 | &nbsp;&nbsp;$644960 |
|  |  | &nbsp;&nbsp;**$644960** |
| Vietnam — 2.0% | Vietnam — 2.0% | Vietnam — 2.0% |
| Asia Commercial Bank JSC | &nbsp;&nbsp;&nbsp;&nbsp;2222800 | &nbsp;&nbsp;$2157273 |
| Bank for Foreign Trade of Vietnam JSC | &nbsp;&nbsp;&nbsp;&nbsp;1915167 | &nbsp;&nbsp;&nbsp;&nbsp; 4336134 |
| Binh Minh Plastics JSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334600 | &nbsp;&nbsp;&nbsp;&nbsp; 2157681 |
| Coteccons Construction JSC | &nbsp;&nbsp;&nbsp;&nbsp;1487400 | &nbsp;&nbsp;&nbsp;&nbsp; 5847078 |
| Duc Giang Chemicals JSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320200 | &nbsp;&nbsp;&nbsp;&nbsp; 1167552 |
| FPT Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2237067 | &nbsp;&nbsp;&nbsp;&nbsp; 8826717 |
| FPT Digital Retail JSC<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;717000 | &nbsp;&nbsp;&nbsp;&nbsp; 4039295 |
| Gemadept Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1716400 | &nbsp;&nbsp;&nbsp;&nbsp; 4442690 |
| Hoa Phat Group JSC<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5620415 | &nbsp;&nbsp;&nbsp;&nbsp; 5708752 |
| IDICO Corp. JSC | &nbsp;&nbsp;&nbsp;&nbsp;1239555 | &nbsp;&nbsp;&nbsp;&nbsp; 1791227 |
| Khang Dien House Trading & Investment JSC<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2691603 | &nbsp;&nbsp;&nbsp;&nbsp; 3665256 |
| KIDO Group Corp.<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62877 | &nbsp;&nbsp;&nbsp;&nbsp; 123345 |
| Kinh Bac City Development Holding Corp.<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2639200 | &nbsp;&nbsp;&nbsp;&nbsp; 3509803 |
| Masan Group Corp.<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1882640 | &nbsp;&nbsp;&nbsp;&nbsp; 5695207 |
| Military Commercial Joint Stock Bank | &nbsp;&nbsp;&nbsp;&nbsp;5066912 | &nbsp;&nbsp;&nbsp;&nbsp; 4545565 |
| Mobile World Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3423800 | &nbsp;&nbsp;&nbsp;&nbsp; 10734802 |
| Nam Long Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3639200 | &nbsp;&nbsp;&nbsp;&nbsp; 5491185 |
| Phat Dat Real Estate Development Corp.<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;914112 | &nbsp;&nbsp;&nbsp;&nbsp; 781947 |
| Phu Nhuan Jewelry JSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660866 | &nbsp;&nbsp;&nbsp;&nbsp; 2377299 |
| Refrigeration Electrical Engineering Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1136530 | &nbsp;&nbsp;&nbsp;&nbsp; 2848516 |
| Saigon Beer Alcohol Beverage Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1603300 | &nbsp;&nbsp;&nbsp;&nbsp; 2793343 |
| Saigon Thuong Tin Commercial JSB<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1609900 | &nbsp;&nbsp;&nbsp;&nbsp; 3392638 |
| SSI Securities Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3865793 | &nbsp;&nbsp;&nbsp;&nbsp; 5031676 |
| Techcom Securities JSC<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2597536 | &nbsp;&nbsp;&nbsp;&nbsp; 4466597 |
| Vietnam Dairy Products JSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;966596 | &nbsp;&nbsp;&nbsp;&nbsp; 2116051 |
| Vietnam Joint Stock Commercial Bank for Industry & Trade | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;892300 | &nbsp;&nbsp;&nbsp;&nbsp; 1661286 |
| Vietnam Prosperity JSC Bank | &nbsp;&nbsp;&nbsp;&nbsp;1777200 | &nbsp;&nbsp;&nbsp;&nbsp; 1934566 |
| Vietnam Technological & Commercial Joint Stock Bank | &nbsp;&nbsp;&nbsp;&nbsp;3295200 | &nbsp;&nbsp;&nbsp;&nbsp; 4391969 |
| Vingroup JSC<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;876052 | &nbsp;&nbsp;&nbsp;&nbsp; 6369990 |
| Vinh Hoan Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695100 | &nbsp;&nbsp;&nbsp;&nbsp; 1556797 |
|  |  | &nbsp;&nbsp;**$113962237** |
| Total Common Stocks<br> (identified cost $432,886,351) |  | &nbsp;&nbsp;**$567878786** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Convertible Bonds — 0.0%<sup>†</sup>

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| China — 0.0%<sup>†</sup> | China — 0.0%<sup>†</sup> | China — 0.0%<sup>†</sup> | China — 0.0%<sup>†</sup> |
| Shimao Group Holdings Ltd., 0.00%, 7/21/26<sup>(3)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;733 | &nbsp;&nbsp;$35750 |
| Sunac China Holdings Ltd., 1.00% PIK to 9/30/26, 9/30/32<sup>(7)(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;904 | &nbsp;&nbsp;&nbsp;&nbsp; 122102 |
| Total Convertible Bonds<br> (identified cost $1,348,836) |  |  | &nbsp;&nbsp;**$157852** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Credit Linked Notes — 1.3%

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Paraguay — 0.1% | Paraguay — 0.1% | Paraguay — 0.1% | Paraguay — 0.1% |
| Itau BBA International PLC (Ministry of Finance of Paraguay), 9.03%, 2/19/30<sup>(9)</sup> | PYG | 26686800 | &nbsp;&nbsp;$3785790 |
|  |  |  | &nbsp;&nbsp;**$3785790** |
| South Africa — 1.2% | South Africa — 1.2% | South Africa — 1.2% | South Africa — 1.2% |
| Absa Bank Ltd. (Arab Republic of Egypt): |  |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 12/11/25<sup>(10)</sup> | EGP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227500 | &nbsp;&nbsp;$4701913 |
| &nbsp;&nbsp;&nbsp;0.00%, 1/8/26<sup>(10)</sup> | EGP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880750 | &nbsp;&nbsp;&nbsp;&nbsp; 17845044 |
| &nbsp;&nbsp;&nbsp;0.00%, 4/23/26<sup>(10)</sup> | EGP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;944925 | &nbsp;&nbsp;&nbsp;&nbsp; 17872724 |
| &nbsp;&nbsp;&nbsp;0.00%, 10/22/26<sup>(10)</sup> | EGP | &nbsp;&nbsp;&nbsp;&nbsp;1165425 | &nbsp;&nbsp;&nbsp;&nbsp; 19931736 |
| Absa Bank Ltd. (United Republic of Tanzania): |  |  |  |
| &nbsp;&nbsp;&nbsp;13.50%, 8/2/35<sup>(11)</sup> | TZS | 16461000 | &nbsp;&nbsp;&nbsp;&nbsp; 7031469 |
| &nbsp;&nbsp;&nbsp;13.75%, 9/27/50<sup>(11)</sup> | TZS | &nbsp;&nbsp;&nbsp;&nbsp;5582000 | &nbsp;&nbsp;&nbsp;&nbsp; 2413720 |
|  |  |  | &nbsp;&nbsp;**$69796606** |
| Total Credit Linked Notes<br> (identified cost $73,394,847) |  |  | &nbsp;&nbsp;**$73582396** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Foreign Corporate Bonds — 7.2%

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Argentina — 0.1% | Argentina — 0.1% | Argentina — 0.1% | Argentina — 0.1% |
| Generacion Mediterranea SA/Central Termica Roca SA: |  |  |  |
| &nbsp;&nbsp;&nbsp;11.00%, 11/1/31<sup>(7)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690 | &nbsp;&nbsp;$393585 |
| &nbsp;&nbsp;&nbsp;11.00%, 11/1/31<sup>(3)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3709 | &nbsp;&nbsp;&nbsp;&nbsp; 2115907 |
|  |  |  | &nbsp;&nbsp;**$2509492** |
| China — 0.0%<sup>†</sup> | China — 0.0%<sup>†</sup> | China — 0.0%<sup>†</sup> | China — 0.0%<sup>†</sup> |
| KWG Group Holdings Ltd., 7.875%, 8/30/24<sup>(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2385 | &nbsp;&nbsp;$149360 |
| Shimao Group Holdings Ltd.: |  |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, (2.00% cash or 3.00% PIK), 7/21/32<sup>(3)(12)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;847 | &nbsp;&nbsp;&nbsp;&nbsp; 27516 |

---

*19*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_231c4145-125b-48d0-80d1-bb6e9d068795_TOC)

Global Macro Absolute Return Advantage Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| China (continued) | China (continued) | China (continued) | China (continued) |
| Shimao Group Holdings Ltd.: (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, (2.00% cash or 3.00% PIK), 7/21/33<sup>(3)(12)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1270 | &nbsp;&nbsp;$36990 |
| &nbsp;&nbsp;&nbsp;2.00%, (2.00% cash or 3.00% PIK), 1/21/34<sup>(3)(12)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1270 | &nbsp;&nbsp;&nbsp;&nbsp; 30640 |
| &nbsp;&nbsp;&nbsp;5.00%, (5.00% cash or 6.00% PIK), 7/21/31<sup>(3)(12)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4626 | &nbsp;&nbsp;&nbsp;&nbsp; 173459 |
| Sunac China Holdings Ltd.: |  |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, (5.00% cash or 6.00% PIK), 9/30/26<sup>(7)(8)(12)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;769 | &nbsp;&nbsp;&nbsp;&nbsp; 119623 |
| &nbsp;&nbsp;&nbsp;6.25%, (5.25% cash or 6.25% PIK), 9/30/27<sup>(7)(8)(12)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770 | &nbsp;&nbsp;&nbsp;&nbsp; 118504 |
| &nbsp;&nbsp;&nbsp;6.50%, (5.50% cash or 6.50% PIK), 9/30/27<sup>(7)(8)(12)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1545 | &nbsp;&nbsp;&nbsp;&nbsp; 239406 |
| &nbsp;&nbsp;&nbsp;6.75%, (5.75% cash or 6.75% PIK), 9/30/28<sup>(7)(8)(12)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2322 | &nbsp;&nbsp;&nbsp;&nbsp; 359979 |
| &nbsp;&nbsp;&nbsp;7.00%, (6.00% cash or 7.00% PIK), 9/30/29<sup>(7)(8)(12)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2328 | &nbsp;&nbsp;&nbsp;&nbsp; 360850 |
| &nbsp;&nbsp;&nbsp;7.25%, (6.25% cash or 7.25% PIK), 9/30/30<sup>(7)(8)(12)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1096 | &nbsp;&nbsp;&nbsp;&nbsp; 169740 |
| Times China Holdings Ltd.: |  |  |  |
| &nbsp;&nbsp;&nbsp;5.55%, 6/4/24<sup>(7)(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6284 | &nbsp;&nbsp;&nbsp;&nbsp; 235650 |
| &nbsp;&nbsp;&nbsp;6.75%, 7/16/23<sup>(7)(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4471 | &nbsp;&nbsp;&nbsp;&nbsp; 159302 |
|  |  |  | &nbsp;&nbsp;**$2181019** |
| Georgia — 0.5% | Georgia — 0.5% | Georgia — 0.5% | Georgia — 0.5% |
| Bank of Georgia JSC, 9.50% to 7/16/29<sup>(7)(13)(14)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13954 | &nbsp;&nbsp;$14442741 |
| TBC Bank Group PLC, 22.00%, 6/5/28<sup>(3)</sup> | UZS | 163450000 | &nbsp;&nbsp;&nbsp;&nbsp; 13649096 |
|  |  |  | &nbsp;&nbsp;**$28091837** |
| Hungary — 0.3% | Hungary — 0.3% | Hungary — 0.3% | Hungary — 0.3% |
| MBH Bank Nyrt: |  |  |  |
| &nbsp;&nbsp;&nbsp;5.25% to 1/29/29, 1/29/30<sup>(7)(14)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12633 | &nbsp;&nbsp;$14909902 |
| &nbsp;&nbsp;&nbsp;6.875% to 5/8/30, 11/8/35<sup>(7)(14)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3917 | &nbsp;&nbsp;&nbsp;&nbsp; 4830588 |
|  |  |  | &nbsp;&nbsp;**$19740490** |
| Iceland — 0.0% | Iceland — 0.0% | Iceland — 0.0% | Iceland — 0.0% |
| Wow Air Hf.: |  |  |  |
| &nbsp;&nbsp;&nbsp;0.00%<sup>(8)(13)(15)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;0.00%, (3 mo. EURIBOR + 9.00%)<sup>(8)(13)(15)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
|  |  |  | &nbsp;&nbsp;**$0** |
| India — 0.4% | India — 0.4% | India — 0.4% | India — 0.4% |
| Porteast Investment Pvt Ltd., 0.00%, 5/29/28 | INR | &nbsp;&nbsp;&nbsp;&nbsp;1950000 | &nbsp;&nbsp;$23777276 |
|  |  |  | &nbsp;&nbsp;**$23777276** |
| Kazakhstan — 0.9% | Kazakhstan — 0.9% | Kazakhstan — 0.9% | Kazakhstan — 0.9% |
| Development Bank of Kazakhstan JSC, 13.00%, 4/15/27<sup>(3)</sup> | KZT | 10204000 | &nbsp;&nbsp;$18161648 |
| ForteBank JSC: |  |  |  |
| &nbsp;&nbsp;&nbsp;7.75%, 2/4/30<sup>(3)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17440 | &nbsp;&nbsp;&nbsp;&nbsp; 17764431 |
| &nbsp;&nbsp;&nbsp;9.75% to 11/3/30<sup>(7)(13)(16)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17500 | &nbsp;&nbsp;&nbsp;&nbsp; 17412500 |
|  |  |  | &nbsp;&nbsp;**$53338579** |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Mexico — 0.0%<sup>†</sup> | Mexico — 0.0%<sup>†</sup> | Mexico — 0.0%<sup>†</sup> | Mexico — 0.0%<sup>†</sup> |
| Alpha Holding SA de CV: |  |  |  |
| &nbsp;&nbsp;&nbsp;9.00%, 2/10/25<sup>(7)(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5542 | &nbsp;&nbsp;$41567 |
| &nbsp;&nbsp;&nbsp;10.00%, 12/19/22<sup>(7)(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2697 | &nbsp;&nbsp;&nbsp;&nbsp; 20227 |
|  |  |  | &nbsp;&nbsp;**$61794** |
| Mongolia — 0.2% | Mongolia — 0.2% | Mongolia — 0.2% | Mongolia — 0.2% |
| State Bank LLC, 8.90%, 9/25/28<sup>(7)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9890 | &nbsp;&nbsp;$9889327 |
|  |  |  | &nbsp;&nbsp;**$9889327** |
| Supranational — 0.3% | Supranational — 0.3% | Supranational — 0.3% | Supranational — 0.3% |
| Asian Development Bank, 14.50%, 6/26/28 | UZS | 66427600 | &nbsp;&nbsp;$5535005 |
| European Bank for Reconstruction & Development: |  |  |  |
| &nbsp;&nbsp;&nbsp;17.20%, 4/9/26<sup>(7)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8700 | &nbsp;&nbsp;&nbsp;&nbsp; 9181545 |
| &nbsp;&nbsp;&nbsp;17.35%, 3/1/27<sup>(7)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1940 | &nbsp;&nbsp;&nbsp;&nbsp; 2021856 |
|  |  |  | &nbsp;&nbsp;**$16738406** |
| Tunisia — 0.1% | Tunisia — 0.1% | Tunisia — 0.1% | Tunisia — 0.1% |
| Tunisian Republic, 3.28%, 8/9/27 | JPY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;$5622169 |
|  |  |  | &nbsp;&nbsp;**$5622169** |
| Uzbekistan — 2.7% | Uzbekistan — 2.7% | Uzbekistan — 2.7% | Uzbekistan — 2.7% |
| Ipoteka-Bank ATIB: |  |  |  |
| &nbsp;&nbsp;&nbsp;17.50%, 10/9/28<sup>(7)</sup> | UZS | 153630000 | &nbsp;&nbsp;$12702864 |
| &nbsp;&nbsp;&nbsp;20.50%, 4/25/27<sup>(7)</sup> | UZS | 234440000 | &nbsp;&nbsp;&nbsp;&nbsp; 20253960 |
| JSCB Agrobank: |  |  |  |
| &nbsp;&nbsp;&nbsp;9.25%, 10/2/29<sup>(7)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27531 | &nbsp;&nbsp;&nbsp;&nbsp; 30038100 |
| &nbsp;&nbsp;&nbsp;20.75%, 9/15/28 | UZS | 584720000 | &nbsp;&nbsp;&nbsp;&nbsp; 48679901 |
| Uzbek Industrial & Construction Bank ATB: |  |  |  |
| &nbsp;&nbsp;&nbsp;9.45% to 10/23/30<sup>(7)(13)(14)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27400 | &nbsp;&nbsp;&nbsp;&nbsp; 27846586 |
| &nbsp;&nbsp;&nbsp;19.95%, 4/25/28<sup>(7)</sup> | UZS | 211050000 | &nbsp;&nbsp;&nbsp;&nbsp; 18287200 |
| &nbsp;&nbsp;&nbsp;21.00%, 7/24/27<sup>(7)</sup> | UZS | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 871213 |
|  |  |  | &nbsp;&nbsp;**$158679824** |
| Venezuela — 1.7% | Venezuela — 1.7% | Venezuela — 1.7% | Venezuela — 1.7% |
| Petroleos de Venezuela SA: |  |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, 4/12/27<sup>(7)(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45500 | &nbsp;&nbsp;$10169339 |
| &nbsp;&nbsp;&nbsp;5.50%, 4/12/37<sup>(7)(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18217 | &nbsp;&nbsp;&nbsp;&nbsp; 4071455 |
| &nbsp;&nbsp;&nbsp;6.00%, 10/28/22<sup>(7)(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54470 | &nbsp;&nbsp;&nbsp;&nbsp; 10757776 |
| &nbsp;&nbsp;&nbsp;6.00%, 5/16/24<sup>(7)(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47319 | &nbsp;&nbsp;&nbsp;&nbsp; 10575889 |
| &nbsp;&nbsp;&nbsp;6.00%, 11/15/26<sup>(7)(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28730 | &nbsp;&nbsp;&nbsp;&nbsp; 6421163 |
| &nbsp;&nbsp;&nbsp;8.50%, 10/20/27 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252 | &nbsp;&nbsp;&nbsp;&nbsp; 285453 |
| &nbsp;&nbsp;&nbsp;8.50%, 10/20/27 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28407 | &nbsp;&nbsp;&nbsp;&nbsp; 32241945 |
| &nbsp;&nbsp;&nbsp;9.00%, 11/17/21<sup>(7)(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30055 | &nbsp;&nbsp;&nbsp;&nbsp; 6822440 |
| &nbsp;&nbsp;&nbsp;9.75%, 5/17/35<sup>(7)(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29853 | &nbsp;&nbsp;&nbsp;&nbsp; 7269211 |
| &nbsp;&nbsp;&nbsp;12.75%, 2/17/22<sup>(7)(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34190 | &nbsp;&nbsp;&nbsp;&nbsp; 9094620 |
|  |  |  | &nbsp;&nbsp;**$97709291** |
| Total Foreign Corporate Bonds<br> (identified cost $406,357,186) |  |  | &nbsp;&nbsp;**$418339504** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

*20*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_231c4145-125b-48d0-80d1-bb6e9d068795_TOC)

Global Macro Absolute Return Advantage Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

Insurance Linked Securities — 1.4%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Reinsurance Side Cars — 0.5% |  |  |
| Eden Re II Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022A, 0.00%, 3/20/26<sup>(3)(15)(17)(18)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21948 | &nbsp;&nbsp;$29820 |
| &nbsp;&nbsp;&nbsp;Series 2022B, 0.00%, 3/20/26<sup>(3)(15)(17)(18)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18431 | &nbsp;&nbsp;&nbsp;&nbsp; 51145 |
| &nbsp;&nbsp;&nbsp;Series 2024A, 0.00%, 3/17/28<sup>(3)(15)(17)(18)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136842 | &nbsp;&nbsp;&nbsp;&nbsp; 762909 |
| &nbsp;&nbsp;&nbsp;Series 2025A, 0.00%, 3/19/30<sup>(3)(15)(17)(18)</sup> | 18000000 | &nbsp;&nbsp;&nbsp;&nbsp; 19139400 |
| Mt. Logan Re Ltd., Series A-1<sup>(15)(18)(19)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8600 | &nbsp;&nbsp;&nbsp;&nbsp; 10966293 |
|  |  | &nbsp;&nbsp;**$30949567** |
| Segregated Account/Funds — 0.9% |  |  |
| 1863 Fund Ltd. - Core Nat Cat Fund<sup>(5)(15)(18)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26352 | &nbsp;&nbsp;$33153345 |
| PartnerRe ILS Fund SAC Ltd.<sup>(5)(15)(18)(19)</sup> | 13000000 | &nbsp;&nbsp;&nbsp;&nbsp; 17000100 |
|  |  | &nbsp;&nbsp;**$50153445** |
| Total Insurance Linked Securities<br> (identified cost $67,750,379) |  | &nbsp;&nbsp;**$81103012** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Loan Participation Notes — 0.2%

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Uzbekistan — 0.2% | Uzbekistan — 0.2% | Uzbekistan — 0.2% | Uzbekistan — 0.2% |
| Europe Asia Investment Finance BV (borrower - Joint Stock Commercial Bank "Asaka"), 18.70%, 7/21/26<sup>(7)(15)(20)</sup> | UZS | 165770905 | &nbsp;&nbsp;$13836167 |
| Total Loan Participation Notes<br> (identified cost $14,086,550) |  |  | &nbsp;&nbsp;**$13836167** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Rights — 0.0%<sup>†</sup>

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Vietnam — 0.0%<sup>†</sup> | Vietnam — 0.0%<sup>†</sup> | Vietnam — 0.0%<sup>†</sup> |
| Nam Long Investment Corp., Exp. 11/20/25<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3639200 | &nbsp;&nbsp;$528799 |
| Total Rights<br> (identified cost $0) |  | &nbsp;&nbsp;**$528799** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Senior Floating-Rate Loans — 2.5%<sup>(21)</sup>

---

| | | |
|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Argentina — 0.8% | Argentina — 0.8% | Argentina — 0.8% |
| Provincia De Neuquen: |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 11.401%, (1 mo. USD Term SOFR + 7.30%), 5/28/27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2754 | &nbsp;&nbsp;$2781275 |
| &nbsp;&nbsp;&nbsp;Term Loan, 11.401%, (1 mo. USD Term SOFR + 7.30%), 5/28/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2358 | &nbsp;&nbsp;&nbsp;&nbsp; 2381384 |

---

---

| | | |
|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Argentina (continued) | Argentina (continued) | Argentina (continued) |
| Provincia De Neuquen: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 11.401%, (1 mo. USD Term SOFR + 7.30%), 5/28/27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2773 | &nbsp;&nbsp;$2800337 |
| VMOS SA: |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 9.282% - 9.705%, (3 mo. USD Term SOFR + 5.50%, 6 mo. USD Term SOFR + 5.50%), 7/8/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14092 | &nbsp;&nbsp;&nbsp;&nbsp; 13995357 |
| &nbsp;&nbsp;&nbsp;Term Loan, 7/8/30<sup>(22)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29268 | &nbsp;&nbsp;&nbsp;&nbsp; 29067280 |
|  |  | &nbsp;&nbsp;**$51025633** |
| Suriname — 1.7% | Suriname — 1.7% | Suriname — 1.7% |
| Staatsolie Maatschappij Suriname NV, Revolving Loan, 4/25/32<sup>(22)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98000 | &nbsp;&nbsp;$98000000 |
|  |  | &nbsp;&nbsp;**$98000000** |
| Total Senior Floating-Rate Loans<br> (identified cost $149,374,300) |  | &nbsp;&nbsp;**$149025633** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Sovereign Government Bonds — 68.9%

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Albania — 1.9% | Albania — 1.9% | Albania — 1.9% | Albania — 1.9% |
| Albania Government International Bonds, 4.75%, 2/14/35<sup>(7)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28777 | &nbsp;&nbsp;$34179301 |
| Albanian Government Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;3.70%, 1/10/28 | ALL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92900 | &nbsp;&nbsp;&nbsp;&nbsp; 1108077 |
| &nbsp;&nbsp;&nbsp;3.90%, 1/22/30 | ALL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315900 | &nbsp;&nbsp;&nbsp;&nbsp; 3776871 |
| &nbsp;&nbsp;&nbsp;4.05%, 2/7/32 | ALL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732800 | &nbsp;&nbsp;&nbsp;&nbsp; 8609461 |
| &nbsp;&nbsp;&nbsp;4.30%, 7/10/27 | ALL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805900 | &nbsp;&nbsp;&nbsp;&nbsp; 9702907 |
| &nbsp;&nbsp;&nbsp;4.70%, 2/23/27 | ALL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197200 | &nbsp;&nbsp;&nbsp;&nbsp; 2381500 |
| &nbsp;&nbsp;&nbsp;4.95%, 7/22/29 | ALL | &nbsp;&nbsp;&nbsp;&nbsp;2338600 | &nbsp;&nbsp;&nbsp;&nbsp; 28973711 |
| &nbsp;&nbsp;&nbsp;5.25%, 1/26/29 | ALL | &nbsp;&nbsp;&nbsp;&nbsp;1230400 | &nbsp;&nbsp;&nbsp;&nbsp; 15327616 |
| &nbsp;&nbsp;&nbsp;5.25%, 1/23/35 | ALL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345600 | &nbsp;&nbsp;&nbsp;&nbsp; 4253144 |
| &nbsp;&nbsp;&nbsp;5.59%, 2/19/40 | ALL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237700 | &nbsp;&nbsp;&nbsp;&nbsp; 2803295 |
| &nbsp;&nbsp;&nbsp;6.13%, 7/25/34 | ALL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83800 | &nbsp;&nbsp;&nbsp;&nbsp; 1078241 |
|  |  |  | &nbsp;&nbsp;**$112194124** |
| Angola — 2.2% | Angola — 2.2% | Angola — 2.2% | Angola — 2.2% |
| Angola Government International Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;9.125%, 11/26/49<sup>(7)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15279 | &nbsp;&nbsp;$12849855 |
| &nbsp;&nbsp;&nbsp;9.244%, 1/15/31<sup>(7)(23)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26943 | &nbsp;&nbsp;&nbsp;&nbsp; 26339888 |
| &nbsp;&nbsp;&nbsp;9.375%, 5/8/48<sup>(7)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21988 | &nbsp;&nbsp;&nbsp;&nbsp; 18897036 |
| &nbsp;&nbsp;&nbsp;9.875%, 10/15/35<sup>(7)(23)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71842 | &nbsp;&nbsp;&nbsp;&nbsp; 69632253 |
|  |  |  | &nbsp;&nbsp;**$127719032** |
| Argentina — 0.5% | Argentina — 0.5% | Argentina — 0.5% | Argentina — 0.5% |
| Provincia de Cordoba: |  |  |  |
| &nbsp;&nbsp;&nbsp;9.75%, 7/2/32<sup>(3)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19296 | &nbsp;&nbsp;$19858478 |

---

*21*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_231c4145-125b-48d0-80d1-bb6e9d068795_TOC)

Global Macro Absolute Return Advantage Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Argentina (continued) | Argentina (continued) | Argentina (continued) | Argentina (continued) |
| Provincia de Cordoba: (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;9.75%, 7/2/32<sup>(7)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8044 | &nbsp;&nbsp;$8278483 |
|  |  |  | &nbsp;&nbsp;**$28136961** |
| Armenia — 1.5% | Armenia — 1.5% | Armenia — 1.5% | Armenia — 1.5% |
| Republic of Armenia Treasury Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;9.00%, 4/29/26 | AMD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592250 | &nbsp;&nbsp;$1559393 |
| &nbsp;&nbsp;&nbsp;9.00%, 10/29/35 | AMD | &nbsp;&nbsp;&nbsp;&nbsp;7597860 | &nbsp;&nbsp;&nbsp;&nbsp; 19521841 |
| &nbsp;&nbsp;&nbsp;9.25%, 4/29/28 | AMD | &nbsp;&nbsp;&nbsp;&nbsp;4274790 | &nbsp;&nbsp;&nbsp;&nbsp; 11410847 |
| &nbsp;&nbsp;&nbsp;9.60%, 10/29/33 | AMD | 14323700 | &nbsp;&nbsp;&nbsp;&nbsp; 38500331 |
| &nbsp;&nbsp;&nbsp;9.75%, 10/29/50 | AMD | &nbsp;&nbsp;&nbsp;&nbsp;1586875 | &nbsp;&nbsp;&nbsp;&nbsp; 4230633 |
| &nbsp;&nbsp;&nbsp;9.75%, 10/29/52 | AMD | &nbsp;&nbsp;&nbsp;&nbsp;1720950 | &nbsp;&nbsp;&nbsp;&nbsp; 4573777 |
| &nbsp;&nbsp;&nbsp;12.50%, 10/29/37 | AMD | &nbsp;&nbsp;&nbsp;&nbsp;1713480 | &nbsp;&nbsp;&nbsp;&nbsp; 5484324 |
|  |  |  | &nbsp;&nbsp;**$85281146** |
| Bahamas — 0.1% | Bahamas — 0.1% | Bahamas — 0.1% | Bahamas — 0.1% |
| Bahamas Government International Bonds, 6.625%, 5/15/33<sup>(7)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6009 | &nbsp;&nbsp;$5792676 |
|  |  |  | &nbsp;&nbsp;**$5792676** |
| Benin — 0.7% | Benin — 0.7% | Benin — 0.7% | Benin — 0.7% |
| Benin Government International Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, 1/19/32<sup>(7)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5381 | &nbsp;&nbsp;$5958892 |
| &nbsp;&nbsp;&nbsp;4.95%, 1/22/35<sup>(7)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19891 | &nbsp;&nbsp;&nbsp;&nbsp; 21475254 |
| &nbsp;&nbsp;&nbsp;6.875%, 1/19/52<sup>(7)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11636 | &nbsp;&nbsp;&nbsp;&nbsp; 12423218 |
|  |  |  | &nbsp;&nbsp;**$39857364** |
| Bolivia — 0.0%<sup>†</sup> | Bolivia — 0.0%<sup>†</sup> | Bolivia — 0.0%<sup>†</sup> | Bolivia — 0.0%<sup>†</sup> |
| Bolivia Government International Bonds, 4.50%, 3/20/28<sup>(7)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1729 | &nbsp;&nbsp;$1452360 |
|  |  |  | &nbsp;&nbsp;**$1452360** |
| Bosnia and Herzegovina — 0.1% | Bosnia and Herzegovina — 0.1% | Bosnia and Herzegovina — 0.1% | Bosnia and Herzegovina — 0.1% |
| Federation of Bosnia & Herzegovina Eurobond, 5.50%, 7/17/30<sup>(7)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5770 | &nbsp;&nbsp;$6938084 |
|  |  |  | &nbsp;&nbsp;**$6938084** |
| Brazil — 1.7% | Brazil — 1.7% | Brazil — 1.7% | Brazil — 1.7% |
| Brazil Notas do Tesouro Nacional, 6.00%, 8/15/30<sup>(24)</sup> | BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125931 | &nbsp;&nbsp;$100620537 |
|  |  |  | &nbsp;&nbsp;**$100620537** |
| Ecuador — 1.5% | Ecuador — 1.5% | Ecuador — 1.5% | Ecuador — 1.5% |
| Ecuador Government International Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 7/31/30<sup>(7)(23)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36668 | &nbsp;&nbsp;$28738719 |
| &nbsp;&nbsp;&nbsp;6.90%, 7/31/30<sup>(7)(23)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49142 | &nbsp;&nbsp;&nbsp;&nbsp; 44952532 |
| &nbsp;&nbsp;&nbsp;6.90%, 7/31/35<sup>(7)(23)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16492 | &nbsp;&nbsp;&nbsp;&nbsp; 12678543 |
|  |  |  | &nbsp;&nbsp;**$86369794** |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Egypt — 5.5% | Egypt — 5.5% | Egypt — 5.5% | Egypt — 5.5% |
| Egypt Government Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;19.98%, 5/20/30 | EGP | &nbsp;&nbsp;&nbsp;&nbsp;6960848 | &nbsp;&nbsp;$147038706 |
| &nbsp;&nbsp;&nbsp;24.458%, 10/1/27 | EGP | &nbsp;&nbsp;&nbsp;&nbsp;6921729 | &nbsp;&nbsp;&nbsp;&nbsp; 149035359 |
| &nbsp;&nbsp;&nbsp;25.318%, 8/13/27 | EGP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980209 | &nbsp;&nbsp;&nbsp;&nbsp; 21257982 |
|  |  |  | &nbsp;&nbsp;**$317332047** |
| Ethiopia — 1.4% | Ethiopia — 1.4% | Ethiopia — 1.4% | Ethiopia — 1.4% |
| Ethiopia Government International Bonds, 6.625%, 12/11/24<sup>(7)(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78039 | &nbsp;&nbsp;$82721340 |
|  |  |  | &nbsp;&nbsp;**$82721340** |
| Ghana — 0.3% | Ghana — 0.3% | Ghana — 0.3% | Ghana — 0.3% |
| Ghana Cocoa Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;13.00%, 8/30/27 | GHS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4281 | &nbsp;&nbsp;$369280 |
| &nbsp;&nbsp;&nbsp;13.00%, 8/28/28 | GHS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14277 | &nbsp;&nbsp;&nbsp;&nbsp; 1182031 |
| Republic of Ghana Government Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;8.35% (5.00% cash and 3.35% PIK), 2/16/27 | GHS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71600 | &nbsp;&nbsp;&nbsp;&nbsp; 6018365 |
| &nbsp;&nbsp;&nbsp;8.65% (5.00% cash and 3.65% PIK), 2/13/29 | GHS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8163 | &nbsp;&nbsp;&nbsp;&nbsp; 614294 |
| &nbsp;&nbsp;&nbsp;8.80% (5.00% cash and 3.80% PIK), 2/12/30 | GHS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36165 | &nbsp;&nbsp;&nbsp;&nbsp; 2606519 |
| &nbsp;&nbsp;&nbsp;8.95% (5.00% cash and 3.95% PIK), 2/11/31 | GHS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18023 | &nbsp;&nbsp;&nbsp;&nbsp; 1252417 |
| &nbsp;&nbsp;&nbsp;9.25% (5.00% cash and 4.25% PIK), 2/8/33 | GHS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30486 | &nbsp;&nbsp;&nbsp;&nbsp; 2009405 |
| &nbsp;&nbsp;&nbsp;9.55% (5.00% cash and 4.55% PIK), 2/6/35 | GHS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14026 | &nbsp;&nbsp;&nbsp;&nbsp; 895580 |
| &nbsp;&nbsp;&nbsp;9.70% (5.00% cash and 4.70% PIK), 2/5/36 | GHS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20138 | &nbsp;&nbsp;&nbsp;&nbsp; 1273973 |
| &nbsp;&nbsp;&nbsp;9.85% (5.00% cash and 4.85% PIK), 2/3/37 | GHS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9532 | &nbsp;&nbsp;&nbsp;&nbsp; 599602 |
| &nbsp;&nbsp;&nbsp;10.00% (5.00% cash and 5.00% PIK), 2/2/38 | GHS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12956 | &nbsp;&nbsp;&nbsp;&nbsp; 812787 |
|  |  |  | &nbsp;&nbsp;**$17634253** |
| Honduras — 0.1% | Honduras — 0.1% | Honduras — 0.1% | Honduras — 0.1% |
| Honduras Government International Bonds, 8.625%, 11/27/34<sup>(7)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5387 | &nbsp;&nbsp;$5778904 |
|  |  |  | &nbsp;&nbsp;**$5778904** |
| India — 2.4% | India — 2.4% | India — 2.4% | India — 2.4% |
| India Government Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;7.09%, 8/5/54 | INR | &nbsp;&nbsp;&nbsp;&nbsp;2564500 | &nbsp;&nbsp;$28400203 |
| &nbsp;&nbsp;&nbsp;7.24%, 8/18/55 | INR | &nbsp;&nbsp;&nbsp;&nbsp;7584590 | &nbsp;&nbsp;&nbsp;&nbsp; 86059149 |
| &nbsp;&nbsp;&nbsp;7.30%, 6/19/53 | INR | &nbsp;&nbsp;&nbsp;&nbsp;2010910 | &nbsp;&nbsp;&nbsp;&nbsp; 22858698 |
|  |  |  | &nbsp;&nbsp;**$137318050** |
| Israel — 0.6% | Israel — 0.6% | Israel — 0.6% | Israel — 0.6% |
| Israel Government International Bonds, 5.75%, 3/12/54 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4055 | &nbsp;&nbsp;$3975980 |
| State of Israel, 3.80%, 5/13/60<sup>(7)(23)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44276 | &nbsp;&nbsp;&nbsp;&nbsp; 30513790 |
|  |  |  | &nbsp;&nbsp;**$34489770** |
| Jordan — 0.1% | Jordan — 0.1% | Jordan — 0.1% | Jordan — 0.1% |
| Jordan Government International Bonds, 7.375%, 10/10/47<sup>(7)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3628 | &nbsp;&nbsp;$3674820 |
|  |  |  | &nbsp;&nbsp;**$3674820** |

---

*22*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_231c4145-125b-48d0-80d1-bb6e9d068795_TOC)

Global Macro Absolute Return Advantage Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Kazakhstan — 1.8% | Kazakhstan — 1.8% | Kazakhstan — 1.8% | Kazakhstan — 1.8% |
| Kazakhstan Government Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 4/18/28 | KZT | 13428007 | &nbsp;&nbsp;$19330995 |
| &nbsp;&nbsp;&nbsp;5.50%, 9/20/28 | KZT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84294 | &nbsp;&nbsp;&nbsp;&nbsp; 118059 |
| &nbsp;&nbsp;&nbsp;5.50%, 4/24/32 | KZT | 17761889 | &nbsp;&nbsp;&nbsp;&nbsp; 18802530 |
| &nbsp;&nbsp;&nbsp;7.22%, 12/10/28 | KZT | 11841259 | &nbsp;&nbsp;&nbsp;&nbsp; 17101403 |
| &nbsp;&nbsp;&nbsp;7.68%, 8/13/29 | KZT | 15393637 | &nbsp;&nbsp;&nbsp;&nbsp; 21522840 |
| &nbsp;&nbsp;&nbsp;8.44%, 5/10/31 | KZT | &nbsp;&nbsp;&nbsp;&nbsp;6512693 | &nbsp;&nbsp;&nbsp;&nbsp; 8550280 |
| &nbsp;&nbsp;&nbsp;10.55%, 7/28/29 | KZT | &nbsp;&nbsp;&nbsp;&nbsp;4438057 | &nbsp;&nbsp;&nbsp;&nbsp; 6832787 |
| &nbsp;&nbsp;&nbsp;14.00%, 5/12/31 | KZT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185446 | &nbsp;&nbsp;&nbsp;&nbsp; 308203 |
| &nbsp;&nbsp;&nbsp;14.00%, 5/19/32 | KZT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126440 | &nbsp;&nbsp;&nbsp;&nbsp; 208209 |
| &nbsp;&nbsp;&nbsp;14.45%, 6/5/33 | KZT | &nbsp;&nbsp;&nbsp;&nbsp;5147839 | &nbsp;&nbsp;&nbsp;&nbsp; 8767150 |
| &nbsp;&nbsp;&nbsp;14.50%, 3/6/34 | KZT | &nbsp;&nbsp;&nbsp;&nbsp;2368251 | &nbsp;&nbsp;&nbsp;&nbsp; 3957625 |
|  |  |  | &nbsp;&nbsp;**$105500081** |
| Kuwait — 2.1% | Kuwait — 2.1% | Kuwait — 2.1% | Kuwait — 2.1% |
| Kuwait International Government Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;4.136%, 10/9/30<sup>(7)(23)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66740 | &nbsp;&nbsp;$66623257 |
| &nbsp;&nbsp;&nbsp;4.652%, 10/9/35<sup>(7)(23)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57993 | &nbsp;&nbsp;&nbsp;&nbsp; 58304413 |
|  |  |  | &nbsp;&nbsp;**$124927670** |
| Lebanon — 0.9% | Lebanon — 0.9% | Lebanon — 0.9% | Lebanon — 0.9% |
| Lebanon Government International Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;5.80%, 4/14/20<sup>(7)(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43675 | &nbsp;&nbsp;$10012494 |
| &nbsp;&nbsp;&nbsp;6.00%, 1/27/23<sup>(7)(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9345 | &nbsp;&nbsp;&nbsp;&nbsp; 2149771 |
| &nbsp;&nbsp;&nbsp;6.10%, 10/4/22<sup>(7)(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30800 | &nbsp;&nbsp;&nbsp;&nbsp; 7076300 |
| &nbsp;&nbsp;&nbsp;6.15%, 6/19/20<sup>(7)(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1669 | &nbsp;&nbsp;&nbsp;&nbsp; 383244 |
| &nbsp;&nbsp;&nbsp;6.20%, 2/26/25<sup>(7)(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7871 | &nbsp;&nbsp;&nbsp;&nbsp; 1806522 |
| &nbsp;&nbsp;&nbsp;6.25%, 5/27/22<sup>(7)(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5922 | &nbsp;&nbsp;&nbsp;&nbsp; 1358914 |
| &nbsp;&nbsp;&nbsp;6.25%, 11/4/24<sup>(7)(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6315 | &nbsp;&nbsp;&nbsp;&nbsp; 1449292 |
| &nbsp;&nbsp;&nbsp;6.25%, 6/12/25<sup>(7)(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2082 | &nbsp;&nbsp;&nbsp;&nbsp; 479901 |
| &nbsp;&nbsp;&nbsp;6.375%, 3/9/20<sup>(7)(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1502 | &nbsp;&nbsp;&nbsp;&nbsp; 344380 |
| &nbsp;&nbsp;&nbsp;6.40%, 5/26/23<sup>(7)(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45244 | &nbsp;&nbsp;&nbsp;&nbsp; 10406120 |
| &nbsp;&nbsp;&nbsp;6.60%, 11/27/26<sup>(7)(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1682 | &nbsp;&nbsp;&nbsp;&nbsp; 385212 |
| &nbsp;&nbsp;&nbsp;6.65%, 4/22/24<sup>(7)(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12055 | &nbsp;&nbsp;&nbsp;&nbsp; 2766622 |
| &nbsp;&nbsp;&nbsp;6.65%, 11/3/28<sup>(7)(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2310 | &nbsp;&nbsp;&nbsp;&nbsp; 531647 |
| &nbsp;&nbsp;&nbsp;6.85%, 3/23/27<sup>(7)(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2075 | &nbsp;&nbsp;&nbsp;&nbsp; 476275 |
| &nbsp;&nbsp;&nbsp;6.85%, 5/25/29<sup>(7)(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20764 | &nbsp;&nbsp;&nbsp;&nbsp; 4786497 |
| &nbsp;&nbsp;&nbsp;7.00%, 3/20/28<sup>(7)(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9626 | &nbsp;&nbsp;&nbsp;&nbsp; 2218793 |
| &nbsp;&nbsp;&nbsp;7.00%, 4/22/31<sup>(7)(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8035 | &nbsp;&nbsp;&nbsp;&nbsp; 1861989 |
| &nbsp;&nbsp;&nbsp;7.00%, 3/23/32<sup>(7)(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4011 | &nbsp;&nbsp;&nbsp;&nbsp; 932060 |
| &nbsp;&nbsp;&nbsp;7.25%, 3/23/37<sup>(7)(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3194 | &nbsp;&nbsp;&nbsp;&nbsp; 739428 |
| &nbsp;&nbsp;&nbsp;8.25%, 4/12/21<sup>(7)(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2326 | &nbsp;&nbsp;&nbsp;&nbsp; 535707 |
|  |  |  | &nbsp;&nbsp;**$50701168** |
| Mexico — 4.8% | Mexico — 4.8% | Mexico — 4.8% | Mexico — 4.8% |
| Mexican Bonos, 7.75%, 11/23/34 | MXN | &nbsp;&nbsp;&nbsp;&nbsp;3206702 | &nbsp;&nbsp;$162823584 |
| Mexico Udibonos, 2.75%, 11/27/31 | MXN | &nbsp;&nbsp;&nbsp;&nbsp;2416024 | &nbsp;&nbsp;&nbsp;&nbsp; 118738891 |
|  |  |  | &nbsp;&nbsp;**$281562475** |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Mongolia — 0.4% | Mongolia — 0.4% | Mongolia — 0.4% | Mongolia — 0.4% |
| Mongolia Government International Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, 2/25/30<sup>(3)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;$2463755 |
| &nbsp;&nbsp;&nbsp;6.625%, 2/25/30<sup>(7)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18800 | &nbsp;&nbsp;&nbsp;&nbsp; 19299415 |
| &nbsp;&nbsp;&nbsp;7.875%, 6/5/29<sup>(7)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp; 1494571 |
|  |  |  | &nbsp;&nbsp;**$23257741** |
| Montenegro — 0.9% | Montenegro — 0.9% | Montenegro — 0.9% | Montenegro — 0.9% |
| Montenegro Government International Bonds, 4.875%, 4/1/32<sup>(7)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45190 | &nbsp;&nbsp;$53080209 |
|  |  |  | &nbsp;&nbsp;**$53080209** |
| New Zealand — 5.7% | New Zealand — 5.7% | New Zealand — 5.7% | New Zealand — 5.7% |
| New Zealand Government Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;2.50%, 9/20/40<sup>(7)(23)(24)</sup> | NZD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90085 | &nbsp;&nbsp;$50811702 |
| &nbsp;&nbsp;&nbsp;2.75%, 4/15/37<sup>(7)(23)</sup> | NZD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56655 | &nbsp;&nbsp;&nbsp;&nbsp; 27936109 |
| &nbsp;&nbsp;&nbsp;4.25%, 5/15/34<sup>(23)</sup> | NZD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95188 | &nbsp;&nbsp;&nbsp;&nbsp; 55695181 |
| &nbsp;&nbsp;&nbsp;4.25%, 5/15/36<sup>(23)</sup> | NZD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp; 51840771 |
| &nbsp;&nbsp;&nbsp;4.50%, 5/15/35<sup>(23)</sup> | NZD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135850 | &nbsp;&nbsp;&nbsp;&nbsp; 80451227 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/15/54<sup>(23)</sup> | NZD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4140 | &nbsp;&nbsp;&nbsp;&nbsp; 2393546 |
| New Zealand Government Bonds Inflation-Linked, 3.25%, 9/20/50<sup>(23)(24)</sup> | NZD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107577 | &nbsp;&nbsp;&nbsp;&nbsp; 65150777 |
|  |  |  | &nbsp;&nbsp;**$334279313** |
| Nigeria — 0.8% | Nigeria — 0.8% | Nigeria — 0.8% | Nigeria — 0.8% |
| Nigeria Government Bonds, 17.95%, 6/25/32 | NGN | 61191090 | &nbsp;&nbsp;$46635211 |
|  |  |  | &nbsp;&nbsp;**$46635211** |
| Paraguay — 1.1% | Paraguay — 1.1% | Paraguay — 1.1% | Paraguay — 1.1% |
| Paraguay Government Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;7.90%, 2/9/31<sup>(3)</sup> | PYG | 163447000 | &nbsp;&nbsp;$21881042 |
| &nbsp;&nbsp;&nbsp;7.90%, 2/9/31<sup>(7)</sup> | PYG | 95743000 | &nbsp;&nbsp;&nbsp;&nbsp; 12817345 |
| &nbsp;&nbsp;&nbsp;8.50%, 3/4/35<sup>(3)</sup> | PYG | 200346000 | &nbsp;&nbsp;&nbsp;&nbsp; 26713805 |
|  |  |  | &nbsp;&nbsp;**$61412192** |
| Peru — 2.9% | Peru — 2.9% | Peru — 2.9% | Peru — 2.9% |
| Peru Government Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;5.35%, 8/12/40 | PEN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141946 | &nbsp;&nbsp;$37306834 |
| &nbsp;&nbsp;&nbsp;5.40%, 8/12/34 | PEN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79212 | &nbsp;&nbsp;&nbsp;&nbsp; 22879345 |
| &nbsp;&nbsp;&nbsp;6.90%, 8/12/37 | PEN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43901 | &nbsp;&nbsp;&nbsp;&nbsp; 13594217 |
| &nbsp;&nbsp;&nbsp;7.60%, 8/12/39<sup>(3)(7)</sup> | PEN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288932 | &nbsp;&nbsp;&nbsp;&nbsp; 93580629 |
|  |  |  | &nbsp;&nbsp;**$167361025** |
| Poland — 2.3% | Poland — 2.3% | Poland — 2.3% | Poland — 2.3% |
| Republic of Poland Government Bonds, 2.00%, 8/25/36<sup>(24)</sup> | PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541518 | &nbsp;&nbsp;$132557310 |
|  |  |  | &nbsp;&nbsp;**$132557310** |
| Romania — 3.9% | Romania — 3.9% | Romania — 3.9% | Romania — 3.9% |
| Romania Government International Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;1.75%, 7/13/30<sup>(7)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4160 | &nbsp;&nbsp;$4308262 |
| &nbsp;&nbsp;&nbsp;2.00%, 4/14/33<sup>(7)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3331 | &nbsp;&nbsp;&nbsp;&nbsp; 3118806 |

---

*23*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_231c4145-125b-48d0-80d1-bb6e9d068795_TOC)

Global Macro Absolute Return Advantage Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Romania (continued) | Romania (continued) | Romania (continued) | Romania (continued) |
| Romania Government International Bonds: (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;2.625%, 12/2/40<sup>(7)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7137 | &nbsp;&nbsp;$5471520 |
| &nbsp;&nbsp;&nbsp;2.75%, 4/14/41<sup>(7)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3335 | &nbsp;&nbsp;&nbsp;&nbsp; 2566213 |
| &nbsp;&nbsp;&nbsp;2.875%, 4/13/42<sup>(7)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3537 | &nbsp;&nbsp;&nbsp;&nbsp; 2710201 |
| &nbsp;&nbsp;&nbsp;3.375%, 1/28/50<sup>(7)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2081 | &nbsp;&nbsp;&nbsp;&nbsp; 1561327 |
| &nbsp;&nbsp;&nbsp;3.75%, 2/7/34<sup>(7)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691 | &nbsp;&nbsp;&nbsp;&nbsp; 709396 |
| &nbsp;&nbsp;&nbsp;3.875%, 10/29/35<sup>(7)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9778 | &nbsp;&nbsp;&nbsp;&nbsp; 9810243 |
| &nbsp;&nbsp;&nbsp;4.625%, 4/3/49<sup>(7)(23)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18721 | &nbsp;&nbsp;&nbsp;&nbsp; 17165027 |
| &nbsp;&nbsp;&nbsp;5.125%, 6/15/48<sup>(7)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1695189 |
| &nbsp;&nbsp;&nbsp;5.625%, 2/22/36<sup>(7)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14815 | &nbsp;&nbsp;&nbsp;&nbsp; 16844665 |
| &nbsp;&nbsp;&nbsp;5.625%, 5/30/37<sup>(7)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2763 | &nbsp;&nbsp;&nbsp;&nbsp; 3103934 |
| &nbsp;&nbsp;&nbsp;5.75%, 3/24/35<sup>(7)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6156 | &nbsp;&nbsp;&nbsp;&nbsp; 6036000 |
| &nbsp;&nbsp;&nbsp;5.875%, 7/11/32<sup>(7)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8123 | &nbsp;&nbsp;&nbsp;&nbsp; 9780096 |
| &nbsp;&nbsp;&nbsp;6.00%, 5/25/34<sup>(7)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2045145 |
| &nbsp;&nbsp;&nbsp;6.00%, 9/24/44<sup>(7)(23)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17538 | &nbsp;&nbsp;&nbsp;&nbsp; 19494501 |
| &nbsp;&nbsp;&nbsp;6.125%, 10/7/37<sup>(7)(23)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31140 | &nbsp;&nbsp;&nbsp;&nbsp; 35977820 |
| &nbsp;&nbsp;&nbsp;6.25%, 9/10/34<sup>(7)(23)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9693 | &nbsp;&nbsp;&nbsp;&nbsp; 11733544 |
| &nbsp;&nbsp;&nbsp;6.50%, 10/7/45<sup>(7)(23)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22140 | &nbsp;&nbsp;&nbsp;&nbsp; 25349265 |
| &nbsp;&nbsp;&nbsp;6.75%, 7/11/39<sup>(7)(23)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23022 | &nbsp;&nbsp;&nbsp;&nbsp; 27619231 |
| &nbsp;&nbsp;&nbsp;7.50%, 2/10/37<sup>(7)(23)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14584 | &nbsp;&nbsp;&nbsp;&nbsp; 16022576 |
| &nbsp;&nbsp;&nbsp;7.625%, 1/17/53<sup>(7)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4064 | &nbsp;&nbsp;&nbsp;&nbsp; 4522595 |
|  |  |  | &nbsp;&nbsp;**$227645556** |
| Serbia — 1.0% | Serbia — 1.0% | Serbia — 1.0% | Serbia — 1.0% |
| Serbia Treasury Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, 8/20/32 | RSD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402310 | &nbsp;&nbsp;$3894251 |
| &nbsp;&nbsp;&nbsp;7.00%, 10/26/31 | RSD | &nbsp;&nbsp;&nbsp;&nbsp;5127180 | &nbsp;&nbsp;&nbsp;&nbsp; 56436037 |
|  |  |  | &nbsp;&nbsp;**$60330288** |
| South Africa — 1.6% | South Africa — 1.6% | South Africa — 1.6% | South Africa — 1.6% |
| Republic of South Africa Government Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;8.75%, 1/31/44 | ZAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811190 | &nbsp;&nbsp;$41927349 |
| &nbsp;&nbsp;&nbsp;8.75%, 2/28/48 | ZAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;948189 | &nbsp;&nbsp;&nbsp;&nbsp; 48813920 |
|  |  |  | &nbsp;&nbsp;**$90741269** |
| Sri Lanka — 2.1% | Sri Lanka — 2.1% | Sri Lanka — 2.1% | Sri Lanka — 2.1% |
| Sri Lanka Government Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;8.75%, 3/15/36<sup>(4)</sup> | LKR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242761 | &nbsp;&nbsp;$655441 |
| &nbsp;&nbsp;&nbsp;8.75%, 9/15/37<sup>(4)</sup> | LKR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242761 | &nbsp;&nbsp;&nbsp;&nbsp; 645873 |
| &nbsp;&nbsp;&nbsp;8.75%, 9/15/38<sup>(4)</sup> | LKR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242761 | &nbsp;&nbsp;&nbsp;&nbsp; 640690 |
| &nbsp;&nbsp;&nbsp;8.75%, 9/15/39<sup>(4)</sup> | LKR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242761 | &nbsp;&nbsp;&nbsp;&nbsp; 636703 |
| &nbsp;&nbsp;&nbsp;8.75%, 9/15/40<sup>(4)</sup> | LKR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242761 | &nbsp;&nbsp;&nbsp;&nbsp; 633115 |
| &nbsp;&nbsp;&nbsp;8.75%, 9/15/41<sup>(4)</sup> | LKR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242761 | &nbsp;&nbsp;&nbsp;&nbsp; 629128 |
| &nbsp;&nbsp;&nbsp;8.75%, 9/15/42<sup>(4)</sup> | LKR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242761 | &nbsp;&nbsp;&nbsp;&nbsp; 613978 |
| &nbsp;&nbsp;&nbsp;8.75%, 9/15/43<sup>(4)</sup> | LKR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242761 | &nbsp;&nbsp;&nbsp;&nbsp; 610788 |
| &nbsp;&nbsp;&nbsp;9.00%, 10/1/32 | LKR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738000 | &nbsp;&nbsp;&nbsp;&nbsp; 2268092 |
| &nbsp;&nbsp;&nbsp;9.00%, 6/1/33 | LKR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp; 605513 |
| &nbsp;&nbsp;&nbsp;9.00%, 11/1/33 | LKR | &nbsp;&nbsp;&nbsp;&nbsp;6703000 | &nbsp;&nbsp;&nbsp;&nbsp; 20182536 |
| &nbsp;&nbsp;&nbsp;9.75%, 7/1/30 | LKR | &nbsp;&nbsp;&nbsp;&nbsp;5107000 | &nbsp;&nbsp;&nbsp;&nbsp; 16834720 |
| &nbsp;&nbsp;&nbsp;10.25%, 9/15/34 | LKR | &nbsp;&nbsp;&nbsp;&nbsp;2860000 | &nbsp;&nbsp;&nbsp;&nbsp; 9130460 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Sri Lanka (continued) | Sri Lanka (continued) | Sri Lanka (continued) | Sri Lanka (continued) |
| Sri Lanka Government Bonds: (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;10.35%, 10/15/29 | LKR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505000 | &nbsp;&nbsp;$1704894 |
| &nbsp;&nbsp;&nbsp;11.00%, 10/15/28 | LKR | &nbsp;&nbsp;&nbsp;&nbsp;2911000 | &nbsp;&nbsp;&nbsp;&nbsp; 10020208 |
| &nbsp;&nbsp;&nbsp;11.00%, 9/15/29 | LKR | &nbsp;&nbsp;&nbsp;&nbsp;1770000 | &nbsp;&nbsp;&nbsp;&nbsp; 6086735 |
| &nbsp;&nbsp;&nbsp;11.00%, 12/15/29 | LKR | &nbsp;&nbsp;&nbsp;&nbsp;3190000 | &nbsp;&nbsp;&nbsp;&nbsp; 10993967 |
| &nbsp;&nbsp;&nbsp;11.00%, 5/15/30 | LKR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256000 | &nbsp;&nbsp;&nbsp;&nbsp; 883073 |
| &nbsp;&nbsp;&nbsp;11.00%, 10/15/30 | LKR | &nbsp;&nbsp;&nbsp;&nbsp;1175000 | &nbsp;&nbsp;&nbsp;&nbsp; 4058020 |
| &nbsp;&nbsp;&nbsp;11.25%, 3/15/31 | LKR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp; 725532 |
| &nbsp;&nbsp;&nbsp;11.50%, 12/15/32 | LKR | &nbsp;&nbsp;&nbsp;&nbsp;1320000 | &nbsp;&nbsp;&nbsp;&nbsp; 4577485 |
| &nbsp;&nbsp;&nbsp;11.75%, 6/15/29 | LKR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252000 | &nbsp;&nbsp;&nbsp;&nbsp; 884233 |
| Sri Lanka Government International Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;1.00% to 12/15/25, 6/15/38<sup>(3)(25)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14048 | &nbsp;&nbsp;&nbsp;&nbsp; 9147389 |
| &nbsp;&nbsp;&nbsp;3.10% to 7/15/27, 1/15/30<sup>(3)(25)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8508 | &nbsp;&nbsp;&nbsp;&nbsp; 8040060 |
| &nbsp;&nbsp;&nbsp;3.35% to 9/15/27, 3/15/33<sup>(3)(25)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12500 | &nbsp;&nbsp;&nbsp;&nbsp; 10924513 |
| &nbsp;&nbsp;&nbsp;3.60% to 8/15/27, 2/15/38<sup>(3)(25)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2476 | &nbsp;&nbsp;&nbsp;&nbsp; 2293384 |
|  |  |  | &nbsp;&nbsp;**$124426530** |
| Suriname — 3.3% | Suriname — 3.3% | Suriname — 3.3% | Suriname — 3.3% |
| Suriname Government International Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;7.70%, 11/6/30<sup>(3)(16)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20880 | &nbsp;&nbsp;$21031380 |
| &nbsp;&nbsp;&nbsp;7.95%, (4.95% cash and 3.00% PIK), 7/15/33<sup>(3)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23388 | &nbsp;&nbsp;&nbsp;&nbsp; 23387606 |
| &nbsp;&nbsp;&nbsp;7.95%, (4.95% cash and 3.00% PIK), 7/15/33<sup>(7)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19823 | &nbsp;&nbsp;&nbsp;&nbsp; 19822975 |
| &nbsp;&nbsp;&nbsp;8.50%, 11/6/35<sup>(3)(16)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86975 | &nbsp;&nbsp;&nbsp;&nbsp; 89692969 |
| &nbsp;&nbsp;&nbsp;9.00%, Oil-Linked, 12/31/50<sup>(3)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20202 | &nbsp;&nbsp;&nbsp;&nbsp; 24040380 |
| &nbsp;&nbsp;&nbsp;9.00%, Oil-Linked, 12/31/50<sup>(7)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12434 | &nbsp;&nbsp;&nbsp;&nbsp; 14796460 |
|  |  |  | &nbsp;&nbsp;**$192771770** |
| Tajikistan — 0.0%<sup>†</sup> | Tajikistan — 0.0%<sup>†</sup> | Tajikistan — 0.0%<sup>†</sup> | Tajikistan — 0.0%<sup>†</sup> |
| Republic of Tajikistan International Bonds, 7.125%, 9/14/27<sup>(7)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561 | &nbsp;&nbsp;$564569 |
|  |  |  | &nbsp;&nbsp;**$564569** |
| Tunisia — 0.1% | Tunisia — 0.1% | Tunisia — 0.1% | Tunisia — 0.1% |
| Tunisian Republic: |  |  |  |
| &nbsp;&nbsp;&nbsp;3.50%, 2/3/33 | JPY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;$3780663 |
| &nbsp;&nbsp;&nbsp;4.30%, 8/2/30 | JPY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp; 357173 |
|  |  |  | &nbsp;&nbsp;**$4137836** |
| Turkey — 3.3% | Turkey — 3.3% | Turkey — 3.3% | Turkey — 3.3% |
| Turkiye Government Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;26.20%, 10/5/33 | TRY | &nbsp;&nbsp;&nbsp;&nbsp;4481526 | &nbsp;&nbsp;$96215855 |
| &nbsp;&nbsp;&nbsp;27.70%, 9/27/34 | TRY | &nbsp;&nbsp;&nbsp;&nbsp;3998734 | &nbsp;&nbsp;&nbsp;&nbsp; 88098797 |
| &nbsp;&nbsp;&nbsp;30.00%, 9/12/29 | TRY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378121 | &nbsp;&nbsp;&nbsp;&nbsp; 8284704 |
|  |  |  | &nbsp;&nbsp;**$192599356** |
| Uganda — 3.6% | Uganda — 3.6% | Uganda — 3.6% | Uganda — 3.6% |
| Republic of Uganda Government Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;14.375%, 2/3/33 | UGX | &nbsp;&nbsp;&nbsp;&nbsp;8265100 | &nbsp;&nbsp;$2179151 |
| &nbsp;&nbsp;&nbsp;15.00%, 6/18/43 | UGX | 55618000 | &nbsp;&nbsp;&nbsp;&nbsp; 13783974 |

---

*24*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_231c4145-125b-48d0-80d1-bb6e9d068795_TOC)

Global Macro Absolute Return Advantage Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Uganda (continued) | Uganda (continued) | Uganda (continued) | Uganda (continued) |
| Republic of Uganda Government Bonds: (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;15.80%, 6/23/39 | UGX | 603076100 | &nbsp;&nbsp;$159496814 |
| &nbsp;&nbsp;&nbsp;16.25%, 11/8/35 | UGX | 125134700 | &nbsp;&nbsp;&nbsp;&nbsp; 35079477 |
|  |  |  | &nbsp;&nbsp;**$210539416** |
| Ukraine — 2.7% | Ukraine — 2.7% | Ukraine — 2.7% | Ukraine — 2.7% |
| Ukraine Government International Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;0.00% to 2/1/27, 2/1/35<sup>(7)(25)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17564 | &nbsp;&nbsp;$9017789 |
| &nbsp;&nbsp;&nbsp;0.00% to 2/1/27, 2/1/36<sup>(7)(25)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16938 | &nbsp;&nbsp;&nbsp;&nbsp; 8686918 |
| &nbsp;&nbsp;&nbsp;0.00%, GDP-Linked, 8/1/41<sup>(7)(26)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131208 | &nbsp;&nbsp;&nbsp;&nbsp; 111666405 |
| &nbsp;&nbsp;&nbsp;4.50% to 2/1/27, 2/1/29<sup>(7)(25)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3889 | &nbsp;&nbsp;&nbsp;&nbsp; 2693508 |
| &nbsp;&nbsp;&nbsp;4.50% to 2/1/27, 2/1/34<sup>(7)(25)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19803 | &nbsp;&nbsp;&nbsp;&nbsp; 11163018 |
| &nbsp;&nbsp;&nbsp;4.50% to 2/1/27, 2/1/35<sup>(7)(25)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11753 | &nbsp;&nbsp;&nbsp;&nbsp; 6553263 |
| &nbsp;&nbsp;&nbsp;4.50% to 2/1/27, 2/1/36<sup>(7)(25)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9644 | &nbsp;&nbsp;&nbsp;&nbsp; 5318446 |
|  |  |  | &nbsp;&nbsp;**$155099347** |
| United Arab Emirates — 0.1% | United Arab Emirates — 0.1% | United Arab Emirates — 0.1% | United Arab Emirates — 0.1% |
| Abu Dhabi Government International Bonds, 4.25%, 10/2/35<sup>(3)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5238 | &nbsp;&nbsp;$5240466 |
|  |  |  | &nbsp;&nbsp;**$5240466** |
| Uzbekistan — 1.7% | Uzbekistan — 1.7% | Uzbekistan — 1.7% | Uzbekistan — 1.7% |
| National Bank of Uzbekistan, 19.875%, 7/5/27<sup>(7)</sup> | UZS | 229510000 | &nbsp;&nbsp;$19749539 |
| Republic of Uzbekistan Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;15.50%, 2/25/28<sup>(7)</sup> | UZS | 510000000 | &nbsp;&nbsp;&nbsp;&nbsp; 43924916 |
| &nbsp;&nbsp;&nbsp;16.25%, 10/12/26<sup>(7)</sup> | UZS | 367300000 | &nbsp;&nbsp;&nbsp;&nbsp; 31623617 |
| &nbsp;&nbsp;&nbsp;16.625%, 5/29/27<sup>(7)</sup> | UZS | 60000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5144095 |
|  |  |  | &nbsp;&nbsp;**$100442167** |
| Venezuela — 1.1% | Venezuela — 1.1% | Venezuela — 1.1% | Venezuela — 1.1% |
| Venezuela Government International Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, 12/9/20<sup>(7)(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13576 | &nbsp;&nbsp;$3110147 |
| &nbsp;&nbsp;&nbsp;7.00%, 12/1/18<sup>(7)(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11823 | &nbsp;&nbsp;&nbsp;&nbsp; 2794366 |
| &nbsp;&nbsp;&nbsp;7.00%, 3/31/38<sup>(7)(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 276600 |
| &nbsp;&nbsp;&nbsp;7.65%, 4/21/25<sup>(7)(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14173 | &nbsp;&nbsp;&nbsp;&nbsp; 3672224 |
| &nbsp;&nbsp;&nbsp;7.75%, 10/13/19<sup>(7)(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16763 | &nbsp;&nbsp;&nbsp;&nbsp; 4008009 |
| &nbsp;&nbsp;&nbsp;8.25%, 10/13/24<sup>(7)(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32776 | &nbsp;&nbsp;&nbsp;&nbsp; 8492365 |
| &nbsp;&nbsp;&nbsp;9.00%, 5/7/23<sup>(7)(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20230 | &nbsp;&nbsp;&nbsp;&nbsp; 5236536 |
| &nbsp;&nbsp;&nbsp;9.25%, 9/15/27<sup>(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36539 | &nbsp;&nbsp;&nbsp;&nbsp; 11285070 |
| &nbsp;&nbsp;&nbsp;9.25%, 5/7/28<sup>(7)(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17350 | &nbsp;&nbsp;&nbsp;&nbsp; 4972539 |
| &nbsp;&nbsp;&nbsp;9.375%, 1/13/34<sup>(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3518 | &nbsp;&nbsp;&nbsp;&nbsp; 1126112 |
| &nbsp;&nbsp;&nbsp;11.75%, 10/21/26<sup>(7)(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6750 | &nbsp;&nbsp;&nbsp;&nbsp; 2024880 |
| &nbsp;&nbsp;&nbsp;11.95%, 8/5/31<sup>(7)(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22288 | &nbsp;&nbsp;&nbsp;&nbsp; 6554813 |
| &nbsp;&nbsp;&nbsp;12.75%, 8/23/22<sup>(7)(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24030 | &nbsp;&nbsp;&nbsp;&nbsp; 7067311 |
| &nbsp;&nbsp;&nbsp;13.625%, 8/15/18<sup>(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3536 | &nbsp;&nbsp;&nbsp;&nbsp; 1043474 |
| &nbsp;&nbsp;&nbsp;13.625%, 8/15/18<sup>(7)(8)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2553 | &nbsp;&nbsp;&nbsp;&nbsp; 753390 |
|  |  |  | &nbsp;&nbsp;**$62417836** |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Zambia — 0.1% | Zambia — 0.1% | Zambia — 0.1% | Zambia — 0.1% |
| Zambia Government Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;16.00%, 10/27/28 | ZMW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54785 | &nbsp;&nbsp;$2479240 |
| &nbsp;&nbsp;&nbsp;18.99%, 10/27/40 | ZMW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67555 | &nbsp;&nbsp;&nbsp;&nbsp; 3055698 |
| &nbsp;&nbsp;&nbsp;19.00%, 8/18/35 | ZMW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34242 | &nbsp;&nbsp;&nbsp;&nbsp; 1616831 |
| &nbsp;&nbsp;&nbsp;19.00%, 9/29/35 | ZMW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11985 | &nbsp;&nbsp;&nbsp;&nbsp; 566593 |
|  |  |  | &nbsp;&nbsp;**$7718362** |
| Total Sovereign Government Bonds<br> (identified cost $3,766,319,091) |  |  | &nbsp;&nbsp;**$4009260425** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Sovereign Loans — 1.8%

---

| | | | |
|:---|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Bahamas — 0.5% | Bahamas — 0.5% | Bahamas — 0.5% | Bahamas — 0.5% |
| Commonwealth of the Bahamas, 8.887%, (6 mo. EURIBOR + 6.85%), 11/24/28 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23476 | &nbsp;&nbsp;$27898758 |
|  |  |  | &nbsp;&nbsp;**$27898758** |
| Ivory Coast — 0.0%<sup>†</sup> | Ivory Coast — 0.0%<sup>†</sup> | Ivory Coast — 0.0%<sup>†</sup> | Ivory Coast — 0.0%<sup>†</sup> |
| Republic of Ivory Coast, Term Loan, 7.781%, (6 mo. EURIBOR + 5.75%), 1/6/28<sup>(27)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2828 | &nbsp;&nbsp;$3259118 |
|  |  |  | &nbsp;&nbsp;**$3259118** |
| Tanzania — 1.3% | Tanzania — 1.3% | Tanzania — 1.3% | Tanzania — 1.3% |
| Government of the United Republic of Tanzania: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 9.458%, (6 mo. USD Term SOFR + 5.45%), 2/27/31<sup>(27)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16200 | &nbsp;&nbsp;$16038000 |
| &nbsp;&nbsp;&nbsp;Term Loan, 10.42%, (6 mo. USD Term SOFR + 6.30%), 4/28/31<sup>(27)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60099 | &nbsp;&nbsp;&nbsp;&nbsp; 59672122 |
|  |  |  | &nbsp;&nbsp;**$75710122** |
| Total Sovereign Loans<br> (identified cost $105,222,021) |  |  | &nbsp;&nbsp;**$106867998** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

U.S. Government Guaranteed Small Business Administration Loans — 0.1%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| SBA IO Trust:<br> Interest Only:<sup>(28)(29)</sup><br> Series 2018-3, Class A, 3.055%, 5/24/44<sup>(3)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65019 | &nbsp;&nbsp;$3779978 |
| Total U.S. Government Guaranteed Small Business Administration Loans<br> (identified cost $19,756,409) |  | &nbsp;&nbsp;**$3779978** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

*25*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_231c4145-125b-48d0-80d1-bb6e9d068795_TOC)

Global Macro Absolute Return Advantage Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

Short-Term Investments — 20.0%

Affiliated Fund — 0.9%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 4.00%<sup>(30)</sup> | 50811646 | &nbsp;&nbsp;$50811646 |
| Total Affiliated Fund<br> (identified cost $50,811,646) |  | &nbsp;&nbsp;**$50811646** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Repurchase Agreements — 6.4%

---

| | | | |
|:---|:---|:---|:---|
| **<br>Description** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Bank of America: |  |  |  |
| &nbsp;&nbsp;&nbsp;Dated 10/31/25 with an interest rate of 3.00%, collateralized by USD 6,007,000 Kazakhstan Government International Bonds, 6.50%, due 7/21/45 and a market value, including accrued interest, of $6,865,694<sup>(31)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6840 | &nbsp;&nbsp;$6840471 |
| Barclays Bank PLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;Dated 9/11/25 with an interest rate of 0.85%, collateralized by EUR 3,000,000 Republic of Poland Government International Bonds, 2.75%, due 5/25/32 and a market value, including accrued interest, of $3,456,035<sup>(31)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3124 | &nbsp;&nbsp;&nbsp;&nbsp; 3600591 |
| &nbsp;&nbsp;&nbsp;Dated 9/11/25 with an interest rate of 1.00%, collateralized by EUR 1,800,000 Republic of Poland Government International Bonds, 1.00%, due 3/7/29 and a market value, including accrued interest, of $2,005,149<sup>(31)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1802 | &nbsp;&nbsp;&nbsp;&nbsp; 2077364 |
| &nbsp;&nbsp;&nbsp;Dated 9/11/25 with an interest rate of 1.35%, collateralized by EUR 6,000,000 Republic of Poland Government International Bonds, 1.00%, due 3/7/29 and a market value, including accrued interest, of $6,683,831<sup>(31)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6008 | &nbsp;&nbsp;&nbsp;&nbsp; 6924545 |
| &nbsp;&nbsp;&nbsp;Dated 10/29/25 with an interest rate of 3.00%, collateralized by USD 6,435,000 Bahrain Government International Bonds, 7.75%, due 4/18/35 and a market value, including accrued interest, of $7,207,830<sup>(31)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7593 | &nbsp;&nbsp;&nbsp;&nbsp; 7593300 |
| &nbsp;&nbsp;&nbsp;Dated 10/29/25 with an interest rate of 3.45%, collateralized by USD 8,197,000 Republic of Armenia International Bonds, 3.60%, due 2/2/31 and a market value, including accrued interest, of $7,603,104<sup>(31)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7961 | &nbsp;&nbsp;&nbsp;&nbsp; 7961336 |
| &nbsp;&nbsp;&nbsp;Dated 10/29/25 with an interest rate of 3.45%, collateralized by USD 15,452,000 Kazakhstan Government International Bonds, 4.875%, due 10/14/44 and a market value, including accrued interest, of $14,465,786<sup>(31)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15297 | &nbsp;&nbsp;&nbsp;&nbsp; 15297480 |
| &nbsp;&nbsp;&nbsp;Dated 10/29/25 with an interest rate of 3.50%, collateralized by USD 6,130,000 Kazakhstan Government International Bonds, 6.50%, due 7/21/45 and a market value, including accrued interest, of $7,006,277<sup>(31)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7387 | &nbsp;&nbsp;&nbsp;&nbsp; 7386650 |
| &nbsp;&nbsp;&nbsp;Dated 10/29/25 with an interest rate of 3.50%, collateralized by USD 7,727,000 Bahrain Government International Bonds, 6.00%, due 9/19/44 and a market value, including accrued interest, of $7,247,972<sup>(31)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7611 | &nbsp;&nbsp;&nbsp;&nbsp; 7611095 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Description** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Barclays Bank PLC: (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;Dated 10/29/25 with an interest rate of 3.50%, collateralized by USD 10,015,000 Bahrain Government International Bonds, 5.625%, due 5/18/34 and a market value, including accrued interest, of $10,008,006<sup>(31)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10553 | &nbsp;&nbsp;$10553306 |
| &nbsp;&nbsp;&nbsp;Dated 10/29/25 with an interest rate of 3.55%, collateralized by USD 1,085,000 Panama Government International Bonds, 4.50%, due 4/16/50 and a market value, including accrued interest, of $849,192<sup>(31)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890 | &nbsp;&nbsp;&nbsp;&nbsp; 889700 |
| Citibank, N.A.: |  |  |  |
| &nbsp;&nbsp;&nbsp;Dated 10/30/25 with an interest rate of 3.15%, collateralized by USD 6,258,000 Bahrain Government International Bonds, 7.50%, due 2/12/36 and a market value, including accrued interest, of $7,011,367<sup>(31)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7352 | &nbsp;&nbsp;&nbsp;&nbsp; 7351523 |
| Nomura International PLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;Dated 10/30/25 with an interest rate of 1.00%, collateralized by USD 8,571,000 Bahrain Government International Bonds, 7.50%, due 9/20/47 and a market value, including accrued interest, of $9,310,333<sup>(31)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9729 | &nbsp;&nbsp;&nbsp;&nbsp; 9728514 |
| &nbsp;&nbsp;&nbsp;Dated 10/30/25 with an interest rate of 1.90%, collateralized by EUR 3,044,000 Republic of Poland Government International Bonds, 1.00%, due 3/7/29 and a market value, including accrued interest, of $3,390,930<sup>(31)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3387 | &nbsp;&nbsp;&nbsp;&nbsp; 3387485 |
| &nbsp;&nbsp;&nbsp;Dated 10/30/25 with an interest rate of 3.05%, collateralized by USD 30,270,000 Senegal Government International Bonds, 6.25%, due 5/23/33 and a market value, including accrued interest, of $22,622,069<sup>(31)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22979 | &nbsp;&nbsp;&nbsp;&nbsp; 22979471 |
| &nbsp;&nbsp;&nbsp;Dated 10/30/25 with an interest rate of 3.35%, collateralized by USD 14,678,000 Republic of Azerbaijan International Bonds, 3.50%, due 9/1/32 and a market value, including accrued interest, of $13,840,080<sup>(31)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14464 | &nbsp;&nbsp;&nbsp;&nbsp; 14464068 |
| &nbsp;&nbsp;&nbsp;Dated 10/30/25 with an interest rate of 3.40%, collateralized by EUR 9,724,000 Republic of Cameroon International Bonds, 5.95%, due 7/7/32 and a market value, including accrued interest, of $9,374,683<sup>(31)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9767 | &nbsp;&nbsp;&nbsp;&nbsp; 9766986 |
| &nbsp;&nbsp;&nbsp;Dated 10/30/25 with an interest rate of 3.40%, collateralized by EUR 13,578,000 Republic of Poland Government International Bonds, 2.75%, due 5/25/32 and a market value, including accrued interest, of $15,642,012<sup>(31)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16435 | &nbsp;&nbsp;&nbsp;&nbsp; 16434932 |
| &nbsp;&nbsp;&nbsp;Dated 10/30/25 with an interest rate of 3.45%, collateralized by USD 1,885,000 Kazakhstan Government International Bonds, 6.50%, due 7/21/45 and a market value, including accrued interest, of $2,154,459<sup>(31)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2252 | &nbsp;&nbsp;&nbsp;&nbsp; 2252387 |
| &nbsp;&nbsp;&nbsp;Dated 10/30/25 with an interest rate of 3.45%, collateralized by USD 3,969,000 Republic of Cameroon International Bonds, 9.50%, due 7/31/31 and a market value, including accrued interest, of $3,873,885<sup>(31)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4053 | &nbsp;&nbsp;&nbsp;&nbsp; 4052845 |
| &nbsp;&nbsp;&nbsp;Dated 10/30/25 with an interest rate of 3.50%, collateralized by USD 8,369,000 Panama Government International Bonds, 4.50%, due 4/16/50 and a market value, including accrued interest, of $6,550,123<sup>(31)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6801 | &nbsp;&nbsp;&nbsp;&nbsp; 6801486 |

---

*26*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_231c4145-125b-48d0-80d1-bb6e9d068795_TOC)

Global Macro Absolute Return Advantage Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **<br>Description** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Nomura International PLC: (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;Dated 10/30/25 with an interest rate of 3.50%, collateralized by USD 15,091,000 Senegal Government International Bonds, 7.75%, due 6/10/31 and a market value, including accrued interest, of $12,359,690<sup>(31)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12645 | &nbsp;&nbsp;$12644749 |
| &nbsp;&nbsp;&nbsp;Dated 10/30/25 with an interest rate of 3.50%, collateralized by USD 21,200,000 Indonesia Government International Bonds, 5.45%, due 9/20/52 and a market value, including accrued interest, of $21,516,476<sup>(31)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22555 | &nbsp;&nbsp;&nbsp;&nbsp; 22554846 |
| &nbsp;&nbsp;&nbsp;Dated 10/30/25 with an interest rate of 3.50%, collateralized by USD 23,826,000 Senegal Government International Bonds, 6.75%, due 3/13/48 and a market value, including accrued interest, of $15,575,975<sup>(31)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15686 | &nbsp;&nbsp;&nbsp;&nbsp; 15685847 |
| &nbsp;&nbsp;&nbsp;Dated 10/30/25 with an interest rate of 3.50%, collateralized by USD 34,800,000 Indonesia Government International Bonds, 4.30%, due 3/31/52 and a market value, including accrued interest, of $29,636,241<sup>(31)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31064 | &nbsp;&nbsp;&nbsp;&nbsp; 31063872 |
| &nbsp;&nbsp;&nbsp;Dated 10/30/25 with an interest rate of 3.50%, collateralized by USD 49,290,000 Indonesia Government International Bonds, 5.65%, due 1/11/53 and a market value, including accrued interest, of $51,784,427<sup>(31)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54356 | &nbsp;&nbsp;&nbsp;&nbsp; 54355523 |
| &nbsp;&nbsp;&nbsp;Dated 10/30/25 with an interest rate of 3.50%, collateralized by USD 64,100,000 Indonesia Government International Bonds, 4.20%, due 10/15/50 and a market value, including accrued interest, of $54,108,030<sup>(31)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56705 | &nbsp;&nbsp;&nbsp;&nbsp; 56705136 |
| &nbsp;&nbsp;&nbsp;Dated 10/30/25 with an interest rate of 3.55%, collateralized by USD 4,619,000 Republic of Azerbaijan International Bonds, 3.50%, due 9/1/32 and a market value, including accrued interest, of $4,355,316<sup>(31)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4552 | &nbsp;&nbsp;&nbsp;&nbsp; 4551678 |
| Total Repurchase Agreements<br> (identified cost $371,747,885) |  |  | &nbsp;&nbsp;**$371517186** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Sovereign Government Securities — 11.6%

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Albania — 0.1% | Albania — 0.1% | Albania — 0.1% | Albania — 0.1% |
| Albanian Treasury Bills, 0.00%, 3/12/26 | ALL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280700 | &nbsp;&nbsp;$3314418 |
|  |  |  | &nbsp;&nbsp;**$3314418** |
| Egypt — 2.4% | Egypt — 2.4% | Egypt — 2.4% | Egypt — 2.4% |
| Egypt Treasury Bills: |  |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 12/23/25 | EGP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351900 | &nbsp;&nbsp;$7200560 |
| &nbsp;&nbsp;&nbsp;0.00%, 1/6/26 | EGP | &nbsp;&nbsp;&nbsp;&nbsp;1472125 | &nbsp;&nbsp;&nbsp;&nbsp; 29827007 |
| &nbsp;&nbsp;&nbsp;0.00%, 2/17/26 | EGP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70350 | &nbsp;&nbsp;&nbsp;&nbsp; 1388994 |
| &nbsp;&nbsp;&nbsp;0.00%, 5/12/26 | EGP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83000 | &nbsp;&nbsp;&nbsp;&nbsp; 1549290 |
| &nbsp;&nbsp;&nbsp;0.00%, 7/7/26 | EGP | &nbsp;&nbsp;&nbsp;&nbsp;3364825 | &nbsp;&nbsp;&nbsp;&nbsp; 60745621 |
| &nbsp;&nbsp;&nbsp;0.00%, 10/27/26 | EGP | &nbsp;&nbsp;&nbsp;&nbsp;2416800 | &nbsp;&nbsp;&nbsp;&nbsp; 41184473 |
|  |  |  | &nbsp;&nbsp;**$141895945** |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Kazakhstan — 0.8% | Kazakhstan — 0.8% | Kazakhstan — 0.8% | Kazakhstan — 0.8% |
| Kazakhstan Treasury Bills, 0.00%, 5/15/26 | KZT | 26812767 | &nbsp;&nbsp;$46252112 |
|  |  |  | &nbsp;&nbsp;**$46252112** |
| Nigeria — 7.8% | Nigeria — 7.8% | Nigeria — 7.8% | Nigeria — 7.8% |
| Nigeria OMO Bills: |  |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 11/18/25 | NGN | 15840101 | &nbsp;&nbsp;$11045638 |
| &nbsp;&nbsp;&nbsp;0.00%, 11/25/25 | NGN | &nbsp;&nbsp;&nbsp;&nbsp;7894768 | &nbsp;&nbsp;&nbsp;&nbsp; 5460042 |
| &nbsp;&nbsp;&nbsp;0.00%, 12/16/25 | NGN | &nbsp;&nbsp;&nbsp;&nbsp;5273744 | &nbsp;&nbsp;&nbsp;&nbsp; 3628724 |
| &nbsp;&nbsp;&nbsp;0.00%, 12/23/25 | NGN | &nbsp;&nbsp;&nbsp;&nbsp;3947384 | &nbsp;&nbsp;&nbsp;&nbsp; 2680536 |
| &nbsp;&nbsp;&nbsp;0.00%, 12/30/25 | NGN | 11842151 | &nbsp;&nbsp;&nbsp;&nbsp; 8008108 |
| &nbsp;&nbsp;&nbsp;0.00%, 1/6/26 | NGN | 11921652 | &nbsp;&nbsp;&nbsp;&nbsp; 8029424 |
| &nbsp;&nbsp;&nbsp;0.00%, 1/13/26 | NGN | 53441668 | &nbsp;&nbsp;&nbsp;&nbsp; 35853978 |
| &nbsp;&nbsp;&nbsp;0.00%, 1/27/26 | NGN | 59938947 | &nbsp;&nbsp;&nbsp;&nbsp; 39917647 |
| &nbsp;&nbsp;&nbsp;0.00%, 2/3/26 | NGN | 16579012 | &nbsp;&nbsp;&nbsp;&nbsp; 10999768 |
| &nbsp;&nbsp;&nbsp;0.00%, 2/17/26 | NGN | 26605860 | &nbsp;&nbsp;&nbsp;&nbsp; 17568676 |
| &nbsp;&nbsp;&nbsp;0.00%, 2/25/26 | NGN | &nbsp;&nbsp;&nbsp;&nbsp;4539996 | &nbsp;&nbsp;&nbsp;&nbsp; 2972157 |
| &nbsp;&nbsp;&nbsp;0.00%, 3/10/26 | NGN | 74366000 | &nbsp;&nbsp;&nbsp;&nbsp; 48377754 |
| &nbsp;&nbsp;&nbsp;0.00%, 3/24/26 | NGN | 89218534 | &nbsp;&nbsp;&nbsp;&nbsp; 57580069 |
| &nbsp;&nbsp;&nbsp;0.00%, 4/7/26 | NGN | &nbsp;&nbsp;&nbsp;&nbsp;9868460 | &nbsp;&nbsp;&nbsp;&nbsp; 6345130 |
| &nbsp;&nbsp;&nbsp;0.00%, 4/21/26 | NGN | 34112256 | &nbsp;&nbsp;&nbsp;&nbsp; 21775011 |
| &nbsp;&nbsp;&nbsp;0.00%, 4/28/26 | NGN | 89392122 | &nbsp;&nbsp;&nbsp;&nbsp; 56695158 |
| &nbsp;&nbsp;&nbsp;0.00%, 6/23/26 | NGN | 83854496 | &nbsp;&nbsp;&nbsp;&nbsp; 52080381 |
| &nbsp;&nbsp;&nbsp;0.00%, 6/30/26 | NGN | 96758571 | &nbsp;&nbsp;&nbsp;&nbsp; 59424540 |
| &nbsp;&nbsp;&nbsp;0.00%, 7/7/26 | NGN | &nbsp;&nbsp;&nbsp;&nbsp;9868459 | &nbsp;&nbsp;&nbsp;&nbsp; 6057839 |
|  |  |  | &nbsp;&nbsp;**$454500580** |
| Uruguay — 0.5% | Uruguay — 0.5% | Uruguay — 0.5% | Uruguay — 0.5% |
| Uruguay Monetary Regulation Bills: |  |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 11/7/25 | UYU | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93521 | &nbsp;&nbsp;$2343926 |
| &nbsp;&nbsp;&nbsp;0.00%, 12/5/25 | UYU | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387000 | &nbsp;&nbsp;&nbsp;&nbsp; 9639815 |
| &nbsp;&nbsp;&nbsp;0.00%, 12/19/25 | UYU | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317603 | &nbsp;&nbsp;&nbsp;&nbsp; 7887244 |
| &nbsp;&nbsp;&nbsp;0.00%, 12/30/25 | UYU | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327339 | &nbsp;&nbsp;&nbsp;&nbsp; 8112974 |
| &nbsp;&nbsp;&nbsp;0.00%, 3/6/26 | UYU | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93521 | &nbsp;&nbsp;&nbsp;&nbsp; 2284884 |
|  |  |  | &nbsp;&nbsp;**$30268843** |
| Total Sovereign Government Securities<br> (identified cost $658,857,033) |  |  | &nbsp;&nbsp;**$676231898** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

U.S. Treasury Obligations — 1.1%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| U.S. Treasury Bills: |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 11/20/25<sup>(32)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42175 | &nbsp;&nbsp;$42097676 |
| &nbsp;&nbsp;&nbsp;0.00%, 12/4/25<sup>(32)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3388 | &nbsp;&nbsp;&nbsp;&nbsp; 3376711 |
| &nbsp;&nbsp;&nbsp;0.00%, 12/18/25<sup>(32)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14999 | &nbsp;&nbsp;&nbsp;&nbsp; 14927564 |

---

*27*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_231c4145-125b-48d0-80d1-bb6e9d068795_TOC)

Global Macro Absolute Return Advantage Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| U.S. Treasury Bills: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 1/8/26<sup>(32)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700 | &nbsp;&nbsp;$2681302 |
| Total U.S. Treasury Obligations<br> (identified cost $63,064,687) |  | &nbsp;&nbsp;**$63083253** |
| Total Short-Term Investments<br> (identified cost $1,144,481,251) |  | &nbsp;&nbsp;**$1161643983** |

---

---

| | |
|:---|:---|
| Total Purchased Options — 0.3%<br> (identified cost $33,014,708) | &nbsp;&nbsp;**$19174879** |
| Total Investments — 114.1%<br> (identified cost $6,254,378,005) | &nbsp;&nbsp;**$6644693440** |
| Less Unfunded Loan Commitments — (2.2)% | &nbsp;&nbsp;**$(127268000)** |
| Net Investments — 111.9%<br> (identified cost $6,127,110,005) | &nbsp;&nbsp;**$6517425440** |
| Total Written Options — (0.1)%<br> (premiums received $7,325,580) | &nbsp;&nbsp;**$(4041228)** |

---

---

| |
|:---|
| Securities Sold Short — (8.6)% |
| Exchange-Traded Funds — (2.8)% |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| United States — (2.8)% | United States — (2.8)% | United States — (2.8)% |
| iShares Broad USD High Yield Corporate Bond ETF | (2350690) | &nbsp;&nbsp;$(88338930) |
| iShares JPMorgan USD Emerging Markets Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;(744519) | &nbsp;&nbsp;&nbsp;&nbsp; (71972652) |
| Total Exchange-Traded Funds<br> (proceeds $148,935,048) |  | &nbsp;&nbsp;**$(160311582)** |

---

Sovereign Government Bonds — (5.8)%

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp; **Value** |
| Armenia — (0.1)% | Armenia — (0.1)% | Armenia — (0.1)% | Armenia — (0.1)% |
| Republic of Armenia International Bonds, 3.60%, 2/2/31<sup>(7)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8028) | &nbsp;&nbsp;$(7374899) |
|  |  |  | &nbsp;&nbsp;**$(7374899)** |
| Azerbaijan — (0.3)% | Azerbaijan — (0.3)% | Azerbaijan — (0.3)% | Azerbaijan — (0.3)% |
| Republic of Azerbaijan International Bonds, 3.50%, 9/1/32<sup>(7)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19297) | &nbsp;&nbsp;$(18082830) |
|  |  |  | &nbsp;&nbsp;**$(18082830)** |
| Bahrain — (0.7)% | Bahrain — (0.7)% | Bahrain — (0.7)% | Bahrain — (0.7)% |
| Bahrain Government International Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, 5/18/34<sup>(7)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10015) | &nbsp;&nbsp;$(9752937) |
| &nbsp;&nbsp;&nbsp;6.00%, 9/19/44<sup>(7)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7727) | &nbsp;&nbsp;&nbsp;&nbsp; (7193883) |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp; **Value** |
| Bahrain (continued) | Bahrain (continued) | Bahrain (continued) | Bahrain (continued) |
| Bahrain Government International Bonds: (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;7.50%, 2/12/36<sup>(7)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6258) | &nbsp;&nbsp;$(6908370) |
| &nbsp;&nbsp;&nbsp;7.50%, 9/20/47<sup>(7)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8571) | &nbsp;&nbsp;&nbsp;&nbsp; (9237122) |
| &nbsp;&nbsp;&nbsp;7.75%, 4/18/35<sup>(7)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6435) | &nbsp;&nbsp;&nbsp;&nbsp; (7189821) |
|  |  |  | &nbsp;&nbsp;**$(40282133)** |
| Cameroon — (0.2)% | Cameroon — (0.2)% | Cameroon — (0.2)% | Cameroon — (0.2)% |
| Republic of Cameroon Government International Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;5.95%, 7/7/32<sup>(7)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9724) | &nbsp;&nbsp;$(9160910) |
| &nbsp;&nbsp;&nbsp;9.50%, 7/31/31<sup>(7)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2769) | &nbsp;&nbsp;&nbsp;&nbsp; (2636148) |
|  |  |  | &nbsp;&nbsp;**$(11797058)** |
| Indonesia — (2.7)% | Indonesia — (2.7)% | Indonesia — (2.7)% | Indonesia — (2.7)% |
| Indonesia Government International Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;4.20%, 10/15/50 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(64100) | &nbsp;&nbsp;$(53988377) |
| &nbsp;&nbsp;&nbsp;4.30%, 3/31/52 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34800) | &nbsp;&nbsp;&nbsp;&nbsp; (29507385) |
| &nbsp;&nbsp;&nbsp;5.45%, 9/20/52 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21200) | &nbsp;&nbsp;&nbsp;&nbsp; (21384889) |
| &nbsp;&nbsp;&nbsp;5.65%, 1/11/53 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49290) | &nbsp;&nbsp;&nbsp;&nbsp; (50933490) |
|  |  |  | &nbsp;&nbsp;**$(155814141)** |
| Kazakhstan — (0.5)% | Kazakhstan — (0.5)% | Kazakhstan — (0.5)% | Kazakhstan — (0.5)% |
| Kazakhstan Government International Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, 10/14/44<sup>(7)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15452) | &nbsp;&nbsp;$(14430214) |
| &nbsp;&nbsp;&nbsp;6.50%, 7/21/45<sup>(7)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14022) | &nbsp;&nbsp;&nbsp;&nbsp; (15773255) |
|  |  |  | &nbsp;&nbsp;**$(30203469)** |
| Poland — (0.5)% | Poland — (0.5)% | Poland — (0.5)% | Poland — (0.5)% |
| Republic of Poland Government International Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;1.00%, 3/7/29<sup>(7)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10844) | &nbsp;&nbsp;$(11998066) |
| &nbsp;&nbsp;&nbsp;2.75%, 5/25/32<sup>(7)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16578) | &nbsp;&nbsp;&nbsp;&nbsp; (18867697) |
|  |  |  | &nbsp;&nbsp;**$(30865763)** |
| Senegal — (0.8)% | Senegal — (0.8)% | Senegal — (0.8)% | Senegal — (0.8)% |
| Senegal Government International Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;6.25%, 5/23/33<sup>(7)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27887) | &nbsp;&nbsp;$(20076195) |
| &nbsp;&nbsp;&nbsp;6.75%, 3/13/48<sup>(7)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21117) | &nbsp;&nbsp;&nbsp;&nbsp; (13614945) |
| &nbsp;&nbsp;&nbsp;7.75%, 6/10/31<sup>(7)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15091) | &nbsp;&nbsp;&nbsp;&nbsp; (11901615) |
|  |  |  | &nbsp;&nbsp;**$(45592755)** |
| Total Sovereign Government Bonds<br> (proceeds $328,610,292) |  |  | &nbsp;&nbsp;**$(340013048)** |
| Total Securities Sold Short<br> (proceeds $477,545,340) |  |  | &nbsp;&nbsp;**$(500324630)** |

---

---

| | |
|:---|:---|
| Other Assets, Less Liabilities — (3.2)% | &nbsp;&nbsp;**$(190710389)** |
| Net Assets — 100.0% | &nbsp;&nbsp;**$5822349193** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

*28*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_231c4145-125b-48d0-80d1-bb6e9d068795_TOC)

Global Macro Absolute Return Advantage Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

---

| | |
|:---|:---|
| The percentage shown for each investment category in the Consolidated Portfolio of Investments is based on net assets. | The percentage shown for each investment category in the Consolidated Portfolio of Investments is based on net assets. |
| <sup>†</sup> | Amount is less than 0.05% or (0.05)%, as applicable. |
| <sup>(1)</sup> | 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. |
| <sup>(2)</sup> | 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 October 31, 2025. |
| <sup>(3)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At October 31, 2025, the aggregate value of these securities is $489,789,596 or 8.4% of the Portfolio's net assets. |
| <sup>(4)</sup> | Weighted average fixed-rate coupon that changes/updates monthly. Rate shown is the rate at October 31, 2025. |
| <sup>(5)</sup> | Non-income producing security. |
| <sup>(6)</sup> | Securities are traded on separate exchanges for the same entity. |
| <sup>(7)</sup> | Security exempt from registration under Regulation S of the Securities Act of 1933, as amended, 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, as amended. At October 31, 2025, the aggregate value of these securities is $1,533,599,708 or 26.3% of the Portfolio's net assets. |
| <sup>(8)</sup> | Issuer is in default with respect to interest and/or principal payments or has declared bankruptcy and is non-income producing. For a variable rate security, interest rate has been adjusted to reflect non-accrual status. |
| <sup>(9)</sup> | Security whose performance is linked to the price of an underlying security issued by the Ministry of Finance of Paraguay. The investment is subject to credit risk of the issuing financial institution (Itau BBA International PLC) in addition to the market risk of the underlying security. |
| <sup>(10)</sup> | Security whose performance is linked to the price of an underlying security issued by the Arab Republic of Egypt. The investment is subject to credit risk of the issuing financial institution (Absa Bank Ltd.) in addition to the market risk of the underlying security. |
| <sup>(11)</sup> | Security whose performance is linked to the price of an underlying security issued by the United Republic of Tanzania. The investment is subject to credit risk of the issuing financial institution (Absa Bank Ltd.) in addition to the market risk of the underlying security. |
| <sup>(12)</sup> | Represents a payment-in-kind security which may pay interest in additional principal at the issuer's discretion. |
| <sup>(13)</sup> | Perpetual security with no stated maturity date but may be subject to calls by the issuer. |
| <sup>(14)</sup> | Security converts to variable rate after the indicated fixed-rate coupon period. |
| <sup>(15)</sup> | Security is valued using significant unobservable inputs and is categorized as Level 3 in the fair value hierarchy. |
| <sup>(16)</sup> | When-issued security. |
| <sup>(17)</sup> | Quantity held represents principal in USD. |

---

<sup>(18)</sup> Security is subject to risk of loss depending on the occurrence, frequency and severity of the loss events that are covered by underlying reinsurance contracts and that may occur during a specified risk period.

<sup>(19)</sup> Restricted security (see Note 5).

<sup>(20)</sup> Limited recourse note whose payments by the issuer are limited to amounts received by the issuer from the borrower pursuant to a loan agreement with the borrower.

<sup>(21)</sup> Senior floating-rate loans (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 typically have an expected average life of approximately two to four years. Senior Loans typically have rates of interest which are redetermined periodically by reference to a base lending rate, plus a spread. These base lending rates are primarily the Secured Overnight Financing Rate ("SOFR") and secondarily, the prime rate offered by one or more major United States banks (the "Prime Rate"). Base lending rates may be subject to a floor, or minimum rate. Rates for SOFR are generally 1 or 3-month tenors and may also be subject to a credit spread adjustment. Senior Loans are generally subject to contractual restrictions that must be satisfied before they can be bought or sold.

<sup>(22)</sup> Unfunded or partially unfunded loan commitments. The stated interest rate reflects the reference rate and spread for the funded portion, if any. At October 31, 2025, the total value of unfunded loan commitments is $127,067,280. See Note 1F for description.

<sup>(23)</sup> Security (or a portion thereof) has been pledged for the benefit of the counterparty for reverse repurchase agreements.

<sup>(24)</sup> 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.

<sup>(25)</sup> Step coupon security. Interest rate represents the rate in effect at October 31, 2025.

<sup>(26)</sup> Amounts payable in respect of the security are contingent upon and determined by reference to Ukraine's GDP and Real GDP Growth Rate. Principal amount represents the notional amount used to calculate payments due to the security holder and does not represent an entitlement for payment.

<sup>(27)</sup> Variable rate security. The stated interest rate represents the rate in effect at October 31, 2025.

<sup>(28)</sup> Interest only security that entitles the holder to receive only a portion of the interest payments on the underlying loans. Principal amount shown is the notional amount of the underlying loans on which coupon interest is calculated.

<sup>(29)</sup> The stated interest rate represents the weighted average fixed interest rate at October 31, 2025 of all interest only securities comprising the trust.

<sup>(30)</sup> May be deemed to be an affiliated investment company (see Note 9). The rate shown is the annualized seven-day yield as of October 31, 2025.

<sup>(31)</sup> Open repurchase agreement with no specific maturity date. Either party may terminate the agreement upon demand.

<sup>(32)</sup> Security (or a portion thereof) has been pledged to cover collateral requirements on open derivative contracts.

*29*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_231c4145-125b-48d0-80d1-bb6e9d068795_TOC)

Global Macro Absolute Return Advantage Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchased Currency Options (OTC) — 0.0%<sup>†</sup>** | **Purchased Currency Options (OTC) — 0.0%<sup>†</sup>** | **Purchased Currency Options (OTC) — 0.0%<sup>†</sup>** | **Purchased Currency Options (OTC) — 0.0%<sup>†</sup>** | **Purchased Currency Options (OTC) — 0.0%<sup>†</sup>** | **Purchased Currency Options (OTC) — 0.0%<sup>†</sup>** | **Purchased Currency Options (OTC) — 0.0%<sup>†</sup>** | **Purchased Currency Options (OTC) — 0.0%<sup>†</sup>** |
| **Description** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Notional Amount** | &nbsp;&nbsp;**Notional Amount** | &nbsp;&nbsp;**Exercise<br> Price** | &nbsp;&nbsp;**Exercise<br> Price** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Value** |
| Call USD vs. Put INR | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp;19340500 | &nbsp;&nbsp;INR | &nbsp;&nbsp;88.86 | &nbsp;&nbsp;4/21/26 | &nbsp;&nbsp;$300667 |
| Put USD vs. Call CNH | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;USD | &nbsp;&nbsp;80440000 | &nbsp;&nbsp;CNH | &nbsp;&nbsp; 7.00 | &nbsp;&nbsp;1/26/26 | &nbsp;&nbsp; 178014 |
| Put USD vs. Call CNH | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;USD | &nbsp;&nbsp;87800000 | &nbsp;&nbsp;CNH | &nbsp;&nbsp; 7.00 | &nbsp;&nbsp;1/29/26 | &nbsp;&nbsp; 207296 |
| Put USD vs. Call CNH | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;USD | &nbsp;&nbsp;66000000 | &nbsp;&nbsp;CNH | &nbsp;&nbsp; 7.00 | &nbsp;&nbsp;1/22/26 | &nbsp;&nbsp; 137082 |
| Put USD vs. Call CNH | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;USD | &nbsp;&nbsp; 3570000 | &nbsp;&nbsp;CNH | &nbsp;&nbsp; 7.00 | &nbsp;&nbsp;1/29/26 | &nbsp;&nbsp; 8429 |
| Put USD vs. Call CNH | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;USD | &nbsp;&nbsp;32990000 | &nbsp;&nbsp;CNH | &nbsp;&nbsp; 7.00 | &nbsp;&nbsp;1/26/26 | &nbsp;&nbsp; 73007 |
| Put USD vs. Call INR | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp;22300000 | &nbsp;&nbsp;INR | &nbsp;&nbsp;87.00 | &nbsp;&nbsp;2/18/26 | &nbsp;&nbsp; 32647 |
| Put USD vs. Call INR | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp;44463000 | &nbsp;&nbsp;INR | &nbsp;&nbsp;89.13 | &nbsp;&nbsp;4/15/26 | &nbsp;&nbsp; 333739 |
| Put USD vs. Call INR | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;USD | &nbsp;&nbsp;44463000 | &nbsp;&nbsp;INR | &nbsp;&nbsp;89.23 | &nbsp;&nbsp;4/15/26 | &nbsp;&nbsp; 353703 |
| Put USD vs. Call INR | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;USD | &nbsp;&nbsp;44460000 | &nbsp;&nbsp;INR | &nbsp;&nbsp;88.73 | &nbsp;&nbsp;4/22/26 | &nbsp;&nbsp; 265515 |
| Put USD vs. Call INR | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;USD | &nbsp;&nbsp;33700000 | &nbsp;&nbsp;INR | &nbsp;&nbsp;87.00 | &nbsp;&nbsp;&nbsp;&nbsp;2/5/26 | &nbsp;&nbsp; 42732 |
| Put USD vs. Call INR | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;USD | &nbsp;&nbsp;27000000 | &nbsp;&nbsp;INR | &nbsp;&nbsp;87.00 | &nbsp;&nbsp;&nbsp;&nbsp;2/9/26 | &nbsp;&nbsp; 36342 |
| Put USD vs. Call INR | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;USD | &nbsp;&nbsp;17100000 | &nbsp;&nbsp;INR | &nbsp;&nbsp;87.00 | &nbsp;&nbsp;2/10/26 | &nbsp;&nbsp; 23290 |
| Put USD vs. Call INR | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp;14100000 | &nbsp;&nbsp;INR | &nbsp;&nbsp;87.00 | &nbsp;&nbsp;2/10/26 | &nbsp;&nbsp; 19204 |
| Put USD vs. Call INR | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp;19340500 | &nbsp;&nbsp;INR | &nbsp;&nbsp;88.86 | &nbsp;&nbsp;4/21/26 | &nbsp;&nbsp; 124572 |
| Put USD vs. Call INR | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp;50900000 | &nbsp;&nbsp;INR | &nbsp;&nbsp;85.50 | &nbsp;&nbsp;1/25/29 | &nbsp;&nbsp; 168632 |
| Put USD vs. Call INR | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp;27200000 | &nbsp;&nbsp;INR | &nbsp;&nbsp;85.50 | &nbsp;&nbsp;1/25/29 | &nbsp;&nbsp; 90114 |
| Put USD vs. Call INR | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp;26300000 | &nbsp;&nbsp;INR | &nbsp;&nbsp;85.50 | &nbsp;&nbsp;1/30/29 | &nbsp;&nbsp; 87579 |
| Put USD vs. Call INR | &nbsp;&nbsp;Nomura International PLC | &nbsp;&nbsp;USD | &nbsp;&nbsp;67600000 | &nbsp;&nbsp;INR | &nbsp;&nbsp;87.00 | &nbsp;&nbsp;2/10/26 | &nbsp;&nbsp; 92071 |
| Put USD vs. Call INR | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;USD | &nbsp;&nbsp; 3110000 | &nbsp;&nbsp;INR | &nbsp;&nbsp;87.00 | &nbsp;&nbsp;2/24/26 | &nbsp;&nbsp; 4858 |
| **Total** |  |  |  |  |  |  | &nbsp;&nbsp;**$2579493** |

---

---

| | |
|:---|:---|
| <sup>†</sup> | Amount is less than 0.05% or (0.05)%, as applicable. |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Purchased Put Options (Exchange-Traded) — 0.3%** | **Purchased Put Options (Exchange-Traded) — 0.3%** | **Purchased Put Options (Exchange-Traded) — 0.3%** | **Purchased Put Options (Exchange-Traded) — 0.3%** | **Purchased Put Options (Exchange-Traded) — 0.3%** | **Purchased Put Options (Exchange-Traded) — 0.3%** |
| **Description** | &nbsp;&nbsp;&nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Exercise<br> Price** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Value** |
| E-Mini S&P 500 Index Futures 12/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 256 | $&nbsp;&nbsp; 87987200 | $&nbsp;&nbsp;&nbsp;5350.00 | &nbsp;&nbsp;12/19/25 | &nbsp;&nbsp;$88960 |
| E-Mini S&P 500 Index Futures 12/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 85925000 | &nbsp;&nbsp;&nbsp;5400.00 | &nbsp;&nbsp;12/19/25 | &nbsp;&nbsp; 93125 |
| E-Mini S&P 500 Index Futures 12/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 739 | &nbsp;&nbsp;253994300 | &nbsp;&nbsp;&nbsp;5450.00 | &nbsp;&nbsp;12/19/25 | &nbsp;&nbsp; 293752 |
| ICE Brent Crude Oil Futures 06/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 794 | &nbsp;&nbsp; 51665580 | &nbsp;&nbsp; 42.00 | &nbsp;&nbsp; 4/27/26 | &nbsp;&nbsp; 349360 |
| ICE Brent Crude Oil Futures 06/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 634 | &nbsp;&nbsp; 41254380 | &nbsp;&nbsp; 50.00 | &nbsp;&nbsp; 4/27/26 | &nbsp;&nbsp; 691060 |
| ICE Brent Crude Oil Futures 06/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1713 | &nbsp;&nbsp;111464910 | &nbsp;&nbsp; 60.00 | &nbsp;&nbsp; 4/27/26 | &nbsp;&nbsp; 5995500 |
| ICE Brent Crude Oil Futures 12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 436 | &nbsp;&nbsp; 28370520 | &nbsp;&nbsp; 50.00 | &nbsp;&nbsp;10/27/26 | &nbsp;&nbsp; 976640 |
| ICE Brent Crude Oil Futures 12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 786 | &nbsp;&nbsp; 51145020 | &nbsp;&nbsp; 55.00 | &nbsp;&nbsp;10/27/26 | &nbsp;&nbsp; 2751000 |
| ICE Brent Crude Oil Futures 12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 179 | &nbsp;&nbsp; 11647530 | &nbsp;&nbsp; 58.00 | &nbsp;&nbsp;10/27/26 | &nbsp;&nbsp; 805500 |
| ICE Brent Crude Oil Futures 12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 842 | &nbsp;&nbsp; 54788940 | &nbsp;&nbsp; 60.00 | &nbsp;&nbsp;10/27/26 | &nbsp;&nbsp; 4454180 |
| **Total** |  |  |  |  | &nbsp;&nbsp;**$16499077** |

---

*30*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_231c4145-125b-48d0-80d1-bb6e9d068795_TOC)

Global Macro Absolute Return Advantage Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Purchased Put Options (OTC) — 0.0%<sup>†</sup>** | **Purchased Put Options (OTC) — 0.0%<sup>†</sup>** | **Purchased Put Options (OTC) — 0.0%<sup>†</sup>** | **Purchased Put Options (OTC) — 0.0%<sup>†</sup>** | **Purchased Put Options (OTC) — 0.0%<sup>†</sup>** | **Purchased Put Options (OTC) — 0.0%<sup>†</sup>** | **Purchased Put Options (OTC) — 0.0%<sup>†</sup>** |
| **Description** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Exercise<br> Price** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Value** |
| iShares 20+ Year Treasury Bond ETF | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;5605 | $&nbsp;&nbsp;50431576 | $&nbsp;&nbsp;80.00 | &nbsp;&nbsp;1/16/26 | &nbsp;&nbsp;$96309 |
| **Total** |  |  |  |  |  | &nbsp;&nbsp;**$96309** |

---

---

| | |
|:---|:---|
| <sup>†</sup> | Amount is less than 0.05% or (0.05)%, as applicable. |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Written Currency Options (OTC) — (0.1)%** | **Written Currency Options (OTC) — (0.1)%** | **Written Currency Options (OTC) — (0.1)%** | **Written Currency Options (OTC) — (0.1)%** | **Written Currency Options (OTC) — (0.1)%** | **Written Currency Options (OTC) — (0.1)%** | **Written Currency Options (OTC) — (0.1)%** | **Written Currency Options (OTC) — (0.1)%** |
| **Description** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Notional Amount** | &nbsp;&nbsp;**Notional Amount** | &nbsp;&nbsp;**Exercise<br> Price** | &nbsp;&nbsp;**Exercise<br> Price** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Value** |
| Call USD vs. Put BRL (Digital Option) | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;USD | &nbsp;&nbsp; 7038000 | &nbsp;&nbsp;BRL | &nbsp;&nbsp; 7.00 | &nbsp;&nbsp;7/12/27 | &nbsp;&nbsp;$(1788560) |
| Call USD vs. Put BRL (Digital Option) | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;USD | &nbsp;&nbsp; 5630000 | &nbsp;&nbsp;BRL | &nbsp;&nbsp; 7.00 | &nbsp;&nbsp;7/14/27 | &nbsp;&nbsp;(1435582) |
| Call USD vs. Put INR | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp;22300000 | &nbsp;&nbsp;INR | &nbsp;&nbsp; 91.00 | &nbsp;&nbsp;2/18/26 | &nbsp;&nbsp; (53520) |
| Call USD vs. Put INR | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;USD | &nbsp;&nbsp;33700000 | &nbsp;&nbsp;INR | &nbsp;&nbsp; 91.00 | &nbsp;&nbsp;&nbsp;&nbsp;2/5/26 | &nbsp;&nbsp; (63086) |
| Call USD vs. Put INR | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;USD | &nbsp;&nbsp;27000000 | &nbsp;&nbsp;INR | &nbsp;&nbsp; 91.00 | &nbsp;&nbsp;&nbsp;&nbsp;2/9/26 | &nbsp;&nbsp; (54324) |
| Call USD vs. Put INR | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;USD | &nbsp;&nbsp;17100000 | &nbsp;&nbsp;INR | &nbsp;&nbsp; 91.00 | &nbsp;&nbsp;2/10/26 | &nbsp;&nbsp; (35089) |
| Call USD vs. Put INR | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp;14100000 | &nbsp;&nbsp;INR | &nbsp;&nbsp; 91.00 | &nbsp;&nbsp;2/10/26 | &nbsp;&nbsp; (28933) |
| Call USD vs. Put INR | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp;19340500 | &nbsp;&nbsp;INR | &nbsp;&nbsp; 88.86 | &nbsp;&nbsp;4/21/26 | &nbsp;&nbsp; (300667) |
| Call USD vs. Put INR | &nbsp;&nbsp;Nomura International PLC | &nbsp;&nbsp;USD | &nbsp;&nbsp;67600000 | &nbsp;&nbsp;INR | &nbsp;&nbsp; 91.00 | &nbsp;&nbsp;2/10/26 | &nbsp;&nbsp; (138715) |
| Call USD vs. Put INR | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;USD | &nbsp;&nbsp; 3110000 | &nbsp;&nbsp;INR | &nbsp;&nbsp; 91.00 | &nbsp;&nbsp;2/24/26 | &nbsp;&nbsp; (8117) |
| Put USD vs. Call INR | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp;22300000 | &nbsp;&nbsp;INR | &nbsp;&nbsp; 85.00 | &nbsp;&nbsp;2/18/26 | &nbsp;&nbsp; (8296) |
| Put USD vs. Call INR | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;USD | &nbsp;&nbsp;33700000 | &nbsp;&nbsp;INR | &nbsp;&nbsp; 84.50 | &nbsp;&nbsp;&nbsp;&nbsp;2/5/26 | &nbsp;&nbsp; (6740) |
| Put USD vs. Call INR | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;USD | &nbsp;&nbsp;27000000 | &nbsp;&nbsp;INR | &nbsp;&nbsp; 84.50 | &nbsp;&nbsp;&nbsp;&nbsp;2/9/26 | &nbsp;&nbsp; (6075) |
| Put USD vs. Call INR | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;USD | &nbsp;&nbsp;17100000 | &nbsp;&nbsp;INR | &nbsp;&nbsp; 84.50 | &nbsp;&nbsp;2/10/26 | &nbsp;&nbsp; (3950) |
| Put USD vs. Call INR | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp;14100000 | &nbsp;&nbsp;INR | &nbsp;&nbsp; 84.50 | &nbsp;&nbsp;2/10/26 | &nbsp;&nbsp; (3257) |
| Put USD vs. Call INR | &nbsp;&nbsp;Nomura International PLC | &nbsp;&nbsp;USD | &nbsp;&nbsp;67600000 | &nbsp;&nbsp;INR | &nbsp;&nbsp; 84.50 | &nbsp;&nbsp;2/10/26 | &nbsp;&nbsp; (15616) |
| Put USD vs. Call INR | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;USD | &nbsp;&nbsp; 3110000 | &nbsp;&nbsp;INR | &nbsp;&nbsp; 84.50 | &nbsp;&nbsp;2/24/26 | &nbsp;&nbsp; (949) |
| Put USD vs. Call KRW | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;USD | &nbsp;&nbsp;31750000 | &nbsp;&nbsp;KRW | &nbsp;&nbsp;1300.00 | &nbsp;&nbsp;1/26/26 | &nbsp;&nbsp; (10732) |
| Put USD vs. Call KRW | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;USD | &nbsp;&nbsp;64280000 | &nbsp;&nbsp;KRW | &nbsp;&nbsp;1310.00 | &nbsp;&nbsp;&nbsp;&nbsp;2/5/26 | &nbsp;&nbsp; (41332) |
| Put USD vs. Call KRW | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp;43000000 | &nbsp;&nbsp;KRW | &nbsp;&nbsp;1300.00 | &nbsp;&nbsp;1/22/26 | &nbsp;&nbsp; (13072) |
| Put USD vs. Call KRW | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;USD | &nbsp;&nbsp;15120000 | &nbsp;&nbsp;KRW | &nbsp;&nbsp;1300.00 | &nbsp;&nbsp;1/26/26 | &nbsp;&nbsp; (5111) |
| Put USD vs. Call KRW | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;USD | &nbsp;&nbsp;27090000 | &nbsp;&nbsp;KRW | &nbsp;&nbsp;1310.00 | &nbsp;&nbsp;&nbsp;&nbsp;2/9/26 | &nbsp;&nbsp; (19505) |
| **Total** |  |  |  |  |  |  | &nbsp;&nbsp;**$(4041228)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts (Centrally Cleared)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared)** |
| **Currency Purchased** | **Currency Purchased** | &nbsp;&nbsp;&nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;&nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;&nbsp;&nbsp;**Settlement<br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> Appreciation<br> (Depreciation)** |
| CLP | &nbsp;&nbsp;&nbsp;&nbsp; 14004000000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 14603046 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$256906 |
| CLP | &nbsp;&nbsp;&nbsp;&nbsp; 12710000000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 13337629 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 149231 |
| CLP | &nbsp;&nbsp;&nbsp;&nbsp; 2167613985 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 2259814 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40288 |
| CLP | &nbsp;&nbsp;&nbsp;&nbsp; 646000000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 673710 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11775 |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 477061 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 562473 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11246) |

---

*31*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_231c4145-125b-48d0-80d1-bb6e9d068795_TOC)

Global Macro Absolute Return Advantage Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** |
| **Currency Purchased** | **Currency Purchased** | &nbsp;&nbsp;&nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;&nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;&nbsp;&nbsp;**Settlement<br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> Appreciation<br> (Depreciation)** |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 675949 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 796968 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(15935) |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 4029564 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 4676956 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20948) |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 4800000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 5571171 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24953) |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 9195000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 10672275 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (47800) |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 13349564 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 15494314 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (69398) |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 16057476 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 18637281 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (83475) |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 4264989 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 5028577 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (100543) |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 8636173 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 10182360 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (203589) |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 9447469 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 11138908 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (222715) |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 10327593 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 12176606 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (243463) |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 10927331 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 12883719 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (257601) |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 15158896 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 17872887 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (357356) |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 27940000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 32942271 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (658658) |
| INR | &nbsp;&nbsp;&nbsp;&nbsp; 3192000000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 36073503 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (201092) |
| INR | &nbsp;&nbsp;&nbsp;&nbsp; 4258000000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 48114571 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (262213) |
| INR | &nbsp;&nbsp;&nbsp;&nbsp; 5853970000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 66145083 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (356857) |
| KRW | &nbsp;&nbsp;&nbsp;&nbsp; 21277200000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 14987004 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (71163) |
| KRW | &nbsp;&nbsp;&nbsp;&nbsp; 13758330000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 9724163 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (79236) |
| KRW | &nbsp;&nbsp;&nbsp;&nbsp;102207000000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 73831384 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2181761) |
| KRW | &nbsp;&nbsp;&nbsp;&nbsp;109335602000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 78973464 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2326516) |
| PHP | &nbsp;&nbsp;&nbsp;&nbsp; 466348538 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 8012861 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (73536) |
| PHP | &nbsp;&nbsp;&nbsp;&nbsp; 527000000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 9052494 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (80611) |
| PHP | &nbsp;&nbsp;&nbsp;&nbsp; 875351462 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 14997112 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (94739) |
| PHP | &nbsp;&nbsp;&nbsp;&nbsp; 1094300000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 18802405 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (172554) |
| TWD | &nbsp;&nbsp;&nbsp;&nbsp; 410782000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 13507190 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (148296) |
| TWD | &nbsp;&nbsp;&nbsp;&nbsp; 446502000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 14689740 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (169210) |
| TWD | &nbsp;&nbsp;&nbsp;&nbsp; 482223000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 15856340 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (174139) |
| TWD | &nbsp;&nbsp;&nbsp;&nbsp; 446503000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 14717081 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (196518) |
| TWD | &nbsp;&nbsp;&nbsp;&nbsp; 1515000000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 50461313 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1192545) |
| TWD | &nbsp;&nbsp;&nbsp;&nbsp; 1586380000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 52949933 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1359842) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 128001 | &nbsp;&nbsp;&nbsp;&nbsp;CLP | &nbsp;&nbsp;&nbsp;&nbsp; 123258985 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2791) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 2611546 | &nbsp;&nbsp;&nbsp;&nbsp;CLP | &nbsp;&nbsp;&nbsp;&nbsp; 2518000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (60359) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 28264771 | &nbsp;&nbsp;&nbsp;&nbsp;CLP | &nbsp;&nbsp;&nbsp;&nbsp; 26886355000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (264930) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 162168414 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp; 137543202 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3242446 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 110081932 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp; 93366032 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2201013 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 106379250 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp; 90225601 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2126980 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 84835357 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp; 71953140 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1696225 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 64282243 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp; 54521009 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1285279 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 57267764 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp; 48571676 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1145030 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 56719448 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp; 48106622 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1134066 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 51153212 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp; 43385616 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1022773 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 45936821 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp; 38961332 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 918475 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 43895102 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp; 37229648 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 877652 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 32884987 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp; 27891415 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 657513 |

---

*32*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_231c4145-125b-48d0-80d1-bb6e9d068795_TOC)

Global Macro Absolute Return Advantage Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** |
| **Currency Purchased** | **Currency Purchased** | &nbsp;&nbsp;&nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;&nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;&nbsp;&nbsp;**Settlement<br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> Appreciation<br> (Depreciation)** |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 31633541 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp; 26830000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$632491 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 28580547 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp; 24240602 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 571448 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 21311798 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp; 18075610 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 426115 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 12883718 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp; 10927331 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 257601 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 10770912 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp; 9135353 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215357 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 10577823 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp; 8971584 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 211496 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 10169931 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp; 8625631 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 203341 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 7466180 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp; 6332444 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 149281 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 30357985 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp; 26155779 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135971 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 5773896 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp; 4897132 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115445 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 5085467 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp; 4313241 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101680 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 2016074 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp; 1709934 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40310 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 8212126 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp; 7075389 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36782 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 2826220 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp; 2435010 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12658 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 2616051 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp; 2253933 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11717 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 227346 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp; 192824 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4546 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 45044715 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp;739409000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 617088 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 25643662 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp;420803000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 359578 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 30877947 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp;508251000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 339522 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 19093897 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp;312548000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 314350 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 14661179 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp;240458000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 213183 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 21615529 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp;356332000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 205207 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 22429496 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp;370535280000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165765 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 19065012 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp;314954000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140900 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 10573562 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp;174802120000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70520 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 9544412 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp;158866736000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1147) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 16212133 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp;270142764000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19482) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 29285785 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp; 2594867000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 124089 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 22059987 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp; 1952000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 122974 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 6958864 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp; 620000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8835) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 11127076 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp; 991033000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10375) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 13896843 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp; 1237500000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10459) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 11123583 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp; 991000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13497) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 13901511 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp; 1239000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22648) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 12600206 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp; 1123263000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (23275) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 13902389 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp; 1239537000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (27806) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 27206914 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp; 2424000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (34541) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 20853713 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp; 1858900000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (37021) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 20584441 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp; 1835000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (37700) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 19459399 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp; 1735000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (38920) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 17079890 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp; 1523270000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (38959) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 17458093 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp; 1557000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (39822) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 20635437 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp; 1840000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (42895) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 29766764 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp; 2654600000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (66226) |

---

*33*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_231c4145-125b-48d0-80d1-bb6e9d068795_TOC)

Global Macro Absolute Return Advantage Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** |
| **Currency Purchased** | **Currency Purchased** | &nbsp;&nbsp;&nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;&nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;&nbsp;&nbsp;**Settlement<br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> Appreciation<br> (Depreciation)** |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 50088506 | &nbsp;&nbsp;&nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp; 69345532575 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1475581 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 13374928 | &nbsp;&nbsp;&nbsp;&nbsp;PEN | &nbsp;&nbsp;&nbsp;&nbsp; 46411000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (393084) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 22780989 | &nbsp;&nbsp;&nbsp;&nbsp;PEN | &nbsp;&nbsp;&nbsp;&nbsp; 80000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (951336) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 30284849 | &nbsp;&nbsp;&nbsp;&nbsp;PEN | &nbsp;&nbsp;&nbsp;&nbsp; 106000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1160482) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 35452009 | &nbsp;&nbsp;&nbsp;&nbsp;PEN | &nbsp;&nbsp;&nbsp;&nbsp; 123758533 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1261463) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 55489158 | &nbsp;&nbsp;&nbsp;&nbsp;PEN | &nbsp;&nbsp;&nbsp;&nbsp; 195000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2358385) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 28947709 | &nbsp;&nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp; 1656000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 755226 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 22960842 | &nbsp;&nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp; 1307000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 709891 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 14099375 | &nbsp;&nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp; 806577276 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 367843 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 11172988 | &nbsp;&nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp; 636000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 345440 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 15490421 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 473000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108159 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 15453297 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 472500000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87295 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 15497793 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 474000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83010 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 15419797 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 472000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70056 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 13368197 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 409000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67256 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 9262116 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 283995000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26417 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 8232994 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 252473000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22411 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 7636595 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 234138000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22278 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 7203847 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 220942000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18672 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 6710875 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 205825000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17314 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 6174718 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 189428000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14398 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 4664625 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 143190000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7995 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 9262108 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 284569000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7742 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 9262089 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 284624000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5935 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 8233002 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 253066000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3133 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 5021404 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 154368000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1258 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 2610489 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 80272000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8) |
| PHP | &nbsp;&nbsp;&nbsp;&nbsp; 37354270 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 637891 | &nbsp;&nbsp;&nbsp;&nbsp;5/7/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3132) |
| PHP | &nbsp;&nbsp;&nbsp;&nbsp; 75000000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 1308521 | &nbsp;&nbsp;&nbsp;&nbsp;5/7/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (34050) |
| PHP | &nbsp;&nbsp;&nbsp;&nbsp; 372445730 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 6410426 | &nbsp;&nbsp;&nbsp;&nbsp;5/7/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (81474) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 5234863 | &nbsp;&nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp; 293100000 | &nbsp;&nbsp;&nbsp;&nbsp;5/7/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 254230 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 2084115 | &nbsp;&nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp; 116700000 | &nbsp;&nbsp;&nbsp;&nbsp;5/7/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101037 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 1340411 | &nbsp;&nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp; 75000000 | &nbsp;&nbsp;&nbsp;&nbsp;5/7/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65939 |
| PHP | &nbsp;&nbsp;&nbsp;&nbsp; 248810849 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 4261262 | &nbsp;&nbsp;&nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (33584) |
| PHP | &nbsp;&nbsp;&nbsp;&nbsp; 429984000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 7341996 | &nbsp;&nbsp;&nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (35907) |
| PHP | &nbsp;&nbsp;&nbsp;&nbsp; 417603700 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 7140966 | &nbsp;&nbsp;&nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (45237) |
| PHP | &nbsp;&nbsp;&nbsp;&nbsp; 465800000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 7961713 | &nbsp;&nbsp;&nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (47054) |
| PHP | &nbsp;&nbsp;&nbsp;&nbsp; 182338500 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 3166259 | &nbsp;&nbsp;&nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (68047) |
| PHP | &nbsp;&nbsp;&nbsp;&nbsp; 1027802600 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 17572279 | &nbsp;&nbsp;&nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (108333) |
| PHP | &nbsp;&nbsp;&nbsp;&nbsp; 374554469 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 6485230 | &nbsp;&nbsp;&nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (120974) |
| PHP | &nbsp;&nbsp;&nbsp;&nbsp; 374616200 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 6504883 | &nbsp;&nbsp;&nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (139578) |
| PHP | &nbsp;&nbsp;&nbsp;&nbsp; 369645900 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 6434499 | &nbsp;&nbsp;&nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (153647) |
| PHP | &nbsp;&nbsp;&nbsp;&nbsp; 1325000000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 22707798 | &nbsp;&nbsp;&nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (194011) |
| PHP | &nbsp;&nbsp;&nbsp;&nbsp; 515980000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 8986850 | &nbsp;&nbsp;&nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (219557) |

---

*34*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_231c4145-125b-48d0-80d1-bb6e9d068795_TOC)

Global Macro Absolute Return Advantage Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** |
| **Currency Purchased** | **Currency Purchased** | &nbsp;&nbsp;&nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;&nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;&nbsp;&nbsp;**Settlement<br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> Appreciation<br> (Depreciation)** |
| PHP | &nbsp;&nbsp;&nbsp;&nbsp; 503941310 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 8785588 | &nbsp;&nbsp;&nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(222850) |
| PHP | &nbsp;&nbsp;&nbsp;&nbsp; 687397300 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 11981825 | &nbsp;&nbsp;&nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (301888) |
| PHP | &nbsp;&nbsp;&nbsp;&nbsp; 609140000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 10653026 | &nbsp;&nbsp;&nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (302800) |
| PHP | &nbsp;&nbsp;&nbsp;&nbsp; 1198551900 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 20848007 | &nbsp;&nbsp;&nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (482767) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 19422666 | &nbsp;&nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp; 1090000000 | &nbsp;&nbsp;&nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 901890 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 14407684 | &nbsp;&nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp; 810000000 | &nbsp;&nbsp;&nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 644539 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 13178985 | &nbsp;&nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp; 740000000 | &nbsp;&nbsp;&nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 605247 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 13005523 | &nbsp;&nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp; 730000000 | &nbsp;&nbsp;&nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 601701 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 13535784 | &nbsp;&nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp; 762200000 | &nbsp;&nbsp;&nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 584834 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 12430302 | &nbsp;&nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp; 700000000 | &nbsp;&nbsp;&nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 536225 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 12412448 | &nbsp;&nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp; 700000000 | &nbsp;&nbsp;&nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 518372 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 10634150 | &nbsp;&nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp; 600000000 | &nbsp;&nbsp;&nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 439227 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 7862364 | &nbsp;&nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp; 441000000 | &nbsp;&nbsp;&nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 369096 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 6449532 | &nbsp;&nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp; 362000000 | &nbsp;&nbsp;&nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 298596 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 7094840 | &nbsp;&nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp; 400000000 | &nbsp;&nbsp;&nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 298225 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 7093834 | &nbsp;&nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp; 400000000 | &nbsp;&nbsp;&nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 297219 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 4261226 | &nbsp;&nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp; 237900000 | &nbsp;&nbsp;&nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 218939 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 4705778 | &nbsp;&nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp; 264700000 | &nbsp;&nbsp;&nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 208118 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 3205300 | &nbsp;&nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp; 179000000 | &nbsp;&nbsp;&nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 163815 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 3189026 | &nbsp;&nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp; 179000000 | &nbsp;&nbsp;&nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 147540 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 1947096 | &nbsp;&nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp; 108500000 | &nbsp;&nbsp;&nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103515 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$13160837** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts (OTC)** | **Forward Foreign Currency Exchange Contracts (OTC)** | **Forward Foreign Currency Exchange Contracts (OTC)** | **Forward Foreign Currency Exchange Contracts (OTC)** | **Forward Foreign Currency Exchange Contracts (OTC)** | **Forward Foreign Currency Exchange Contracts (OTC)** | **Forward Foreign Currency Exchange Contracts (OTC)** | **Forward Foreign Currency Exchange Contracts (OTC)** |
| **Currency Purchased** | **Currency Purchased** | &nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Settlement<br> Date** | &nbsp;&nbsp;**Unrealized<br> Appreciation** | &nbsp;&nbsp;**Unrealized<br> (Depreciation)** |
| EUR | &nbsp;&nbsp; 130863546 | &nbsp;&nbsp;PLN | &nbsp;&nbsp; 557216978 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;11/4/25 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(44767) |
| NGN | &nbsp;&nbsp; 5571583000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 3937514 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;11/4/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (32564) |
| NGN | &nbsp;&nbsp; 5551897000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 3937516 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;11/4/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (46363) |
| PLN | &nbsp;&nbsp; 557216978 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 131308137 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;11/4/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (467691) |
| KZT | &nbsp;&nbsp; 2137272300 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 3866826 | &nbsp;&nbsp;ICBC Standard Bank plc | &nbsp;&nbsp;11/5/25 | &nbsp;&nbsp;&nbsp;&nbsp; 166185 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| EUR | &nbsp;&nbsp; 3377483 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 3892869 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;11/7/25 | &nbsp;&nbsp;&nbsp;&nbsp; 844 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| EUR | &nbsp;&nbsp; 12440851 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 14544243 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;11/7/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (201875) |
| EUR | &nbsp;&nbsp; 14947901 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 17485860 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;11/7/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (253253) |
| EUR | &nbsp;&nbsp; 58519379 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 67833646 | &nbsp;&nbsp;HSBC Bank USA, N.A. | &nbsp;&nbsp;11/7/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (369894) |
| EUR | &nbsp;&nbsp; 5104694 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 5896308 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;11/7/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (11388) |
| EUR | &nbsp;&nbsp; 16623248 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 19402178 | &nbsp;&nbsp;State Street Bank and Trust Company | &nbsp;&nbsp;11/7/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (238156) |
| EUR | &nbsp;&nbsp; 6430526 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 7453434 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;11/7/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (40036) |
| KZT | &nbsp;&nbsp; 31518277250 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 59260644 | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;11/7/25 | &nbsp;&nbsp;&nbsp;&nbsp; 179373 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 46650682 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 39977306 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;11/7/25 | &nbsp;&nbsp;&nbsp;&nbsp; 563059 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 62524298 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 53280000 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;11/7/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1100737 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

*35*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_231c4145-125b-48d0-80d1-bb6e9d068795_TOC)

Global Macro Absolute Return Advantage Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** |
| **Currency Purchased** | **Currency Purchased** | &nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Settlement<br> Date** | &nbsp;&nbsp;**Unrealized<br> Appreciation** | &nbsp;&nbsp;**Unrealized<br> (Depreciation)** |
| EGP | &nbsp;&nbsp; 74629281 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 1548968 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;11/10/25 | &nbsp;&nbsp;$27518 | &nbsp;&nbsp;$— |
| KZT | &nbsp;&nbsp; 7013111765 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 12647632 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;11/10/25 | &nbsp;&nbsp;&nbsp;&nbsp; 566778 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| KZT | &nbsp;&nbsp; 6167111696 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 11270306 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;11/10/25 | &nbsp;&nbsp;&nbsp;&nbsp; 350033 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| KZT | &nbsp;&nbsp; 6153345136 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 11269863 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;11/10/25 | &nbsp;&nbsp;&nbsp;&nbsp; 324537 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| KZT | &nbsp;&nbsp; 4103814012 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 7431753 | &nbsp;&nbsp;ICBC Standard Bank plc | &nbsp;&nbsp;11/10/25 | &nbsp;&nbsp;&nbsp;&nbsp; 300831 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| EGP | &nbsp;&nbsp; 467827661 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 9362171 | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;11/12/25 | &nbsp;&nbsp;&nbsp;&nbsp; 513445 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| EGP | &nbsp;&nbsp; 200338323 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 3938241 | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;11/12/25 | &nbsp;&nbsp;&nbsp;&nbsp; 290804 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| PLN | &nbsp;&nbsp; 557216979 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 131228632 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;11/13/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (462066) |
| ISK | &nbsp;&nbsp; 649598412 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 4479989 | &nbsp;&nbsp;Bank of America, N.A. | &nbsp;&nbsp;11/14/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (698) |
| USD | &nbsp;&nbsp; 3816425 | &nbsp;&nbsp;RUB | &nbsp;&nbsp; 316000000 | &nbsp;&nbsp;ICBC Standard Bank plc | &nbsp;&nbsp;11/14/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (73763) |
| USD | &nbsp;&nbsp; 21019332 | &nbsp;&nbsp;RUB | &nbsp;&nbsp; 1794000000 | &nbsp;&nbsp;ICBC Standard Bank plc | &nbsp;&nbsp;11/14/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1066104) |
| EGP | &nbsp;&nbsp; 129857457 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 2685224 | &nbsp;&nbsp;Bank of America, N.A. | &nbsp;&nbsp;11/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 51238 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| EGP | &nbsp;&nbsp; 168063000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 3483720 | &nbsp;&nbsp;HSBC Bank USA, N.A. | &nbsp;&nbsp;11/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 57841 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| PLN | &nbsp;&nbsp; 557216978 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 130749470 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;11/18/25 | &nbsp;&nbsp;&nbsp;&nbsp; 41967 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| ISK | &nbsp;&nbsp; 307266363 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 2152177 | &nbsp;&nbsp;Bank of America, N.A. | &nbsp;&nbsp;11/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (43626) |
| ISK | &nbsp;&nbsp; 694795720 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 4799639 | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;11/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (21431) |
| ISK | &nbsp;&nbsp; 695768482 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 4806359 | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;11/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (21461) |
| ISK | &nbsp;&nbsp; 1600248000 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 11026307 | &nbsp;&nbsp;Bank of America, N.A. | &nbsp;&nbsp;12/3/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (26294) |
| ISK | &nbsp;&nbsp; 1372279179 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 9449006 | &nbsp;&nbsp;Bank of America, N.A. | &nbsp;&nbsp;12/4/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (16653) |
| ISK | &nbsp;&nbsp; 1520503506 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 10469624 | &nbsp;&nbsp;Bank of America, N.A. | &nbsp;&nbsp;12/5/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (20369) |
| KZT | &nbsp;&nbsp; 6373926195 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 11443315 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;12/8/25 | &nbsp;&nbsp;&nbsp;&nbsp; 466462 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| KZT | &nbsp;&nbsp; 6234733542 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 11270306 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;12/8/25 | &nbsp;&nbsp;&nbsp;&nbsp; 379386 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| HKD | &nbsp;&nbsp; 55530000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 7191858 | &nbsp;&nbsp;Bank of America, N.A. | &nbsp;&nbsp;12/9/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (41064) |
| HKD | &nbsp;&nbsp; 528610000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 68468363 | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;12/9/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (397382) |
| USD | &nbsp;&nbsp; 7170891 | &nbsp;&nbsp;HKD | &nbsp;&nbsp; 55530000 | &nbsp;&nbsp;Bank of America, N.A. | &nbsp;&nbsp;12/9/25 | &nbsp;&nbsp;&nbsp;&nbsp; 20097 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 51259918 | &nbsp;&nbsp;HKD | &nbsp;&nbsp; 396900000 | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;12/9/25 | &nbsp;&nbsp;&nbsp;&nbsp; 149699 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 17009983 | &nbsp;&nbsp;HKD | &nbsp;&nbsp; 131710000 | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;12/9/25 | &nbsp;&nbsp;&nbsp;&nbsp; 49220 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| EGP | &nbsp;&nbsp; 233216504 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 4717792 | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;12/11/25 | &nbsp;&nbsp;&nbsp;&nbsp; 152903 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| EUR | &nbsp;&nbsp; 17962328 | &nbsp;&nbsp;ISK | &nbsp;&nbsp; 2564302000 | &nbsp;&nbsp;Bank of America, N.A. | &nbsp;&nbsp;12/12/25 | &nbsp;&nbsp;&nbsp;&nbsp; 409867 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| EUR | &nbsp;&nbsp; 25335206 | &nbsp;&nbsp;ISK | &nbsp;&nbsp; 3679938727 | &nbsp;&nbsp;Bank of America, N.A. | &nbsp;&nbsp;12/12/25 | &nbsp;&nbsp;&nbsp;&nbsp; 77742 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| ISK | &nbsp;&nbsp; 11384022903 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 78375373 | &nbsp;&nbsp;Bank of America, N.A. | &nbsp;&nbsp;12/12/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (240496) |
| ISK | &nbsp;&nbsp; 2564307227 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 17962365 | &nbsp;&nbsp;Bank of America, N.A. | &nbsp;&nbsp;12/12/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (409868) |
| KZT | &nbsp;&nbsp; 2982685894 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 5422079 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;12/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 137309 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| AUD | &nbsp;&nbsp; 42840000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 28134185 | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (90773) |
| AUD | &nbsp;&nbsp; 70145000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 46326985 | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (409499) |
| AUD | &nbsp;&nbsp; 42850000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 28133425 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (83467) |
| EGP | &nbsp;&nbsp; 1359559000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 27962958 | &nbsp;&nbsp;Societe Generale | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 356948 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| EUR | &nbsp;&nbsp; 15125881 | &nbsp;&nbsp;HUF | &nbsp;&nbsp; 6000000001 | &nbsp;&nbsp;Bank of America, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (307514) |
| EUR | &nbsp;&nbsp; 17622279 | &nbsp;&nbsp;HUF | &nbsp;&nbsp; 6986400000 | &nbsp;&nbsp;Bank of America, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (346859) |
| EUR | &nbsp;&nbsp; 29823224 | &nbsp;&nbsp;HUF | &nbsp;&nbsp;11800000001 | &nbsp;&nbsp;HSBC Bank USA, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (517359) |
| EUR | &nbsp;&nbsp; 29893632 | &nbsp;&nbsp;HUF | &nbsp;&nbsp;11840500000 | &nbsp;&nbsp;HSBC Bank USA, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (556053) |
| EUR | &nbsp;&nbsp; 7518085 | &nbsp;&nbsp;ISK | &nbsp;&nbsp; 1079221039 | &nbsp;&nbsp;Bank of America, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 131269 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| EUR | &nbsp;&nbsp; 385833 | &nbsp;&nbsp;ISK | &nbsp;&nbsp; 56042269 | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1537 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| EUR | &nbsp;&nbsp; 15367135 | &nbsp;&nbsp;ISK | &nbsp;&nbsp; 2240528226 | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (5788) |

---

*36*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_231c4145-125b-48d0-80d1-bb6e9d068795_TOC)

Global Macro Absolute Return Advantage Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** |
| **Currency Purchased** | **Currency Purchased** | &nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Settlement<br> Date** | &nbsp;&nbsp;**Unrealized<br> Appreciation** | &nbsp;&nbsp;**Unrealized<br> (Depreciation)** |
| EUR | &nbsp;&nbsp; 39810820 | &nbsp;&nbsp;PLN | &nbsp;&nbsp; 169968314 | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(6884) |
| EUR | &nbsp;&nbsp; 55540615 | &nbsp;&nbsp;PLN | &nbsp;&nbsp; 238391427 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (352372) |
| EUR | &nbsp;&nbsp; 78002045 | &nbsp;&nbsp;PLN | &nbsp;&nbsp; 334000000 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (278230) |
| EUR | &nbsp;&nbsp; 18548991 | &nbsp;&nbsp;RON | &nbsp;&nbsp; 94863249 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (23619) |
| EUR | &nbsp;&nbsp; 3310145 | &nbsp;&nbsp;RON | &nbsp;&nbsp; 17009000 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (22367) |
| ISK | &nbsp;&nbsp; 1127310414 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 7796600 | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (71851) |
| ISK | &nbsp;&nbsp; 2945510583 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 20278902 | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (80782) |
| ISK | &nbsp;&nbsp; 2975383593 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 20484569 | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (81601) |
| KZT | &nbsp;&nbsp; 4896035183 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 8788747 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 330455 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| KZT | &nbsp;&nbsp; 4585868000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 8255388 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 286106 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| KZT | &nbsp;&nbsp; 2096867529 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 3829895 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 75665 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| MXN | &nbsp;&nbsp; 10300000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 547248 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 4664 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| MYR | &nbsp;&nbsp; 38133580 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 9091112 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 24394 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| MYR | &nbsp;&nbsp; 14446100 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 3449815 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 3402 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| MYR | &nbsp;&nbsp; 4816600 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 1149958 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1409 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| MYR | &nbsp;&nbsp; 1514300 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 361012 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 969 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| MYR | &nbsp;&nbsp; 32751900 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 7832572 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3511) |
| MYR | &nbsp;&nbsp; 54878500 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 13091245 | &nbsp;&nbsp;Credit Agricole Corporate and Investment Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 26991 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| MYR | &nbsp;&nbsp; 53883800 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 12866851 | &nbsp;&nbsp;Credit Agricole Corporate and Investment Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 13610 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| MYR | &nbsp;&nbsp; 49369110 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 11809944 | &nbsp;&nbsp;Credit Agricole Corporate and Investment Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (8681) |
| MYR | &nbsp;&nbsp; 34912500 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 8325186 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 20348 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| MYR | &nbsp;&nbsp; 9301700 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 2221301 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 2190 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| MYR | &nbsp;&nbsp; 3078990 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 735281 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 725 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| MYR | &nbsp;&nbsp; 34978500 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 8378084 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (16773) |
| MYR | &nbsp;&nbsp; 54974700 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 13122019 | &nbsp;&nbsp;State Street Bank and Trust Company | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 19212 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| MYR | &nbsp;&nbsp; 44277100 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 10573636 | &nbsp;&nbsp;State Street Bank and Trust Company | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 10426 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| MYR | &nbsp;&nbsp; 42815150 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 10248989 | &nbsp;&nbsp;State Street Bank and Trust Company | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (14393) |
| NZD | &nbsp;&nbsp; 191352949 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 111927889 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2225818) |
| PLN | &nbsp;&nbsp; 135328719 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 31771780 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (80505) |
| PLN | &nbsp;&nbsp; 112626387 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 26526385 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (164684) |
| SEK | &nbsp;&nbsp; 30000000 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 2732154 | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 9070 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| SEK | &nbsp;&nbsp; 741820000 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 67515212 | &nbsp;&nbsp;HSBC Bank USA, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 274737 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| SEK | &nbsp;&nbsp; 189000000 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 17175456 | &nbsp;&nbsp;HSBC Bank USA, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 100025 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| SEK | &nbsp;&nbsp; 106600000 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 9778656 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (49118) |
| SEK | &nbsp;&nbsp; 181399866 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 19467596 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (324041) |
| SEK | &nbsp;&nbsp; 227000000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 24390554 | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (434709) |
| SEK | &nbsp;&nbsp; 180700134 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 19397563 | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (327852) |
| SEK | &nbsp;&nbsp; 245200000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 26335806 | &nbsp;&nbsp;HSBC Bank USA, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (459273) |
| SEK | &nbsp;&nbsp; 246000000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 26494129 | &nbsp;&nbsp;HSBC Bank USA, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (533169) |
| THB | &nbsp;&nbsp; 1829044500 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 56497328 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 263142 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| THB | &nbsp;&nbsp; 1697845500 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 52438665 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 250326 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 52832544 | &nbsp;&nbsp;AUD | &nbsp;&nbsp; 79835000 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 571906 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

*37*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_231c4145-125b-48d0-80d1-bb6e9d068795_TOC)

Global Macro Absolute Return Advantage Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** |
| **Currency Purchased** | **Currency Purchased** | &nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Settlement<br> Date** | &nbsp;&nbsp;**Unrealized<br> Appreciation** | &nbsp;&nbsp;**Unrealized<br> (Depreciation)** |
| USD | &nbsp;&nbsp; 50292620 | &nbsp;&nbsp;AUD | &nbsp;&nbsp; 76000000 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;$542404 | &nbsp;&nbsp;$— |
| USD | &nbsp;&nbsp; 75408831 | &nbsp;&nbsp;GBP | &nbsp;&nbsp; 55550000 | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 2428817 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 34366959 | &nbsp;&nbsp;GBP | &nbsp;&nbsp; 25500000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 865783 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 5074849 | &nbsp;&nbsp;GBP | &nbsp;&nbsp; 3800000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 82517 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 6665576 | &nbsp;&nbsp;JPY | &nbsp;&nbsp; 973489770 | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 321500 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 6278988 | &nbsp;&nbsp;MXN | &nbsp;&nbsp; 116929174 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 13490 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 35607387 | &nbsp;&nbsp;MXN | &nbsp;&nbsp; 665000000 | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (25776) |
| USD | &nbsp;&nbsp; 54990656 | &nbsp;&nbsp;MXN | &nbsp;&nbsp; 1027000000 | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (39807) |
| USD | &nbsp;&nbsp; 3895994 | &nbsp;&nbsp;MXN | &nbsp;&nbsp; 72000000 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 37967 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 3895994 | &nbsp;&nbsp;MXN | &nbsp;&nbsp; 72000000 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 37967 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 4651681 | &nbsp;&nbsp;MXN | &nbsp;&nbsp; 86000000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 43483 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 4624637 | &nbsp;&nbsp;MXN | &nbsp;&nbsp; 85500000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 43230 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 14714319 | &nbsp;&nbsp;MXN | &nbsp;&nbsp; 277000000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (128367) |
| USD | &nbsp;&nbsp; 22735482 | &nbsp;&nbsp;MXN | &nbsp;&nbsp; 428000000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (198343) |
| USD | &nbsp;&nbsp; 34216267 | &nbsp;&nbsp;MXN | &nbsp;&nbsp; 644000000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (291638) |
| USD | &nbsp;&nbsp; 52971457 | &nbsp;&nbsp;MXN | &nbsp;&nbsp; 997000000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (451495) |
| USD | &nbsp;&nbsp; 30718652 | &nbsp;&nbsp;MXN | &nbsp;&nbsp; 572174838 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 59406 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 19880583 | &nbsp;&nbsp;MXN | &nbsp;&nbsp; 370301708 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 38446 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 23862840 | &nbsp;&nbsp;NZD | &nbsp;&nbsp; 40000000 | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 930959 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 596571 | &nbsp;&nbsp;NZD | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 23274 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 26707898 | &nbsp;&nbsp;NZD | &nbsp;&nbsp; 44734690 | &nbsp;&nbsp;HSBC Bank USA, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1061635 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 1086032 | &nbsp;&nbsp;NZD | &nbsp;&nbsp; 1819061 | &nbsp;&nbsp;HSBC Bank USA, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 43170 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 521932 | &nbsp;&nbsp;NZD | &nbsp;&nbsp; 874215 | &nbsp;&nbsp;HSBC Bank USA, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 20747 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 32810716 | &nbsp;&nbsp;NZD | &nbsp;&nbsp; 55018259 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1268914 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 30773776 | &nbsp;&nbsp;NZD | &nbsp;&nbsp; 51600000 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1191650 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 8677957 | &nbsp;&nbsp;SAR | &nbsp;&nbsp; 32610000 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (6280) |
| USD | &nbsp;&nbsp; 11424080 | &nbsp;&nbsp;SAR | &nbsp;&nbsp; 42945000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (12429) |
| USD | &nbsp;&nbsp; 104799996 | &nbsp;&nbsp;THB | &nbsp;&nbsp; 3304800000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 2242622 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 6846853 | &nbsp;&nbsp;THB | &nbsp;&nbsp; 222090000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (45233) |
| USD | &nbsp;&nbsp; 35397274 | &nbsp;&nbsp;TRY | &nbsp;&nbsp; 1560908387 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (440409) |
| USD | &nbsp;&nbsp; 8490214 | &nbsp;&nbsp;ZAR | &nbsp;&nbsp; 149600000 | &nbsp;&nbsp;Bank of America, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (113011) |
| USD | &nbsp;&nbsp; 20528415 | &nbsp;&nbsp;ZAR | &nbsp;&nbsp; 360000000 | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (174531) |
| USD | &nbsp;&nbsp; 45197934 | &nbsp;&nbsp;ZAR | &nbsp;&nbsp; 791000000 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (291039) |
| USD | &nbsp;&nbsp; 20741423 | &nbsp;&nbsp;ZAR | &nbsp;&nbsp; 365446133 | &nbsp;&nbsp;HSBC Bank USA, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (274720) |
| USD | &nbsp;&nbsp; 6167299 | &nbsp;&nbsp;ZAR | &nbsp;&nbsp; 107240000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 121 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| UYU | &nbsp;&nbsp; 370397000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 9125326 | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 123543 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| UYU | &nbsp;&nbsp; 163420000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 4064365 | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 16257 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| UYU | &nbsp;&nbsp; 21333000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 526286 | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 6402 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| UYU | &nbsp;&nbsp; 24000000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 596718 | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 2566 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| UYU | &nbsp;&nbsp; 192000000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 4768291 | &nbsp;&nbsp;HSBC Bank USA, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 25978 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| EGP | &nbsp;&nbsp; 148476802 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 2973699 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;12/18/25 | &nbsp;&nbsp;&nbsp;&nbsp; 117756 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 43318968 | &nbsp;&nbsp;BHD | &nbsp;&nbsp; 16349878 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;12/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (21603) |
| EGP | &nbsp;&nbsp; 144981488 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 2895287 | &nbsp;&nbsp;Bank of America, N.A. | &nbsp;&nbsp;1/5/26 | &nbsp;&nbsp;&nbsp;&nbsp; 99889 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| EGP | &nbsp;&nbsp; 875232000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 17578470 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;1/6/26 | &nbsp;&nbsp;&nbsp;&nbsp; 496869 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

*38*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_231c4145-125b-48d0-80d1-bb6e9d068795_TOC)

Global Macro Absolute Return Advantage Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** |
| **Currency Purchased** | **Currency Purchased** | &nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Settlement<br> Date** | &nbsp;&nbsp;**Unrealized<br> Appreciation** | &nbsp;&nbsp;**Unrealized<br> (Depreciation)** |
| VND | &nbsp;&nbsp;233119130000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 8780382 | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;1/8/26 | &nbsp;&nbsp;$47794 | &nbsp;&nbsp;$— |
| VND | &nbsp;&nbsp; 61394264959 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 2313186 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;1/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 10665 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| UZS | &nbsp;&nbsp;192939772793 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 12585765 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;1/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; 3115054 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| UZS | &nbsp;&nbsp; 41580552833 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 2711657 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;1/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; 672034 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| KZT | &nbsp;&nbsp; 4553573000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 8215738 | &nbsp;&nbsp;ICBC Standard Bank plc | &nbsp;&nbsp;1/21/26 | &nbsp;&nbsp;&nbsp;&nbsp; 171760 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| NGN | &nbsp;&nbsp; 6253974000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 4066336 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;1/21/26 | &nbsp;&nbsp;&nbsp;&nbsp; 222399 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| EGP | &nbsp;&nbsp; 391740422 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 7960586 | &nbsp;&nbsp;Bank of America, N.A. | &nbsp;&nbsp;1/22/26 | &nbsp;&nbsp;&nbsp;&nbsp; 86230 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| KZT | &nbsp;&nbsp; 6842682000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 12323606 | &nbsp;&nbsp;ICBC Standard Bank plc | &nbsp;&nbsp;1/22/26 | &nbsp;&nbsp;&nbsp;&nbsp; 276858 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| KZT | &nbsp;&nbsp; 5466319000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 9835932 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;1/23/26 | &nbsp;&nbsp;&nbsp;&nbsp; 227248 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| EGP | &nbsp;&nbsp; 520815000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 10552426 | &nbsp;&nbsp;HSBC Bank USA, N.A. | &nbsp;&nbsp;1/26/26 | &nbsp;&nbsp;&nbsp;&nbsp; 131397 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| VND | &nbsp;&nbsp; 61484479300 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 2313186 | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;1/26/26 | &nbsp;&nbsp;&nbsp;&nbsp; 12290 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 3563778 | &nbsp;&nbsp;UGX | &nbsp;&nbsp;12562319000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;1/30/26 | &nbsp;&nbsp;&nbsp;&nbsp; 29075 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 3563779 | &nbsp;&nbsp;UGX | &nbsp;&nbsp;12573011000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;1/30/26 | &nbsp;&nbsp;&nbsp;&nbsp; 26066 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 6272250 | &nbsp;&nbsp;UGX | &nbsp;&nbsp;22141044000 | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;2/3/26 | &nbsp;&nbsp;&nbsp;&nbsp; 53952 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 1223879 | &nbsp;&nbsp;GHS | &nbsp;&nbsp; 17550422 | &nbsp;&nbsp;ICBC Standard Bank plc | &nbsp;&nbsp;2/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (283970) |
| USD | &nbsp;&nbsp; 38349212 | &nbsp;&nbsp;KWD | &nbsp;&nbsp; 11726516 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;2/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (878) |
| USD | &nbsp;&nbsp; 37983999 | &nbsp;&nbsp;KWD | &nbsp;&nbsp; 11615600 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;2/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3354) |
| USD | &nbsp;&nbsp; 56976005 | &nbsp;&nbsp;KWD | &nbsp;&nbsp; 17449041 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;2/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (88881) |
| NGN | &nbsp;&nbsp; 1075389000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 679336 | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;2/26/26 | &nbsp;&nbsp;&nbsp;&nbsp; 50188 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 618751 | &nbsp;&nbsp;NGN | &nbsp;&nbsp; 1075389000 | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;2/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (110773) |
| NGN | &nbsp;&nbsp; 1237502000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 653035 | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;2/27/26 | &nbsp;&nbsp;&nbsp;&nbsp; 186196 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 3333813 | &nbsp;&nbsp;NGN | &nbsp;&nbsp; 5777498000 | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;2/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (584288) |
| TRY | &nbsp;&nbsp; 701894634 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 13703369 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;3/23/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1208791 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 13236945 | &nbsp;&nbsp;TRY | &nbsp;&nbsp; 701894634 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;3/23/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1675214) |
| UZS | &nbsp;&nbsp; 53922250000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 3359642 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;3/25/26 | &nbsp;&nbsp;&nbsp;&nbsp; 947247 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| TRY | &nbsp;&nbsp; 830180298 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 15575740 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;3/26/26 | &nbsp;&nbsp;&nbsp;&nbsp; 2019821 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 2903202 | &nbsp;&nbsp;TRY | &nbsp;&nbsp; 155612857 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;3/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (394992) |
| USD | &nbsp;&nbsp; 12460393 | &nbsp;&nbsp;TRY | &nbsp;&nbsp; 674567441 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;3/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1836974) |
| KZT | &nbsp;&nbsp; 11386722000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 19825406 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; 502316 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 7127558 | &nbsp;&nbsp;UGX | &nbsp;&nbsp;25409743000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; 92275 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 3563779 | &nbsp;&nbsp;UGX | &nbsp;&nbsp;12722690000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; 41204 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| KZT | &nbsp;&nbsp; 13617678000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 23790493 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;4/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; 510699 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| KZT | &nbsp;&nbsp; 11369873000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 19825411 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;4/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; 464500 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| KZT | &nbsp;&nbsp; 11361941000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 19825407 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;4/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; 450348 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 7127557 | &nbsp;&nbsp;UGX | &nbsp;&nbsp;25481018000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;4/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; 73901 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 5345668 | &nbsp;&nbsp;UGX | &nbsp;&nbsp;19137492101 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;4/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; 48027 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| EGP | &nbsp;&nbsp; 856841000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 16777776 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;4/21/26 | &nbsp;&nbsp;&nbsp;&nbsp; 229502 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 3563779 | &nbsp;&nbsp;UGX | &nbsp;&nbsp;12829603709 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;4/22/26 | &nbsp;&nbsp;&nbsp;&nbsp; 15709 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| KZT | &nbsp;&nbsp; 5635989000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 9835932 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;4/23/26 | &nbsp;&nbsp;&nbsp;&nbsp; 198737 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| KZT | &nbsp;&nbsp; 11262138000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 19671857 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;4/24/26 | &nbsp;&nbsp;&nbsp;&nbsp; 372344 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 5345668 | &nbsp;&nbsp;UGX | &nbsp;&nbsp;19271134000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;5/4/26 | &nbsp;&nbsp;&nbsp;&nbsp; 28468 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 3563779 | &nbsp;&nbsp;UGX | &nbsp;&nbsp;12829604000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;5/4/26 | &nbsp;&nbsp;&nbsp;&nbsp; 23895 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| EUR | &nbsp;&nbsp; 5314431 | &nbsp;&nbsp;RON | &nbsp;&nbsp; 29205455 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (359679) |
| RON | &nbsp;&nbsp; 29205455 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 5463048 | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp; 186687 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

*39*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_231c4145-125b-48d0-80d1-bb6e9d068795_TOC)

Global Macro Absolute Return Advantage Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** |
| **Currency Purchased** | **Currency Purchased** | &nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Settlement<br> Date** | &nbsp;&nbsp;**Unrealized<br> Appreciation** | &nbsp;&nbsp;**Unrealized<br> (Depreciation)** |
| USD | &nbsp;&nbsp; 3563779 | &nbsp;&nbsp;UGX | &nbsp;&nbsp;13096888000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;7/24/26 | &nbsp;&nbsp;$54414 | &nbsp;&nbsp;$— |
| USD | &nbsp;&nbsp; 3563779 | &nbsp;&nbsp;UGX | &nbsp;&nbsp;13061250000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;7/28/26 | &nbsp;&nbsp;&nbsp;&nbsp; 68943 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| EUR | &nbsp;&nbsp; 85675616 | &nbsp;&nbsp;PLN | &nbsp;&nbsp; 373674198 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;9/2/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (622893) |
| PLN | &nbsp;&nbsp; 62500000 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 14472953 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;9/2/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (63132) |
| EUR | &nbsp;&nbsp; 87849427 | &nbsp;&nbsp;PLN | &nbsp;&nbsp; 384095265 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;9/4/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (880774) |
| PLN | &nbsp;&nbsp; 192047632 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 44463704 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;9/4/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (190216) |
| EUR | &nbsp;&nbsp; 175681335 | &nbsp;&nbsp;PLN | &nbsp;&nbsp; 765092213 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;9/8/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (899415) |
| PLN | &nbsp;&nbsp; 382546106 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 88548240 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;9/8/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (378267) |
| EUR | &nbsp;&nbsp; 128911565 | &nbsp;&nbsp;PLN | &nbsp;&nbsp; 561280956 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;9/9/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (616665) |
| PLN | &nbsp;&nbsp; 280640477 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 64957059 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;9/9/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (278266) |
| MNT | &nbsp;&nbsp; 6729012000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 1756922 | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;9/28/26 | &nbsp;&nbsp;&nbsp;&nbsp; 29082 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| MNT | &nbsp;&nbsp; 6933167000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 1806924 | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;10/5/26 | &nbsp;&nbsp;&nbsp;&nbsp; 31655 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| UZS | &nbsp;&nbsp; 30180370000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 1874557 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;10/5/26 | &nbsp;&nbsp;&nbsp;&nbsp; 432407 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| UZS | &nbsp;&nbsp;133280602632 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 8278298 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;10/7/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1904525 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| KZT | &nbsp;&nbsp; 12108369000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 19825410 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;10/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 492113 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 3563779 | &nbsp;&nbsp;UGX | &nbsp;&nbsp;13150345000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;10/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; 126888 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 3563779 | &nbsp;&nbsp;UGX | &nbsp;&nbsp;13257257000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;10/21/26 | &nbsp;&nbsp;&nbsp;&nbsp; 99882 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| KZT | &nbsp;&nbsp; 11989997000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 19671857 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;10/23/26 | &nbsp;&nbsp;&nbsp;&nbsp; 395010 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 3563778 | &nbsp;&nbsp;UGX | &nbsp;&nbsp;13239437000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;10/23/26 | &nbsp;&nbsp;&nbsp;&nbsp; 106407 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| KZT | &nbsp;&nbsp; 18331299000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 30294660 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;10/27/26 | &nbsp;&nbsp;&nbsp;&nbsp; 345606 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 18210311 | &nbsp;&nbsp;OMR | &nbsp;&nbsp; 7013683 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;10/29/26 | &nbsp;&nbsp;&nbsp;&nbsp; 2324 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 16548842 | &nbsp;&nbsp;OMR | &nbsp;&nbsp; 6373770 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;10/29/26 | &nbsp;&nbsp;&nbsp;&nbsp; 2112 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 15169771 | &nbsp;&nbsp;OMR | &nbsp;&nbsp; 5842622 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;10/29/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1936 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 13790701 | &nbsp;&nbsp;OMR | &nbsp;&nbsp; 5311475 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;10/29/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1760 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 7127558 | &nbsp;&nbsp;UGX | &nbsp;&nbsp;26550152000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;11/3/26 | &nbsp;&nbsp;&nbsp;&nbsp; 214735 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| JPY | &nbsp;&nbsp; 377643780 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 2670245 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;1/7/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (132633) |
| USD | &nbsp;&nbsp; 630041 | &nbsp;&nbsp;JPY | &nbsp;&nbsp; 89508986 | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;1/7/27 | &nbsp;&nbsp;&nbsp;&nbsp; 28577 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 2530242 | &nbsp;&nbsp;JPY | &nbsp;&nbsp; 364488110 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;1/7/27 | &nbsp;&nbsp;&nbsp;&nbsp; 81031 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 1223741 | &nbsp;&nbsp;JPY | &nbsp;&nbsp; 178339671 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;1/7/27 | &nbsp;&nbsp;&nbsp;&nbsp; 25371 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 18803965 | &nbsp;&nbsp;KWD | &nbsp;&nbsp; 5678843 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;3/3/27 | &nbsp;&nbsp;&nbsp;&nbsp; 128105 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| UZS | &nbsp;&nbsp; 64538403000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 3598461 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;10/25/27 | &nbsp;&nbsp;&nbsp;&nbsp; 1003224 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| UZS | &nbsp;&nbsp; 67696635000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 3786589 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;11/8/27 | &nbsp;&nbsp;&nbsp;&nbsp; 1032971 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;**$40687518** | &nbsp;&nbsp;**$(24340752)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Non-Deliverable Bond Forward Contracts<sup>\*</sup>** | **Non-Deliverable Bond Forward Contracts<sup>\*</sup>** | **Non-Deliverable Bond Forward Contracts<sup>\*</sup>** | **Non-Deliverable Bond Forward Contracts<sup>\*</sup>** | **Non-Deliverable Bond Forward Contracts<sup>\*</sup>** | **Non-Deliverable Bond Forward Contracts<sup>\*</sup>** | **Non-Deliverable Bond Forward Contracts<sup>\*</sup>** |
| **Settlement Date** | &nbsp;&nbsp;**Notional Amount<br> (000's omitted)** | &nbsp;&nbsp;**Notional Amount<br> (000's omitted)** | &nbsp;&nbsp;**Reference Entity** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Aggregate Cost** | &nbsp;&nbsp;**Unrealized<br> Appreciation<br> (Depreciation)** |
| 11/7/25 | &nbsp;&nbsp;COP | &nbsp;&nbsp;180430000 | &nbsp;&nbsp;Republic of Colombia,<br> 6.00%, 4/28/28 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;$46808157 | &nbsp;&nbsp;$(343197) |
| 11/7/25 | &nbsp;&nbsp;COP | &nbsp;&nbsp;180430000 | &nbsp;&nbsp;Republic of Colombia,<br> 6.00%, 4/28/28 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;46586006 | &nbsp;&nbsp;&nbsp;&nbsp; 222151 |

---

*40*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_231c4145-125b-48d0-80d1-bb6e9d068795_TOC)

Global Macro Absolute Return Advantage Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Non-Deliverable Bond Forward Contracts<sup>\*</sup> (continued)** | **Non-Deliverable Bond Forward Contracts<sup>\*</sup> (continued)** | **Non-Deliverable Bond Forward Contracts<sup>\*</sup> (continued)** | **Non-Deliverable Bond Forward Contracts<sup>\*</sup> (continued)** | **Non-Deliverable Bond Forward Contracts<sup>\*</sup> (continued)** | **Non-Deliverable Bond Forward Contracts<sup>\*</sup> (continued)** | **Non-Deliverable Bond Forward Contracts<sup>\*</sup> (continued)** |
| **Settlement Date** | &nbsp;&nbsp;**Notional Amount<br> (000's omitted)** | &nbsp;&nbsp;**Notional Amount<br> (000's omitted)** | &nbsp;&nbsp;**Reference Entity** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Aggregate Cost** | &nbsp;&nbsp;**Unrealized<br> Appreciation<br> (Depreciation)** |
| 11/7/25 | &nbsp;&nbsp;COP | &nbsp;&nbsp;133276000 | &nbsp;&nbsp;Republic of Colombia,<br> 6.00%, 4/28/28 | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;$34575204 | &nbsp;&nbsp;$(209560) |
| 11/7/25 | &nbsp;&nbsp;COP | &nbsp;&nbsp; 65676000 | &nbsp;&nbsp;Republic of Colombia,<br> 6.00%, 4/28/28 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;&nbsp;&nbsp;17038034 | &nbsp;&nbsp;&nbsp;&nbsp; (11279) |
| 11/21/25 | &nbsp;&nbsp;COP | &nbsp;&nbsp;273669040 | &nbsp;&nbsp;Republic of Colombia,<br> 6.00%, 4/28/28 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;&nbsp;&nbsp;70996749 | &nbsp;&nbsp;&nbsp;&nbsp;(416396) |
| 11/21/25 | &nbsp;&nbsp;COP | &nbsp;&nbsp; 84238000 | &nbsp;&nbsp;Republic of Colombia,<br> 6.00%, 4/28/28 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;&nbsp;&nbsp;21853492 | &nbsp;&nbsp;&nbsp;&nbsp; (75526) |
| 11/25/25 | &nbsp;&nbsp;COP | &nbsp;&nbsp;102855000 | &nbsp;&nbsp;Republic of Colombia,<br> 6.00%, 4/28/28 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;&nbsp;&nbsp;26683218 | &nbsp;&nbsp;&nbsp;&nbsp;(104038) |
| 12/5/25 | &nbsp;&nbsp;COP | &nbsp;&nbsp; 75260000 | &nbsp;&nbsp;Republic of Colombia,<br> 6.00%, 4/28/28 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;&nbsp;&nbsp;19444866 | &nbsp;&nbsp;&nbsp;&nbsp; 79503 |
| 12/23/25 | &nbsp;&nbsp;COP | &nbsp;&nbsp; 52478000 | &nbsp;&nbsp;Republic of Colombia,<br> 6.00%, 4/28/28 | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;13614136 | &nbsp;&nbsp;&nbsp;&nbsp; (74061) |
|  |  |  |  |  |  | &nbsp;&nbsp;**$(932403)** |

---

\* Represents a short-term forward contract to purchase the reference entity denominated in a non-deliverable foreign currency.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** |
| **Description** | &nbsp;&nbsp;&nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Position** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> Appreciation<br> (Depreciation)** |
| **Commodity Futures** |  |  |  |  |  |
| Gold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;12/29/25 | &nbsp;&nbsp;&nbsp;&nbsp;$102710050 | &nbsp;&nbsp;&nbsp;&nbsp;$(5235802) |
| **Equity Futures** |  |  |  |  |  |
| Euro Stoxx Bank | &nbsp;&nbsp;&nbsp;&nbsp;(5158) | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;&nbsp;12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (69010871) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (231988) |
| STOXX Europe 600 Index | &nbsp;&nbsp;&nbsp;&nbsp;(1756) | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;&nbsp;12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (57938531) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1604399) |
| **Interest Rate Futures** |  |  |  |  |  |
| U.S. Ultra-Long Treasury Bond | &nbsp;&nbsp;&nbsp;&nbsp;1130 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137047812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2557338 |
| Euro-Bobl | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(631) | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (86013122) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (386004) |
| Euro-Bund | &nbsp;&nbsp;&nbsp;&nbsp;(1853) | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(276358997) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2712663) |
| Euro-Buxl | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1739994) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (67441) |
| Japan 10-Year Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;&nbsp;12/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3530984) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29287 |
| U.S. 2-Year Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50) | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;&nbsp;12/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10412109) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28061 |
| U.S. 5-Year Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;(2592) | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;&nbsp;12/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(283074751) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24491 |
| U.S. 10-Year Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;(1809) | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;&nbsp;12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(203823422) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86781 |
| U.S. Long Treasury Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(145) | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;&nbsp;12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17010313) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18808) |
| U.S. Ultra 10-Year Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(96) | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;&nbsp;12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11086500) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (160622) |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**$(7691769)** |

---

*41*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_231c4145-125b-48d0-80d1-bb6e9d068795_TOC)

Global Macro Absolute Return Advantage Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swaps (Centrally Cleared)** | **Interest Rate Swaps (Centrally Cleared)** | **Interest Rate Swaps (Centrally Cleared)** | **Interest Rate Swaps (Centrally Cleared)** | **Interest Rate Swaps (Centrally Cleared)** | **Interest Rate Swaps (Centrally Cleared)** | **Interest Rate Swaps (Centrally Cleared)** | **Interest Rate Swaps (Centrally Cleared)** | **Interest Rate Swaps (Centrally Cleared)** |
| **Notional Amount<br> (000's omitted)** | **Notional Amount<br> (000's omitted)** | **Portfolio<br> Pays/<br> Receives<br> Floating<br> Rate** | **Floating Rate** | **Annual<br> Fixed Rate** | **Termination<br> Date** | **Value** | **Unamortized<br> Upfront<br> Receipts<br> (Payments)** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| COP | 116993000 | Receives | Colombia Overnight Interbank Reference Rate<br> (pays quarterly) | 8.34%<br> (pays quarterly) | 6/18/28 | $526496 | $(79450) | $447046 |
| COP | 98072500 | Receives | Colombia Overnight Interbank Reference Rate<br> (pays quarterly) | 8.35%<br> (pays quarterly) | 6/18/28 | &nbsp;&nbsp;&nbsp;&nbsp;430414 | &nbsp;&nbsp;&nbsp;&nbsp; (46741) | &nbsp;&nbsp;&nbsp; 383673 |
| COP | 310869200 | Receives | Colombia Overnight Interbank Reference Rate<br> (pays quarterly) | 8.37%<br> (pays quarterly) | 6/18/28 | 1335602 | &nbsp;&nbsp;&nbsp;&nbsp;(129925) | &nbsp;&nbsp;&nbsp; 1205677 |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2800 | Receives | 1-day Euro Short-Term Rate<br> (pays annually) | 2.60%<br> (pays annually) | 1/24/28 | &nbsp;&nbsp;&nbsp;&nbsp;(59914) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (59914) |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5444 | Pays | 6-month EURIBOR<br> (pays semi-annually) | 3.03%<br> (pays annually) | 10/10/29 | &nbsp;&nbsp;&nbsp;&nbsp;184309 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 184309 |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | Pays | 6-month EURIBOR<br> (pays semi-annually) | 3.17%<br> (pays annually) | 10/17/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72238 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 72238 |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2719 | Pays | 6-month EURIBOR<br> (pays semi-annually) | 3.01%<br> (pays annually) | 10/27/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89385 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 89385 |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13770 | Pays | 6-month EURIBOR<br> (pays semi-annually) | 2.33%<br> (pays annually) | 6/18/32 | &nbsp;&nbsp;&nbsp;&nbsp;(93737) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (93737) |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | Pays | 6-month EURIBOR<br> (pays semi-annually) | 3.26%<br> (pays annually) | 10/17/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35638 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 35638 |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | Pays | 6-month EURIBOR<br> (pays semi-annually) | 3.31%<br> (pays annually) | 10/18/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76141 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 76141 |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | Pays | 6-month EURIBOR<br> (pays semi-annually) | 3.20%<br> (pays annually) | 10/19/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66430 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 66430 |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700 | Receives | 1-day Euro Short-Term Rate<br> (pays annually) | 0.83%<br> (pays annually) | 3/17/52 | 1179161 | &nbsp;&nbsp;&nbsp;&nbsp; (1497) | &nbsp;&nbsp;&nbsp; 1177664 |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2702 | Receives | 1-day Euro Short-Term Rate<br> (pays annually) | 0.86%<br> (pays annually) | 3/18/52 | 1160451 | &nbsp;&nbsp;&nbsp; 643 | &nbsp;&nbsp;&nbsp; 1161094 |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970 | Receives | 1-day Euro Short-Term Rate<br> (pays annually) | 1.29%<br> (pays annually) | 4/20/52 | &nbsp;&nbsp;&nbsp;&nbsp;321299 | &nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp; 321332 |
| ILS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133570 | Pays | 3-month ILS TELBOR<br> (pays annually) | 3.66%<br> (pays annually) | 10/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91315 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 91315 |
| ILS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136185 | Pays | 3-month ILS TELBOR<br> (pays annually) | 3.52%<br> (pays annually) | 12/17/30 | &nbsp;&nbsp;&nbsp;&nbsp;(122165) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (122165) |
| ILS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72631 | Pays | 3-month ILS TELBOR<br> (pays annually) | 3.80%<br> (pays annually) | 12/17/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13697 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 13697 |
| ILS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68914 | Pays | 3-month ILS TELBOR<br> (pays annually) | 3.91%<br> (pays annually) | 12/17/35 | &nbsp;&nbsp;&nbsp;&nbsp;193283 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 193283 |
| KRW | 86689000 | Pays | 3-month KRW Certificate of Deposit Rate<br> (pays quarterly) | 2.32%<br> (pays quarterly) | 6/18/27 | &nbsp;&nbsp;&nbsp;&nbsp;(293280) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (293280) |
| KRW | 112694000 | Pays | 3-month KRW Certificate of Deposit Rate<br> (pays quarterly) | 2.33%<br> (pays quarterly) | 6/18/27 | &nbsp;&nbsp;&nbsp;&nbsp;(371523) | &nbsp;&nbsp;&nbsp; 8876 | &nbsp;&nbsp;&nbsp;&nbsp; (362647) |
| KRW | 122056000 | Pays | 3-month KRW Certificate of Deposit Rate<br> (pays quarterly) | 2.34%<br> (pays quarterly) | 6/18/27 | &nbsp;&nbsp;&nbsp;&nbsp;(390577) | &nbsp;&nbsp;&nbsp; 18803 | &nbsp;&nbsp;&nbsp;&nbsp; (371774) |

---

*42*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_231c4145-125b-48d0-80d1-bb6e9d068795_TOC)

Global Macro Absolute Return Advantage Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** |
| **Notional Amount<br> (000's omitted)** | **Notional Amount<br> (000's omitted)** | **Portfolio<br> Pays/<br> Receives<br> Floating<br> Rate** | **Floating Rate** | **Annual<br> Fixed Rate** | **Termination<br> Date** | **Value** | **Unamortized<br> Upfront<br> Receipts<br> (Payments)** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| KRW | 182303000 | Pays | 3-month KRW Certificate of Deposit Rate<br> (pays quarterly) | 2.34%<br> (pays quarterly) | 6/18/27 | $(577499) | $(839) | $(578338) |
| KRW | 109257000 | Pays | 3-month KRW Certificate of Deposit Rate<br> (pays quarterly) | 2.33%<br> (pays quarterly) | 9/17/27 | &nbsp;&nbsp;&nbsp;&nbsp;(430079) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (430079) |
| KRW | 185327000 | Pays | 3-month KRW Certificate of Deposit Rate<br> (pays quarterly) | 2.33%<br> (pays quarterly) | 9/17/27 | &nbsp;&nbsp;&nbsp;&nbsp;(722755) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (722755) |
| KRW | 77402000 | Pays | 3-month KRW Certificate of Deposit Rate<br> (pays quarterly) | 2.33%<br> (pays quarterly) | 9/17/27 | &nbsp;&nbsp;&nbsp;&nbsp;(295635) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (295635) |
| KRW | &nbsp;&nbsp;&nbsp;&nbsp;7569000 | Receives | 3-month KRW Certificate of Deposit Rate<br> (pays quarterly) | 2.63%<br> (pays quarterly) | 3/19/35 | &nbsp;&nbsp;&nbsp;&nbsp;119443 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 119443 |
| KRW | 13642000 | Receives | 3-month KRW Certificate of Deposit Rate<br> (pays quarterly) | 2.69%<br> (pays quarterly) | 3/19/35 | &nbsp;&nbsp;&nbsp;&nbsp;169918 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 169918 |
| KRW | 27970000 | Receives | 3-month KRW Certificate of Deposit Rate<br> (pays quarterly) | 2.69%<br> (pays quarterly) | 3/19/35 | &nbsp;&nbsp;&nbsp;&nbsp;339926 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 339926 |
| KRW | 11154000 | Receives | 3-month KRW Certificate of Deposit Rate<br> (pays quarterly) | 2.70%<br> (pays quarterly) | 3/19/35 | &nbsp;&nbsp;&nbsp;&nbsp;128814 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 128814 |
| KRW | 10659000 | Receives | 3-month KRW Certificate of Deposit Rate<br> (pays quarterly) | 2.79%<br> (pays quarterly) | 3/19/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63814 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 63814 |
| KRW | 14157000 | Receives | 3-month KRW Certificate of Deposit Rate<br> (pays quarterly) | 2.79%<br> (pays quarterly) | 3/19/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84329 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 84329 |
| KRW | 28310000 | Receives | 3-month KRW Certificate of Deposit Rate<br> (pays quarterly) | 2.81%<br> (pays quarterly) | 3/19/35 | &nbsp;&nbsp;&nbsp;&nbsp;147240 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 147240 |
| KRW | 23579000 | Receives | 3-month KRW Certificate of Deposit Rate<br> (pays quarterly) | 2.65%<br> (pays quarterly) | 9/17/35 | &nbsp;&nbsp;&nbsp;&nbsp;381451 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 381451 |
| KRW | 40111000 | Receives | 3-month KRW Certificate of Deposit Rate<br> (pays quarterly) | 2.65%<br> (pays quarterly) | 9/17/35 | &nbsp;&nbsp;&nbsp;&nbsp;642550 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 642550 |
| KRW | 19802000 | Receives | 3-month KRW Certificate of Deposit Rate<br> (pays quarterly) | 2.65%<br> (pays quarterly) | 9/19/35 | &nbsp;&nbsp;&nbsp;&nbsp;320059 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 320059 |
| MXN | &nbsp;&nbsp;&nbsp;&nbsp;3403200 | Pays | Mexico Interbank TIIE 28 Day<br> (pays monthly) | 6.93%<br> (pays monthly) | 12/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;(145481) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (145481) |
| MXN | &nbsp;&nbsp;&nbsp;&nbsp;2185000 | Pays | Mexico Interbank TIIE 28 Day<br> (pays monthly) | 6.94%<br> (pays monthly) | 12/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;(88160) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (88160) |
| NZD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62650 | Receives | 3-month NZD Bank Bill<br> (pays quarterly) | 4.20%<br> (pays semi-annually) | 6/18/35 | (2143001) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(2143001) |
| NZD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | Receives | 3-month NZD Bank Bill<br> (pays quarterly) | 4.21%<br> (pays semi-annually) | 6/18/35 | &nbsp;&nbsp;&nbsp;&nbsp;(205572) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (205572) |
| NZD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88580 | Receives | 3-month NZD Bank Bill<br> (pays quarterly) | 4.25%<br> (pays semi-annually) | 6/18/35 | (3231949) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(3231949) |

---

*43*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_231c4145-125b-48d0-80d1-bb6e9d068795_TOC)

Global Macro Absolute Return Advantage Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** |
| **Notional Amount<br> (000's omitted)** | **Notional Amount<br> (000's omitted)** | **Portfolio<br> Pays/<br> Receives<br> Floating<br> Rate** | **Floating Rate** | **Annual<br> Fixed Rate** | **Termination<br> Date** | **Value** | **Unamortized<br> Upfront<br> Receipts<br> (Payments)** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| PLN | &nbsp;&nbsp;&nbsp;&nbsp;1790770 | Receives | 6-month PLN WIBOR<br> (pays quarterly) | 4.36%<br> (pays annually) | 9/17/26 | $(807688) | $— | $(807688) |
| PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325964 | Receives | 6-month PLN WIBOR<br> (pays quarterly) | 4.49%<br> (pays annually) | 8/12/32 | &nbsp;&nbsp;&nbsp;&nbsp;(117305) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (117305) |
| PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325964 | Pays | 6-month PLN WIBOR<br> (pays semi-annually) | 4.59%<br> (pays annually) | 8/12/32 | &nbsp;&nbsp;&nbsp;&nbsp;140236 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 140236 |
| PLN | &nbsp;&nbsp;&nbsp;&nbsp;1398990 | Receives | 6-month PLN WIBOR<br> (pays quarterly) | 4.61%<br> (pays annually) | 9/9/32 | (1162529) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(1162529) |
| PLN | &nbsp;&nbsp;&nbsp;&nbsp;1398990 | Pays | 6-month PLN WIBOR<br> (pays semi-annually) | 4.71%<br> (pays annually) | 9/9/32 | 1229808 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1229808 |
| PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33572 | Receives | 6-month PLN WIBOR<br> (pays semi-annually) | 4.27%<br> (pays annually) | 6/18/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85095 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 85095 |
| PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131200 | Receives | 6-month PLN WIBOR<br> (pays semi-annually) | 4.31%<br> (pays annually) | 6/18/35 | &nbsp;&nbsp;&nbsp;&nbsp;202408 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 202408 |
| PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117090 | Receives | 6-month PLN WIBOR<br> (pays semi-annually) | 4.44%<br> (pays annually) | 12/17/35 | &nbsp;&nbsp;&nbsp;&nbsp;(145261) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (145261) |
| TWD | &nbsp;&nbsp;&nbsp;&nbsp;1317900 | Receives | 3-month TWD TAIBOR<br> (pays quarterly) | 1.49%<br> (pays quarterly) | 6/18/27 | &nbsp;&nbsp;&nbsp;&nbsp;109689 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 109689 |
| TWD | &nbsp;&nbsp;&nbsp;&nbsp;1635945 | Receives | 3-month TWD TAIBOR<br> (pays quarterly) | 1.49%<br> (pays quarterly) | 6/18/27 | &nbsp;&nbsp;&nbsp;&nbsp;133699 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 133699 |
| TWD | &nbsp;&nbsp;&nbsp;&nbsp;2953845 | Receives | 3-month TWD TAIBOR<br> (pays quarterly) | 1.54%<br> (pays quarterly) | 9/17/27 | &nbsp;&nbsp;&nbsp;&nbsp;158300 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 158300 |
| TWD | &nbsp;&nbsp;&nbsp;&nbsp;1467000 | Receives | 3-month TWD TAIBOR<br> (pays quarterly) | 1.90%<br> (pays quarterly) | 9/18/29 | &nbsp;&nbsp;&nbsp;&nbsp;(468643) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (468643) |
| TWD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459000 | Receives | 3-month TWD TAIBOR<br> (pays quarterly) | 1.63%<br> (pays quarterly) | 12/18/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22095 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 22095 |
| TWD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445100 | Receives | 3-month TWD TAIBOR<br> (pays quarterly) | 1.91%<br> (pays quarterly) | 3/19/30 | &nbsp;&nbsp;&nbsp;&nbsp;(154484) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (154484) |
| TWD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;934000 | Receives | 3-month TWD TAIBOR<br> (pays quarterly) | 1.91%<br> (pays quarterly) | 3/19/30 | &nbsp;&nbsp;&nbsp;&nbsp;(331692) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (331692) |
| TWD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;855900 | Receives | 3-month TWD TAIBOR<br> (pays quarterly) | 1.91%<br> (pays quarterly) | 3/19/30 | &nbsp;&nbsp;&nbsp;&nbsp;(306463) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (306463) |
| TWD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526405 | Receives | 3-month TWD TAIBOR<br> (pays quarterly) | 1.55%<br> (pays quarterly) | 6/18/30 | &nbsp;&nbsp;&nbsp;&nbsp;102969 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 102969 |
| TWD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;683930 | Receives | 3-month TWD TAIBOR<br> (pays quarterly) | 1.58%<br> (pays quarterly) | 6/18/30 | &nbsp;&nbsp;&nbsp;&nbsp;107399 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 107399 |
| TWD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811500 | Receives | 3-month TWD TAIBOR<br> (pays quarterly) | 1.78%<br> (pays quarterly) | 6/18/30 | &nbsp;&nbsp;&nbsp;&nbsp;(125518) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (125518) |
| TWD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439000 | Receives | 3-month TWD TAIBOR<br> (pays quarterly) | 1.79%<br> (pays quarterly) | 6/18/30 | &nbsp;&nbsp;&nbsp;&nbsp;(76031) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (76031) |
| TWD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580100 | Receives | 3-month TWD TAIBOR<br> (pays quarterly) | 1.79%<br> (pays quarterly) | 6/18/30 | &nbsp;&nbsp;&nbsp;&nbsp;(103602) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (103602) |
| TWD | &nbsp;&nbsp;&nbsp;&nbsp;1210335 | Receives | 3-month TWD TAIBOR<br> (pays quarterly) | 1.60%<br> (pays quarterly) | 9/17/30 | &nbsp;&nbsp;&nbsp;&nbsp;174749 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 174749 |
| TWD | &nbsp;&nbsp;&nbsp;&nbsp;1174800 | Receives | 3-month TWD TAIBOR<br> (pays quarterly) | 1.64%<br> (pays quarterly) | 9/17/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94404 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 94404 |
| TWD | &nbsp;&nbsp;&nbsp;&nbsp;1900000 | Receives | 3-month TWD TAIBOR<br> (pays quarterly) | 1.76%<br> (pays quarterly) | 9/17/30 | &nbsp;&nbsp;&nbsp;&nbsp;(219975) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (219975) |
| TWD | &nbsp;&nbsp;&nbsp;&nbsp;1910770 | Receives | 3-month TWD TAIBOR<br> (pays quarterly) | 1.77%<br> (pays quarterly) | 12/17/30 | &nbsp;&nbsp;&nbsp;&nbsp;(220409) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (220409) |

---

*44*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_231c4145-125b-48d0-80d1-bb6e9d068795_TOC)

Global Macro Absolute Return Advantage Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** | **Interest Rate Swaps (Centrally Cleared) (continued)** |
| **Notional Amount<br> (000's omitted)** | **Notional Amount<br> (000's omitted)** | **Portfolio<br> Pays/<br> Receives<br> Floating<br> Rate** | **Floating Rate** | **Annual<br> Fixed Rate** | **Termination<br> Date** | **Value** | **Unamortized<br> Upfront<br> Receipts<br> (Payments)** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4270 | Receives | SOFR<br> (pays annually) | 1.60%<br> (pays semi-annually) | 3/10/27 | $218064 | $1247 | $219311 |
| ZAR | &nbsp;&nbsp;&nbsp;&nbsp;1024664 | Pays | 3-month ZAR JIBAR<br> (pays quarterly) | 8.71%<br> (pays quarterly) | 6/18/35 | 3967284 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3967284 |
| ZAR | &nbsp;&nbsp;&nbsp;&nbsp;1374946 | Pays | 3-month ZAR JIBAR<br> (pays quarterly) | 8.72%<br> (pays quarterly) | 6/18/35 | 5379513 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5379513 |
| ZAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463495 | Pays | 3-month ZAR JIBAR<br> (pays quarterly) | 8.48%<br> (pays quarterly) | 9/17/35 | 1302222 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1302222 |
| ZAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323305 | Pays | 3-month ZAR JIBAR<br> (pays quarterly) | 8.49%<br> (pays quarterly) | 9/17/35 | &nbsp;&nbsp;&nbsp;&nbsp;921739 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 921739 |
| ZAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585870 | Pays | 3-month ZAR JIBAR<br> (pays quarterly) | 8.65%<br> (pays quarterly) | 9/17/35 | 2048845 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2048845 |
| ZAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506130 | Pays | 3-month ZAR JIBAR<br> (pays quarterly) | 8.76%<br> (pays quarterly) | 9/17/35 | 1998478 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1998478 |
| ZAR | &nbsp;&nbsp;&nbsp;&nbsp;1018000 | Pays | 3-month ZAR JIBAR<br> (pays quarterly) | 8.03%<br> (pays quarterly) | 12/17/35 | &nbsp;&nbsp;&nbsp;&nbsp;629319 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 629319 |
| **Total** |  |  |  |  |  | **$13788791** | **$(228850)** | **$13559941** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Credit Default Swaps - Buy Protection (Centrally Cleared)** | **Credit Default Swaps - Buy Protection (Centrally Cleared)** | **Credit Default Swaps - Buy Protection (Centrally Cleared)** | **Credit Default Swaps - Buy Protection (Centrally Cleared)** | **Credit Default Swaps - Buy Protection (Centrally Cleared)** |  |
| **Reference Entity** | &nbsp;&nbsp;**Notional<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Termination<br> Date** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**Unamortized<br> Upfront<br> Receipts<br> (Payments)** | &nbsp;&nbsp;**Unrealized<br> Appreciation<br> (Depreciation)** |
| iTraxx Europe Crossover Index (ITRAXX.XO.44.V1) | &nbsp;&nbsp;&nbsp;96699 &nbsp;&nbsp;5.00%<br> (pays quarterly)<sup>(1)</sup> | &nbsp;&nbsp;12/20/30 | &nbsp;&nbsp;$(12135235) | &nbsp;&nbsp;$12003083 | &nbsp;&nbsp;$(132152) |
| Malaysia | $&nbsp;&nbsp;&nbsp;96200 &nbsp;&nbsp;1.00%<br> (pays quarterly)<sup>(1)</sup> | &nbsp;&nbsp;12/20/30 | &nbsp;&nbsp;&nbsp;&nbsp; (2865463) | &nbsp;&nbsp;&nbsp;&nbsp; 2654839 | &nbsp;&nbsp;&nbsp;&nbsp; (210624) |
| Markit CDX Emerging Markets Index (CDX.EM.43.V1) | 157269 &nbsp;&nbsp;1.00%<br> (pays quarterly)<sup>(1)</sup> | &nbsp;&nbsp; 6/20/30 | &nbsp;&nbsp;&nbsp;&nbsp; 1364417 | &nbsp;&nbsp;&nbsp;&nbsp; (4362751) | &nbsp;&nbsp;&nbsp;&nbsp; (2998334) |
| Markit CDX North America High Yield Index (CDX.NA.HY.44.V1) | &nbsp;&nbsp;&nbsp;10300 &nbsp;&nbsp;5.00%<br> (pays quarterly)<sup>(1)</sup> | &nbsp;&nbsp; 6/20/30 | &nbsp;&nbsp;&nbsp;&nbsp; (837720) | &nbsp;&nbsp;&nbsp;&nbsp; 437431 | &nbsp;&nbsp;&nbsp;&nbsp; (400289) |
| Markit CDX North America High Yield Index (CDX.NA.HY.45.V1) | &nbsp;&nbsp;&nbsp;36800 &nbsp;&nbsp;5.00%<br> (pays quarterly)<sup>(1)</sup> | &nbsp;&nbsp;12/20/30 | &nbsp;&nbsp;&nbsp;&nbsp; (2877566) | &nbsp;&nbsp;&nbsp;&nbsp; 2775040 | &nbsp;&nbsp;&nbsp;&nbsp; (102526) |
| Markit CDX North America Investment Grade Index (CDX.NA.IG.45.V1) | 227435 &nbsp;&nbsp;1.00%<br> (pays quarterly)<sup>(1)</sup> | &nbsp;&nbsp;12/20/30 | &nbsp;&nbsp;&nbsp;&nbsp; (5238664) | &nbsp;&nbsp;&nbsp;&nbsp; 5107136 | &nbsp;&nbsp;&nbsp;&nbsp; (131528) |
| Poland | &nbsp;&nbsp;&nbsp;67709 &nbsp;&nbsp;1.00%<br> (pays quarterly)<sup>(1)</sup> | &nbsp;&nbsp;12/20/30 | &nbsp;&nbsp;&nbsp;&nbsp; (1276248) | &nbsp;&nbsp;&nbsp;&nbsp; 1073570 | &nbsp;&nbsp;&nbsp;&nbsp; (202678) |
| Qatar | 169254 &nbsp;&nbsp;1.00%<br> (pays quarterly)<sup>(1)</sup> | &nbsp;&nbsp;12/20/30 | &nbsp;&nbsp;&nbsp;&nbsp; (5887705) | &nbsp;&nbsp;&nbsp;&nbsp; 5410141 | &nbsp;&nbsp;&nbsp;&nbsp; (477564) |
| Saudi Arabia | 566192 &nbsp;&nbsp;1.00%<br> (pays quarterly)<sup>(1)</sup> | &nbsp;&nbsp;12/20/30 | &nbsp;&nbsp;&nbsp;&nbsp;(10732238) | &nbsp;&nbsp;&nbsp;&nbsp; 8100919 | &nbsp;&nbsp;&nbsp;&nbsp; (2631319) |
| South Africa | 353235 &nbsp;&nbsp;1.00%<br> (pays quarterly)<sup>(1)</sup> | &nbsp;&nbsp;12/20/30 | &nbsp;&nbsp;&nbsp;&nbsp; 7832498 | &nbsp;&nbsp;&nbsp;&nbsp;(10967066) | &nbsp;&nbsp;&nbsp;&nbsp; (3134568) |
| South Africa | &nbsp;&nbsp;&nbsp;&nbsp;9464 &nbsp;&nbsp;1.00%<br> (pays quarterly)<sup>(1)</sup> | &nbsp;&nbsp; 6/20/31 | &nbsp;&nbsp;&nbsp;&nbsp; 307214 | &nbsp;&nbsp;&nbsp;&nbsp; (813044) | &nbsp;&nbsp;&nbsp;&nbsp; (505830) |

---

*45*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_231c4145-125b-48d0-80d1-bb6e9d068795_TOC)

Global Macro Absolute Return Advantage Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Credit Default Swaps - Buy Protection (Centrally Cleared) (continued)** | **Credit Default Swaps - Buy Protection (Centrally Cleared) (continued)** | **Credit Default Swaps - Buy Protection (Centrally Cleared) (continued)** | **Credit Default Swaps - Buy Protection (Centrally Cleared) (continued)** | **Credit Default Swaps - Buy Protection (Centrally Cleared) (continued)** |  |
| **Reference Entity** | &nbsp;&nbsp;**Notional<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Termination<br> Date** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**Unamortized<br> Upfront<br> Receipts<br> (Payments)** | &nbsp;&nbsp;**Unrealized<br> Appreciation<br> (Depreciation)** |
| Turkey | $377800 &nbsp;&nbsp;1.00%<br> (pays quarterly)<sup>(1)</sup> | &nbsp;&nbsp;12/20/30 | &nbsp;&nbsp;$23584682 | &nbsp;&nbsp;$(26104256) | &nbsp;&nbsp;$(2519574) |
| **Total** |  |  | &nbsp;&nbsp;**$(8762028)** | &nbsp;&nbsp;**$(4684958)** | &nbsp;&nbsp;**$(13446986)** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit Default Swaps - Sell Protection (OTC)** | **Credit Default Swaps - Sell Protection (OTC)** | **Credit Default Swaps - Sell Protection (OTC)** | **Credit Default Swaps - Sell Protection (OTC)** | **Credit Default Swaps - Sell Protection (OTC)** | **Credit Default Swaps - Sell Protection (OTC)** | **Credit Default Swaps - Sell Protection (OTC)** | **Credit Default Swaps - Sell Protection (OTC)** | **Credit Default Swaps - Sell Protection (OTC)** |
| **Reference Entity** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Notional<br> Amount\*<br> (000's omitted)** | &nbsp;&nbsp;**Contract Annual<br> Fixed Rate\*\*** | &nbsp;&nbsp;**Current<br> Market<br> Annual<br> Fixed Rate\*\*\*** | &nbsp;&nbsp;**Termination<br> Date** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**Unamortized<br> Upfront<br> Receipts<br> (Payments)** | &nbsp;&nbsp;**Unrealized<br> Appreciation<br> (Depreciation)** |
| Angola | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;$6100 | &nbsp;&nbsp;1.00%<br> (pays quarterly)<sup>(1)</sup> | &nbsp;&nbsp;5.27% | &nbsp;&nbsp;12/20/30 | &nbsp;&nbsp;$(1060893) | &nbsp;&nbsp;$1091997 | &nbsp;&nbsp;$31104 |
| Benin | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp; 1100 | &nbsp;&nbsp;1.00%<br> (pays quarterly)<sup>(1)</sup> | &nbsp;&nbsp;1.58 | &nbsp;&nbsp; 6/20/27 | &nbsp;&nbsp;&nbsp;&nbsp; (8766) | &nbsp;&nbsp;&nbsp;&nbsp; 49580 | &nbsp;&nbsp;&nbsp;&nbsp; 40814 |
| Benin | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp; 1100 | &nbsp;&nbsp;1.00%<br> (pays quarterly)<sup>(1)</sup> | &nbsp;&nbsp;1.58 | &nbsp;&nbsp; 6/20/27 | &nbsp;&nbsp;&nbsp;&nbsp; (8766) | &nbsp;&nbsp;&nbsp;&nbsp; 48479 | &nbsp;&nbsp;&nbsp;&nbsp; 39713 |
| Benin | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp; 18400 | &nbsp;&nbsp;1.00%<br> (pays quarterly)<sup>(1)</sup> | &nbsp;&nbsp;1.70 | &nbsp;&nbsp;12/20/27 | &nbsp;&nbsp;&nbsp;&nbsp; (239578) | &nbsp;&nbsp;&nbsp;&nbsp;1058725 | &nbsp;&nbsp;&nbsp;&nbsp; 819147 |
| Benin | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;&nbsp;&nbsp; 1653 | &nbsp;&nbsp;1.00%<br> (pays quarterly)<sup>(1)</sup> | &nbsp;&nbsp;1.93 | &nbsp;&nbsp; 6/20/28 | &nbsp;&nbsp;&nbsp;&nbsp; (36294) | &nbsp;&nbsp;&nbsp;&nbsp; 150806 | &nbsp;&nbsp;&nbsp;&nbsp; 114512 |
| India | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;&nbsp;&nbsp; 8000 | &nbsp;&nbsp;1.00%<br> (pays quarterly)<sup>(1)</sup> | &nbsp;&nbsp;0.69 | &nbsp;&nbsp;12/20/30 | &nbsp;&nbsp;&nbsp;&nbsp; 126234 | &nbsp;&nbsp;&nbsp;&nbsp; (147065) | &nbsp;&nbsp;&nbsp;&nbsp; (20831) |
| India | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;&nbsp;&nbsp; 19000 | &nbsp;&nbsp;1.00%<br> (pays quarterly)<sup>(1)</sup> | &nbsp;&nbsp;0.69 | &nbsp;&nbsp;12/20/30 | &nbsp;&nbsp;&nbsp;&nbsp; 299806 | &nbsp;&nbsp;&nbsp;&nbsp; (367277) | &nbsp;&nbsp;&nbsp;&nbsp; (67471) |
| Ivory Coast | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;&nbsp;&nbsp; 15100 | &nbsp;&nbsp;1.00%<br> (pays quarterly)<sup>(1)</sup> | &nbsp;&nbsp;1.32 | &nbsp;&nbsp; 6/20/27 | &nbsp;&nbsp;&nbsp;&nbsp; (59411) | &nbsp;&nbsp;&nbsp;&nbsp; 640571 | &nbsp;&nbsp;&nbsp;&nbsp; 581160 |
| Ivory Coast | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;&nbsp;&nbsp; 16821 | &nbsp;&nbsp;1.00%<br> (pays quarterly)<sup>(1)</sup> | &nbsp;&nbsp;1.32 | &nbsp;&nbsp; 6/20/27 | &nbsp;&nbsp;&nbsp;&nbsp; (66182) | &nbsp;&nbsp;&nbsp;&nbsp; 712732 | &nbsp;&nbsp;&nbsp;&nbsp; 646550 |
| Petroleos Mexicanos | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp; 9212 | &nbsp;&nbsp;1.00%<br> (pays quarterly)<sup>(1)</sup> | &nbsp;&nbsp;1.29 | &nbsp;&nbsp;12/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; (19959) | &nbsp;&nbsp;&nbsp;&nbsp; 156759 | &nbsp;&nbsp;&nbsp;&nbsp; 136800 |
| Petroleos Mexicanos | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp; 10911 | &nbsp;&nbsp;1.00%<br> (pays quarterly)<sup>(1)</sup> | &nbsp;&nbsp;1.29 | &nbsp;&nbsp;12/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; (23640) | &nbsp;&nbsp;&nbsp;&nbsp; 156693 | &nbsp;&nbsp;&nbsp;&nbsp; 133053 |
| Petroleos Mexicanos | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp; 11463 | &nbsp;&nbsp;1.00%<br> (pays quarterly)<sup>(1)</sup> | &nbsp;&nbsp;1.48 | &nbsp;&nbsp; 6/20/27 | &nbsp;&nbsp;&nbsp;&nbsp; (75020) | &nbsp;&nbsp;&nbsp;&nbsp; 311933 | &nbsp;&nbsp;&nbsp;&nbsp; 236913 |
| Petroleos Mexicanos | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp; 19440 | &nbsp;&nbsp;1.00%<br> (pays quarterly)<sup>(1)</sup> | &nbsp;&nbsp;1.48 | &nbsp;&nbsp; 6/20/27 | &nbsp;&nbsp;&nbsp;&nbsp; (127226) | &nbsp;&nbsp;&nbsp;&nbsp; 453415 | &nbsp;&nbsp;&nbsp;&nbsp; 326189 |
| Petroleos Mexicanos | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;&nbsp;&nbsp; 37104 | &nbsp;&nbsp;4.00%<br> (pays monthly) | &nbsp;&nbsp;1.19 | &nbsp;&nbsp; 7/6/26 | &nbsp;&nbsp;&nbsp;&nbsp; 445768 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 445768 |
| Petroleos Mexicanos | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;&nbsp;&nbsp; 44196 | &nbsp;&nbsp;4.20%<br> (pays monthly) | &nbsp;&nbsp;1.25 | &nbsp;&nbsp; 7/6/26 | &nbsp;&nbsp;&nbsp;&nbsp; 568555 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 568555 |
| Petroleos Mexicanos | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;&nbsp;&nbsp; 11557 | &nbsp;&nbsp;1.00%<br> (pays quarterly)<sup>(1)</sup> | &nbsp;&nbsp;1.18 | &nbsp;&nbsp; 6/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; 2040 | &nbsp;&nbsp;&nbsp;&nbsp; 282979 | &nbsp;&nbsp;&nbsp;&nbsp; 285019 |
| Petroleos Mexicanos | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;&nbsp;&nbsp; 9000 | &nbsp;&nbsp;1.00%<br> (pays quarterly)<sup>(1)</sup> | &nbsp;&nbsp;1.18 | &nbsp;&nbsp; 6/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp; 67425 | &nbsp;&nbsp;&nbsp;&nbsp; 67439 |
| Petroleos Mexicanos | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;&nbsp;&nbsp; 4273 | &nbsp;&nbsp;1.00%<br> (pays quarterly)<sup>(1)</sup> | &nbsp;&nbsp;1.18 | &nbsp;&nbsp; 6/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 33332 | &nbsp;&nbsp;&nbsp;&nbsp; 33339 |
| Petroleos Mexicanos | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;&nbsp;&nbsp; 4275 | &nbsp;&nbsp;1.00%<br> (pays quarterly)<sup>(1)</sup> | &nbsp;&nbsp;1.48 | &nbsp;&nbsp; 6/20/27 | &nbsp;&nbsp;&nbsp;&nbsp; (27978) | &nbsp;&nbsp;&nbsp;&nbsp; 96235 | &nbsp;&nbsp;&nbsp;&nbsp; 68257 |

---

*46*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_231c4145-125b-48d0-80d1-bb6e9d068795_TOC)

Global Macro Absolute Return Advantage Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit Default Swaps - Sell Protection (OTC) (continued)** | **Credit Default Swaps - Sell Protection (OTC) (continued)** | **Credit Default Swaps - Sell Protection (OTC) (continued)** | **Credit Default Swaps - Sell Protection (OTC) (continued)** | **Credit Default Swaps - Sell Protection (OTC) (continued)** | **Credit Default Swaps - Sell Protection (OTC) (continued)** | **Credit Default Swaps - Sell Protection (OTC) (continued)** | **Credit Default Swaps - Sell Protection (OTC) (continued)** |
| **Reference Entity** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Notional<br> Amount\*<br> (000's omitted)** | &nbsp;&nbsp;**Current<br> Market<br> Annual<br> Fixed Rate\*\*\*** | &nbsp;&nbsp;**Termination<br> Date** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**Unamortized<br> Upfront<br> Receipts<br> (Payments)** | &nbsp;&nbsp;**Unrealized<br> Appreciation<br> (Depreciation)** |
| Petroleos Mexicanos | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;$21586 &nbsp;&nbsp;1.00%<br> (pays quarterly)<sup>(1)</sup> | &nbsp;&nbsp;1.48% | &nbsp;&nbsp; 6/20/27 | &nbsp;&nbsp;$(141271) | &nbsp;&nbsp;$489216 | &nbsp;&nbsp;$347945 |
| Petroleos Mexicanos | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp;&nbsp; 8173 &nbsp;&nbsp;1.00%<br> (pays quarterly)<sup>(1)</sup> | &nbsp;&nbsp;1.45 | &nbsp;&nbsp; 6/20/27 | &nbsp;&nbsp;&nbsp;&nbsp; (49391) | &nbsp;&nbsp;&nbsp;&nbsp; 206306 | &nbsp;&nbsp;&nbsp;&nbsp; 156915 |
| **Total** |  | &nbsp;&nbsp;**$278464** |  |  | &nbsp;&nbsp;**$(501951)** | &nbsp;&nbsp;**$5492841** | &nbsp;&nbsp;**$4990890** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Credit Default Swaps - Buy Protection (OTC)** | **Credit Default Swaps - Buy Protection (OTC)** | **Credit Default Swaps - Buy Protection (OTC)** | **Credit Default Swaps - Buy Protection (OTC)** | **Credit Default Swaps - Buy Protection (OTC)** | **Credit Default Swaps - Buy Protection (OTC)** | **Credit Default Swaps - Buy Protection (OTC)** |
| **Reference Entity** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Notional<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Termination<br> Date** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**Unamortized<br> Upfront<br> Receipts<br> (Payments)** | &nbsp;&nbsp;**Unrealized<br> Appreciation<br> (Depreciation)** |
| Ivory Coast | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;$31921 &nbsp;&nbsp;1.00%<br> (pays quarterly)<sup>(1)</sup> | &nbsp;&nbsp;6/20/27 | &nbsp;&nbsp;$125593 | &nbsp;&nbsp;$(902540) | &nbsp;&nbsp;$(776947) |
| Saudi Arabia | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;25486 &nbsp;&nbsp;1.00%<br> (pays quarterly)<sup>(1)</sup> | &nbsp;&nbsp;6/20/31 | &nbsp;&nbsp;&nbsp;&nbsp;(452067) | &nbsp;&nbsp;&nbsp;&nbsp; (264509) | &nbsp;&nbsp;&nbsp;&nbsp; (716576) |
| Saudi Arabia | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;&nbsp;&nbsp;57200 &nbsp;&nbsp;1.00%<br> (pays quarterly)<sup>(1)</sup> | &nbsp;&nbsp;6/20/35 | &nbsp;&nbsp;&nbsp;&nbsp;(166881) | &nbsp;&nbsp;&nbsp;&nbsp; (579239) | &nbsp;&nbsp;&nbsp;&nbsp; (746120) |
| **Total** |  |  |  | &nbsp;&nbsp;**$(493355)** | &nbsp;&nbsp;**$(1746288)** | &nbsp;&nbsp;**$(2239643)** |

---

\* 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 October 31, 2025, such maximum potential amount for all open credit default swaps in which the Portfolio is the seller was $278,464,000.

\*\* 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.

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Total Return Swaps (OTC)** | **Total Return Swaps (OTC)** | **Total Return Swaps (OTC)** | **Total Return Swaps (OTC)** | **Total Return Swaps (OTC)** | **Total Return Swaps (OTC)** | **Total Return Swaps (OTC)** |
| **Counterparty** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional Amount<br> (000's omitted)** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional Amount<br> (000's omitted)** | &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio Receives** | &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio Pays** | &nbsp;&nbsp;&nbsp;&nbsp;**Termination<br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> Appreciation<br> (Depreciation)** |
| JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;14500 | &nbsp;&nbsp;&nbsp;&nbsp;Excess Return on USD - SOFR Index minus 0.85% plus Negative Return on J.P. Morgan EMBI Global Diversified Index (pays monthly) | &nbsp;&nbsp;&nbsp;&nbsp;Positive Return on J.P. Morgan EMBI Global Diversified Index (pays monthly) | &nbsp;&nbsp;&nbsp;&nbsp;11/14/25 | &nbsp;&nbsp;&nbsp;&nbsp;$(635983) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**$(635983)** |

---

*47*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_231c4145-125b-48d0-80d1-bb6e9d068795_TOC)

Global Macro Absolute Return Advantage Portfolio

October 31, 2025

Consolidated Portfolio of Investments — continued

------

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ADR | – American Depositary Receipt |
| EURIBOR | – Euro Interbank Offered Rate |
| GDP | – Gross Domestic Product |
| GDR | – Global Depositary Receipt |
| JIBAR | – Johannesburg Interbank Average Rate |
| OTC | – Over-the-counter |

---

---

| | |
|:---|:---|
| PFC Shares | – Preference Shares |
| PIK | – Payment In Kind |
| SOFR | – Secured Overnight Financing Rate |
| TAIBOR | – Taipei Interbank Offered Rate |
| TELBOR | – Tel Aviv Interbank Offered Rate |
| WIBOR | – Warsaw Interbank Offered Rate |

---

---

| | |
|:---|:---|
| **Currency Abbreviations:** | **Currency Abbreviations:** |
| ALL | – Albanian Lek |
| AMD | – Armenian Dram |
| AUD | – Australian Dollar |
| BHD | – Bahraini Dinar |
| BRL | – Brazilian Real |
| CLP | – Chilean Peso |
| CNH | – Yuan Renminbi Offshore |
| COP | – Colombian Peso |
| EGP | – Egyptian Pound |
| EUR | – Euro |
| GBP | – British Pound Sterling |
| GHS | – Ghanaian Cedi |
| HKD | – Hong Kong Dollar |
| HUF | – Hungarian Forint |
| IDR | – Indonesian Rupiah |
| ILS | – Israeli Shekel |
| INR | – Indian Rupee |
| ISK | – Icelandic Krona |
| JPY | – Japanese Yen |
| KRW | – South Korean Won |
| KWD | – Kuwaiti Dinar |
| KZT | – Kazakhstani Tenge |
| LKR | – Sri Lankan Rupee |
| MNT | – Mongolia Tughrik |
| MXN | – Mexican Peso |

---

---

| | |
|:---|:---|
| MYR | – Malaysian Ringgit |
| NGN | – Nigerian Naira |
| NZD | – New Zealand Dollar |
| OMR | – Omani Rial |
| PEN | – Peruvian Sol |
| PHP | – Philippine Peso |
| PLN | – Polish Zloty |
| PYG | – Paraguayan Guarani |
| RON | – Romanian Leu |
| RSD | – Serbian Dinar |
| RUB | – Russian Ruble |
| SAR | – Saudi Riyal |
| SEK | – Swedish Krona |
| THB | – Thai Baht |
| TRY | – Turkish Lira |
| TWD | – New Taiwan Dollar |
| TZS | – Tanzanian Schilling |
| UGX | – Ugandan Shilling |
| USD | – United States Dollar |
| UYU | – Uruguayan Peso |
| UZS | – Uzbekistani Som |
| VND | – Viet Nam Dong |
| ZAR | – South African Rand |
| ZMW | – Zambian Kwacha |

---

*48*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_231c4145-125b-48d0-80d1-bb6e9d068795_TOC)

Global Macro Absolute Return Advantage Portfolio

October 31, 2025

Consolidated Statement of Assets and Liabilities

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**October 31, 2025** |
| Assets |  |
| Unaffiliated investments, at value (identified cost $6,076,298,359) | &nbsp;&nbsp;$6466613794 |
| Affiliated investments, at value (identified cost $50,811,646) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50811646 |
| Deposits for derivatives collateral: |  |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455000 |
| &nbsp;&nbsp;&nbsp;Centrally cleared derivatives | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145642913 |
| &nbsp;&nbsp;&nbsp;OTC derivatives | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13968000 |
| Cash collateral for securities sold short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241647565 |
| Foreign currency, at value (identified cost $93,983,405) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94475298 |
| Interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97948515 |
| Dividends receivable from affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250633 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;784059387 |
| Receivable for variation margin on open centrally cleared derivatives | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3445102 |
| Receivable for open forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40687518 |
| Receivable for open swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5079192 |
| Upfront payments on open OTC swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2260630 |
| Receivable for open non-deliverable bond forward contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301654 |
| Tax reclaims receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5915 |
| Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181367 |
| **Total assets** | &nbsp;&nbsp;**$7947834129** |
| Liabilities |  |
| Cash collateral due to brokers | &nbsp;&nbsp;$13968000 |
| Payable for reverse repurchase agreements, including accrued interest of $264,694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682696526 |
| Payable for closed reverse repurchase agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343952628 |
| Written options outstanding, at value (premiums received $7,325,580) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4041228 |
| Payable for investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386620166 |
| Payable for when-issued securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125009715 |
| Payable for securities sold short, at value (proceeds $477,545,340) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500324630 |
| Payable for variation margin on open futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925135 |
| Payable for open forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24340752 |
| Payable for open swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2963928 |
| Payable for closed swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588202 |
| Upfront receipts on open OTC swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6007183 |
| Payable for open non-deliverable bond forward contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1234057 |
| Due to custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22013439 |
| Payable to affiliates: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment adviser fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4317856 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9223 |
| &nbsp;&nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181367 |
| Interest and dividends payable on securities sold short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4590937 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1699964 |
| **Total liabilities** | &nbsp;&nbsp;**$2125484936** |
| **Net Assets applicable to investors' interest in Portfolio** | &nbsp;&nbsp;**$5822349193** |

---

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_231c4145-125b-48d0-80d1-bb6e9d068795_TOC)

Global Macro Absolute Return Advantage Portfolio

October 31, 2025

Consolidated Statement of Operations

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended** |
|  | &nbsp;&nbsp;&nbsp;**October 31, 2025** |
| Investment Income |  |
| Dividend income (net of foreign taxes withheld of $945,907) | &nbsp;&nbsp;$19094483 |
| Dividend income from affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6819669 |
| Interest income (net of foreign taxes withheld of $13,534,189) | &nbsp;&nbsp;&nbsp;&nbsp;379119292 |
| Other income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1487228 |
| **Total investment income** | &nbsp;&nbsp;**$406520672** |
| Expenses |  |
| Investment adviser fee | &nbsp;&nbsp;$38479458 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109229 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2846603 |
| Legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231805 |
| Interest expense and fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12532008 |
| Interest and dividend expense on securities sold short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35696440 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256477 |
| **Total expenses** | &nbsp;&nbsp;**$90152020** |
| Deduct: |  |
| &nbsp;&nbsp;&nbsp;Waiver and/or reimbursement of expenses by affiliates | &nbsp;&nbsp;$229685 |
| **Total expense reductions** | &nbsp;&nbsp;**$229685** |
| **Net expenses** | &nbsp;&nbsp;**$89922335** |
| **Net investment income** | &nbsp;&nbsp;**$316598337** |
| Realized and Unrealized Gain (Loss) |  |
| Net realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;Investment transactions | &nbsp;&nbsp;$107449833 |
| &nbsp;&nbsp;&nbsp;Written options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1813169 |
| &nbsp;&nbsp;&nbsp;Securities sold short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1743364 |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21559511) |
| &nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10274249 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4340198) |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42167264) |
| &nbsp;&nbsp;&nbsp;Non-deliverable bond forward contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(345867) |
| **Net realized gain** | &nbsp;&nbsp;**$52867775** |
| Change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Investments (including net decrease in accrued foreign capital gains taxes of $32,209) | &nbsp;&nbsp;$379422338 |
| &nbsp;&nbsp;&nbsp;Written options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3298802 |
| &nbsp;&nbsp;&nbsp;Securities sold short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22670167) |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1058832 |
| &nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2931907) |
| &nbsp;&nbsp;&nbsp;Foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1067507 |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9190322 |
| &nbsp;&nbsp;&nbsp;Non-deliverable bond forward contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(932403) |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$367503324** |
| **Net realized and unrealized gain** | &nbsp;&nbsp;**$420371099** |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$736969436** |

---

*50*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_231c4145-125b-48d0-80d1-bb6e9d068795_TOC)

Global Macro Absolute Return Advantage Portfolio

October 31, 2025

Consolidated Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
|  | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$316598337 | &nbsp;&nbsp;$208119729 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52867775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(117501266) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367503324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165326856 |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$736969436** | &nbsp;&nbsp;**$255945319** |
| Capital transactions: |  |  |
| &nbsp;&nbsp;&nbsp;Contributions | &nbsp;&nbsp;$2193708277 | &nbsp;&nbsp;$649205893 |
| &nbsp;&nbsp;&nbsp;Withdrawals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(278017565) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(208479950) |
| **Net increase in net assets from capital transactions** | &nbsp;&nbsp;**$1915690712** | &nbsp;&nbsp;**$440725943** |
| **Net increase in net assets** | &nbsp;&nbsp;**$2652660148** | &nbsp;&nbsp;**$696671262** |
| Net Assets |  |  |
| At beginning of year | &nbsp;&nbsp;$3169689045 | &nbsp;&nbsp;$2473017783 |
| **At end of year** | &nbsp;&nbsp;**$5822349193** | &nbsp;&nbsp;**$3169689045** |

---

*51*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_231c4145-125b-48d0-80d1-bb6e9d068795_TOC)

Global Macro Absolute Return Advantage Portfolio

October 31, 2025

Consolidated Financial Highlights

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
|  | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Ratios (as a percentage of average daily net assets):<sup>(1)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12% |
| &nbsp;&nbsp;&nbsp;Net expenses<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.93%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.68%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.37% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82% |
| **Total Return** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.09%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.98%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.60%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4.83)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.94%** |
| **Net assets, end of year (000's omitted)** | &nbsp;&nbsp;**$5822349** | &nbsp;&nbsp;**$3169689** | &nbsp;&nbsp;**$2473018** | &nbsp;&nbsp;**$1944771** | &nbsp;&nbsp;**$2632155** |

---

<sup>(1)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Portfolio.

<sup>(2)</sup> Includes interest and/or dividend expense, including on securities sold short and/or reverse repurchase agreements if applicable, of 1.16%, 0.91%, 0.68%, 0.16% and 0.11% of average daily net assets for the years ended October 31, 2025, 2024, 2023, 2022 and 2021, respectively.

<sup>(3)</sup> Includes a reduction by the investment adviser of a portion of its adviser fee due to the Portfolio's investment in the Liquidity Fund (equal to less than 0.01%, less than 0.01%, 0.01% and less than 0.005% of average daily net assets for the years ended October 31, 2025, 2024, 2023 and 2022, respectively).

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_231c4145-125b-48d0-80d1-bb6e9d068795_TOC)

Global Macro Absolute Return Advantage Portfolio

October 31, 2025

Notes to Consolidated Financial Statements

------

1 Significant Accounting Policies

Global Macro Absolute Return Advantage Portfolio (the Portfolio) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a non-diversified, open-end management investment company. The Portfolio's investment objective is total return. The Declaration of Trust permits the Trustees to issue interests in the Portfolio. At October 31, 2025, Eaton Vance Global Macro Absolute Return Advantage Fund, Eaton Vance Strategic Income Fund and Eaton Vance International (Cayman Islands) Strategic Income Fund held an interest of 59.0%, 40.4% and 0.6%, respectively, in the Portfolio.

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 October 31, 2025 were $6,087,902 or 0.1% of the Portfolio's consolidated net assets. The accompanying consolidated financial statements include the accounts of the Subsidiary. Intercompany balances and transactions have been eliminated in consolidation.

The following is a summary of significant accounting policies of the Portfolio. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Portfolio is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.

A Investment Valuation—The following methodologies are used to determine the market value or fair value of investments.

**Debt Obligations. Debt obligations are generally valued on the basis of valuations provided by third party pricing services, as derived from such services' pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and ask prices, broker/dealer quotations, prices or yields of securities with similar characteristics, interest rates, anticipated prepayments, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Short-term debt obligations purchased with a remaining maturity of sixty days or less for which a valuation from a third party pricing service is not readily available may be valued at amortized cost, which approximates fair value.**

**Senior Floating-Rate Loans. Interests in senior floating-rate loans are valued generally at the average mean of bid and ask quotations obtained from a third party pricing service.**

**Equity Securities. Equity securities listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and ask prices on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ National Market System are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and ask prices.**

**Derivatives. U.S. exchange-traded options are valued at the mean between the bid and ask prices at valuation time as reported by the Options Price Reporting Authority. Non-U.S. exchange-traded options and over-the-counter options (including options on securities, indices and foreign currencies) are valued by a third party pricing service using techniques that consider factors including the value of the underlying instrument, the volatility of the underlying instrument and the period of time until option expiration. 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 futures contracts as described below. Forward foreign currency exchange contracts are generally valued at the mean of the average bid and average ask prices that are reported by currency dealers to a third party pricing service at the valuation time. Such third party pricing service valuations are supplied for specific settlement periods and the Portfolio's forward foreign currency exchange contracts are valued at an interpolated rate between the closest preceding and subsequent settlement period reported by the third party pricing service. Non-deliverable bond forward contracts are generally valued based on the current price of the underlying bond as provided by a third party pricing service and current interest rates. Swaps are normally valued using valuations provided by a third party pricing service. Such pricing service valuations are based on the present value of fixed and projected floating rate cash flows over the term of the swap contract, and in the case of credit default swaps, based on credit spread quotations obtained from broker/dealers and expected default recovery rates determined by the pricing service using proprietary models. In the case of total return swaps, pricing service valuations are based on the value of the underlying index or instrument and reference interest rate. Future cash flows on swaps are discounted to their present value using swap rates provided by electronic data services or by broker/dealers.**

**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.**

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**Other. Investments in management investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value as of the close of each business day. Exchange-traded funds are valued at the official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded.**

**Fair Valuation. In connection with Rule 2a-5 of the 1940 Act, the Trustees have designated the Portfolio's investment adviser as its valuation designee. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued by the investment adviser, as valuation designee, at fair value using methods that most fairly reflect the security's "fair value", which is the amount that the Portfolio might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security's disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company's or entity's financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.**

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

C Income—Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount. Inflation adjustments to the principal amount of inflation-adjusted bonds and notes are reflected as interest income. Deflation adjustments to the principal amount of an inflation-adjusted bond or note are reflected as reductions to interest income to the extent of interest income previously recorded on such bond or note. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. However, if the ex-dividend date has passed, certain dividends from foreign securities are recorded as the Portfolio is informed of the ex-dividend date. Withholding taxes on foreign interest, dividends and capital gains have been provided for in accordance with the Portfolio's understanding of the applicable countries' tax rules and rates. As a result of several court cases in certain countries across the European Union (EU), the Portfolio filed additional tax reclaims for previously withheld taxes on dividends earned in those countries. Income recognized, if any, for EU reclaims and interest thereon is reflected as other income in the Consolidated Statement of Operations, and any related receivable, if any, is reflected as European Union tax reclaims receivable in the Consolidated Statement of Assets and Liabilities. Any fees associated with these filings are reflected in miscellaneous expenses in the Consolidated Statement of Operations. When uncertainty exists as to the ultimate resolution of these proceedings, the likelihood of receipt of these EU reclaims, and the potential timing of payment, no amounts are reflected in the financial statements. For U.S. income tax purposes, EU reclaims received by the Portfolio, if any, may reduce the amount of foreign taxes Fund shareholders can use as tax deductions or credits on their income tax returns. In the event that EU reclaims received by the Portfolio during a fiscal year exceed foreign withholding taxes paid by the Portfolio, and the Portfolio previously passed through to its shareholders foreign taxes incurred by the Portfolio to be used as a credit or deduction on a shareholder's income tax return, the Portfolio may be required to enter into a closing agreement with the Internal Revenue Service in order to pay the associated tax liability on behalf of the Fund's shareholders.

D Federal and Other Taxes—The Portfolio has elected to be treated as a partnership for federal tax purposes. No provision is made by the Portfolio for federal or state taxes on any taxable income of the Portfolio because each investor in the Portfolio is ultimately responsible for the payment of any taxes on its share of taxable income. Since at least one of the Portfolio's investors is a regulated investment company that invests all or substantially all of its assets in the Portfolio, the Portfolio normally must satisfy the applicable source of income and diversification requirements (under the Internal Revenue Code) in order for its investors to satisfy them. The Portfolio will allocate, at least annually among its investors, each investor's distributive share of the Portfolio's net investment income, net realized capital gains and losses and any other items of income, gain, loss, deduction or credit.

In addition to the requirements of the Internal Revenue Code, the Portfolio may also be subject to local taxes on the recognition of capital gains in certain countries. In determining the daily net asset value, the Portfolio estimates the accrual for such taxes, if any, based on the unrealized appreciation on certain portfolio securities and the related tax rates. Taxes attributable to unrealized appreciation are included in the change in unrealized appreciation (depreciation) on investments. Capital gains taxes on securities sold are included in net realized gain (loss) on investments.

The Subsidiary is treated as a controlled foreign corporation under the Internal Revenue Code and is not expected to be subject to U.S. federal income tax. The Portfolio is treated as a U.S. shareholder of the Subsidiary. As a result, the Portfolio is required to include in gross income for U.S. federal tax purposes all of the Subsidiary's income, whether or not such income is distributed by the Subsidiary. If a net loss is realized by the Subsidiary, such loss is not generally available to offset the income earned by the Portfolio.

As of October 31, 2025, the Portfolio had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Portfolio files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

E Foreign Currency Translation—Investment valuations, other assets, and liabilities initially expressed in foreign currencies are translated each business day into U.S. dollars based upon current exchange rates. Purchases and sales of foreign investment securities and income and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates in effect on the respective dates of such transactions. Recognized

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gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.

F Unfunded Loan Commitments—The Portfolio may enter into certain loan agreements all or a portion of which may be unfunded. The Portfolio is obligated to fund these commitments at the borrower's discretion. These commitments, if any, are disclosed in the accompanying Consolidated Portfolio of Investments.

G Use of Estimates—The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

H Indemnifications—Under the Portfolio's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Portfolio. Under Massachusetts law, if certain conditions prevail, interestholders in the Portfolio could be deemed to have personal liability for the obligations of the Portfolio. However, the Portfolio's Declaration of Trust contains an express disclaimer of liability on the part of Portfolio interestholders. Additionally, in the normal course of business, the Portfolio enters into agreements with service providers that may contain indemnification clauses. The Portfolio's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet occurred.

I Financial and Commodities Futures Contracts—Upon entering into a financial or commodities futures contract, the Portfolio 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 Portfolio each business day, depending on the daily fluctuations in the value of the underlying security, index or commodity and are recorded as unrealized gains or losses by the Portfolio. Gains (losses) are realized upon the expiration or closing of the financial or commodities futures contracts. Should market conditions change unexpectedly, the Portfolio may not achieve the anticipated benefits of the financial or commodities 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.

J Forward Foreign Currency Exchange and Non-Deliverable Bond Forward Contracts—The Portfolio may enter into forward foreign currency exchange contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date. The forward foreign currency exchange contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded as unrealized until such time as the contracts have been closed. While forward foreign currency exchange contracts are privately negotiated agreements between the Portfolio and a counterparty, certain contracts may be "centrally cleared", whereby all payments made or received by the Portfolio pursuant to the contract are with a central clearing party (CCP) rather than the original counterparty. The CCP guarantees the performance of the original parties to the contract. Upon entering into centrally cleared contracts, the Portfolio is required to deposit with the CCP, either in cash or securities, an amount of initial margin determined by the CCP, which is subject to adjustment. For centrally cleared contracts, the daily change in valuation is recorded as a receivable or payable for variation margin and settled in cash with the CCP daily. The Portfolio may also enter into non-deliverable bond forward contracts for the purchase or sale of a bond denominated in a non-deliverable foreign currency at a fixed price on a future date. For non-deliverable bond forward contracts, unrealized gains and losses, based on changes in the value of the contract, and realized gains and losses are accounted for as described above. Risks may arise upon entering these contracts from the potential inability of counterparties to meet the terms of their contracts and from movements in the value of a foreign currency relative to the U.S. dollar. In the case of centrally cleared contracts, counterparty risk is minimal due to protections provided by the CCP.

K Purchased Options—Upon the purchase of a call or put option, the premium paid by the Portfolio is included in the Consolidated Statement of Assets and Liabilities as an investment. The amount of the investment is subsequently marked-to-market to reflect the current market value of the option purchased, in accordance with the Portfolio's policies on investment valuations discussed above. Premiums paid for purchasing options that expire are treated as realized losses. Premiums paid for purchasing options that are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain or loss. An option on a futures contract gives the holder the right to enter into a specified futures contract. As the purchaser of an index option, the Portfolio has the right to receive a cash payment equal to any depreciation in the value of the index below the exercise price of the option (in the case of a put) or equal to any appreciation in the value of the index over the exercise price of the option (in the case of a call) as of the valuation date of the option. The risk associated with purchasing options is limited to the premium originally paid. Purchased options traded over-the-counter involve risk that the issuer or counterparty will fail to perform its contractual obligations.

L Written Options—Upon the writing of a call or a put option, the premium received by the Portfolio is included in the Consolidated Statement of Assets and Liabilities as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option written, in accordance with the Portfolio's policies on investment valuations discussed above. Premiums received from writing options that expire are treated as realized gains. When an index option is exercised, the Portfolio is required to deliver an amount of cash determined by the excess of the exercise price of the option over the value of the index (in the case of a put) or the excess of the value of the index over the exercise price of the option (in the case of a call) at contract termination. Premiums received from writing options that are exercised or are closed are added to or offset against the proceeds or amount paid on the transaction to determine the realized gain or loss. The Portfolio, as a writer of an option, may have no control over whether the underlying

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instrument may be sold (call) or purchased (put) and, as a result, bears the market risk of an unfavorable change in the price of the instrument underlying the written option. The Portfolio may also bear the risk of not being able to enter into a closing transaction if a liquid secondary market does not exist.

M Interest Rate Swaps—Swap contracts are privately negotiated agreements between the Portfolio and a counterparty. Certain swap contracts may be centrally cleared. Pursuant to interest rate swap agreements, the Portfolio either makes floating-rate payments to the counterparty (or CCP in the case of centrally cleared swaps) based on a benchmark interest rate in exchange for fixed-rate payments or the Portfolio makes fixed-rate payments to the counterparty (or CCP in the case of a centrally cleared swap) in exchange for payments on a floating benchmark interest rate. Payments received or made, including amortization of upfront payments/receipts, if any (which are amortized over the life of the swap contract), are recorded as realized gains or losses. During the term of the outstanding swap agreement, changes in the underlying value of the swap are recorded as unrealized gains or losses. For centrally cleared swaps, the daily change in valuation is recorded as a receivable or payable for variation margin and settled in cash with the CCP daily. The value of the swap is determined by changes in the relationship between two rates of interest. The Portfolio is exposed to credit loss in the event of non-performance by the swap counterparty. In the case of centrally cleared swaps, counterparty risk is minimal due to protections provided by the CCP. Risk may also arise from movements in interest rates.

N Inflation Swaps—Pursuant to inflation swap agreements, the Portfolio either makes floating-rate payments to the counterparty (or CCP in the case of centrally cleared swaps) based on a benchmark index in exchange for fixed-rate payments or the Portfolio makes fixed-rate payments to the counterparty (or CCP in the case of centrally cleared swaps) in exchange for floating-rate payments based on the return of a benchmark index. By design, the benchmark index is an inflation index, such as the Consumer Price Index. The accounting policy for payments received or made and changes in the underlying value of the inflation swap are the same as for interest rate swaps as described above. The value of the swap is determined by changes in the relationship between the rate of interest and the benchmark index. The Portfolio is exposed to credit loss in the event of nonperformance by the swap counterparty. In the case of centrally cleared swaps, counterparty risk is minimal due to protections provided by the CCP. Risk may also arise from the unanticipated movements in value of interest rates or the index.

O Cross-Currency Swaps—Cross-currency swaps are interest rate swaps in which interest cash flows are exchanged between two parties based on the notional amounts of two different currencies. The notional amounts are typically determined based on the spot exchange rates at the inception of the trade. Cross-currency swaps also involve the exchange of the notional amounts at the start of the contract at the current spot rate with an agreement to re-exchange such amounts at a later date at either the same exchange rate, a specified rate or the then current spot rate. The entire principal value of a cross-currency swap is subject to the risk that the counterparty to the swap will default on its contractual delivery obligations.

P Credit Default Swaps—When the Portfolio is the buyer of a credit default swap contract, the Portfolio is entitled to receive the par (or other agreed-upon) value of a referenced debt obligation (or basket of debt obligations) from the counterparty (or CCP in the case of a centrally cleared swap) to the contract if a credit event by a third party, such as a U.S. or foreign corporate issuer or sovereign issuer, on the debt obligation occurs. In return, the Portfolio pays the counterparty a periodic stream of payments over the term of the contract provided that no credit event has occurred. If no credit event occurs, the Portfolio would have spent the stream of payments and received no proceeds from the contract. When the Portfolio is the seller of a credit default swap contract, it receives the stream of payments, but is obligated to pay to the buyer of the protection an amount up to the notional amount of the swap and in certain instances take delivery of securities of the reference entity upon the occurrence of a credit event, as defined under the terms of that particular swap agreement. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring, obligation acceleration and repudiation/moratorium. If the Portfolio is a seller of protection and a credit event occurs, the maximum potential amount of future payments that the Portfolio could be required to make would be an amount equal to the notional amount of the agreement. This potential amount would be partially offset by any recovery value of the respective referenced obligation, or net amount received from the settlement of a buy protection credit default swap agreement entered into by the Portfolio for the same referenced obligation. As the seller, the Portfolio may create economic leverage to its portfolio because, in addition to its total net assets, the Portfolio is subject to investment exposure on the notional amount of the swap. The interest fee paid or received on the swap contract, which is based on a specified interest rate on a fixed notional amount, is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as realized gain upon receipt or realized loss upon payment. The Portfolio also records an increase or decrease to unrealized appreciation (depreciation) in an amount equal to the daily valuation. For centrally cleared swaps, the daily change in valuation is recorded as a receivable or payable for variation margin and settled in cash with the CCP daily. All upfront payments and receipts, if any, are amortized over the life of the swap contract as realized gains or losses. Those upfront payments or receipts for non-centrally cleared swaps are recorded as other assets or other liabilities, respectively, net of amortization. For financial reporting purposes, unamortized upfront payments or receipts, if any, are netted with unrealized appreciation or depreciation on swap contracts to determine the market value of swaps as presented in Notes 6 and 10. These transactions involve certain risks, including the risk that the seller may be unable to fulfill the transaction. In the case of centrally cleared swaps, counterparty risk is minimal due to protections provided by the CCP.

Q Total Return Swaps—In a total return swap, the buyer receives a periodic return equal to the total return of a specified security, securities or index for a specified period of time. In return, the buyer pays the counterparty a fixed or variable stream of payments, typically based upon short-term interest rates, possibly plus or minus an agreed upon spread. During the term of the outstanding swap agreement, changes in the underlying value of the swap are recorded as unrealized gains and losses. Periodic payments received or made are recorded as realized gains or losses. The Portfolio is exposed to credit loss in the event of nonperformance by the swap counterparty. Risk may also arise from the unanticipated movements in value of exchange rates, interest rates, securities, or the index.

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R Swaptions—A purchased swaption contract grants the Portfolio, in return for payment of the purchase price, the right, but not the obligation, to enter into a new swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, at some designated future time on specified terms. When the Portfolio purchases a swaption, the premium paid to the writer is recorded as an investment and subsequently marked-to-market to reflect the current value of the swaption. A written swaption gives the Portfolio the obligation, if exercised by the purchaser, to enter into a swap contract according to the terms of the underlying agreement. When the Portfolio writes a swaption, the premium received by the Portfolio is recorded as a liability and subsequently marked-to-market to reflect the current value of the swaption. When a swaption is exercised, the cost of the swap is adjusted by the amount of the premium paid or received. When a swaption expires or an unexercised swaption is closed, a gain or loss is recognized in the amount of the premium paid or received, plus the cost to close. The Portfolio's risk for purchased swaptions is limited to the premium paid. The writer of a swaption bears the risk of unfavorable changes in the preset terms of the underlying swap contract. Purchased swaptions traded over-the-counter involve risk that the issuer or counterparty will fail to perform its contractual obligations.

S Forward Volatility Agreements—Forward volatility agreements are transactions in which two parties agree to the purchase or sale of an option straddle on an underlying exchange rate at the expiration of the agreement. The strike volatility rate is determined at the trade date. At expiration, the amount settled is determined based on the Black Scholes formula, the then current spot exchange rate, interest rates, and the agreed upon implied volatility, and is recorded as a realized gain or loss. Changes in the value of the forward volatility agreement prior to the expiration date are recorded as unrealized gains or losses. The primary risk associated with forward volatility agreements is the change in the volatility of the underlying exchange rate.

T When-Issued Securities and Delayed Delivery Transactions—The Portfolio may purchase securities on a delayed delivery, when-issued or forward commitment basis, including TBA (To Be Announced) securities. Payment and delivery may take place after the customary settlement period for that security. At the time the transaction is negotiated, the price of the security that will be delivered is fixed. Securities purchased on a delayed delivery, when-issued or forward commitment basis are marked-to-market daily and begin earning interest on settlement date. Such security purchases are subject to the risk that when delivered they will be worth less than the agreed upon payment price. Losses may also arise if the counterparty does not perform under the contract. A forward purchase commitment may also be closed by entering into an offsetting commitment. If an offsetting commitment is entered into, the Portfolio will realize a gain or loss on investments based on the price established when the Portfolio entered into the commitment.

U Repurchase Agreements—A repurchase agreement is the purchase by the Portfolio of securities from a counterparty in exchange for cash that is coupled with an agreement to resell those securities to the counterparty at a specified date and price. When a repurchase agreement is entered, the Portfolio typically receives securities with a value that equals or exceeds the repurchase price, including any accrued interest earned on the agreement. The value of such securities will be marked-to-market daily, and cash or additional securities will be exchanged between the parties as needed. Except in the case of a repurchase agreement entered to settle a short sale, the value of the securities delivered to the Portfolio will be at least equal to 90% of the repurchase price during the term of the repurchase agreement. The terms of a repurchase agreement entered to settle a short sale may provide that the cash purchase price paid by the Portfolio is more than the value of purchased securities that effectively collateralize the repurchase price payable by the counterparty. In the event of insolvency of the counterparty to a repurchase agreement, recovery of the repurchase price owed to the Portfolio may be delayed. Such an insolvency also may result in a loss to the extent that the value of the purchased securities decreases during the delay or that value has otherwise not been maintained at an amount at least equal to the repurchase price.

V Reverse Repurchase Agreements—Under a reverse repurchase agreement, the Portfolio temporarily transfers possession of a portfolio security to another party, such as a bank or broker/dealer, in return for cash. At the same time, the Portfolio agrees to repurchase the security at an agreed upon time and price, which reflects an interest payment. In periods of increased demand for a security, the Portfolio may receive a payment from the counterparty for the use of the security, which is recorded as interest income. Because the Portfolio retains effective control over the transferred security, the transaction is accounted for as a secured borrowing. The Portfolio may enter into such agreements when it believes it is able to invest the cash acquired at a rate higher than the cost of the agreement, which would increase earned income. When the Portfolio enters into a reverse repurchase agreement, any fluctuations in the market value of either the securities transferred to another party or the securities in which the proceeds may be invested would affect the market value of the Portfolio's assets. Because reverse repurchase agreements may be considered to be the practical equivalent of borrowing funds (and the counterparty making a loan), they constitute a form of leverage. The Portfolio segregates cash or liquid assets equal to its obligation to repurchase the security. During the term of the agreement, the Portfolio may also be obligated to pledge additional cash and/or securities in the event of a decline in the fair value of the transferred security. In the event the counterparty to a reverse repurchase agreement becomes insolvent, recovery of the security transferred by the Portfolio may be delayed or the Portfolio may incur a loss equal to the amount by which the value of the security transferred by the Portfolio exceeds the repurchase price payable by the Portfolio.

W Securities Sold Short—A short sale is a transaction in which the Portfolio sells a security it does not own in anticipation of a decline in the market value of that security. To complete such a transaction, the Portfolio must borrow the security to make delivery to the buyer with an obligation to replace such borrowed security at a later date. Until the security is replaced, the Portfolio is required to repay the lender any dividends or interest, which accrue during the period of the loan. The proceeds received from a short sale are recorded as a liability and the Portfolio records an unrealized gain or loss to the extent of the difference between the proceeds received and the value of the open short position on the day of determination. A gain, limited to the price at which the Portfolio sold the security short, or a loss, potentially unlimited as there is no upward limit on the price of a security, is recorded when the short position is terminated. Interest and dividends payable on securities sold short are recorded as an expense.

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X Stripped Mortgage-Backed Securities—The Portfolio may invest in Interest Only (IO) and Principal Only (PO) securities, forms of stripped mortgage-

backed securities, whereby the IO security receives all the interest and the PO security receives all the principal on a pool of mortgage assets. The yield to maturity on an IO security is extremely sensitive to the rate of principal payments (including prepayments) on the related underlying mortgage assets, and a rapid rate of principal payments may have a material adverse effect on the yield to maturity from these securities. If the underlying mortgages experience greater than anticipated prepayments of principal, the Portfolio may fail to recoup its initial investment in an IO security. The market value of IO and PO securities can be unusually volatile due to changes in interest rates.

Y Segment Reporting—During this reporting period, the Portfolio adopted FASB Accounting Standards Update No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures* (ASU 2023-07), which requires incremental disclosures related to a public entity's reportable segments. The Portfolio operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. In connection with the adoption of ASU 2023-07, the Portfolio's President acts as the Portfolio's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Portfolio's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Portfolio's financial statements.

2 Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory services rendered to the Portfolio and the Subsidiary. The Portfolio and Subsidiary each pay BMR a fee computed at an annual rate as a percentage of its respective average daily net assets as follows and is payable monthly:

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| | |
|:---|:---|
| **Average Daily Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Annual Fee Rate** |
| Up to $500 million | &nbsp;&nbsp;&nbsp;&nbsp;1.000% |
| $500 million but less than $1 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.950% |
| $1 billion but less than $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.925% |
| $2.5 billion but less than $5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.900% |
| $5 billion and over | &nbsp;&nbsp;&nbsp;&nbsp;0.880% |

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In determining the investment adviser fee for the Portfolio and Subsidiary, the applicable advisory fee rate is based on the average daily net assets of the Portfolio (inclusive of its interest in the Subsidiary). Such fee rate is then assessed separately on the Portfolio's average daily net assets (exclusive of its interest in the Subsidiary) and the Subsidiary's average daily net assets to determine the amount of the investment adviser fee. For the year ended October 31, 2025, the Portfolio's investment adviser fee amounted to $38,479,458 or 0.92% of the Portfolio's consolidated average daily net assets.

The Portfolio may invest in a money market fund, the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio (the "Liquidity Fund"), an open-end management investment company managed by Morgan Stanley Investment Management Inc., a wholly-owned subsidiary of Morgan Stanley. The investment adviser fee paid by the Portfolio is reduced by an amount equal to its pro rata share of the advisory and administration fees paid by the Portfolio due to its investment in the Liquidity Fund. For the year ended October 31, 2025, the investment adviser fee paid was reduced by $229,685 relating to the Portfolio's investment in the Liquidity Fund.

Pursuant to an investment sub-advisory agreement, BMR has delegated a portion of the investment management of the Portfolio to Morgan Stanley Investment Management Limited (MSIM Ltd.), an affiliate of BMR and an indirect, wholly-owned subsidiary of Morgan Stanley. BMR pays MSIM Ltd. a portion of its investment adviser fee for sub-advisory services provided to the Portfolio.

Trustees and officers of the Portfolio who are members of BMR's organization receive remuneration for their services to the Portfolio out of the investment adviser fee. Trustees of the Portfolio who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. Certain officers and Trustees of the Portfolio are officers of the above organization.

------

[**Table of Contents**](#JOB_EV_AR_231c4145-125b-48d0-80d1-bb6e9d068795_TOC)

Global Macro Absolute Return Advantage Portfolio

October 31, 2025

Notes to Consolidated Financial Statements — continued

------

3 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations and including maturities, paydowns and securities sold short, for the year ended October 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;&nbsp;&nbsp;**Sales** |
| Investments (non-U.S. Government) | &nbsp;&nbsp;&nbsp;&nbsp;$6767037244 | &nbsp;&nbsp;&nbsp;&nbsp;$4108860969 |
| U.S. Government and Agency Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27744903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 123574309 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**$6794782147** | &nbsp;&nbsp;&nbsp;&nbsp;**$4232435278** |

---

4 Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments of the Portfolio, including open derivative contracts, securities sold short, reverse repurchase agreements and the Portfolio's investment in the Subsidiary at October 31, 2025, as determined on a federal income tax basis, were as follows:

---

| | |
|:---|:---|
| **Aggregate cost** | &nbsp;&nbsp;**$6403722007** |
| Gross unrealized appreciation | &nbsp;&nbsp;$378436987 |
| Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(280634935) |
| **Net unrealized appreciation** | &nbsp;&nbsp;**$97802052** |

---

5 Restricted Securities

At October 31, 2025, the Portfolio owned the following securities (representing 0.5% 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' valuation designee.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | &nbsp;&nbsp;&nbsp;&nbsp;**Date(s) of<br> Acquisition** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Cost** | &nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| **Insurance Linked Securities** |  |  |  |  |
| Mt. Logan Re Ltd., Series A-1 | &nbsp;&nbsp;&nbsp;&nbsp;12/30/20 | &nbsp;&nbsp;&nbsp;&nbsp;8600 | &nbsp;&nbsp;&nbsp;&nbsp;$8600000 | &nbsp;&nbsp;&nbsp;&nbsp;$10966293 |
| PartnerRe ILS Fund SAC Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1/2/24 | &nbsp;&nbsp;&nbsp;&nbsp;13000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13000000 | &nbsp;&nbsp;&nbsp;&nbsp;17000100 |
| **Total Restricted Securities** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**$21600000** | &nbsp;&nbsp;&nbsp;&nbsp;**$27966393** |

---

6 Financial Instruments

The Portfolio may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include written options, swaptions, forward foreign currency exchange contracts, non-deliverable bond forward contracts, futures contracts, forward volatility agreements and swap contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Portfolio has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at October 31, 2025 is included in the Consolidated Portfolio of Investments. At October 31, 2025, 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:

------

[**Table of Contents**](#JOB_EV_AR_231c4145-125b-48d0-80d1-bb6e9d068795_TOC)

Global Macro Absolute Return Advantage Portfolio

October 31, 2025

Notes to Consolidated Financial Statements — continued

------

Commodity Risk: The Portfolio invested in commodities-linked derivative instruments, including commodity futures contracts and options thereon and total return swap contracts based on commodity indices, that provide exposure to the investment returns of certain commodities. Commodities-linked derivative instruments are used to enhance total return and/or as a substitute for the purchase or sale of commodities and to manage certain investment risks.

Credit Risk: The Portfolio entered into credit default swap contracts to manage certain investment risks and/or to enhance total return or as a substitute for the purchase or sale of securities.

Equity Price Risk: The Portfolio entered 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 engaged in forward foreign currency exchange contracts, currency options and forward volatility agreements 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 utilized various interest rate derivatives including non-deliverable bond forward contracts, interest rate futures contracts and options thereon, interest rate swaps and swaptions, inflation swaps and total return 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 Portfolio enters into over-the-counter (OTC) derivatives that may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in the Portfolio's net assets below a certain level over a certain period of time, which would trigger a payment by the Portfolio for those derivatives in a liability position. At October 31, 2025, the fair value of derivatives with credit-related contingent features in a net liability position was $32,815,343. The aggregate fair value of assets pledged as collateral by the Portfolio for such liability was $19,374,627 at October 31, 2025.

The OTC derivatives in which the Portfolio invests (except for written options as the Portfolio, not the counterparty, is obligated to perform) are subject to the risk that the counterparty to the contract fails to perform its obligations under the contract. To mitigate this risk, the Portfolio (and Subsidiary) has entered into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with substantially all its derivative counterparties. An ISDA Master Agreement is a bilateral agreement between the Portfolio and a counterparty that governs certain OTC derivatives and typically contains, among other things, set-off provisions in the event of a default and/or termination event as defined under the relevant ISDA Master Agreement. Under an ISDA Master Agreement, the Portfolio (and Subsidiary) may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy or insolvency. Certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event the Portfolio's net assets decline by a stated percentage or the Portfolio fails to meet the terms of its ISDA Master Agreements, which would cause the counterparty to accelerate payment by the Portfolio of any net liability owed to it.

The collateral requirements for derivatives traded under an ISDA Master Agreement are governed by a Credit Support Annex to the ISDA Master Agreement. Collateral requirements are determined at the close of business each day and are typically based on changes in market values for each transaction under an ISDA Master Agreement and netted into one amount for such agreement. Generally, the amount of collateral due from or to a counterparty is subject to a minimum transfer threshold amount before a transfer is required, which may vary by counterparty. Collateral pledged for the benefit of the Portfolio (and Subsidiary) and/or counterparty is held in segregated accounts by the Portfolio's custodian and cannot be sold, re-pledged, assigned or otherwise used while pledged. The portion of such collateral representing cash, if any, is reflected as deposits for derivatives collateral and, in the case of cash pledged by a counterparty for the benefit of the Portfolio, a corresponding liability on the Consolidated Statement of Assets and Liabilities. Securities pledged by the Portfolio as collateral, if any, are identified as such in the Consolidated Portfolio of Investments. The carrying amount of the liability for cash collateral due to brokers at October 31, 2025 approximated its fair value. If measured at fair value, such liability would have been considered as Level 2 in the fair value hierarchy (see Note 10) at October 31, 2025. Because the Subsidiary is not registered under the 1940 Act, it may not be able to negotiate terms with its counterparties that are equivalent to those a registered portfolio may negotiate. As a result, the Subsidiary may have greater exposure to those counterparties than a registered portfolio.

------

[**Table of Contents**](#JOB_EV_AR_231c4145-125b-48d0-80d1-bb6e9d068795_TOC)

Global Macro Absolute Return Advantage Portfolio

October 31, 2025

Notes to Consolidated Financial Statements — continued

------

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at October 31, 2025 was as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;**Fair Value** |
| **Consolidated Statement of Assets and Liabilities Caption** | &nbsp;&nbsp;**Commodity** | &nbsp;&nbsp;**Credit** | &nbsp;&nbsp;**Equity<br> Price** | &nbsp;&nbsp;**Foreign<br> Exchange** | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Total** |
| Unaffiliated investments, at value | &nbsp;&nbsp;$16023240 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$475837 | &nbsp;&nbsp;$2579493 | &nbsp;&nbsp;$96309 | &nbsp;&nbsp;$19174879 |
| Not applicable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33088811<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34140681<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29925676<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97155168 |
| Receivable for open forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40687518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40687518 |
| Receivable/Payable for open swap contracts; Upfront payments/receipts on open OTC swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1568017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1568017 |
| Receivable for open non-deliverable bond forward contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301654 |
| **Total Asset Derivatives** | &nbsp;&nbsp;**$16023240** | &nbsp;&nbsp;**$34656828** | &nbsp;&nbsp;**$475837** | &nbsp;&nbsp;**$77407692** | &nbsp;&nbsp;**$30323639** | &nbsp;&nbsp;**$158887236** |
| **Derivatives not subject to master netting or similar agreements** | &nbsp;&nbsp;**$16023240** | &nbsp;&nbsp;**$33088811** | &nbsp;&nbsp;**$475837** | &nbsp;&nbsp;**$34140681** | &nbsp;&nbsp;**$29925676** | &nbsp;&nbsp;**$113654245** |
| **Total Asset Derivatives subject to master netting or similar agreements** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$1568017** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$43267011** | &nbsp;&nbsp;**$397963** | &nbsp;&nbsp;**$45232991** |
| Written options outstanding, at value | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(4041228) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(4041228) |
| Not applicable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5235802)<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(41850839)<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(1836387)<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(20979844)<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(16756465)<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(86659337) |
| Payable for open forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(24340752) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24340752) |
| Payable/Receivable for open swap contracts; Upfront payments/receipts on open OTC swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2563323) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(635983) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3199306) |
| Payable for open non-deliverable bond forward contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1234057) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1234057) |
| **Total Liability Derivatives** | &nbsp;&nbsp;**$(5235802)** | &nbsp;&nbsp;**$(44414162)** | &nbsp;&nbsp;**$(1836387)** | &nbsp;&nbsp;**$(49361824)** | &nbsp;&nbsp;**$(18626505)** | &nbsp;&nbsp;**$(119474680)** |
| **Derivatives not subject to master netting or similar agreements** | &nbsp;&nbsp;**$(5235802)** | &nbsp;&nbsp;**$(41850839)** | &nbsp;&nbsp;**$(1836387)** | &nbsp;&nbsp;**$(20979844)** | &nbsp;&nbsp;**$(16756465)** | &nbsp;&nbsp;**$(86659337)** |
| **Total Liability Derivatives subject to master netting or similar agreements** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$(2563323)** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$(28381980)** | &nbsp;&nbsp;**$(1870040)** | &nbsp;&nbsp;**$(32815343)** |

---

<sup>(1)</sup> Only the current day's variation margin on open futures contracts and centrally cleared derivatives is reported within the Consolidated Statement of Assets and Liabilities as Receivable or Payable for variation margin on open futures contracts and centrally cleared derivatives, as applicable.

------

[**Table of Contents**](#JOB_EV_AR_231c4145-125b-48d0-80d1-bb6e9d068795_TOC)

Global Macro Absolute Return Advantage Portfolio

October 31, 2025

Notes to Consolidated Financial Statements — continued

------

The Portfolio's derivative assets and liabilities at fair value by risk, which are reported gross in the Consolidated Statement of Assets and Liabilities, are presented in the table above. The following tables present the Portfolio's derivative assets and liabilities by counterparty, net of amounts available for offset under a master netting agreement and net of the related collateral received by the Portfolio (and Subsidiary) for such assets and pledged by the Portfolio (and Subsidiary) for such liabilities as of October 31, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | &nbsp;&nbsp;&nbsp;**Derivative<br> Assets Subject to<br> Master Netting<br> Agreement** | &nbsp;&nbsp;&nbsp;**Derivatives<br> Available<br> for Offset** | &nbsp;&nbsp;&nbsp;**Non-cash<br> Collateral<br> Received<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;**Cash<br> Collateral<br> Received<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;**Net Amount<br> of Derivative<br> Assets<sup>(b)</sup>** | &nbsp;&nbsp;&nbsp;**Total Cash<br> Collateral<br> Received** |
| Bank of America, N.A. | &nbsp;&nbsp;&nbsp;$876332 | &nbsp;&nbsp;&nbsp;$(876332) | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1184139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1184139) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28577) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Citibank, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4959985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1810099) | &nbsp;&nbsp;&nbsp;&nbsp;(1567393) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1582493) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1950000 |
| Credit Agricole Corporate and Investment Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8681) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Deutsche Bank AG | &nbsp;&nbsp;&nbsp;&nbsp;16579792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1671491) | &nbsp;&nbsp;&nbsp;&nbsp;(1515262) | &nbsp;&nbsp;&nbsp;&nbsp;(11798000) | &nbsp;&nbsp;&nbsp;&nbsp;1595039 | &nbsp;&nbsp;&nbsp;&nbsp;11798000 |
| Goldman Sachs International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2319282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2319282) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| HSBC Bank USA, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1715530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1715530) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| ICBC Standard Bank plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(915634) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2090691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1596856) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(493835) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Nomura International PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(92071) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Societe Generale | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(220000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220000 |
| Standard Chartered Bank | &nbsp;&nbsp;&nbsp;&nbsp;11653532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5762925) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;5890607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| State Street Bank and Trust Company | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29638) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2390239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2390239) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp;**$45232991** | &nbsp;&nbsp;&nbsp;**$(20401494)** | &nbsp;&nbsp;&nbsp;**$(3576490)** | &nbsp;&nbsp;&nbsp;**$(13600493)** | &nbsp;&nbsp;&nbsp;**$7654514** | &nbsp;&nbsp;&nbsp;**$13968000** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | &nbsp;&nbsp;&nbsp;**Derivative<br> Liabilities Subject to<br> Master Netting<br> Agreement** | &nbsp;&nbsp;&nbsp;**Derivatives<br> Available<br> for Offset** | &nbsp;&nbsp;&nbsp;**Non-cash<br> Collateral<br> Pledged<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;**Cash<br> Collateral<br> Pledged<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;**Net Amount<br> of Derivative<br> Liabilities<sup>(c)</sup>** | &nbsp;&nbsp;&nbsp;**Total Cash<br> Collateral<br> Pledged** |
| Bank of America, N.A. | &nbsp;&nbsp;&nbsp;$(1566452) | &nbsp;&nbsp;&nbsp;$876332 | &nbsp;&nbsp;&nbsp;$682687 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$(7433) | &nbsp;&nbsp;&nbsp;$— |
| Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7125828) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1184139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5493669 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(448020) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(932599) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;904022 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Citibank, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1810099) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1810099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Credit Agricole Corporate and Investment Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8681) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Deutsche Bank AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1671491) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1671491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Goldman Sachs International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5171676) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2319282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2852394 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| HSBC Bank USA, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2710468) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1715530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120416 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(874522) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| ICBC Standard Bank plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1423837) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508203 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1596856) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1596856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Nomura International PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(154331) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62260) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Standard Chartered Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5762925) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5762925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| State Street Bank and Trust Company | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(252549) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(222911) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

---

------

[**Table of Contents**](#JOB_EV_AR_231c4145-125b-48d0-80d1-bb6e9d068795_TOC)

Global Macro Absolute Return Advantage Portfolio

October 31, 2025

Notes to Consolidated Financial Statements — continued

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | &nbsp;&nbsp;&nbsp;**Derivative<br> Liabilities Subject to<br> Master Netting<br> Agreement** | &nbsp;&nbsp;&nbsp;**Derivatives<br> Available<br> for Offset** | &nbsp;&nbsp;&nbsp;**Non-cash<br> Collateral<br> Pledged<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;**Cash<br> Collateral<br> Pledged<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;**Net Amount<br> of Derivative<br> Liabilities<sup>(c)</sup>** | &nbsp;&nbsp;&nbsp;**Total Cash<br> Collateral<br> Pledged** |
| UBS AG | &nbsp;&nbsp;&nbsp;$(2627551) | &nbsp;&nbsp;&nbsp;$2390239 | &nbsp;&nbsp;&nbsp;$237312 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
|  | &nbsp;&nbsp;&nbsp;**$(32815343)** | &nbsp;&nbsp;&nbsp;**$20401494** | &nbsp;&nbsp;&nbsp;**$10798703** | &nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;**$(1615146)** | &nbsp;&nbsp;&nbsp;**$—** |
| **Total — Deposits for derivatives collateral — OTC derivatives** | **Total — Deposits for derivatives collateral — OTC derivatives** | **Total — Deposits for derivatives collateral — OTC derivatives** |  |  |  | &nbsp;&nbsp;&nbsp;**$13968000** |

---

<sup>(a)</sup> In some instances, the total collateral received and/or pledged may be more than the amount shown due to overcollateralization.

<sup>(b)</sup> Net amount represents the net amount due from the counterparty in the event of default.

<sup>(c)</sup> Net amount represents the net amount payable to the counterparty in the event of default.

Information with respect to reverse repurchase agreements at October 31, 2025 is included at Note 8.

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Consolidated Statement of Operations by risk exposure for the year ended October 31, 2025 was as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Consolidated Statement of Operations Caption** | &nbsp;&nbsp;**Commodity** | &nbsp;&nbsp;**Credit** | &nbsp;&nbsp;**Equity<br> Price** | &nbsp;&nbsp;**Foreign<br> Exchange** | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Total** |
| Net realized gain (loss): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment transactions<sup>(1)</sup> | &nbsp;&nbsp;$6324710 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(2767694) | &nbsp;&nbsp;$(517572) | &nbsp;&nbsp;$3039444 |
| &nbsp;&nbsp;&nbsp;Written options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1813169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1813169 |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1377690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(32481092) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9543891 | &nbsp;&nbsp;&nbsp;&nbsp;(21559511) |
| &nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(863889) | &nbsp;&nbsp;&nbsp;&nbsp;(16717127) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;874588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;26980677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10274249 |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(42167264) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(42167264) |
| &nbsp;&nbsp;&nbsp;Non-deliverable bond forward contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(345867) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(345867) |
| **Total** | &nbsp;&nbsp;**$6838511** | &nbsp;&nbsp;**$(16717127)** | &nbsp;&nbsp;**$(31606504)** | &nbsp;&nbsp;**$(43121789)** | &nbsp;&nbsp;**$35661129** | &nbsp;&nbsp;**$(48945780)** |
| Change in unrealized appreciation (depreciation): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments<sup>(1)</sup> | &nbsp;&nbsp;$691300 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(7963582) | &nbsp;&nbsp;$(3086498) | &nbsp;&nbsp;$(297198) | &nbsp;&nbsp;$(10655978) |
| &nbsp;&nbsp;&nbsp;Written options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3298802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3298802 |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;(4724063) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3780105) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9563000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1058832 |
| &nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(222749) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8783437) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6074279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2931907) |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9190322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9190322 |
| &nbsp;&nbsp;&nbsp;Non-deliverable bond forward contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(932403) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(932403) |
| **Total** | &nbsp;&nbsp;**$(4255512)** | &nbsp;&nbsp;**$(8783437)** | &nbsp;&nbsp;**$(11743687)** | &nbsp;&nbsp;**$9402626** | &nbsp;&nbsp;**$14407678** | &nbsp;&nbsp;**$(972332)** |

---

<sup>(1)</sup> Relates to purchased options and swaptions.

------

[**Table of Contents**](#JOB_EV_AR_231c4145-125b-48d0-80d1-bb6e9d068795_TOC)

Global Macro Absolute Return Advantage Portfolio

October 31, 2025

Notes to Consolidated Financial Statements — continued

------

The average notional cost of futures contracts and average notional amounts of other derivative contracts outstanding during the year ended October 31, 2025, which are indicative of the volume of these derivative types, were approximately as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures<br> Contracts — Long** | &nbsp;&nbsp;&nbsp;&nbsp;**Futures<br> Contracts — Short** | &nbsp;&nbsp;&nbsp;&nbsp;**Forward<br> Foreign Currency<br> Exchange Contracts<sup>1</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Forward<br> Volatility Agreements** | &nbsp;&nbsp;&nbsp;&nbsp;**Non-Deliverable<br> Bond Forward<br> Contracts** |
| $630359000 | &nbsp;&nbsp;&nbsp;&nbsp;$949897000 | &nbsp;&nbsp;&nbsp;&nbsp;$6730478000 | &nbsp;&nbsp;&nbsp;&nbsp;$70489000 | &nbsp;&nbsp;&nbsp;&nbsp;$122124000 |

---

---

| | |
|:---|:---|
| **Purchased<br> Swaptions** | &nbsp;&nbsp;&nbsp;&nbsp;**Swap<br> Contracts** |
| $20438000 | &nbsp;&nbsp;&nbsp;&nbsp;$6034943000 |

---

<sup>1</sup> The average notional amount for forward foreign currency exchange contracts is based on the absolute value of notional amounts of currency purchased and currency sold.

The average principal amount of purchased and written currency options contracts outstanding during the year ended October 31, 2025, which are indicative of the volume of these derivative types, were approximately $330,489,000 and $355,149,000, respectively.

The average number of purchased options contracts outstanding during the year ended October 31, 2025, which is indicative of the volume of this derivative type, was 5,642.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

7 Line of Credit

The Portfolio participates with other portfolios and funds managed by BMR and its affiliates in a $650 million unsecured revolving line of credit agreement with a group of banks, which is in effect through October 20, 2026. Borrowings are made by the Portfolio solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Portfolio based on its borrowings generally at an amount above either the Secured Overnight Financing Rate (SOFR) or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. In connection with the renewal of the agreement in October 2025, an arrangement fee of $150,000 was incurred that was allocated to the participating portfolios and funds. Because the line of credit is not available exclusively to the Portfolio, it may be unable to borrow some or all of its requested amounts at any particular time. The Portfolio did not have any significant borrowings or allocated fees during the year ended October 31, 2025.

------

[**Table of Contents**](#JOB_EV_AR_231c4145-125b-48d0-80d1-bb6e9d068795_TOC)

Global Macro Absolute Return Advantage Portfolio

October 31, 2025

Notes to Consolidated Financial Statements — continued

------

8 Reverse Repurchase Agreements

Reverse repurchase agreements outstanding as of October 31, 2025 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | &nbsp;&nbsp;&nbsp;&nbsp;**Trade<br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Interest<br> Rate Paid<br> (Received)** |  | **Principal<br> Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value<br> Including<br> Accrued<br> Interest** |
| Bank of America | &nbsp;&nbsp;&nbsp;&nbsp;10/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;11/6/25 | &nbsp;&nbsp;&nbsp;&nbsp;4.15% | &nbsp;&nbsp;&nbsp;&nbsp;USD | 33709260 | &nbsp;&nbsp;&nbsp;&nbsp;$33713146 |
| Bank of America | &nbsp;&nbsp;&nbsp;&nbsp;10/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;11/6/25 | &nbsp;&nbsp;&nbsp;&nbsp;4.25 | &nbsp;&nbsp;&nbsp;&nbsp;USD | 16300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16301924 |
| Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;10/29/25 | &nbsp;&nbsp;&nbsp;&nbsp;11/6/25 | &nbsp;&nbsp;&nbsp;&nbsp;4.25 | &nbsp;&nbsp;&nbsp;&nbsp;USD | 15427239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15429060 |
| Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;10/29/25 | &nbsp;&nbsp;&nbsp;&nbsp;11/6/25 | &nbsp;&nbsp;&nbsp;&nbsp;4.30 | &nbsp;&nbsp;&nbsp;&nbsp;USD | 19593750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19596090 |
| Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;10/29/25 | &nbsp;&nbsp;&nbsp;&nbsp;11/14/25 | &nbsp;&nbsp;&nbsp;&nbsp;4.25 | &nbsp;&nbsp;&nbsp;&nbsp;USD | 11050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11051305 |
| Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;10/29/25 | &nbsp;&nbsp;&nbsp;&nbsp;11/14/25 | &nbsp;&nbsp;&nbsp;&nbsp;4.30 | &nbsp;&nbsp;&nbsp;&nbsp;USD | 10561250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10562511 |
| Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;10/29/25 | &nbsp;&nbsp;&nbsp;&nbsp;11/14/25 | &nbsp;&nbsp;&nbsp;&nbsp;4.35 | &nbsp;&nbsp;&nbsp;&nbsp;USD | 23428562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23431394 |
| Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;10/29/25 | &nbsp;&nbsp;&nbsp;&nbsp;On Demand<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.25 | &nbsp;&nbsp;&nbsp;&nbsp;USD | 47301698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47307282 |
| Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;10/29/25 | &nbsp;&nbsp;&nbsp;&nbsp;On Demand<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.30 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;9219750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9220851 |
| JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;10/21/25 | &nbsp;&nbsp;&nbsp;&nbsp;11/5/25 | &nbsp;&nbsp;&nbsp;&nbsp;2.70 | &nbsp;&nbsp;&nbsp;&nbsp;NZD | 586146633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335645717 |
| JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;10/30/25 | &nbsp;&nbsp;&nbsp;&nbsp;On Demand<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.50 | &nbsp;&nbsp;&nbsp;&nbsp;USD | 12864673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12866281 |
| JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;10/30/25 | &nbsp;&nbsp;&nbsp;&nbsp;On Demand<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.60 | &nbsp;&nbsp;&nbsp;&nbsp;USD | 12027734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12029271 |
| JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;10/30/25 | &nbsp;&nbsp;&nbsp;&nbsp;On Demand<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.70 | &nbsp;&nbsp;&nbsp;&nbsp;USD | 23939910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23943035 |
| Nomura International PLC | &nbsp;&nbsp;&nbsp;&nbsp;10/30/25 | &nbsp;&nbsp;&nbsp;&nbsp;11/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;4.20 | &nbsp;&nbsp;&nbsp;&nbsp;USD | 29670300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29673762 |
| Nomura International PLC | &nbsp;&nbsp;&nbsp;&nbsp;10/30/25 | &nbsp;&nbsp;&nbsp;&nbsp;On Demand<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.10 | &nbsp;&nbsp;&nbsp;&nbsp;USD | 16835830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16837747 |
| Nomura International PLC | &nbsp;&nbsp;&nbsp;&nbsp;10/30/25 | &nbsp;&nbsp;&nbsp;&nbsp;On Demand<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.25 | &nbsp;&nbsp;&nbsp;&nbsp;USD | 65079467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65087150 |
| **Total** |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**$682696526** |

---

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

At October 31, 2025, the type of securities pledged as collateral for all open reverse repurchase agreements was Sovereign Government Bonds.

For the year ended October 31, 2025, the average borrowings under settled reverse repurchase agreements and the average annual interest rate paid were approximately $321,394,000 and 3.88%, respectively. 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 October 31, 2025. If measured at fair value, borrowings under the reverse repurchase agreements would have been considered as Level 2 in the fair value hierarchy (see Note 10) at October 31, 2025.

Reverse repurchase agreements entered into by the Portfolio are subject to Master Repurchase Agreements (MRA), which permit the Portfolio, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from the Portfolio.

The following tables present the Portfolio's repurchase and reverse repurchase agreements net of amounts available for offset under an MRA and net of the related collateral pledged by the Portfolio as of October 31, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | &nbsp;&nbsp;&nbsp;&nbsp;**Repurchase<br> Agreements** | &nbsp;&nbsp;&nbsp;&nbsp;**Liabilities<br> Available for<br> Offset** | &nbsp;&nbsp;&nbsp;&nbsp;**Securities<br> Collateral<br> Received<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Cash<br> Collateral<br> Received<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Net<br> Amount<sup>(b)</sup>** |
| Bank of America | &nbsp;&nbsp;&nbsp;&nbsp;$6840471 | &nbsp;&nbsp;&nbsp;&nbsp;$(6840471) | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— |
| Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69895367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(69895367) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Citibank, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7351523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7011367) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340156 |
| Nomura International PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287429825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(111598659) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(175831166) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**$371517186** | &nbsp;&nbsp;&nbsp;&nbsp;**$(188334497)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(182842533)** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$340156** |

---

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[**Table of Contents**](#JOB_EV_AR_231c4145-125b-48d0-80d1-bb6e9d068795_TOC)

Global Macro Absolute Return Advantage Portfolio

October 31, 2025

Notes to Consolidated Financial Statements — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | &nbsp;&nbsp;&nbsp;&nbsp;**Reverse<br> Repurchase<br> Agreements\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Assets<br> Available for<br> Offset** | &nbsp;&nbsp;&nbsp;&nbsp;**Securities<br> Collateral<br> Pledged<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Cash<br> Collateral<br> Pledged<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Net<br> Amount<sup>(c)</sup>** |
| Bank of America | &nbsp;&nbsp;&nbsp;&nbsp;$(50015070) | &nbsp;&nbsp;&nbsp;&nbsp;$6840471 | &nbsp;&nbsp;&nbsp;&nbsp;$43174599 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— |
| Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(136598493) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69895367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66703126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(384484304) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384484304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Nomura International PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(111598659) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111598659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**$(682696526)** | &nbsp;&nbsp;&nbsp;&nbsp;**$188334497** | &nbsp;&nbsp;&nbsp;&nbsp;**$494362029** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** |

---

\* Including accrued interest.

<sup>(a)</sup> In some instances, the total collateral received and/or pledged may be more than the amount shown due to overcollateralization.

<sup>(b)</sup> Net amount represents the net amount receivable from the counterparty in the event of default.

<sup>(c)</sup> Net amount represents the net amount payable to the counterparty in the event of default.

9 Affiliated Investments

At October 31, 2025, the value of the Portfolio's investment in funds that may be deemed to be affiliated was $50,811,646, which represents 0.9% of the Portfolio's net assets. Transactions in such investments by the Portfolio for the year ended October 31, 2025 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Value,<br> beginning<br> of period** | **Purchases** | **Sales<br> proceeds** | **Net realized<br> gain (loss)** | **Change in<br> unrealized<br> appreciation<br> (depreciation)** | **Value, end<br> of period** | **Dividend<br> income** | **Shares,<br> end of period** |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| Liquidity Fund | $67554521 | $3653478734 | $(3670221609) | $— | $— | $50811646 | $6819669 | 50811646 |

---

10 Fair Value Measurements

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 October 31, 2025, the hierarchy of inputs used in valuing the Portfolio's investments and open derivative instruments, which are carried at fair value, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$39514028 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$39514028 |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 67656974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500,221,812\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 567878786 |
| Convertible Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 157852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 157852 |
| Credit Linked Notes | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73582396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73582396 |
| Foreign Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 418339504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 418339504 |
| Insurance Linked Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81103012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81103012 |

---

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[**Table of Contents**](#JOB_EV_AR_231c4145-125b-48d0-80d1-bb6e9d068795_TOC)

Global Macro Absolute Return Advantage Portfolio

October 31, 2025

Notes to Consolidated Financial Statements — continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Description (continued)** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Loan Participation Notes | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$13836167 | &nbsp;&nbsp;&nbsp;&nbsp;$13836167 |
| Rights | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 528799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 528799 |
| Senior Floating-Rate Loans (Less Unfunded Loan Commitments) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21757633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21757633 |
| Sovereign Government Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4009260425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4009260425 |
| Sovereign Loans | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106867998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106867998 |
| U.S. Government Guaranteed Small Business Administration Loans | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3779978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3779978 |
| Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated Fund | &nbsp;&nbsp;&nbsp;&nbsp; 50811646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50811646 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 371517186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 371517186 |
| &nbsp;&nbsp;&nbsp;Sovereign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 676231898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 676231898 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63083253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63083253 |
| Purchased Currency Options | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2579493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2579493 |
| Purchased Put Options | &nbsp;&nbsp;&nbsp;&nbsp; 16499077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16595386 |
| **Total Investments** | &nbsp;&nbsp;**$134967697** | &nbsp;&nbsp;&nbsp;&nbsp;**$6287518564** | &nbsp;&nbsp;&nbsp;&nbsp;**$94939179** | &nbsp;&nbsp;&nbsp;&nbsp;**$6517425440** |
| Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$74828199 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$74828199 |
| Non-Deliverable Bond Forward Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 301654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 301654 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; 2725958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2725958 |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61856546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61856546 |
| **Total** | &nbsp;&nbsp;**$137693655** | &nbsp;&nbsp;&nbsp;&nbsp;**$6424504963** | &nbsp;&nbsp;&nbsp;&nbsp;**$94939179** | &nbsp;&nbsp;&nbsp;&nbsp;**$6657137797** |
| **Liability Description** |  |  |  |  |
| Securities Sold Short | &nbsp;&nbsp;$(160311582) | &nbsp;&nbsp;&nbsp;&nbsp;$(340013048) | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(500324630) |
| Written Currency Options | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4041228) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4041228) |
| Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (45320596) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (45320596) |
| Non-Deliverable Bond Forward Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1234057) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1234057) |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10417727) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10417727) |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (58461072) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (58461072) |
| **Total** | &nbsp;&nbsp;**$(170729309)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(449070001)** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$(619799310)** |

---

\* 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.

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[**Table of Contents**](#JOB_EV_AR_231c4145-125b-48d0-80d1-bb6e9d068795_TOC)

Global Macro Absolute Return Advantage Portfolio

October 31, 2025

Notes to Consolidated Financial Statements — continued

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Foreign<br> Corporate<br> Bonds** | &nbsp;&nbsp;**Insurance<br> Linked Securities\*** | &nbsp;&nbsp;**Loan<br> Participation<br> Notes** | &nbsp;&nbsp;**Total** |
| **Balance as of October 31, 2024** | &nbsp;&nbsp;**$0** | &nbsp;&nbsp;**$57010655** | &nbsp;&nbsp;**$38362690** | &nbsp;&nbsp;**$95373345** |
| Realized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (35332) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2524527) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2559859) |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3185702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2575454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5761156 |
| Cost of purchases | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34110000 |
| Proceeds from sales, including return of capital | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(13168012) | &nbsp;&nbsp;&nbsp;&nbsp;(25179866) | &nbsp;&nbsp;&nbsp;&nbsp;(38347878) |
| Accrued discount (premium) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 602416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 602416 |
| Transfers to Level 3 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Transfers from Level 3 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| **Balance as of October 31, 2025** | &nbsp;&nbsp;**$0** | &nbsp;&nbsp;**$81103013** | &nbsp;&nbsp;**$13836167** | &nbsp;&nbsp;**$94939180** |
| **Change in net unrealized appreciation (depreciation) on investments still held as of October 31, 2025** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$4831321** | &nbsp;&nbsp;**$619998** | &nbsp;&nbsp;**$5451319** |

---

\* The Portfolio's investments in Insurance Linked Securities were primarily valued on the basis of broker quotations.

The following is a summary of quantitative information about significant unobservable valuation inputs for Level 3 investments held as of October 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type of Investment** | &nbsp;&nbsp;**Fair Value as of<br> October 31, 2025** | &nbsp;&nbsp;**Valuation Technique** | &nbsp;&nbsp;**Unobservable Input** | &nbsp;&nbsp;**Input** | &nbsp;&nbsp;&nbsp;&nbsp;**Impact to<br> Valuation from an<br> Increase to Input\*** |
| Foreign Corporate Bonds | &nbsp;&nbsp;$0 | &nbsp;&nbsp;Estimated Recovery Value | &nbsp;&nbsp;Estimated Recovery Value Percentage | &nbsp;&nbsp; 0% | &nbsp;&nbsp;&nbsp;&nbsp;Increase |
| Loan Participation Notes | &nbsp;&nbsp;&nbsp;&nbsp;13836167 | &nbsp;&nbsp;Matrix Pricing | &nbsp;&nbsp;Adjusted Credit Spread to the Central Bank of Uzbekistan Quoted Policy Rate | &nbsp;&nbsp;5.32% | &nbsp;&nbsp;&nbsp;&nbsp;Decrease |

---

\* Represents the directional change in the fair value of the Level 3 investments that would result from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect.

11 Risks and Uncertainties

#### Risks Associated with Foreign Investments
Foreign investments can be adversely affected by political, economic and market developments abroad, including the imposition of economic and other sanctions by the United States or another country, and by acts of terrorism and war. There may be less publicly available information about foreign issuers because they may not be subject to reporting practices, requirements or regulations comparable to those to which United States companies are subject. Foreign markets may be smaller, less liquid and more volatile than the major markets in the United States. Trading in foreign markets typically involves higher expense than trading in the United States. The Portfolio may have difficulties enforcing its legal or contractual rights in a foreign country. Securities that trade or are denominated in currencies other than the U.S. dollar may be adversely affected by fluctuations in currency exchange rates.

Emerging market securities often involve greater risks than developed market securities. Investment markets within emerging market countries are typically smaller, less liquid, less developed and more volatile than those in more developed markets like the United States, and may be focused in certain economic sectors. The information available about an emerging market issuer may be less reliable than for comparable issuers in more developed capital markets. Governmental actions can have a significant effect on the economic conditions in emerging market countries. It may be more difficult to make a claim or obtain a judgment in the courts of these countries than it is in the United States. The possibility of fraud, negligence, undue influence being exerted by an issuer or refusal to recognize ownership exists in some emerging markets. Disruptions due to work stoppages and trading improprieties in foreign securities markets have caused such markets to close. Emerging market securities are also subject to speculative trading, which contributes to their volatility.

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[**Table of Contents**](#JOB_EV_AR_231c4145-125b-48d0-80d1-bb6e9d068795_TOC)

Global Macro Absolute Return Advantage Portfolio

October 31, 2025

Notes to Consolidated Financial Statements — continued

------

Economic data as reported by sovereign entities may be delayed, inaccurate or fraudulent. In the event of a default by a sovereign entity, there are typically no assets to be seized or cash flows to be attached. Furthermore, the willingness or ability of a sovereign entity to restructure defaulted debt may be limited. Therefore, losses on sovereign defaults may far exceed the losses from the default of a similarly rated U.S. debt issuer.

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[**Table of Contents**](#JOB_EV_AR_231c4145-125b-48d0-80d1-bb6e9d068795_TOC)

Global Macro Absolute Return Advantage Portfolio

October 31, 2025

Report of Independent Registered Public Accounting Firm

------

To the Trustees and Investors of Global Macro Absolute Return Advantage Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying consolidated statement of assets and liabilities of Global Macro Absolute Return Advantage Portfolio and subsidiary (the "Portfolio"), including the consolidated portfolio of investments, as of October 31, 2025, the related consolidated statement of operations for the year then ended, the consolidated statements of changes in net assets for each of the two years in the period then ended, the consolidated financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Portfolio as of October 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Portfolio's management. Our responsibility is to express an opinion on the Portfolio's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolio in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB and in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Portfolio is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Portfolio's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities and senior loans owned as of October 31, 2025, by correspondence with the custodian, brokers, and agent banks; when replies were not received from brokers and agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 23, 2025

We have served as the auditor of one or more Eaton Vance investment companies since 1959.

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[**Table of Contents**](#JOB_EV_AR_231c4145-125b-48d0-80d1-bb6e9d068795_TOC)

Eaton Vance

Global Macro Absolute Return Advantage Fund

October 31, 2025

Board of Trustees' Contract Approval

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Overview of the Contract Review Process

The Investment Company Act of 1940, as amended (the "1940 Act"), provides, in substance, that the investment advisory agreement between a fund and its investment adviser will continue in effect from year-to-year only if its continuation is approved on an annual basis by a vote of the fund's board of trustees, including a majority of the trustees who are not "interested persons" of the fund ("independent trustees"), cast in person at a meeting called for the purpose of considering such approval.

At a meeting held on June 12, 2025, the Boards of Trustees/Directors (collectively, the "Board") that oversee the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the "Eaton Vance Funds"), including a majority of the independent trustees (the "Independent Trustees"), voted to approve the continuation of existing investment advisory agreements and sub-advisory agreements<sup>1</sup> for each of the Eaton Vance Funds for an additional one-year period. The Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee comprised of all of the Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of meetings held between April and June 2025, as well as certain additional information provided in response to specific requests from the Independent Trustees as members of the Contract Review Committee. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee's annual evaluation of the investment advisory agreements and sub-advisory agreements.

In connection with its evaluation of the investment advisory agreements and sub-advisory agreements, the Board (directly or through one or more of its committees) considered various information relating to the Eaton Vance Funds. This included information applicable to all or groups of the Eaton Vance Funds, which is referenced immediately below, and information applicable to the particular Eaton Vance Fund covered by this report (each Eaton Vance Fund is referred to below as a "fund"). (For funds that invest through one or more underlying portfolios, references to "each fund" in this section may include information that was considered at the portfolio-level.)

*Information about Fees, Performance and Expenses*

• A report from an independent data provider comparing advisory and other fees paid by each fund to such fees paid by comparable funds, as identified by the independent data provider ("comparable funds");

• A report from an independent data provider comparing each fund's total expense ratio (and its components) to those of comparable funds;

• A report from an independent data provider comparing the investment performance of each fund to the investment performance of comparable funds and, as applicable, benchmark indices, over various time periods;

• In certain instances, data regarding investment performance relative to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board (a committee exclusively comprised of Independent Trustees);

• Comparative information concerning the fees charged and services provided by the adviser and sub-adviser to each fund in managing other accounts (which may include other funds, collective investment trusts and institutional accounts) with the same or substantially similar investment objective as the fund and with a significant overlap in holdings based on criteria set by the Board, if any;

• Profitability analyses on a fund-by-fund basis for the adviser and its affiliates and for each sub-adviser not affiliated with the adviser;

*Information about Portfolio Management and Trading*

• Descriptions of the investment management services provided to each fund, as well as each of the funds' investment strategies and policies;

• The procedures and processes used by the adviser to determine the value of fund assets, including, when necessary, the determination of "fair value" by the adviser in its role as each fund's valuation designee and actions taken to monitor and test the effectiveness of such procedures and processes;

• Information about the policies and practices of each fund's adviser and sub-adviser with respect to trading, including their processes for seeking best execution of portfolio transactions;

• Information about the allocation of brokerage transactions and the benefits, if any, received by the adviser and sub-adviser to each fund as a result of brokerage allocation, including, as applicable, information concerning the acquisition of research through client commission arrangements and policies with respect to "soft dollars";

• Data relating to the portfolio turnover rate of each fund and related information regarding active management in the context of particular strategies;

*Information about each Adviser and Sub-Adviser*

• Reports regarding the financial results and condition of the adviser and certain of its affiliates and of each sub-adviser not affiliated with the adviser;

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;Not all Eaton Vance Funds have entered into a sub-advisory agreement with a sub-adviser. Accordingly, references to "sub-adviser" or "sub-advisory agreement" in this "Overview" section may not be applicable to the particular Eaton Vance Fund covered by this report. Eaton Vance Management and Boston Management and Research are referred to collectively as the "adviser."

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[**Table of Contents**](#JOB_EV_AR_231c4145-125b-48d0-80d1-bb6e9d068795_TOC)

Eaton Vance

Global Macro Absolute Return Advantage Fund

October 31, 2025

Board of Trustees' Contract Approval — continued

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• Information regarding the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and, for portfolio managers and certain other investment professionals, information relating to their responsibilities with respect to managing other funds and investment accounts, as applicable;

• Information regarding the adviser's and its parent company's (Morgan Stanley's) efforts to retain and attract talented investment professionals, including in the context of a competitive marketplace for talent;

• Information regarding the adviser's compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals' investments in the fund(s) they manage;

• The personal trading codes of ethics of the adviser and its affiliates and the sub-adviser of each fund, together with information relating to compliance with, and the administration of, such codes;

• Policies and procedures relating to proxy voting, including regular reporting with respect to fund proxy voting activities;

• Information regarding the handling of corporate actions and class actions, as well as information regarding litigation and other regulatory matters;

• Information concerning the resources devoted to compliance efforts undertaken by the adviser and its affiliates and the sub-adviser of each fund, including descriptions of their various compliance programs and their record of compliance and remediation;

• Information concerning the business continuity and disaster recovery plans of the adviser and its affiliates and the sub-adviser of each fund;

• A description of the adviser's oversight of sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters, if any;

*Other Relevant Information*

• Information regarding ongoing initiatives to further integrate and harmonize, where applicable, the investment management and other departments of the adviser and its affiliates with the overall investment management infrastructure of Morgan Stanley, in light of Morgan Stanley's acquisition of Eaton Vance Corp. on March 1, 2021;

• Information concerning the nature, cost, and character of the administrative and other non-investment advisory services provided by the adviser and its affiliates;

• Information concerning oversight of the relationship with the custodian, subcustodians, fund accountants, and other third-party service providers by the adviser and/or administrator to each of the funds;

• Information concerning efforts to maintain policies and procedures with respect to various regulations applicable to the funds, including, without limitation, Rule 22e-4 (the Liquidity Risk Management Rule), Rule 12d1-4 (the Fund-of-Funds Rule), Rule 18f-4 (the Derivatives Rule), and Rule 2a-5 (the Fair Valuation Rule);

• For the Eaton Vance Fund structured as an interval fund, information regarding the interval fund's periodic repurchase offers under Rule 23c-3 and related policies and procedures;

• For each Eaton Vance Fund structured as an exchange-listed closed-end fund, information concerning the benefits of the closed-end fund structure, as well as, where relevant, the closed-end fund's market prices (including as compared to the closed-end fund's net asset value (NAV)), trading volume data, continued use of auction preferred shares (where applicable), distribution rates, and other relevant matters;

• The risks that the adviser and/or its affiliates incur in connection with the management and operation of the funds, including, among others, litigation, regulatory, entrepreneurial, data privacy and cybersecurity, and other business risks (and the associated costs of such risks, if any); and

• The terms of each investment advisory agreement and sub-advisory agreement.

During the various meetings of the Board and its committees over the course of the year leading up to the June 12, 2025 meeting, the Board and its committees received information from portfolio managers and other investment professionals of the adviser and sub-advisers of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds' investment objectives. The Board and its committees also received information regarding risk management techniques employed in connection with the management of the funds. The Board and its committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance, and other issues with respect to the funds, and received and participated in reports and presentations provided by the adviser, sub-advisers, and certain other service providers, with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees met in executive sessions and held regular video or telephone conferences to discuss, among other topics, matters relating to the continuation of investment advisory agreements and sub-advisory agreements.

Each of the Contract Review Committee and the Board was advised throughout the contract review process by Kirkland & Ellis LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee and the members of the Board, with the advice of such counsel, exercised their own business judgment in determining the material factors to be considered in evaluating each investment advisory agreement and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory agreement and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee and Board may have placed varying emphasis on particular factors in reaching conclusions with respect to each investment advisory agreement and sub-advisory agreement. In evaluating each investment advisory agreement and sub-advisory agreement, including the fee structures and other terms contained in such agreements, the members of the Contract Review Committee and Board were also informed by multiple years of analysis and discussion with the adviser and sub-adviser to each of the Eaton Vance Funds.

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[**Table of Contents**](#JOB_EV_AR_231c4145-125b-48d0-80d1-bb6e9d068795_TOC)

Eaton Vance

Global Macro Absolute Return Advantage Fund

October 31, 2025

Board of Trustees' Contract Approval — continued

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Results of the Contract Review Process

Based on its consideration of the foregoing, and such other information it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory and administrative agreement between Eaton Vance Global Macro Absolute Return Advantage Fund (the "Fund") and Eaton Vance Management ("EVM"), as well as the investment advisory agreement between Global Macro Absolute Return Advantage Portfolio (the "Portfolio"), the portfolio in which the Fund invests, and Boston Management and Research ("BMR") (EVM, with respect to the Fund, and BMR, with respect to the Portfolio, are each referred to herein as the "Adviser"), and the sub-advisory agreement between EVM and Eaton Vance Advisers International Ltd. (the "Sub-adviser"), an affiliate of the Advisers, with respect to the Fund, and the sub-advisory agreement between BMR and the Sub-adviser, with respect to the Portfolio, including their respective fee structures, are in the interests of shareholders and, therefore, recommended to the Board approval of each agreement. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory and administrative agreement for the Fund and the investment advisory agreement for the Portfolio (together, the "investment advisory agreements") and the sub-advisory agreements for the Fund and the Portfolio (together, the "sub-advisory agreements").

*Nature, Extent and Quality of Services*

In considering whether to approve the investment advisory agreements and sub-advisory agreements for the Fund and the Portfolio, the Board evaluated the nature, extent and quality of services provided to the Fund and to the Portfolio by the applicable Adviser and the Sub-adviser, respectively.

The Board considered each Adviser's and the Sub-adviser's management capabilities and investment processes in light of the types of investments held by the Fund and the Portfolio, including the education and experience of the investment professionals who provide services to the Fund and the Portfolio, including recent changes to such personnel. The Board considered each Adviser's expertise with respect to global markets and in-house research capabilities. The Board also considered the resources available to the Sub-adviser in fulfilling its duties under the sub-advisory agreements and the abilities and experience of the Sub-adviser's investment professionals in implementing the investment strategies of the Fund and the Portfolio. In particular, the Board considered the expertise of the Sub-adviser's investment professionals with respect to global markets and in-house research capabilities. The Board considered the international investment capabilities of the Sub-adviser, which is based in London, and the benefits to the Fund and the Portfolio of having portfolio management services involving investments in international securities provided by investment professionals located abroad. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of each Adviser and other factors, including the reputation and resources of each Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Fund and the Portfolio, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Fund and the Portfolio, including the provision of administrative services. The Board also considered the business-related and other risks to which each Adviser or its affiliates may be subject in managing the Fund and the Portfolio.

The Board noted that, under the terms of the investment advisory agreement of the Fund, EVM may invest assets of the Fund directly in securities, for which it would receive a fee, or in the Portfolio, for which it receives no separate fee but for which BMR receives an advisory fee from the Portfolio.

The Board considered the compliance programs of each Adviser and relevant affiliates thereof, including the Sub-adviser. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, compliance with policies and procedures, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered relevant examinations of the Adviser and its affiliates by regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

The Board considered other administrative services provided or overseen by EVM and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by each Adviser and the Sub-adviser, taken as a whole, are appropriate and consistent with the terms of the applicable investment advisory agreement and the applicable sub-advisory agreement.

*Fund Performance*

The Board compared the Fund's investment performance to that of comparable funds identified by an independent data provider (the peer group), as well as an appropriate benchmark index. The Board's review included comparative performance data with respect to the Fund for the one-, three-, five- and ten-year periods ended December 31, 2024. In this regard, the Board noted that the performance of the Fund was higher than the median performance of the Fund's peer group for the three-year period. The Board also noted that the performance of the Fund was lower than its primary performance benchmark index for the three-year period. The Board concluded that the performance of the Fund was satisfactory.

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[**Table of Contents**](#JOB_EV_AR_231c4145-125b-48d0-80d1-bb6e9d068795_TOC)

Eaton Vance

Global Macro Absolute Return Advantage Fund

October 31, 2025

Board of Trustees' Contract Approval — continued

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*Management Fees and Expenses*

The Board considered contractual fee rates payable by the Portfolio and by the Fund for advisory and administrative services (referred to collectively as "management fees"). As part of its review, the Board considered the Fund's management fees and total expense ratio for a one-year period ended December 31, 2024, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered certain factors identified by management in response to inquiries from the Contract Review Committee regarding the Fund's total expense ratio relative to comparable funds. The Board noted that the Portfolio has established a wholly-owned subsidiary to accommodate the Portfolio's commodity-related investments. The subsidiary is managed by BMR pursuant to a separate investment advisory agreement that is subject to annual approval by the Board. The subsidiary's fee rates are the same as those charged to the Portfolio, and the Portfolio will not pay any additional management fees with respect to its assets invested in the subsidiary.

After considering the foregoing information, and in light of the nature, extent and quality of the services provided by each Adviser and the Sub-adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.

*Profitability and "Fall-Out" Benefits*

The Board considered the level of profits realized by each Adviser and relevant affiliates thereof, including the Sub-adviser, in providing investment advisory and administrative services to the Fund, to the Portfolio and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by each Adviser and its affiliates to third parties in respect of distribution or other services.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by each Adviser and its affiliates, including the Sub-adviser, are not excessive.

The Board also considered direct or indirect fall-out benefits received by each Adviser and its affiliates, including the Sub-adviser, in connection with their respective relationships with the Fund and the Portfolio, including the benefits of research services that may be available to each Adviser or the Sub-adviser as a result of securities transactions effected for the Fund and the Portfolio and other investment advisory clients.

*Economies of Scale*

In reviewing management fees and profitability, the Board also considered the extent to which the applicable Adviser and its affiliates, on the one hand, and the Fund and the Portfolio, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund and the Portfolio increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. To assist in the evaluation of the sharing of any economies of scale, the Board received data for recent years showing asset levels, Adviser profitability and total expense ratios. Based upon the foregoing, the Board concluded that the Fund currently shares in the benefits from economies of scale, if any, when they are realized by each Adviser. The Board also concluded that the structure of the advisory fees, which include breakpoints at several asset levels, will allow the Fund and the Portfolio to continue to benefit from any economies of scale in the future.

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[**Table of Contents**](#JOB_EV_AR_231c4145-125b-48d0-80d1-bb6e9d068795_TOC)

EGRAX-NCSR&nbsp;&nbsp;&nbsp;&nbsp;10.31.25

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## Eaton Vance

## Global Equity Income Fund

## Annual Financial Statements and Additional Information
October 31, 2025

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![](g35982img28feaf3e11.gif)

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**This report must be preceded or accompanied by a current summary prospectus or prospectus. Before investing, investors should consider carefully the investment objective, risks, and charges and expenses of a mutual fund. This and other important information is contained in the prospectus and/or statement of additional information, which can be obtained by calling 1-800-262-1122 or from a financial intermediary. Prospective investors should read the prospectus carefully before investing.**

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#### Annual Financial Statements and Additional Information October 31, 2025
Eaton Vance

Global Equity Income Fund

---

| | |
|:---|:---|
| **[**Table of Contents**](#xx_8ca4e5ee-e370-414d-9ad9-274597663eb6_1)** |  |
| [Items 6 and 7 of Form N-CSR:](#xx_91e1a19e-ea01-40eb-8db2-0a4c122fc549_1) | [Items 6 and 7 of Form N-CSR:](#xx_91e1a19e-ea01-40eb-8db2-0a4c122fc549_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Portfolio of Investments](#xx_91e1a19e-ea01-40eb-8db2-0a4c122fc549_1) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#xx_8727b4f5-f18a-4e63-bcc9-eb648ec9e1f6_1) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#xx_8727b4f5-f18a-4e63-bcc9-eb648ec9e1f6_2) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx_8727b4f5-f18a-4e63-bcc9-eb648ec9e1f6_3) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx_1b735a8e-425c-4242-ace0-850e64a491a4_1) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx_05ada370-81d6-4261-8c57-2cee9bee28c2_1) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#xx_525cd30e-1e7d-4948-acd2-deacb76c380b_1) | 19 |
| [Federal Tax Information](#xx_e7e16320-894c-4ad4-af9b-7591c5e01f0e_1) | 20 |
| [Item 11 of Form N-CSR:](#xx_219c07c6-821a-4fd4-8f87-9db31eb40f9b_1) | [Item 11 of Form N-CSR:](#xx_219c07c6-821a-4fd4-8f87-9db31eb40f9b_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Board of Trustees' Contract Approval](#xx_219c07c6-821a-4fd4-8f87-9db31eb40f9b_1) | 21 |

---

Items 8 and 9 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7.

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[**Table of Contents**](#JOB_EV_AR_e417145c-c848-4d22-84d9-ed1498dce6bf_TOC)

Eaton Vance

Global Equity Income Fund

October 31, 2025

Portfolio of Investments

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Common Stocks — 98.7%

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| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Aerospace & Defense — 3.4% | Aerospace & Defense — 3.4% | Aerospace & Defense — 3.4% |
| BAE Systems PLC | &nbsp;&nbsp;&nbsp;&nbsp;388046 | &nbsp;&nbsp;$9558919 |
| Leonardo SpA | &nbsp;&nbsp;&nbsp;&nbsp;54830 | &nbsp;&nbsp;&nbsp;&nbsp; 3225905 |
| Safran SA | &nbsp;&nbsp;&nbsp;&nbsp;35583 | &nbsp;&nbsp;&nbsp;&nbsp; 12643292 |
|  |  | &nbsp;&nbsp;**$25428116** |
| Banks — 8.9% | Banks — 8.9% | Banks — 8.9% |
| Banco Santander SA | &nbsp;&nbsp;&nbsp;&nbsp;644934 | &nbsp;&nbsp;$6571998 |
| Barclays PLC | 1361550 | &nbsp;&nbsp;&nbsp;&nbsp; 7302837 |
| BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp;74135 | &nbsp;&nbsp;&nbsp;&nbsp; 5742345 |
| Citigroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;66718 | &nbsp;&nbsp;&nbsp;&nbsp; 6753863 |
| Grupo Financiero Banorte SAB de CV, Class O | &nbsp;&nbsp;&nbsp;&nbsp;398705 | &nbsp;&nbsp;&nbsp;&nbsp; 3742936 |
| HDFC Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;269806 | &nbsp;&nbsp;&nbsp;&nbsp; 2999930 |
| ING Groep NV | &nbsp;&nbsp;&nbsp;&nbsp;269972 | &nbsp;&nbsp;&nbsp;&nbsp; 6741110 |
| KBC Group NV | &nbsp;&nbsp;&nbsp;&nbsp;35198 | &nbsp;&nbsp;&nbsp;&nbsp; 4234651 |
| NatWest Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;662926 | &nbsp;&nbsp;&nbsp;&nbsp; 5103544 |
| Societe Generale SA | &nbsp;&nbsp;&nbsp;&nbsp;158343 | &nbsp;&nbsp;&nbsp;&nbsp; 10042209 |
| Toronto-Dominion Bank | &nbsp;&nbsp;&nbsp;&nbsp;53184 | &nbsp;&nbsp;&nbsp;&nbsp; 4366810 |
| Truist Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;94743 | &nbsp;&nbsp;&nbsp;&nbsp; 4228380 |
|  |  | &nbsp;&nbsp;**$67830613** |
| Beverages — 0.7% | Beverages — 0.7% | Beverages — 0.7% |
| Diageo PLC | &nbsp;&nbsp;&nbsp;&nbsp;83562 | &nbsp;&nbsp;$1922072 |
| Pernod Ricard SA | &nbsp;&nbsp;&nbsp;&nbsp;31749 | &nbsp;&nbsp;&nbsp;&nbsp; 3109513 |
|  |  | &nbsp;&nbsp;**$5031585** |
| Biotechnology — 0.3% | Biotechnology — 0.3% | Biotechnology — 0.3% |
| CSL Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;18427 | &nbsp;&nbsp;$2147414 |
|  |  | &nbsp;&nbsp;**$2147414** |
| Broadline Retail — 3.4% | Broadline Retail — 3.4% | Broadline Retail — 3.4% |
| Amazon.com, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;105983 | &nbsp;&nbsp;$25883168 |
|  |  | &nbsp;&nbsp;**$25883168** |
| Capital Markets — 1.5% | Capital Markets — 1.5% | Capital Markets — 1.5% |
| Bank of New York Mellon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;29820 | &nbsp;&nbsp;$3218473 |
| Charles Schwab Corp. | &nbsp;&nbsp;&nbsp;&nbsp;46698 | &nbsp;&nbsp;&nbsp;&nbsp; 4413895 |
| State Street Corp. | &nbsp;&nbsp;&nbsp;&nbsp;29532 | &nbsp;&nbsp;&nbsp;&nbsp; 3415671 |
|  |  | &nbsp;&nbsp;**$11048039** |
| Chemicals — 0.6% | Chemicals — 0.6% | Chemicals — 0.6% |
| Sika AG | &nbsp;&nbsp;&nbsp;&nbsp;24187 | &nbsp;&nbsp;$4740355 |
|  |  | &nbsp;&nbsp;**$4740355** |

---

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| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Construction Materials — 0.3% | Construction Materials — 0.3% | Construction Materials — 0.3% |
| CRH PLC | &nbsp;&nbsp;&nbsp;&nbsp;16187 | &nbsp;&nbsp;$1927872 |
|  |  | &nbsp;&nbsp;**$1927872** |
| Consumer Finance — 1.1% | Consumer Finance — 1.1% | Consumer Finance — 1.1% |
| Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;39583 | &nbsp;&nbsp;$8707864 |
|  |  | &nbsp;&nbsp;**$8707864** |
| Consumer Staples Distribution & Retail — 0.7% | Consumer Staples Distribution & Retail — 0.7% | Consumer Staples Distribution & Retail — 0.7% |
| U.S. Foods Holding Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;70467 | &nbsp;&nbsp;$5117314 |
|  |  | &nbsp;&nbsp;**$5117314** |
| Diversified Telecommunication Services — 0.3% | Diversified Telecommunication Services — 0.3% | Diversified Telecommunication Services — 0.3% |
| Zegona Communications PLC<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;143634 | &nbsp;&nbsp;$2322503 |
|  |  | &nbsp;&nbsp;**$2322503** |
| Electric Utilities — 2.4% | Electric Utilities — 2.4% | Electric Utilities — 2.4% |
| Iberdrola SA | &nbsp;&nbsp;&nbsp;&nbsp;223149 | &nbsp;&nbsp;$4522391 |
| NextEra Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;97553 | &nbsp;&nbsp;&nbsp;&nbsp; 7940814 |
| SSE PLC | &nbsp;&nbsp;&nbsp;&nbsp;228935 | &nbsp;&nbsp;&nbsp;&nbsp; 5767511 |
|  |  | &nbsp;&nbsp;**$18230716** |
| Electrical Equipment — 2.3% | Electrical Equipment — 2.3% | Electrical Equipment — 2.3% |
| AMETEK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;35010 | &nbsp;&nbsp;$7075871 |
| Schneider Electric SE | &nbsp;&nbsp;&nbsp;&nbsp;37208 | &nbsp;&nbsp;&nbsp;&nbsp; 10601667 |
|  |  | &nbsp;&nbsp;**$17677538** |
| Electronic Equipment, Instruments & Components — 1.4% | Electronic Equipment, Instruments & Components — 1.4% | Electronic Equipment, Instruments & Components — 1.4% |
| CDW Corp. | &nbsp;&nbsp;&nbsp;&nbsp;35459 | &nbsp;&nbsp;$5651101 |
| Keyence Corp. | &nbsp;&nbsp;&nbsp;&nbsp;13993 | &nbsp;&nbsp;&nbsp;&nbsp; 5193285 |
|  |  | &nbsp;&nbsp;**$10844386** |
| Energy Equipment & Services — 0.6% | Energy Equipment & Services — 0.6% | Energy Equipment & Services — 0.6% |
| Baker Hughes Co. | &nbsp;&nbsp;&nbsp;&nbsp;88675 | &nbsp;&nbsp;$4292757 |
|  |  | &nbsp;&nbsp;**$4292757** |
| Entertainment — 1.1% | Entertainment — 1.1% | Entertainment — 1.1% |
| Walt Disney Co. | &nbsp;&nbsp;&nbsp;&nbsp;77274 | &nbsp;&nbsp;$8702598 |
|  |  | &nbsp;&nbsp;**$8702598** |
| Financial Services — 3.8% | Financial Services — 3.8% | Financial Services — 3.8% |
| Berkshire Hathaway, Inc., Class B<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;19807 | &nbsp;&nbsp;$9458635 |
| Global Payments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;51362 | &nbsp;&nbsp;&nbsp;&nbsp; 3993909 |
| ORIX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;153564 | &nbsp;&nbsp;&nbsp;&nbsp; 3756487 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_e417145c-c848-4d22-84d9-ed1498dce6bf_TOC)

Eaton Vance

Global Equity Income Fund

October 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Financial Services (continued) | Financial Services (continued) | Financial Services (continued) |
| Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;20061 | &nbsp;&nbsp;$6835585 |
| Voya Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;68613 | &nbsp;&nbsp;&nbsp;&nbsp; 5108924 |
|  |  | &nbsp;&nbsp;**$29153540** |
| Food Products — 1.3% | Food Products — 1.3% | Food Products — 1.3% |
| Nestle SA | &nbsp;&nbsp;&nbsp;&nbsp;99464 | &nbsp;&nbsp;$9503630 |
|  |  | &nbsp;&nbsp;**$9503630** |
| Health Care Equipment & Supplies — 3.9% | Health Care Equipment & Supplies — 3.9% | Health Care Equipment & Supplies — 3.9% |
| Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp;31301 | &nbsp;&nbsp;$3869430 |
| Alcon AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7773 | &nbsp;&nbsp;&nbsp;&nbsp; 579360 |
| Boston Scientific Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;107672 | &nbsp;&nbsp;&nbsp;&nbsp; 10844724 |
| Coloplast AS, Class B | &nbsp;&nbsp;&nbsp;&nbsp;33157 | &nbsp;&nbsp;&nbsp;&nbsp; 2998865 |
| Intuitive Surgical, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;11669 | &nbsp;&nbsp;&nbsp;&nbsp; 6234513 |
| Straumann Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;37818 | &nbsp;&nbsp;&nbsp;&nbsp; 4753788 |
|  |  | &nbsp;&nbsp;**$29280680** |
| Health Care Providers & Services — 0.3% | Health Care Providers & Services — 0.3% | Health Care Providers & Services — 0.3% |
| Amplifon SpA | &nbsp;&nbsp;&nbsp;&nbsp;21674 | &nbsp;&nbsp;$370403 |
| Elevance Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4762 | &nbsp;&nbsp;&nbsp;&nbsp; 1510507 |
|  |  | &nbsp;&nbsp;**$1880910** |
| Health Care REITs — 0.4% | Health Care REITs — 0.4% | Health Care REITs — 0.4% |
| Healthpeak Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;166168 | &nbsp;&nbsp;$2982716 |
|  |  | &nbsp;&nbsp;**$2982716** |
| Hotels, Restaurants & Leisure — 4.5% | Hotels, Restaurants & Leisure — 4.5% | Hotels, Restaurants & Leisure — 4.5% |
| Amadeus IT Group SA | &nbsp;&nbsp;&nbsp;&nbsp;57109 | &nbsp;&nbsp;$4365452 |
| Aramark | &nbsp;&nbsp;&nbsp;&nbsp;212416 | &nbsp;&nbsp;&nbsp;&nbsp; 8046318 |
| Compass Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;358971 | &nbsp;&nbsp;&nbsp;&nbsp; 11881876 |
| InterContinental Hotels Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;41528 | &nbsp;&nbsp;&nbsp;&nbsp; 5009404 |
| Marriott International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;18656 | &nbsp;&nbsp;&nbsp;&nbsp; 4861380 |
|  |  | &nbsp;&nbsp;**$34164430** |
| Household Products — 0.8% | Household Products — 0.8% | Household Products — 0.8% |
| Reckitt Benckiser Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;82605 | &nbsp;&nbsp;$6318378 |
|  |  | &nbsp;&nbsp;**$6318378** |
| Industrial Conglomerates — 1.2% | Industrial Conglomerates — 1.2% | Industrial Conglomerates — 1.2% |
| Siemens AG | &nbsp;&nbsp;&nbsp;&nbsp;33332 | &nbsp;&nbsp;$9446196 |
|  |  | &nbsp;&nbsp;**$9446196** |
| Insurance — 3.5% | Insurance — 3.5% | Insurance — 3.5% |
| AIA Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;465913 | &nbsp;&nbsp;$4533674 |
| Allstate Corp. | &nbsp;&nbsp;&nbsp;&nbsp;19163 | &nbsp;&nbsp;&nbsp;&nbsp; 3670098 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Insurance (continued) | Insurance (continued) | Insurance (continued) |
| American International Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;72940 | &nbsp;&nbsp;$5759342 |
| Arch Capital Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8222 | &nbsp;&nbsp;&nbsp;&nbsp; 709641 |
| Assurant, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18967 | &nbsp;&nbsp;&nbsp;&nbsp; 4015693 |
| Prudential PLC | &nbsp;&nbsp;&nbsp;&nbsp;265131 | &nbsp;&nbsp;&nbsp;&nbsp; 3687463 |
| RenaissanceRe Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;17812 | &nbsp;&nbsp;&nbsp;&nbsp; 4525851 |
|  |  | &nbsp;&nbsp;**$26901762** |
| Interactive Media & Services — 6.2% | Interactive Media & Services — 6.2% | Interactive Media & Services — 6.2% |
| Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;123471 | &nbsp;&nbsp;$34796597 |
| Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;18723 | &nbsp;&nbsp;&nbsp;&nbsp; 12139057 |
|  |  | &nbsp;&nbsp;**$46935654** |
| Life Sciences Tools & Services — 0.7% | Life Sciences Tools & Services — 0.7% | Life Sciences Tools & Services — 0.7% |
| Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp;25517 | &nbsp;&nbsp;$5495851 |
|  |  | &nbsp;&nbsp;**$5495851** |
| Machinery — 2.7% | Machinery — 2.7% | Machinery — 2.7% |
| IDEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;41528 | &nbsp;&nbsp;$7120391 |
| Ingersoll Rand, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;90452 | &nbsp;&nbsp;&nbsp;&nbsp; 6904201 |
| Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8245 | &nbsp;&nbsp;&nbsp;&nbsp; 6371983 |
|  |  | &nbsp;&nbsp;**$20396575** |
| Metals & Mining — 0.9% | Metals & Mining — 0.9% | Metals & Mining — 0.9% |
| Anglo American PLC | &nbsp;&nbsp;&nbsp;&nbsp;100813 | &nbsp;&nbsp;$3814020 |
| Rio Tinto Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;34559 | &nbsp;&nbsp;&nbsp;&nbsp; 3000628 |
|  |  | &nbsp;&nbsp;**$6814648** |
| Multi-Utilities — 0.3% | Multi-Utilities — 0.3% | Multi-Utilities — 0.3% |
| CMS Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;27536 | &nbsp;&nbsp;$2025273 |
|  |  | &nbsp;&nbsp;**$2025273** |
| Oil, Gas & Consumable Fuels — 3.3% | Oil, Gas & Consumable Fuels — 3.3% | Oil, Gas & Consumable Fuels — 3.3% |
| Chevron Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2887 | &nbsp;&nbsp;$455338 |
| EOG Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;114181 | &nbsp;&nbsp;&nbsp;&nbsp; 12084917 |
| EQT Corp. | &nbsp;&nbsp;&nbsp;&nbsp;98959 | &nbsp;&nbsp;&nbsp;&nbsp; 5302223 |
| Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;64399 | &nbsp;&nbsp;&nbsp;&nbsp; 7364669 |
|  |  | &nbsp;&nbsp;**$25207147** |
| Personal Care Products — 0.6% | Personal Care Products — 0.6% | Personal Care Products — 0.6% |
| L'Oreal Prime De Fidelite<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8246 | &nbsp;&nbsp;$3441149 |
| L'Oreal SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2313 | &nbsp;&nbsp;&nbsp;&nbsp; 965241 |
|  |  | &nbsp;&nbsp;**$4406390** |
| Pharmaceuticals — 7.3% | Pharmaceuticals — 7.3% | Pharmaceuticals — 7.3% |
| AstraZeneca PLC | &nbsp;&nbsp;&nbsp;&nbsp;75503 | &nbsp;&nbsp;$12454109 |

---

*2*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_e417145c-c848-4d22-84d9-ed1498dce6bf_TOC)

Eaton Vance

Global Equity Income Fund

October 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Pharmaceuticals (continued) | Pharmaceuticals (continued) | Pharmaceuticals (continued) |
| Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;31227 | &nbsp;&nbsp;$26944529 |
| Novo Nordisk AS, Class B | &nbsp;&nbsp;&nbsp;&nbsp;164839 | &nbsp;&nbsp;&nbsp;&nbsp; 8115299 |
| Zoetis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;56475 | &nbsp;&nbsp;&nbsp;&nbsp; 8137483 |
|  |  | &nbsp;&nbsp;**$55651420** |
| Professional Services — 0.9% | Professional Services — 0.9% | Professional Services — 0.9% |
| Recruit Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;33754 | &nbsp;&nbsp;$1673791 |
| RELX PLC | &nbsp;&nbsp;&nbsp;&nbsp;113456 | &nbsp;&nbsp;&nbsp;&nbsp; 5014344 |
| Verisk Analytics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1673 | &nbsp;&nbsp;&nbsp;&nbsp; 365986 |
|  |  | &nbsp;&nbsp;**$7054121** |
| Residential REITs — 0.6% | Residential REITs — 0.6% | Residential REITs — 0.6% |
| Equity LifeStyle Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;72474 | &nbsp;&nbsp;$4424538 |
|  |  | &nbsp;&nbsp;**$4424538** |
| Semiconductors & Semiconductor Equipment — 14.3% | Semiconductors & Semiconductor Equipment — 14.3% | Semiconductors & Semiconductor Equipment — 14.3% |
| ASML Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;18556 | &nbsp;&nbsp;$19619432 |
| Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;32454 | &nbsp;&nbsp;&nbsp;&nbsp; 11995972 |
| Infineon Technologies AG | &nbsp;&nbsp;&nbsp;&nbsp;113160 | &nbsp;&nbsp;&nbsp;&nbsp; 4491648 |
| Micron Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;66280 | &nbsp;&nbsp;&nbsp;&nbsp; 14831476 |
| NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;159359 | &nbsp;&nbsp;&nbsp;&nbsp; 32268604 |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;52860 | &nbsp;&nbsp;&nbsp;&nbsp; 15880730 |
| Tokyo Electron Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;43888 | &nbsp;&nbsp;&nbsp;&nbsp; 9675996 |
|  |  | &nbsp;&nbsp;**$108763858** |
| Software — 4.9% | Software — 4.9% | Software — 4.9% |
| Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10733 | &nbsp;&nbsp;$7164814 |
| Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;57880 | &nbsp;&nbsp;&nbsp;&nbsp; 29970843 |
|  |  | &nbsp;&nbsp;**$37135657** |
| Specialty Retail — 1.8% | Specialty Retail — 1.8% | Specialty Retail — 1.8% |
| Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17778 | &nbsp;&nbsp;$4233475 |
| TJX Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;66847 | &nbsp;&nbsp;&nbsp;&nbsp; 9367939 |
|  |  | &nbsp;&nbsp;**$13601414** |
| Technology Hardware, Storage & Peripherals — 3.5% | Technology Hardware, Storage & Peripherals — 3.5% | Technology Hardware, Storage & Peripherals — 3.5% |
| Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;98553 | &nbsp;&nbsp;$26645775 |
|  |  | &nbsp;&nbsp;**$26645775** |
| Textiles, Apparel & Luxury Goods — 1.4% | Textiles, Apparel & Luxury Goods — 1.4% | Textiles, Apparel & Luxury Goods — 1.4% |
| Cie Financiere Richemont SA, Class A | &nbsp;&nbsp;&nbsp;&nbsp;27985 | &nbsp;&nbsp;$5535589 |
| LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7024 | &nbsp;&nbsp;&nbsp;&nbsp; 4964722 |
|  |  | &nbsp;&nbsp;**$10500311** |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Trading Companies & Distributors — 0.6% | Trading Companies & Distributors — 0.6% | Trading Companies & Distributors — 0.6% |
| IMCD NV | &nbsp;&nbsp;&nbsp;&nbsp;43448 | &nbsp;&nbsp;$4502241 |
|  |  | &nbsp;&nbsp;**$4502241** |
| Total Common Stocks<br> (identified cost $433,818,418) |  | &nbsp;&nbsp;**$749125953** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Short-Term Investments — 0.4%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 4.00%<sup>(2)</sup> | 2676762 | &nbsp;&nbsp;$2676762 |
| Total Short-Term Investments<br> (identified cost $2,676,762) |  | &nbsp;&nbsp;**$2676762** |
| Total Investments — 99.1%<br> (identified cost $436,495,180) |  | &nbsp;&nbsp;**$751802715** |
| Other Assets, Less Liabilities — 0.9% |  | &nbsp;&nbsp;**$6893759** |
| Net Assets — 100.0% |  | &nbsp;&nbsp;**$758696474** |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | The percentage shown for each investment category in the Portfolio of Investments is based on net assets. |
| <sup>(1)</sup> | Non-income producing security. |
| <sup>(2)</sup> | May be deemed to be an affiliated investment company (see Note 10). The rate shown is the annualized seven-day yield as of October 31, 2025. |

---

*3*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_e417145c-c848-4d22-84d9-ed1498dce6bf_TOC)

Eaton Vance

Global Equity Income Fund

October 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| Country Concentration of Portfolio | Country Concentration of Portfolio | Country Concentration of Portfolio |
| **Country** | &nbsp;&nbsp;&nbsp;**Percentage of<br> Total Investments** | &nbsp;&nbsp;&nbsp;**Value** |
| United States | &nbsp;&nbsp;&nbsp;&nbsp;63.5% | &nbsp;&nbsp;&nbsp;$477151823 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72655497 |
| France | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40908471 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30862783 |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20299559 |
| Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15880730 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15459841 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15029732 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13937844 |
| Denmark | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11114164 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8221137 |
| Bermuda | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4525851 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4366810 |
| Belgium | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4234651 |
| South Africa | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3814020 |
| Mexico | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3742936 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3596308 |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000628 |
| India | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2999930 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;&nbsp;**$751802715** |

---

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ADR | – American Depositary Receipt |
| REITs | – Real Estate Investment Trusts |

---

*4*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_e417145c-c848-4d22-84d9-ed1498dce6bf_TOC)

Eaton Vance

Global Equity Income Fund

October 31, 2025

Statement of Assets and Liabilities

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**October 31, 2025** |
| Assets |  |
| Unaffiliated investments, at value (identified cost $433,818,418) | &nbsp;&nbsp;$749125953 |
| Affiliated investments, at value (identified cost $2,676,762) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2676762 |
| Foreign currency, at value (identified cost $514,205) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510925 |
| Dividends receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450494 |
| Dividends receivable from affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8143 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1151322 |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173300 |
| Tax reclaims receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5845480 |
| Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177943 |
| **Total assets** | &nbsp;&nbsp;**$760120322** |
| Liabilities |  |
| Payable for Fund shares redeemed | &nbsp;&nbsp;$137721 |
| Payable to affiliates: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment adviser fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408748 |
| &nbsp;&nbsp;&nbsp;Administration fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95617 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106781 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agency fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7790 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3602 |
| &nbsp;&nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177943 |
| Payable for legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75830 |
| Accrued foreign capital gains taxes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294247 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115569 |
| **Total liabilities** | &nbsp;&nbsp;**$1423848** |
| **Net Assets** | &nbsp;&nbsp;**$758696474** |
| Sources of Net Assets |  |
| Paid-in capital | &nbsp;&nbsp;$442797104 |
| Distributable earnings | &nbsp;&nbsp;&nbsp;&nbsp;315899370 |
| **Net Assets** | &nbsp;&nbsp;**$758696474** |
| Class A Shares |  |
| **Net Assets** | &nbsp;&nbsp;$447239541 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23242694 |
| **Net Asset Value and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$19.24 |
| **Maximum Offering Price Per Share <br> (100 ÷ 94.75 of net asset value per share)** | &nbsp;&nbsp;$20.31 |
| Class C Shares |  |
| **Net Assets** | &nbsp;&nbsp;$15366424 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800726 |
| **Net Asset Value and Offering Price Per Share\*<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$19.19 |
| Class I Shares |  |
| **Net Assets** | &nbsp;&nbsp;$296090509 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15369394 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$19.26 |

---

---

| | |
|:---|:---|
| On sales of $50,000 or more, the offering price of Class A shares is reduced. | On sales of $50,000 or more, the offering price of Class A shares is reduced. |
| \* | Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge. |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_e417145c-c848-4d22-84d9-ed1498dce6bf_TOC)

Eaton Vance

Global Equity Income Fund

October 31, 2025

Statement of Operations

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended** |
|  | &nbsp;&nbsp;&nbsp;**October 31, 2025** |
| Investment Income |  |
| Dividend income (net of foreign taxes withheld of $3,967,375) | &nbsp;&nbsp;$29296639 |
| Dividend income from affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122269 |
| Interest income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23209 |
| Other income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1139479 |
| **Total investment income** | &nbsp;&nbsp;**$30581596** |
| Expenses |  |
| Investment adviser fee | &nbsp;&nbsp;$4425185 |
| Administration fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1032044 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1042582 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150129 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44900 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246452 |
| Transfer and dividend disbursing agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239966 |
| Legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137815 |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29563 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50703 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84308 |
| **Total expenses** | &nbsp;&nbsp;**$7483647** |
| Deduct: |  |
| &nbsp;&nbsp;&nbsp;Waiver and/or reimbursement of expenses by affiliates | &nbsp;&nbsp;$4457 |
| **Total expense reductions** | &nbsp;&nbsp;**$4457** |
| **Net expenses** | &nbsp;&nbsp;**$7479190** |
| **Net investment income** | &nbsp;&nbsp;**$23102406** |
| Realized and Unrealized Gain (Loss) |  |
| Net realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;Investment transactions (net of foreign capital gains taxes of $18,981) | &nbsp;&nbsp;$25845764 |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8348470) |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2630393) |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229131 |
| **Net realized gain** | &nbsp;&nbsp;**$15096032** |
| Change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Investments (including net increase in accrued foreign capital gains taxes of $243,595) | &nbsp;&nbsp;$80128262 |
| &nbsp;&nbsp;&nbsp;Foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332299 |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$80460561** |
| **Net realized and unrealized gain** | &nbsp;&nbsp;**$95556593** |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$118658999** |

---

*6*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_e417145c-c848-4d22-84d9-ed1498dce6bf_TOC)

Eaton Vance

Global Equity Income Fund

October 31, 2025

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
|  | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$23102406 | &nbsp;&nbsp;$27221318 |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15096032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18118413 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80460561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91943768 |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$118658999** | &nbsp;&nbsp;**$137283499** |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(16383284) | &nbsp;&nbsp;$(17330804) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(480221) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(581692) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10663758) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8434743) |
| **Total distributions to shareholders** | &nbsp;&nbsp;**$(27527263)** | &nbsp;&nbsp;**$(26347239)** |
| Transactions in shares of beneficial interest: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(20004407) | &nbsp;&nbsp;$(35025819) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2358076) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3380981) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59519165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14988498 |
| **Net increase (decrease) in net assets from Fund share transactions** | &nbsp;&nbsp;**$37156682** | &nbsp;&nbsp;**$(23418302)** |
| **Net increase in net assets** | &nbsp;&nbsp;**$128288418** | &nbsp;&nbsp;**$87517958** |
| Net Assets |  |  |
| At beginning of year | &nbsp;&nbsp;$630408056 | &nbsp;&nbsp;$542890098 |
| **At end of year** | &nbsp;&nbsp;**$758696474** | &nbsp;&nbsp;**$630408056** |

---

*7*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_e417145c-c848-4d22-84d9-ed1498dce6bf_TOC)

Eaton Vance

Global Equity Income Fund

October 31, 2025

Financial Highlights

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$16.92 | &nbsp;&nbsp;$14.02 | &nbsp;&nbsp;$13.04 | &nbsp;&nbsp;$17.64 | &nbsp;&nbsp;$12.69 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.58 | &nbsp;&nbsp;$0.71 | &nbsp;&nbsp;$0.54 | &nbsp;&nbsp;$0.74 | &nbsp;&nbsp;$0.39 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.99 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$3.01** | &nbsp;&nbsp;**$3.59** | &nbsp;&nbsp;**$1.70** | &nbsp;&nbsp;**$(3.28)** | &nbsp;&nbsp;**$5.38** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.69) | &nbsp;&nbsp;$(0.69) | &nbsp;&nbsp;$(0.72) | &nbsp;&nbsp;$(0.64) | &nbsp;&nbsp;$(0.43) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total distributions** | &nbsp;&nbsp;**$(0.69)** | &nbsp;&nbsp;**$(0.69)** | &nbsp;&nbsp;**$(0.72)** | &nbsp;&nbsp;**$(1.32)** | &nbsp;&nbsp;**$(0.43)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$19.24** | &nbsp;&nbsp;**$16.92** | &nbsp;&nbsp;**$14.02** | &nbsp;&nbsp;**$13.04** | &nbsp;&nbsp;**$17.64** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.28%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.77%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.10%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(19.65)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**42.80%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$447240 | &nbsp;&nbsp;$412677 | &nbsp;&nbsp;$372352 | &nbsp;&nbsp;$356746 | &nbsp;&nbsp;$494280 |
| Ratios (as a percentage of average daily net assets):<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.41% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

<sup>(3)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(4)</sup> Includes a reduction by the investment adviser of a portion of its adviser fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended October 31, 2025, 2024, 2023 and 2022).

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_e417145c-c848-4d22-84d9-ed1498dce6bf_TOC)

Eaton Vance

Global Equity Income Fund

October 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$16.88 | &nbsp;&nbsp;$13.98 | &nbsp;&nbsp;$13.01 | &nbsp;&nbsp;$17.59 | &nbsp;&nbsp;$12.65 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.45 | &nbsp;&nbsp;$0.58 | &nbsp;&nbsp;$0.42 | &nbsp;&nbsp;$0.61 | &nbsp;&nbsp;$0.25 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.99) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$2.87** | &nbsp;&nbsp;**$3.46** | &nbsp;&nbsp;**$1.58** | &nbsp;&nbsp;**$(3.38)** | &nbsp;&nbsp;**$5.25** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.56) | &nbsp;&nbsp;$(0.56) | &nbsp;&nbsp;$(0.61) | &nbsp;&nbsp;$(0.52) | &nbsp;&nbsp;$(0.31) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total distributions** | &nbsp;&nbsp;**$(0.56)** | &nbsp;&nbsp;**$(0.56)** | &nbsp;&nbsp;**$(0.61)** | &nbsp;&nbsp;**$(1.20)** | &nbsp;&nbsp;**$(0.31)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$19.19** | &nbsp;&nbsp;**$16.88** | &nbsp;&nbsp;**$13.98** | &nbsp;&nbsp;**$13.01** | &nbsp;&nbsp;**$17.59** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.38%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.91%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.20%** | &nbsp;&nbsp;&nbsp;&nbsp;**(20.22)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**41.79%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$15366 | &nbsp;&nbsp;$15836 | &nbsp;&nbsp;$15979 | &nbsp;&nbsp;$20044 | &nbsp;&nbsp;$31961 |
| Ratios (as a percentage of average daily net assets):<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.92% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.92%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.93%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.95%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.94%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.92% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

<sup>(3)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(4)</sup> Includes a reduction by the investment adviser of a portion of its adviser fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended October 31, 2025, 2024, 2023 and 2022).

*9*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_e417145c-c848-4d22-84d9-ed1498dce6bf_TOC)

Eaton Vance

Global Equity Income Fund

October 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$16.94 | &nbsp;&nbsp;$14.03 | &nbsp;&nbsp;$13.05 | &nbsp;&nbsp;$17.65 | &nbsp;&nbsp;$12.70 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.62 | &nbsp;&nbsp;$0.76 | &nbsp;&nbsp;$0.58 | &nbsp;&nbsp;$0.79 | &nbsp;&nbsp;$0.42 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$3.05** | &nbsp;&nbsp;**$3.64** | &nbsp;&nbsp;**$1.74** | &nbsp;&nbsp;**$(3.24)** | &nbsp;&nbsp;**$5.42** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.73) | &nbsp;&nbsp;$(0.73) | &nbsp;&nbsp;$(0.76) | &nbsp;&nbsp;$(0.68) | &nbsp;&nbsp;$(0.47) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total distributions** | &nbsp;&nbsp;**$(0.73)** | &nbsp;&nbsp;**$(0.73)** | &nbsp;&nbsp;**$(0.76)** | &nbsp;&nbsp;**$(1.36)** | &nbsp;&nbsp;**$(0.47)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$19.26** | &nbsp;&nbsp;**$16.94** | &nbsp;&nbsp;**$14.03** | &nbsp;&nbsp;**$13.05** | &nbsp;&nbsp;**$17.65** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.55%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**26.14%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.38%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(19.44)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**43.12%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$296091 | &nbsp;&nbsp;$201895 | &nbsp;&nbsp;$154559 | &nbsp;&nbsp;$141680 | &nbsp;&nbsp;$188245 |
| Ratios (as a percentage of average daily net assets):<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

<sup>(3)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(4)</sup> Includes a reduction by the investment adviser of a portion of its adviser fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended October 31, 2025, 2024, 2023 and 2022).

*10*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_e417145c-c848-4d22-84d9-ed1498dce6bf_TOC)

Eaton Vance

Global Equity Income Fund

October 31, 2025

Notes to Financial Statements

------

1 Significant Accounting Policies

Eaton Vance Global Equity Income Fund (the Fund) is a diversified series of Eaton Vance Mutual Funds Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund's investment objective is to achieve after-tax total return for its shareholders. The Fund offers three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective November 5, 2020, Class C shares automatically convert to Class A shares eight years after their purchase as described in the Fund's prospectus. Class I shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses and net investment income and losses, other than class-specific expenses, are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Each class of shares differs in its distribution plan and certain other class-specific expenses.

The following is a summary of significant accounting policies of the Fund. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.

A Investment Valuation—The following methodologies are used to determine the market value or fair value of investments.

**Equity Securities. Equity securities listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and ask prices on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ National Market System are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and ask prices or, in the case of preferred equity securities that are not listed or traded in the over-the-counter market, by a third party pricing service that uses various techniques that consider factors including, but not limited to, prices or yields of securities with similar characteristics, benchmark yields, broker/dealer quotes, quotes of underlying common stock, issuer spreads, as well as industry and economic events.**

**Foreign Securities and Currencies. Foreign securities 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 generally is determined as of the close of trading on the principal exchange on which such securities trade. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities 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 that meet certain criteria, the Fund's Trustees have approved the use of a fair value service that values such securities 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.**

**Other. Investments in management investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value as of the close of each business day.**

**Fair Valuation. In connection with Rule 2a-5 of the 1940 Act, the Trustees have designated the Fund's investment adviser as its valuation designee. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued by the investment adviser, as valuation designee, at fair value using methods that most fairly reflect the security's "fair value", which is the amount that the Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security's disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company's or entity's financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.**

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

C Income—Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. However, if the ex-dividend date has passed, certain dividends from foreign securities are recorded as the Fund is informed of the ex-dividend date. Withholding taxes on foreign dividends, interest and capital gains have been provided for in accordance with the Fund's understanding of the applicable countries' tax rules and rates. As a result of several court cases in certain countries across the European Union (EU), the Fund filed additional tax reclaims for previously withheld taxes on dividends earned in those countries. Income recognized, if any, for EU reclaims and interest thereon is reflected as other income in the Statement of Operations, and any related receivable, if any, is reflected as European Union tax reclaims receivable in the Statement of Assets and Liabilities. Any fees associated with these filings are reflected in miscellaneous expenses in the Statement of Operations. When uncertainty exists as to the ultimate resolution of these proceedings, the likelihood of receipt of these EU reclaims, and the potential timing of payment, no amounts are reflected in the financial statements. For U.S. income tax purposes, EU reclaims received by the Fund, if any, may reduce the amount of foreign taxes Fund shareholders can use as tax deductions or credits on their income tax returns. In the event that EU reclaims received by the Fund during a fiscal year exceed foreign withholding taxes paid by the

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[**Table of Contents**](#JOB_EV_AR_e417145c-c848-4d22-84d9-ed1498dce6bf_TOC)

Eaton Vance

Global Equity Income Fund

October 31, 2025

Notes to Financial Statements — continued

------

Fund, and the Fund previously passed through to its shareholders foreign taxes incurred by the Fund to be used as a credit or deduction on a shareholder's income tax return, the Fund may be required to enter into a closing agreement with the Internal Revenue Service in order to pay the associated tax liability on behalf of the Fund's shareholders. Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount. Distributions from investment companies are recorded as dividend income, capital gains or return of capital based on the nature of the distribution.

D Federal and Other Taxes—The Fund's policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary.

In addition to the requirements of the Internal Revenue Code, the Fund may also be subject to local taxes on the recognition of capital gains in certain countries. In determining the daily net asset value, the Fund estimates the accrual for such taxes, if any, based on the unrealized appreciation on certain portfolio securities and the related tax rates. Taxes attributable to unrealized appreciation are included in the change in unrealized appreciation (depreciation) on investments. Capital gains taxes on securities sold are included in net realized gain (loss) on investments.

As of October 31, 2025, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

E Expenses—The majority of expenses of the Trust are directly identifiable to an individual fund. Expenses which are not readily identifiable to a specific fund are allocated taking into consideration, among other things, the nature and type of expense and the relative size of the funds.

F Foreign Currency Translation—Investment valuations, other assets, and liabilities initially expressed in foreign currencies are translated each business day into U.S. dollars based upon current exchange rates. Purchases and sales of foreign investment securities and income and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates in effect on the respective dates of such transactions. Recognized gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.

G Use of Estimates—The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

H Indemnifications—Under the Trust's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Trust) could be deemed to have personal liability for the obligations of the Trust. However, the Trust's Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and the By-laws provide that the Trust shall assume, upon request by the shareholder, the defense on behalf of any Fund shareholders. Moreover, the By-laws also provide for indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

I Futures Contracts—Upon entering into a 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 or index and are recorded as unrealized gains or losses by the Fund. Gains (losses) are realized upon the expiration or closing of the futures contracts. Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of the 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.

J Forward Foreign Currency Exchange Contracts—The Fund may enter into forward foreign currency exchange contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date. The forward foreign currency exchange contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded as unrealized until such time as the contracts have been closed. Risks may arise upon entering these contracts from the potential inability of counterparties to meet the terms of their contracts and from movements in the value of a foreign currency relative to the U.S. dollar.

K Segment Reporting—During this reporting period, the Fund adopted FASB Accounting Standards Update No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures* (ASU 2023-07), which requires incremental disclosures related to a public entity's reportable segments. The Fund operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. In connection

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[**Table of Contents**](#JOB_EV_AR_e417145c-c848-4d22-84d9-ed1498dce6bf_TOC)

Eaton Vance

Global Equity Income Fund

October 31, 2025

Notes to Financial Statements — continued

------

with the adoption of ASU 2023-07, the Fund's President acts as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's financial statements.

2 Distributions to Shareholders and Income Tax Information

It is the present policy of the Fund to make monthly distributions of all or substantially all of its net investment income and to distribute annually all or substantially all of its net realized capital gains. Distributions to shareholders are recorded on the ex-dividend date. Distributions are declared separately for each class of shares. Shareholders may reinvest income and capital gain distributions in additional shares of the same class of the Fund at the net asset value as of the ex-dividend date or, at the election of the shareholder, receive distributions in cash. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

The tax character of distributions declared for the years ended October 31, 2025 and October 31, 2024 was as follows:

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$27527263 | &nbsp;&nbsp;&nbsp;&nbsp;$26347239 |

---

During the year ended October 31, 2025, distributable earnings was decreased by $311,979 and paid-in capital was increased by $311,979 due to the Fund's use of equalization accounting. Tax equalization accounting allows the Fund to treat as a distribution that portion of redemption proceeds representing a redeeming shareholder's portion of undistributed taxable income and net capital gains. These reclassifications had no effect on the net assets or net asset value per share of the Fund.

As of October 31, 2025, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$8321091 |
| Deferred capital losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (789600) |
| Net unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308367879 |
| **Distributable earnings** | &nbsp;&nbsp;&nbsp;&nbsp;**$315899370** |

---

At October 31, 2025, the Fund, for federal income tax purposes, had deferred capital losses of $789,600 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund's next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at October 31, 2025, $789,600 are short-term.

The cost and unrealized appreciation (depreciation) of investments of the Fund at October 31, 2025, as determined on a federal income tax basis, were as follows:

---

| | |
|:---|:---|
| **Aggregate cost** | &nbsp;&nbsp;**$443498155** |
| Gross unrealized appreciation | &nbsp;&nbsp;$316145964 |
| Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7841404) |
| **Net unrealized appreciation** | &nbsp;&nbsp;**$308304560** |

---

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[**Table of Contents**](#JOB_EV_AR_e417145c-c848-4d22-84d9-ed1498dce6bf_TOC)

Eaton Vance

Global Equity Income Fund

October 31, 2025

Notes to Financial Statements — continued

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3 Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Eaton Vance Management (EVM), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory services rendered to the Fund. The fee is computed at an annual rate as a percentage of average daily net assets as follows and is payable monthly:

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| | |
|:---|:---|
| **Average Daily Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Annual Fee Rate** |
| Up to $500 million | &nbsp;&nbsp;&nbsp;&nbsp;0.650% |
| $500 million but less than $1 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.625% |
| $1 billion but less than $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.600% |
| $2.5 billion and over | &nbsp;&nbsp;&nbsp;&nbsp;0.575% |

---

For the year ended October 31, 2025, the Fund's investment adviser fee amounted to $4,425,185 or 0.64% of the Fund's average daily net assets.

Pursuant to an investment sub-advisory agreement, EVM has delegated a portion of the investment management of the Fund to Eaton Vance Advisers International Ltd. (EVAIL), an affiliate of EVM and an indirect, wholly-owned subsidiary of Morgan Stanley. EVM pays EVAIL a portion of its investment adviser fee for sub-advisory services provided to the Fund. The Fund may invest in a money market fund, the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio (the "Liquidity Fund"), an open-end management investment company managed by Morgan Stanley Investment Management Inc., a wholly-owned subsidiary of Morgan Stanley. The investment adviser fee paid by the Fund is reduced by an amount equal to its pro rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the year ended October 31, 2025, the investment adviser fee paid was reduced by $4,457 relating to the Fund's investment in the Liquidity Fund.

The administration fee is earned by EVM for administering the business affairs of the Fund and is computed at an annual rate of 0.15% of the Fund's average daily net assets. For the year ended October 31, 2025, the administration fee amounted to $1,032,044.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended October 31, 2025, EVM earned $23,856 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations. The Fund was informed that Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund's principal underwriter, received $13,103 as its portion of the sales charge on sales of Class A shares for the year ended October 31, 2025. EVD also received distribution and service fees from Class A and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5).

Trustees and officers of the Fund who are members of EVM's organization receive remuneration for their services to the Fund out of the investment adviser fee. Trustees of the Fund who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. Certain officers and Trustees of the Fund are officers of EVM.

4 Distribution Plan

The Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the year ended October 31, 2025 amounted to $1,042,582 for Class A shares.

The Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the year ended October 31, 2025, the Fund paid or accrued to EVD $112,597 for Class C shares.

Pursuant to the Class C Plan, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the year ended October 31, 2025 amounted to $37,532 for Class C shares.

Distribution and service fees are subject to the limitations contained in the Financial Industry Regulatory Authority Rule 2341(d).

------

[**Table of Contents**](#JOB_EV_AR_e417145c-c848-4d22-84d9-ed1498dce6bf_TOC)

Eaton Vance

Global Equity Income Fund

October 31, 2025

Notes to Financial Statements — continued

------

5 Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within 12 months of purchase. Class A shares may be subject to a 1% CDSC if redeemed within 12 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the year ended October 31, 2025, the Fund was informed that EVD received $994 of CDSCs paid by Class C shareholders and no CDSCs paid by Class A shareholders.

6 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $713,887,139 and $696,751,572, respectively, for the year ended October 31, 2025.

7 Shares of Beneficial Interest

The Fund's Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value). Such shares may be issued in a number of different series (such as the Fund) and classes. Transactions in Fund shares, including direct exchanges pursuant to share class conversions, were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2024** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 455570 | &nbsp;&nbsp;&nbsp;&nbsp;$7966262 | &nbsp;&nbsp;&nbsp;&nbsp; 831697 | &nbsp;&nbsp;&nbsp;&nbsp;$13596695 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 824587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14416152 | &nbsp;&nbsp;&nbsp;&nbsp; 910585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15182113 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(2424839) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42386821) | &nbsp;&nbsp;&nbsp;&nbsp;(3919346) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63804627) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;**(1144682)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(20004407)** | &nbsp;&nbsp;&nbsp;&nbsp;**(2177064)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(35025819)** |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 109984 | &nbsp;&nbsp;&nbsp;&nbsp;$1956009 | &nbsp;&nbsp;&nbsp;&nbsp; 131743 | &nbsp;&nbsp;&nbsp;&nbsp;$2169605 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 27484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 478454 | &nbsp;&nbsp;&nbsp;&nbsp; 33835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 561721 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (275013) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4792539) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (370103) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6112307) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(137545)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(2358076)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(204525)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(3380981)** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;4471395 | &nbsp;&nbsp;&nbsp;&nbsp;$77191492 | &nbsp;&nbsp;&nbsp;&nbsp;1858442 | &nbsp;&nbsp;&nbsp;&nbsp;$30949885 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 603121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10581085 | &nbsp;&nbsp;&nbsp;&nbsp; 498456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8333891 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(1622878) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28253412) | &nbsp;&nbsp;&nbsp;&nbsp;(1453764) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24295278) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp;**3451638** | &nbsp;&nbsp;&nbsp;&nbsp;**$59519165** | &nbsp;&nbsp;&nbsp;&nbsp; **903134** | &nbsp;&nbsp;&nbsp;&nbsp;**$14988498** |

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8 Financial Instruments

The Fund may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include forward foreign currency exchange contracts and futures contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Fund has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. At October 31, 2025, there were no obligations outstanding under these financial instruments.

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

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[**Table of Contents**](#JOB_EV_AR_e417145c-c848-4d22-84d9-ed1498dce6bf_TOC)

Eaton Vance

Global Equity Income Fund

October 31, 2025

Notes to Financial Statements — continued

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Equity Price Risk: During the year ended October 31, 2025, the Fund entered into equity futures contracts on securities indices to gain or limit exposure to certain markets, particularly in connection with engaging in the dividend capture trading strategy.

Foreign Exchange Risk: Because the Fund holds foreign currency denominated investments, the value of these investments and related receivables and payables may change due to future changes in foreign currency exchange rates. To hedge against this risk, the Fund entered into forward foreign currency exchange contracts during the year ended October 31, 2025.

The Fund enters into forward foreign currency exchange contracts that may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in the Fund's net assets below a certain level over a certain period of time, which would trigger a payment by the Fund for those derivatives in a liability position. At October 31, 2025, the Fund had no open derivatives with credit-related contingent features in a net liability position.

The over-the-counter (OTC) derivatives in which the Fund invests are subject to the risk that the counterparty to the contract fails to perform its obligations under the contract. To mitigate this risk, the Fund has entered into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with substantially all its derivative counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, set-off provisions in the event of a default and/or termination event as defined under the relevant ISDA Master Agreement. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy or insolvency. Certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event the Fund's net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA Master Agreements, which would cause the counterparty to accelerate payment by the Fund of any net liability owed to it.

The collateral requirements for derivatives traded under an ISDA Master Agreement are governed by a Credit Support Annex to the ISDA Master Agreement. Collateral requirements are determined at the close of business each day and are typically based on changes in market values for each transaction under an ISDA Master Agreement and netted into one amount for such agreement. Generally, the amount of collateral due from or to a counterparty is subject to a minimum transfer threshold amount before a transfer is required, which may vary by counterparty. Collateral pledged for the benefit of the Fund and/or counterparty is held in segregated accounts by the Fund's custodian and cannot be sold, re-pledged, assigned or otherwise used while pledged. The portion of such collateral representing cash, if any, is reflected as deposits for derivatives collateral and, in the case of cash pledged by a counterparty for the benefit of the Fund, a corresponding liability on the Statement of Assets and Liabilities. Securities pledged by the Fund as collateral, if any, are identified as such in the Portfolio of Investments.

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations by risk exposure for the year ended October 31, 2025 was as follows:

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| | | | |
|:---|:---|:---|:---|
| **Statement of Operations Caption** | &nbsp;&nbsp;**Equity<br> Price** | &nbsp;&nbsp;**Foreign<br> Exchange** | &nbsp;&nbsp;**Total** |
| Net realized gain (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;$(8348470) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(8348470) |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;229131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229131 |
| **Total** | &nbsp;&nbsp;**$(8348470)** | &nbsp;&nbsp;**$229131** | &nbsp;&nbsp;**$(8119339)** |

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The average notional cost of futures contracts and average notional amounts of other derivative contracts outstanding during the year ended October 31, 2025, which are indicative of the volume of these derivative types, were approximately as follows:

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| | | |
|:---|:---|:---|
| **Futures<br> Contracts — Long** | &nbsp;&nbsp;&nbsp;&nbsp;**Futures<br> Contracts — Short** | &nbsp;&nbsp;&nbsp;&nbsp;**Forward<br> Foreign Currency<br> Exchange Contracts<sup>(1)</sup>** |
| $35434000 | &nbsp;&nbsp;&nbsp;&nbsp;$34553000 | &nbsp;&nbsp;&nbsp;&nbsp;$5660000 |

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<sup>(1)</sup> The average notional amount for forward foreign currency exchange contracts is based on the absolute value of notional amounts of currency purchased and currency sold.

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[**Table of Contents**](#JOB_EV_AR_e417145c-c848-4d22-84d9-ed1498dce6bf_TOC)

Eaton Vance

Global Equity Income Fund

October 31, 2025

Notes to Financial Statements — continued

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9 Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates in a $650 million unsecured revolving line of credit agreement with a group of banks, which is in effect through October 20, 2026. Borrowings are made by the Fund solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Fund based on its borrowings generally at an amount above either the Secured Overnight Financing Rate (SOFR) or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. In connection with the renewal of the agreement in October 2025, an arrangement fee of $150,000 was incurred that was allocated to the participating portfolios and funds. Because the line of credit is not available exclusively to the Fund, it may be unable to borrow some or all of its requested amounts at any particular time. The Fund did not have any significant borrowings or allocated fees during the year ended October 31, 2025.

10 Affiliated Investments

At October 31, 2025, the value of the Fund's investment in funds that may be deemed to be affiliated was $2,676,762, which represents 0.4% of the Fund's net assets. Transactions in such investments by the Fund for the year ended October 31, 2025 were as follows:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Value,<br> beginning<br> of period** | **Purchases** | **Sales<br> proceeds** | **Net realized<br> gain (loss)** | **Change in<br> unrealized<br> appreciation<br> (depreciation)** | **Value, end<br> of period** | **Dividend<br> income** | **Shares,<br> end of period** |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| Liquidity Fund | $4553 | $203980038 | $(201307829) | $— | $— | $2676762 | $122269 | 2676762 |

---

11 Fair Value Measurements

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 October 31, 2025, the hierarchy of inputs used in valuing the Fund's investments, which are carried at fair value, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;$55638252 | &nbsp;&nbsp;&nbsp;&nbsp;$2322503 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$57960755 |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp; 52392280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31757043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84149323 |
| &nbsp;&nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp; 5117314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25259983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30377297 |
| &nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp; 29499904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29499904 |
| &nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp; 82925570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60716248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143641818 |
| &nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp; 63037037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31419238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94456275 |
| &nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp; 27838432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56666355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84504787 |
| &nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;144409315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38980361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183389676 |
| &nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp; 1927872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11555003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13482875 |
| &nbsp;&nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp; 7407254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7407254 |
| &nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp; 9966087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10289902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20255989 |
| **Total Common Stocks** | &nbsp;&nbsp;**$480159317** | &nbsp;&nbsp;&nbsp;&nbsp;**$268,966,636\*** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$749125953** |

---

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[**Table of Contents**](#JOB_EV_AR_e417145c-c848-4d22-84d9-ed1498dce6bf_TOC)

Eaton Vance

Global Equity Income Fund

October 31, 2025

Notes to Financial Statements — continued

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---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Description (continued)** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Short-Term Investments | &nbsp;&nbsp;$2676762 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$2676762 |
| **Total Investments** | &nbsp;&nbsp;**$482836079** | &nbsp;&nbsp;&nbsp;&nbsp;**$268966636** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$751802715** |

---

\* 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.

12 Risks and Uncertainties

#### Risks Associated with Foreign Investments
Foreign investments can be adversely affected by political, economic and market developments abroad, including the imposition of economic and other sanctions by the United States or another country, and by acts of terrorism and war. There may be less publicly available information about foreign issuers because they may not be subject to reporting practices, requirements or regulations comparable to those to which United States companies are subject. Foreign markets may be smaller, less liquid and more volatile than the major markets in the United States. Trading in foreign markets typically involves higher expense than trading in the United States. The Fund may have difficulties enforcing its legal or contractual rights in a foreign country. Securities that trade or are denominated in currencies other than the U.S. dollar may be adversely affected by fluctuations in currency exchange rates.

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[**Table of Contents**](#JOB_EV_AR_e417145c-c848-4d22-84d9-ed1498dce6bf_TOC)

Eaton Vance

Global Equity Income Fund

October 31, 2025

Report of Independent Registered Public Accounting Firm

------

To the Trustees of Eaton Vance Mutual Funds Trust and Shareholders of Eaton Vance Global Equity Income Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Eaton Vance Global Equity Income Fund (the "Fund"), one of the funds constituting Eaton Vance Mutual Funds Trust, including the portfolio of investments, as of October 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 19, 2025

We have served as the auditor of one or more Eaton Vance investment companies since 1959.

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[**Table of Contents**](#JOB_EV_AR_e417145c-c848-4d22-84d9-ed1498dce6bf_TOC)

Eaton Vance

Global Equity Income Fund

October 31, 2025

Federal Tax Information (Unaudited)

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The Form 1099-DIV you receive in February 2026 will show the tax status of all distributions paid to your account in calendar year 2025. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of qualified dividend income for individuals and the dividends received deduction for corporations.

**Qualified Dividend Income. For the fiscal year ended October 31, 2025, the Fund designates approximately $32,468,021, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate of 15%.**

**Dividends Received Deduction. Corporate shareholders are generally entitled to take the dividends received deduction on the portion of the Fund's dividend distribution that qualifies under tax law. For the Fund's fiscal 2025 ordinary income dividends, 10.28% qualifies for the corporate dividends received deduction.**

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[**Table of Contents**](#JOB_EV_AR_e417145c-c848-4d22-84d9-ed1498dce6bf_TOC)

Eaton Vance

Global Equity Income Fund

October 31, 2025

Board of Trustees' Contract Approval

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Overview of the Contract Review Process

The Investment Company Act of 1940, as amended (the "1940 Act"), provides, in substance, that the investment advisory agreement between a fund and its investment adviser will continue in effect from year-to-year only if its continuation is approved on an annual basis by a vote of the fund's board of trustees, including a majority of the trustees who are not "interested persons" of the fund ("independent trustees"), cast in person at a meeting called for the purpose of considering such approval.

At a meeting held on June 12, 2025, the Boards of Trustees/Directors (collectively, the "Board") that oversee the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the "Eaton Vance Funds"), including a majority of the independent trustees (the "Independent Trustees"), voted to approve the continuation of existing investment advisory agreements and sub-advisory agreements<sup>1</sup> for each of the Eaton Vance Funds for an additional one-year period. The Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee comprised of all of the Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of meetings held between April and June 2025, as well as certain additional information provided in response to specific requests from the Independent Trustees as members of the Contract Review Committee. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee's annual evaluation of the investment advisory agreements and sub-advisory agreements.

In connection with its evaluation of the investment advisory agreements and sub-advisory agreements, the Board (directly or through one or more of its committees) considered various information relating to the Eaton Vance Funds. This included information applicable to all or groups of the Eaton Vance Funds, which is referenced immediately below, and information applicable to the particular Eaton Vance Fund covered by this report (each Eaton Vance Fund is referred to below as a "fund"). (For funds that invest through one or more underlying portfolios, references to "each fund" in this section may include information that was considered at the portfolio-level.)

*Information about Fees, Performance and Expenses*

• A report from an independent data provider comparing advisory and other fees paid by each fund to such fees paid by comparable funds, as identified by the independent data provider ("comparable funds");

• A report from an independent data provider comparing each fund's total expense ratio (and its components) to those of comparable funds;

• A report from an independent data provider comparing the investment performance of each fund to the investment performance of comparable funds and, as applicable, benchmark indices, over various time periods;

• In certain instances, data regarding investment performance relative to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board (a committee exclusively comprised of Independent Trustees);

• Comparative information concerning the fees charged and services provided by the adviser and sub-adviser to each fund in managing other accounts (which may include other funds, collective investment trusts and institutional accounts) with the same or substantially similar investment objective as the fund and with a significant overlap in holdings based on criteria set by the Board, if any;

• Profitability analyses on a fund-by-fund basis for the adviser and its affiliates and for each sub-adviser not affiliated with the adviser;

*Information about Portfolio Management and Trading*

• Descriptions of the investment management services provided to each fund, as well as each of the funds' investment strategies and policies;

• The procedures and processes used by the adviser to determine the value of fund assets, including, when necessary, the determination of "fair value" by the adviser in its role as each fund's valuation designee and actions taken to monitor and test the effectiveness of such procedures and processes;

• Information about the policies and practices of each fund's adviser and sub-adviser with respect to trading, including their processes for seeking best execution of portfolio transactions;

• Information about the allocation of brokerage transactions and the benefits, if any, received by the adviser and sub-adviser to each fund as a result of brokerage allocation, including, as applicable, information concerning the acquisition of research through client commission arrangements and policies with respect to "soft dollars";

• Data relating to the portfolio turnover rate of each fund and related information regarding active management in the context of particular strategies;

*Information about each Adviser and Sub-Adviser*

• Reports regarding the financial results and condition of the adviser and certain of its affiliates and of each sub-adviser not affiliated with the adviser;

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;Not all Eaton Vance Funds have entered into a sub-advisory agreement with a sub-adviser. Accordingly, references to "sub-adviser" or "sub-advisory agreement" in this "Overview" section may not be applicable to the particular Eaton Vance Fund covered by this report. Eaton Vance Management and Boston Management and Research are referred to collectively as the "adviser."

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[**Table of Contents**](#JOB_EV_AR_e417145c-c848-4d22-84d9-ed1498dce6bf_TOC)

Eaton Vance

Global Equity Income Fund

October 31, 2025

Board of Trustees' Contract Approval — continued

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• Information regarding the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and, for portfolio managers and certain other investment professionals, information relating to their responsibilities with respect to managing other funds and investment accounts, as applicable;

• Information regarding the adviser's and its parent company's (Morgan Stanley's) efforts to retain and attract talented investment professionals, including in the context of a competitive marketplace for talent;

• Information regarding the adviser's compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals' investments in the fund(s) they manage;

• The personal trading codes of ethics of the adviser and its affiliates and the sub-adviser of each fund, together with information relating to compliance with, and the administration of, such codes;

• Policies and procedures relating to proxy voting, including regular reporting with respect to fund proxy voting activities;

• Information regarding the handling of corporate actions and class actions, as well as information regarding litigation and other regulatory matters;

• Information concerning the resources devoted to compliance efforts undertaken by the adviser and its affiliates and the sub-adviser of each fund, including descriptions of their various compliance programs and their record of compliance and remediation;

• Information concerning the business continuity and disaster recovery plans of the adviser and its affiliates and the sub-adviser of each fund;

• A description of the adviser's oversight of sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters, if any;

*Other Relevant Information*

• Information regarding ongoing initiatives to further integrate and harmonize, where applicable, the investment management and other departments of the adviser and its affiliates with the overall investment management infrastructure of Morgan Stanley, in light of Morgan Stanley's acquisition of Eaton Vance Corp. on March 1, 2021;

• Information concerning the nature, cost, and character of the administrative and other non-investment advisory services provided by the adviser and its affiliates;

• Information concerning oversight of the relationship with the custodian, subcustodians, fund accountants, and other third-party service providers by the adviser and/or administrator to each of the funds;

• Information concerning efforts to maintain policies and procedures with respect to various regulations applicable to the funds, including, without limitation, Rule 22e-4 (the Liquidity Risk Management Rule), Rule 12d1-4 (the Fund-of-Funds Rule), Rule 18f-4 (the Derivatives Rule), and Rule 2a-5 (the Fair Valuation Rule);

• For the Eaton Vance Fund structured as an interval fund, information regarding the interval fund's periodic repurchase offers under Rule 23c-3 and related policies and procedures;

• For each Eaton Vance Fund structured as an exchange-listed closed-end fund, information concerning the benefits of the closed-end fund structure, as well as, where relevant, the closed-end fund's market prices (including as compared to the closed-end fund's net asset value (NAV)), trading volume data, continued use of auction preferred shares (where applicable), distribution rates, and other relevant matters;

• The risks that the adviser and/or its affiliates incur in connection with the management and operation of the funds, including, among others, litigation, regulatory, entrepreneurial, data privacy and cybersecurity, and other business risks (and the associated costs of such risks, if any); and

• The terms of each investment advisory agreement and sub-advisory agreement.

During the various meetings of the Board and its committees over the course of the year leading up to the June 12, 2025 meeting, the Board and its committees received information from portfolio managers and other investment professionals of the adviser and sub-advisers of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds' investment objectives. The Board and its committees also received information regarding risk management techniques employed in connection with the management of the funds. The Board and its committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance, and other issues with respect to the funds, and received and participated in reports and presentations provided by the adviser, sub-advisers, and certain other service providers, with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees met in executive sessions and held regular video or telephone conferences to discuss, among other topics, matters relating to the continuation of investment advisory agreements and sub-advisory agreements.

Each of the Contract Review Committee and the Board was advised throughout the contract review process by Kirkland & Ellis LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee and the members of the Board, with the advice of such counsel, exercised their own business judgment in determining the material factors to be considered in evaluating each investment advisory agreement and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory agreement and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee and Board may have placed varying emphasis on particular factors in reaching conclusions with respect to each investment advisory agreement and sub-advisory agreement. In evaluating each investment advisory agreement and sub-advisory agreement, including the fee structures and other terms contained in such agreements, the members of the Contract Review Committee and Board were also informed by multiple years of analysis and discussion with the adviser and sub-adviser to each of the Eaton Vance Funds.

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[**Table of Contents**](#JOB_EV_AR_e417145c-c848-4d22-84d9-ed1498dce6bf_TOC)

Eaton Vance

Global Equity Income Fund

October 31, 2025

Board of Trustees' Contract Approval — continued

------

Results of the Contract Review Process

Based on its consideration of the foregoing, and such other information it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory agreement between Eaton Vance Global Equity Income Fund (the "Fund") and Eaton Vance Management (the "Adviser"), and the sub-advisory agreement between the Adviser and Eaton Vance Advisers International Ltd. (the "Sub-adviser"), an affiliate of the Adviser, with respect to the Fund, including their respective fee structures, are in the interests of shareholders and, therefore, recommended to the Board approval of each agreement. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreement and the sub-advisory agreement for the Fund.

*Nature, Extent and Quality of Services*

In considering whether to approve the investment advisory agreement and the sub-advisory agreement for the Fund, the Board evaluated the nature, extent and quality of services provided to the Fund by the Adviser and the Sub-adviser.

The Board considered the Adviser's and the Sub-adviser's management capabilities and investment processes in light of the types of investments held by the Fund, including the education and experience of the investment professionals who provide services to the Fund. Regarding the Adviser, the Board considered the Adviser's responsibilities with respect to oversight of the Sub-adviser and coordinating activities in implementing the investment strategies of the Fund. The Board also considered the Adviser's in-house equity research capabilities and experience in managing funds that seek to maximize after-tax returns. With respect to the Sub-adviser, the Board considered the abilities and experience of the Sub-adviser's investment professionals in investing in equity securities, including investing in both U.S. and foreign common stocks. In particular, the Board considered the abilities and experience of the Adviser's and the Sub-adviser's investment professionals in analyzing factors such as special considerations relevant to investing in dividend-paying common and preferred stocks and foreign markets. The Board considered the international investment capabilities of the Sub-adviser, which is based in London, and the benefits to the Fund of having portfolio management services involving investments in international equities provided by investment professionals located abroad. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of the Adviser and other factors, including the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Fund, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Fund, including the provision of administrative services. The Board also considered the business-related and other risks to which the Adviser or its affiliates may be subject in managing the Fund.

The Board considered the compliance programs of the Adviser and relevant affiliates thereof, including the Sub-adviser. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, compliance with policies and procedures, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered relevant examinations of the Adviser and its affiliates by regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

The Board considered other administrative services provided or overseen by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by the Adviser and the Sub-adviser, taken as a whole, are appropriate and consistent with the terms of the investment advisory agreement and the sub-advisory agreement.

*Fund Performance*

The Board compared the Fund's investment performance to that of comparable funds identified by an independent data provider (the peer group), as well as an appropriate benchmark index. The Board's review included comparative performance data with respect to the Fund for the one-, three-, five- and ten-year periods ended December 31, 2024. In this regard, the Board noted that the performance of the Fund was consistent with the median performance of the Fund's peer group for the three-year period. The Board also noted that the performance of the Fund was lower than its primary performance benchmark index for the three-year period. The Board concluded that the performance of the Fund was satisfactory.

*Management Fees and Expenses*

The Board considered contractual fee rates payable by the Fund for advisory and administrative services (referred to collectively as "management fees"). As part of its review, the Board considered the Fund's management fees and total expense ratio for the one-year period ended December 31, 2024, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered certain factors identified by management in response to inquiries from the Contract Review Committee regarding the Fund's total expense ratio relative to comparable funds.

After considering the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser and the Sub-adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.

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[**Table of Contents**](#JOB_EV_AR_e417145c-c848-4d22-84d9-ed1498dce6bf_TOC)

Eaton Vance

Global Equity Income Fund

October 31, 2025

Board of Trustees' Contract Approval — continued

------

*Profitability and "Fall-Out" Benefits*

The Board considered the level of profits realized by the Adviser and relevant affiliates thereof, including the Sub-adviser, in providing investment advisory and administrative services to the Fund and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by the Adviser and its affiliates to third parties in respect of distribution or other services.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates, including the Sub-adviser, are not excessive.

The Board also considered direct or indirect fall-out benefits received by the Adviser and its affiliates, including the Sub-adviser, in connection with their respective relationships with the Fund, including the benefits of research services that may be available to the Adviser or the Sub-adviser as a result of securities transactions effected for the Fund and other investment advisory clients.

*Economies of Scale*

In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. To assist in the evaluation of the sharing of any economies of scale, the Board received data for recent years showing asset levels, Adviser profitability and total expense ratios. Based upon the foregoing, the Board concluded that the Fund currently shares in the benefits from economies of scale, if any, when they are realized by the Adviser. The Board also concluded that the structure of the advisory fee, which includes breakpoints at several asset levels, will allow the Fund to continue to benefit from any economies of scale in the future.

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[**Table of Contents**](#JOB_EV_AR_e417145c-c848-4d22-84d9-ed1498dce6bf_TOC)

EADIX-NCSR&nbsp;&nbsp;&nbsp;&nbsp;10.31.25

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## Eaton Vance

## Tax-Managed Multi-Cap Growth Fund

## Annual Financial Statements and Additional Information
October 31, 2025

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![](g35982img99582e5011.gif)

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**This report must be preceded or accompanied by a current summary prospectus or prospectus. Before investing, investors should consider carefully the investment objective, risks, and charges and expenses of a mutual fund. This and other important information is contained in the prospectus and/or statement of additional information, which can be obtained by calling 1-800-262-1122 or from a financial intermediary. Prospective investors should read the prospectus carefully before investing.**

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#### Annual Financial Statements and Additional Information October 31, 2025
Eaton Vance

Tax-Managed Multi-Cap Growth Fund

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| | |
|:---|:---|
| **[**Table of Contents**](#xx_08732bc6-9a8e-4a16-a9f2-358954d57d54_1)** |  |
| [Item 7 of Form N-CSR:](#xx_9909ea98-c4c9-4cd9-9ff5-ff8a51ce4b6a_1) | [Item 7 of Form N-CSR:](#xx_9909ea98-c4c9-4cd9-9ff5-ff8a51ce4b6a_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#xx_9909ea98-c4c9-4cd9-9ff5-ff8a51ce4b6a_1) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#xx_9909ea98-c4c9-4cd9-9ff5-ff8a51ce4b6a_2) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx_9909ea98-c4c9-4cd9-9ff5-ff8a51ce4b6a_3) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx_2844dfd1-4762-44dd-b5e1-f4f60b6293e9_1) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx_8fed022a-7963-4836-8212-c08cf9d00b70_1) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#xx_cf686a7d-d7d3-4b99-8e51-1535da25cbf3_1) | 10 |
| [Federal Tax Information](#xx_7f47ef97-c2b7-41df-9981-936684a4ef79_1) | 11 |
| [Tax-Managed Multi-Cap Growth Portfolio](#xx_415d8792-87d5-4ecb-92fc-f3b09df7dec6_1) | [Tax-Managed Multi-Cap Growth Portfolio](#xx_415d8792-87d5-4ecb-92fc-f3b09df7dec6_1) |
| [Items 6 and 7 of Form N-CSR:](#xx_415d8792-87d5-4ecb-92fc-f3b09df7dec6_1) | [Items 6 and 7 of Form N-CSR:](#xx_415d8792-87d5-4ecb-92fc-f3b09df7dec6_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Portfolio of Investments](#xx_415d8792-87d5-4ecb-92fc-f3b09df7dec6_1) | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Statements](#xx_c2207c6d-ab95-43f9-8047-2ddbd8e4e79b_1) | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#xx_8aeaa6e6-a45c-4d79-8fee-01b446dadb07_1) | 22 |
| Item 11 of Form N-CSR: | Item 11 of Form N-CSR: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Board of Trustees' Contract Approval](#xx_b38d890a-eb4e-4694-a142-f09d9942cad3_1) | 23 |

---

Items 8 and 9 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7.

------

[**Table of Contents**](#JOB_EV_AR_81d07578-9e49-4cef-a569-6ebc33ebd548_TOC)

Eaton Vance

Tax-Managed Multi-Cap Growth Fund

October 31, 2025

Statement of Assets and Liabilities

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**October 31, 2025** |
| Assets |  |
| Investment in Tax-Managed Multi-Cap Growth Portfolio, at value (identified cost $42,914,082) | &nbsp;&nbsp;$167030079 |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239 |
| **Total assets** | &nbsp;&nbsp;**$167030318** |
| Liabilities |  |
| Payable for Fund shares redeemed | &nbsp;&nbsp;$120834 |
| Payable to affiliates: |  |
| &nbsp;&nbsp;&nbsp;Administration fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20915 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39657 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agency fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5154 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 |
| Payable for legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37517 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24002 |
| **Total liabilities** | &nbsp;&nbsp;**$248121** |
| **Net Assets** | &nbsp;&nbsp;**$166782197** |
| Sources of Net Assets |  |
| Paid-in capital | &nbsp;&nbsp;$43272619 |
| Distributable earnings | &nbsp;&nbsp;&nbsp;&nbsp;123509578 |
| **Net Assets** | &nbsp;&nbsp;**$166782197** |
| Class A Shares |  |
| **Net Assets** | &nbsp;&nbsp;$159140059 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2450354 |
| **Net Asset Value and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$64.95 |
| **Maximum Offering Price Per Share<br> (100 ÷ 94.75 of net asset value per share)** | &nbsp;&nbsp;$68.55 |
| Class C Shares |  |
| **Net Assets** | &nbsp;&nbsp;$7642138 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147478 |
| **Net Asset Value and Offering Price Per Share\*<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$51.82 |

---

---

| | |
|:---|:---|
| On sales of $50,000 or more, the offering price of Class A shares is reduced. | On sales of $50,000 or more, the offering price of Class A shares is reduced. |
| \* | Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge. |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_81d07578-9e49-4cef-a569-6ebc33ebd548_TOC)

Eaton Vance

Tax-Managed Multi-Cap Growth Fund

October 31, 2025

Statement of Operations

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended** |
|  | &nbsp;&nbsp;&nbsp;**October 31, 2025** |
| Investment Income |  |
| Dividend income allocated from Portfolio (net of foreign taxes withheld of $10,224) | &nbsp;&nbsp;$757143 |
| Securities lending income allocated from Portfolio, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5407 |
| Expenses allocated from Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1093888) |
| Waiver and/or reimbursement of expenses by affiliates allocated from Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1066 |
| **Total investment loss from Portfolio** | &nbsp;&nbsp;**$(330272)** |
| Expenses |  |
| Administration fee | &nbsp;&nbsp;$231328 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366874 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74692 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21575 |
| Transfer and dividend disbursing agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61229 |
| Legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50267 |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8719 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36120 |
| ReFlow liquidity program fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5583 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11950 |
| **Total expenses** | &nbsp;&nbsp;**$868837** |
| **Net investment loss** | &nbsp;&nbsp;**$(1199109)** |
| Realized and Unrealized Gain (Loss) from Portfolio |  |
| Net realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;Investment transactions | &nbsp;&nbsp;$14397717 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| **Net realized gain** | &nbsp;&nbsp;**$14397719** |
| Change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;$8777367 |
| &nbsp;&nbsp;&nbsp;Foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$8777385** |
| **Net realized and unrealized gain** | &nbsp;&nbsp;**$23175104** |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$21975995** |

---

*2*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_81d07578-9e49-4cef-a569-6ebc33ebd548_TOC)

Eaton Vance

Tax-Managed Multi-Cap Growth Fund

October 31, 2025

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
|  | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss | &nbsp;&nbsp;$(1199109) | &nbsp;&nbsp;$(1002896) |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14397719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5793348 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8777385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34436034 |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$21975995** | &nbsp;&nbsp;**$39226486** |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(3226852) | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(211837) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total distributions to shareholders** | &nbsp;&nbsp;**$(3438689)** | &nbsp;&nbsp;**$—** |
| Transactions in shares of beneficial interest: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(3145663) | &nbsp;&nbsp;$(2316673) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(589745) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(636423) |
| **Net decrease in net assets from Fund share transactions** | &nbsp;&nbsp;**$(3735408)** | &nbsp;&nbsp;**$(2953096)** |
| **Net increase in net assets** | &nbsp;&nbsp;**$14801898** | &nbsp;&nbsp;**$36273390** |
| Net Assets |  |  |
| At beginning of year | &nbsp;&nbsp;$151980299 | &nbsp;&nbsp;$115706909 |
| **At end of year** | &nbsp;&nbsp;**$166782197** | &nbsp;&nbsp;**$151980299** |

---

*3*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_81d07578-9e49-4cef-a569-6ebc33ebd548_TOC)

Eaton Vance

Tax-Managed Multi-Cap Growth Fund

October 31, 2025

Financial Highlights

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$57.74 | &nbsp;&nbsp;$43.06 | &nbsp;&nbsp;$36.29 | &nbsp;&nbsp;$51.60 | &nbsp;&nbsp;$39.63 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment loss<sup>(1)</sup> | &nbsp;&nbsp;$(0.44) | &nbsp;&nbsp;$(0.36) | &nbsp;&nbsp;$(0.25) | &nbsp;&nbsp;$(0.33) | &nbsp;&nbsp;$(0.39) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.02 | &nbsp;&nbsp;&nbsp;&nbsp;(13.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.73 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$8.51** | &nbsp;&nbsp;**$14.68** | &nbsp;&nbsp;**$6.77** | &nbsp;&nbsp;**$(13.71)** | &nbsp;&nbsp;**$13.34** |
| Less Distributions |  |  |  |  |  |
| From net realized gain | &nbsp;&nbsp;$(1.30) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(1.60) | &nbsp;&nbsp;$(1.37) |
| **Total distributions** | &nbsp;&nbsp;**$(1.30)** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$(1.60)** | &nbsp;&nbsp;**$(1.37)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$64.95** | &nbsp;&nbsp;**$57.74** | &nbsp;&nbsp;**$43.06** | &nbsp;&nbsp;**$36.29** | &nbsp;&nbsp;**$51.60** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.89%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**34.09%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.66%** | &nbsp;&nbsp;&nbsp;&nbsp;**(27.42)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**34.39%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$159140 | &nbsp;&nbsp;$144509 | &nbsp;&nbsp;$109562 | &nbsp;&nbsp;$93206 | &nbsp;&nbsp;$136537 |
| Ratios (as a percentage of average daily net assets):<sup>(3)(4)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25% |
| &nbsp;&nbsp;&nbsp;Net investment loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.74)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.67)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.60)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.79)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.83)% |
| Portfolio Turnover of the Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

<sup>(3)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(4)</sup> Includes the Fund's share of the Portfolio's allocated expenses.

<sup>(5)</sup> Includes a reduction by the investment adviser of a portion of the Portfolio's adviser fee due to the Portfolio's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended October 31, 2025, 2024, 2023 and 2022).

<sup>(6)</sup> Amount is less than 0.5%.

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_81d07578-9e49-4cef-a569-6ebc33ebd548_TOC)

Eaton Vance

Tax-Managed Multi-Cap Growth Fund

October 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$46.65 | &nbsp;&nbsp;$35.05 | &nbsp;&nbsp;$29.77 | &nbsp;&nbsp;$42.92 | &nbsp;&nbsp;$33.41 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment loss<sup>(1)</sup> | &nbsp;&nbsp;$(0.70) | &nbsp;&nbsp;$(0.61) | &nbsp;&nbsp;$(0.45) | &nbsp;&nbsp;$(0.54) | &nbsp;&nbsp;$(0.61) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.17 | &nbsp;&nbsp;&nbsp;&nbsp;12.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.73 | &nbsp;&nbsp;&nbsp;&nbsp;(11.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.49 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$6.47** | &nbsp;&nbsp;**$11.60** | &nbsp;&nbsp;**$5.28** | &nbsp;&nbsp;**$(11.55)** | &nbsp;&nbsp;**$10.88** |
| Less Distributions |  |  |  |  |  |
| From net realized gain | &nbsp;&nbsp;$(1.30) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(1.60) | &nbsp;&nbsp;$(1.37) |
| **Total distributions** | &nbsp;&nbsp;**$(1.30)** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$(1.60)** | &nbsp;&nbsp;**$(1.37)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$51.82** | &nbsp;&nbsp;**$46.65** | &nbsp;&nbsp;**$35.05** | &nbsp;&nbsp;**$29.77** | &nbsp;&nbsp;**$42.92** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**14.04%** | &nbsp;&nbsp;&nbsp;&nbsp;**33.10%** | &nbsp;&nbsp;&nbsp;&nbsp;**17.74%** | &nbsp;&nbsp;&nbsp;&nbsp;**(27.95)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**33.40%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$7642 | &nbsp;&nbsp;$7472 | &nbsp;&nbsp;$6145 | &nbsp;&nbsp;$7382 | &nbsp;&nbsp;$13300 |
| Ratios (as a percentage of average daily net assets):<sup>(3)(4)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.98%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.98%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.01%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% |
| &nbsp;&nbsp;&nbsp;Net investment loss | &nbsp;&nbsp;&nbsp;&nbsp;(1.48)% | &nbsp;&nbsp;&nbsp;&nbsp;(1.41)% | &nbsp;&nbsp;&nbsp;&nbsp;(1.34)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.53)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.57)% |
| Portfolio Turnover of the Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

<sup>(3)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(4)</sup> Includes the Fund's share of the Portfolio's allocated expenses.

<sup>(5)</sup> Includes a reduction by the investment adviser of a portion of the Portfolio's adviser fee due to the Portfolio's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended October 31, 2025, 2024, 2023 and 2022).

<sup>(6)</sup> Amount is less than 0.5%.

*5*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_81d07578-9e49-4cef-a569-6ebc33ebd548_TOC)

Eaton Vance

Tax-Managed Multi-Cap Growth Fund

October 31, 2025

Notes to Financial Statements

------

1 Significant Accounting Policies

Eaton Vance Tax-Managed Multi-Cap Growth Fund (the Fund) is a non-diversified series of Eaton Vance Mutual Funds Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund offers two classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective November 5, 2020, Class C shares automatically convert to Class A shares eight years after their purchase as described in the Fund's prospectus. Each class represents a pro rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses and net investment income and losses, other than class-specific expenses, are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Each class of shares differs in its distribution plan and certain other class-specific expenses. The Fund invests its assets in interests in Tax-Managed Multi-Cap Growth Portfolio (the Portfolio), a Massachusetts business trust, having the same investment objective and policies as the Fund. The value of the Fund's investment in the Portfolio reflects the Fund's proportionate interest in the net assets of the Portfolio (53.9% at October 31, 2025). The performance of the Fund is directly affected by the performance of the Portfolio. The financial statements of the Portfolio, including the portfolio of investments, are included elsewhere in this report and should be read in conjunction with the Fund's financial statements.

The following is a summary of significant accounting policies of the Fund. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.

A Investment Valuation—Valuation of securities by the Portfolio is discussed in Note 1A of the Portfolio's Notes to Financial Statements, which are included elsewhere in this report.

B Income—The Fund's net investment income or loss consists of the Fund's pro rata share of the net investment income or loss of the Portfolio, less all actual and accrued expenses of the Fund.

C Federal Taxes—The Fund's policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary.

As of October 31, 2025, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

D Expenses—The majority of expenses of the Trust are directly identifiable to an individual fund. Expenses which are not readily identifiable to a specific fund are allocated taking into consideration, among other things, the nature and type of expense and the relative size of the funds.

E Use of Estimates—The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

F Indemnifications—Under the Trust's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Trust) could be deemed to have personal liability for the obligations of the Trust. However, the Trust's Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and the By-laws provide that the Trust shall assume, upon request by the shareholder, the defense on behalf of any Fund shareholders. Moreover, the By-laws also provide for indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

G Other—Investment transactions are accounted for on a trade date basis.

H Segment Reporting—During this reporting period, the Fund adopted FASB Accounting Standards Update No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures* (ASU 2023-07), which requires incremental disclosures related to a public entity's reportable segments. The Fund operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. In connection with the adoption of ASU 2023-07, the Fund's President acts as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's financial statements.

------

[**Table of Contents**](#JOB_EV_AR_81d07578-9e49-4cef-a569-6ebc33ebd548_TOC)

Eaton Vance

Tax-Managed Multi-Cap Growth Fund

October 31, 2025

Notes to Financial Statements — continued

------

2 Distributions to Shareholders and Income Tax Information

It is the present policy of the Fund to make at least one distribution annually (normally in December) of all or substantially all of its net investment income and to distribute annually all or substantially all of its net realized capital gains. Distributions to shareholders are recorded on the ex-dividend date. Distributions are declared separately for each class of shares. Shareholders may reinvest income and capital gain distributions in additional shares of the same class of the Fund at the net asset value as of the ex-dividend date or, at the election of the shareholder, receive distributions in cash. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

The tax character of distributions declared for the years ended October 31, 2025 and October 31, 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** |
| Long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;$3438689 | &nbsp;&nbsp;&nbsp;&nbsp;$— |

---

During the year ended October 31, 2025, distributable earnings was decreased by $3,052,577 and paid-in capital was increased by $3,052,577 due to the Fund's use of equalization accounting and differences between book and tax accounting, primarily for redemptions in-kind and net operating losses. Tax equalization accounting allows the Fund to treat as a distribution that portion of redemption proceeds representing a redeeming shareholder's portion of undistributed taxable income and net capital gains. These reclassifications had no effect on the net assets or net asset value per share of the Fund.

As of October 31, 2025, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;$12722955 |
| Net unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110786623 |
| **Distributable earnings** | &nbsp;&nbsp;&nbsp;&nbsp;**$123509578** |

---

3 Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Eaton Vance Management (EVM), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory services rendered to the Fund. The fee is computed at an annual rate as a percentage of the Fund's average daily net assets that are not invested in other investment companies for which EVM or its affiliates serve as investment adviser and receive an advisory fee as follows and is payable monthly:

---

| | |
|:---|:---|
| **Average Daily Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Annual Fee Rate** |
| Up to $500 million | &nbsp;&nbsp;&nbsp;&nbsp;0.650% |
| $500 million but less than $1 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.625% |
| $1 billion but less than $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.600% |
| $2.5 billion and over | &nbsp;&nbsp;&nbsp;&nbsp;0.600% |

---

For the year ended October 31, 2025, the Fund incurred no investment adviser fee on such assets. To the extent the Fund's assets are invested in the Portfolio, the Fund is allocated its share of the Portfolio's investment adviser fee. The Portfolio has engaged Boston Management and Research (BMR) to render investment advisory services. See Note 2 of the Portfolio's Notes to Financial Statements which are included elsewhere in this report. The administration fee is earned by EVM as compensation for administrative services rendered to the Fund. The fee is computed at an annual rate of 0.15% of the Fund's average daily net assets. For the year ended October 31, 2025, the administration fee amounted to $231,328.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended October 31, 2025, EVM earned $15,548 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations. The Fund was informed that Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund's principal underwriter, received $7,816 as its portion of the sales charge on sales of Class A shares for the year ended October 31, 2025. EVD also received distribution and service fees from Class A and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5).

------

[**Table of Contents**](#JOB_EV_AR_81d07578-9e49-4cef-a569-6ebc33ebd548_TOC)

Eaton Vance

Tax-Managed Multi-Cap Growth Fund

October 31, 2025

Notes to Financial Statements — continued

------

Trustees and officers of the Fund who are members of EVM's or BMR's organizations receive remuneration for their services to the Fund out of the investment adviser fee. Certain officers and Trustees of the Fund and the Portfolio are officers of the above organizations.

4 Distribution Plans

The Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the year ended October 31, 2025 amounted to $366,874 for Class A shares.

The Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the year ended October 31, 2025, the Fund paid or accrued to EVD $56,019 for Class C shares.

Pursuant to the Class C Plan, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the year ended October 31, 2025 amounted to $18,673 for Class C shares.

Distribution fees are subject to the limitations contained in the Financial Industry Regulatory Authority Rule 2341(d).

5 Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within 12 months of purchase. Class A shares may be subject to a 1% CDSC if redeemed within 12 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the year ended October 31, 2025, the Fund was informed that EVD received $211 of CDSCs paid by Class C shareholders

and no CDSCs paid by Class A shareholders.

6 Investment Transactions

For the year ended October 31, 2025, increases and decreases in the Fund's investment in the Portfolio aggregated $2,015,609 and $9,957,508, respectively.

7 Shares of Beneficial Interest

The Fund's Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value). Such shares may be issued in a number of different series (such as the Fund) and classes. Sales and redemptions of Class A shares include shares purchased and redeemed in connection with the ReFlow liquidity program, a program designed to provide an alternative liquidity source for mutual funds experiencing net redemptions of their shares. Transactions in Fund shares, including direct exchanges pursuant to share class conversions, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2024** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;166156 | &nbsp;&nbsp;&nbsp;&nbsp;$9746380 | &nbsp;&nbsp;&nbsp;&nbsp;165673 | &nbsp;&nbsp;&nbsp;&nbsp;$8827723 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 50723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3090035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(269205) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15982078) | &nbsp;&nbsp;&nbsp;&nbsp;(207336) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11144396) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(52326)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(3145663)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(41663)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(2316673)** |

---

------

[**Table of Contents**](#JOB_EV_AR_81d07578-9e49-4cef-a569-6ebc33ebd548_TOC)

Eaton Vance

Tax-Managed Multi-Cap Growth Fund

October 31, 2025

Notes to Financial Statements — continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2024** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 12680 | &nbsp;&nbsp;&nbsp;&nbsp;$602994 | &nbsp;&nbsp;&nbsp;&nbsp; 15217 | &nbsp;&nbsp;&nbsp;&nbsp;$666793 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 4329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 211762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29679) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1404501) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30375) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1303216) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(12670)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(589745)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(15158)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(636423)** |

---

------

[**Table of Contents**](#JOB_EV_AR_81d07578-9e49-4cef-a569-6ebc33ebd548_TOC)

Eaton Vance

Tax-Managed Multi-Cap Growth Fund

October 31, 2025

Report of Independent Registered Public Accounting Firm

------

To the Trustees of Eaton Vance Mutual Funds Trust and Shareholders of Eaton Vance Tax-Managed Multi-Cap Growth Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Eaton Vance Tax-Managed Multi-Cap Growth Fund (the "Fund"), one of the funds constituting Eaton Vance Mutual Funds Trust, as of October 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 19, 2025

We have served as the auditor of one or more Eaton Vance investment companies since 1959.

------

[**Table of Contents**](#JOB_EV_AR_81d07578-9e49-4cef-a569-6ebc33ebd548_TOC)

Eaton Vance

Tax-Managed Multi-Cap Growth Fund

October 31, 2025

Federal Tax Information (Unaudited)

------

The Form 1099-DIV you receive in February 2026 will show the tax status of all distributions paid to your account in calendar year 2025. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of capital gains dividends.

**Capital Gains Dividends. The Fund hereby designates as a capital gain dividend with respect to the taxable year ended October 31, 2025, $13,333,431 or, if subsequently determined to be different, the net capital gain of such year.**

------

[**Table of Contents**](#JOB_EV_AR_81d07578-9e49-4cef-a569-6ebc33ebd548_TOC)

Tax-Managed Multi-Cap Growth Portfolio

October 31, 2025

Portfolio of Investments

------

Common Stocks — 99.8%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Biotechnology — 2.7% | Biotechnology — 2.7% | Biotechnology — 2.7% |
| AbbVie, Inc. | 17006 | &nbsp;&nbsp;$3707988 |
| Caris Life Sciences, Inc.<sup>(1)</sup> | 52126 | &nbsp;&nbsp;&nbsp;&nbsp; 1567950 |
| Vertex Pharmaceuticals, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7471 | &nbsp;&nbsp;&nbsp;&nbsp; 3179434 |
|  |  | &nbsp;&nbsp;**$8455372** |
| Broadline Retail — 9.3% | Broadline Retail — 9.3% | Broadline Retail — 9.3% |
| Amazon.com, Inc.<sup>(1)</sup> | 118076 | &nbsp;&nbsp;$28836521 |
|  |  | &nbsp;&nbsp;**$28836521** |
| Capital Markets — 0.9% | Capital Markets — 0.9% | Capital Markets — 0.9% |
| S&P Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5966 | &nbsp;&nbsp;$2906695 |
|  |  | &nbsp;&nbsp;**$2906695** |
| Chemicals — 1.2% | Chemicals — 1.2% | Chemicals — 1.2% |
| Ecolab, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5380 | &nbsp;&nbsp;$1379432 |
| Sherwin-Williams Co. | &nbsp;&nbsp;&nbsp;&nbsp;6570 | &nbsp;&nbsp;&nbsp;&nbsp; 2266256 |
|  |  | &nbsp;&nbsp;**$3645688** |
| Commercial Services & Supplies — 1.6% | Commercial Services & Supplies — 1.6% | Commercial Services & Supplies — 1.6% |
| Copart, Inc.<sup>(1)</sup> | 49420 | &nbsp;&nbsp;$2125554 |
| Waste Connections, Inc. | 16156 | &nbsp;&nbsp;&nbsp;&nbsp; 2709038 |
|  |  | &nbsp;&nbsp;**$4834592** |
| Consumer Staples Distribution & Retail — 1.8% | Consumer Staples Distribution & Retail — 1.8% | Consumer Staples Distribution & Retail — 1.8% |
| Performance Food Group Co.<sup>(1)</sup> | 58516 | &nbsp;&nbsp;$5660838 |
|  |  | &nbsp;&nbsp;**$5660838** |
| Electrical Equipment — 2.1% | Electrical Equipment — 2.1% | Electrical Equipment — 2.1% |
| AMETEK, Inc. | 31600 | &nbsp;&nbsp;$6386676 |
|  |  | &nbsp;&nbsp;**$6386676** |
| Entertainment — 0.5% | Entertainment — 0.5% | Entertainment — 0.5% |
| Live Nation Entertainment, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9609 | &nbsp;&nbsp;$1436834 |
|  |  | &nbsp;&nbsp;**$1436834** |
| Financial Services — 3.7% | Financial Services — 3.7% | Financial Services — 3.7% |
| Shift4 Payments, Inc., Class A<sup>(1)(2)</sup> | 13838 | &nbsp;&nbsp;$956206 |
| Visa, Inc., Class A | 30882 | &nbsp;&nbsp;&nbsp;&nbsp; 10522732 |
|  |  | &nbsp;&nbsp;**$11478938** |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Food Products — 0.4% | Food Products — 0.4% | Food Products — 0.4% |
| Mondelez International, Inc., Class A | 21749 | &nbsp;&nbsp;$1249698 |
|  |  | &nbsp;&nbsp;**$1249698** |
| Ground Transportation — 2.3% | Ground Transportation — 2.3% | Ground Transportation — 2.3% |
| Norfolk Southern Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8734 | &nbsp;&nbsp;$2475041 |
| Uber Technologies, Inc.<sup>(1)</sup> | 47387 | &nbsp;&nbsp;&nbsp;&nbsp; 4572845 |
|  |  | &nbsp;&nbsp;**$7047886** |
| Health Care Equipment & Supplies — 1.9% | Health Care Equipment & Supplies — 1.9% | Health Care Equipment & Supplies — 1.9% |
| Edwards Lifesciences Corp.<sup>(1)</sup> | 19017 | &nbsp;&nbsp;$1567952 |
| Intuitive Surgical, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4788 | &nbsp;&nbsp;&nbsp;&nbsp; 2558133 |
| Stryker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4839 | &nbsp;&nbsp;&nbsp;&nbsp; 1723845 |
|  |  | &nbsp;&nbsp;**$5849930** |
| Hotels, Restaurants & Leisure — 1.8% | Hotels, Restaurants & Leisure — 1.8% | Hotels, Restaurants & Leisure — 1.8% |
| Booking Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626 | &nbsp;&nbsp;$3178665 |
| Domino's Pizza, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3079 | &nbsp;&nbsp;&nbsp;&nbsp; 1226858 |
| Marriott International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;4720 | &nbsp;&nbsp;&nbsp;&nbsp; 1229938 |
|  |  | &nbsp;&nbsp;**$5635461** |
| Interactive Media & Services — 13.9% | Interactive Media & Services — 13.9% | Interactive Media & Services — 13.9% |
| Alphabet, Inc., Class A | 61650 | &nbsp;&nbsp;$17335363 |
| Alphabet, Inc., Class C | 47917 | &nbsp;&nbsp;&nbsp;&nbsp; 13503969 |
| Meta Platforms, Inc., Class A | 18990 | &nbsp;&nbsp;&nbsp;&nbsp; 12312167 |
|  |  | &nbsp;&nbsp;**$43151499** |
| IT Services — 1.9% | IT Services — 1.9% | IT Services — 1.9% |
| GoDaddy, Inc., Class A<sup>(1)</sup> | 33923 | &nbsp;&nbsp;$4516169 |
| Okta, Inc.<sup>(1)</sup> | 15035 | &nbsp;&nbsp;&nbsp;&nbsp; 1376153 |
|  |  | &nbsp;&nbsp;**$5892322** |
| Life Sciences Tools & Services — 1.0% | Life Sciences Tools & Services — 1.0% | Life Sciences Tools & Services — 1.0% |
| Danaher Corp. | 14070 | &nbsp;&nbsp;$3030397 |
|  |  | &nbsp;&nbsp;**$3030397** |
| Pharmaceuticals — 1.1% | Pharmaceuticals — 1.1% | Pharmaceuticals — 1.1% |
| Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;3834 | &nbsp;&nbsp;$3308205 |
|  |  | &nbsp;&nbsp;**$3308205** |
| Real Estate Management & Development — 0.4% | Real Estate Management & Development — 0.4% | Real Estate Management & Development — 0.4% |
| CoStar Group, Inc.<sup>(1)</sup> | 17605 | &nbsp;&nbsp;$1211400 |
|  |  | &nbsp;&nbsp;**$1211400** |
| Semiconductors & Semiconductor Equipment — 17.4% | Semiconductors & Semiconductor Equipment — 17.4% | Semiconductors & Semiconductor Equipment — 17.4% |
| Broadcom, Inc. | 24620 | &nbsp;&nbsp;$9100290 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_81d07578-9e49-4cef-a569-6ebc33ebd548_TOC)

Tax-Managed Multi-Cap Growth Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Semiconductors & Semiconductor Equipment (continued) | Semiconductors & Semiconductor Equipment (continued) | Semiconductors & Semiconductor Equipment (continued) |
| Monolithic Power Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8854 | &nbsp;&nbsp;$8898270 |
| NVIDIA Corp. | 177438 | &nbsp;&nbsp;&nbsp;&nbsp; 35929421 |
|  |  | &nbsp;&nbsp;**$53927981** |
| Software — 19.3% | Software — 19.3% | Software — 19.3% |
| Adobe, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9206 | &nbsp;&nbsp;$3132894 |
| Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6414 | &nbsp;&nbsp;&nbsp;&nbsp; 4281666 |
| Microsoft Corp. | 74352 | &nbsp;&nbsp;&nbsp;&nbsp; 38500210 |
| Nutanix, Inc., Class A<sup>(1)</sup> | 22727 | &nbsp;&nbsp;&nbsp;&nbsp; 1619071 |
| Oracle Corp. | 11391 | &nbsp;&nbsp;&nbsp;&nbsp; 2991391 |
| Salesforce, Inc. | 19700 | &nbsp;&nbsp;&nbsp;&nbsp; 5130077 |
| ServiceTitan, Inc., Class A<sup>(1)(2)</sup> | 21343 | &nbsp;&nbsp;&nbsp;&nbsp; 2013925 |
| Synopsys, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4809 | &nbsp;&nbsp;&nbsp;&nbsp; 2182421 |
|  |  | &nbsp;&nbsp;**$59851655** |
| Specialty Retail — 2.0% | Specialty Retail — 2.0% | Specialty Retail — 2.0% |
| TJX Cos., Inc. | 44664 | &nbsp;&nbsp;$6259213 |
|  |  | &nbsp;&nbsp;**$6259213** |
| Technology Hardware, Storage & Peripherals — 10.1% | Technology Hardware, Storage & Peripherals — 10.1% | Technology Hardware, Storage & Peripherals — 10.1% |
| Apple, Inc. | 116404 | &nbsp;&nbsp;$31472148 |
|  |  | &nbsp;&nbsp;**$31472148** |
| Textiles, Apparel & Luxury Goods — 0.5% | Textiles, Apparel & Luxury Goods — 0.5% | Textiles, Apparel & Luxury Goods — 0.5% |
| Lululemon Athletica, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8980 | &nbsp;&nbsp;$1531449 |
|  |  | &nbsp;&nbsp;**$1531449** |
| Trading Companies & Distributors — 2.0% | Trading Companies & Distributors — 2.0% | Trading Companies & Distributors — 2.0% |
| United Rentals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7233 | &nbsp;&nbsp;$6301245 |
|  |  | &nbsp;&nbsp;**$6301245** |
| Total Common Stocks<br> (identified cost $92,251,588) |  | &nbsp;&nbsp;**$309362643** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Short-Term Investments — 0.4%

Affiliated Fund — 0.2%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 4.00%<sup>(3)</sup> | 819535 | &nbsp;&nbsp;$819535 |
| Total Affiliated Fund<br> (identified cost $819,535) |  | &nbsp;&nbsp;**$819535** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Securities Lending Collateral — 0.2%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| State Street Navigator Securities Lending Government Money Market Portfolio, 4.06%<sup>(4)</sup> | 513274 | &nbsp;&nbsp;$513274 |
| Total Securities Lending Collateral<br> (identified cost $513,274) |  | &nbsp;&nbsp;**$513274** |
| Total Short-Term Investments<br> (identified cost $1,332,809) |  | &nbsp;&nbsp;**$1332809** |
| Total Investments — 100.2%<br> (identified cost $93,584,397) |  | &nbsp;&nbsp;**$310695452** |
| Other Assets, Less Liabilities — (0.2)% |  | &nbsp;&nbsp;**$(700297)** |
| Net Assets — 100.0% |  | &nbsp;&nbsp;**$309995155** |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | The percentage shown for each investment category in the Portfolio of Investments is based on net assets. |
| <sup>(1)</sup> | Non-income producing security. |
| <sup>(2)</sup> | All or a portion of this security was on loan at October 31, 2025. The aggregate market value of securities on loan at October 31, 2025 was $3,540,033. |
| <sup>(3)</sup> | May be deemed to be an affiliated investment company (see Note 7). The rate shown is the annualized seven-day yield as of October 31, 2025. |
| <sup>(4)</sup> | Represents investment of cash collateral received in connection with securities lending. |

---

*13*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_81d07578-9e49-4cef-a569-6ebc33ebd548_TOC)

Tax-Managed Multi-Cap Growth Portfolio

October 31, 2025

Statement of Assets and Liabilities

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**October 31, 2025** |
| Assets |  |
| Unaffiliated investments, at value (identified cost $92,764,862) — including $3,540,033 of securities on loan | &nbsp;&nbsp;$309875917 |
| Affiliated investments, at value (identified cost $819,535) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;819535 |
| Dividends receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37294 |
| Dividends receivable from affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7212 |
| Securities lending income receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2729 |
| Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47881 |
| **Total assets** | &nbsp;&nbsp;**$310790568** |
| Liabilities |  |
| Collateral for securities loaned | &nbsp;&nbsp;$513274 |
| Payable to affiliates: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment adviser fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167704 |
| &nbsp;&nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47881 |
| Payable for legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48855 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17699 |
| **Total liabilities** | &nbsp;&nbsp;**$795413** |
| **Net Assets applicable to investors' interest in Portfolio** | &nbsp;&nbsp;**$309995155** |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_81d07578-9e49-4cef-a569-6ebc33ebd548_TOC)

Tax-Managed Multi-Cap Growth Portfolio

October 31, 2025

Statement of Operations

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended** |
|  | &nbsp;&nbsp;&nbsp;**October 31, 2025** |
| Investment Income |  |
| Dividend income (net of foreign taxes withheld of $18,796) | &nbsp;&nbsp;$1331908 |
| Dividend income from affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57815 |
| Securities lending income, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9951 |
| **Total investment income** | &nbsp;&nbsp;**$1399674** |
| Expenses |  |
| Investment adviser fee | &nbsp;&nbsp;$1853047 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17410 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72427 |
| Legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54408 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12643 |
| **Total expenses** | &nbsp;&nbsp;**$2009935** |
| Deduct: |  |
| &nbsp;&nbsp;&nbsp;Waiver and/or reimbursement of expenses by affiliates | &nbsp;&nbsp;$1956 |
| **Total expense reductions** | &nbsp;&nbsp;**$1956** |
| **Net expenses** | &nbsp;&nbsp;**$2007979** |
| **Net investment loss** | &nbsp;&nbsp;**$(608305)** |
| Realized and Unrealized Gain (Loss) |  |
| Net realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;Investment transactions | &nbsp;&nbsp;$26571781<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| **Net realized gain** | &nbsp;&nbsp;**$26571784** |
| Change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;$16067424 |
| &nbsp;&nbsp;&nbsp;Foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$16067457** |
| **Net realized and unrealized gain** | &nbsp;&nbsp;**$42639241** |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$42030936** |

---

<sup>(1)</sup> Includes $3,669,751 of net realized gains from redemptions in-kind.

*15*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_81d07578-9e49-4cef-a569-6ebc33ebd548_TOC)

Tax-Managed Multi-Cap Growth Portfolio

October 31, 2025

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
|  | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss | &nbsp;&nbsp;$(608305) | &nbsp;&nbsp;$(346553) |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26571784<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10444103<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16067457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61869836 |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$42030936** | &nbsp;&nbsp;**$71967386** |
| Capital transactions: |  |  |
| &nbsp;&nbsp;&nbsp;Contributions | &nbsp;&nbsp;$2015609 | &nbsp;&nbsp;$4507326 |
| &nbsp;&nbsp;&nbsp;Withdrawals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9957508) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8395505) |
| **Net decrease in net assets from capital transactions** | &nbsp;&nbsp;**$(7941899)** | &nbsp;&nbsp;**$(3888179)** |
| **Net increase in net assets** | &nbsp;&nbsp;**$34089037** | &nbsp;&nbsp;**$68079207** |
| Net Assets |  |  |
| At beginning of year | &nbsp;&nbsp;$275906118 | &nbsp;&nbsp;$207826911 |
| **At end of year** | &nbsp;&nbsp;**$309995155** | &nbsp;&nbsp;**$275906118** |

---

<sup>(1)</sup> Includes $3,669,751 of net realized gains from redemptions in-kind.

<sup>(2)</sup> Includes $2,912,088 of net realized gains from redemptions in-kind.

*16*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_81d07578-9e49-4cef-a569-6ebc33ebd548_TOC)

Tax-Managed Multi-Cap Growth Portfolio

October 31, 2025

Financial Highlights

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| <br>Ratios/Supplemental Data | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Ratios (as a percentage of average daily net assets):<sup>(1)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70%<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70%<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71%<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72%<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% |
| &nbsp;&nbsp;&nbsp;Net investment loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28)% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13% |
| **Total Return** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.16%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**34.79%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.30%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(27.00)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**35.12%** |
| **Net assets, end of year (000's omitted)** | &nbsp;&nbsp;**$309995** | &nbsp;&nbsp;**$275906** | &nbsp;&nbsp;**$207827** | &nbsp;&nbsp;**$178974** | &nbsp;&nbsp;**$262354** |

---

<sup>(1)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Portfolio.

<sup>(2)</sup> Includes a reduction by the investment adviser of a portion of the Portfolio's adviser fee due to the Portfolio's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended October 31, 2025, 2024, 2023 and 2022).

<sup>(3)</sup> Amount is less than 0.5%.

------

[**Table of Contents**](#JOB_EV_AR_81d07578-9e49-4cef-a569-6ebc33ebd548_TOC)

Tax-Managed Multi-Cap Growth Portfolio

October 31, 2025

Notes to Financial Statements

------

1 Significant Accounting Policies

Tax-Managed Multi-Cap Growth Portfolio (the Portfolio) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a non-diversified, open-end management investment company. The Portfolio's investment objective is to achieve long-term, after-tax returns by investing in a portfolio of equity securities. The Declaration of Trust permits the Trustees to issue interests in the Portfolio. At October 31, 2025, Eaton Vance Tax-Managed Multi-Cap Growth Fund and Eaton Vance Tax-Managed Equity Asset Allocation Fund held an interest of 53.9% and 46.1%, respectively, in the Portfolio.

The following is a summary of significant accounting policies of the Portfolio. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Portfolio is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.

A Investment Valuation—The following methodologies are used to determine the market value or fair value of investments.

**Equity Securities. Equity securities listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and ask prices on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ National Market System are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and ask prices.**

**Foreign Securities and Currencies. Foreign securities 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 generally is determined as of the close of trading on the principal exchange on which such securities trade. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities 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 that meet certain criteria, the Portfolio's Trustees have approved the use of a fair value service that values such securities 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.**

**Other. Investments in management investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value as of the close of each business day.**

**Fair Valuation. In connection with Rule 2a-5 of the 1940 Act, the Trustees have designated the Portfolio's investment adviser as its valuation designee. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued by the investment adviser, as valuation designee, at fair value using methods that most fairly reflect the security's "fair value", which is the amount that the Portfolio might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security's disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company's or entity's financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.**

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

C Income—Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. However, if the ex-dividend date has passed, certain dividends from foreign securities are recorded as the Portfolio is informed of the ex-dividend date. Withholding taxes on foreign dividends and capital gains have been provided for in accordance with the Portfolio's understanding of the applicable countries' tax rules and rates.

D Federal Taxes—The Portfolio has elected to be treated as a partnership for federal tax purposes. No provision is made by the Portfolio for federal or state taxes on any taxable income of the Portfolio because each investor in the Portfolio is ultimately responsible for the payment of any taxes on its share of taxable income. Since at least one of the Portfolio's investors is a regulated investment company that invests all or substantially all of its assets in the Portfolio, the Portfolio normally must satisfy the applicable source of income and diversification requirements (under the Internal Revenue Code) in order for its investors to satisfy them. The Portfolio will allocate, at least annually among its investors, each investor's distributive share of the Portfolio's net investment income, net realized capital gains and losses and any other items of income, gain, loss, deduction or credit.

As of October 31, 2025, the Portfolio had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Portfolio files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

E Foreign Currency Translation—Investment valuations, other assets, and liabilities initially expressed in foreign currencies are translated each business day into U.S. dollars based upon current exchange rates. Purchases and sales of foreign investment securities and income and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates in effect on the respective dates of such transactions. Recognized

------

[**Table of Contents**](#JOB_EV_AR_81d07578-9e49-4cef-a569-6ebc33ebd548_TOC)

Tax-Managed Multi-Cap Growth Portfolio

October 31, 2025

Notes to Financial Statements — continued

------

gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.

F Use of Estimates—The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

G Indemnifications—Under the Portfolio's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Portfolio. Under Massachusetts law, if certain conditions prevail, interestholders in the Portfolio could be deemed to have personal liability for the obligations of the Portfolio. However, the Portfolio's Declaration of Trust contains an express disclaimer of liability on the part of Portfolio interestholders. Additionally, in the normal course of business, the Portfolio enters into agreements with service providers that may contain indemnification clauses. The Portfolio's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet occurred.

H Segment Reporting—During this reporting period, the Portfolio adopted FASB Accounting Standards Update No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures* (ASU 2023-07), which requires incremental disclosures related to a public entity's reportable segments. The Portfolio operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. In connection with the adoption of ASU 2023-07, the Portfolio's President acts as the Portfolio's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Portfolio's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Portfolio's financial statements.

2 Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory services rendered to the Portfolio. The fee is computed at an annual rate as a percentage of the Portfolio's average daily net assets as follows and is payable monthly:

---

| | |
|:---|:---|
| **Average Daily Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Annual Fee Rate** |
| Up to $500 million | &nbsp;&nbsp;&nbsp;&nbsp;0.650% |
| $500 million but less than $1 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.625% |
| $1 billion but less than $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.600% |
| $2.5 billion and over | &nbsp;&nbsp;&nbsp;&nbsp;0.600% |

---

For the year ended October 31, 2025, the investment adviser fee amounted to $1,853,047 or 0.65% of the Portfolio's average daily net assets. The Portfolio may invest in a money market fund, the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio (the "Liquidity Fund"), an open-end management investment company managed by Morgan Stanley Investment Management Inc., a wholly-owned subsidiary of Morgan Stanley. The investment adviser fee paid by the Portfolio is reduced by an amount equal to its pro rata share of the advisory and administration fees paid by the Portfolio due to its investment in the Liquidity Fund. For the year ended October 31, 2025, the investment adviser fee paid was reduced by $1,956 relating to the Portfolio's investment in the Liquidity Fund.

Trustees and officers of the Portfolio who are members of BMR's organization receive remuneration for their services to the Portfolio out of the investment adviser fee. Trustees of the Portfolio who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. Certain officers and Trustees of the Portfolio are officers of the above organization.

3 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations and in-kind transactions, aggregated $39,520,478 and $41,626,808, respectively, for the year ended October 31, 2025. In-kind sales for the year ended October 31, 2025 aggregated $4,100,975.

------

[**Table of Contents**](#JOB_EV_AR_81d07578-9e49-4cef-a569-6ebc33ebd548_TOC)

Tax-Managed Multi-Cap Growth Portfolio

October 31, 2025

Notes to Financial Statements — continued

------

4 Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments of the Portfolio at October 31, 2025, as determined on a federal income tax basis, were as follows:

---

| | |
|:---|:---|
| **Aggregate cost** | &nbsp;&nbsp;**$93709548** |
| Gross unrealized appreciation | &nbsp;&nbsp;$218062836 |
| Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1076932) |
| **Net unrealized appreciation** | &nbsp;&nbsp;**$216985904** |

---

5 Line of Credit

The Portfolio participates with other portfolios and funds managed by BMR and its affiliates in a $650 million unsecured revolving line of credit agreement with a group of banks, which is in effect through October 20, 2026. Borrowings are made by the Portfolio solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Portfolio based on its borrowings generally at an amount above either the Secured Overnight Financing Rate (SOFR) or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. In connection with the renewal of the agreement in October 2025, an arrangement fee of $150,000 was incurred that was allocated to the participating portfolios and funds. Because the line of credit is not available exclusively to the Portfolio, it may be unable to borrow some or all of its requested amounts at any particular time. The Portfolio did not have any significant borrowings or allocated fees during the year ended October 31, 2025.

6 Securities Lending Agreement

The Portfolio has established a securities lending agreement with State Street Bank and Trust Company (SSBT) as securities lending agent in which the Portfolio lends portfolio securities to qualified borrowers in exchange for collateral consisting of either cash or securities issued or guaranteed by the U.S. government or its agencies or instrumentalities in an amount at least equal to the market value of the securities on loan. The market value of securities loaned is determined daily and any additional required collateral is delivered to the Portfolio on the next business day. Cash collateral is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, a money market fund registered under the 1940 Act. The Portfolio earns interest on the amount invested but it must pay (and at times receive from) the broker a loan rebate fee computed as a varying percentage of the collateral received. For security loans secured by non-cash collateral, the Portfolio earns a negotiated lending fee from the borrower. A portion of the income earned by the Portfolio from its investment of cash collateral, net of rebate fees, and lending fees received is allocated to SSBT for its services as lending agent and the portion allocated to the Portfolio is presented as securities lending income, net on the Statement of Operations. Non-cash collateral is held by the lending agent on behalf of the Portfolio and cannot be sold or re-pledged by the Portfolio; accordingly, such collateral is not reflected in the Statement of Assets and Liabilities.

The Portfolio is subject to possible delay in the recovery of loaned securities. Pursuant to the securities lending agreement, SSBT has provided indemnification to the Portfolio in the event of default by a borrower with respect to a loan. The Portfolio bears the risk of loss with respect to the investment of cash collateral.

At October 31, 2025, the value of the securities loaned and the value of the collateral received, which exceeded the value of the securities loaned, amounted to $3,540,033 and $3,591,945, respectively. Collateral received was comprised of cash of $513,274 and U.S. government and/or agencies securities of $3,078,671. The securities lending transactions have no contractual maturity date and each of the Fund and borrower has the option to terminate a loan at any time.

The following table provides a breakdown of securities lending transactions accounted for as secured borrowings, the obligations by class of collateral pledged, and the remaining contractual maturity of those transactions as of October 31, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Transactions** | **Remaining Contractual Maturity of the Transactions** | **Remaining Contractual Maturity of the Transactions** | **Remaining Contractual Maturity of the Transactions** | **Remaining Contractual Maturity of the Transactions** |
|  | **Overnight and<br> Continuous** | **<30 days** | **30 to 90 days** | **>90 days** | **Total** |
| Common Stocks | $513274 | $— | $— | $— | $513274 |

---

------

[**Table of Contents**](#JOB_EV_AR_81d07578-9e49-4cef-a569-6ebc33ebd548_TOC)

Tax-Managed Multi-Cap Growth Portfolio

October 31, 2025

Notes to Financial Statements — continued

------

The carrying amount of the liability for collateral for securities loaned at October 31, 2025 approximated its fair value. If measured at fair value, such liability would have been considered as Level 2 in the fair value hierarchy (see Note 8) at October 31, 2025.

7 Affiliated Investments

At October 31, 2025, the value of the Portfolio's investment in funds that may be deemed to be affiliated was $819,535, which represents 0.2% of the Portfolio's net assets. Transactions in such investments by the Portfolio for the year ended October 31, 2025 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Value,<br> beginning<br> of period** | **Purchases** | **Sales<br> proceeds** | **Net realized<br> gain (loss)** | **Change in<br> unrealized<br> appreciation<br> (depreciation)** | **Value, end<br> of period** | **Dividend<br> income** | **Shares,<br> end of period** |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| Liquidity Fund | $3098737 | $10187319 | $(12466521) | $— | $— | $819535 | $57815 | 819535 |

---

8 Fair Value Measurements

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 October 31, 2025, the hierarchy of inputs used in valuing the Portfolio's investments, which are carried at fair value, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Common Stocks | &nbsp;&nbsp;$309,362,643\* | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$309362643 |
| Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated Fund | &nbsp;&nbsp;&nbsp;&nbsp; 819535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 819535 |
| &nbsp;&nbsp;&nbsp;Securities Lending Collateral | &nbsp;&nbsp;&nbsp;&nbsp; 513274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 513274 |
| **Total Investments** | &nbsp;&nbsp;**$310695452** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$310695452** |

---

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

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[**Table of Contents**](#JOB_EV_AR_81d07578-9e49-4cef-a569-6ebc33ebd548_TOC)

Tax-Managed Multi-Cap Growth Portfolio

October 31, 2025

Report of Independent Registered Public Accounting Firm

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To the Trustees and Investors of Tax-Managed Multi-Cap Growth Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Tax-Managed Multi-Cap Growth Portfolio (the "Portfolio"), including the portfolio of investments, as of October 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Portfolio as of October 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Portfolio's management. Our responsibility is to express an opinion on the Portfolio's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolio in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB and in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Portfolio is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Portfolio's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 19, 2025

We have served as the auditor of one or more Eaton Vance investment companies since 1959.

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[**Table of Contents**](#JOB_EV_AR_81d07578-9e49-4cef-a569-6ebc33ebd548_TOC)

Eaton Vance

Tax-Managed Multi-Cap Growth Fund

October 31, 2025

Board of Trustees' Contract Approval

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Overview of the Contract Review Process

The Investment Company Act of 1940, as amended (the "1940 Act"), provides, in substance, that the investment advisory agreement between a fund and its investment adviser will continue in effect from year-to-year only if its continuation is approved on an annual basis by a vote of the fund's board of trustees, including a majority of the trustees who are not "interested persons" of the fund ("independent trustees"), cast in person at a meeting called for the purpose of considering such approval.

At a meeting held on June 12, 2025, the Boards of Trustees/Directors (collectively, the "Board") that oversee the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the "Eaton Vance Funds"), including a majority of the independent trustees (the "Independent Trustees"), voted to approve the continuation of existing investment advisory agreements and sub-advisory agreementts<sup>1</sup> for each of the Eaton Vance Funds for an additional one-year period. The Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee comprised of all of the Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of meetings held between April and June 2025, as well as certain additional information provided in response to specific requests from the Independent Trustees as members of the Contract Review Committee. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee's annual evaluation of the investment advisory agreements and sub-advisory agreements.

In connection with its evaluation of the investment advisory agreements and sub-advisory agreements, the Board (directly or through one or more of its committees) considered various information relating to the Eaton Vance Funds. This included information applicable to all or groups of the Eaton Vance Funds, which is referenced immediately below, and information applicable to the particular Eaton Vance Fund covered by this report (each Eaton Vance Fund is referred to below as a "fund"). (For funds that invest through one or more underlying portfolios, references to "each fund" in this section may include information that was considered at the portfolio-level.)

*Information about Fees, Performance and Expenses*

• A report from an independent data provider comparing advisory and other fees paid by each fund to such fees paid by comparable funds, as identified by the independent data provider ("comparable funds");

• A report from an independent data provider comparing each fund's total expense ratio (and its components) to those of comparable funds;

• A report from an independent data provider comparing the investment performance of each fund to the investment performance of comparable funds and, as applicable, benchmark indices, over various time periods;

• In certain instances, data regarding investment performance relative to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board (a committee exclusively comprised of Independent Trustees);

• Comparative information concerning the fees charged and services provided by the adviser and sub-adviser to each fund in managing other accounts (which may include other funds, collective investment trusts and institutional accounts) with the same or substantially similar investment objective as the fund and with a significant overlap in holdings based on criteria set by the Board, if any;

• Profitability analyses on a fund-by-fund basis for the adviser and its affiliates and for each sub-adviser not affiliated with the adviser;

*Information about Portfolio Management and Trading*

• Descriptions of the investment management services provided to each fund, as well as each of the funds' investment strategies and policies;

• The procedures and processes used by the adviser to determine the value of fund assets, including, when necessary, the determination of "fair value" by the adviser in its role as each fund's valuation designee and actions taken to monitor and test the effectiveness of such procedures and processes;

• Information about the policies and practices of each fund's adviser and sub-adviser with respect to trading, including their processes for seeking best execution of portfolio transactions;

• Information about the allocation of brokerage transactions and the benefits, if any, received by the adviser and sub-adviser to each fund as a result of brokerage allocation, including, as applicable, information concerning the acquisition of research through client commission arrangements and policies with respect to "soft dollars";

• Data relating to the portfolio turnover rate of each fund and related information regarding active management in the context of particular strategies;

*Information about each Adviser and Sub-Adviser*

• Reports regarding the financial results and condition of the adviser and certain of its affiliates and of each sub-adviser not affiliated with the adviser;

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;Not all Eaton Vance Funds have entered into a sub-advisory agreement with a sub-adviser. Accordingly, references to "sub-adviser" or "sub-advisory agreement" in this "Overview" section may not be applicable to the particular Eaton Vance Fund covered by this report. Eaton Vance Management and Boston Management and Research are referred to collectively as the "adviser."

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[**Table of Contents**](#JOB_EV_AR_81d07578-9e49-4cef-a569-6ebc33ebd548_TOC)

Eaton Vance

Tax-Managed Multi-Cap Growth Fund

October 31, 2025

Board of Trustees' Contract Approval — continued

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• Information regarding the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and, for portfolio managers and certain other investment professionals, information relating to their responsibilities with respect to managing other funds and investment accounts, as applicable;

• Information regarding the adviser's and its parent company's (Morgan Stanley's) efforts to retain and attract talented investment professionals, including in the context of a competitive marketplace for talent;

• Information regarding the adviser's compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals' investments in the fund(s) they manage;

• The personal trading codes of ethics of the adviser and its affiliates and the sub-adviser of each fund, together with information relating to compliance with, and the administration of, such codes;

• Policies and procedures relating to proxy voting, including regular reporting with respect to fund proxy voting activities;

• Information regarding the handling of corporate actions and class actions, as well as information regarding litigation and other regulatory matters;

• Information concerning the resources devoted to compliance efforts undertaken by the adviser and its affiliates and the sub-adviser of each fund, including descriptions of their various compliance programs and their record of compliance and remediation;

• Information concerning the business continuity and disaster recovery plans of the adviser and its affiliates and the sub-adviser of each fund;

• A description of the adviser's oversight of sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters, if any;

*Other Relevant Information*

• Information regarding ongoing initiatives to further integrate and harmonize, where applicable, the investment management and other departments of the adviser and its affiliates with the overall investment management infrastructure of Morgan Stanley, in light of Morgan Stanley's acquisition of Eaton Vance Corp. on March 1, 2021;

• Information concerning the nature, cost, and character of the administrative and other non-investment advisory services provided by the adviser and its affiliates;

• Information concerning oversight of the relationship with the custodian, subcustodians, fund accountants, and other third-party service providers by the adviser and/or administrator to each of the funds;

• Information concerning efforts to maintain policies and procedures with respect to various regulations applicable to the funds, including, without limitation, Rule 22e-4 (the Liquidity Risk Management Rule), Rule 12d1-4 (the Fund-of-Funds Rule), Rule 18f-4 (the Derivatives Rule), and Rule 2a-5 (the Fair Valuation Rule);

• For the Eaton Vance Fund structured as an interval fund, information regarding the interval fund's periodic repurchase offers under Rule 23c-3 and related policies and procedures;

• For each Eaton Vance Fund structured as an exchange-listed closed-end fund, information concerning the benefits of the closed-end fund structure, as well as, where relevant, the closed-end fund's market prices (including as compared to the closed-end fund's net asset value (NAV)), trading volume data, continued use of auction preferred shares (where applicable), distribution rates, and other relevant matters;

• The risks that the adviser and/or its affiliates incur in connection with the management and operation of the funds, including, among others, litigation, regulatory, entrepreneurial, data privacy and cybersecurity, and other business risks (and the associated costs of such risks, if any); and

• The terms of each investment advisory agreement and sub-advisory agreement.

During the various meetings of the Board and its committees over the course of the year leading up to the June 12, 2025 meeting, the Board and its committees received information from portfolio managers and other investment professionals of the adviser and sub-advisers of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds' investment objectives. The Board and its committees also received information regarding risk management techniques employed in connection with the management of the funds. The Board and its committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance, and other issues with respect to the funds, and received and participated in reports and presentations provided by the adviser, sub-advisers, and certain other service providers, with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees met in executive sessions and held regular video or telephone conferences to discuss, among other topics, matters relating to the continuation of investment advisory agreements and sub-advisory agreements.

Each of the Contract Review Committee and the Board was advised throughout the contract review process by Kirkland & Ellis LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee and the members of the Board, with the advice of such counsel, exercised their own business judgment in determining the material factors to be considered in evaluating each investment advisory agreement and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory agreement and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee and Board may have placed varying emphasis on particular factors in reaching conclusions with respect to each investment advisory agreement and sub-advisory agreement. In evaluating each investment advisory agreement and sub-advisory agreement, including the fee structures and other terms contained in such agreements, the members of the Contract Review Committee and Board were also informed by multiple years of analysis and discussion with the adviser and sub-adviser to each of the Eaton Vance Funds.

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[**Table of Contents**](#JOB_EV_AR_81d07578-9e49-4cef-a569-6ebc33ebd548_TOC)

Eaton Vance

Tax-Managed Multi-Cap Growth Fund

October 31, 2025

Board of Trustees' Contract Approval — continued

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Results of the Contract Review Process

Based on its consideration of the foregoing, and such other information it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory agreement between Eaton Vance Tax-Managed Multi-Cap Growth Fund (the "Fund") and Eaton Vance Management ("EVM"), as well as the investment advisory agreement between Tax-Managed Multi-Cap Growth Portfolio (the "Portfolio"), the portfolio in which the Fund invests, and Boston Management and Research ("BMR") (EVM, with respect to the Fund, and BMR, with respect to the Portfolio, are each referred to herein as the "Adviser"), including their respective fee structures, are in the interests of shareholders and, therefore, recommended to the Board approval of each agreement. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreements for the Fund and the Portfolio (together, the "investment advisory agreements").

*Nature, Extent and Quality of Services*

In considering whether to approve the investment advisory agreements for the Fund and the Portfolio, the Board evaluated the nature, extent and quality of services provided to the Fund and to the Portfolio by the applicable Adviser.

The Board considered each Adviser's management capabilities and investment processes in light of the types of investments held by the Fund and the Portfolio, including the education and experience of the investment professionals who provide services to the Portfolio. The Board specifically noted that each Adviser has devoted extensive resources to in-house equity research capabilities and also draws upon independent research available from third-party sources. The Board considered each Adviser's experience managing funds that seek to maximize after-tax returns. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of each Adviser and other factors, including the reputation and resources of each Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Fund and the Portfolio, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Fund and the Portfolio, including the provision of administrative services. The Board also considered the business-related and other risks to which each Adviser or its affiliates may be subject in managing the Fund and the Portfolio.

The Board noted that, under the terms of the investment advisory agreement of the Fund, EVM may invest assets of the Fund directly in securities, for which it would receive a fee, or in the Portfolio, for which it receives no separate fee but for which BMR receives an advisory fee from the Portfolio.

The Board considered the compliance programs of each Adviser and relevant affiliates thereof. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, compliance with policies and procedures, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered relevant examinations of each Adviser and its affiliates by regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

The Board considered other administrative services provided or overseen by EVM and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by each Adviser, taken as a whole, are appropriate and consistent with the terms of the applicable investment advisory agreement.

*Fund Performance*

The Board compared the Fund's investment performance to that of comparable funds identified by an independent data provider (the peer group), as well as an appropriate benchmark index. The Board's review included comparative performance data with respect to the Fund for the one-, three-, five- and ten-year periods ended December 31, 2024. In this regard, the Board noted that the performance of the Fund was consistent with the median performance of the Fund's peer group for the three-year period. The Board also noted that the performance of the Fund was lower than its primary performance benchmark index for the three-year period. The Board concluded that the performance of the Fund was satisfactory.

*Management Fees and Expenses*

The Board considered contractual fee rates payable by the Portfolio and by the Fund for advisory and administrative services (referred to collectively as "management fees"). As part of its review, the Board considered the Fund's management fees and total expense ratio for the one-year period ended December 31, 2024, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered certain factors identified by management in response to requests from the Contract Review Committee regarding the Fund's total expense ratio relative to comparable funds.

After considering the foregoing information, and in light of the nature, extent and quality of the services provided by each Adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.

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[**Table of Contents**](#JOB_EV_AR_81d07578-9e49-4cef-a569-6ebc33ebd548_TOC)

Eaton Vance

Tax-Managed Multi-Cap Growth Fund

October 31, 2025

Board of Trustees' Contract Approval — continued

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*Profitability and "Fall-Out" Benefits*

The Board considered the level of profits realized by each Adviser and relevant affiliates thereof in providing investment advisory and administrative services to the Fund, to the Portfolio and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by each Adviser and its affiliates to third parties in respect of distribution or other services.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by each Adviser and its affiliates are not excessive.

The Board also considered direct or indirect fall-out benefits received by each Adviser and its affiliates in connection with their respective relationships with the Fund and the Portfolio, including the benefits of research services that may be available to each Adviser as a result of securities transactions effected for the Fund and the Portfolio and other investment advisory clients.

*Economies of Scale*

In reviewing management fees and profitability, the Board also considered the extent to which the applicable Adviser and its affiliates, on the one hand, and the Fund and the Portfolio, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund and the Portfolio increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. To assist in the evaluation of the sharing of any economies of scale, the Board received data for recent years showing asset levels, Adviser profitability and total expense ratios. Based upon the foregoing, the Board concluded that the Fund currently shares in the benefits from economies of scale, if any, when they are realized by each Adviser. The Board also concluded that the structure of the advisory fees, which include breakpoints at several asset levels, will allow the Fund and the Portfolio to continue to benefit from any economies of scale in the future.

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[**Table of Contents**](#JOB_EV_AR_81d07578-9e49-4cef-a569-6ebc33ebd548_TOC)

EACPX-NCSR&nbsp;&nbsp;&nbsp;&nbsp;10.31.25

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## Eaton Vance

## Tax-Managed Small-Cap Fund

## Annual Financial Statements and Additional Information
October 31, 2025

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![](g35982img33040c5811.gif)

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**This report must be preceded or accompanied by a current summary prospectus or prospectus. Before investing, investors should consider carefully the investment objective, risks, and charges and expenses of a mutual fund. This and other important information is contained in the prospectus and/or statement of additional information, which can be obtained by calling 1-800-262-1122 or from a financial intermediary. Prospective investors should read the prospectus carefully before investing.**

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#### Annual Financial Statements and Additional Information October 31, 2025
Eaton Vance

Tax-Managed Small-Cap Fund

---

| | |
|:---|:---|
| **[**Table of Contents**](#xx_4b47709f-f0c1-441f-a6e1-d462814ef39e_1)** |  |
| [Item 7 of Form N-CSR:](#xx_4e5d5b97-ebc4-4786-80d0-06cb7e8c91e4_1) | [Item 7 of Form N-CSR:](#xx_4e5d5b97-ebc4-4786-80d0-06cb7e8c91e4_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#xx_4e5d5b97-ebc4-4786-80d0-06cb7e8c91e4_1) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#xx_4e5d5b97-ebc4-4786-80d0-06cb7e8c91e4_2) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx_4e5d5b97-ebc4-4786-80d0-06cb7e8c91e4_3) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx_f382afd1-f6d8-40e6-b68d-6028aadf3e5c_1) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx_642e9086-5b90-4e6e-abd9-92d61a0b369f_1) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#xx_ba7801b7-eabc-46ba-942c-3e8939e98b32_1) | 11 |
| [Federal Tax Information](#xx_4eab19fe-d2c9-46d6-8985-f11e55a2c887_1) | 12 |
| [Tax-Managed Small-Cap Portfolio](#xx_bcc37583-f151-4367-beb2-b1aef051b875_1) | [Tax-Managed Small-Cap Portfolio](#xx_bcc37583-f151-4367-beb2-b1aef051b875_1) |
| [Items 6 and 7 of Form N-CSR:](#xx_bcc37583-f151-4367-beb2-b1aef051b875_1) | [Items 6 and 7 of Form N-CSR:](#xx_bcc37583-f151-4367-beb2-b1aef051b875_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Portfolio of Investments](#xx_bcc37583-f151-4367-beb2-b1aef051b875_1) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Statements](#xx_1bfb3671-68dd-48c6-868c-e9647de47966_1) | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#xx_f50c8fbf-c037-413c-ba0a-dde81a55fe47_1) | 23 |
| Item 11 of Form N-CSR: | Item 11 of Form N-CSR: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Board of Trustees' Contract Approval](#xx_4a994e13-517e-420c-909a-537b06a474f7_1) | 24 |

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Items 8 and 9 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7.

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[**Table of Contents**](#JOB_EV_AR_147729fc-0277-49ca-af77-833e38d101e2_TOC)

Eaton Vance

Tax-Managed Small-Cap Fund

October 31, 2025

Statement of Assets and Liabilities

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| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**October 31, 2025** |
| Assets |  |
| Investment in Tax-Managed Small-Cap Portfolio, at value (identified cost $102,402,332) | &nbsp;&nbsp;$116977685 |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64064 |
| **Total assets** | &nbsp;&nbsp;**$117041749** |
| Liabilities |  |
| Payable for Fund shares redeemed | &nbsp;&nbsp;$78402 |
| Payable to affiliates: |  |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18878 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agency fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8152 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 |
| Payable for transfer and dividend disbursing agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12584 |
| Payable for legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35648 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18123 |
| **Total liabilities** | &nbsp;&nbsp;**$171829** |
| **Net Assets** | &nbsp;&nbsp;**$116869920** |
| Sources of Net Assets |  |
| Paid-in capital | &nbsp;&nbsp;$94208957 |
| Distributable earnings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22660963 |
| **Net Assets** | &nbsp;&nbsp;**$116869920** |
| Class A Shares |  |
| **Net Assets** | &nbsp;&nbsp;$78946511 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2655188 |
| **Net Asset Value and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$29.73 |
| **Maximum Offering Price Per Share<br> (100 ÷ 94.75 of net asset value per share)** | &nbsp;&nbsp;$31.38 |
| Class C Shares |  |
| **Net Assets** | &nbsp;&nbsp;$1955466 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91543 |
| **Net Asset Value and Offering Price Per Share\*<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$21.36 |
| Class I Shares |  |
| **Net Assets** | &nbsp;&nbsp;$35967943 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1162142 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$30.95 |

---

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| | |
|:---|:---|
| On sales of $50,000 or more, the offering price of Class A shares is reduced. | On sales of $50,000 or more, the offering price of Class A shares is reduced. |
| \* | Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge. |

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*See Notes to Financial Statements.*

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[**Table of Contents**](#JOB_EV_AR_147729fc-0277-49ca-af77-833e38d101e2_TOC)

Eaton Vance

Tax-Managed Small-Cap Fund

October 31, 2025

Statement of Operations

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---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended** |
|  | &nbsp;&nbsp;&nbsp;**October 31, 2025** |
| Investment Income |  |
| Dividend income allocated from Portfolio | &nbsp;&nbsp;$1708182 |
| Expenses allocated from Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(898293) |
| Waiver and/or reimbursement of expenses by affiliates allocated from Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2936 |
| **Total investment income from Portfolio** | &nbsp;&nbsp;**$812825** |
| Expenses |  |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$223478 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21377 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20488 |
| Transfer and dividend disbursing agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97946 |
| Legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45518 |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9638 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50779 |
| ReFlow liquidity program fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13631 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16434 |
| **Total expenses** | &nbsp;&nbsp;**$499788** |
| **Net investment income** | &nbsp;&nbsp;**$313037** |
| Realized and Unrealized Gain (Loss) from Portfolio |  |
| Net realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;Investment transactions | &nbsp;&nbsp;$12560161 |
| **Net realized gain** | &nbsp;&nbsp;**$12560161** |
| Change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;$(18154941) |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$(18154941)** |
| **Net realized and unrealized loss** | &nbsp;&nbsp;**$(5594780)** |
| **Net decrease in net assets from operations** | &nbsp;&nbsp;**$(5281743)** |

---

*2*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_147729fc-0277-49ca-af77-833e38d101e2_TOC)

Eaton Vance

Tax-Managed Small-Cap Fund

October 31, 2025

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
|  | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$313037 | &nbsp;&nbsp;$262551 |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12560161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5773631 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18154941) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24878754 |
| **Net increase (decrease) in net assets from operations** | &nbsp;&nbsp;**$(5281743)** | &nbsp;&nbsp;**$30914936** |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(2987951) | &nbsp;&nbsp;$(1208454) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(100386) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40624) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1205292) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(493619) |
| **Total distributions to shareholders** | &nbsp;&nbsp;**$(4293629)** | &nbsp;&nbsp;**$(1742697)** |
| Transactions in shares of beneficial interest: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(8700822) | &nbsp;&nbsp;$(3828100) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(290005) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(165137) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2697473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1572407 |
| **Net decrease in net assets from Fund share transactions** | &nbsp;&nbsp;**$(6293354)** | &nbsp;&nbsp;**$(2420830)** |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;**$(15868726)** | &nbsp;&nbsp;**$26751409** |
| Net Assets |  |  |
| At beginning of year | &nbsp;&nbsp;$132738646 | &nbsp;&nbsp;$105987237 |
| **At end of year** | &nbsp;&nbsp;**$116869920** | &nbsp;&nbsp;**$132738646** |

---

*3*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_147729fc-0277-49ca-af77-833e38d101e2_TOC)

Eaton Vance

Tax-Managed Small-Cap Fund

October 31, 2025

Financial Highlights

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$32.02 | &nbsp;&nbsp;$25.10 | &nbsp;&nbsp;$27.94 | &nbsp;&nbsp;$34.81 | &nbsp;&nbsp;$24.52 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income (loss)<sup>(1)</sup> | &nbsp;&nbsp;$0.06 | &nbsp;&nbsp;$0.05 | &nbsp;&nbsp;$0.06 | &nbsp;&nbsp;$(0.01) | &nbsp;&nbsp;$(0.05) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.37 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$(1.26)** | &nbsp;&nbsp;**$7.32** | &nbsp;&nbsp;**$(2.09)** | &nbsp;&nbsp;**$(4.13)** | &nbsp;&nbsp;**$10.32** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.05) | &nbsp;&nbsp;$(0.03) | &nbsp;&nbsp;$(0.04) | &nbsp;&nbsp;$(0.03) | &nbsp;&nbsp;$(0.03) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.98) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.71) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.71) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total distributions** | &nbsp;&nbsp;**$(1.03)** | &nbsp;&nbsp;**$(0.40)** | &nbsp;&nbsp;**$(0.75)** | &nbsp;&nbsp;**$(2.74)** | &nbsp;&nbsp;**$(0.03)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$29.73** | &nbsp;&nbsp;**$32.02** | &nbsp;&nbsp;**$25.10** | &nbsp;&nbsp;**$27.94** | &nbsp;&nbsp;**$34.81** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4.27)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.31%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(7.62)%** | &nbsp;&nbsp;&nbsp;&nbsp;**(12.82)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**42.10%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$78947 | &nbsp;&nbsp;$94109 | &nbsp;&nbsp;$76963 | &nbsp;&nbsp;$88303 | &nbsp;&nbsp;$107257 |
| Ratios (as a percentage of average daily net assets):<sup>(3)(4)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16)% |
| Portfolio Turnover of the Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

<sup>(3)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(4)</sup> Includes the Fund's share of the Portfolio's allocated expenses.

<sup>(5)</sup> Includes a reduction by the investment adviser of a portion of the Portfolio's adviser fee due to the Portfolio's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended October 31, 2025, 2024, 2023 and 2022).

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_147729fc-0277-49ca-af77-833e38d101e2_TOC)

Eaton Vance

Tax-Managed Small-Cap Fund

October 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$23.40 | &nbsp;&nbsp;$18.55 | &nbsp;&nbsp;$20.96 | &nbsp;&nbsp;$26.78 | &nbsp;&nbsp;$18.99 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment loss<sup>(1)</sup> | &nbsp;&nbsp;$(0.13) | &nbsp;&nbsp;$(0.13) | &nbsp;&nbsp;$(0.11) | &nbsp;&nbsp;$(0.18) | &nbsp;&nbsp;$(0.22) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35 | &nbsp;&nbsp;&nbsp;&nbsp;(1.59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.01 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$(1.06)** | &nbsp;&nbsp;**$5.22** | &nbsp;&nbsp;**$(1.70)** | &nbsp;&nbsp;**$(3.28)** | &nbsp;&nbsp;**$7.79** |
| Less Distributions |  |  |  |  |  |
| From net realized gain | &nbsp;&nbsp;$(0.98) | &nbsp;&nbsp;$(0.37) | &nbsp;&nbsp;$(0.71) | &nbsp;&nbsp;$(2.54) | &nbsp;&nbsp;$— |
| **Total distributions** | &nbsp;&nbsp;**$(0.98)** | &nbsp;&nbsp;**$(0.37)** | &nbsp;&nbsp;**$(0.71)** | &nbsp;&nbsp;**$(2.54)** | &nbsp;&nbsp;**$—** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$21.36** | &nbsp;&nbsp;**$23.40** | &nbsp;&nbsp;**$18.55** | &nbsp;&nbsp;**$20.96** | &nbsp;&nbsp;**$26.78** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**(4.98)%** | &nbsp;&nbsp;&nbsp;&nbsp;**28.30%** | &nbsp;&nbsp;&nbsp;&nbsp;**(8.31)%** | &nbsp;&nbsp;&nbsp;&nbsp;**(13.43)%** | &nbsp;&nbsp;&nbsp;&nbsp;**41.02%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$1955 | &nbsp;&nbsp;$2436 | &nbsp;&nbsp;$2073 | &nbsp;&nbsp;$2574 | &nbsp;&nbsp;$3236 |
| Ratios (as a percentage of average daily net assets):<sup>(3)(4)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.86% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.89%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.89%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.90%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.86% |
| &nbsp;&nbsp;&nbsp;Net investment loss | &nbsp;&nbsp;&nbsp;&nbsp;(0.56)% | &nbsp;&nbsp;&nbsp;&nbsp;(0.59)% | &nbsp;&nbsp;&nbsp;&nbsp;(0.55)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.79)% | &nbsp;&nbsp;&nbsp;&nbsp;(0.87)% |
| Portfolio Turnover of the Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

<sup>(3)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(4)</sup> Includes the Fund's share of the Portfolio's allocated expenses.

<sup>(5)</sup> Includes a reduction by the investment adviser of a portion of the Portfolio's adviser fee due to the Portfolio's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended October 31, 2025, 2024, 2023 and 2022).

*5*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_147729fc-0277-49ca-af77-833e38d101e2_TOC)

Eaton Vance

Tax-Managed Small-Cap Fund

October 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$33.29 | &nbsp;&nbsp;$26.08 | &nbsp;&nbsp;$29.01 | &nbsp;&nbsp;$36.02 | &nbsp;&nbsp;$25.37 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.14 | &nbsp;&nbsp;$0.13 | &nbsp;&nbsp;$0.13 | &nbsp;&nbsp;$0.06 | &nbsp;&nbsp;$0.03 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.71 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$(1.23)** | &nbsp;&nbsp;**$7.68** | &nbsp;&nbsp;**$(2.10)** | &nbsp;&nbsp;**$(4.19)** | &nbsp;&nbsp;**$10.74** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.13) | &nbsp;&nbsp;$(0.10) | &nbsp;&nbsp;$(0.12) | &nbsp;&nbsp;$(0.11) | &nbsp;&nbsp;$(0.09) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.98) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.71) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.71) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total distributions** | &nbsp;&nbsp;**$(1.11)** | &nbsp;&nbsp;**$(0.47)** | &nbsp;&nbsp;**$(0.83)** | &nbsp;&nbsp;**$(2.82)** | &nbsp;&nbsp;**$(0.09)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$30.95** | &nbsp;&nbsp;**$33.29** | &nbsp;&nbsp;**$26.08** | &nbsp;&nbsp;**$29.01** | &nbsp;&nbsp;**$36.02** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4.04)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.63%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(7.40)%** | &nbsp;&nbsp;&nbsp;&nbsp;**(12.56)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**42.46%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$35968 | &nbsp;&nbsp;$36194 | &nbsp;&nbsp;$26951 | &nbsp;&nbsp;$27419 | &nbsp;&nbsp;$30248 |
| Ratios (as a percentage of average daily net assets):<sup>(3)(4)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08% |
| Portfolio Turnover of the Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

<sup>(3)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(4)</sup> Includes the Fund's share of the Portfolio's allocated expenses.

<sup>(5)</sup> Includes a reduction by the investment adviser of a portion of the Portfolio's adviser fee due to the Portfolio's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended October 31, 2025, 2024, 2023 and 2022).

*6*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_147729fc-0277-49ca-af77-833e38d101e2_TOC)

Eaton Vance

Tax-Managed Small-Cap Fund

October 31, 2025

Notes to Financial Statements

------

1 Significant Accounting Policies

Eaton Vance Tax-Managed Small-Cap Fund (the Fund) is a diversified series of Eaton Vance Mutual Funds Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund offers three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective November 5, 2020, Class C shares automatically convert to Class A shares eight years after their purchase as described in the Fund's prospectus. Class I shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses and net investment income and losses, other than class-specific expenses, are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Each class of shares differs in its distribution plan and certain other class-specific expenses. The Fund invests its assets in interests in Tax-Managed Small-Cap Portfolio (the Portfolio), a Massachusetts business trust, having the same investment objective and policies as the Fund. The value of the Fund's investment in the Portfolio reflects the Fund's proportionate interest in the net assets of the Portfolio (62.7% at October 31, 2025). The performance of the Fund is directly affected by the performance of the Portfolio. The financial statements of the Portfolio, including the portfolio of investments, are included elsewhere in this report and should be read in conjunction with the Fund's financial statements.

The following is a summary of significant accounting policies of the Fund. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.

A Investment Valuation—Valuation of securities by the Portfolio is discussed in Note 1A of the Portfolio's Notes to Financial Statements, which are included elsewhere in this report.

B Income—The Fund's net investment income or loss consists of the Fund's pro rata share of the net investment income or loss of the Portfolio, less all actual and accrued expenses of the Fund.

C Federal Taxes—The Fund's policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary.

As of October 31, 2025, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

D Expenses—The majority of expenses of the Trust are directly identifiable to an individual fund. Expenses which are not readily identifiable to a specific fund are allocated taking into consideration, among other things, the nature and type of expense and the relative size of the funds.

E Use of Estimates—The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

F Indemnifications—Under the Trust's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Trust) could be deemed to have personal liability for the obligations of the Trust. However, the Trust's Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and the By-laws provide that the Trust shall assume, upon request by the shareholder, the defense on behalf of any Fund shareholders. Moreover, the By-laws also provide for indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

G Other—Investment transactions are accounted for on a trade date basis.

H Segment Reporting—During this reporting period, the Fund adopted FASB Accounting Standards Update No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures* (ASU 2023-07), which requires incremental disclosures related to a public entity's reportable segments. The Fund operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. In connection with the adoption of ASU 2023-07, the Fund's President acts as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's financial statements.

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[**Table of Contents**](#JOB_EV_AR_147729fc-0277-49ca-af77-833e38d101e2_TOC)

Eaton Vance

Tax-Managed Small-Cap Fund

October 31, 2025

Notes to Financial Statements — continued

------

2 Distributions to Shareholders and Income Tax Information

It is the present policy of the Fund to make at least one distribution annually (normally in December) of all or substantially all of its net investment income and to distribute annually all or substantially all of its net realized capital gains. Distributions to shareholders are recorded on the ex-dividend date. Distributions are declared separately for each class of shares. Shareholders may reinvest income and capital gain distributions in additional shares of the same class of the Fund at the net asset value as of the ex-dividend date or, at the election of the shareholder, receive distributions in cash. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

The tax character of distributions declared for the years ended October 31, 2025 and October 31, 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$273969 | &nbsp;&nbsp;&nbsp;&nbsp;$200575 |
| Long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;$4019660 | &nbsp;&nbsp;&nbsp;&nbsp;$1542122 |

---

During the year ended October 31, 2025, distributable earnings was decreased by $754,468 and paid-in capital was increased by $754,468 due to the Fund's use of equalization accounting. Tax equalization accounting allows the Fund to treat as a distribution that portion of redemption proceeds representing a redeeming shareholder's portion of undistributed taxable income and net capital gains. These reclassifications had no effect on the net assets or net asset value per share of the Fund.

As of October 31, 2025, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$72849 |
| Undistributed long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7403925 |
| Net unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15184189 |
| **Distributable earnings** | &nbsp;&nbsp;&nbsp;&nbsp;**$22660963** |

---

3 Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Eaton Vance Management (EVM), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory services rendered to the Fund. The fee is computed at an annual rate as a percentage of the Fund's average daily net assets that are not invested in other investment companies for which EVM or its affiliates serve as investment adviser and receive an advisory fee as follows and is payable monthly:

---

| | |
|:---|:---|
| **Average Daily Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Annual Fee Rate** |
| Up to $500 million | &nbsp;&nbsp;&nbsp;&nbsp;0.6250% |
| $500 million but less than $1 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.5625% |
| $1 billion but less than $1.5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.5000% |
| $1.5 billion and over | &nbsp;&nbsp;&nbsp;&nbsp;0.4375% |

---

For the year ended October 31, 2025, the Fund incurred no investment adviser fee on such assets. To the extent that the Fund's assets are invested in the Portfolio, the Fund is allocated its share of the Portfolio's investment adviser fee. The Portfolio has engaged Boston Management and Research (BMR) to render investment advisory services. See Note 2 of the Portfolio's Notes to Financial Statements which are included elsewhere in this report. EVM also serves as the administrator of the Fund, but receives no compensation.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended October 31, 2025, EVM earned $24,780 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations. The Fund was informed that Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund's principal underwriter, received $1,532 as its portion of the sales charge on sales of Class A shares for the year ended October 31, 2025. EVD also received distribution and

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[**Table of Contents**](#JOB_EV_AR_147729fc-0277-49ca-af77-833e38d101e2_TOC)

Eaton Vance

Tax-Managed Small-Cap Fund

October 31, 2025

Notes to Financial Statements — continued

------

service fees from Class A and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5).

Trustees and officers of the Fund who are members of EVM's or BMR's organizations receive remuneration for their services to the Fund out of the investment adviser fee. Certain officers and Trustees of the Fund and the Portfolio are officers of the above organizations.

4 Distribution Plans

The Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the year ended October 31, 2025 amounted to $223,478 for Class A shares.

The Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the year ended October 31, 2025, the Fund paid or accrued to EVD $16,033 for Class C shares.

Pursuant to the Class C Plan, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the year ended October 31, 2025 amounted to $5,344 for Class C shares.

Distribution and service fees are subject to the limitations contained in the Financial Industry Regulatory Authority Rule 2341(d).

5 Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within 12 months of purchase. Class A shares may be subject to a 1% CDSC if redeemed within 12 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the year ended October 31, 2025, the Fund was informed that EVD received less than $100 of CDSCs paid by Class C shareholders and no CDSCs paid by Class A shareholders.

6 Investment Transactions

For the year ended October 31, 2025, increases and decreases in the Fund's investment in the Portfolio aggregated $3,620,987 and $14,692,887, respectively.

7 Shares of Beneficial Interest

The Fund's Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value). Such shares may be issued in a number of different series (such as the Fund) and classes. Sales and redemptions of Class I shares include shares purchased and redeemed in connection with the ReFlow liquidity program, a program designed to provide an alternative liquidity source for mutual funds experiencing net redemptions of their shares. Transactions in Fund shares, including direct exchanges pursuant to share class conversions, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2024** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 46154 | &nbsp;&nbsp;&nbsp;&nbsp;$1472368 | &nbsp;&nbsp;&nbsp;&nbsp; 58974 | &nbsp;&nbsp;&nbsp;&nbsp;$1802699 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 85048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2815583 | &nbsp;&nbsp;&nbsp;&nbsp; 38900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1137059 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(414836) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12988773) | &nbsp;&nbsp;&nbsp;&nbsp;(224790) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6767858) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;**(283634)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(8700822)** | &nbsp;&nbsp;&nbsp;&nbsp;**(126916)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(3828100)** |

---

------

[**Table of Contents**](#JOB_EV_AR_147729fc-0277-49ca-af77-833e38d101e2_TOC)

Eaton Vance

Tax-Managed Small-Cap Fund

October 31, 2025

Notes to Financial Statements — continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2024** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 8939 | &nbsp;&nbsp;&nbsp;&nbsp;$204227 | &nbsp;&nbsp;&nbsp;&nbsp; 12263 | &nbsp;&nbsp;&nbsp;&nbsp;$278025 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 4188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100386 | &nbsp;&nbsp;&nbsp;&nbsp; 1890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40624 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25655) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (594618) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21855) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (483786) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(12528)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(290005)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(7702)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(165137)** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;631968 | &nbsp;&nbsp;&nbsp;&nbsp;$20574970 | &nbsp;&nbsp;&nbsp;&nbsp;334337 | &nbsp;&nbsp;&nbsp;&nbsp;$10267056 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 34239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1177440 | &nbsp;&nbsp;&nbsp;&nbsp; 15696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 475900 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(591361) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19054937) | &nbsp;&nbsp;&nbsp;&nbsp;(296162) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9170549) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp; **74846** | &nbsp;&nbsp;&nbsp;&nbsp;**$2697473** | &nbsp;&nbsp;&nbsp;&nbsp; **53871** | &nbsp;&nbsp;&nbsp;&nbsp;**$1572407** |

---

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[**Table of Contents**](#JOB_EV_AR_147729fc-0277-49ca-af77-833e38d101e2_TOC)

Eaton Vance

Tax-Managed Small-Cap Fund

October 31, 2025

Report of Independent Registered Public Accounting Firm

------

To the Trustees of Eaton Vance Mutual Funds Trust and Shareholders of Eaton Vance Tax-Managed Small-Cap Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Eaton Vance Tax-Managed Small-Cap Fund (the "Fund"), one of the funds constituting Eaton Vance Mutual Funds Trust, as of October 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 19, 2025

We have served as the auditor of one or more Eaton Vance investment companies since 1959.

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[**Table of Contents**](#JOB_EV_AR_147729fc-0277-49ca-af77-833e38d101e2_TOC)

Eaton Vance

Tax-Managed Small-Cap Fund

October 31, 2025

Federal Tax Information (Unaudited)

------

The Form 1099-DIV you receive in February 2026 will show the tax status of all distributions paid to your account in calendar year 2025. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of qualified dividend income for individuals, the dividends received deduction for corporations and capital gains dividends.

**Qualified Dividend Income. For the fiscal year ended October 31, 2025, the Fund designates approximately $1,427,514, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate of 15%.**

**Dividends Received Deduction. Corporate shareholders are generally entitled to take the dividends received deduction on the portion of the Fund's dividend distribution that qualifies under tax law. For the Fund's fiscal 2025 ordinary income dividends, 100% qualifies for the corporate dividends received deduction.**

**Capital Gains Dividends. The Fund hereby designates as a capital gain dividend with respect to the taxable year ended October 31, 2025, $8,147,998 or, if subsequently determined to be different, the net capital gain of such year.**

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[**Table of Contents**](#JOB_EV_AR_147729fc-0277-49ca-af77-833e38d101e2_TOC)

Tax-Managed Small-Cap Portfolio

October 31, 2025

Portfolio of Investments

------

Common Stocks — 96.9%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Aerospace & Defense — 1.0% | Aerospace & Defense — 1.0% | Aerospace & Defense — 1.0% |
| Hexcel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;27181 | &nbsp;&nbsp;$1940723 |
|  |  | &nbsp;&nbsp;**$1940723** |
| Automobile Components — 2.5% | Automobile Components — 2.5% | Automobile Components — 2.5% |
| Dorman Products, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;34411 | &nbsp;&nbsp;$4615547 |
|  |  | &nbsp;&nbsp;**$4615547** |
| Banks — 9.9% | Banks — 9.9% | Banks — 9.9% |
| Commerce Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;99892 | &nbsp;&nbsp;$5257316 |
| Community Financial System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;83807 | &nbsp;&nbsp;&nbsp;&nbsp; 4649612 |
| First Financial Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;114196 | &nbsp;&nbsp;&nbsp;&nbsp; 3527515 |
| Southstate Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;48376 | &nbsp;&nbsp;&nbsp;&nbsp; 4288532 |
| Stock Yards Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10134 | &nbsp;&nbsp;&nbsp;&nbsp; 658913 |
|  |  | &nbsp;&nbsp;**$18381888** |
| Biotechnology — 0.7% | Biotechnology — 0.7% | Biotechnology — 0.7% |
| Caris Life Sciences, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;45962 | &nbsp;&nbsp;$1382537 |
|  |  | &nbsp;&nbsp;**$1382537** |
| Building Products — 10.2% | Building Products — 10.2% | Building Products — 10.2% |
| A.O. Smith Corp. | &nbsp;&nbsp;&nbsp;&nbsp;51043 | &nbsp;&nbsp;$3368328 |
| AAON, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25626 | &nbsp;&nbsp;&nbsp;&nbsp; 2521342 |
| Advanced Drainage Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18746 | &nbsp;&nbsp;&nbsp;&nbsp; 2625377 |
| AZZ, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;28093 | &nbsp;&nbsp;&nbsp;&nbsp; 2805086 |
| CSW Industrials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17698 | &nbsp;&nbsp;&nbsp;&nbsp; 4431933 |
| Hayward Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;197142 | &nbsp;&nbsp;&nbsp;&nbsp; 3345500 |
|  |  | &nbsp;&nbsp;**$19097566** |
| Capital Markets — 3.0% | Capital Markets — 3.0% | Capital Markets — 3.0% |
| Cohen & Steers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21490 | &nbsp;&nbsp;$1468197 |
| Stifel Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;34491 | &nbsp;&nbsp;&nbsp;&nbsp; 4084769 |
|  |  | &nbsp;&nbsp;**$5552966** |
| Chemicals — 3.4% | Chemicals — 3.4% | Chemicals — 3.4% |
| Balchem Corp. | &nbsp;&nbsp;&nbsp;&nbsp;18211 | &nbsp;&nbsp;$2793385 |
| Quaker Chemical Corp. | &nbsp;&nbsp;&nbsp;&nbsp;25188 | &nbsp;&nbsp;&nbsp;&nbsp; 3498362 |
|  |  | &nbsp;&nbsp;**$6291747** |
| Construction Materials — 0.6% | Construction Materials — 0.6% | Construction Materials — 0.6% |
| Knife River Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;16886 | &nbsp;&nbsp;$1020928 |
|  |  | &nbsp;&nbsp;**$1020928** |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Consumer Staples Distribution & Retail — 0.4% | Consumer Staples Distribution & Retail — 0.4% | Consumer Staples Distribution & Retail — 0.4% |
| Chefs' Warehouse, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;12724 | &nbsp;&nbsp;$750716 |
|  |  | &nbsp;&nbsp;**$750716** |
| Containers & Packaging — 2.2% | Containers & Packaging — 2.2% | Containers & Packaging — 2.2% |
| AptarGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;35844 | &nbsp;&nbsp;$4158262 |
|  |  | &nbsp;&nbsp;**$4158262** |
| Diversified Consumer Services — 1.8% | Diversified Consumer Services — 1.8% | Diversified Consumer Services — 1.8% |
| Bright Horizons Family Solutions, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;30916 | &nbsp;&nbsp;$3376955 |
|  |  | &nbsp;&nbsp;**$3376955** |
| Diversified REITs — 2.3% | Diversified REITs — 2.3% | Diversified REITs — 2.3% |
| Essential Properties Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;144405 | &nbsp;&nbsp;$4314821 |
|  |  | &nbsp;&nbsp;**$4314821** |
| Electric Utilities — 2.2% | Electric Utilities — 2.2% | Electric Utilities — 2.2% |
| IDACORP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;31453 | &nbsp;&nbsp;$4058066 |
|  |  | &nbsp;&nbsp;**$4058066** |
| Electrical Equipment — 0.6% | Electrical Equipment — 0.6% | Electrical Equipment — 0.6% |
| Thermon Group Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;39013 | &nbsp;&nbsp;$1120844 |
|  |  | &nbsp;&nbsp;**$1120844** |
| Electronic Equipment, Instruments & Components — 2.4% | Electronic Equipment, Instruments & Components — 2.4% | Electronic Equipment, Instruments & Components — 2.4% |
| Badger Meter, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19706 | &nbsp;&nbsp;$3555948 |
| Novanta, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7563 | &nbsp;&nbsp;&nbsp;&nbsp; 960576 |
|  |  | &nbsp;&nbsp;**$4516524** |
| Financial Services — 1.4% | Financial Services — 1.4% | Financial Services — 1.4% |
| Euronet Worldwide, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;34239 | &nbsp;&nbsp;$2597371 |
|  |  | &nbsp;&nbsp;**$2597371** |
| Food Products — 1.0% | Food Products — 1.0% | Food Products — 1.0% |
| Post Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;18001 | &nbsp;&nbsp;$1870844 |
|  |  | &nbsp;&nbsp;**$1870844** |
| Ground Transportation — 0.9% | Ground Transportation — 0.9% | Ground Transportation — 0.9% |
| Landstar System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5733 | &nbsp;&nbsp;$736289 |
| Lyft, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;47448 | &nbsp;&nbsp;&nbsp;&nbsp; 970786 |
|  |  | &nbsp;&nbsp;**$1707075** |
| Health Care Providers & Services — 6.9% | Health Care Providers & Services — 6.9% | Health Care Providers & Services — 6.9% |
| Addus HomeCare Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;27953 | &nbsp;&nbsp;$3267426 |
| Chemed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5012 | &nbsp;&nbsp;&nbsp;&nbsp; 2161676 |

---

*See Notes to Financial Statements.*

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[**Table of Contents**](#JOB_EV_AR_147729fc-0277-49ca-af77-833e38d101e2_TOC)

Tax-Managed Small-Cap Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Health Care Providers & Services (continued) | Health Care Providers & Services (continued) | Health Care Providers & Services (continued) |
| Option Care Health, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;116137 | &nbsp;&nbsp;$3023046 |
| U.S. Physical Therapy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;51979 | &nbsp;&nbsp;&nbsp;&nbsp; 4484228 |
|  |  | &nbsp;&nbsp;**$12936376** |
| Health Care Technology — 1.3% | Health Care Technology — 1.3% | Health Care Technology — 1.3% |
| Certara, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;119648 | &nbsp;&nbsp;$1391506 |
| HeartFlow, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;26101 | &nbsp;&nbsp;&nbsp;&nbsp; 969913 |
|  |  | &nbsp;&nbsp;**$2361419** |
| Hotels, Restaurants & Leisure — 4.6% | Hotels, Restaurants & Leisure — 4.6% | Hotels, Restaurants & Leisure — 4.6% |
| Aramark | &nbsp;&nbsp;&nbsp;&nbsp;107174 | &nbsp;&nbsp;$4059751 |
| Wyndham Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;61497 | &nbsp;&nbsp;&nbsp;&nbsp; 4515725 |
|  |  | &nbsp;&nbsp;**$8575476** |
| Household Durables — 1.2% | Household Durables — 1.2% | Household Durables — 1.2% |
| Meritage Homes Corp. | &nbsp;&nbsp;&nbsp;&nbsp;13651 | &nbsp;&nbsp;$922261 |
| Taylor Morrison Home Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;20707 | &nbsp;&nbsp;&nbsp;&nbsp; 1227304 |
|  |  | &nbsp;&nbsp;**$2149565** |
| Industrial REITs — 3.4% | Industrial REITs — 3.4% | Industrial REITs — 3.4% |
| EastGroup Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20607 | &nbsp;&nbsp;$3596540 |
| Terreno Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;49075 | &nbsp;&nbsp;&nbsp;&nbsp; 2803655 |
|  |  | &nbsp;&nbsp;**$6400195** |
| Insurance — 6.3% | Insurance — 6.3% | Insurance — 6.3% |
| First American Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;31310 | &nbsp;&nbsp;$1957188 |
| Hamilton Insurance Group Ltd., Class B<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;109695 | &nbsp;&nbsp;&nbsp;&nbsp; 2596481 |
| RLI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;40627 | &nbsp;&nbsp;&nbsp;&nbsp; 2395368 |
| White Mountains Insurance Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2540 | &nbsp;&nbsp;&nbsp;&nbsp; 4837582 |
|  |  | &nbsp;&nbsp;**$11786619** |
| Life Sciences Tools & Services — 0.9% | Life Sciences Tools & Services — 0.9% | Life Sciences Tools & Services — 0.9% |
| Bio-Techne Corp. | &nbsp;&nbsp;&nbsp;&nbsp;27243 | &nbsp;&nbsp;$1704595 |
|  |  | &nbsp;&nbsp;**$1704595** |
| Machinery — 9.2% | Machinery — 9.2% | Machinery — 9.2% |
| Albany International Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;17592 | &nbsp;&nbsp;$995355 |
| Atmus Filtration Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;63653 | &nbsp;&nbsp;&nbsp;&nbsp; 2894938 |
| Donaldson Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;59699 | &nbsp;&nbsp;&nbsp;&nbsp; 5029641 |
| ESCO Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13910 | &nbsp;&nbsp;&nbsp;&nbsp; 3052828 |
| Franklin Electric Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;46281 | &nbsp;&nbsp;&nbsp;&nbsp; 4386050 |
| Middleby Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5907 | &nbsp;&nbsp;&nbsp;&nbsp; 733827 |
|  |  | &nbsp;&nbsp;**$17092639** |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Media — 0.4% | Media — 0.4% | Media — 0.4% |
| John Wiley & Sons, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;19892 | &nbsp;&nbsp;$733418 |
|  |  | &nbsp;&nbsp;**$733418** |
| Professional Services — 2.1% | Professional Services — 2.1% | Professional Services — 2.1% |
| CBIZ, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;71670 | &nbsp;&nbsp;$3941850 |
|  |  | &nbsp;&nbsp;**$3941850** |
| Semiconductors & Semiconductor Equipment — 3.5% | Semiconductors & Semiconductor Equipment — 3.5% | Semiconductors & Semiconductor Equipment — 3.5% |
| Allegro MicroSystems, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;55998 | &nbsp;&nbsp;$1675460 |
| Diodes, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;63745 | &nbsp;&nbsp;&nbsp;&nbsp; 3401433 |
| Universal Display Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9475 | &nbsp;&nbsp;&nbsp;&nbsp; 1395478 |
|  |  | &nbsp;&nbsp;**$6472371** |
| Software — 4.7% | Software — 4.7% | Software — 4.7% |
| Alkami Technology, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;49556 | &nbsp;&nbsp;$1005491 |
| CCC Intelligent Solutions Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;359572 | &nbsp;&nbsp;&nbsp;&nbsp; 3135468 |
| Clearwater Analytics Holdings, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;45676 | &nbsp;&nbsp;&nbsp;&nbsp; 840895 |
| Descartes Systems Group, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;18666 | &nbsp;&nbsp;&nbsp;&nbsp; 1646528 |
| nCino, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;29505 | &nbsp;&nbsp;&nbsp;&nbsp; 787193 |
| SPS Commerce, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;16766 | &nbsp;&nbsp;&nbsp;&nbsp; 1378836 |
|  |  | &nbsp;&nbsp;**$8794411** |
| Specialty Retail — 2.6% | Specialty Retail — 2.6% | Specialty Retail — 2.6% |
| Bath & Body Works, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;36967 | &nbsp;&nbsp;$904952 |
| Valvoline, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;120477 | &nbsp;&nbsp;&nbsp;&nbsp; 3976946 |
|  |  | &nbsp;&nbsp;**$4881898** |
| Textiles, Apparel & Luxury Goods — 1.5% | Textiles, Apparel & Luxury Goods — 1.5% | Textiles, Apparel & Luxury Goods — 1.5% |
| Steven Madden Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;82058 | &nbsp;&nbsp;$2782587 |
|  |  | &nbsp;&nbsp;**$2782587** |
| Trading Companies & Distributors — 1.8% | Trading Companies & Distributors — 1.8% | Trading Companies & Distributors — 1.8% |
| Core & Main, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;65007 | &nbsp;&nbsp;$3392065 |
|  |  | &nbsp;&nbsp;**$3392065** |
| Total Common Stocks<br> (identified cost $154,682,967) |  | &nbsp;&nbsp;**$180760864** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

*14*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_147729fc-0277-49ca-af77-833e38d101e2_TOC)

Tax-Managed Small-Cap Portfolio

October 31, 2025

Portfolio of Investments — continued

------

Short-Term Investments — 2.8%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 4.00%<sup>(2)</sup> | 5275840 | &nbsp;&nbsp;$5275840 |
| Total Short-Term Investments<br> (identified cost $5,275,840) |  | &nbsp;&nbsp;**$5275840** |
| Total Investments — 99.7%<br> (identified cost $159,958,807) |  | &nbsp;&nbsp;**$186036704** |
| Other Assets, Less Liabilities — 0.3% |  | &nbsp;&nbsp;**$487022** |
| Net Assets — 100.0% |  | &nbsp;&nbsp;**$186523726** |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | The percentage shown for each investment category in the Portfolio of Investments is based on net assets. |
| <sup>(1)</sup> | Non-income producing security. |
| <sup>(2)</sup> | May be deemed to be an affiliated investment company (see Note 6). The rate shown is the annualized seven-day yield as of October 31, 2025. |

---

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| REITs | – Real Estate Investment Trusts |

---

*15*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_147729fc-0277-49ca-af77-833e38d101e2_TOC)

Tax-Managed Small-Cap Portfolio

October 31, 2025

Statement of Assets and Liabilities

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**October 31, 2025** |
| Assets |  |
| Unaffiliated investments, at value (identified cost $154,682,967) | &nbsp;&nbsp;$180760864 |
| Affiliated investments, at value (identified cost $5,275,840) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5275840 |
| Dividends receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45261 |
| Dividends receivable from affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14784 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590793 |
| Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70595 |
| **Total assets** | &nbsp;&nbsp;**$186758137** |
| Liabilities |  |
| Payable to affiliates: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment adviser fee | &nbsp;&nbsp;$100914 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1069 |
| &nbsp;&nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70595 |
| Payable for legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48311 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13522 |
| **Total liabilities** | &nbsp;&nbsp;**$234411** |
| **Net Assets applicable to investors' interest in Portfolio** | &nbsp;&nbsp;**$186523726** |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_147729fc-0277-49ca-af77-833e38d101e2_TOC)

Tax-Managed Small-Cap Portfolio

October 31, 2025

Statement of Operations

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended** |
|  | &nbsp;&nbsp;&nbsp;**October 31, 2025** |
| Investment Income |  |
| Dividend income | &nbsp;&nbsp;$2529138 |
| Dividend income from affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136337 |
| **Total investment income** | &nbsp;&nbsp;**$2665475** |
| Expenses |  |
| Investment adviser fee | &nbsp;&nbsp;$1268801 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13600 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57339 |
| Legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55079 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8245 |
| **Total expenses** | &nbsp;&nbsp;**$1403064** |
| Deduct: |  |
| &nbsp;&nbsp;&nbsp;Waiver and/or reimbursement of expenses by affiliates | &nbsp;&nbsp;$4591 |
| **Total expense reductions** | &nbsp;&nbsp;**$4591** |
| **Net expenses** | &nbsp;&nbsp;**$1398473** |
| **Net investment income** | &nbsp;&nbsp;**$1267002** |
| Realized and Unrealized Gain (Loss) |  |
| Net realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;Investment transactions | &nbsp;&nbsp;$19604193<sup>(1)</sup> |
| **Net realized gain** | &nbsp;&nbsp;**$19604193** |
| Change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;$(28399382) |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$(28399382)** |
| **Net realized and unrealized loss** | &nbsp;&nbsp;**$(8795189)** |
| **Net decrease in net assets from operations** | &nbsp;&nbsp;**$(7528187)** |

---

<sup>(1)</sup> Includes $5,496,504 of net realized gains from redemptions in-kind.

*17*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_147729fc-0277-49ca-af77-833e38d101e2_TOC)

Tax-Managed Small-Cap Portfolio

October 31, 2025

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
|  | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$1267002 | &nbsp;&nbsp;$1177860 |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19604193<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8844730<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28399382) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38033408 |
| **Net increase (decrease) in net assets from operations** | &nbsp;&nbsp;**$(7528187)** | &nbsp;&nbsp;**$48055998** |
| Capital transactions: |  |  |
| &nbsp;&nbsp;&nbsp;Contributions | &nbsp;&nbsp;$3620987 | &nbsp;&nbsp;$4181577 |
| &nbsp;&nbsp;&nbsp;Withdrawals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14692887) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8884096) |
| **Net decrease in net assets from capital transactions** | &nbsp;&nbsp;**$(11071900)** | &nbsp;&nbsp;**$(4702519)** |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;**$(18600087)** | &nbsp;&nbsp;**$43353479** |
| Net Assets |  |  |
| At beginning of year | &nbsp;&nbsp;$205123813 | &nbsp;&nbsp;$161770334 |
| **At end of year** | &nbsp;&nbsp;**$186523726** | &nbsp;&nbsp;**$205123813** |

---

<sup>(1)</sup> Includes $5,496,504 of net realized gains from redemptions in-kind.

<sup>(2)</sup> Includes $2,801,738 of net realized gains from redemptions in-kind.

*18*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_147729fc-0277-49ca-af77-833e38d101e2_TOC)

Tax-Managed Small-Cap Portfolio

October 31, 2025

Financial Highlights

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| <br>Ratios/Supplemental Data | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Ratios (as a percentage of average daily net assets):<sup>(1)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69%<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68%<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68%<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69%<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40% |
| **Total Return** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3.91)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.88%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(7.19)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(12.42)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**42.69%** |
| **Net assets, end of year (000's omitted)** | &nbsp;&nbsp;**$186524** | &nbsp;&nbsp;**$205124** | &nbsp;&nbsp;**$161770** | &nbsp;&nbsp;**$179629** | &nbsp;&nbsp;**$215268** |

---

<sup>(1)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Portfolio.

<sup>(2)</sup> Includes a reduction by the investment adviser of a portion of its adviser fee due to the Portfolio's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended October 31, 2025, 2024, 2023 and 2022).

------

[**Table of Contents**](#JOB_EV_AR_147729fc-0277-49ca-af77-833e38d101e2_TOC)

Tax-Managed Small-Cap Portfolio

October 31, 2025

Notes to Financial Statements

------

1 Significant Accounting Policies

Tax-Managed Small-Cap Portfolio (the Portfolio) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified, open-end management investment company. The Portfolio's investment objective is to achieve long-term, after-tax returns by investing primarily in a diversified portfolio of publicly-traded equity securities of small-cap companies. The Declaration of Trust permits the Trustees to issue interests in the Portfolio. At October 31, 2025, Eaton Vance Tax-Managed Small-Cap Fund and Eaton Vance Tax-Managed Equity Asset Allocation Fund held an interest of 62.7% and 37.3%, respectively, in the Portfolio.

The following is a summary of significant accounting policies of the Portfolio. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Portfolio is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.

A Investment Valuation—The following methodologies are used to determine the market value or fair value of investments.

**Equity Securities. Equity securities listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and ask prices on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ National Market System are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and ask prices.**

**Other. Investments in management investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value as of the close of each business day.**

**Fair Valuation. In connection with Rule 2a-5 of the 1940 Act, the Trustees have designated the Portfolio's investment adviser as its valuation designee. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued by the investment adviser, as valuation designee, at fair value using methods that most fairly reflect the security's "fair value", which is the amount that the Portfolio might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security's disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company's or entity's financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.**

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

C Income—Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities.

D Federal Taxes—The Portfolio has elected to be treated as a partnership for federal tax purposes. No provision is made by the Portfolio for federal or state taxes on any taxable income of the Portfolio because each investor in the Portfolio is ultimately responsible for the payment of any taxes on its share of taxable income. Since at least one of the Portfolio's investors is a regulated investment company that invests all or substantially all of its assets in the Portfolio, the Portfolio normally must satisfy the applicable source of income and diversification requirements (under the Internal Revenue Code) in order for its investors to satisfy them. The Portfolio will allocate, at least annually among its investors, each investor's distributive share of the Portfolio's net investment income, net realized capital gains and losses and any other items of income, gain, loss, deduction or credit.

As of October 31, 2025, the Portfolio had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Portfolio files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

E Use of Estimates—The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

F Indemnifications—Under the Portfolio's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Portfolio. Under Massachusetts law, if certain conditions prevail, interestholders in the Portfolio could be deemed to have personal liability for the obligations of the Portfolio. However, the Portfolio's Declaration of Trust contains an express disclaimer of liability on the part of Portfolio interestholders. Additionally, in the normal course of business, the Portfolio enters into agreements with service providers that may contain indemnification clauses. The Portfolio's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet occurred.

G Segment Reporting—During this reporting period, the Portfolio adopted FASB Accounting Standards Update No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures* (ASU 2023-07), which requires incremental disclosures related to a public entity's reportable segments. The Portfolio operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. In

------

[**Table of Contents**](#JOB_EV_AR_147729fc-0277-49ca-af77-833e38d101e2_TOC)

Tax-Managed Small-Cap Portfolio

October 31, 2025

Notes to Financial Statements — continued

------

connection with the adoption of ASU 2023-07, the Portfolio's President acts as the Portfolio's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Portfolio's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Portfolio's financial statements.

2 Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory services rendered to the Portfolio. The fee is computed at an annual rate as a percentage of the Portfolio's average daily net assets as follows and is payable monthly:

---

| | |
|:---|:---|
| **Average Daily Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Annual Fee Rate** |
| Up to $500 million | &nbsp;&nbsp;&nbsp;&nbsp;0.6250% |
| $500 million but less than $1 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.5625% |
| $1 billion but less than $1.5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.5000% |
| $1.5 billion and over | &nbsp;&nbsp;&nbsp;&nbsp;0.4375% |

---

For the year ended October 31, 2025, the investment adviser fee amounted to $1,268,801 or 0.625% of the Portfolio's average daily net assets. The Portfolio may invest in a money market fund, the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio (the "Liquidity Fund"), an open-end management investment company managed by Morgan Stanley Investment Management Inc., a wholly-owned subsidiary of Morgan Stanley. The investment adviser fee paid by the Portfolio is reduced by an amount equal to its pro rata share of the advisory and administration fees paid by the Portfolio due to its investment in the Liquidity Fund. For the year ended October 31, 2025, the investment adviser fee paid was reduced by $4,591 relating to the Portfolio's investment in the Liquidity Fund.

Trustees and officers of the Portfolio who are members of BMR's organization receive remuneration for their services to the Portfolio out of the investment adviser fee. Trustees of the Portfolio who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. Certain officers and Trustees of the Portfolio are officers of the above organization.

3 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations and in-kind transactions, aggregated $83,372,621 and $80,738,017, respectively, for the year ended October 31, 2025. In-kind sales for the year ended October 31, 2025 aggregated $8,450,532.

4 Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments of the Portfolio at October 31, 2025, as determined on a federal income tax basis, were as follows:

---

| | |
|:---|:---|
| **Aggregate cost** | &nbsp;&nbsp;**$160512303** |
| Gross unrealized appreciation | &nbsp;&nbsp;$32053571 |
| Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6529170) |
| **Net unrealized appreciation** | &nbsp;&nbsp;**$25524401** |

---

------

[**Table of Contents**](#JOB_EV_AR_147729fc-0277-49ca-af77-833e38d101e2_TOC)

Tax-Managed Small-Cap Portfolio

October 31, 2025

Notes to Financial Statements — continued

------

5 Line of Credit

The Portfolio participates with other portfolios and funds managed by BMR and its affiliates in a $650 million unsecured revolving line of credit agreement with a group of banks, which is in effect through October 20, 2026. Borrowings are made by the Portfolio solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Portfolio based on its borrowings generally at an amount above either the Secured Overnight Financing Rate (SOFR) or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. In connection with the renewal of the agreement in October 2025, an arrangement fee of $150,000 was incurred that was allocated to the participating portfolios and funds. Because the line of credit is not available exclusively to the Portfolio, it may be unable to borrow some or all of its requested amounts at any particular time. The Portfolio did not have any significant borrowings or allocated fees during the year ended October 31, 2025.

6 Affiliated Investments

At October 31, 2025, the value of the Portfolio's investment in funds that may be deemed to be affiliated was $5,275,840, which represents 2.8% of the Portfolio's net assets. Transactions in such investments by the Portfolio for the year ended October 31, 2025 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Value,<br> beginning<br> of period** | **Purchases** | **Sales<br> proceeds** | **Net realized<br> gain (loss)** | **Change in<br> unrealized<br> appreciation<br> (depreciation)** | **Value, end<br> of period** | **Dividend<br> income** | **Shares,<br> end of period** |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| Liquidity Fund | $9874706 | $43390815 | $(47989681) | $— | $— | $5275840 | $136337 | 5275840 |

---

7 Fair Value Measurements

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 October 31, 2025, the hierarchy of inputs used in valuing the Portfolio's investments, which are carried at fair value, were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Common Stocks | &nbsp;&nbsp;$180,760,864\* | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$180760864 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp; 5275840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5275840 |
| **Total Investments** | &nbsp;&nbsp;**$186036704** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$186036704** |

---

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

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[**Table of Contents**](#JOB_EV_AR_147729fc-0277-49ca-af77-833e38d101e2_TOC)

Tax-Managed Small-Cap Portfolio

October 31, 2025

Report of Independent Registered Public Accounting Firm

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To the Trustees and Investors of Tax-Managed Small-Cap Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Tax-Managed Small-Cap Portfolio (the "Portfolio"), including the portfolio of investments, as of October 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Portfolio as of October 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Portfolio's management. Our responsibility is to express an opinion on the Portfolio's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolio in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB and in accordance with auditing standards generally accepted in the United

States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Portfolio is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Portfolio's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 19, 2025

We have served as the auditor of one or more Eaton Vance investment companies since 1959.

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[**Table of Contents**](#JOB_EV_AR_147729fc-0277-49ca-af77-833e38d101e2_TOC)

Eaton Vance

Tax-Managed Small-Cap Fund

October 31, 2025

Board of Trustees' Contract Approval

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Overview of the Contract Review Process

The Investment Company Act of 1940, as amended (the "1940 Act"), provides, in substance, that the investment advisory agreement between a fund and its investment adviser will continue in effect from year-to-year only if its continuation is approved on an annual basis by a vote of the fund's board of trustees, including a majority of the trustees who are not "interested persons" of the fund ("independent trustees"), cast in person at a meeting called for the purpose of considering such approval.

At a meeting held on June 12, 2025, the Boards of Trustees/Directors (collectively, the "Board") that oversee the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the "Eaton Vance Funds"), including a majority of the independent trustees (the "Independent Trustees"), voted to approve the continuation of existing investment advisory agreements and sub-advisory agreements<sup>1</sup> for each of the Eaton Vance Funds for an additional one-year period. The Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee comprised of all of the Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of meetings held between April and June 2025, as well as certain additional information provided in response to specific requests from the Independent Trustees as members of the Contract Review Committee. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee's annual evaluation of the investment advisory agreements and sub-advisory agreements.

In connection with its evaluation of the investment advisory agreements and sub-advisory agreements, the Board (directly or through one or more of its committees) considered various information relating to the Eaton Vance Funds. This included information applicable to all or groups of the Eaton Vance Funds, which is referenced immediately below, and information applicable to the particular Eaton Vance Fund covered by this report (each Eaton Vance Fund is referred to below as a "fund"). (For funds that invest through one or more underlying portfolios, references to "each fund" in this section may include information that was considered at the portfolio-level.)

*Information about Fees, Performance and Expenses*

• A report from an independent data provider comparing advisory and other fees paid by each fund to such fees paid by comparable funds, as identified by the independent data provider ("comparable funds");

• A report from an independent data provider comparing each fund's total expense ratio (and its components) to those of comparable funds;

• A report from an independent data provider comparing the investment performance of each fund to the investment performance of comparable funds and, as applicable, benchmark indices, over various time periods;

• In certain instances, data regarding investment performance relative to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board (a committee exclusively comprised of Independent Trustees);

• Comparative information concerning the fees charged and services provided by the adviser and sub-adviser to each fund in managing other accounts (which may include other funds, collective investment trusts and institutional accounts) with the same or substantially similar investment objective as the fund and with a significant overlap in holdings based on criteria set by the Board, if any;

• Profitability analyses on a fund-by-fund basis for the adviser and its affiliates and for each sub-adviser not affiliated with the adviser;

*Information about Portfolio Management and Trading*

• Descriptions of the investment management services provided to each fund, as well as each of the funds' investment strategies and policies;

• The procedures and processes used by the adviser to determine the value of fund assets, including, when necessary, the determination of "fair value" by the adviser in its role as each fund's valuation designee and actions taken to monitor and test the effectiveness of such procedures and processes;

• Information about the policies and practices of each fund's adviser and sub-adviser with respect to trading, including their processes for seeking best execution of portfolio transactions;

• Information about the allocation of brokerage transactions and the benefits, if any, received by the adviser and sub-adviser to each fund as a result of brokerage allocation, including, as applicable, information concerning the acquisition of research through client commission arrangements and policies with respect to "soft dollars";

• Data relating to the portfolio turnover rate of each fund and related information regarding active management in the context of particular strategies;

*Information about each Adviser and Sub-Adviser*

• Reports regarding the financial results and condition of the adviser and certain of its affiliates and of each sub-adviser not affiliated with the adviser;

• Information regarding the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and, for portfolio managers and certain other investment professionals, information relating to their responsibilities with respect to managing other funds and investment accounts, as applicable;

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;Not all Eaton Vance Funds have entered into a sub-advisory agreement with a sub-adviser. Accordingly, references to "sub-adviser" or "sub-advisory agreement" in this "Overview" section may not be applicable to the particular Eaton Vance Fund covered by this report. Eaton Vance Management and Boston Management and Research are referred to collectively as the "adviser."

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[**Table of Contents**](#JOB_EV_AR_147729fc-0277-49ca-af77-833e38d101e2_TOC)

Eaton Vance

Tax-Managed Small-Cap Fund

October 31, 2025

Board of Trustees' Contract Approval — continued

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• Information regarding the adviser's and its parent company's (Morgan Stanley's) efforts to retain and attract talented investment professionals, including in the context of a competitive marketplace for talent;

• Information regarding the adviser's compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals' investments in the fund(s) they manage;

• The personal trading codes of ethics of the adviser and its affiliates and the sub-adviser of each fund, together with information relating to compliance with, and the administration of, such codes;

• Policies and procedures relating to proxy voting, including regular reporting with respect to fund proxy voting activities;

• Information regarding the handling of corporate actions and class actions, as well as information regarding litigation and other regulatory matters;

• Information concerning the resources devoted to compliance efforts undertaken by the adviser and its affiliates and the sub-adviser of each fund, including descriptions of their various compliance programs and their record of compliance and remediation;

• Information concerning the business continuity and disaster recovery plans of the adviser and its affiliates and the sub-adviser of each fund;

• A description of the adviser's oversight of sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters, if any;

*Other Relevant Information*

• Information regarding ongoing initiatives to further integrate and harmonize, where applicable, the investment management and other departments of the adviser and its affiliates with the overall investment management infrastructure of Morgan Stanley, in light of Morgan Stanley's acquisition of Eaton Vance Corp. on March 1, 2021;

• Information concerning the nature, cost, and character of the administrative and other non-investment advisory services provided by the adviser and its affiliates;

• Information concerning oversight of the relationship with the custodian, subcustodians, fund accountants, and other third-party service providers by the adviser and/or administrator to each of the funds;

• Information concerning efforts to maintain policies and procedures with respect to various regulations applicable to the funds, including, without limitation, Rule 22e-4 (the Liquidity Risk Management Rule), Rule 12d1-4 (the Fund-of-Funds Rule), Rule 18f-4 (the Derivatives Rule), and Rule 2a-5 (the Fair Valuation Rule);

• For the Eaton Vance Fund structured as an interval fund, information regarding the interval fund's periodic repurchase offers under Rule 23c-3 and related policies and procedures;

• For each Eaton Vance Fund structured as an exchange-listed closed-end fund, information concerning the benefits of the closed-end fund structure, as well as, where relevant, the closed-end fund's market prices (including as compared to the closed-end fund's net asset value (NAV)), trading volume data, continued use of auction preferred shares (where applicable), distribution rates, and other relevant matters;

• The risks that the adviser and/or its affiliates incur in connection with the management and operation of the funds, including, among others, litigation, regulatory, entrepreneurial, data privacy and cybersecurity, and other business risks (and the associated costs of such risks, if any); and

• The terms of each investment advisory agreement and sub-advisory agreement.

During the various meetings of the Board and its committees over the course of the year leading up to the June 12, 2025 meeting, the Board and its committees received information from portfolio managers and other investment professionals of the adviser and sub-advisers of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds' investment objectives. The Board and its committees also received information regarding risk management techniques employed in connection with the management of the funds. The Board and its committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance, and other issues with respect to the funds, and received and participated in reports and presentations provided by the adviser, sub-advisers, and certain other service providers, with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees met in executive sessions and held regular video or telephone conferences to discuss, among other topics, matters relating to the continuation of investment advisory agreements and sub-advisory agreements.

Each of the Contract Review Committee and the Board was advised throughout the contract review process by Kirkland & Ellis LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee and the members of the Board, with the advice of such counsel, exercised their own business judgment in determining the material factors to be considered in evaluating each investment advisory agreement and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory agreement and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee and Board may have placed varying emphasis on particular factors in reaching conclusions with respect to each investment advisory agreement and sub-advisory agreement. In evaluating each investment advisory agreement and sub-advisory agreement, including the fee structures and other terms contained in such agreements, the members of the Contract Review Committee and Board were also informed by multiple years of analysis and discussion with the adviser and sub-adviser to each of the Eaton Vance Funds.

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[**Table of Contents**](#JOB_EV_AR_147729fc-0277-49ca-af77-833e38d101e2_TOC)

Eaton Vance

Tax-Managed Small-Cap Fund

October 31, 2025

Board of Trustees' Contract Approval — continued

------

Results of the Contract Review Process

Based on its consideration of the foregoing, and such other information it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory agreement between Eaton Vance Tax-Managed Small-Cap Fund (the "Fund") and Eaton Vance Management ("EVM"), as well as the investment advisory agreement between Tax-Managed Small-Cap Portfolio (the "Portfolio"), the portfolio in which the Fund invests, and Boston Management and Research ("BMR") (EVM, with respect to the Fund, and BMR, with respect to the Portfolio, are each referred to herein as the "Adviser"), including their respective fee structures, are in the interests of shareholders and, therefore, recommended to the Board approval of each agreement. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreements for the Fund and the Portfolio (together, the "investment advisory agreements").

*Nature, Extent and Quality of Services*

In considering whether to approve the investment advisory agreements for the Fund and the Portfolio, the Board evaluated the nature, extent and quality of services provided to the Fund and to the Portfolio by the applicable Adviser.

The Board considered each Adviser's management capabilities and investment processes in light of the types of investments held by the Fund and the Portfolio, including the education and experience of the investment professionals who provide services to the Fund and the Portfolio. The Board specifically noted that each Adviser has devoted extensive resources to in-house equity research and also draws upon independent research available from third-party sources. The Board considered each Adviser's experience managing funds that seek to maximize after-tax returns. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of each Adviser and other factors, including the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Fund and the Portfolio, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Fund and the Portfolio, including the provision of administrative services. The Board also considered the business-related and other risks to which each Adviser or its affiliates may be subject in managing the Fund and the Portfolio.

The Board noted that, under the terms of the investment advisory agreement of the Fund, EVM may invest assets of the Fund directly in securities, for which it would receive a fee, or in the Portfolio, for which it receives no separate fee but for which BMR receives an advisory fee from the Portfolio.

The Board considered the compliance programs of each Adviser and relevant affiliates thereof. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, compliance with policies and procedures, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered relevant examinations of each Adviser and its affiliates by regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

The Board considered other administrative services provided or overseen by EVM and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by each Adviser, taken as a whole, are appropriate and consistent with the terms of the applicable investment advisory agreement.

*Fund Performance*

The Board compared the Fund's investment performance to that of comparable funds identified by an independent data provider (the peer group), as well as an appropriate benchmark index and a custom peer group of similarly managed funds. The Board's review included comparative performance data with respect to the Fund for the one-, three-, five- and ten-year periods ended December 31, 2024. In this regard, the Board noted that the performance of the Fund was higher than the median performance of the Fund's peer group and consistent with the median performance of the Fund's custom peer group for the three-year period. The Board also noted that the performance of the Fund was lower than its primary performance benchmark index for the three-year period. The Board concluded that the performance of the Fund was satisfactory.

*Management Fees and Expenses*

The Board considered contractual fee rates payable by the Portfolio and by the Fund for advisory and administrative services (referred to collectively as "management fees"). As part of its review, the Board considered the Fund's management fees and total expense ratio for the one-year period ended December 31, 2024, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered factors that had an impact on the Fund's total expense ratio relative to comparable funds.

After considering the foregoing information, and in light of the nature, extent and quality of the services provided by each Adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.

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Eaton Vance

Tax-Managed Small-Cap Fund

October 31, 2025

Board of Trustees' Contract Approval — continued

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*Profitability and "Fall-Out" Benefits*

The Board considered the level of profits realized by each Adviser and relevant affiliates thereof in providing investment advisory and administrative services to the Fund, to the Portfolio and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by each Adviser and its affiliates to third parties in respect of distribution or other services.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by each Adviser and its affiliates are not excessive.

The Board also considered direct or indirect fall-out benefits received by each Adviser and its affiliates in connection with their respective relationships with the Fund and the Portfolio, including the benefits of research services that may be available to each Adviser as a result of securities transactions effected for the Fund and the Portfolio and other investment advisory clients.

*Economies of Scale*

In reviewing management fees and profitability, the Board also considered the extent to which the applicable Adviser and its affiliates, on the one hand, and the Fund and the Portfolio, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund and the Portfolio increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. To assist in the evaluation of the sharing of any economies of scale, the Board received data for recent years showing asset levels, Adviser profitability and total expense ratios. Based upon the foregoing, the Board concluded that the Fund currently shares in the benefits from economies of scale, if any, when they are realized by the Adviser. The Board also concluded that the structure of the advisory fees, which include breakpoints at several asset levels, will allow the Fund and the Portfolio to continue to benefit from any economies of scale in the future.

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[**Table of Contents**](#JOB_EV_AR_147729fc-0277-49ca-af77-833e38d101e2_TOC)

ETMGX-NCSR&nbsp;&nbsp;&nbsp;&nbsp;10.31.25

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## Eaton Vance

## Tax-Managed Value Fund

## Annual Financial Statements and Additional Information
October 31, 2025

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![](g35982img3533848811.gif)

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**This report must be preceded or accompanied by a current summary prospectus or prospectus. Before investing, investors should consider carefully the investment objective, risks, and charges and expenses of a mutual fund. This and other important information is contained in the prospectus and/or statement of additional information, which can be obtained by calling 1-800-262-1122 or from a financial intermediary. Prospective investors should read the prospectus carefully before investing.**

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#### Annual Financial Statements and Additional Information October 31, 2025
Eaton Vance

Tax-Managed Value Fund

---

| | |
|:---|:---|
| **[**Table of Contents**](#xx_9051f2a3-ef14-4525-86fb-b1e8cf27d9fd_1)** |  |
| [Item 7 of Form N-CSR:](#xx_b98d85a5-b7f9-447a-b07d-13ab770a5495_1) | [Item 7 of Form N-CSR:](#xx_b98d85a5-b7f9-447a-b07d-13ab770a5495_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#xx_b98d85a5-b7f9-447a-b07d-13ab770a5495_1) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#xx_b98d85a5-b7f9-447a-b07d-13ab770a5495_2) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx_b98d85a5-b7f9-447a-b07d-13ab770a5495_3) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx_f9410d09-0d49-454f-ab90-428925d66095_1) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx_8c47c9f1-b312-4444-8ec8-fb0325fc1bd8_1) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#xx_20454c4c-0fd1-4d9b-8db8-e252adaa13a8_1) | 11 |
| [Federal Tax Information](#xx_d71c9684-9985-4709-ac05-5ff8541e5116_1) | 12 |
| [Tax-Managed Value Portfolio](#xx_ad8673b1-fcad-4ad0-88b0-81377f54d59f_1) | [Tax-Managed Value Portfolio](#xx_ad8673b1-fcad-4ad0-88b0-81377f54d59f_1) |
| [Items 6 and 7 of Form N-CSR:](#xx_ad8673b1-fcad-4ad0-88b0-81377f54d59f_1) | [Items 6 and 7 of Form N-CSR:](#xx_ad8673b1-fcad-4ad0-88b0-81377f54d59f_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Portfolio of Investments](#xx_ad8673b1-fcad-4ad0-88b0-81377f54d59f_1) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Statements](#xx_756f295f-2e8a-42d8-be32-0c87a67a2b69_1) | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#xx_73976d13-10b7-42ef-bb57-1c01cc2b5d37_1) | 24 |
| Item 11 of Form N-CSR: | Item 11 of Form N-CSR: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Board of Trustees' Contract Approval](#xx_4dd64e99-53be-4c35-8971-fb118e3d0932_1) | 25 |

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Items 8 and 9 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7.

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Eaton Vance

Tax-Managed Value Fund

October 31, 2025

Statement of Assets and Liabilities

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| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**October 31, 2025** |
| Assets |  |
| Investment in Tax-Managed Value Portfolio, at value (identified cost $348,119,539) | &nbsp;&nbsp;$838427295 |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65296 |
| **Total assets** | &nbsp;&nbsp;**$838492591** |
| Liabilities |  |
| Payable for Fund shares redeemed | &nbsp;&nbsp;$170763 |
| Payable to affiliates: |  |
| &nbsp;&nbsp;&nbsp;Administration fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106051 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124623 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agency fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14242 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 |
| Payable for transfer and dividend disbursing agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36610 |
| Payable for legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47872 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39403 |
| **Total liabilities** | &nbsp;&nbsp;**$539606** |
| **Net Assets** | &nbsp;&nbsp;**$837952985** |
| Sources of Net Assets |  |
| Paid-in capital | &nbsp;&nbsp;$380620640 |
| Distributable earnings | &nbsp;&nbsp;&nbsp;&nbsp;457332345 |
| **Net Assets** | &nbsp;&nbsp;**$837952985** |
| Class A Shares |  |
| **Net Assets** | &nbsp;&nbsp;$495808153 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11200173 |
| **Net Asset Value and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$44.27 |
| **Maximum Offering Price Per Share <br> (100 ÷ 94.75 of net asset value per share)** | &nbsp;&nbsp;$46.72 |
| Class C Shares |  |
| **Net Assets** | &nbsp;&nbsp;$23702721 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561561 |
| **Net Asset Value and Offering Price Per Share\*<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$42.21 |
| Class I Shares |  |
| **Net Assets** | &nbsp;&nbsp;$318442111 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7219845 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$44.11 |

---

---

| | |
|:---|:---|
| On sales of $50,000 or more, the offering price of Class A shares is reduced. | On sales of $50,000 or more, the offering price of Class A shares is reduced. |
| \* | Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge. |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_caaab672-d397-434d-9b23-f054fa48995c_TOC)

Eaton Vance

Tax-Managed Value Fund

October 31, 2025

Statement of Operations

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended** |
|  | &nbsp;&nbsp;&nbsp;**October 31, 2025** |
| Investment Income |  |
| Dividend income allocated from Portfolio (net of foreign taxes withheld of $54,412) | &nbsp;&nbsp;$14976371 |
| Securities lending income allocated from Portfolio, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12089 |
| Expenses allocated from Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5512591) |
| Waiver and/or reimbursement of expenses by affiliates allocated from Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5911 |
| **Total investment income from Portfolio** | &nbsp;&nbsp;**$9481780** |
| Expenses |  |
| Administration fee | &nbsp;&nbsp;$1208097 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1194089 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230738 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53985 |
| Transfer and dividend disbursing agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266372 |
| Legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84993 |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20654 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54038 |
| ReFlow liquidity program fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58193 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24308 |
| **Total expenses** | &nbsp;&nbsp;**$3195966** |
| **Net investment income** | &nbsp;&nbsp;**$6285814** |
| Realized and Unrealized Gain (Loss) from Portfolio |  |
| Net realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;Investment transactions | &nbsp;&nbsp;$57073631 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4007) |
| **Net realized gain** | &nbsp;&nbsp;**$57069624** |
| Change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;$5412605 |
| &nbsp;&nbsp;&nbsp;Foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10868 |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$5423473** |
| **Net realized and unrealized gain** | &nbsp;&nbsp;**$62493097** |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$68778911** |

---

*2*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_caaab672-d397-434d-9b23-f054fa48995c_TOC)

Eaton Vance

Tax-Managed Value Fund

October 31, 2025

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
|  | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$6285814 | &nbsp;&nbsp;$6553798 |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57069624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45978289 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5423473 | &nbsp;&nbsp;&nbsp;&nbsp;153801811 |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$68778911** | &nbsp;&nbsp;**$206333898** |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(17393361) | &nbsp;&nbsp;$(14155725) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(727629) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(567330) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12016107) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9367730) |
| **Total distributions to shareholders** | &nbsp;&nbsp;**$(30137097)** | &nbsp;&nbsp;**$(24090785)** |
| Transactions in shares of beneficial interest: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(16443698) | &nbsp;&nbsp;$(19877350) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(990723) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1458902) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9195628) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206138 |
| **Net decrease in net assets from Fund share transactions** | &nbsp;&nbsp;**$(26630049)** | &nbsp;&nbsp;**$(21130114)** |
| **Net increase in net assets** | &nbsp;&nbsp;**$12011765** | &nbsp;&nbsp;**$161112999** |
| Net Assets |  |  |
| At beginning of year | &nbsp;&nbsp;$825941220 | &nbsp;&nbsp;$664828221 |
| **At end of year** | &nbsp;&nbsp;**$837952985** | &nbsp;&nbsp;**$825941220** |

---

*3*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_caaab672-d397-434d-9b23-f054fa48995c_TOC)

Eaton Vance

Tax-Managed Value Fund

October 31, 2025

Financial Highlights

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$42.18 | &nbsp;&nbsp;$33.08 | &nbsp;&nbsp;$34.61 | &nbsp;&nbsp;$39.77 | &nbsp;&nbsp;$28.17 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.29 | &nbsp;&nbsp;$0.30 | &nbsp;&nbsp;$0.33 | &nbsp;&nbsp;$0.42 | &nbsp;&nbsp;$0.29 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.83) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.73 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$3.60** | &nbsp;&nbsp;**$10.28** | &nbsp;&nbsp;**$(0.78)** | &nbsp;&nbsp;**$(3.41)** | &nbsp;&nbsp;**$12.02** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.31) | &nbsp;&nbsp;$(0.26) | &nbsp;&nbsp;$(0.39) | &nbsp;&nbsp;$(0.31) | &nbsp;&nbsp;$(0.34) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) |
| **Total distributions** | &nbsp;&nbsp;**$(1.51)** | &nbsp;&nbsp;**$(1.18)** | &nbsp;&nbsp;**$(0.75)** | &nbsp;&nbsp;**$(1.75)** | &nbsp;&nbsp;**$(0.42)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$44.27** | &nbsp;&nbsp;**$42.18** | &nbsp;&nbsp;**$33.08** | &nbsp;&nbsp;**$34.61** | &nbsp;&nbsp;**$39.77** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.79%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**31.66%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2.32)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(8.95)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**43.03%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$495808 | &nbsp;&nbsp;$489133 | &nbsp;&nbsp;$399603 | &nbsp;&nbsp;$431902 | &nbsp;&nbsp;$497565 |
| Ratios (as a percentage of average daily net assets):<sup>(3)(4)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% |
| Portfolio Turnover of the Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

<sup>(3)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(4)</sup> Includes the Fund's share of the Portfolio's allocated expenses.

<sup>(5)</sup> Includes a reduction by the investment adviser of a portion of the Portfolio's adviser fee due to the Portfolio's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended October 31, 2025, 2024, 2023 and 2022).

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_caaab672-d397-434d-9b23-f054fa48995c_TOC)

Eaton Vance

Tax-Managed Value Fund

October 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$40.30 | &nbsp;&nbsp;$31.65 | &nbsp;&nbsp;$33.14 | &nbsp;&nbsp;$38.17 | &nbsp;&nbsp;$27.02 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income (loss)<sup>(1)</sup> | &nbsp;&nbsp;$(0.02) | &nbsp;&nbsp;$0.01 | &nbsp;&nbsp;$0.07 | &nbsp;&nbsp;$0.15 | &nbsp;&nbsp;$0.02 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.28 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$3.14** | &nbsp;&nbsp;**$9.57** | &nbsp;&nbsp;**$(1.00)** | &nbsp;&nbsp;**$(3.53)** | &nbsp;&nbsp;**$11.30** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.03) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(0.13) | &nbsp;&nbsp;$(0.06) | &nbsp;&nbsp;$(0.07) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) |
| **Total distributions** | &nbsp;&nbsp;**$(1.23)** | &nbsp;&nbsp;**$(0.92)** | &nbsp;&nbsp;**$(0.49)** | &nbsp;&nbsp;**$(1.50)** | &nbsp;&nbsp;**$(0.15)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$42.21** | &nbsp;&nbsp;**$40.30** | &nbsp;&nbsp;**$31.65** | &nbsp;&nbsp;**$33.14** | &nbsp;&nbsp;**$38.17** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.97%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30.68%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3.05)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(9.61)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**41.94%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$23703 | &nbsp;&nbsp;$23670 | &nbsp;&nbsp;$19794 | &nbsp;&nbsp;$24304 | &nbsp;&nbsp;$26389 |
| Ratios (as a percentage of average daily net assets):<sup>(3)(4)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.90% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.90%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.90%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.91%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.91%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.90% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05% |
| Portfolio Turnover of the Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

<sup>(3)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(4)</sup> Includes the Fund's share of the Portfolio's allocated expenses.

<sup>(5)</sup> Includes a reduction by the investment adviser of a portion of the Portfolio's adviser fee due to the Portfolio's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended October 31, 2025, 2024, 2023 and 2022).

*5*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_caaab672-d397-434d-9b23-f054fa48995c_TOC)

Eaton Vance

Tax-Managed Value Fund

October 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$42.04 | &nbsp;&nbsp;$32.96 | &nbsp;&nbsp;$34.51 | &nbsp;&nbsp;$39.65 | &nbsp;&nbsp;$28.08 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.40 | &nbsp;&nbsp;$0.40 | &nbsp;&nbsp;$0.41 | &nbsp;&nbsp;$0.51 | &nbsp;&nbsp;$0.37 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.69 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$3.69** | &nbsp;&nbsp;**$10.35** | &nbsp;&nbsp;**$(0.71)** | &nbsp;&nbsp;**$(3.30)** | &nbsp;&nbsp;**$12.06** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.42) | &nbsp;&nbsp;$(0.35) | &nbsp;&nbsp;$(0.48) | &nbsp;&nbsp;$(0.40) | &nbsp;&nbsp;$(0.42) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) |
| **Total distributions** | &nbsp;&nbsp;**$(1.62)** | &nbsp;&nbsp;**$(1.27)** | &nbsp;&nbsp;**$(0.84)** | &nbsp;&nbsp;**$(1.84)** | &nbsp;&nbsp;**$(0.49)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$44.11** | &nbsp;&nbsp;**$42.04** | &nbsp;&nbsp;**$32.96** | &nbsp;&nbsp;**$34.51** | &nbsp;&nbsp;**$39.65** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.04%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**32.00%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2.08)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(8.70)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**43.41%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$318442 | &nbsp;&nbsp;$313138 | &nbsp;&nbsp;$245432 | &nbsp;&nbsp;$262732 | &nbsp;&nbsp;$283334 |
| Ratios (as a percentage of average daily net assets):<sup>(3)(4)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05% |
| Portfolio Turnover of the Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

<sup>(3)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(4)</sup> Includes the Fund's share of the Portfolio's allocated expenses.

<sup>(5)</sup> Includes a reduction by the investment adviser of a portion of the Portfolio's adviser fee due to the Portfolio's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended October 31, 2025, 2024, 2023 and 2022).

*6*

*See Notes to Financial Statements.*

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[**Table of Contents**](#JOB_EV_AR_caaab672-d397-434d-9b23-f054fa48995c_TOC)

Eaton Vance

Tax-Managed Value Fund

October 31, 2025

Notes to Financial Statements

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1 Significant Accounting Policies

Eaton Vance Tax-Managed Value Fund (the Fund) is a diversified series of Eaton Vance Mutual Funds Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund offers three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective November 5, 2020, Class C shares automatically convert to Class A shares eight years after their purchase as described in the Fund's prospectus. Class I shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses and net investment income and losses, other than class-specific expenses, are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Each class of shares differs in its distribution plan and certain other class-specific expenses. The Fund invests its assets in interests in Tax-Managed Value Portfolio (the Portfolio), a Massachusetts business trust, having the same investment objective and policies as the Fund. The value of the Fund's investment in the Portfolio reflects the Fund's proportionate interest in the net assets of the Portfolio (78.9% at October 31, 2025). The performance of the Fund is directly affected by the performance of the Portfolio. The financial statements of the Portfolio, including the portfolio of investments, are included elsewhere in this report and should be read in conjunction with the Fund's financial statements.

The following is a summary of significant accounting policies of the Fund. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.

A Investment Valuation—Valuation of securities by the Portfolio is discussed in Note 1A of the Portfolio's Notes to Financial Statements, which are included elsewhere in this report.

B Income—The Fund's net investment income or loss consists of the Fund's pro rata share of the net investment income or loss of the Portfolio, less all actual and accrued expenses of the Fund.

C Federal Taxes—The Fund's policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary.

As of October 31, 2025, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

D Expenses—The majority of expenses of the Trust are directly identifiable to an individual fund. Expenses which are not readily identifiable to a specific fund are allocated taking into consideration, among other things, the nature and type of expense and the relative size of the funds.

E Use of Estimates—The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

F Indemnifications—Under the Trust's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Trust) could be deemed to have personal liability for the obligations of the Trust. However, the Trust's Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and the By-laws provide that the Trust shall assume, upon request by the shareholder, the defense on behalf of any Fund shareholders. Moreover, the By-laws also provide for indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

G Other—Investment transactions are accounted for on a trade date basis.

H Segment Reporting—During this reporting period, the Fund adopted FASB Accounting Standards Update No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures* (ASU 2023-07), which requires incremental disclosures related to a public entity's reportable segments. The Fund operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. In connection with the adoption of ASU 2023-07, the Fund's President acts as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's financial statements.

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[**Table of Contents**](#JOB_EV_AR_caaab672-d397-434d-9b23-f054fa48995c_TOC)

Eaton Vance

Tax-Managed Value Fund

October 31, 2025

Notes to Financial Statements — continued

------

2 Distributions to Shareholders and Income Tax Information

It is the present policy of the Fund to make at least one distribution annually (normally in December) of all or substantially all of its net investment income and to distribute annually all or substantially all of its net realized capital gains. Distributions to shareholders are recorded on the ex-dividend date. Distributions are declared separately for each class of shares. Shareholders may reinvest income and capital gain distributions in additional shares of the same class of the Fund at the net asset value as of the ex-dividend date or, at the election of the shareholder, receive distributions in cash. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

The tax character of distributions declared for the years ended October 31, 2025 and October 31, 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$6723886 | &nbsp;&nbsp;&nbsp;&nbsp;$5752444 |
| Long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;$23413211 | &nbsp;&nbsp;&nbsp;&nbsp;$18338341 |

---

During the year ended October 31, 2025, distributable earnings was decreased by $36,831,918 and paid-in capital was increased by $36,831,918 due to the Fund's use of equalization accounting and differences between book and tax accounting for redemptions in-kind. Tax equalization accounting allows the Fund to treat as a distribution that portion of redemption proceeds representing a redeeming shareholder's portion of undistributed taxable income and net capital gains. These reclassifications had no effect on the net assets or net asset value per share of the Fund.

As of October 31, 2025, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$3979835 |
| Undistributed long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29389955 |
| Net unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423962555 |
| **Distributable earnings** | &nbsp;&nbsp;&nbsp;&nbsp;**$457332345** |

---

3 Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Eaton Vance Management (EVM), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory services rendered to the Fund. The fee is computed at an annual rate as a percentage of the Fund's average daily net assets that are not invested in other investment companies for which EVM or its affiliates serve as investment adviser and receive an advisory fee as follows and is payable monthly:

---

| | |
|:---|:---|
| **Average Daily Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Annual Fee Rate** |
| Up to $500 million | &nbsp;&nbsp;&nbsp;&nbsp;0.650% |
| $500 million but less than $1 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.625% |
| $1 billion but less than $2 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.600% |
| $2 billion but less than $5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.575% |
| $5 billion and over | &nbsp;&nbsp;&nbsp;&nbsp;0.555% |

---

For the year ended October 31, 2025, the Fund incurred no investment adviser fee on such assets. To the extent the Fund's assets are invested in the Portfolio, the Fund is allocated its share of the Portfolio's investment adviser fee. The Portfolio has engaged Boston Management and Research (BMR) to render investment advisory services. See Note 2 of the Portfolio's Notes to Financial Statements which are included elsewhere in this report. The administration fee is earned by EVM as compensation for administrative services rendered to the Fund. The fee is computed at an annual rate of 0.15% of the Fund's average daily net assets. For the year ended October 31, 2025, the administration fee amounted to $1,208,097.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended October 31, 2025, EVM earned $43,608 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on

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[**Table of Contents**](#JOB_EV_AR_caaab672-d397-434d-9b23-f054fa48995c_TOC)

Eaton Vance

Tax-Managed Value Fund

October 31, 2025

Notes to Financial Statements — continued

------

the Statement of Operations. The Fund was informed that Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund's principal underwriter, received $15,938 as its portion of the sales charge on sales of Class A shares for the year ended October 31, 2025. The Fund was informed that Morgan Stanley affiliated broker- dealers, which may be deemed to be affiliates of EVM, BMR and EVD, also received a portion of the sales charge on sales of Class A shares for the year ended October 31, 2025 in the amount of $1,500. EVD also received distribution and service fees from Class A and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5).

Trustees and officers of the Fund who are members of EVM's or BMR's organizations receive remuneration for their services to the Fund out of the investment adviser fee. Certain officers and Trustees of the Fund and the Portfolio are officers of the above organizations.

4 Distribution Plans

The Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the year ended October 31, 2025 amounted to $1,194,089 for Class A shares.

The Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the year ended October 31, 2025, the Fund paid or accrued to EVD $173,054 for Class C shares.

Pursuant to the Class C Plan, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the year ended October 31, 2025 amounted to $57,684 for Class C shares.

Distribution and service fees are subject to the limitations contained in the Financial Industry Regulatory Authority Rule 2341(d).

5 Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within 12 months of purchase. Class A shares may be subject to a 1% CDSC if redeemed within 12 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the year ended October 31, 2025, the Fund was informed that EVD received less than $100 and $181 of CDSCs paid by Class A and Class C shareholders.

6 Investment Transactions

For the year ended October 31, 2025, increases and decreases in the Fund's investment in the Portfolio aggregated $2,738,003 and $62,889,759, respectively.

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[**Table of Contents**](#JOB_EV_AR_caaab672-d397-434d-9b23-f054fa48995c_TOC)

Eaton Vance

Tax-Managed Value Fund

October 31, 2025

Notes to Financial Statements — continued

------

7 Shares of Beneficial Interest

The Fund's Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value). Such shares may be issued in a number of different series (such as the Fund) and classes. Sales and redemptions of Class I shares include shares purchased and redeemed in connection with the ReFlow liquidity program, a program designed to provide an alternative liquidity source for mutual funds experiencing net redemptions of their shares. Transactions in Fund shares, including direct exchanges pursuant to share class conversions, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2024** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 254199 | &nbsp;&nbsp;&nbsp;&nbsp;$10488492 | &nbsp;&nbsp;&nbsp;&nbsp; 284532 | &nbsp;&nbsp;&nbsp;&nbsp;$11017531 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 367138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15173796 | &nbsp;&nbsp;&nbsp;&nbsp; 340050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12347222 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(1016290) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42105986) | &nbsp;&nbsp;&nbsp;&nbsp;(1110303) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43242103) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(394953)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(16443698)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(485721)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(19877350)** |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 91130 | &nbsp;&nbsp;&nbsp;&nbsp;$3622065 | &nbsp;&nbsp;&nbsp;&nbsp; 55355 | &nbsp;&nbsp;&nbsp;&nbsp;$2052500 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 17053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 676503 | &nbsp;&nbsp;&nbsp;&nbsp; 14994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 523609 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (133957) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5289291) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (108501) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4035011) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(25774)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(990723)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(38152)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1458902)** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;1532265 | &nbsp;&nbsp;&nbsp;&nbsp;$62420172 | &nbsp;&nbsp;&nbsp;&nbsp;1586723 | &nbsp;&nbsp;&nbsp;&nbsp;$60562953 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 264727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10877625 | &nbsp;&nbsp;&nbsp;&nbsp; 234043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8451280 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(2026459) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(82493425) | &nbsp;&nbsp;&nbsp;&nbsp;(1817034) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68808095) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(229467)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(9195628)** | &nbsp;&nbsp;&nbsp;&nbsp; **3732** | &nbsp;&nbsp;&nbsp;&nbsp;**$206138** |

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[**Table of Contents**](#JOB_EV_AR_caaab672-d397-434d-9b23-f054fa48995c_TOC)

Eaton Vance

Tax-Managed Value Fund

October 31, 2025

Report of Independent Registered Public Accounting Firm

------

To the Trustees of Eaton Vance Mutual Funds Trust and Shareholders of Eaton Vance Tax-Managed Value Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Eaton Vance Tax-Managed Value Fund (the "Fund"), one of the funds constituting Eaton Vance Mutual Funds Trust, as of October 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 19, 2025

We have served as the auditor of one or more Eaton Vance investment companies since 1959.

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[**Table of Contents**](#JOB_EV_AR_caaab672-d397-434d-9b23-f054fa48995c_TOC)

Eaton Vance

Tax-Managed Value Fund

October 31, 2025

Federal Tax Information (Unaudited)

------

The Form 1099-DIV you receive in February 2026 will show the tax status of all distributions paid to your account in calendar year 2025. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of qualified dividend income for individuals, the dividends received deduction for corporations and capital gains dividends.

**Qualified Dividend Income. For the fiscal year ended October 31, 2025, the Fund designates approximately $13,099,940, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate of 15%.**

**Dividends Received Deduction. Corporate shareholders are generally entitled to take the dividends received deduction on the portion of the Fund's dividend distribution that qualifies under tax law. For the Fund's fiscal 2025 ordinary income dividends, 100% qualifies for the corporate dividends received deduction.**

**Capital Gains Dividends. The Fund hereby designates as a capital gain dividend with respect to the taxable year ended October 31, 2025, $30,741,321 or, if subsequently determined to be different, the net capital gain of such year.**

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[**Table of Contents**](#JOB_EV_AR_caaab672-d397-434d-9b23-f054fa48995c_TOC)

Tax-Managed Value Portfolio

October 31, 2025

Portfolio of Investments

------

Common Stocks — 99.9%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Aerospace & Defense — 1.9% | Aerospace & Defense — 1.9% | Aerospace & Defense — 1.9% |
| RTX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;113000 | &nbsp;&nbsp;$20170500 |
|  |  | &nbsp;&nbsp;**$20170500** |
| Banks — 8.7% | Banks — 8.7% | Banks — 8.7% |
| JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;134808 | &nbsp;&nbsp;$41941465 |
| PNC Financial Services Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;142029 | &nbsp;&nbsp;&nbsp;&nbsp; 25927394 |
| Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp;284056 | &nbsp;&nbsp;&nbsp;&nbsp; 24704350 |
|  |  | &nbsp;&nbsp;**$92573209** |
| Biotechnology — 3.3% | Biotechnology — 3.3% | Biotechnology — 3.3% |
| AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;64865 | &nbsp;&nbsp;$14143165 |
| Gilead Sciences, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;75441 | &nbsp;&nbsp;&nbsp;&nbsp; 9037077 |
| Neurocrine Biosciences, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;85834 | &nbsp;&nbsp;&nbsp;&nbsp; 12292287 |
|  |  | &nbsp;&nbsp;**$35472529** |
| Broadline Retail — 3.4% | Broadline Retail — 3.4% | Broadline Retail — 3.4% |
| Amazon.com, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;147373 | &nbsp;&nbsp;$35991434 |
|  |  | &nbsp;&nbsp;**$35991434** |
| Building Products — 0.6% | Building Products — 0.6% | Building Products — 0.6% |
| Carrier Global Corp. | &nbsp;&nbsp;&nbsp;&nbsp;113000 | &nbsp;&nbsp;$6722370 |
|  |  | &nbsp;&nbsp;**$6722370** |
| Capital Markets — 7.4% | Capital Markets — 7.4% | Capital Markets — 7.4% |
| Cboe Global Markets, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22561 | &nbsp;&nbsp;$5541884 |
| Charles Schwab Corp. | &nbsp;&nbsp;&nbsp;&nbsp;343267 | &nbsp;&nbsp;&nbsp;&nbsp; 32445597 |
| Goldman Sachs Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22892 | &nbsp;&nbsp;&nbsp;&nbsp; 18070258 |
| Interactive Brokers Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;324136 | &nbsp;&nbsp;&nbsp;&nbsp; 22806209 |
|  |  | &nbsp;&nbsp;**$78863948** |
| Chemicals — 1.6% | Chemicals — 1.6% | Chemicals — 1.6% |
| Linde PLC | &nbsp;&nbsp;&nbsp;&nbsp;38610 | &nbsp;&nbsp;$16150563 |
| Solstice Advanced Materials, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;14879 | &nbsp;&nbsp;&nbsp;&nbsp; 670597 |
|  |  | &nbsp;&nbsp;**$16821160** |
| Communications Equipment — 1.3% | Communications Equipment — 1.3% | Communications Equipment — 1.3% |
| Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;191540 | &nbsp;&nbsp;$14003489 |
|  |  | &nbsp;&nbsp;**$14003489** |
| Consumer Staples Distribution & Retail — 2.1% | Consumer Staples Distribution & Retail — 2.1% | Consumer Staples Distribution & Retail — 2.1% |
| BJ's Wholesale Club Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;114285 | &nbsp;&nbsp;$10086794 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Consumer Staples Distribution & Retail (continued) | Consumer Staples Distribution & Retail (continued) | Consumer Staples Distribution & Retail (continued) |
| U.S. Foods Holding Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;169731 | &nbsp;&nbsp;$12325865 |
|  |  | &nbsp;&nbsp;**$22412659** |
| Containers & Packaging — 1.9% | Containers & Packaging — 1.9% | Containers & Packaging — 1.9% |
| Avery Dennison Corp. | &nbsp;&nbsp;&nbsp;&nbsp;31014 | &nbsp;&nbsp;$5424038 |
| Ball Corp. | &nbsp;&nbsp;&nbsp;&nbsp;320112 | &nbsp;&nbsp;&nbsp;&nbsp; 15045264 |
|  |  | &nbsp;&nbsp;**$20469302** |
| Distributors — 0.4% | Distributors — 0.4% | Distributors — 0.4% |
| Pool Corp. | &nbsp;&nbsp;&nbsp;&nbsp;15145 | &nbsp;&nbsp;$4044624 |
|  |  | &nbsp;&nbsp;**$4044624** |
| Electric Utilities — 2.7% | Electric Utilities — 2.7% | Electric Utilities — 2.7% |
| NextEra Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;297770 | &nbsp;&nbsp;$24238478 |
| NRG Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25452 | &nbsp;&nbsp;&nbsp;&nbsp; 4374181 |
|  |  | &nbsp;&nbsp;**$28612659** |
| Energy Equipment & Services — 0.8% | Energy Equipment & Services — 0.8% | Energy Equipment & Services — 0.8% |
| Baker Hughes Co. | &nbsp;&nbsp;&nbsp;&nbsp;167693 | &nbsp;&nbsp;$8118018 |
|  |  | &nbsp;&nbsp;**$8118018** |
| Entertainment — 1.6% | Entertainment — 1.6% | Entertainment — 1.6% |
| Walt Disney Co. | &nbsp;&nbsp;&nbsp;&nbsp;147913 | &nbsp;&nbsp;$16657962 |
|  |  | &nbsp;&nbsp;**$16657962** |
| Financial Services — 1.4% | Financial Services — 1.4% | Financial Services — 1.4% |
| Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;44697 | &nbsp;&nbsp;$15230056 |
|  |  | &nbsp;&nbsp;**$15230056** |
| Food Products — 2.3% | Food Products — 2.3% | Food Products — 2.3% |
| Hershey Co. | &nbsp;&nbsp;&nbsp;&nbsp;63156 | &nbsp;&nbsp;$10713152 |
| J.M. Smucker Co. | &nbsp;&nbsp;&nbsp;&nbsp;50047 | &nbsp;&nbsp;&nbsp;&nbsp; 5182367 |
| Nestle SA | &nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp; 8599360 |
|  |  | &nbsp;&nbsp;**$24494879** |
| Ground Transportation — 1.9% | Ground Transportation — 1.9% | Ground Transportation — 1.9% |
| CSX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;240932 | &nbsp;&nbsp;$8678371 |
| Union Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;50876 | &nbsp;&nbsp;&nbsp;&nbsp; 11211544 |
|  |  | &nbsp;&nbsp;**$19889915** |
| Health Care Equipment & Supplies — 3.9% | Health Care Equipment & Supplies — 3.9% | Health Care Equipment & Supplies — 3.9% |
| Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp;90859 | &nbsp;&nbsp;$11231990 |
| Boston Scientific Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;95971 | &nbsp;&nbsp;&nbsp;&nbsp; 9666199 |
| Stryker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;58093 | &nbsp;&nbsp;&nbsp;&nbsp; 20695050 |
|  |  | &nbsp;&nbsp;**$41593239** |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_caaab672-d397-434d-9b23-f054fa48995c_TOC)

Tax-Managed Value Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Health Care Providers & Services — 1.5% | Health Care Providers & Services — 1.5% | Health Care Providers & Services — 1.5% |
| McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5281 | &nbsp;&nbsp;$4284687 |
| UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;32799 | &nbsp;&nbsp;&nbsp;&nbsp; 11202826 |
|  |  | &nbsp;&nbsp;**$15487513** |
| Household Durables — 1.4% | Household Durables — 1.4% | Household Durables — 1.4% |
| D.R. Horton, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;99360 | &nbsp;&nbsp;$14812589 |
|  |  | &nbsp;&nbsp;**$14812589** |
| Household Products — 0.4% | Household Products — 0.4% | Household Products — 0.4% |
| Clorox Co. | &nbsp;&nbsp;&nbsp;&nbsp;35258 | &nbsp;&nbsp;$3965115 |
|  |  | &nbsp;&nbsp;**$3965115** |
| Industrial Conglomerates — 3.5% | Industrial Conglomerates — 3.5% | Industrial Conglomerates — 3.5% |
| 3M Co. | &nbsp;&nbsp;&nbsp;&nbsp;153734 | &nbsp;&nbsp;$25596711 |
| Honeywell International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;59519 | &nbsp;&nbsp;&nbsp;&nbsp; 11982960 |
|  |  | &nbsp;&nbsp;**$37579671** |
| Insurance — 3.7% | Insurance — 3.7% | Insurance — 3.7% |
| Arch Capital Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;183981 | &nbsp;&nbsp;$15879400 |
| Reinsurance Group of America, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;33595 | &nbsp;&nbsp;&nbsp;&nbsp; 6129744 |
| Travelers Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;64030 | &nbsp;&nbsp;&nbsp;&nbsp; 17199738 |
|  |  | &nbsp;&nbsp;**$39208882** |
| Interactive Media & Services — 5.2% | Interactive Media & Services — 5.2% | Interactive Media & Services — 5.2% |
| Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;135239 | &nbsp;&nbsp;$38027854 |
| Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;26793 | &nbsp;&nbsp;&nbsp;&nbsp; 17371242 |
|  |  | &nbsp;&nbsp;**$55399096** |
| Leisure Products — 0.6% | Leisure Products — 0.6% | Leisure Products — 0.6% |
| Hasbro, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;86381 | &nbsp;&nbsp;$6591734 |
|  |  | &nbsp;&nbsp;**$6591734** |
| Life Sciences Tools & Services — 2.2% | Life Sciences Tools & Services — 2.2% | Life Sciences Tools & Services — 2.2% |
| Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;40907 | &nbsp;&nbsp;$23210223 |
|  |  | &nbsp;&nbsp;**$23210223** |
| Machinery — 7.1% | Machinery — 7.1% | Machinery — 7.1% |
| Ingersoll Rand, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;287559 | &nbsp;&nbsp;$21949379 |
| Otis Worldwide Corp. | &nbsp;&nbsp;&nbsp;&nbsp;56500 | &nbsp;&nbsp;&nbsp;&nbsp; 5240940 |
| Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;32648 | &nbsp;&nbsp;&nbsp;&nbsp; 25231354 |
| Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;109778 | &nbsp;&nbsp;&nbsp;&nbsp; 22443014 |
|  |  | &nbsp;&nbsp;**$74864687** |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Metals & Mining — 1.7% | Metals & Mining — 1.7% | Metals & Mining — 1.7% |
| Steel Dynamics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;112943 | &nbsp;&nbsp;$17709462 |
|  |  | &nbsp;&nbsp;**$17709462** |
| Multi-Utilities — 3.1% | Multi-Utilities — 3.1% | Multi-Utilities — 3.1% |
| CMS Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;111375 | &nbsp;&nbsp;$8191631 |
| Sempra | &nbsp;&nbsp;&nbsp;&nbsp;273870 | &nbsp;&nbsp;&nbsp;&nbsp; 25179608 |
|  |  | &nbsp;&nbsp;**$33371239** |
| Oil, Gas & Consumable Fuels — 6.0% | Oil, Gas & Consumable Fuels — 6.0% | Oil, Gas & Consumable Fuels — 6.0% |
| Chevron Corp. | &nbsp;&nbsp;&nbsp;&nbsp;248950 | &nbsp;&nbsp;$39264394 |
| EOG Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;51427 | &nbsp;&nbsp;&nbsp;&nbsp; 5443034 |
| EQT Corp. | &nbsp;&nbsp;&nbsp;&nbsp;235177 | &nbsp;&nbsp;&nbsp;&nbsp; 12600784 |
| Phillips 66 | &nbsp;&nbsp;&nbsp;&nbsp;49190 | &nbsp;&nbsp;&nbsp;&nbsp; 6696726 |
|  |  | &nbsp;&nbsp;**$64004938** |
| Pharmaceuticals — 3.5% | Pharmaceuticals — 3.5% | Pharmaceuticals — 3.5% |
| Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;14117 | &nbsp;&nbsp;$12180995 |
| Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;124185 | &nbsp;&nbsp;&nbsp;&nbsp; 10677426 |
| Zoetis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;101295 | &nbsp;&nbsp;&nbsp;&nbsp; 14595596 |
|  |  | &nbsp;&nbsp;**$37454017** |
| Residential REITs — 1.2% | Residential REITs — 1.2% | Residential REITs — 1.2% |
| AvalonBay Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;47915 | &nbsp;&nbsp;$8333377 |
| Mid-America Apartment Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;35727 | &nbsp;&nbsp;&nbsp;&nbsp; 4581273 |
|  |  | &nbsp;&nbsp;**$12914650** |
| Semiconductors & Semiconductor Equipment — 5.4% | Semiconductors & Semiconductor Equipment — 5.4% | Semiconductors & Semiconductor Equipment — 5.4% |
| Intel Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;409795 | &nbsp;&nbsp;$16387702 |
| Micron Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;138390 | &nbsp;&nbsp;&nbsp;&nbsp; 30967530 |
| QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;56245 | &nbsp;&nbsp;&nbsp;&nbsp; 10174721 |
|  |  | &nbsp;&nbsp;**$57529953** |
| Software — 2.3% | Software — 2.3% | Software — 2.3% |
| Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;46044 | &nbsp;&nbsp;$12091615 |
| Salesforce, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;48735 | &nbsp;&nbsp;&nbsp;&nbsp; 12691081 |
|  |  | &nbsp;&nbsp;**$24782696** |
| Specialized REITs — 0.5% | Specialized REITs — 0.5% | Specialized REITs — 0.5% |
| CubeSmart | &nbsp;&nbsp;&nbsp;&nbsp;129314 | &nbsp;&nbsp;$4871258 |
|  |  | &nbsp;&nbsp;**$4871258** |
| Specialty Retail — 3.4% | Specialty Retail — 3.4% | Specialty Retail — 3.4% |
| Home Depot, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;81060 | &nbsp;&nbsp;$30769566 |

---

*14*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_caaab672-d397-434d-9b23-f054fa48995c_TOC)

Tax-Managed Value Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Specialty Retail (continued) | Specialty Retail (continued) | Specialty Retail (continued) |
| Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21079 | &nbsp;&nbsp;$5019542 |
|  |  | &nbsp;&nbsp;**$35789108** |
| Total Common Stocks<br> (identified cost $479,811,211) |  | &nbsp;&nbsp;**$1061688783** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Short-Term Investments — 0.1%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 4.00%<sup>(2)</sup> | 1103021 | &nbsp;&nbsp;$1103021 |
| Total Short-Term Investments<br> (identified cost $1,103,021) |  | &nbsp;&nbsp;**$1103021** |
| Total Investments — 100.0%<br> (identified cost $480,914,232) |  | &nbsp;&nbsp;**$1062791804** |
| Other Assets, Less Liabilities — 0.0%<sup>†</sup> |  | &nbsp;&nbsp;**$151853** |
| Net Assets — 100.0% |  | &nbsp;&nbsp;**$1062943657** |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | The percentage shown for each investment category in the Portfolio of Investments is based on net assets. |
| <sup>†</sup> | Amount is less than 0.05% or (0.05)%, as applicable. |
| <sup>(1)</sup> | Non-income producing security. |
| <sup>(2)</sup> | May be deemed to be an affiliated investment company (see Note 7). The rate shown is the annualized seven-day yield as of October 31, 2025. |

---

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| REITs | – Real Estate Investment Trusts |

---

*15*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_caaab672-d397-434d-9b23-f054fa48995c_TOC)

Tax-Managed Value Portfolio

October 31, 2025

Statement of Assets and Liabilities

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**October 31, 2025** |
| Assets |  |
| Unaffiliated investments, at value (identified cost $479,811,211) | &nbsp;&nbsp;$1061688783 |
| Affiliated investments, at value (identified cost $1,103,021) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1103021 |
| Dividends receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546522 |
| Dividends receivable from affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3033 |
| Securities lending income receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1834 |
| Tax reclaims receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319732 |
| Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212674 |
| **Total assets** | &nbsp;&nbsp;**$1063875599** |
| Liabilities |  |
| Payable to affiliates: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment adviser fee | &nbsp;&nbsp;$569547 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5439 |
| &nbsp;&nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212674 |
| Payable for custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62343 |
| Payable for legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81148 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;791 |
| **Total liabilities** | &nbsp;&nbsp;**$931942** |
| **Net Assets applicable to investors' interest in Portfolio** | &nbsp;&nbsp;**$1062943657** |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_caaab672-d397-434d-9b23-f054fa48995c_TOC)

Tax-Managed Value Portfolio

October 31, 2025

Statement of Operations

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended** |
|  | &nbsp;&nbsp;&nbsp;**October 31, 2025** |
| Investment Income |  |
| Dividend income (net of foreign taxes withheld of $68,502) | &nbsp;&nbsp;$18636941 |
| Dividend income from affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213463 |
| Securities lending income, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15249 |
| **Total investment income** | &nbsp;&nbsp;**$18865653** |
| Expenses |  |
| Investment adviser fee | &nbsp;&nbsp;$6462027 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65378 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249535 |
| Legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103554 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63508 |
| **Total expenses** | &nbsp;&nbsp;**$6944002** |
| Deduct: |  |
| &nbsp;&nbsp;&nbsp;Waiver and/or reimbursement of expenses by affiliates | &nbsp;&nbsp;$7439 |
| **Total expense reductions** | &nbsp;&nbsp;**$7439** |
| **Net expenses** | &nbsp;&nbsp;**$6936563** |
| **Net investment income** | &nbsp;&nbsp;**$11929090** |
| Realized and Unrealized Gain (Loss) |  |
| Net realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;Investment transactions | &nbsp;&nbsp;$71708279<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5030) |
| **Net realized gain** | &nbsp;&nbsp;**$71703249** |
| Change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;$7462410 |
| &nbsp;&nbsp;&nbsp;Foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13817 |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$7476227** |
| **Net realized and unrealized gain** | &nbsp;&nbsp;**$79179476** |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$91108566** |

---

<sup>(1)</sup> Includes $34,924,426 of net realized gains from redemptions in-kind.

*17*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_caaab672-d397-434d-9b23-f054fa48995c_TOC)

Tax-Managed Value Portfolio

October 31, 2025

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
|  | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$11929090 | &nbsp;&nbsp;$12035986 |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71703249<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56969196<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7476227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190646797 |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$91108566** | &nbsp;&nbsp;**$259651979** |
| Capital transactions: |  |  |
| &nbsp;&nbsp;&nbsp;Contributions | &nbsp;&nbsp;$2738003 | &nbsp;&nbsp;$9683402 |
| &nbsp;&nbsp;&nbsp;Withdrawals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62889759) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59107279) |
| **Net decrease in net assets from capital transactions** | &nbsp;&nbsp;**$(60151756)** | &nbsp;&nbsp;**$(49423877)** |
| **Net increase in net assets** | &nbsp;&nbsp;**$30956810** | &nbsp;&nbsp;**$210228102** |
| Net Assets |  |  |
| At beginning of year | &nbsp;&nbsp;$1031986847 | &nbsp;&nbsp;$821758745 |
| **At end of year** | &nbsp;&nbsp;**$1062943657** | &nbsp;&nbsp;**$1031986847** |

---

<sup>(1)</sup> Includes $34,924,426 of net realized gains from redemptions in-kind.

<sup>(2)</sup> Includes $25,902,972 of net realized gains from redemptions in-kind.

*18*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_caaab672-d397-434d-9b23-f054fa48995c_TOC)

Tax-Managed Value Portfolio

October 31, 2025

Financial Highlights

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| <br>Ratios/Supplemental Data | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Ratios (as a percentage of average daily net assets):<sup>(1)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68%<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68%<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68%<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68%<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11% |
| **Total Return** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.14%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**32.27%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1.84)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(8.51)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**43.69%** |
| **Net assets, end of year (000's omitted)** | &nbsp;&nbsp;**$1062944** | &nbsp;&nbsp;**$1031987** | &nbsp;&nbsp;**$821759** | &nbsp;&nbsp;**$880628** | &nbsp;&nbsp;**$994337** |

---

<sup>(1)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Portfolio.

<sup>(2)</sup> Includes a reduction by the investment adviser of a portion of its adviser fee due to the Portfolio's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended October 31, 2025, 2024, 2023 and 2022).

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_caaab672-d397-434d-9b23-f054fa48995c_TOC)

Tax-Managed Value Portfolio

October 31, 2025

Notes to Financial Statements

------

1 Significant Accounting Policies

Tax-Managed Value Portfolio (the Portfolio) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified, open-end management investment company. The Portfolio's investment objective is to achieve long-term, after-tax returns by investing primarily in value stocks. The Declaration of Trust permits the Trustees to issue interests in the Portfolio. At October 31, 2025, Eaton Vance Tax-Managed Value Fund and Eaton Vance Tax-Managed Equity Asset Allocation Fund held an interest of 78.9% and 21.1%, respectively, in the Portfolio.

The following is a summary of significant accounting policies of the Portfolio. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Portfolio is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.

A Investment Valuation—The following methodologies are used to determine the market value or fair value of investments.

**Equity Securities. Equity securities listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and ask prices on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ National Market System are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and ask prices.**

**Foreign Securities and Currencies. Foreign securities 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 generally is determined as of the close of trading on the principal exchange on which such securities trade. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities 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 that meet certain criteria, the Portfolio's Trustees have approved the use of a fair value service that values such securities 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.**

**Other. Investments in management investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value as of the close of each business day.**

**Fair Valuation. In connection with Rule 2a-5 of the 1940 Act, the Trustees have designated the Portfolio's investment adviser as its valuation designee. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued by the investment adviser, as valuation designee, at fair value using methods that most fairly reflect the security's "fair value", which is the amount that the Portfolio might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security's disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company's or entity's financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.**

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

C Income—Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. However, if the ex-dividend date has passed, certain dividends from foreign securities are recorded as the Portfolio is informed of the ex-dividend date. Withholding taxes on foreign dividends and capital gains have been provided for in accordance with the Portfolio's understanding of the applicable countries' tax rules and rates. In consideration of recent decisions rendered by European courts, the Portfolio has filed additional tax reclaims for previously withheld taxes on dividends earned in certain European Union countries. These filings are subject to various administrative and judicial proceedings within these countries (the "EU reclaims"). Due to the uncertainty as to the ultimate resolution of these proceedings, the likelihood of receipt of these EU reclaims, and the potential timing of payment, the EU reclaims are recorded as income only when the likelihood of their receipt becomes certain.

D Federal Taxes—The Portfolio has elected to be treated as a partnership for federal tax purposes. No provision is made by the Portfolio for federal or state taxes on any taxable income of the Portfolio because each investor in the Portfolio is ultimately responsible for the payment of any taxes on its share of taxable income. Since at least one of the Portfolio's investors is a regulated investment company that invests all or substantially all of its assets in the Portfolio, the Portfolio normally must satisfy the applicable source of income and diversification requirements (under the Internal Revenue Code) in order for its investors to satisfy them. The Portfolio will allocate, at least annually among its investors, each investor's distributive share of the Portfolio's net investment income, net realized capital gains and losses and any other items of income, gain, loss, deduction or credit.

As of October 31, 2025, the Portfolio had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Portfolio files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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Tax-Managed Value Portfolio

October 31, 2025

Notes to Financial Statements — continued

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E Foreign Currency Translation—Investment valuations, other assets, and liabilities initially expressed in foreign currencies are translated each business day into U.S. dollars based upon current exchange rates. Purchases and sales of foreign investment securities and income and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates in effect on the respective dates of such transactions. Recognized gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.

F Use of Estimates—The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

G Indemnifications—Under the Portfolio's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Portfolio. Under Massachusetts law, if certain conditions prevail, interestholders in the Portfolio could be deemed to have personal liability for the obligations of the Portfolio. However, the Portfolio's Declaration of Trust contains an express disclaimer of liability on the part of Portfolio interestholders. Additionally, in the normal course of business, the Portfolio enters into agreements with service providers that may contain indemnification clauses. The Portfolio's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet occurred.

H Segment Reporting—During this reporting period, the Portfolio adopted FASB Accounting Standards Update No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures* (ASU 2023-07), which requires incremental disclosures related to a public entity's reportable segments. The Portfolio operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. In connection with the adoption of ASU 2023-07, the Portfolio's President acts as the Portfolio's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Portfolio's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Portfolio's financial statements.

2 Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory services rendered to the Portfolio. The fee is computed at an annual rate as a percentage of the Portfolio's average daily net assets as follows and is payable monthly:

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| | |
|:---|:---|
| **Average Daily Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Annual Fee Rate** |
| Up to $500 million | &nbsp;&nbsp;&nbsp;&nbsp;0.650% |
| $500 million but less than $1 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.625% |
| $1 billion but less than $2 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.600% |
| $2 billion but less than $5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.575% |
| $5 billion and over | &nbsp;&nbsp;&nbsp;&nbsp;0.555% |

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For the year ended October 31, 2025, the investment adviser fee amounted to $6,462,027 or 0.64% of the Portfolio's average daily net assets. The Portfolio may invest in a money market fund, the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio (the "Liquidity Fund"), an open-end management investment company managed by Morgan Stanley Investment Management Inc., a wholly-owned subsidiary of Morgan Stanley. The investment adviser fee paid by the Portfolio is reduced by an amount equal to its pro rata share of the advisory and administration fees paid by the Portfolio due to its investment in the Liquidity Fund. For the year ended October 31, 2025, the investment adviser fee paid was reduced by $7,439 relating to the Portfolio's investment in the Liquidity Fund.

Trustees and officers of the Portfolio who are members of BMR's organization receive remuneration for their services to the Portfolio out of the investment adviser fee. Trustees of the Portfolio who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. Certain officers and Trustees of the Portfolio are officers of the above organization.

3 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations and in-kind transactions, aggregated $434,812,707 and $427,447,421, respectively, for the year ended October 31, 2025. In-kind sales for the year ended October 31, 2025 aggregated $40,315,970.

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Tax-Managed Value Portfolio

October 31, 2025

Notes to Financial Statements — continued

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4 Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments of the portfolio at October 31, 2025, as determined on a federal income tax basis, were as follows:

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| | |
|:---|:---|
| **Aggregate cost** | &nbsp;&nbsp;**$485553886** |
| Gross unrealized appreciation | &nbsp;&nbsp;$582229928 |
| Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4992010) |
| **Net unrealized appreciation** | &nbsp;&nbsp;**$577237918** |

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5 Line of Credit

The Portfolio participates with other portfolios and funds managed by BMR and its affiliates in a $650 million unsecured revolving line of credit agreement with a group of banks, which is in effect through October 20, 2026. Borrowings are made by the Portfolio solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Portfolio based on its borrowings generally at an amount above either the Secured Overnight Financing Rate (SOFR) or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. In connection with the renewal of the agreement in October 2025, an arrangement fee of $150,000 was incurred that was allocated to the participating portfolios and funds. Because the line of credit is not available exclusively to the Portfolio, it may be unable to borrow some or all of its requested amounts at any particular time. The Portfolio did not have any significant borrowings or allocated fees during the year ended October 31, 2025.

6 Securities Lending Agreement

The Portfolio has established a securities lending agreement with State Street Bank and Trust Company (SSBT) as securities lending agent in which the Portfolio lends portfolio securities to qualified borrowers in exchange for collateral consisting of either cash or securities issued or guaranteed by the U.S. government or its agencies or instrumentalities in an amount at least equal to the market value of the securities on loan. The market value of securities loaned is determined daily and any additional required collateral is delivered to the Portfolio on the next business day. Cash collateral is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, a money market fund registered under the 1940 Act. The Portfolio earns interest on the amount invested but it must pay (and at times receive from) the broker a loan rebate fee computed as a varying percentage of the collateral received. For security loans secured by non-cash collateral, the Portfolio earns a negotiated lending fee from the borrower. A portion of the income earned by the Portfolio from its investment of cash collateral, net of rebate fees, and lending fees received is allocated to SSBT for its services as lending agent and the portion allocated to the Portfolio is presented as securities lending income, net on the Statement of Operations. Non-cash collateral is held by the lending agent on behalf of the Portfolio and cannot be sold or re-pledged by the Portfolio; accordingly, such collateral is not reflected in the Statement of Assets and Liabilities.

The Portfolio is subject to possible delay in the recovery of loaned securities. Pursuant to the securities lending agreement, SSBT has provided indemnification to the Portfolio in the event of default by a borrower with respect to a loan. The Portfolio bears the risk of loss with respect to the investment of cash collateral. At October 31, 2025, the Portfolio had no securities on loan.

7 Affiliated Investments

At October 31, 2025, the value of the Portfolio's investment in funds that may be deemed to be affiliated was $1,103,021, which represents 0.1% of the Portfolio's net assets. Transactions in such investments by the Portfolio for the year ended October 31, 2025 were as follows:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Value,<br> beginning<br> of period** | **Purchases** | **Sales<br> proceeds** | **Net realized<br> gain (loss)** | **Change in<br> unrealized<br> appreciation<br> (depreciation)** | **Value, end<br> of period** | **Dividend<br> income** | **Shares,<br> end of period** |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| Liquidity Fund | $15822470 | $184511428 | $(199230877) | $— | $— | $1103021 | $213463 | 1103021 |

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Tax-Managed Value Portfolio

October 31, 2025

Notes to Financial Statements — continued

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8 Fair Value Measurements

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 October 31, 2025, the hierarchy of inputs used in valuing the Portfolio's investments, which are carried at fair value, were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;$72057058 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$72057058 |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp; 97229489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97229489 |
| &nbsp;&nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp; 42273293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8599360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50872653 |
| &nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp; 72122956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72122956 |
| &nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp; 225876095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 225876095 |
| &nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp; 153217521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 153217521 |
| &nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp; 159227143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 159227143 |
| &nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp; 96316138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96316138 |
| &nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp; 54999924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54999924 |
| &nbsp;&nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp; 17785908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17785908 |
| &nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp; 61983898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61983898 |
| **Total Common Stocks** | &nbsp;&nbsp;**$1053089423** | &nbsp;&nbsp;&nbsp;&nbsp;**$8,599,360\*** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$1061688783** |
| Short-Term Investments | &nbsp;&nbsp;$1103021 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$1103021 |
| **Total Investments** | &nbsp;&nbsp;**$1054192444** | &nbsp;&nbsp;&nbsp;&nbsp;**$8599360** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$1062791804** |

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\* 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.

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Tax-Managed Value Portfolio

October 31, 2025

Report of Independent Registered Public Accounting Firm

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To the Trustees and Investors of Tax-Managed Value Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Tax-Managed Value Portfolio (the "Portfolio"), including the portfolio of investments, as of October 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Portfolio as of October 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Portfolio's management. Our responsibility is to express an opinion on the Portfolio's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolio in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB and in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Portfolio is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Portfolio's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 19, 2025

We have served as the auditor of one or more Eaton Vance investment companies since 1959.

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Eaton Vance

Tax-Managed Value Fund

October 31, 2025

Board of Trustees' Contract Approval

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Overview of the Contract Review Process

The Investment Company Act of 1940, as amended (the "1940 Act"), provides, in substance, that the investment advisory agreement between a fund and its investment adviser will continue in effect from year-to-year only if its continuation is approved on an annual basis by a vote of the fund's board of trustees, including a majority of the trustees who are not "interested persons" of the fund ("independent trustees"), cast in person at a meeting called for the purpose of considering such approval.

At a meeting held on June 12, 2025, the Boards of Trustees/Directors (collectively, the "Board") that oversee the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the "Eaton Vance Funds"), including a majority of the independent trustees (the "Independent Trustees"), voted to approve the continuation of existing investment advisory agreements and sub-advisory agreements<sup>1</sup> for each of the Eaton Vance Funds for an additional one-year period. The Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee comprised of all of the Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of meetings held between April and June 2025, as well as certain additional information provided in response to specific requests from the Independent Trustees as members of the Contract Review Committee. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee's annual evaluation of the investment advisory agreements and sub-advisory agreements.

In connection with its evaluation of the investment advisory agreements and sub-advisory agreements, the Board (directly or through one or more of its committees) considered various information relating to the Eaton Vance Funds. This included information applicable to all or groups of the Eaton Vance Funds, which is referenced immediately below, and information applicable to the particular Eaton Vance Fund covered by this report (each Eaton Vance Fund is referred to below as a "fund"). (For funds that invest through one or more underlying portfolios, references to "each fund" in this section may include information that was considered at the portfolio-level.)

*Information about Fees, Performance and Expenses*

A report from an independent data provider comparing advisory and other fees paid by each fund to such fees paid by comparable funds, as identified by the independent data provider ("comparable funds");

• A report from an independent data provider comparing each fund's total expense ratio (and its components) to those of comparable funds;

• A report from an independent data provider comparing the investment performance of each fund to the investment performance of comparable funds and, as applicable, benchmark indices, over various time periods;

• In certain instances, data regarding investment performance relative to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board (a committee exclusively comprised of Independent Trustees);

• Comparative information concerning the fees charged and services provided by the adviser and sub-adviser to each fund in managing other accounts (which may include other funds, collective investment trusts and institutional accounts) with the same or substantially similar investment objective as the fund and with a significant overlap in holdings based on criteria set by the Board, if any;

• Profitability analyses on a fund-by-fund basis for the adviser and its affiliates and for each sub-adviser not affiliated with the adviser;

*Information about Portfolio Management and Trading*

• Descriptions of the investment management services provided to each fund, as well as each of the funds' investment strategies and policies;

• The procedures and processes used by the adviser to determine the value of fund assets, including, when necessary, the determination of "fair value" by the adviser in its role as each fund's valuation designee and actions taken to monitor and test the effectiveness of such procedures and processes;

• Information about the policies and practices of each fund's adviser and sub-adviser with respect to trading, including their processes for seeking best execution of portfolio transactions;

• Information about the allocation of brokerage transactions and the benefits, if any, received by the adviser and sub-adviser to each fund as a result of brokerage allocation, including, as applicable, information concerning the acquisition of research through client commission arrangements and policies with respect to "soft dollars";

• Data relating to the portfolio turnover rate of each fund and related information regarding active management in the context of particular strategies;

*Information about each Adviser and Sub-Adviser*

• Reports regarding the financial results and condition of the adviser and certain of its affiliates and of each sub-adviser not affiliated with the adviser;

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;Not all Eaton Vance Funds have entered into a sub-advisory agreement with a sub-adviser. Accordingly, references to "sub-adviser" or "sub-advisory agreement" in this "Overview" section may not be applicable to the particular Eaton Vance Fund covered by this report. Eaton Vance Management and Boston Management and Research are referred to collectively as the "adviser."

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Eaton Vance

Tax-Managed Value Fund

October 31, 2025

Board of Trustees' Contract Approval — continued

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• Information regarding the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and, for portfolio managers and certain other investment professionals, information relating to their responsibilities with respect to managing other funds and investment accounts, as applicable;

• Information regarding the adviser's and its parent company's (Morgan Stanley's) efforts to retain and attract talented investment professionals, including in the context of a competitive marketplace for talent;

• Information regarding the adviser's compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals' investments in the fund(s) they manage;

• The personal trading codes of ethics of the adviser and its affiliates and the sub-adviser of each fund, together with information relating to compliance with, and the administration of, such codes;

• Policies and procedures relating to proxy voting, including regular reporting with respect to fund proxy voting activities;

• Information regarding the handling of corporate actions and class actions, as well as information regarding litigation and other regulatory matters;

• Information concerning the resources devoted to compliance efforts undertaken by the adviser and its affiliates and the sub-adviser of each fund, including descriptions of their various compliance programs and their record of compliance and remediation;

• Information concerning the business continuity and disaster recovery plans of the adviser and its affiliates and the sub-adviser of each fund;

• A description of the adviser's oversight of sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters, if any;

*Other Relevant Information*

• Information regarding ongoing initiatives to further integrate and harmonize, where applicable, the investment management and other departments of the adviser and its affiliates with the overall investment management infrastructure of Morgan Stanley, in light of Morgan Stanley's acquisition of Eaton Vance Corp. on March 1, 2021;

• Information concerning the nature, cost, and character of the administrative and other non-investment advisory services provided by the adviser and its affiliates;

• Information concerning oversight of the relationship with the custodian, subcustodians, fund accountants, and other third-party service providers by the adviser and/or administrator to each of the funds;

• Information concerning efforts to maintain policies and procedures with respect to various regulations applicable to the funds, including, without limitation, Rule 22e-4 (the Liquidity Risk Management Rule), Rule 12d1-4 (the Fund-of-Funds Rule), Rule 18f-4 (the Derivatives Rule), and Rule 2a-5 (the Fair Valuation Rule);

• For the Eaton Vance Fund structured as an interval fund, information regarding the interval fund's periodic repurchase offers under Rule 23c-3 and related policies and procedures;

• For each Eaton Vance Fund structured as an exchange-listed closed-end fund, information concerning the benefits of the closed-end fund structure, as well as, where relevant, the closed-end fund's market prices (including as compared to the closed-end fund's net asset value (NAV)), trading volume data, continued use of auction preferred shares (where applicable), distribution rates, and other relevant matters;

• The risks that the adviser and/or its affiliates incur in connection with the management and operation of the funds, including, among others, litigation, regulatory, entrepreneurial, data privacy and cybersecurity, and other business risks (and the associated costs of such risks, if any); and

• The terms of each investment advisory agreement and sub-advisory agreement.

During the various meetings of the Board and its committees over the course of the year leading up to the June 12, 2025 meeting, the Board and its committees received information from portfolio managers and other investment professionals of the adviser and sub-advisers of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds' investment objectives. The Board and its committees also received information regarding risk management techniques employed in connection with the management of the funds. The Board and its committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance, and other issues with respect to the funds, and received and participated in reports and presentations provided by the adviser, sub-advisers, and certain other service providers, with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees met in executive sessions and held regular video or telephone conferences to discuss, among other topics, matters relating to the continuation of investment advisory agreements and sub-advisory agreements.

Each of the Contract Review Committee and the Board was advised throughout the contract review process by Kirkland & Ellis LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee and the members of the Board, with the advice of such counsel, exercised their own business judgment in determining the material factors to be considered in evaluating each investment advisory agreement and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory agreement and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee and Board may have placed varying emphasis on particular factors in reaching conclusions with respect to each investment advisory agreement and sub-advisory agreement. In evaluating each investment advisory agreement and sub-advisory agreement, including the fee structures and other terms contained in such agreements, the members of the Contract Review Committee and Board were also informed by multiple years of analysis and discussion with the adviser and sub-adviser to each of the Eaton Vance Funds.

------

[**Table of Contents**](#JOB_EV_AR_caaab672-d397-434d-9b23-f054fa48995c_TOC)

Eaton Vance

Tax-Managed Value Fund

October 31, 2025

Board of Trustees' Contract Approval — continued

------

Results of the Contract Review Process

Based on its consideration of the foregoing, and such other information it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory agreement between Eaton Vance Tax-Managed Value Fund (the "Fund") and Eaton Vance Management ("EVM"), as well as the investment advisory agreement between Tax-Managed Value Portfolio (the "Portfolio"), the portfolio in which the Fund invests, and Boston Management and Research ("BMR") (EVM, with respect to the Fund, and BMR, with respect to the Portfolio, are each referred to herein as the "Adviser"), including their respective fee structures, are in the interests of shareholders and, therefore, recommended to the Board approval of each agreement. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreements for the Fund and the Portfolio (together, the "investment advisory agreements").

*Nature, Extent and Quality of Services*

In considering whether to approve the investment advisory agreements for the Fund and the Portfolio, the Board evaluated the nature, extent and quality of services provided to the Fund and to the Portfolio by the applicable Adviser.

The Board considered each Adviser's management capabilities and investment processes in light of the types of investments held by the Fund and the Portfolio, including the education and experience of the investment professionals who provide services to the Portfolio. The Board specifically noted that each Adviser has devoted extensive resources to in-house equity research capabilities and also draws upon independent research available from third-party sources. The Board considered each Adviser's experience managing funds that seek to maximize after-tax returns. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of each Adviser and other factors, including the reputation and resources of each Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Fund and the Portfolio, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Fund and the Portfolio, including the provision of administrative services. The Board also considered the business-related and other risks to which each Adviser or its affiliates may be subject in managing the Fund and the Portfolio.

The Board noted that, under the terms of the investment advisory agreement of the Fund, EVM may invest assets of the Fund directly in securities, for which it would receive a fee, or in the Portfolio, for which it receives no separate fee but for which BMR receives an advisory fee from the Portfolio.

The Board considered the compliance programs of each Adviser and relevant affiliates thereof. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, compliance with policies and procedures, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered relevant examinations of each Adviser and its affiliates by regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

The Board considered other administrative services provided or overseen by EVM and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by each Adviser, taken as a whole, are appropriate and consistent with the terms of the applicable investment advisory agreement.

*Fund Performance*

The Board compared the Fund's investment performance to that of comparable funds identified by an independent data provider (the peer group), as well as an appropriate benchmark index. The Board's review included comparative performance data with respect to the Fund for the one-, three-, five- and ten-year periods ended December 31, 2024. In this regard, the Board noted that the performance of the Fund was lower than the median performance of the Fund's peer group for the three-year period. The Board also noted that the performance of the Fund was lower than its primary performance benchmark index for the three-year period. On the basis of the foregoing, the performance of the Fund over other periods, and other relevant information provided by the Adviser in response to requests from the Contract Review Committee, the Board concluded that the performance of the Fund was satisfactory.

*Management Fees and Expenses*

The Board considered contractual fee rates payable by the Portfolio and by the Fund for advisory and administrative services (referred to collectively as "management fees"). As part of its review, the Board considered the Fund's management fees and total expense ratio for the one-year period ended December 31, 2024, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered certain Fund specific factors that had an impact on the Fund's total expense ratio relative to comparable funds, as identified by management in response to inquiries from the Contract Review Committee.

After considering the foregoing information, and in light of the nature, extent and quality of the services provided by each Adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.

------

[**Table of Contents**](#JOB_EV_AR_caaab672-d397-434d-9b23-f054fa48995c_TOC)

Eaton Vance

Tax-Managed Value Fund

October 31, 2025

Board of Trustees' Contract Approval — continued

------

*Profitability and "Fall-Out" Benefits*

The Board considered the level of profits realized by each Adviser and relevant affiliates thereof in providing investment advisory and administrative services to the Fund, to the Portfolio and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by each Adviser and its affiliates to third parties in respect of distribution or other services.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by each Adviser and its affiliates are not excessive.

The Board also considered direct or indirect fall-out benefits received by each Adviser and its affiliates in connection with their respective relationships with the Fund and the Portfolio, including the benefits of research services that may be available to each Adviser as a result of securities transactions effected for the Fund and the Portfolio and other investment advisory clients.

*Economies of Scale*

In reviewing management fees and profitability, the Board also considered the extent to which the applicable Adviser and its affiliates, on the one hand, and the Fund and the Portfolio, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund and the Portfolio increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. To assist in the evaluation of the sharing of any economies of scale, the Board received data for recent years showing asset levels, Adviser profitability and total expense ratios. Based upon the foregoing, the Board concluded that the Fund currently shares in the benefits from economies of scale, if any, when they are realized by each Adviser. The Board also concluded that the structure of the advisory fees, which include breakpoints at several asset levels, will allow the Fund and the Portfolio to continue to benefit from any economies of scale in the future.

------

[**Table of Contents**](#JOB_EV_AR_caaab672-d397-434d-9b23-f054fa48995c_TOC)

EATVX-NCSR&nbsp;&nbsp;&nbsp;&nbsp;10.31.25

------

## Eaton Vance

## Floating-Rate Advantage Fund

## Annual Financial Statements and Additional Information
October 31, 2025

------

![](g35982img99900eda11.gif)

------

**This report must be preceded or accompanied by a current summary prospectus or prospectus. Before investing, investors should consider carefully the investment objective, risks, and charges and expenses of a mutual fund. This and other important information is contained in the prospectus and/or statement of additional information, which can be obtained by calling 1-800-262-1122 or from a financial intermediary. Prospective investors should read the prospectus carefully before investing.**

------

#### Annual Financial Statements and Additional Information October 31, 2025
Eaton Vance

Floating-Rate Advantage Fund

---

| | |
|:---|:---|
| **[**Table of Contents**](#xx_38f87b87-0719-4a20-bf40-5a11912a7647_1)** |  |
| [Item 7 of Form N-CSR:](#xx_aab490ae-c366-4464-856e-3858207b7f9f_1) | [Item 7 of Form N-CSR:](#xx_aab490ae-c366-4464-856e-3858207b7f9f_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#xx_aab490ae-c366-4464-856e-3858207b7f9f_1) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#xx_aab490ae-c366-4464-856e-3858207b7f9f_3) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx_aab490ae-c366-4464-856e-3858207b7f9f_4) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx_299cc6ea-9336-4f36-b749-bb9e44047be9_1) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx_e31dfda0-265f-4813-be90-628ca299ec7d_1) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#xx_19e1c66f-5d09-4428-a841-09c5d06653d7_1) | 14 |
| [Federal Tax Information](#xx_7ff9b909-ba64-4ca7-9814-f1ecfa4261a8_1) | 15 |
| [Senior Debt Portfolio](#xx_26ea6970-ea29-486c-9249-41bf59ed6674_1) | [Senior Debt Portfolio](#xx_26ea6970-ea29-486c-9249-41bf59ed6674_1) |
| [Items 6 and 7 of Form N-CSR:](#xx_26ea6970-ea29-486c-9249-41bf59ed6674_1) | [Items 6 and 7 of Form N-CSR:](#xx_26ea6970-ea29-486c-9249-41bf59ed6674_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Portfolio of Investments](#xx_26ea6970-ea29-486c-9249-41bf59ed6674_1) | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Statements](#xx_7c332799-9a84-45fa-aa26-fe8afe37b241_1) | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#xx_8d841fba-89b4-4b75-9b6a-79bbf261f760_1) | 51 |
| Item 11 of Form N-CSR: | Item 11 of Form N-CSR: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Board of Trustees' Contract Approval](#xx_9d96f687-7a09-4f85-adb9-868344c2f0a4_1) | 52 |

---

Items 8 and 9 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7.

------

[**Table of Contents**](#JOB_EV_AR_ec810ad2-6fcc-48bb-ba62-88544e3cbabd_TOC)

Eaton Vance

Floating-Rate Advantage Fund

October 31, 2025

Statement of Assets and Liabilities

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**October 31, 2025** |
| Assets |  |
| Investment in Senior Debt Portfolio, at value (identified cost $5,092,679,710) | &nbsp;&nbsp;$4887808996 |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4002420 |
| **Total assets** | &nbsp;&nbsp;**$4891811416** |
| Liabilities |  |
| Payable for Fund shares redeemed | &nbsp;&nbsp;$19951764 |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5350919 |
| Payable to affiliates: |  |
| &nbsp;&nbsp;&nbsp;Administration fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424561 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370978 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agency fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52905 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762477 |
| **Total liabilities** | &nbsp;&nbsp;**$26913646** |
| **Net Assets** | &nbsp;&nbsp;**$4864897770** |
| Sources of Net Assets |  |
| Paid-in capital | &nbsp;&nbsp;$6243465899 |
| Accumulated loss | &nbsp;&nbsp;&nbsp;&nbsp;(1378568129) |
| **Net Assets** | &nbsp;&nbsp;**$4864897770** |
| Advisers Class Shares |  |
| **Net Assets** | &nbsp;&nbsp;$52975666 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5427766 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$9.76 |
| Class A Shares |  |
| **Net Assets** | &nbsp;&nbsp;$1021814904 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104670895 |
| **Net Asset Value and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$9.76 |
| **Maximum Offering Price Per Share <br> (100 ÷ 96.75 of net asset value per share)** | &nbsp;&nbsp;$10.09 |
| Class C Shares |  |
| **Net Assets** | &nbsp;&nbsp;$219810191 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22556106 |
| **Net Asset Value and Offering Price Per Share\*<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$9.75 |
| Class I Shares |  |
| **Net Assets** | &nbsp;&nbsp;$3492319800 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357783011 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$9.76 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_ec810ad2-6fcc-48bb-ba62-88544e3cbabd_TOC)

Eaton Vance

Floating-Rate Advantage Fund

October 31, 2025

Statement of Assets and Liabilities — continued

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**October 31, 2025** |
| Class R6 Shares |  |
| **Net Assets** | &nbsp;&nbsp;$77977209 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7981004 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$9.77 |

---

---

| | |
|:---|:---|
| On sales of $100,000 or more, the offering price of Class A shares is reduced. | On sales of $100,000 or more, the offering price of Class A shares is reduced. |
| \* | Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge. |

---

*2*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_ec810ad2-6fcc-48bb-ba62-88544e3cbabd_TOC)

Eaton Vance

Floating-Rate Advantage Fund

October 31, 2025

Statement of Operations

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended** |
|  | &nbsp;&nbsp;&nbsp;**October 31, 2025** |
| Investment Income |  |
| Dividend income allocated from Portfolio | &nbsp;&nbsp;$5818623 |
| Interest income allocated from Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528307808 |
| Other income allocated from Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6129803 |
| Expenses, excluding interest expense, allocated from Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29724119) |
| Interest expense allocated from Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(70961300) |
| Waiver and/or reimbursement of expenses by affiliates allocated from Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263128 |
| **Total investment income from Portfolio** | &nbsp;&nbsp;**$439833943** |
| Expenses |  |
| Administration fee | &nbsp;&nbsp;$5427871 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;Advisers Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143432 |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2669362 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1849615 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63483 |
| Transfer and dividend disbursing agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2895003 |
| Legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199735 |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244672 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137558 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150047 |
| **Total expenses** | &nbsp;&nbsp;**$13781278** |
| **Net investment income** | &nbsp;&nbsp;**$426052665** |
| Realized and Unrealized Gain (Loss) from Portfolio |  |
| Net realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;Investment transactions | &nbsp;&nbsp;$(114277786) |
| &nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;993583 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1657666 |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7031979) |
| **Net realized loss** | &nbsp;&nbsp;**$(118658516)** |
| Change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;$(20256626) |
| &nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489819 |
| &nbsp;&nbsp;&nbsp;Foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1362649) |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7948690) |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$(29078146)** |
| **Net realized and unrealized loss** | &nbsp;&nbsp;**$(147736662)** |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$278316003** |

---

*3*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_ec810ad2-6fcc-48bb-ba62-88544e3cbabd_TOC)

Eaton Vance

Floating-Rate Advantage Fund

October 31, 2025

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
|  | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$426052665 | &nbsp;&nbsp;$516812972 |
| &nbsp;&nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(118658516) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(215439686) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29078146) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311850727 |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$278316003** | &nbsp;&nbsp;**$613224013** |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Advisers Class | &nbsp;&nbsp;$(4424098) | &nbsp;&nbsp;$(5715977) |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(82312358) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(103906150) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17790467) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24607671) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(317398715) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(396647314) |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5419616) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2532293) |
| **Total distributions to shareholders** | &nbsp;&nbsp;**$(427345254)** | &nbsp;&nbsp;**$(533409405)** |
| Transactions in shares of beneficial interest: |  |  |
| &nbsp;&nbsp;&nbsp;Advisers Class | &nbsp;&nbsp;$(2344083) | &nbsp;&nbsp;$(11560693) |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51307775) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56752304) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39535910) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33304622) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(562361274) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12763179) |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62927525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1803878 |
| **Net decrease in net assets from Fund share transactions** | &nbsp;&nbsp;**$(592621517)** | &nbsp;&nbsp;**$(112576920)** |
| **Net decrease in net assets** | &nbsp;&nbsp;**$(741650768)** | &nbsp;&nbsp;**$(32762312)** |
| Net Assets |  |  |
| At beginning of year | &nbsp;&nbsp;$5606548538 | &nbsp;&nbsp;$5639310850 |
| **At end of year** | &nbsp;&nbsp;**$4864897770** | &nbsp;&nbsp;**$5606548538** |

---

*4*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_ec810ad2-6fcc-48bb-ba62-88544e3cbabd_TOC)

Eaton Vance

Floating-Rate Advantage Fund

October 31, 2025

Financial Highlights

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Advisers Class** | &nbsp;&nbsp;&nbsp;**Advisers Class** | &nbsp;&nbsp;&nbsp;**Advisers Class** | &nbsp;&nbsp;&nbsp;**Advisers Class** | &nbsp;&nbsp;&nbsp;**Advisers Class** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$10.01 | &nbsp;&nbsp;$9.87 | &nbsp;&nbsp;$9.62 | &nbsp;&nbsp;$10.58 | &nbsp;&nbsp;$10.07 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.76 | &nbsp;&nbsp;$0.90 | &nbsp;&nbsp;$0.85 | &nbsp;&nbsp;$0.49 | &nbsp;&nbsp;$0.40 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.97) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.51** | &nbsp;&nbsp;**$1.06** | &nbsp;&nbsp;**$1.11** | &nbsp;&nbsp;**$(0.48)** | &nbsp;&nbsp;**$0.93** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.76) | &nbsp;&nbsp;$(0.92) | &nbsp;&nbsp;$(0.86) | &nbsp;&nbsp;$(0.48) | &nbsp;&nbsp;$(0.42) |
| **Total distributions** | &nbsp;&nbsp;**$(0.76)** | &nbsp;&nbsp;**$(0.92)** | &nbsp;&nbsp;**$(0.86)** | &nbsp;&nbsp;**$(0.48)** | &nbsp;&nbsp;**$(0.42)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$9.76** | &nbsp;&nbsp;**$10.01** | &nbsp;&nbsp;**$9.87** | &nbsp;&nbsp;**$9.62** | &nbsp;&nbsp;**$10.58** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.29%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.16%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.92%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4.62)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.30%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$52976 | &nbsp;&nbsp;$56828 | &nbsp;&nbsp;$67432 | &nbsp;&nbsp;$82925 | &nbsp;&nbsp;$88509 |
| Ratios (as a percentage of average daily net assets):<sup>(3)(4)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses excluding interest and fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95% |
| &nbsp;&nbsp;&nbsp;Interest and fee expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33% |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.27%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.67%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.82%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.79% |
| Portfolio Turnover of the Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

<sup>(3)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(4)</sup> Includes the Fund's share of the Portfolio's allocated expenses.

<sup>(5)</sup> Includes a reduction by the investment adviser of a portion of the Portfolio's adviser fee due to the Portfolio's investment in the Liquidity Fund and in other affiliated funds (equal to less than 0.005% of average daily net assets for the years ended October 31, 2025, 2024, 2023 and 2022).

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_ec810ad2-6fcc-48bb-ba62-88544e3cbabd_TOC)

Eaton Vance

Floating-Rate Advantage Fund

October 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$10.01 | &nbsp;&nbsp;$9.87 | &nbsp;&nbsp;$9.62 | &nbsp;&nbsp;$10.58 | &nbsp;&nbsp;$10.07 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.76 | &nbsp;&nbsp;$0.90 | &nbsp;&nbsp;$0.85 | &nbsp;&nbsp;$0.49 | &nbsp;&nbsp;$0.40 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.97) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.51** | &nbsp;&nbsp;**$1.06** | &nbsp;&nbsp;**$1.11** | &nbsp;&nbsp;**$(0.48)** | &nbsp;&nbsp;**$0.93** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.76) | &nbsp;&nbsp;$(0.92) | &nbsp;&nbsp;$(0.86) | &nbsp;&nbsp;$(0.48) | &nbsp;&nbsp;$(0.42) |
| **Total distributions** | &nbsp;&nbsp;**$(0.76)** | &nbsp;&nbsp;**$(0.92)** | &nbsp;&nbsp;**$(0.86)** | &nbsp;&nbsp;**$(0.48)** | &nbsp;&nbsp;**$(0.42)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$9.76** | &nbsp;&nbsp;**$10.01** | &nbsp;&nbsp;**$9.87** | &nbsp;&nbsp;**$9.62** | &nbsp;&nbsp;**$10.58** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.29%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.16%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.91%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4.62)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.30%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$1021815 | &nbsp;&nbsp;$1100872 | &nbsp;&nbsp;$1141067 | &nbsp;&nbsp;$1259540 | &nbsp;&nbsp;$1378928 |
| Ratios (as a percentage of average daily net assets):<sup>(3)(4)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses excluding interest and fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95% |
| &nbsp;&nbsp;&nbsp;Interest and fee expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33% |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.27%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.67%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.82%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.80% |
| Portfolio Turnover of the Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

<sup>(3)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(4)</sup> Includes the Fund's share of the Portfolio's allocated expenses.

<sup>(5)</sup> Includes a reduction by the investment adviser of a portion of the Portfolio's adviser fee due to the Portfolio's investment in the Liquidity Fund and in other affiliated funds (equal to less than 0.005% of average daily net assets for the years ended October 31, 2025, 2024, 2023 and 2022).

*6*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_ec810ad2-6fcc-48bb-ba62-88544e3cbabd_TOC)

Eaton Vance

Floating-Rate Advantage Fund

October 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$10.00 | &nbsp;&nbsp;$9.85 | &nbsp;&nbsp;$9.61 | &nbsp;&nbsp;$10.56 | &nbsp;&nbsp;$10.05 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.71 | &nbsp;&nbsp;$0.84 | &nbsp;&nbsp;$0.80 | &nbsp;&nbsp;$0.43 | &nbsp;&nbsp;$0.35 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.95) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.46** | &nbsp;&nbsp;**$1.02** | &nbsp;&nbsp;**$1.05** | &nbsp;&nbsp;**$(0.52)** | &nbsp;&nbsp;**$0.87** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.71) | &nbsp;&nbsp;$(0.87) | &nbsp;&nbsp;$(0.81) | &nbsp;&nbsp;$(0.43) | &nbsp;&nbsp;$(0.36) |
| **Total distributions** | &nbsp;&nbsp;**$(0.71)** | &nbsp;&nbsp;**$(0.87)** | &nbsp;&nbsp;**$(0.81)** | &nbsp;&nbsp;**$(0.43)** | &nbsp;&nbsp;**$(0.36)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$9.75** | &nbsp;&nbsp;**$10.00** | &nbsp;&nbsp;**$9.85** | &nbsp;&nbsp;**$9.61** | &nbsp;&nbsp;**$10.56** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.66%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.61%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.48%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(5.11)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.77%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$219810 | &nbsp;&nbsp;$265808 | &nbsp;&nbsp;$294805 | &nbsp;&nbsp;$352239 | &nbsp;&nbsp;$435786 |
| Ratios (as a percentage of average daily net assets):<sup>(3)(4)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses excluding interest and fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46% |
| &nbsp;&nbsp;&nbsp;Interest and fee expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33% |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.77%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.17%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.32%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.92%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.31% |
| Portfolio Turnover of the Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

<sup>(3)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(4)</sup> Includes the Fund's share of the Portfolio's allocated expenses.

<sup>(5)</sup> Includes a reduction by the investment adviser of a portion of the Portfolio's adviser fee due to the Portfolio's investment in the Liquidity Fund and in other affiliated funds (equal to less than 0.005% of average daily net assets for the years ended October 31, 2025, 2024, 2023 and 2022).

*7*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_ec810ad2-6fcc-48bb-ba62-88544e3cbabd_TOC)

Eaton Vance

Floating-Rate Advantage Fund

October 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$10.01 | &nbsp;&nbsp;$9.87 | &nbsp;&nbsp;$9.62 | &nbsp;&nbsp;$10.58 | &nbsp;&nbsp;$10.07 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.78 | &nbsp;&nbsp;$0.92 | &nbsp;&nbsp;$0.87 | &nbsp;&nbsp;$0.51 | &nbsp;&nbsp;$0.42 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.96) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.54** | &nbsp;&nbsp;**$1.09** | &nbsp;&nbsp;**$1.14** | &nbsp;&nbsp;**$(0.45)** | &nbsp;&nbsp;**$0.95** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.79) | &nbsp;&nbsp;$(0.95) | &nbsp;&nbsp;$(0.89) | &nbsp;&nbsp;$(0.51) | &nbsp;&nbsp;$(0.44) |
| **Total distributions** | &nbsp;&nbsp;**$(0.79)** | &nbsp;&nbsp;**$(0.95)** | &nbsp;&nbsp;**$(0.89)** | &nbsp;&nbsp;**$(0.51)** | &nbsp;&nbsp;**$(0.44)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$9.76** | &nbsp;&nbsp;**$10.01** | &nbsp;&nbsp;**$9.87** | &nbsp;&nbsp;**$9.62** | &nbsp;&nbsp;**$10.58** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.55%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.44%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.19%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4.38)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.57%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$3492320 | &nbsp;&nbsp;$4165758 | &nbsp;&nbsp;$4120653 | &nbsp;&nbsp;$5215271 | &nbsp;&nbsp;$5898403 |
| Ratios (as a percentage of average daily net assets):<sup>(3)(4)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses excluding interest and fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% |
| &nbsp;&nbsp;&nbsp;Interest and fee expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32% |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.02%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.41%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.57%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.87% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.02% |
| Portfolio Turnover of the Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

<sup>(3)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(4)</sup> Includes the Fund's share of the Portfolio's allocated expenses.

<sup>(5)</sup> Includes a reduction by the investment adviser of a portion of the Portfolio's adviser fee due to the Portfolio's investment in the Liquidity Fund and in other affiliated funds (equal to less than 0.005% of average daily net assets for the years ended October 31, 2025, 2024, 2023 and 2022).

*8*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_ec810ad2-6fcc-48bb-ba62-88544e3cbabd_TOC)

Eaton Vance

Floating-Rate Advantage Fund

October 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;&nbsp;**Class R6** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$10.02 | &nbsp;&nbsp;$9.87 | &nbsp;&nbsp;$9.62 | &nbsp;&nbsp;$10.58 | &nbsp;&nbsp;$10.06 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.79 | &nbsp;&nbsp;$0.92 | &nbsp;&nbsp;$0.91 | &nbsp;&nbsp;$0.48 | &nbsp;&nbsp;$0.43 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.54** | &nbsp;&nbsp;**$1.10** | &nbsp;&nbsp;**$1.14** | &nbsp;&nbsp;**$(0.45)** | &nbsp;&nbsp;**$0.97** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.79) | &nbsp;&nbsp;$(0.95) | &nbsp;&nbsp;$(0.89) | &nbsp;&nbsp;$(0.51) | &nbsp;&nbsp;$(0.45) |
| **Total distributions** | &nbsp;&nbsp;**$(0.79)** | &nbsp;&nbsp;**$(0.95)** | &nbsp;&nbsp;**$(0.89)** | &nbsp;&nbsp;**$(0.51)** | &nbsp;&nbsp;**$(0.45)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$9.77** | &nbsp;&nbsp;**$10.02** | &nbsp;&nbsp;**$9.87** | &nbsp;&nbsp;**$9.62** | &nbsp;&nbsp;**$10.58** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.59%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.60%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.35%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4.36)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.63%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$77977 | &nbsp;&nbsp;$17283 | &nbsp;&nbsp;$15353 | &nbsp;&nbsp;$24131 | &nbsp;&nbsp;$135653 |
| Ratios (as a percentage of average daily net assets):<sup>(3)(4)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses excluding interest and fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% |
| &nbsp;&nbsp;&nbsp;Interest and fee expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30% |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.95%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.35%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.60%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.06% |
| Portfolio Turnover of the Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

<sup>(3)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(4)</sup> Includes the Fund's share of the Portfolio's allocated expenses.

<sup>(5)</sup> Includes a reduction by the investment adviser of a portion of the Portfolio's adviser fee due to the Portfolio's investment in the Liquidity Fund and in other affiliated funds (equal to less than 0.005% of average daily net assets for the years ended October 31, 2025, 2024, 2023 and 2022).

*9*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_ec810ad2-6fcc-48bb-ba62-88544e3cbabd_TOC)

Eaton Vance

Floating-Rate Advantage Fund

October 31, 2025

Notes to Financial Statements

------

1 Significant Accounting Policies

Eaton Vance Floating-Rate Advantage Fund (the Fund) is a diversified series of Eaton Vance Mutual Funds Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund offers five classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective November 5, 2020, Class C shares automatically convert to Class A shares eight years after their purchase as described in the Fund's prospectus. Advisers Class, Class I and Class R6 shares are generally sold at net asset value and are not subject to a sales charge. Each class represents a pro rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Net investment income, other than class-specific expenses, is allocated daily to each class of shares based upon the ratio of the value of each class's paid shares to the total value of all paid shares. Sub-accounting, recordkeeping and similar administrative fees payable to financial intermediaries, which are a component of transfer and dividend disbursing agent fees on the Statement of Operations, are not allocated to Class R6 shares. Each class of shares differs in its distribution plan and certain other class-specific expenses. The Fund invests all of its investable assets in interests in Senior Debt Portfolio (the Portfolio), a Massachusetts business trust, having the same investment objective and policies as the Fund. The value of the Fund's investment in the Portfolio reflects the Fund's proportionate interest in the net assets of the Portfolio (88.6% at October 31, 2025). The performance of the Fund is directly affected by the performance of the Portfolio. The financial statements of the Portfolio, including the portfolio of investments, are included elsewhere in this report and should be read in conjunction with the Fund's financial statements.

The following is a summary of significant accounting policies of the Fund. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.

A Investment Valuation—Valuation of securities by the Portfolio is discussed in Note 1A of the Portfolio's Notes to Financial Statements, which are included elsewhere in this report.

B Income—The Fund's net investment income or loss consists of the Fund's pro rata share of the net investment income or loss of the Portfolio, less all actual and accrued expenses of the Fund.

C Federal Taxes—The Fund's policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary.

As of October 31, 2025, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

D Expenses—The majority of expenses of the Trust are directly identifiable to an individual fund. Expenses which are not readily identifiable to a specific fund are allocated taking into consideration, among other things, the nature and type of expense and the relative size of the funds.

E Use of Estimates—The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

F Indemnifications—Under the Trust's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Trust) could be deemed to have personal liability for the obligations of the Trust. However, the Trust's Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and the By-laws provide that the Trust shall assume, upon request by the shareholder, the defense on behalf of any Fund shareholders. Moreover, the By-laws also provide for indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

G Other—Investment transactions are accounted for on a trade date basis.

H Segment Reporting—During this reporting period, the Fund adopted FASB Accounting Standards Update No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures* (ASU 2023-07), which requires incremental disclosures related to a public entity's reportable segments. The Fund operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. In connection with the adoption of ASU 2023-07, the Fund's President acts as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's financial statements.

------

[**Table of Contents**](#JOB_EV_AR_ec810ad2-6fcc-48bb-ba62-88544e3cbabd_TOC)

Eaton Vance

Floating-Rate Advantage Fund

October 31, 2025

Notes to Financial Statements — continued

------

2 Distributions to Shareholders and Income Tax Information

The Fund declares dividends daily to shareholders of record at the time of declaration. Distributions are generally paid monthly. Distributions of realized capital gains are made at least annually. Distributions are declared separately for each class of shares. Shareholders may reinvest income and capital gain distributions in additional shares of the same class of the Fund at the net asset value as of the reinvestment date or, at the election of the shareholder, receive distributions in cash. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

The tax character of distributions declared for the years ended October 31, 2025 and October 31, 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$427345254 | &nbsp;&nbsp;&nbsp;&nbsp;$533409405 |

---

During the year ended October 31, 2025, accumulated loss was increased by $1,700,932 and paid-in capital was increased by $1,700,932 due to the Fund's use of equalization accounting. Tax equalization accounting allows the Fund to treat as a distribution that portion of redemption proceeds representing a redeeming shareholder's portion of undistributed taxable income and net capital gains. These reclassifications had no effect on the net assets or net asset value per share of the Fund.

As of October 31, 2025, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$20573251 |
| Deferred capital losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1167372402) |
| Net unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (226418059) |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5350919) |
| **Accumulated loss** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1378568129)** |

---

At October 31, 2025, the Fund, for federal income tax purposes, had deferred capital losses of $1,167,372,402 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund's next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at October 31, 2025, $1,078,620,018 are long-term and $88,752,384 are short-term.

3 Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Eaton Vance Management (EVM), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory services rendered to the Fund. The investment adviser fee is computed at an annual rate as a percentage of the Fund's average daily gross assets that are not invested in other investment companies for which EVM or its affiliates serve as investment adviser and receive an advisory fee as follows and is payable monthly:

---

| | |
|:---|:---|
| **Average Daily Gross Assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Annual Fee Rate** |
| Up to and including $1 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.5000% |
| In excess of $1 billion up to and including $2 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.4500% |
| In excess of $2 billion up to and including $7 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.4000% |
| In excess of $7 billion up to and including $10 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.3875% |
| In excess of $10 billion up to and including $15 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.3750% |
| In excess of $15 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.3625% |

---

------

[**Table of Contents**](#JOB_EV_AR_ec810ad2-6fcc-48bb-ba62-88544e3cbabd_TOC)

Eaton Vance

Floating-Rate Advantage Fund

October 31, 2025

Notes to Financial Statements — continued

------

Gross assets are calculated by deducting all liabilities of the Fund except the principal amount of any indebtedness for money borrowed. For the year ended October 31, 2025, the Fund incurred no investment adviser fee on such assets. To the extent that the Fund's assets are invested in the Portfolio, the Fund is allocated its share of the Portfolio's investment adviser fee. The Portfolio has engaged Boston Management and Research (BMR) to render investment advisory services. See Note 2 of the Portfolio's Notes to Financial Statements which are included elsewhere in this report.

The administration fee is earned by EVM as compensation for administrative services rendered to the Fund. The fee is computed at an annual rate of 0.10% of the Fund's average daily net assets. For the year ended October 31, 2025, the administration fee amounted to $5,427,871. EVM provides subtransfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended October 31, 2025, EVM earned $178,295 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations. The Fund was informed that Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund's principal underwriter, received $50,635 as its portion of the sales charge on sales of Class A shares for the year ended October 31, 2025. The Fund was informed that Morgan Stanley affiliated broker-dealers, which may be deemed to be affiliates of EVM, BMR and EVD, also received a portion of the sales charge on sales of Class A shares for the year ended October 31, 2025 in the amount of $16,171. EVD also received distribution and service fees from Advisers Class, Class A and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5).

Trustees and officers of the Fund who are members of EVM's or BMR's organizations receive remuneration for their services to the Fund out of the investment adviser fee. Certain officers and Trustees of the Fund and the Portfolio are officers of the above organizations.

4 Distribution Plans

The Fund has in effect a distribution plan for Advisers Class shares and Class A shares (Advisers/Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Advisers/Class A Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Advisers Class and Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the year ended October 31, 2025 amounted to $143,432 for Advisers Class shares and $2,669,362 for Class A shares.

The Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.60% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the year ended October 31, 2025, the Fund paid or accrued to EVD $1,479,692 for Class C shares.

Pursuant to the Class C Plan, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.15% per annum of its average daily net assets attributable to Class C shares. Although there is no present intention to do so, Class C shares could pay service fees of up to 0.25% annually upon Trustee approval. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the year ended October 31, 2025 amounted to $369,923 for Class C shares.

Distribution and service fees are subject to the limitations contained in the Financial Industry Regulatory Authority Rule 2341(d).

5 Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within 12 months of purchase. Class A shares may be subject to a 0.75% CDSC if redeemed within 12 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the year ended October 31, 2025, the Fund was informed that EVD received $3,916 and $27,167 of CDSCs paid by Class A and Class C shareholders, respectively.

6 Investment Transactions

For the year ended October 31, 2025, increases and decreases in the Fund's investment in the Portfolio aggregated $449,265,164 and $1,475,006,670, respectively.

------

[**Table of Contents**](#JOB_EV_AR_ec810ad2-6fcc-48bb-ba62-88544e3cbabd_TOC)

Eaton Vance

Floating-Rate Advantage Fund

October 31, 2025

Notes to Financial Statements — continued

------

7 Shares of Beneficial Interest

The Fund's Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value). Such shares may be issued in a number of different series (such as the Fund) and classes. Transactions in Fund shares, including direct exchanges pursuant to share class conversions, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2024** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Advisers Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 1235955 | &nbsp;&nbsp;&nbsp;&nbsp;$12280537 | &nbsp;&nbsp;&nbsp;&nbsp; 1379818 | &nbsp;&nbsp;&nbsp;&nbsp;$13837770 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 445670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4399454 | &nbsp;&nbsp;&nbsp;&nbsp; 564778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5662889 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1929720) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19024074) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3101885) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (31061352) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(248095)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(2344083)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(1157289)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(11560693)** |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 14176788 | &nbsp;&nbsp;&nbsp;&nbsp;$140299860 | &nbsp;&nbsp;&nbsp;&nbsp; 12804650 | &nbsp;&nbsp;&nbsp;&nbsp;$128371615 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 7188272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70984924 | &nbsp;&nbsp;&nbsp;&nbsp; 8827632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88511011 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26626286) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (262592559) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27302913) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (273634930) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(5261226)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(51307775)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(5670631)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(56752304)** |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 3960308 | &nbsp;&nbsp;&nbsp;&nbsp;$39241825 | &nbsp;&nbsp;&nbsp;&nbsp; 3947242 | &nbsp;&nbsp;&nbsp;&nbsp;$39498526 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 1659097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16356912 | &nbsp;&nbsp;&nbsp;&nbsp; 2273324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22759401 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9653210) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (95134647) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9550407) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (95562549) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(4033805)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(39535910)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(3329841)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(33304622)** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;131504027 | &nbsp;&nbsp;&nbsp;&nbsp;$1303995857 | &nbsp;&nbsp;&nbsp;&nbsp;140897464 | &nbsp;&nbsp;&nbsp;&nbsp;$1413032445 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 26755951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 264238152 | &nbsp;&nbsp;&nbsp;&nbsp; 32866405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 329521581 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(216508174) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2130595283) | &nbsp;&nbsp;&nbsp;&nbsp;(175241808) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1755317205) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(58248196)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(562361274)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(1477939)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(12763179)** |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 15012215 | &nbsp;&nbsp;&nbsp;&nbsp;$149752746 | &nbsp;&nbsp;&nbsp;&nbsp; 3073680 | &nbsp;&nbsp;&nbsp;&nbsp;$30869756 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 377133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3714430 | &nbsp;&nbsp;&nbsp;&nbsp; 124267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1246713 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9133235) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (90539651) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3028412) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (30312591) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp; **6256113** | &nbsp;&nbsp;&nbsp;&nbsp;**$62927525** | &nbsp;&nbsp;&nbsp;&nbsp; **169535** | &nbsp;&nbsp;&nbsp;&nbsp;**$1803878** |

---

------

[**Table of Contents**](#JOB_EV_AR_ec810ad2-6fcc-48bb-ba62-88544e3cbabd_TOC)

Eaton Vance

Floating-Rate Advantage Fund

October 31, 2025

Report of Independent Registered Public Accounting Firm

------

To the Trustees of Eaton Vance Mutual Funds Trust and Shareholders of Eaton Vance Floating-Rate Advantage Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Eaton Vance Floating-Rate Advantage Fund (the "Fund"), one of the funds constituting Eaton Vance Mutual Funds Trust, as of October 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 22, 2025

We have served as the auditor of one or more Eaton Vance investment companies since 1959.

------

[**Table of Contents**](#JOB_EV_AR_ec810ad2-6fcc-48bb-ba62-88544e3cbabd_TOC)

Eaton Vance

Floating-Rate Advantage Fund

October 31, 2025

Federal Tax Information (Unaudited)

------

The Form 1099-DIV you receive in February 2026 will show the tax status of all distributions paid to your account in calendar year 2025. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of 163(j) interest dividends.

**163(j) Interest Dividends. For the fiscal year ended October 31, 2025, the Fund designates 96.60% of distributions from net investment income as a 163(j) interest dividend.**

------

[**Table of Contents**](#JOB_EV_AR_ec810ad2-6fcc-48bb-ba62-88544e3cbabd_TOC)

Senior Debt Portfolio

October 31, 2025

Portfolio of Investments

------

Asset-Backed Securities — 2.8%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| ARES LXXVII CLO Ltd., Series 2025-77A, Class E, 9.444%, (3 mo. SOFR + 5.55%), 7/15/38<sup>(1)(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;$7048608 |
| Ballyrock CLO Ltd., Series 2019-2A, Class DR3, 10.039%, (3 mo. SOFR + 6.15%), 10/25/38<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4014396 |
| Barings CLO Ltd., Series 2015-1A, Class DR, 6.746%, (3 mo. SOFR + 2.862%), 1/20/31<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2505348 |
| Battalion CLO XXII Ltd., Series 2021-22A, Class E, 11.096%, (3 mo. SOFR + 7.212%), 1/20/35<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1604874 |
| Battalion CLO XXIX Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-29A, Class D1, 7.581%, (3 mo. SOFR + 3.30%), 3/31/38<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3522484 |
| &nbsp;&nbsp;&nbsp;Series 2025-29A, Class E, 10.631%, (3 mo. SOFR + 6.35%), 3/31/38<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4046640 |
| Benefit Street Partners CLO 41 Ltd., Series 2025-41A, Class D1, 7.068%, (3 mo. SOFR + 2.75%), 7/25/38<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2004800 |
| Benefit Street Partners CLO XVI Ltd., Series 2018-16A, Class ER2, 8.782%, (3 mo. SOFR + 4.90%), 1/17/38<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2989500 |
| Benefit Street Partners CLO XXII Ltd., Series 2020-22A, Class ERR, 8.784%, (3 mo. SOFR + 4.90%), 4/20/35<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 995287 |
| BlueMountain CLO Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2015-3A, Class CR, 6.746%, (3 mo. SOFR + 2.862%), 4/20/31<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4973350 |
| &nbsp;&nbsp;&nbsp;Series 2015-3A, Class DR, 9.546%, (3 mo. SOFR + 5.662%), 4/20/31<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2627040 |
| &nbsp;&nbsp;&nbsp;Series 2016-3A, Class DR, 7.573%, (3 mo. SOFR + 3.362%), 11/15/30<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1489278 |
| &nbsp;&nbsp;&nbsp;Series 2016-3A, Class ER, 10.423%, (3 mo. SOFR + 6.212%), 11/15/30<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1470084 |
| &nbsp;&nbsp;&nbsp;Series 2018-1A, Class D, 7.15%, (3 mo. SOFR + 3.312%), 7/30/30<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2471780 |
| &nbsp;&nbsp;&nbsp;Series 2018-1A, Class E, 10.05%, (3 mo. SOFR + 6.212%), 7/30/30<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1690000 |
| BlueMountain CLO XXIV Ltd., Series 2019-24A, Class ER, 10.986%, (3 mo. SOFR + 7.102%), 4/20/34<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1224871 |
| BlueMountain CLO XXVI Ltd., Series 2019-26A, Class ER, 11.276%, (3 mo. SOFR + 7.392%), 10/20/34<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2975145 |
| BlueMountain CLO XXX Ltd., Series 2020-30A, Class ER, 10.605%, (3 mo. SOFR + 6.70%), 4/15/35<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1950960 |
| Bryant Park Funding Ltd., Series 2023-19A, Class D1R, 6.705%, (3 mo. SOFR + 2.80%), 4/15/38<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001567 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Canyon Capital CLO Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2012-1RA, Class E, 9.866%, (3 mo. SOFR + 5.962%), 7/15/30<sup>(1)(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4875 | &nbsp;&nbsp;$4851449 |
| &nbsp;&nbsp;&nbsp;Series 2016-1A, Class ER, 9.916%, (3 mo. SOFR + 6.012%), 7/15/31<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 3954504 |
| &nbsp;&nbsp;&nbsp;Series 2016-2A, Class ER, 10.166%, (3 mo. SOFR + 6.262%), 10/15/31<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp; 4315216 |
| &nbsp;&nbsp;&nbsp;Series 2018-1A, Class D, 7.066%, (3 mo. SOFR + 3.162%), 7/15/31<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3006810 |
| &nbsp;&nbsp;&nbsp;Series 2018-1A, Class E, 9.916%, (3 mo. SOFR + 6.012%), 7/15/31<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2750 | &nbsp;&nbsp;&nbsp;&nbsp; 2746722 |
| &nbsp;&nbsp;&nbsp;Series 2019-1A, Class ERR, 11.405%, (3 mo. SOFR + 7.50%), 7/15/37<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5340 | &nbsp;&nbsp;&nbsp;&nbsp; 5332321 |
| Carlyle U.S. CLO Ltd., Series 2019-4A, Class DR, 10.505%, (3 mo. SOFR + 6.60%), 4/15/35<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3020424 |
| CIFC Funding Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-1A, Class E, 10.282%, (3 mo. SOFR + 6.40%), 4/17/35<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 754115 |
| &nbsp;&nbsp;&nbsp;Series 2022-4A, Class DR, 6.594%, (3 mo. SOFR + 2.70%), 7/16/35<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1754370 |
| Dryden CLO Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2018-55A, Class D, 7.016%, (3 mo. SOFR + 3.112%), 4/15/31<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1506189 |
| &nbsp;&nbsp;&nbsp;Series 2018-55A, Class E, 9.566%, (3 mo. SOFR + 5.662%), 4/15/31<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1970352 |
| Dryden Senior Loan Fund: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2015-41A, Class DR, 6.766%, (3 mo. SOFR + 2.862%), 4/15/31<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp; 7027650 |
| &nbsp;&nbsp;&nbsp;Series 2015-41A, Class ER, 9.466%, (3 mo. SOFR + 5.562%), 4/15/31<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1268 | &nbsp;&nbsp;&nbsp;&nbsp; 1205912 |
| &nbsp;&nbsp;&nbsp;Series 2016-42A, Class D1AR, 7.205%, (3 mo. SOFR + 3.30%), 7/15/37<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2508007 |
| &nbsp;&nbsp;&nbsp;Series 2016-42A, Class ERR, 10.405%, (3 mo. SOFR + 6.50%), 7/15/37<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3508732 |
| HalseyPoint CLO 5 Ltd., Series 2021-5A, Class E, 11.04%, (3 mo. SOFR + 7.202%), 1/30/35<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1971524 |
| Madison Park Funding LIX Ltd., Series 2021-59A, Class ER, 10.284%, (3 mo. SOFR + 6.40%), 4/18/37<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1550 | &nbsp;&nbsp;&nbsp;&nbsp; 1538484 |
| Madison Park Funding XXXVI Ltd., Series 2019-36A, Class ERR, 9.505%, (3 mo. SOFR + 5.60%), 4/15/35<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2422965 |
| Madison Park Funding XXXVII Ltd., Series 2019-37A, Class ER2, 10.505%, (3 mo. SOFR + 6.60%), 4/15/37<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 751473 |
| Marble Point CLO XXIV Ltd., Series 2022-1A, Class D1, 8.124%, (3 mo. SOFR + 4.24%), 4/20/35<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2005244 |
| Neuberger Berman Loan Advisers CLO 48 Ltd., Series 2022-48A, Class ER, 8.758%, (3 mo. SOFR + 4.90%), 4/25/36<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2600 | &nbsp;&nbsp;&nbsp;&nbsp; 2595531 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_ec810ad2-6fcc-48bb-ba62-88544e3cbabd_TOC)

Senior Debt Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Neuberger Berman Loan Advisers CLO 59 Ltd., Series 2024-59A, Class E, 8.66%, (3 mo. SOFR + 4.80%), 1/23/39<sup>(1)(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;$3019185 |
| Neuberger Berman Loan Advisers CLO Ltd., Series 2019-34A, Class ER2, 8.884%, (3 mo. SOFR + 5.00%), 7/20/39<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp; 1310540 |
| New Mountain CLO 8 Ltd., Series CLO-8A, Class E, 8.713%, (3 mo. SOFR + 4.85%), 10/20/38<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2506250 |
| Orion CLO Ltd., Series 2025-6A, Class E, 9.30%, (3 mo. SOFR + 5.25%), 10/20/38<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp; 5972988 |
| Palmer Square CLO Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2015-1A, Class DR4, 10.977%, (3 mo. SOFR + 6.762%), 5/21/34<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1986800 |
| &nbsp;&nbsp;&nbsp;Series 2021-2A, Class ER, 9.005%, (3 mo. SOFR + 5.10%), 2/15/38<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1003380 |
| RAD CLO 11 Ltd., Series 2021-11A, Class E, 10.416%, (3 mo. SOFR + 6.512%), 4/15/34<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 751951 |
| RAD CLO 14 Ltd., Series 2021-14A, Class E, 10.666%, (3 mo. SOFR + 6.762%), 1/15/35<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050 | &nbsp;&nbsp;&nbsp;&nbsp; 1034647 |
| RAD CLO 30 Ltd., Series 2025-30A, Class D, 9.066%, (3 mo. SOFR + 5.10%), 10/15/38<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4005060 |
| Silver Point CLO 12 Ltd., Series 2025-12A, Class E, 8.979%, (3 mo. SOFR + 5.00%), 10/15/38<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3504445 |
| Sixth Street CLO XX Ltd., Series 2021-20A, Class ER, 9.382%, (3 mo. SOFR + 5.50%), 7/17/38<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3013677 |
| Symphony CLO XXXIII Ltd., Series 2022-33A, Class E1R, 9.215%, (3 mo. SOFR + 5.35%), 1/24/38<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1464527 |
| Upland CLO Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2016-1A, Class CR, 7.046%, (3 mo. SOFR + 3.162%), 4/20/31<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp; 4513374 |
| &nbsp;&nbsp;&nbsp;Series 2016-1A, Class DR, 10.046%, (3 mo. SOFR + 6.162%), 4/20/31<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2125 | &nbsp;&nbsp;&nbsp;&nbsp; 2117818 |
| Voya CLO Ltd., Series 2015-3A, Class DR, 10.346%, (3 mo. SOFR + 6.462%), 10/20/31<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500 | &nbsp;&nbsp;&nbsp;&nbsp; 5272294 |
| Wellfleet CLO Ltd., Series 2021-3A, Class E, 11.266%, (3 mo. SOFR + 7.362%), 1/15/35<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050 | &nbsp;&nbsp;&nbsp;&nbsp; 1038771 |
| Total Asset-Backed Securities<br> (identified cost $153,208,779) |  | &nbsp;&nbsp;**$151869713** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Common Stocks — 1.4%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Aerospace and Defense — 0.0% | Aerospace and Defense — 0.0% | Aerospace and Defense — 0.0% |
| IAP Worldwide Services LLC<sup>(3)(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168 | &nbsp;&nbsp;$0 |
|  |  | &nbsp;&nbsp;**$0** |
| Commercial Services & Supplies — 0.1% | Commercial Services & Supplies — 0.1% | Commercial Services & Supplies — 0.1% |
| Monitronics International, Inc.<sup>(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199603 | &nbsp;&nbsp;$2794442 |
|  |  | &nbsp;&nbsp;**$2794442** |
| Containers and Glass Products — 0.0%<sup>†</sup> | Containers and Glass Products — 0.0%<sup>†</sup> | Containers and Glass Products — 0.0%<sup>†</sup> |
| LG Parent Holding Co.<sup>(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342076 | &nbsp;&nbsp;$1047608 |
|  |  | &nbsp;&nbsp;**$1047608** |
| Diversified Financial Services — 0.0% | Diversified Financial Services — 0.0% | Diversified Financial Services — 0.0% |
| Sprint IntermediateCo BV<sup>(3)(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42551 | &nbsp;&nbsp;$0 |
| Sprint IntermediateCo BV<sup>(3)(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118644 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
|  |  | &nbsp;&nbsp;**$0** |
| Electronic Equipment, Instruments & Components — 0.5% | Electronic Equipment, Instruments & Components — 0.5% | Electronic Equipment, Instruments & Components — 0.5% |
| Luxco Co. Ltd.<sup>(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229392 | &nbsp;&nbsp;$3848472 |
| Range Red Acquisitions LLC, Class A1<sup>(3)(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10660 | &nbsp;&nbsp;&nbsp;&nbsp; 21204126 |
|  |  | &nbsp;&nbsp;**$25052598** |
| Electronics/Electrical — 0.0%<sup>†</sup> | Electronics/Electrical — 0.0%<sup>†</sup> | Electronics/Electrical — 0.0%<sup>†</sup> |
| Skillsoft Corp.<sup>(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50519 | &nbsp;&nbsp;$663314 |
|  |  | &nbsp;&nbsp;**$663314** |
| Entertainment — 0.0%<sup>†</sup> | Entertainment — 0.0%<sup>†</sup> | Entertainment — 0.0%<sup>†</sup> |
| New Cineworld Ltd.<sup>(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113548 | &nbsp;&nbsp;$2431176 |
|  |  | &nbsp;&nbsp;**$2431176** |
| Health Care — 0.3% | Health Care — 0.3% | Health Care — 0.3% |
| Akorn Holding Co. LLC<sup>(3)(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;792089 | &nbsp;&nbsp;$0 |
| Cano Health, Inc.<sup>(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380806 | &nbsp;&nbsp;&nbsp;&nbsp; 1071017 |
| Envision Parent, Inc.<sup>(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;953838 | &nbsp;&nbsp;&nbsp;&nbsp; 14704843 |
|  |  | &nbsp;&nbsp;**$15775860** |
| Household Durables — 0.2% | Household Durables — 0.2% | Household Durables — 0.2% |
| Serta Simmons Bedding, Inc.<sup>(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1401999 | &nbsp;&nbsp;$13248891 |
| Serta SSB Equipment Co.<sup>(3)(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1401999 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
|  |  | &nbsp;&nbsp;**$13248891** |

---

*17*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_ec810ad2-6fcc-48bb-ba62-88544e3cbabd_TOC)

Senior Debt Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Investment Companies — 0.0% | Investment Companies — 0.0% | Investment Companies — 0.0% |
| Aegletes BV<sup>(3)(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138671 | &nbsp;&nbsp;$0 |
|  |  | &nbsp;&nbsp;**$0** |
| Nonferrous Metals/Minerals — 0.1% | Nonferrous Metals/Minerals — 0.1% | Nonferrous Metals/Minerals — 0.1% |
| ACNR Holdings, Inc., Class A<sup>(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60861 | &nbsp;&nbsp;$5325338 |
|  |  | &nbsp;&nbsp;**$5325338** |
| Oil and Gas — 0.0% | Oil and Gas — 0.0% | Oil and Gas — 0.0% |
| AFG Holdings, Inc.<sup>(3)(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281241 | &nbsp;&nbsp;$0 |
|  |  | &nbsp;&nbsp;**$0** |
| Pharmaceuticals — 0.2% | Pharmaceuticals — 0.2% | Pharmaceuticals — 0.2% |
| Mallinckrodt International Finance SA<sup>(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107065 | &nbsp;&nbsp;$11027695 |
|  |  | &nbsp;&nbsp;**$11027695** |
| Retailers (Except Food and Drug) — 0.0% | Retailers (Except Food and Drug) — 0.0% | Retailers (Except Food and Drug) — 0.0% |
| Phillips Feed Service, Inc.<sup>(3)(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2960 | &nbsp;&nbsp;$0 |
|  |  | &nbsp;&nbsp;**$0** |
| Telecommunications — 0.0% | Telecommunications — 0.0% | Telecommunications — 0.0% |
| Anuvu<sup>(3)(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390679 | &nbsp;&nbsp;$0 |
|  |  | &nbsp;&nbsp;**$0** |
| Total Common Stocks<br> (identified cost $112,376,609) |  | &nbsp;&nbsp;**$77366922** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Corporate Bonds — 7.9%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Aerospace and Defense — 0.4% | Aerospace and Defense — 0.4% | Aerospace and Defense — 0.4% |
| Goat Holdco LLC, 6.75%, 2/1/32<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2450 | &nbsp;&nbsp;$2504127 |
| TransDigm, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;6.75%, 8/15/28<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3825 | &nbsp;&nbsp;&nbsp;&nbsp; 3905237 |
| &nbsp;&nbsp;&nbsp;6.875%, 12/15/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15586845 |
|  |  | &nbsp;&nbsp;**$21996209** |
| Air Transport — 0.3% | Air Transport — 0.3% | Air Transport — 0.3% |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, 4/20/26<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2412 | &nbsp;&nbsp;$2420140 |
| &nbsp;&nbsp;&nbsp;5.75%, 4/20/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14475 | &nbsp;&nbsp;&nbsp;&nbsp; 14613555 |
| United Airlines, Inc., 4.375%, 4/15/26<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2215 | &nbsp;&nbsp;&nbsp;&nbsp; 2211811 |
|  |  | &nbsp;&nbsp;**$19245506** |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Apparel & Luxury Goods — 0.1% | Apparel & Luxury Goods — 0.1% | Apparel & Luxury Goods — 0.1% |
| Champ Acquisition Corp., 8.375%, 12/1/31<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4925 | &nbsp;&nbsp;$5257792 |
|  |  | &nbsp;&nbsp;**$5257792** |
| Automotive — 0.0%<sup>†</sup> | Automotive — 0.0%<sup>†</sup> | Automotive — 0.0%<sup>†</sup> |
| Adient Global Holdings Ltd., 7.00%, 4/15/28<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;$665783 |
|  |  | &nbsp;&nbsp;**$665783** |
| Building and Development — 0.1% | Building and Development — 0.1% | Building and Development — 0.1% |
| Smyrna Ready Mix Concrete LLC, 8.875%, 11/15/31<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;$2634460 |
| Winnebago Industries, Inc., 6.25%, 7/15/28<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649 | &nbsp;&nbsp;&nbsp;&nbsp; 648393 |
|  |  | &nbsp;&nbsp;**$3282853** |
| Business Equipment and Services — 0.7% | Business Equipment and Services — 0.7% | Business Equipment and Services — 0.7% |
| Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL: |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, 6/1/28<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18725 | &nbsp;&nbsp;$18352818 |
| &nbsp;&nbsp;&nbsp;4.625%, 6/1/28<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20575 | &nbsp;&nbsp;&nbsp;&nbsp; 20151736 |
| Prime Security Services Borrower LLC/Prime Finance, Inc., 5.75%, 4/15/26<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;928 | &nbsp;&nbsp;&nbsp;&nbsp; 931272 |
|  |  | &nbsp;&nbsp;**$39435826** |
| Capital Markets — 0.2% | Capital Markets — 0.2% | Capital Markets — 0.2% |
| Focus Financial Partners LLC, 6.75%, 9/15/31<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10400 | &nbsp;&nbsp;$10729259 |
|  |  | &nbsp;&nbsp;**$10729259** |
| Chemicals — 0.3% | Chemicals — 0.3% | Chemicals — 0.3% |
| Olympus Water U.S. Holding Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, 10/1/28<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10050 | &nbsp;&nbsp;$9655133 |
| &nbsp;&nbsp;&nbsp;7.25%, 2/15/33<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9525 | &nbsp;&nbsp;&nbsp;&nbsp; 9489085 |
|  |  | &nbsp;&nbsp;**$19144218** |
| Commercial Services — 0.2% | Commercial Services — 0.2% | Commercial Services — 0.2% |
| Herc Holdings, Inc., 7.00%, 6/15/30<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2750 | &nbsp;&nbsp;$2880182 |
| Neptune Bidco U.S., Inc., 9.29%, 4/15/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10450 | &nbsp;&nbsp;&nbsp;&nbsp; 10328885 |
|  |  | &nbsp;&nbsp;**$13209067** |
| Computers — 0.2% | Computers — 0.2% | Computers — 0.2% |
| Diebold Nixdorf, Inc., 7.75%, 3/31/30<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11950 | &nbsp;&nbsp;$12684363 |
|  |  | &nbsp;&nbsp;**$12684363** |

---

*18*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_ec810ad2-6fcc-48bb-ba62-88544e3cbabd_TOC)

Senior Debt Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Diversified Financial Services — 0.1% | Diversified Financial Services — 0.1% | Diversified Financial Services — 0.1% |
| Aretec Group, Inc., 10.00%, 8/15/30<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5375 | &nbsp;&nbsp;$5855004 |
|  |  | &nbsp;&nbsp;**$5855004** |
| Diversified Telecommunication Services — 0.7% | Diversified Telecommunication Services — 0.7% | Diversified Telecommunication Services — 0.7% |
| Altice France SA: |  |  |
| &nbsp;&nbsp;&nbsp;6.50%, 10/15/31<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1232 | &nbsp;&nbsp;$1176214 |
| &nbsp;&nbsp;&nbsp;6.50%, 3/15/32<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15614 | &nbsp;&nbsp;&nbsp;&nbsp; 14963743 |
| &nbsp;&nbsp;&nbsp;9.50%, 11/1/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17327 | &nbsp;&nbsp;&nbsp;&nbsp; 17670767 |
| Virgin Media Secured Finance PLC, 4.50%, 8/15/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7625 | &nbsp;&nbsp;&nbsp;&nbsp; 7092934 |
|  |  | &nbsp;&nbsp;**$40903658** |
| Drugs — 0.2% | Drugs — 0.2% | Drugs — 0.2% |
| Jazz Securities DAC, 4.375%, 1/15/29<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10050 | &nbsp;&nbsp;$9854237 |
|  |  | &nbsp;&nbsp;**$9854237** |
| Electronics/Electrical — 0.3% | Electronics/Electrical — 0.3% | Electronics/Electrical — 0.3% |
| Imola Merger Corp., 4.75%, 5/15/29<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15700 | &nbsp;&nbsp;$15489076 |
|  |  | &nbsp;&nbsp;**$15489076** |
| Engineering & Construction — 0.1% | Engineering & Construction — 0.1% | Engineering & Construction — 0.1% |
| Artera Services LLC, 8.50%, 2/15/31<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6375 | &nbsp;&nbsp;$5522338 |
|  |  | &nbsp;&nbsp;**$5522338** |
| Entertainment — 0.1% | Entertainment — 0.1% | Entertainment — 0.1% |
| Caesars Entertainment, Inc., 6.50%, 2/15/32<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5275 | &nbsp;&nbsp;$5322222 |
|  |  | &nbsp;&nbsp;**$5322222** |
| Health Care — 0.8% | Health Care — 0.8% | Health Care — 0.8% |
| Bausch & Lomb Corp., 8.375%, 10/1/28<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;$1046250 |
| Global Medical Response, Inc., 7.375%, 10/1/32<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2530 | &nbsp;&nbsp;&nbsp;&nbsp; 2649138 |
| Medline Borrower LP, 3.875%, 4/1/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21150 | &nbsp;&nbsp;&nbsp;&nbsp; 20556349 |
| Tenet Healthcare Corp., 4.25%, 6/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22375 | &nbsp;&nbsp;&nbsp;&nbsp; 21894103 |
|  |  | &nbsp;&nbsp;**$46145840** |
| Hotels, Restaurants & Leisure — 0.6% | Hotels, Restaurants & Leisure — 0.6% | Hotels, Restaurants & Leisure — 0.6% |
| Carnival Corp., 4.00%, 8/1/28<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31975 | &nbsp;&nbsp;$31474920 |
|  |  | &nbsp;&nbsp;**$31474920** |
| Household Products — 0.1% | Household Products — 0.1% | Household Products — 0.1% |
| Kronos Acquisition Holdings, Inc., 8.25%, 6/30/31<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;$3733915 |
|  |  | &nbsp;&nbsp;**$3733915** |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Insurance — 0.6% | Insurance — 0.6% | Insurance — 0.6% |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 7.00%, 1/15/31<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5250 | &nbsp;&nbsp;$5442664 |
| AmWINS Group, Inc., 6.375%, 2/15/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12350 | &nbsp;&nbsp;&nbsp;&nbsp; 12596555 |
| Panther Escrow Issuer LLC, 7.125%, 6/1/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14525 | &nbsp;&nbsp;&nbsp;&nbsp; 15023237 |
|  |  | &nbsp;&nbsp;**$33062456** |
| Machinery — 0.3% | Machinery — 0.3% | Machinery — 0.3% |
| Madison IAQ LLC, 4.125%, 6/30/28<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12300 | &nbsp;&nbsp;$12052332 |
| TK Elevator U.S. Newco, Inc., 5.25%, 7/15/27<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4950 | &nbsp;&nbsp;&nbsp;&nbsp; 4947908 |
|  |  | &nbsp;&nbsp;**$17000240** |
| Professional Services — 0.1% | Professional Services — 0.1% | Professional Services — 0.1% |
| CoreLogic, Inc., 4.50%, 5/1/28<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;$3383284 |
|  |  | &nbsp;&nbsp;**$3383284** |
| Real Estate Investment Trusts (REITs) — 0.1% | Real Estate Investment Trusts (REITs) — 0.1% | Real Estate Investment Trusts (REITs) — 0.1% |
| Cushman & Wakefield U.S. Borrower LLC, 6.75%, 5/15/28<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7493 | &nbsp;&nbsp;$7557408 |
|  |  | &nbsp;&nbsp;**$7557408** |
| Retail — 0.1% | Retail — 0.1% | Retail — 0.1% |
| Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., 4.625%, 1/15/29<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6790 | &nbsp;&nbsp;$6500812 |
|  |  | &nbsp;&nbsp;**$6500812** |
| Software — 0.7% | Software — 0.7% | Software — 0.7% |
| Cloud Software Group, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;8.25%, 6/30/32<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19590 | &nbsp;&nbsp;$20604449 |
| &nbsp;&nbsp;&nbsp;9.00%, 9/30/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5100 | &nbsp;&nbsp;&nbsp;&nbsp; 5279494 |
| UKG, Inc., 6.875%, 2/1/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10525 | &nbsp;&nbsp;&nbsp;&nbsp; 10842097 |
|  |  | &nbsp;&nbsp;**$36726040** |
| Technology — 0.4% | Technology — 0.4% | Technology — 0.4% |
| Clarivate Science Holdings Corp., 3.875%, 7/1/28<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10575 | &nbsp;&nbsp;$10191185 |
| NCR Atleos Corp., 9.50%, 4/1/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8700 | &nbsp;&nbsp;&nbsp;&nbsp; 9401524 |
|  |  | &nbsp;&nbsp;**$19592709** |

---

*19*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_ec810ad2-6fcc-48bb-ba62-88544e3cbabd_TOC)

Senior Debt Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Telecommunications — 0.1% | Telecommunications — 0.1% | Telecommunications — 0.1% |
| VMED O2 U.K. Financing I PLC, 4.25%, 1/31/31<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4375 | &nbsp;&nbsp;$3997712 |
|  |  | &nbsp;&nbsp;**$3997712** |
| Total Corporate Bonds<br> (identified cost $436,989,300) |  | &nbsp;&nbsp;**$437772747** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Exchange-Traded Funds — 0.7%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Income Funds — 0.7% | Income Funds — 0.7% | Income Funds — 0.7% |
| Eaton Vance Floating-Rate ETF<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;772500 | &nbsp;&nbsp;$38215575 |
| Total Exchange-Traded Funds<br> (identified cost $38,829,240) |  | &nbsp;&nbsp;**$38215575** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Preferred Stocks — 0.3%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Beverages — 0.2% | Beverages — 0.2% | Beverages — 0.2% |
| Citybrewing Topco LLC<sup>(3)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1578200 | &nbsp;&nbsp;$12625600 |
|  |  | &nbsp;&nbsp;**$12625600** |
| Pharmaceuticals — 0.0% | Pharmaceuticals — 0.0% | Pharmaceuticals — 0.0% |
| Mallinckrodt PLC<sup>(3)(4)</sup> | 4859628420 | &nbsp;&nbsp;$0 |
|  |  | &nbsp;&nbsp;**$0** |
| Technology — 0.1% | Technology — 0.1% | Technology — 0.1% |
| Cohesity Global, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;Series G<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109603 | &nbsp;&nbsp;$2657873 |
| &nbsp;&nbsp;&nbsp;Series G1<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75723 | &nbsp;&nbsp;&nbsp;&nbsp; 1826817 |
|  |  | &nbsp;&nbsp;**$4484690** |
| Total Preferred Stocks<br> (identified cost $17,702,761) |  | &nbsp;&nbsp;**$17110290** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Senior Floating-Rate Loans — 114.0%<sup>(7)</sup>

---

| | | | |
|:---|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Aerospace and Defense — 2.3% | Aerospace and Defense — 2.3% | Aerospace and Defense — 2.3% | Aerospace and Defense — 2.3% |
| Aernnova Aerospace SAU, Term Loan, 6.026%, (3 mo. EURIBOR + 4.00%), 2/27/30 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7550 | &nbsp;&nbsp;$8680752 |

---

---

| | | |
|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Aerospace and Defense (continued) | Aerospace and Defense (continued) | Aerospace and Defense (continued) |
| Air Comm Corp. LLC: |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.715% - 6.74%, (1 mo. USD Term SOFR + 2.75%, 3 mo. USD Term SOFR+ 2.75%), 12/11/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17844 | &nbsp;&nbsp;$17888901 |
| &nbsp;&nbsp;&nbsp;Term Loan, 12/11/31<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;868 | &nbsp;&nbsp;&nbsp;&nbsp; 869866 |
| HDI Aerospace Intermediate Holding III Corp., Term Loan, 7.687%, (3 mo. USD Term SOFR + 3.75%), 2/11/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8283 | &nbsp;&nbsp;&nbsp;&nbsp; 8330010 |
| IAP Worldwide Services, Inc., Term Loan - Second Lien, 0.00%, 7/18/23<sup>(3)(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1184 | &nbsp;&nbsp;&nbsp;&nbsp; 716167 |
| Kaman Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.427%, (3 mo. USD Term SOFR + 2.50%), 2/26/32<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1215 | &nbsp;&nbsp;&nbsp;&nbsp; 1220099 |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.544% - 6.699%, (3 mo. USD Term SOFR + 2.50%, 6 mo. USD Term SOFR + 2.50%), 2/26/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12852 | &nbsp;&nbsp;&nbsp;&nbsp; 12903809 |
| Novaria Holdings LLC, Term Loan, 7.215%, (1 mo. USD Term SOFR + 3.25%), 6/6/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3891 | &nbsp;&nbsp;&nbsp;&nbsp; 3902837 |
| TransDigm, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.252%, (3 mo. USD Term SOFR + 2.25%), 3/22/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36982 | &nbsp;&nbsp;&nbsp;&nbsp; 37053320 |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.502%, (3 mo. USD Term SOFR + 2.50%), 2/28/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26556 | &nbsp;&nbsp;&nbsp;&nbsp; 26621601 |
| Vista Management Holding, Inc., Term Loan, 7.735%, (3 mo. USD Term SOFR + 3.75%), 4/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7895 | &nbsp;&nbsp;&nbsp;&nbsp; 7964333 |
|  |  | &nbsp;&nbsp;**$126151695** |
| Air Freight & Logistics — 0.2% | Air Freight & Logistics — 0.2% | Air Freight & Logistics — 0.2% |
| AIT Worldwide Logistics, Inc., Term Loan, 8.255%, (3 mo. USD Term SOFR + 4.00%), 4/8/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11935 | &nbsp;&nbsp;$12003199 |
| Stonepeak Nile Parent LLC, Term Loan, 4/9/32<sup>(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000105 |
|  |  | &nbsp;&nbsp;**$13003304** |
| Airlines — 0.8% | Airlines — 0.8% | Airlines — 0.8% |
| American Airlines, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.134%, (3 mo. USD Term SOFR + 2.25%), 4/20/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43101 | &nbsp;&nbsp;$43199323 |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.134%, (3 mo. USD Term SOFR + 3.25%), 5/28/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2985 | &nbsp;&nbsp;&nbsp;&nbsp; 2999925 |
|  |  | &nbsp;&nbsp;**$46199248** |
| Apparel & Luxury Goods — 0.9% | Apparel & Luxury Goods — 0.9% | Apparel & Luxury Goods — 0.9% |
| Beach Acquisition Bidco LLC, Term Loan, 7.308%, (3 mo. USD Term SOFR + 3.25%), 9/12/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15075 | &nbsp;&nbsp;$15175475 |

---

*20*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_ec810ad2-6fcc-48bb-ba62-88544e3cbabd_TOC)

Senior Debt Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Apparel & Luxury Goods (continued) | Apparel & Luxury Goods (continued) | Apparel & Luxury Goods (continued) | Apparel & Luxury Goods (continued) |
| Gloves Buyer, Inc., Term Loan, 7.965%, (1 mo. USD Term SOFR + 4.00%), 5/21/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26775 | &nbsp;&nbsp;$26457047 |
| Hanesbrands, Inc., Term Loan, 6.715%, (1 mo. USD Term SOFR + 2.75%), 3/7/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8481 | &nbsp;&nbsp;&nbsp;&nbsp; 8523140 |
|  |  |  | &nbsp;&nbsp;**$50155662** |
| Auto Components — 2.3% | Auto Components — 2.3% | Auto Components — 2.3% | Auto Components — 2.3% |
| Adient U.S. LLC, Term Loan, 6.215%, (1 mo. USD Term SOFR + 2.25%), 1/31/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18949 | &nbsp;&nbsp;$18997540 |
| Autokiniton U.S. Holdings, Inc., Term Loan, 8.079%, (1 mo. USD Term SOFR + 4.00%), 4/6/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15060 | &nbsp;&nbsp;&nbsp;&nbsp; 14514073 |
| Clarios Global LP: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 4.893%, (1 mo. EURIBOR + 3.00%), 7/16/31 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2236 | &nbsp;&nbsp;&nbsp;&nbsp; 2589765 |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.465%, (1 mo. USD Term SOFR + 2.50%), 5/6/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495 | &nbsp;&nbsp;&nbsp;&nbsp; 495784 |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.715%, (1 mo. USD Term SOFR + 2.75%), 1/28/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15500 | &nbsp;&nbsp;&nbsp;&nbsp; 15567812 |
| DexKo Global, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 5.893%, (1 mo. EURIBOR + 4.00%), 10/4/28 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;838 | &nbsp;&nbsp;&nbsp;&nbsp; 937033 |
| &nbsp;&nbsp;&nbsp;Term Loan, 5.893%, (1 mo. EURIBOR + 4.00%), 10/4/28 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4287 | &nbsp;&nbsp;&nbsp;&nbsp; 4796771 |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.829%, (1 mo. USD Term SOFR + 3.75%), 10/4/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7017 | &nbsp;&nbsp;&nbsp;&nbsp; 6924009 |
| First Brands Group LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;DIP Loan, 6/29/26<sup>(10)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596 | &nbsp;&nbsp;&nbsp;&nbsp; 633556 |
| &nbsp;&nbsp;&nbsp;Term Loan, 0.00%, 3/30/27<sup>(9)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp; 2331000 |
| Garrett LX I SARL, Term Loan, 5.84%, (3 mo. USD Term SOFR + 2.00%), 1/30/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5713 | &nbsp;&nbsp;&nbsp;&nbsp; 5727800 |
| Lippert Colipper, Term Loan, 6.215%, (1 mo. USD Term SOFR + 2.25%), 3/25/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4726 | &nbsp;&nbsp;&nbsp;&nbsp; 4755819 |
| LTI Holdings, Inc., Term Loan, 7.715%, (1 mo. USD Term SOFR + 3.75%), 7/29/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25594 | &nbsp;&nbsp;&nbsp;&nbsp; 25777701 |
| RealTruck Group, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.829%, (1 mo. USD Term SOFR + 3.75%), 1/31/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17469 | &nbsp;&nbsp;&nbsp;&nbsp; 15394243 |
| &nbsp;&nbsp;&nbsp;Term Loan, 9.079%, (1 mo. USD Term SOFR + 5.00%), 1/31/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8816 | &nbsp;&nbsp;&nbsp;&nbsp; 7846017 |
|  |  |  | &nbsp;&nbsp;**$127288923** |
| Automobiles — 0.6% | Automobiles — 0.6% | Automobiles — 0.6% | Automobiles — 0.6% |
| Bombardier Recreational Products, Inc., Term Loan, 6.715%, (1 mo. USD Term SOFR + 2.75%), 1/22/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17239 | &nbsp;&nbsp;$17248798 |
| MajorDrive Holdings IV LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 8.263%, (3 mo. USD Term SOFR + 4.00%), 6/1/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15027 | &nbsp;&nbsp;&nbsp;&nbsp; 14627847 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Automobiles (continued) | Automobiles (continued) | Automobiles (continued) | Automobiles (continued) |
| MajorDrive Holdings IV LLC: (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 9.652%, (3 mo. USD Term SOFR + 5.50%), 6/1/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1466 | &nbsp;&nbsp;$1441395 |
|  |  |  | &nbsp;&nbsp;**$33318040** |
| Beverages — 1.0% | Beverages — 1.0% | Beverages — 1.0% | Beverages — 1.0% |
| Arterra Wines Canada, Inc., Term Loan, 7.763%, (3 mo. USD Term SOFR + 3.50%), 11/24/27 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3330 | &nbsp;&nbsp;$3252036 |
| City Brewing Co. LLC, Term Loan, 11.198%, (3 mo. USD Term SOFR + 7.00%), 9/30/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3811 | &nbsp;&nbsp;&nbsp;&nbsp; 1562382 |
| Primo Brands Corp., Term Loan, 6.252%, (3 mo. USD Term SOFR + 2.25%), 3/31/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36334 | &nbsp;&nbsp;&nbsp;&nbsp; 36470860 |
| Sazerac Co., Inc., Term Loan, 6.58%, (1 mo. USD Term SOFR + 2.50%), 7/9/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12050 | &nbsp;&nbsp;&nbsp;&nbsp; 12129048 |
|  |  |  | &nbsp;&nbsp;**$53414326** |
| Biotechnology — 0.4% | Biotechnology — 0.4% | Biotechnology — 0.4% | Biotechnology — 0.4% |
| Alltech, Inc., Term Loan, 8.329%, (1 mo. USD Term SOFR + 4.25%), 8/13/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17695 | &nbsp;&nbsp;$17778179 |
| Grifols Worldwide Operations USA, Inc., Term Loan, 6.065%, (1 mo. USD Term SOFR + 2.00%), 11/15/27 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6310 | &nbsp;&nbsp;&nbsp;&nbsp; 6318932 |
|  |  |  | &nbsp;&nbsp;**$24097111** |
| Broadline Retail — 0.8% | Broadline Retail — 0.8% | Broadline Retail — 0.8% | Broadline Retail — 0.8% |
| Peer Holding III BV: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 4.75%, (3 mo. EURIBOR + 2.75%), 11/26/31 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7550 | &nbsp;&nbsp;$8740581 |
| &nbsp;&nbsp;&nbsp;Term Loan, 4.75%, (3 mo. EURIBOR + 2.75%), 9/29/32 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3825 | &nbsp;&nbsp;&nbsp;&nbsp; 4427161 |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.502%, (3 mo. USD Term SOFR + 2.50%), 10/28/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14406 | &nbsp;&nbsp;&nbsp;&nbsp; 14484424 |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.502%, (3 mo. USD Term SOFR + 2.50%), 7/1/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18684 | &nbsp;&nbsp;&nbsp;&nbsp; 18784238 |
|  |  |  | &nbsp;&nbsp;**$46436404** |
| Building Products — 0.8% | Building Products — 0.8% | Building Products — 0.8% | Building Products — 0.8% |
| Cornerstone Building Brands, Inc., Term Loan, 7.382%, (1 mo. USD Term SOFR + 3.25%), 4/12/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8707 | &nbsp;&nbsp;$7996787 |
| CP Iris HoldCo I, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 10/27/32<sup>(10)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1379 | &nbsp;&nbsp;&nbsp;&nbsp; 1372225 |
| &nbsp;&nbsp;&nbsp;Term Loan, 10/27/32<sup>(10)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11171 | &nbsp;&nbsp;&nbsp;&nbsp; 11115025 |
| LBM Acquisition LLC, Term Loan, 7.881%, (1 mo. USD Term SOFR + 3.75%), 6/6/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11496 | &nbsp;&nbsp;&nbsp;&nbsp; 11132429 |

---

*21*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_ec810ad2-6fcc-48bb-ba62-88544e3cbabd_TOC)

Senior Debt Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Building Products (continued) | Building Products (continued) | Building Products (continued) | Building Products (continued) |
| MI Windows & Doors LLC, Term Loan, 6.715%, (1 mo. USD Term SOFR + 2.75%), 3/28/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11505 | &nbsp;&nbsp;$11537052 |
| Sport Group Holding GmbH, Term Loan, 6.026%, (3 mo. EURIBOR + 4.00%), 7/8/31 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp; 1936236 |
|  |  |  | &nbsp;&nbsp;**$45089754** |
| Capital Markets — 4.5% | Capital Markets — 4.5% | Capital Markets — 4.5% | Capital Markets — 4.5% |
| Advisor Group, Inc., Term Loan, 6.965%, (1 mo. USD Term SOFR + 3.00%), 7/30/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17700 | &nbsp;&nbsp;$17748111 |
| AllSpring Buyer LLC, Term Loan, 6.762%, (3 mo. USD Term SOFR + 2.75%), 11/1/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22105 | &nbsp;&nbsp;&nbsp;&nbsp; 22179329 |
| Aretec Group, Inc., Term Loan, 7.465%, (1 mo. USD Term SOFR + 3.50%), 8/9/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20871 | &nbsp;&nbsp;&nbsp;&nbsp; 20969387 |
| Citco Funding LLC, Term Loan, 6.806%, (3 mo. USD Term SOFR + 2.75%), 4/27/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10217 | &nbsp;&nbsp;&nbsp;&nbsp; 10284358 |
| Edelman Financial Center LLC, Term Loan, 6.965%, (1 mo. USD Term SOFR + 3.00%), 4/7/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11020 | &nbsp;&nbsp;&nbsp;&nbsp; 11069922 |
| EIG Management Co. LLC, Term Loan, 8.977%, (1 mo. USD Term SOFR + 5.00%), 5/17/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4633 | &nbsp;&nbsp;&nbsp;&nbsp; 4632704 |
| FinCo I LLC, Term Loan, 5.715%, (1 mo. USD Term SOFR + 1.75%), 6/27/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 | &nbsp;&nbsp;&nbsp;&nbsp; 38164 |
| Focus Financial Partners LLC, Term Loan, 6.715%, (1 mo. USD Term SOFR + 2.75%), 9/15/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18844 | &nbsp;&nbsp;&nbsp;&nbsp; 18910138 |
| Franklin Square Holdings LP, Term Loan, 6.215%, (1 mo. USD Term SOFR + 2.25%), 4/25/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13035 | &nbsp;&nbsp;&nbsp;&nbsp; 13018706 |
| Guggenheim Partners LLC, Term Loan, 6.502%, (3 mo. USD Term SOFR + 2.50%), 11/26/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45558 | &nbsp;&nbsp;&nbsp;&nbsp; 45804677 |
| HighTower Holdings LLC, Term Loan, 7.071%, (3 mo. USD Term SOFR + 2.75%), 2/3/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12899 | &nbsp;&nbsp;&nbsp;&nbsp; 12915570 |
| Kestra Advisor Services Holdings A, Inc., Term Loan, 6.965%, (1 mo. USD Term SOFR + 3.00%), 3/22/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11731 | &nbsp;&nbsp;&nbsp;&nbsp; 11770534 |
| Mariner Wealth Advisors LLC, Term Loan, 6.502%, (3 mo. USD Term SOFR + 2.50%), 12/31/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17187 | &nbsp;&nbsp;&nbsp;&nbsp; 17300772 |
| NEXUS Buyer LLC, Term Loan, 7/31/31<sup>(10)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6606 | &nbsp;&nbsp;&nbsp;&nbsp; 6571792 |
| Orion Advisor Solutions, Inc., Term Loan, 7.11%, (3 mo. USD Term SOFR + 3.25%), 9/24/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11167 | &nbsp;&nbsp;&nbsp;&nbsp; 11220624 |
| Orion U.S. Finco, Inc., Term Loan, 7.427%, (3 mo. USD Term SOFR + 3.50%), 10/8/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12275 | &nbsp;&nbsp;&nbsp;&nbsp; 12348896 |
| Victory Capital Holdings, Inc., Term Loan, 6.102%, (3 mo. USD Term SOFR + 2.00%), 9/23/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13425 | &nbsp;&nbsp;&nbsp;&nbsp; 13508906 |
|  |  |  | &nbsp;&nbsp;**$250292590** |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Chemicals — 2.4% | Chemicals — 2.4% | Chemicals — 2.4% | Chemicals — 2.4% |
| Axalta Coating Systems U.S. Holdings, Inc., Term Loan, 5.752%, (3 mo. USD Term SOFR + 1.75%), 12/20/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3274 | &nbsp;&nbsp;$3283937 |
| Charter NEX U.S., Inc., Term Loan, 6.798%, (1 mo. USD Term SOFR + 2.75%), 11/29/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19684 | &nbsp;&nbsp;&nbsp;&nbsp; 19777913 |
| Chemours Co., Term Loan, 10/15/32<sup>(10)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9717 | &nbsp;&nbsp;&nbsp;&nbsp; 9580572 |
| Discovery Purchaser Corp., Term Loan, 7.607%, (3 mo. USD Term SOFR + 3.75%), 10/4/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11729 | &nbsp;&nbsp;&nbsp;&nbsp; 11643154 |
| ECO Services Operations Corp., Term Loan, 5.84%, (3 mo. USD Term SOFR + 2.00%), 6/12/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5847 | &nbsp;&nbsp;&nbsp;&nbsp; 5840112 |
| INEOS Quattro Holdings U.K. Ltd., Term Loan, 7.815%, (1 mo. USD Term SOFR + 3.75%), 3/14/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4712 | &nbsp;&nbsp;&nbsp;&nbsp; 3821301 |
| INEOS U.S. Finance LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.965%, (1 mo. USD Term SOFR + 3.00%), 2/7/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16596 | &nbsp;&nbsp;&nbsp;&nbsp; 14119347 |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.215%, (1 mo. USD Term SOFR + 3.25%), 2/18/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14078 | &nbsp;&nbsp;&nbsp;&nbsp; 12126525 |
| Lonza Group AG: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 5.925%, (3 mo. EURIBOR + 3.93%), 7/3/28 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp; 2731523 |
| &nbsp;&nbsp;&nbsp;Term Loan, 8.027%, (3 mo. USD Term SOFR + 3.93%), 7/3/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11084 | &nbsp;&nbsp;&nbsp;&nbsp; 9882751 |
| Minerals Technologies, Inc., Term Loan, 5.968%, (1 mo. USD Term SOFR + 2.00%), 11/26/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6426 | &nbsp;&nbsp;&nbsp;&nbsp; 6442504 |
| Momentive Performance Materials, Inc., Term Loan, 3/29/28<sup>(10)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 251015 |
| Nobian Finance BV, Term Loan, 5.779%, (3 mo. EURIBOR + 3.75%), 7/2/29 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 559107 |
| Olympus Water U.S. Holding Corp., Term Loan, 7.002%, (3 mo. USD Term SOFR + 3.00%), 6/20/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4223 | &nbsp;&nbsp;&nbsp;&nbsp; 4190682 |
| SCUR-Alpha 1503 GmbH, Term Loan, 9.34%, (3 mo. USD Term SOFR + 5.50%), 3/29/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15393 | &nbsp;&nbsp;&nbsp;&nbsp; 13452280 |
| Tronox Finance LLC, Term Loan, 6.465% - 6.502%, (1 mo. USD Term SOFR + 2.50%, 3 mo. USD Term SOFR + 2.50%), 9/30/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12740 | &nbsp;&nbsp;&nbsp;&nbsp; 9174563 |
| W.R. Grace & Co.-Conn., Term Loan, 7.002%, (3 mo. USD Term SOFR + 3.00%), 8/19/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8075 | &nbsp;&nbsp;&nbsp;&nbsp; 8052309 |
|  |  |  | &nbsp;&nbsp;**$134929595** |
| Commercial Services & Supplies — 4.3% | Commercial Services & Supplies — 4.3% | Commercial Services & Supplies — 4.3% | Commercial Services & Supplies — 4.3% |
| Albion Financing 3 SARL, Term Loan, 7.215%, (3 mo. USD Term SOFR + 3.00%), 5/21/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28726 | &nbsp;&nbsp;$28941378 |
| Allied Universal Holdco LLC, Term Loan, 7.315%, (1 mo. USD Term SOFR + 3.25%), 8/20/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23500 | &nbsp;&nbsp;&nbsp;&nbsp; 23621848 |

---

*22*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_ec810ad2-6fcc-48bb-ba62-88544e3cbabd_TOC)

Senior Debt Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Commercial Services & Supplies (continued) | Commercial Services & Supplies (continued) | Commercial Services & Supplies (continued) | Commercial Services & Supplies (continued) |
| Armor Holding II LLC, Term Loan, 7.916%, (6 mo. USD Term SOFR + 3.75%), 12/11/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2612 | &nbsp;&nbsp;$2626174 |
| Belfor Holdings, Inc., Term Loan, 6.715%, (1 mo. USD Term SOFR + 2.75%), 11/1/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7319 | &nbsp;&nbsp;&nbsp;&nbsp; 7346354 |
| EnergySolutions LLC, Term Loan, 7.215%, (1 mo. USD Term SOFR + 3.25%), 9/20/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14215 | &nbsp;&nbsp;&nbsp;&nbsp; 14317707 |
| Foundever Group, Term Loan, 5.65%, (1 mo. EURIBOR + 3.75%), 8/28/28 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4575 | &nbsp;&nbsp;&nbsp;&nbsp; 2518036 |
| Foundever Worldwide Corp., Term Loan, 7.829%, (1 mo. USD Term SOFR + 3.75%), 8/28/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15591 | &nbsp;&nbsp;&nbsp;&nbsp; 7366565 |
| Garda World Security Corp., Term Loan, 7.048%, (1 mo. USD Term SOFR + 3.00%), 2/1/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24007 | &nbsp;&nbsp;&nbsp;&nbsp; 24051972 |
| Gategroup Fin Luxembourg SA, Term Loan, 6/10/32<sup>(10)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2985 | &nbsp;&nbsp;&nbsp;&nbsp; 3014387 |
| Geosyntec Consultants, Term Loan, 7/31/31<sup>(10)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1525 | &nbsp;&nbsp;&nbsp;&nbsp; 1528813 |
| GFL Environmental, Inc., Term Loan, 6.671%, (3 mo. USD Term SOFR + 2.50%), 3/3/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24125 | &nbsp;&nbsp;&nbsp;&nbsp; 24167219 |
| Harsco Corp., Term Loan, 6.329%, (1 mo. USD Term SOFR + 2.25%), 6/9/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;874 | &nbsp;&nbsp;&nbsp;&nbsp; 874472 |
| Heritage-Crystal Clean, Inc., Term Loan, 7.752%, (1 mo. USD Term SOFR + 3.75%), 10/17/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20462 | &nbsp;&nbsp;&nbsp;&nbsp; 20581705 |
| LSF12 Crown U.S. Commercial Bidco LLC, Term Loan, 7.663%, (1 mo. USD Term SOFR + 3.50%), 12/2/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29925 | &nbsp;&nbsp;&nbsp;&nbsp; 30140011 |
| Monitronics International, Inc., Term Loan, 11.763%, (3 mo. USD Term SOFR + 7.50%), 6/30/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9153 | &nbsp;&nbsp;&nbsp;&nbsp; 9161364 |
| MV Holding GmbH: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 4.145%, (1 mo. EURIBOR + 2.25%), 3/17/32 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2349171 |
| &nbsp;&nbsp;&nbsp;Term Loan, 5.968%, (1 mo. USD Term SOFR + 2.00%), 3/17/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7830 | &nbsp;&nbsp;&nbsp;&nbsp; 7869527 |
| Prime Security Services Borrower LLC, Term Loan, 6.129%, (6 mo. USD Term SOFR + 2.00%), 10/13/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9757 | &nbsp;&nbsp;&nbsp;&nbsp; 9752285 |
| Service Logic Acquisition, Inc., Term Loan, 6.84% - 6.965%, (1 mo. USD Term SOFR + 3.00%, 3 mo. USD Term SOFR+ 3.00%), 10/29/27 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1485 | &nbsp;&nbsp;&nbsp;&nbsp; 1494300 |
| Tidal Waste & Recycling Holdings LLC, Term Loan, 7.002%, (3 mo. USD Term SOFR + 3.00%), 10/24/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8084 | &nbsp;&nbsp;&nbsp;&nbsp; 8129850 |
| TMF Group Holding BV, Term Loan, 6.684% - 6.701%, (3 mo. USD Term SOFR + 2.75%), 5/3/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7628 | &nbsp;&nbsp;&nbsp;&nbsp; 7669542 |
|  |  |  | &nbsp;&nbsp;**$237522680** |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Communications Equipment — 0.2% | Communications Equipment — 0.2% | Communications Equipment — 0.2% | Communications Equipment — 0.2% |
| Viavi Solutions, Inc., Term Loan, 10/16/32<sup>(10)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8275 | &nbsp;&nbsp;$8297425 |
|  |  |  | &nbsp;&nbsp;**$8297425** |
| Construction Materials — 0.7% | Construction Materials — 0.7% | Construction Materials — 0.7% | Construction Materials — 0.7% |
| Knife River HoldCo, Term Loan, 6.123%, (3 mo. USD Term SOFR + 2.00%), 3/8/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3259 | &nbsp;&nbsp;$3274918 |
| Quikrete Holdings, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.215%, (1 mo. USD Term SOFR + 2.25%), 3/19/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13185 | &nbsp;&nbsp;&nbsp;&nbsp; 13215004 |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.215%, (1 mo. USD Term SOFR + 2.25%), 4/14/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | &nbsp;&nbsp;&nbsp;&nbsp; 46261 |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.215%, (1 mo. USD Term SOFR + 2.25%), 2/10/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21965 | &nbsp;&nbsp;&nbsp;&nbsp; 22016132 |
| Smyrna Ready Mix Concrete LLC, Term Loan, 6.977%, (1 mo. USD Term SOFR + 3.00%), 4/2/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1845 | &nbsp;&nbsp;&nbsp;&nbsp; 1849977 |
|  |  |  | &nbsp;&nbsp;**$40402292** |
| Consumer Finance — 0.6% | Consumer Finance — 0.6% | Consumer Finance — 0.6% | Consumer Finance — 0.6% |
| CPI Holdco B LLC, Term Loan, 5.965%, (1 mo. USD Term SOFR + 2.00%), 5/19/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30680 | &nbsp;&nbsp;$30699512 |
|  |  |  | &nbsp;&nbsp;**$30699512** |
| Consumer Staples Distribution & Retail — 0.7% | Consumer Staples Distribution & Retail — 0.7% | Consumer Staples Distribution & Retail — 0.7% | Consumer Staples Distribution & Retail — 0.7% |
| Boots Group Bidco Ltd.: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 5.522%, (3 mo. EURIBOR + 3.50%), 8/30/32 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8925 | &nbsp;&nbsp;$10385852 |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.705%, (3 mo. USD Term SOFR + 3.50%), 8/30/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21275 | &nbsp;&nbsp;&nbsp;&nbsp; 21394672 |
| &nbsp;&nbsp;&nbsp;Term Loan, 8.719%, (1 mo. GBP SONIA + 4.75%), 8/30/32 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1988068 |
| Cardenas Markets, Inc., Term Loan, 10.852%, (3 mo. USD Term SOFR + 6.75%), 8/1/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5264 | &nbsp;&nbsp;&nbsp;&nbsp; 4211457 |
|  |  |  | &nbsp;&nbsp;**$37980049** |
| Containers & Packaging — 2.2% | Containers & Packaging — 2.2% | Containers & Packaging — 2.2% | Containers & Packaging — 2.2% |
| Altium Packaging LLC, Term Loan, 6.465%, (1 mo. USD Term SOFR + 2.50%), 6/11/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8855 | &nbsp;&nbsp;$8528079 |
| Berlin Packaging LLC, Term Loan, 7.235% - 7.384%, (1 mo. USD Term SOFR + 3.25%, 3 mo. USD Term SOFR + 3.25%), 6/7/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18930 | &nbsp;&nbsp;&nbsp;&nbsp; 18932820 |
| Clydesdale Acquisition Holdings, Inc., Term Loan, 7.14%, (1 mo. USD Term SOFR + 3.18%), 4/13/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36957 | &nbsp;&nbsp;&nbsp;&nbsp; 36976965 |
| Owens-Illinois, Inc., Term Loan, 6.838%, (3 mo. USD Term SOFR + 3.00%), 9/30/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13825 | &nbsp;&nbsp;&nbsp;&nbsp; 13819193 |
| Pregis TopCo Corp., Term Loan, 7.965%, (1 mo. USD Term SOFR + 4.00%), 2/1/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15870 | &nbsp;&nbsp;&nbsp;&nbsp; 15992849 |

---

*23*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_ec810ad2-6fcc-48bb-ba62-88544e3cbabd_TOC)

Senior Debt Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Containers & Packaging (continued) | Containers & Packaging (continued) | Containers & Packaging (continued) | Containers & Packaging (continued) |
| Pretium PKG Holdings, Inc., Term Loan - Second Lien, 11.238%, (3 mo. USD Term SOFR + 6.75%), 10/1/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7100 | &nbsp;&nbsp;$669175 |
| Proampac PG Borrower LLC, Term Loan, 7.905% - 8.195%, (3 mo. USD Term SOFR + 4.00%), 9/15/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17237 | &nbsp;&nbsp;&nbsp;&nbsp; 17259387 |
| Trivium Packaging BV, Term Loan, 6.566%, (3 mo. EURIBOR + 4.50%), 5/28/30 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7175 | &nbsp;&nbsp;&nbsp;&nbsp; 8282339 |
|  |  |  | &nbsp;&nbsp;**$120460807** |
| Distributors — 0.7% | Distributors — 0.7% | Distributors — 0.7% | Distributors — 0.7% |
| Parts Europe SA, Term Loan, 5.004%, (3 mo. EURIBOR + 3.00%), 2/3/31 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19225 | &nbsp;&nbsp;$22351268 |
| Phillips Feed Service, Inc., Term Loan, 11.065%, (1 mo. USD Term SOFR + 7.00%), 11/13/26<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527 | &nbsp;&nbsp;&nbsp;&nbsp; 326298 |
| Rubix Group Midco 3 Ltd., Term Loan, 6.083%, (6 mo. EURIBOR + 4.00%), 9/30/28 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp; 9300180 |
| Winterfell Financing SARL: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 5.454%, (3 mo. EURIBOR + 3.43%), 5/4/28 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5950 | &nbsp;&nbsp;&nbsp;&nbsp; 6102315 |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.029%, (3 mo. EURIBOR + 5.00%), 5/4/28 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2634281 |
|  |  |  | &nbsp;&nbsp;**$40714342** |
| Diversified Consumer Services — 2.2% | Diversified Consumer Services — 2.2% | Diversified Consumer Services — 2.2% | Diversified Consumer Services — 2.2% |
| Ascend Learning LLC, Term Loan, 6.965%, (1 mo. USD Term SOFR + 3.00%), 12/11/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23533 | &nbsp;&nbsp;$23550577 |
| Belron Finance 2019 LLC, Term Loan, 6.492%, (3 mo. USD Term SOFR + 2.25%), 10/16/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4950 | &nbsp;&nbsp;&nbsp;&nbsp; 4980537 |
| Belron U.K. Finance PLC, Term Loan, 4.723%, (3 mo. EURIBOR + 2.75%), 10/16/31 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11250 | &nbsp;&nbsp;&nbsp;&nbsp; 13073969 |
| Fugue Finance BV, Term Loan, 6.949%, (3 mo. USD Term SOFR + 2.75%), 1/9/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20144 | &nbsp;&nbsp;&nbsp;&nbsp; 20221423 |
| KUEHG Corp., Term Loan, 6.752%, (3 mo. USD Term SOFR + 2.75%), 6/12/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30131 | &nbsp;&nbsp;&nbsp;&nbsp; 30077095 |
| Lernen Bidco Ltd., Term Loan, 7.863%, (3 mo. USD Term SOFR + 3.50%), 10/27/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6749 | &nbsp;&nbsp;&nbsp;&nbsp; 6763199 |
| Spring Education Group, Inc., Term Loan, 7.252%, (3 mo. USD Term SOFR + 3.25%), 10/4/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4642 | &nbsp;&nbsp;&nbsp;&nbsp; 4662623 |
| Wand NewCo 3, Inc., Term Loan, 6.465%, (1 mo. USD Term SOFR + 2.50%), 1/30/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18033 | &nbsp;&nbsp;&nbsp;&nbsp; 18013495 |
|  |  |  | &nbsp;&nbsp;**$121342918** |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Diversified Financial Services — 0.2% | Diversified Financial Services — 0.2% | Diversified Financial Services — 0.2% | Diversified Financial Services — 0.2% |
| Concorde Midco Ltd., Term Loan, 5.517%, (3 mo. EURIBOR + 3.50%), 3/1/30 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7480 | &nbsp;&nbsp;$8431453 |
|  |  |  | &nbsp;&nbsp;**$8431453** |
| Diversified Telecommunication Services — 0.9% | Diversified Telecommunication Services — 0.9% | Diversified Telecommunication Services — 0.9% | Diversified Telecommunication Services — 0.9% |
| Altice France SA, Term Loan, 9.36%, (3 mo. USD Term SOFR + 5.38%), 5/14/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4946 | &nbsp;&nbsp;$4896241 |
| Anuvu Holdings 2 LLC, Term Loan, 12.376%, (3 mo. USD Term SOFR + 8.25%), 3/23/26<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9584 | &nbsp;&nbsp;&nbsp;&nbsp; 176346 |
| Level 3 Financing, Inc., Term Loan, 7.215%, (1 mo. USD Term SOFR + 3.25%), 3/29/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16350 | &nbsp;&nbsp;&nbsp;&nbsp; 16350000 |
| Lumen Technologies, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.429%, (1 mo. USD Term SOFR + 2.35%), 4/16/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11878 | &nbsp;&nbsp;&nbsp;&nbsp; 11833034 |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.429%, (1 mo. USD Term SOFR + 2.35%), 4/15/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11878 | &nbsp;&nbsp;&nbsp;&nbsp; 11834103 |
| Virgin Media Bristol LLC, Term Loan, 7.052%, (6 mo. USD Term SOFR + 3.18%), 3/31/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4843 | &nbsp;&nbsp;&nbsp;&nbsp; 4749512 |
|  |  |  | &nbsp;&nbsp;**$49839236** |
| Electric Utilities — 0.9% | Electric Utilities — 0.9% | Electric Utilities — 0.9% | Electric Utilities — 0.9% |
| Kohler Energy Co. LLC, Term Loan, 7.752%, (3 mo. USD Term SOFR + 3.75%), 5/1/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18331 | &nbsp;&nbsp;$18413647 |
| MRP Buyer LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.252%, (3 mo. USD Term SOFR + 3.25%), 6/4/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26689 | &nbsp;&nbsp;&nbsp;&nbsp; 26283020 |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.252%, (3 mo. USD Term SOFR + 3.25%), 6/4/32<sup>(8)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3397 | &nbsp;&nbsp;&nbsp;&nbsp; 3345112 |
|  |  |  | &nbsp;&nbsp;**$48041779** |
| Electrical Equipment — 0.8% | Electrical Equipment — 0.8% | Electrical Equipment — 0.8% | Electrical Equipment — 0.8% |
| Dynamo Newco II GmbH, Term Loan, 7.363%, (1 mo. USD Term SOFR + 3.25%), 9/30/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8088 | &nbsp;&nbsp;$8133797 |
| Nvent Electric PLC, Term Loan, 7.155%, (1 mo. USD Term SOFR + 3.00%), 1/30/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14264 | &nbsp;&nbsp;&nbsp;&nbsp; 14337782 |
| WEC U.S. Holdings Ltd., Term Loan, 6.384%, (1 mo. USD Term SOFR + 2.25%), 1/27/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21092 | &nbsp;&nbsp;&nbsp;&nbsp; 21164244 |
|  |  |  | &nbsp;&nbsp;**$43635823** |
| Electronic Equipment, Instruments & Components — 1.2% | Electronic Equipment, Instruments & Components — 1.2% | Electronic Equipment, Instruments & Components — 1.2% | Electronic Equipment, Instruments & Components — 1.2% |
| Chamberlain Group, Inc., Term Loan, 6.965%, (1 mo. USD Term SOFR + 3.00%), 9/8/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20966 | &nbsp;&nbsp;$21057628 |
| Creation Technologies, Inc., Term Loan, 9.696%, (3 mo. USD Term SOFR + 5.50%), 10/5/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15198 | &nbsp;&nbsp;&nbsp;&nbsp; 15179468 |
| Ingram Micro, Inc., Term Loan, 6.248%, (3 mo. USD Term SOFR + 2.25%), 9/22/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2455 | &nbsp;&nbsp;&nbsp;&nbsp; 2466400 |

---

*24*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_ec810ad2-6fcc-48bb-ba62-88544e3cbabd_TOC)

Senior Debt Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Electronic Equipment, Instruments & Components (continued) | Electronic Equipment, Instruments & Components (continued) | Electronic Equipment, Instruments & Components (continued) | Electronic Equipment, Instruments & Components (continued) |
| Range Red Operating, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 12.401%, (3 mo. USD Term SOFR + 8.00%), 10/1/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4296 | &nbsp;&nbsp;$4315341 |
| &nbsp;&nbsp;&nbsp;Term Loan - Second Lien, 12.401%, (3 mo. USD Term SOFR + 8.00%), 10/1/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16279 | &nbsp;&nbsp;&nbsp;&nbsp; 16352002 |
| Sector Alarm Holding AS, Term Loan, 5.532%, (3 mo. EURIBOR + 3.50%), 6/14/29 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 581371 |
| Verifone Systems, Inc., Term Loan, 9.352%, (3 mo. USD Term SOFR + 5.25%), 8/18/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9315 | &nbsp;&nbsp;&nbsp;&nbsp; 8943240 |
|  |  |  | &nbsp;&nbsp;**$68895450** |
| Energy Equipment & Services — 0.4% | Energy Equipment & Services — 0.4% | Energy Equipment & Services — 0.4% | Energy Equipment & Services — 0.4% |
| Ameriforge Group, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 15.092%, (1 mo. USD Term SOFR + 11.00%), 4.092% cash, 11.00% PIK, 12/31/25<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2775 | &nbsp;&nbsp;$178406 |
| &nbsp;&nbsp;&nbsp;Term Loan, 15.092%, (1 mo. USD Term SOFR + 11.00%), 4.092% cash, 11.00% PIK, 12/31/25<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24026 | &nbsp;&nbsp;&nbsp;&nbsp; 1544896 |
| PG Investment Co. 59 SARL, Term Loan, 6.715%, (1 mo. USD Term SOFR + 2.75%), 3/26/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17880 | &nbsp;&nbsp;&nbsp;&nbsp; 17971709 |
|  |  |  | &nbsp;&nbsp;**$19695011** |
| Engineering & Construction — 1.9% | Engineering & Construction — 1.9% | Engineering & Construction — 1.9% | Engineering & Construction — 1.9% |
| American Residential Services LLC, Term Loan, 6.752%, (3 mo. USD Term SOFR + 2.75%), 2/2/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11032 | &nbsp;&nbsp;$11004438 |
| APi Group DE, Inc., Term Loan, 5.715%, (1 mo. USD Term SOFR + 1.75%), 1/3/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9333 | &nbsp;&nbsp;&nbsp;&nbsp; 9354048 |
| Artera Services LLC, Term Loan, 8.502%, (3 mo. USD Term SOFR + 4.50%), 2/15/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10490 | &nbsp;&nbsp;&nbsp;&nbsp; 8978816 |
| Azuria Water Solutions, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.965%, (1 mo. USD Term SOFR + 3.00%), 5/17/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27569 | &nbsp;&nbsp;&nbsp;&nbsp; 27755474 |
| &nbsp;&nbsp;&nbsp;Term Loan, 5/17/28<sup>(8)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825 | &nbsp;&nbsp;&nbsp;&nbsp; 830242 |
| Construction Partners, Inc., Term Loan, 6.465%, (1 mo. USD Term SOFR + 2.50%), 11/3/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6476 | &nbsp;&nbsp;&nbsp;&nbsp; 6496300 |
| Crown Subsea Communications Holding, Inc., Term Loan, 7.465%, (1 mo. USD Term SOFR + 3.50%), 1/30/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6484 | &nbsp;&nbsp;&nbsp;&nbsp; 6532254 |
| Green Infrastructure Partners, Inc., Term Loan, 6.753%, (3 mo. USD Term SOFR + 2.75%), 9/24/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12225 | &nbsp;&nbsp;&nbsp;&nbsp; 12259413 |
| Northstar Group Services, Inc., Term Loan, 8.59%, (3 mo. USD Term SOFR + 4.75%), 5/31/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21223 | &nbsp;&nbsp;&nbsp;&nbsp; 21435072 |
|  |  |  | &nbsp;&nbsp;**$104646057** |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Entertainment — 2.7% | Entertainment — 2.7% | Entertainment — 2.7% | Entertainment — 2.7% |
| Creative Artists Agency LLC, Term Loan, 6.465%, (1 mo. USD Term SOFR + 2.50%), 10/1/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15625 | &nbsp;&nbsp;$15665150 |
| Dorna Sports SL, Term Loan, 4.821%, (3 mo. EURIBOR + 2.75%), 8/18/32 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2725 | &nbsp;&nbsp;&nbsp;&nbsp; 3160948 |
| EOC Borrower LLC, Term Loan, 6.965%, (1 mo. USD Term SOFR + 3.00%), 3/24/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47207 | &nbsp;&nbsp;&nbsp;&nbsp; 47511643 |
| Playtika Holding Corp., Term Loan, 6.829%, (1 mo. USD Term SOFR + 2.75%), 3/13/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22784 | &nbsp;&nbsp;&nbsp;&nbsp; 22323782 |
| Pretzel Parent, Inc., Term Loan, 8.465%, (1 mo. USD Term SOFR + 4.50%), 10/1/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12612 | &nbsp;&nbsp;&nbsp;&nbsp; 12591131 |
| TKO Worldwide Holdings LLC, Term Loan, 6.038%, (3 mo. USD Term SOFR + 2.00%), 11/21/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32610 | &nbsp;&nbsp;&nbsp;&nbsp; 32719383 |
| Varsity Brands, Inc., Term Loan, 7.026%, (3 mo. USD Term SOFR + 3.00%), 8/26/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16553 | &nbsp;&nbsp;&nbsp;&nbsp; 16611375 |
|  |  |  | &nbsp;&nbsp;**$150583412** |
| Financial Services — 1.1% | Financial Services — 1.1% | Financial Services — 1.1% | Financial Services — 1.1% |
| NCR Atleos LLC, Term Loan, 7.026%, (3 mo. USD Term SOFR + 3.00%), 4/16/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10866 | &nbsp;&nbsp;$10888454 |
| Nuvei Technologies Corp., Term Loan, 11/17/31<sup>(10)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1503248 |
| Planet U.S. Buyer LLC, Term Loan, 7.198%, (3 mo. USD Term SOFR + 3.00%), 2/7/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15553 | &nbsp;&nbsp;&nbsp;&nbsp; 15653987 |
| Synechron, Inc., Term Loan, 7.715%, (1 mo. USD Term SOFR + 3.75%), 10/3/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13050 | &nbsp;&nbsp;&nbsp;&nbsp; 12756620 |
| Walker & Dunlop, Inc., Term Loan, 6.031%, (1 mo. USD Term SOFR + 2.00%), 3/14/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9378 | &nbsp;&nbsp;&nbsp;&nbsp; 9389597 |
| WEX, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 5.715%, (1 mo. USD Term SOFR + 1.75%), 3/31/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5316 | &nbsp;&nbsp;&nbsp;&nbsp; 5308316 |
| &nbsp;&nbsp;&nbsp;Term Loan, 5.715%, (1 mo. USD Term SOFR + 1.75%), 3/5/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3918 | &nbsp;&nbsp;&nbsp;&nbsp; 3912061 |
|  |  |  | &nbsp;&nbsp;**$59412283** |
| Food Products — 1.5% | Food Products — 1.5% | Food Products — 1.5% | Food Products — 1.5% |
| Artisan Newco BV, Term Loan, 5.50%, (3 mo. EURIBOR + 3.50%), 4/5/32 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495 | &nbsp;&nbsp;$575836 |
| CHG PPC Parent LLC, Term Loan, 7.079%, (1 mo. USD Term SOFR + 3.00%), 12/8/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6102 | &nbsp;&nbsp;&nbsp;&nbsp; 6139694 |
| Del Monte Foods, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;DIP Loan, 13.648%, (1 mo. USD Term SOFR + 9.50%), 4/2/26 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4443 | &nbsp;&nbsp;&nbsp;&nbsp; 4292693 |
| &nbsp;&nbsp;&nbsp;Term Loan, 0.00%, 8/2/28<sup>(9)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1360 | &nbsp;&nbsp;&nbsp;&nbsp; 681393 |
| &nbsp;&nbsp;&nbsp;Term Loan, 0.00%, 8/2/28<sup>(9)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;941 | &nbsp;&nbsp;&nbsp;&nbsp; 471483 |
| &nbsp;&nbsp;&nbsp;Term Loan, 13.632% - 13.648%, (1 mo. USD Term SOFR + 9.50%, 1 mo. USD Term SOFR + 9.60%), 4/2/26 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5746 | &nbsp;&nbsp;&nbsp;&nbsp; 4725893 |

---

*25*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_ec810ad2-6fcc-48bb-ba62-88544e3cbabd_TOC)

Senior Debt Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Food Products (continued) | Food Products (continued) | Food Products (continued) | Food Products (continued) |
| Del Monte Foods, Inc.: (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan - Second Lien, 0.00%, 8/2/28<sup>(9)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6459 | &nbsp;&nbsp;$282598 |
| Froneri Lux Finco SARL: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.197%, (6 mo. USD Term SOFR + 2.00%), 9/30/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8573 | &nbsp;&nbsp;&nbsp;&nbsp; 8523442 |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.435%, (3 mo. USD Term SOFR + 2.50%), 8/2/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10600 | &nbsp;&nbsp;&nbsp;&nbsp; 10607208 |
| Golden State Food LLC, Term Loan, 8.163%, (1 mo. USD Term SOFR + 4.00%), 12/4/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3342 | &nbsp;&nbsp;&nbsp;&nbsp; 3358387 |
| Monogram Food Solutions LLC, Term Loan, 8.079%, (1 mo. USD Term SOFR + 4.00%), 8/28/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1734 | &nbsp;&nbsp;&nbsp;&nbsp; 1740062 |
| Newly Weds Foods, Inc., Term Loan, 6.281%, (1 mo. USD Term SOFR + 2.25%), 3/15/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12918 | &nbsp;&nbsp;&nbsp;&nbsp; 12917625 |
| Nomad Foods U.S. LLC, Term Loan, 6.579%, (1 mo. USD Term SOFR + 2.50%), 11/12/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20890 | &nbsp;&nbsp;&nbsp;&nbsp; 20916464 |
| Valeo F1 Co. Ltd. (Ireland), Term Loan, 8.968%, (6 mo. GBP SONIA + 5.00%), 9/29/28 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500 | &nbsp;&nbsp;&nbsp;&nbsp; 7207285 |
|  |  |  | &nbsp;&nbsp;**$82440063** |
| Gas Utilities — 0.3% | Gas Utilities — 0.3% | Gas Utilities — 0.3% | Gas Utilities — 0.3% |
| CQP Holdco LP, Term Loan, 6.002%, (3 mo. USD Term SOFR + 2.00%), 12/31/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2069 | &nbsp;&nbsp;$2075121 |
| Stonepeak Bayou Holdings LP, Term Loan, 6.735%, (3 mo. USD Term SOFR + 2.75%), 10/1/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16454 | &nbsp;&nbsp;&nbsp;&nbsp; 14890790 |
|  |  |  | &nbsp;&nbsp;**$16965911** |
| Ground Transportation — 0.2% | Ground Transportation — 0.2% | Ground Transportation — 0.2% | Ground Transportation — 0.2% |
| Student Transportation of America Holdings, Inc., Term Loan, 7.253%, (3 mo. USD Term SOFR + 3.25%), 6/24/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11199 | &nbsp;&nbsp;$11300326 |
|  |  |  | &nbsp;&nbsp;**$11300326** |
| Health Care Equipment & Supplies — 1.1% | Health Care Equipment & Supplies — 1.1% | Health Care Equipment & Supplies — 1.1% | Health Care Equipment & Supplies — 1.1% |
| Bausch & Lomb Corp., Term Loan, 8.215%, (1 mo. USD Term SOFR + 4.25%), 1/15/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24808 | &nbsp;&nbsp;$24993575 |
| Journey Personal Care Corp., Term Loan, 7.715%, (1 mo. USD Term SOFR + 3.75%), 3/1/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13974 | &nbsp;&nbsp;&nbsp;&nbsp; 13694774 |
| Medline Borrower LP, Term Loan, 5.965%, (1 mo. USD Term SOFR + 2.00%), 10/23/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24060 | &nbsp;&nbsp;&nbsp;&nbsp; 24096405 |
|  |  |  | &nbsp;&nbsp;**$62784754** |
| Health Care Providers & Services — 6.8% | Health Care Providers & Services — 6.8% | Health Care Providers & Services — 6.8% | Health Care Providers & Services — 6.8% |
| AEA International Holdings (Lux) SARL, Term Loan, 6.752%, (3 mo. USD Term SOFR + 2.75%), 9/7/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14564 | &nbsp;&nbsp;$14563730 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Health Care Providers & Services (continued) | Health Care Providers & Services (continued) | Health Care Providers & Services (continued) | Health Care Providers & Services (continued) |
| Cano Health LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 12.002%, (3 mo. USD Term SOFR + 8.00%), 6/28/29<sup>(8)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3440 | &nbsp;&nbsp;$2920028 |
| &nbsp;&nbsp;&nbsp;Term Loan, 13.502%, (3 mo. USD Term SOFR + 9.50%), 6/28/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1741 | &nbsp;&nbsp;&nbsp;&nbsp; 1465014 |
| CCRR Parent, Inc., Term Loan, 8.71%, (3 mo. USD Term SOFR + 4.25%), 3/6/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5128 | &nbsp;&nbsp;&nbsp;&nbsp; 1704980 |
| Ceva Sante Animale: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 5.00%, (3 mo. EURIBOR + 3.00%), 11/8/30 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4775 | &nbsp;&nbsp;&nbsp;&nbsp; 5527984 |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.976%, (3 mo. USD Term SOFR + 2.75%), 11/8/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8173 | &nbsp;&nbsp;&nbsp;&nbsp; 8215059 |
| Concentra Health Services, Inc., Term Loan, 5.965%, (1 mo. USD Term SOFR + 2.00%), 7/26/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4739 | &nbsp;&nbsp;&nbsp;&nbsp; 4758512 |
| Electron BidCo, Inc., Term Loan, 6.715%, (1 mo. USD Term SOFR + 2.75%), 11/1/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10878 | &nbsp;&nbsp;&nbsp;&nbsp; 10935218 |
| Ensemble RCM LLC, Term Loan, 6.84%, (3 mo. USD Term SOFR + 3.00%), 8/1/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30641 | &nbsp;&nbsp;&nbsp;&nbsp; 30797834 |
| Global Medical Response, Inc., Term Loan, 7.384%, (3 mo. USD Term SOFR + 3.50%), 10/1/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13700 | &nbsp;&nbsp;&nbsp;&nbsp; 13773843 |
| Hanger, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.465%, (1 mo. USD Term SOFR + 3.50%), 10/23/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15755 | &nbsp;&nbsp;&nbsp;&nbsp; 15816512 |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.465%, (1 mo. USD Term SOFR + 3.50%), 10/23/31<sup>(8)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2036 | &nbsp;&nbsp;&nbsp;&nbsp; 2043958 |
| Heartland Dental LLC, Term Loan, 7.715%, (1 mo. USD Term SOFR + 3.75%), 8/25/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19401 | &nbsp;&nbsp;&nbsp;&nbsp; 19468019 |
| IVC Acquisition Ltd.: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.029%, (3 mo. EURIBOR + 4.00%), 12/12/28 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20825 | &nbsp;&nbsp;&nbsp;&nbsp; 24015459 |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.752%, (3 mo. USD Term SOFR + 3.75%), 12/12/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13510 | &nbsp;&nbsp;&nbsp;&nbsp; 13584195 |
| MDVIP, Inc., Term Loan, 6.752%, (1 mo. USD Term SOFR + 2.75%), 10/14/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10508 | &nbsp;&nbsp;&nbsp;&nbsp; 10553784 |
| MED ParentCo LP, Term Loan, 7.215%, (1 mo. USD Term SOFR + 3.25%), 4/15/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29848 | &nbsp;&nbsp;&nbsp;&nbsp; 30038492 |
| Medical Solutions Holdings, Inc., Term Loan - Second Lien, 10.94%, (3 mo. USD Term SOFR + 7.00%), 11/1/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9500 | &nbsp;&nbsp;&nbsp;&nbsp; 2137500 |
| Mehilainen Yhtiot OYJ, Term Loan, 5.50%, (3 mo. EURIBOR + 3.50%), 8/5/31 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11575 | &nbsp;&nbsp;&nbsp;&nbsp; 13473009 |
| Midwest Physician Administrative Services LLC, Term Loan, 7.263%, (3 mo. USD Term SOFR + 3.00%), 3/12/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12809 | &nbsp;&nbsp;&nbsp;&nbsp; 11717587 |
| National Mentor Holdings, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.815% - 7.852%, (1 mo. USD Term SOFR + 3.75%, 3 mo. USD Term SOFR+ 3.75%), 3/2/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20013 | &nbsp;&nbsp;&nbsp;&nbsp; 19490221 |

---

*26*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_ec810ad2-6fcc-48bb-ba62-88544e3cbabd_TOC)

Senior Debt Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Health Care Providers & Services (continued) | Health Care Providers & Services (continued) | Health Care Providers & Services (continued) | Health Care Providers & Services (continued) |
| National Mentor Holdings, Inc.: (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.852%, (3 mo. USD Term SOFR + 3.75%), 3/2/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572 | &nbsp;&nbsp;$557089 |
| &nbsp;&nbsp;&nbsp;Term Loan - Second Lien, 11.352%, (3 mo. USD Term SOFR + 7.25%), 3/2/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6475 | &nbsp;&nbsp;&nbsp;&nbsp; 6118875 |
| Pacific Dental Services LLC, Term Loan, 6.537%, (1 mo. USD Term SOFR + 2.50%), 3/15/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15375 | &nbsp;&nbsp;&nbsp;&nbsp; 15423384 |
| Phoenix Guarantor, Inc., Term Loan, 6.465%, (1 mo. USD Term SOFR + 2.50%), 2/21/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24004 | &nbsp;&nbsp;&nbsp;&nbsp; 24104415 |
| Radnet Management, Inc., Term Loan, 6.448%, (3 mo. USD Term SOFR + 2.25%), 4/18/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13188 | &nbsp;&nbsp;&nbsp;&nbsp; 13223950 |
| Raven Acquisition Holdings LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.965%, (1 mo. USD Term SOFR + 3.00%), 11/19/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22972 | &nbsp;&nbsp;&nbsp;&nbsp; 23005177 |
| &nbsp;&nbsp;&nbsp;Term Loan, 11/19/31<sup>(8)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1648 | &nbsp;&nbsp;&nbsp;&nbsp; 1650585 |
| Reverb Buyer, Inc., Term Loan, 7.44%, (3 mo. USD Term SOFR + 3.50%), 11/1/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14867 | &nbsp;&nbsp;&nbsp;&nbsp; 11150552 |
| Select Medical Corp., Term Loan, 5.965%, (1 mo. USD Term SOFR + 2.00%), 12/3/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11778 | &nbsp;&nbsp;&nbsp;&nbsp; 11822163 |
| Synlab Bondco PLC, Term Loan, 4.551%, (6 mo. EURIBOR + 2.50%), 7/1/27 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2600 | &nbsp;&nbsp;&nbsp;&nbsp; 2990582 |
| U.S. Anesthesia Partners, Inc., Term Loan, 8.249%, (1 mo. USD Term SOFR + 4.00%), 10/1/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8308 | &nbsp;&nbsp;&nbsp;&nbsp; 8326392 |
|  |  |  | &nbsp;&nbsp;**$375374102** |
| Health Care Technology — 2.6% | Health Care Technology — 2.6% | Health Care Technology — 2.6% | Health Care Technology — 2.6% |
| athenahealth Group, Inc., Term Loan, 6.715%, (1 mo. USD Term SOFR + 2.75%), 2/15/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46491 | &nbsp;&nbsp;$46353296 |
| Cotiviti Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.884%, (1 mo. USD Term SOFR + 2.75%), 5/1/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18529 | &nbsp;&nbsp;&nbsp;&nbsp; 17895762 |
| &nbsp;&nbsp;&nbsp;Term Loan - Second Lien, 6.884%, (1 mo. USD Term SOFR + 2.75%), 3/26/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4661 | &nbsp;&nbsp;&nbsp;&nbsp; 4496301 |
| Imprivata, Inc., Term Loan, 7.002%, (3 mo. USD Term SOFR + 3.00%), 12/1/27 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22862 | &nbsp;&nbsp;&nbsp;&nbsp; 23009424 |
| PointClickCare Technologies, Inc., Term Loan, 6.752%, (3 mo. USD Term SOFR + 2.75%), 11/3/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21134 | &nbsp;&nbsp;&nbsp;&nbsp; 21212968 |
| Project Ruby Ultimate Parent Corp., Term Loan, 6.829%, (1 mo. USD Term SOFR + 2.75%), 3/10/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17489 | &nbsp;&nbsp;&nbsp;&nbsp; 17554629 |
| Symplr Software, Inc., Term Loan, 8.44%, (3 mo. USD Term SOFR + 4.50%), 12/22/27 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2594 | &nbsp;&nbsp;&nbsp;&nbsp; 2292498 |
| Waystar Technologies, Inc., Term Loan, 5.965%, (1 mo. USD Term SOFR + 2.00%), 10/22/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12072 | &nbsp;&nbsp;&nbsp;&nbsp; 12089311 |
|  |  |  | &nbsp;&nbsp;**$144904189** |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Hotels, Restaurants & Leisure — 6.5% | Hotels, Restaurants & Leisure — 6.5% | Hotels, Restaurants & Leisure — 6.5% | Hotels, Restaurants & Leisure — 6.5% |
| 1011778 BC Unlimited Liability Co., Term Loan, 5.715%, (1 mo. USD Term SOFR + 1.75%), 9/20/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41871 | &nbsp;&nbsp;$41807275 |
| Betclic Everest Group, Term Loan, 6.093%, (3 mo. EURIBOR + 3.25%), 12/10/31 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5725 | &nbsp;&nbsp;&nbsp;&nbsp; 6644025 |
| Caesars Entertainment, Inc., Term Loan, 6.215%, (1 mo. USD Term SOFR + 2.25%), 2/6/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29772 | &nbsp;&nbsp;&nbsp;&nbsp; 29566945 |
| Fertitta Entertainment LLC, Term Loan, 7.215%, (1 mo. USD Term SOFR + 3.25%), 1/27/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44403 | &nbsp;&nbsp;&nbsp;&nbsp; 44414380 |
| Flutter Financing BV, Term Loan, 5.752%, (3 mo. USD Term SOFR + 1.75%), 11/30/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38114 | &nbsp;&nbsp;&nbsp;&nbsp; 38009656 |
| GVC Holdings (Gibraltar) Ltd.: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 5.287%, (6 mo. EURIBOR + 3.25%), 6/30/28 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8900 | &nbsp;&nbsp;&nbsp;&nbsp; 10327985 |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.37%, (3 mo. USD Term SOFR + 2.25%), 7/31/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3073 | &nbsp;&nbsp;&nbsp;&nbsp; 3065318 |
| Herschend Entertainment Co. LLC, Term Loan, 7.215%, (1 mo. USD Term SOFR + 3.25%), 5/27/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7207 | &nbsp;&nbsp;&nbsp;&nbsp; 7251332 |
| Horizon U.S. Finco LP, Term Loan, 8.198%, (6 mo. USD Term SOFR + 4.50%), 10/31/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19064 | &nbsp;&nbsp;&nbsp;&nbsp; 18111270 |
| IRB Holding Corp., Term Loan, 6.465%, (1 mo. USD Term SOFR + 2.50%), 12/15/27 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32819 | &nbsp;&nbsp;&nbsp;&nbsp; 32902174 |
| Light & Wonder International, Inc., Term Loan, 6.287%, (1 mo. USD Term SOFR + 2.25%), 4/14/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9767 | &nbsp;&nbsp;&nbsp;&nbsp; 9809764 |
| New Bidco AB, Term Loan, 5.782%, (3 mo. EURIBOR + 3.75%), 11/2/31 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14622 | &nbsp;&nbsp;&nbsp;&nbsp; 16920332 |
| Ontario Gaming GTA LP, Term Loan, 8.24%, (3 mo. USD Term SOFR + 4.25%), 8/1/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21984 | &nbsp;&nbsp;&nbsp;&nbsp; 20674232 |
| Scientific Games Holdings LP, Term Loan, 6.934%, (3 mo. USD Term SOFR + 3.00%), 4/4/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9540 | &nbsp;&nbsp;&nbsp;&nbsp; 9439522 |
| SeaWorld Parks & Entertainment, Inc., Term Loan, 5.965%, (1 mo. USD Term SOFR + 2.00%), 12/4/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19088 | &nbsp;&nbsp;&nbsp;&nbsp; 19070378 |
| Station Casinos LLC, Term Loan, 5.965%, (1 mo. USD Term SOFR + 2.00%), 3/14/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5787 | &nbsp;&nbsp;&nbsp;&nbsp; 5798217 |
| Turquoise Topco Ltd., Term Loan, 7/31/32<sup>(10)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15800 | &nbsp;&nbsp;&nbsp;&nbsp; 15628807 |
| Voyager Parent LLC, Term Loan, 8.752%, (3 mo. USD Term SOFR + 4.75%), 7/1/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29075 | &nbsp;&nbsp;&nbsp;&nbsp; 29113234 |
|  |  |  | &nbsp;&nbsp;**$358554846** |
| Household Durables — 1.3% | Household Durables — 1.3% | Household Durables — 1.3% | Household Durables — 1.3% |
| Libbey Glass, Inc., Term Loan, 10.509%, (3 mo. USD Term SOFR + 6.50%), 11/22/27 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19056 | &nbsp;&nbsp;$18427602 |

---

*27*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_ec810ad2-6fcc-48bb-ba62-88544e3cbabd_TOC)

Senior Debt Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Household Durables (continued) | Household Durables (continued) | Household Durables (continued) | Household Durables (continued) |
| Madison Safety & Flow LLC, Term Loan, 6.468%, (1 mo. USD Term SOFR + 2.50%), 9/26/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1774 | &nbsp;&nbsp;$1783926 |
| PHRG Intermediate LLC, Term Loan, 8.002%, (3 mo. USD Term SOFR + 4.00%), 2/20/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12294 | &nbsp;&nbsp;&nbsp;&nbsp; 12025314 |
| Serta Simmons Bedding LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 11.484%, (3 mo. USD Term SOFR + 7.50%), 6/29/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2222 | &nbsp;&nbsp;&nbsp;&nbsp; 2225271 |
| &nbsp;&nbsp;&nbsp;Term Loan, 11.616%, (3 mo. USD Term SOFR + 7.50%), 6/29/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20472 | &nbsp;&nbsp;&nbsp;&nbsp; 19294695 |
| Somnigroup International, Inc., Term Loan, 6.215%, (1 mo. USD Term SOFR + 2.25%), 10/24/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16178 | &nbsp;&nbsp;&nbsp;&nbsp; 16289392 |
|  |  |  | &nbsp;&nbsp;**$70046200** |
| Household Products — 0.3% | Household Products — 0.3% | Household Products — 0.3% | Household Products — 0.3% |
| Kronos Acquisition Holdings, Inc., Term Loan, 8.002%, (3 mo. USD Term SOFR + 4.00%), 7/8/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21461 | &nbsp;&nbsp;$15700865 |
|  |  |  | &nbsp;&nbsp;**$15700865** |
| Independent Power and Renewable Electricity Producers — 1.3% | Independent Power and Renewable Electricity Producers — 1.3% | Independent Power and Renewable Electricity Producers — 1.3% | Independent Power and Renewable Electricity Producers — 1.3% |
| Calpine Construction Finance Co. LP, Term Loan, 5.965%, (1 mo. USD Term SOFR + 2.00%), 7/31/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10466 | &nbsp;&nbsp;$10487563 |
| Calpine Corp., Term Loan, 5.715%, (1 mo. USD Term SOFR + 1.75%), 1/31/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21153 | &nbsp;&nbsp;&nbsp;&nbsp; 21158584 |
| Cogentrix Finance Holdco I LLC, Term Loan, 6.215%, (1 mo. USD Term SOFR + 2.25%), 2/26/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17646 | &nbsp;&nbsp;&nbsp;&nbsp; 17763664 |
| Invenergy Thermal Operating I LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.734%, (3 mo. USD Term SOFR + 3.50%), 5/17/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16558 | &nbsp;&nbsp;&nbsp;&nbsp; 16701702 |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.734%, (3 mo. USD Term SOFR + 3.50%), 5/17/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1184 | &nbsp;&nbsp;&nbsp;&nbsp; 1194620 |
| Talen Energy Supply LLC, Term Loan, 6.733%, (3 mo. USD Term SOFR + 2.50%), 12/15/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2978 | &nbsp;&nbsp;&nbsp;&nbsp; 2985882 |
|  |  |  | &nbsp;&nbsp;**$70292015** |
| Industrial Conglomerates — 0.5% | Industrial Conglomerates — 0.5% | Industrial Conglomerates — 0.5% | Industrial Conglomerates — 0.5% |
| Ammeraal Beltech Holding BV, Term Loan, 7.00%, (3 mo. EURIBOR + 5.00%), 12/30/28 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9528 | &nbsp;&nbsp;$9973932 |
| Rain Carbon GmbH, Term Loan, 7.029%, (3 mo. EURIBOR + 5.00%), 10/31/28 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13948 | &nbsp;&nbsp;&nbsp;&nbsp; 16012196 |
|  |  |  | &nbsp;&nbsp;**$25986128** |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Insurance — 5.9% | Insurance — 5.9% | Insurance — 5.9% | Insurance — 5.9% |
| Acrisure LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.965%, (1 mo. USD Term SOFR + 3.00%), 11/6/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20459 | &nbsp;&nbsp;$20471835 |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.215%, (1 mo. USD Term SOFR + 3.25%), 6/21/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2594 | &nbsp;&nbsp;&nbsp;&nbsp; 2599724 |
| Alera Group, Inc., Term Loan, 7.215%, (1 mo. USD Term SOFR + 3.25%), 5/31/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26825 | &nbsp;&nbsp;&nbsp;&nbsp; 26991449 |
| Alliant Holdings Intermediate LLC, Term Loan, 6.465%, (1 mo. USD Term SOFR + 2.50%), 9/19/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36239 | &nbsp;&nbsp;&nbsp;&nbsp; 36244805 |
| AmWINS Group, Inc., Term Loan, 6.252%, (3 mo. USD Term SOFR + 2.25%), 1/30/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43153 | &nbsp;&nbsp;&nbsp;&nbsp; 43257844 |
| Broadstreet Partners, Inc., Term Loan, 6.715%, (1 mo. USD Term SOFR + 2.75%), 6/13/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34112 | &nbsp;&nbsp;&nbsp;&nbsp; 34229954 |
| HUB International Ltd., Term Loan, 6.12%, (3 mo. USD Term SOFR + 2.25%), 6/20/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40299 | &nbsp;&nbsp;&nbsp;&nbsp; 40476838 |
| IMA Financial Group, Inc., Term Loan, 6.965%, (1 mo. USD Term SOFR + 3.00%), 11/1/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18929 | &nbsp;&nbsp;&nbsp;&nbsp; 19006628 |
| Ryan Specialty Group LLC, Term Loan, 5.965%, (1 mo. USD Term SOFR + 2.00%), 9/15/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15607 | &nbsp;&nbsp;&nbsp;&nbsp; 15650996 |
| Siaci Saint Honore, Term Loan, 5.50%, (3 mo. EURIBOR + 3.50%), 7/26/32 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13425 | &nbsp;&nbsp;&nbsp;&nbsp; 15535141 |
| Trucordia Insurance Holdings LLC, Term Loan, 7.215%, (1 mo. USD Term SOFR + 3.25%), 6/17/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18117 | &nbsp;&nbsp;&nbsp;&nbsp; 18207093 |
| Truist Insurance Holdings LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.752%, (3 mo. USD Term SOFR + 2.75%), 5/6/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20868 | &nbsp;&nbsp;&nbsp;&nbsp; 20881583 |
| &nbsp;&nbsp;&nbsp;Term Loan - Second Lien, 8.752%, (3 mo. USD Term SOFR + 4.75%), 5/6/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2368 | &nbsp;&nbsp;&nbsp;&nbsp; 2408388 |
| USI, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.252%, (3 mo. USD Term SOFR + 2.25%), 11/21/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10835 | &nbsp;&nbsp;&nbsp;&nbsp; 10861147 |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.252%, (3 mo. USD Term SOFR + 2.25%), 9/29/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16780 | &nbsp;&nbsp;&nbsp;&nbsp; 16809427 |
|  |  |  | &nbsp;&nbsp;**$323632852** |
| Interactive Media & Services — 0.9% | Interactive Media & Services — 0.9% | Interactive Media & Services — 0.9% | Interactive Media & Services — 0.9% |
| Aragorn Parent Corp., Term Loan, 7.465%, (1 mo. USD Term SOFR + 3.50%), 12/15/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11180 | &nbsp;&nbsp;$11262125 |
| Foundational Education Group, Inc., Term Loan, 8.352%, (3 mo. USD Term SOFR + 4.25%), 8/31/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3486 | &nbsp;&nbsp;&nbsp;&nbsp; 3203521 |
| X Corp., Term Loan, 10.34%, (3 mo. USD Term SOFR + 6.50%), 10/26/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36850 | &nbsp;&nbsp;&nbsp;&nbsp; 35975104 |
|  |  |  | &nbsp;&nbsp;**$50440750** |

---

*28*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_ec810ad2-6fcc-48bb-ba62-88544e3cbabd_TOC)

Senior Debt Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| IT Services — 4.9% | IT Services — 4.9% | IT Services — 4.9% | IT Services — 4.9% |
| Asurion LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 8.065%, (1 mo. USD Term SOFR + 4.00%), 8/19/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21109 | &nbsp;&nbsp;$21161451 |
| &nbsp;&nbsp;&nbsp;Term Loan, 8.327%, (1 mo. USD Term SOFR + 4.25%), 8/19/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7190 | &nbsp;&nbsp;&nbsp;&nbsp; 7222763 |
| &nbsp;&nbsp;&nbsp;Term Loan - Second Lien, 9.329%, (1 mo. USD Term SOFR + 5.25%), 1/31/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14032 | &nbsp;&nbsp;&nbsp;&nbsp; 13784265 |
| &nbsp;&nbsp;&nbsp;Term Loan - Second Lien, 9.329%, (1 mo. USD Term SOFR + 5.25%), 1/20/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4375 | &nbsp;&nbsp;&nbsp;&nbsp; 4183288 |
| Aurora Lux Finco SARL, Term Loan, 9.155%, (3 mo. USD Term SOFR + 5.25%), 10/1/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10350 | &nbsp;&nbsp;&nbsp;&nbsp; 10143000 |
| Endure Digital, Inc., Term Loan, 7.716%, (1 mo. USD Term SOFR + 3.50%), 2/10/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33054 | &nbsp;&nbsp;&nbsp;&nbsp; 25782146 |
| Gainwell Acquisition Corp., Term Loan, 8.102%, (3 mo. USD Term SOFR + 4.00%), 10/1/27 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16615 | &nbsp;&nbsp;&nbsp;&nbsp; 16489964 |
| Go Daddy Operating Co. LLC, Term Loan, 5.715%, (1 mo. USD Term SOFR + 1.75%), 11/9/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36212 | &nbsp;&nbsp;&nbsp;&nbsp; 36197601 |
| Indy U.S. Bidco LLC, Term Loan, 4.893%, (1 mo. EURIBOR + 3.00%), 10/31/30 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3800 | &nbsp;&nbsp;&nbsp;&nbsp; 4397634 |
| Informatica LLC, Term Loan, 6.215%, (1 mo. USD Term SOFR + 2.25%), 10/27/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33630 | &nbsp;&nbsp;&nbsp;&nbsp; 33777382 |
| Iron Mountain, Inc., Term Loan, 5.965%, (1 mo. USD Term SOFR + 2.00%), 1/31/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7810 | &nbsp;&nbsp;&nbsp;&nbsp; 7825014 |
| NAB Holdings LLC, Term Loan, 6.502%, (3 mo. USD Term SOFR + 2.50%), 11/23/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7335 | &nbsp;&nbsp;&nbsp;&nbsp; 7185229 |
| Nielsen Consumer, Inc., Term Loan, 6.465%, (1 mo. USD Term SOFR + 2.50%), 10/31/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14888 | &nbsp;&nbsp;&nbsp;&nbsp; 14887688 |
| Rackspace Finance LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 10.412%, (1 mo. USD Term SOFR + 6.25%), 5/15/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13445 | &nbsp;&nbsp;&nbsp;&nbsp; 13691078 |
| &nbsp;&nbsp;&nbsp;Term Loan - Second Lien, 6.912%, (1 mo. USD Term SOFR + 2.75%), 5/15/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10595 | &nbsp;&nbsp;&nbsp;&nbsp; 4817592 |
| Sedgwick Claims Management Services, Inc., Term Loan, 6.465%, (1 mo. USD Term SOFR + 2.50%), 7/31/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37918 | &nbsp;&nbsp;&nbsp;&nbsp; 37952008 |
| Shift4 Payments LLC, Term Loan, 6.502%, (3 mo. USD Term SOFR + 2.50%), 6/30/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3350 | &nbsp;&nbsp;&nbsp;&nbsp; 3376532 |
| Trio Bidco, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 10/29/32<sup>(10)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5021 | &nbsp;&nbsp;&nbsp;&nbsp; 5001042 |
| &nbsp;&nbsp;&nbsp;Term Loan, 10/29/32<sup>(10)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529 | &nbsp;&nbsp;&nbsp;&nbsp; 526425 |
| Virtusa Corp., Term Loan, 7.215%, (1 mo. USD Term SOFR + 3.25%), 2/15/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1970 | &nbsp;&nbsp;&nbsp;&nbsp; 1950300 |
|  |  |  | &nbsp;&nbsp;**$270352402** |
| Leisure Products — 0.9% | Leisure Products — 0.9% | Leisure Products — 0.9% | Leisure Products — 0.9% |
| Accell Group NV, Term Loan, 9.083%, (6 mo. EURIBOR + 7.00%), 5/31/30 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678 | &nbsp;&nbsp;$450978 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Leisure Products (continued) | Leisure Products (continued) | Leisure Products (continued) | Leisure Products (continued) |
| GSM Holdings, Inc., Term Loan, 9.002%, (3 mo. USD Term SOFR + 5.00%), 9/30/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9852 | &nbsp;&nbsp;$9786522 |
| Hayward Industries, Inc., Term Loan, 6.579%, (1 mo. USD Term SOFR + 2.50%), 5/30/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9068 | &nbsp;&nbsp;&nbsp;&nbsp; 9106350 |
| Recess Holdings, Inc., Term Loan, 7.615%, (3 mo. USD Term SOFR + 3.75%), 2/20/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32213 | &nbsp;&nbsp;&nbsp;&nbsp; 32391671 |
| Sprint Holdco BV: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 9.083%, (6 mo. EURIBOR + 7.00%), 5/31/30 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620 | &nbsp;&nbsp;&nbsp;&nbsp; 154533 |
| &nbsp;&nbsp;&nbsp;Term Loan - Second Lien, 9.083%, (6 mo. EURIBOR + 7.00%), 6/30/31 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357 | &nbsp;&nbsp;&nbsp;&nbsp; 10318 |
| Sprint MidCo BV: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 0.02%, 6/30/31<sup>(11)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572 | &nbsp;&nbsp;&nbsp;&nbsp; 5504 |
| &nbsp;&nbsp;&nbsp;Term Loan - Second Lien, 9.083%, (6 mo. EURIBOR + 7.00%), 6/30/31 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417 | &nbsp;&nbsp;&nbsp;&nbsp; 9701 |
|  |  |  | &nbsp;&nbsp;**$51915577** |
| Life Sciences Tools & Services — 0.8% | Life Sciences Tools & Services — 0.8% | Life Sciences Tools & Services — 0.8% | Life Sciences Tools & Services — 0.8% |
| Loire Finco Luxembourg SARL: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 5.893%, (1 mo. EURIBOR + 4.00%), 1/21/30 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4025 | &nbsp;&nbsp;$4674212 |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.965%, (1 mo. USD Term SOFR + 4.00%), 1/21/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3424 | &nbsp;&nbsp;&nbsp;&nbsp; 3436196 |
| Normec 1 BV: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 5.107%, (1 mo. EURIBOR + 3.50%), 4/16/31 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1159445 |
| &nbsp;&nbsp;&nbsp;Term Loan, 4/16/31<sup>(10)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694 | &nbsp;&nbsp;&nbsp;&nbsp; 804440 |
| &nbsp;&nbsp;&nbsp;Term Loan, 4/16/31<sup>(10)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306 | &nbsp;&nbsp;&nbsp;&nbsp; 355005 |
| Parexel International Corp., Term Loan, 6.465%, (1 mo. USD Term SOFR + 2.50%), 11/15/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4349 | &nbsp;&nbsp;&nbsp;&nbsp; 4365532 |
| Sotera Health Holdings LLC, Term Loan, 6.34%, (3 mo. USD Term SOFR + 2.50%), 5/30/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17718 | &nbsp;&nbsp;&nbsp;&nbsp; 17806879 |
| Spectris PLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 9/30/32<sup>(10)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3350 | &nbsp;&nbsp;&nbsp;&nbsp; 3881650 |
| &nbsp;&nbsp;&nbsp;Term Loan, 9/30/32<sup>(10)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5475 | &nbsp;&nbsp;&nbsp;&nbsp; 5495531 |
|  |  |  | &nbsp;&nbsp;**$41978890** |
| Machinery — 7.3% | Machinery — 7.3% | Machinery — 7.3% | Machinery — 7.3% |
| AAG U.S. GSI Bidco, Inc., Term Loan, 9.002%, (3 mo. USD Term SOFR + 5.00%), 10/31/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10930 | &nbsp;&nbsp;$10923136 |
| AI Aqua Merger Sub, Inc., Term Loan, 7.129%, (1 mo. USD Term SOFR + 3.00%), 7/31/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35223 | &nbsp;&nbsp;&nbsp;&nbsp; 35339801 |
| Alliance Laundry Systems LLC, Term Loan, 6.107% - 6.252%, (1 mo. USD Term SOFR + 2.25%, 3 mo. USD Term SOFR + 2.25%), 8/19/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8478 | &nbsp;&nbsp;&nbsp;&nbsp; 8499885 |

---

*29*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_ec810ad2-6fcc-48bb-ba62-88544e3cbabd_TOC)

Senior Debt Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Machinery (continued) | Machinery (continued) | Machinery (continued) | Machinery (continued) |
| Apex Tool Group LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 9.236%, (1 mo. USD Term SOFR + 5.25%), 4/8/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6443 | &nbsp;&nbsp;$6205825 |
| &nbsp;&nbsp;&nbsp;Term Loan, 10.086%, (1 mo. USD Term SOFR + 6.00%), 4/8/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14472 | &nbsp;&nbsp;&nbsp;&nbsp; 9262369 |
| &nbsp;&nbsp;&nbsp;Term Loan, 4/8/30<sup>(10)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267 | &nbsp;&nbsp;&nbsp;&nbsp; 261642 |
| &nbsp;&nbsp;&nbsp;Term Loan, 4/8/30<sup>(10)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4158 | &nbsp;&nbsp;&nbsp;&nbsp; 3788794 |
| Astro Acquisition LLC, Term Loan, 7.122%, (6 mo. USD Term SOFR + 3.25%), 8/30/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8075 | &nbsp;&nbsp;&nbsp;&nbsp; 8130516 |
| Barnes Group, Inc., Term Loan, 6.715%, (1 mo. USD Term SOFR + 2.75%), 1/27/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15423 | &nbsp;&nbsp;&nbsp;&nbsp; 15435378 |
| BCP V Modular Services Holdings IV Ltd., Term Loan, 7/10/31<sup>(10)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4175 | &nbsp;&nbsp;&nbsp;&nbsp; 4404278 |
| BG MS U.S. Holding LLC, Term Loan, 10/22/32<sup>(10)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11050 | &nbsp;&nbsp;&nbsp;&nbsp; 10891211 |
| Clark Equipment Co., Term Loan, 6.002%, (3 mo. USD Term SOFR + 2.00%), 4/20/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7243 | &nbsp;&nbsp;&nbsp;&nbsp; 7268384 |
| Cleanova U.S. Holdings LLC, Term Loan, 8.808%, (3 mo. USD Term SOFR + 4.75%), 6/14/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7175 | &nbsp;&nbsp;&nbsp;&nbsp; 7192938 |
| Conair Holdings LLC, Term Loan, 7.829%, (1 mo. USD Term SOFR + 3.75%), 5/17/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25512 | &nbsp;&nbsp;&nbsp;&nbsp; 15307200 |
| CoorsTek, Inc., Term Loan, 10/28/32<sup>(10)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11125 | &nbsp;&nbsp;&nbsp;&nbsp; 11097187 |
| CPM Holdings, Inc., Term Loan, 8.634%, (1 mo. USD Term SOFR + 4.50%), 9/28/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13119 | &nbsp;&nbsp;&nbsp;&nbsp; 13094350 |
| Crown Equipment Corp., Term Loan, 6.048%, (1 mo. USD Term SOFR + 2.00%), 10/10/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13101 | &nbsp;&nbsp;&nbsp;&nbsp; 13182947 |
| Cube Industrials Buyer, Inc., Term Loan, 6.912%, (3 mo. USD Term SOFR + 3.00%), 10/17/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5717 | &nbsp;&nbsp;&nbsp;&nbsp; 5747316 |
| Delachaux Group SA, Term Loan, 5.316%, (3 mo. EURIBOR + 3.25%), 4/16/29 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4945 | &nbsp;&nbsp;&nbsp;&nbsp; 5756328 |
| EMRLD Borrower LP: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.122%, (6 mo. USD Term SOFR + 2.25%), 8/4/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5121 | &nbsp;&nbsp;&nbsp;&nbsp; 5109321 |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.449%, (3 mo. USD Term SOFR + 2.25%), 5/31/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6728 | &nbsp;&nbsp;&nbsp;&nbsp; 6718829 |
| Engineered Machinery Holdings, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 5.75%, (3 mo. EURIBOR + 3.75%), 5/21/28 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11640 | &nbsp;&nbsp;&nbsp;&nbsp; 13571141 |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.763%, (3 mo. USD Term SOFR + 3.50%), 5/19/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20430 | &nbsp;&nbsp;&nbsp;&nbsp; 20559983 |
| &nbsp;&nbsp;&nbsp;Term Loan - Second Lien, 10.263%, (3 mo. USD Term SOFR + 6.00%), 5/21/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3700 | &nbsp;&nbsp;&nbsp;&nbsp; 3718143 |
| &nbsp;&nbsp;&nbsp;Term Loan - Second Lien, 10.763%, (3 mo. USD Term SOFR + 6.50%), 5/21/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1621 | &nbsp;&nbsp;&nbsp;&nbsp; 1629229 |
| Filtration Group Corp., Term Loan, 10/21/28<sup>(10)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5025525 |
| Icebox Holdco III, Inc., Term Loan, 7.252%, (3 mo. USD Term SOFR + 3.25%), 12/22/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5004 | &nbsp;&nbsp;&nbsp;&nbsp; 5031247 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Machinery (continued) | Machinery (continued) | Machinery (continued) | Machinery (continued) |
| INNIO Group Holding GmbH, Term Loan, 4.754%, (3 mo. EURIBOR + 2.75%), 11/2/28 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2222 | &nbsp;&nbsp;$2577841 |
| Madison IAQ LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.702%, (6 mo. USD Term SOFR + 2.50%), 6/21/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22613 | &nbsp;&nbsp;&nbsp;&nbsp; 22683245 |
| &nbsp;&nbsp;&nbsp;Term Loan, 5/6/32<sup>(10)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10050000 |
| Roper Industrial Products Investment Co. LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 5.50%, (3 mo. EURIBOR + 3.50%), 11/22/29 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2487 | &nbsp;&nbsp;&nbsp;&nbsp; 2886004 |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.752%, (3 mo. USD Term SOFR + 2.75%), 11/22/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22968 | &nbsp;&nbsp;&nbsp;&nbsp; 23066157 |
| SPX Flow, Inc., Term Loan, 6.715%, (1 mo. USD Term SOFR + 2.75%), 4/5/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14805 | &nbsp;&nbsp;&nbsp;&nbsp; 14906105 |
| TK Elevator Midco GmbH: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 5.333%, (6 mo. EURIBOR + 3.25%), 4/30/30 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11450 | &nbsp;&nbsp;&nbsp;&nbsp; 13307583 |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.197%, (6 mo. USD Term SOFR + 3.00%), 4/30/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46840 | &nbsp;&nbsp;&nbsp;&nbsp; 47181396 |
| Zephyr German BidCo GmbH, Term Loan, 5.169%, (3 mo. EURIBOR + 3.15%), 3/10/28 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8850 | &nbsp;&nbsp;&nbsp;&nbsp; 10234973 |
|  |  |  | &nbsp;&nbsp;**$400046207** |
| Media — 0.6% | Media — 0.6% | Media — 0.6% | Media — 0.6% |
| ABG Intermediate Holdings 2 LLC, Term Loan, 6.215%, (1 mo. USD Term SOFR + 2.25%), 2/13/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7811 | &nbsp;&nbsp;$7805868 |
| Charter Communications Operating LLC, Term Loan, 6.235%, (3 mo. USD Term SOFR + 2.25%), 12/15/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7072 | &nbsp;&nbsp;&nbsp;&nbsp; 7067956 |
| Emerald X, Inc., Term Loan, 7.215%, (1 mo. USD Term SOFR + 3.25%), 1/30/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2893 | &nbsp;&nbsp;&nbsp;&nbsp; 2915053 |
| Fleet Midco I Ltd., Term Loan, 6.542%, (6 mo. USD Term SOFR + 2.50%), 2/21/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11199 | &nbsp;&nbsp;&nbsp;&nbsp; 11240990 |
| Hubbard Radio LLC, Term Loan, 8.465%, (1 mo. USD Term SOFR + 4.50%), 9/30/27 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6646 | &nbsp;&nbsp;&nbsp;&nbsp; 3289856 |
|  |  |  | &nbsp;&nbsp;**$32319723** |
| Metals/Mining — 1.0% | Metals/Mining — 1.0% | Metals/Mining — 1.0% | Metals/Mining — 1.0% |
| American Consolidated Natural Resources, Inc., Term Loan - Second Lien, 13.00%, 12/11/29<sup>(11)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3304 | &nbsp;&nbsp;$3289270 |
| Arsenal AIC Parent LLC, Term Loan, 6.715%, (1 mo. USD Term SOFR + 2.75%), 8/19/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10582 | &nbsp;&nbsp;&nbsp;&nbsp; 10627958 |
| PMHC II, Inc., Term Loan, 8.327%, (3 mo. USD Term SOFR + 4.25%), 4/23/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6983 | &nbsp;&nbsp;&nbsp;&nbsp; 5452315 |

---

*30*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_ec810ad2-6fcc-48bb-ba62-88544e3cbabd_TOC)

Senior Debt Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Metals/Mining (continued) | Metals/Mining (continued) | Metals/Mining (continued) | Metals/Mining (continued) |
| WireCo WorldGroup, Inc., Term Loan, 7.607%, (3 mo. USD Term SOFR + 3.75%), 11/13/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6214 | &nbsp;&nbsp;$6153991 |
| Zekelman Industries, Inc., Term Loan, 6.265%, (1 mo. USD Term SOFR + 2.25%), 1/24/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28307 | &nbsp;&nbsp;&nbsp;&nbsp; 28381818 |
|  |  |  | &nbsp;&nbsp;**$53905352** |
| Oil, Gas & Consumable Fuels — 2.0% | Oil, Gas & Consumable Fuels — 2.0% | Oil, Gas & Consumable Fuels — 2.0% | Oil, Gas & Consumable Fuels — 2.0% |
| Epic Crude Services LP, Term Loan, 6.34%, (3 mo. USD Term SOFR + 2.50%), 10/15/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8772 | &nbsp;&nbsp;$8824099 |
| Freeport LNG Investments LLLP, Term Loan, 7.12%, (3 mo. USD Term SOFR + 3.25%), 12/21/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11012 | &nbsp;&nbsp;&nbsp;&nbsp; 11050319 |
| GIP Pilot Acquisition Partners LP, Term Loan, 5.935%, (3 mo. USD Term SOFR + 2.00%), 10/4/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6193 | &nbsp;&nbsp;&nbsp;&nbsp; 6204697 |
| Hilcorp Energy I LP, Term Loan, 6.032%, (1 mo. USD Term SOFR + 2.00%), 2/11/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10796 | &nbsp;&nbsp;&nbsp;&nbsp; 10829541 |
| ITT Holdings LLC, Term Loan, 6.44%, (1 mo. USD Term SOFR + 2.48%), 10/11/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15404 | &nbsp;&nbsp;&nbsp;&nbsp; 15436331 |
| Matador Bidco SARL, Term Loan, 8.315%, (1 mo. USD Term SOFR + 4.25%), 7/30/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34602 | &nbsp;&nbsp;&nbsp;&nbsp; 34757336 |
| Natgasoline LLC, Term Loan, 9.502%, (3 mo. USD Term SOFR + 5.50%), 3/29/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6863 | &nbsp;&nbsp;&nbsp;&nbsp; 6923177 |
| Oryx Midstream Services Permian Basin LLC, Term Loan, 6.227%, (1 mo. USD Term SOFR + 2.25%), 10/5/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4987 | &nbsp;&nbsp;&nbsp;&nbsp; 5005842 |
| Oxbow Carbon LLC, Term Loan, 7.465%, (1 mo. USD Term SOFR + 3.50%), 5/10/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6947 | &nbsp;&nbsp;&nbsp;&nbsp; 6946774 |
| Whitewater Matterhorn Holdings LLC, Term Loan, 6.313%, (3 mo. USD Term SOFR + 2.25%), 6/16/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6225 | &nbsp;&nbsp;&nbsp;&nbsp; 6239131 |
|  |  |  | &nbsp;&nbsp;**$112217247** |
| Passenger Airlines — 0.3% | Passenger Airlines — 0.3% | Passenger Airlines — 0.3% | Passenger Airlines — 0.3% |
| WestJet Loyalty LP, Term Loan, 7.252%, (3 mo. USD Term SOFR + 3.25%), 2/14/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16404 | &nbsp;&nbsp;$16481166 |
|  |  |  | &nbsp;&nbsp;**$16481166** |
| Pharmaceuticals — 1.1% | Pharmaceuticals — 1.1% | Pharmaceuticals — 1.1% | Pharmaceuticals — 1.1% |
| Aenova Holding GmbH, Term Loan, 5.032%, (3 mo. EURIBOR + 3.00%), 8/22/31 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3450 | &nbsp;&nbsp;$4001497 |
| Amneal Pharmaceuticals LLC, Term Loan, 7.465%, (1 mo. USD Term SOFR + 3.50%), 8/1/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8650 | &nbsp;&nbsp;&nbsp;&nbsp; 8732867 |
| Bausch Health Cos., Inc., Term Loan, 10.215%, (1 mo. USD Term SOFR + 6.25%), 10/8/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10504 | &nbsp;&nbsp;&nbsp;&nbsp; 10457600 |
| Jazz Financing Lux SARL, Term Loan, 6.215%, (1 mo. USD Term SOFR + 2.25%), 5/5/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17302 | &nbsp;&nbsp;&nbsp;&nbsp; 17363154 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Pharmaceuticals (continued) | Pharmaceuticals (continued) | Pharmaceuticals (continued) | Pharmaceuticals (continued) |
| Nidda Healthcare Holding AG, Term Loan, 5.526%, (3 mo. EURIBOR + 3.50%), 2/21/30 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8700 | &nbsp;&nbsp;$10085466 |
| Padagis LLC, Term Loan, 8.949%, (3 mo. USD Term SOFR + 4.75%), 7/6/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7684 | &nbsp;&nbsp;&nbsp;&nbsp; 6704035 |
| Recipharm AB, Term Loan, 5.234%, (3 mo. EURIBOR + 3.20%), 2/17/28 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3275 | &nbsp;&nbsp;&nbsp;&nbsp; 3782800 |
|  |  |  | &nbsp;&nbsp;**$61127419** |
| Professional Services — 4.8% | Professional Services — 4.8% | Professional Services — 4.8% | Professional Services — 4.8% |
| AAL Delaware Holdco, Inc., Term Loan, 6.715%, (1 mo. USD Term SOFR + 2.75%), 7/30/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14387 | &nbsp;&nbsp;$14428958 |
| Amspec Parent LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.405%, (3 mo. USD Term SOFR + 3.50%), 12/22/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1512 | &nbsp;&nbsp;&nbsp;&nbsp; 1524580 |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.502%, (3 mo. USD Term SOFR + 3.50%), 12/22/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9812 | &nbsp;&nbsp;&nbsp;&nbsp; 9894889 |
| APFS Staffing Holdings, Inc., Term Loan, 8.215%, (1 mo. USD Term SOFR + 4.25%), 12/29/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3529 | &nbsp;&nbsp;&nbsp;&nbsp; 3124374 |
| Camelot U.S. Acquisition LLC, Term Loan, 6.715%, (1 mo. USD Term SOFR + 2.75%), 1/31/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26343 | &nbsp;&nbsp;&nbsp;&nbsp; 25907194 |
| Citrin Cooperman Advisors LLC, Term Loan, 7.002%, (3 mo. USD Term SOFR + 3.00%), 4/1/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp; 8015000 |
| CohnReznick LLP: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.502%, (3 mo. USD Term SOFR + 3.50%), 3/31/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10555 | &nbsp;&nbsp;&nbsp;&nbsp; 10608057 |
| &nbsp;&nbsp;&nbsp;Term Loan, 3/31/32<sup>(8)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2448 | &nbsp;&nbsp;&nbsp;&nbsp; 2460067 |
| CoreLogic, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.579%, (1 mo. USD Term SOFR + 3.50%), 6/2/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16980 | &nbsp;&nbsp;&nbsp;&nbsp; 17005547 |
| &nbsp;&nbsp;&nbsp;Term Loan - Second Lien, 10.579%, (1 mo. USD Term SOFR + 6.50%), 6/4/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1524 | &nbsp;&nbsp;&nbsp;&nbsp; 1528401 |
| Corporation Service Co., Term Loan, 5.965%, (1 mo. USD Term SOFR + 2.00%), 11/2/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13408 | &nbsp;&nbsp;&nbsp;&nbsp; 13367989 |
| EAB Global, Inc., Term Loan, 6.965%, (1 mo. USD Term SOFR + 3.00%), 8/16/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16102 | &nbsp;&nbsp;&nbsp;&nbsp; 15484933 |
| Employbridge Holding Co., Term Loan - Second Lien, 9.013%, (3 mo. USD Term SOFR + 4.75%), 1/19/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13952 | &nbsp;&nbsp;&nbsp;&nbsp; 2383569 |
| First Advantage Holdings LLC, Term Loan, 6.715%, (1 mo. USD Term SOFR + 2.75%), 10/31/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17345 | &nbsp;&nbsp;&nbsp;&nbsp; 16916442 |
| Galaxy Bidco Ltd., Term Loan, 6.042%, (6 mo. EURIBOR + 4.00%), 12/19/29 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8275 | &nbsp;&nbsp;&nbsp;&nbsp; 9667374 |
| Grant Thornton Advisors LLC, Term Loan, 6.465%, (1 mo. USD Term SOFR + 2.50%), 6/2/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23475 | &nbsp;&nbsp;&nbsp;&nbsp; 23435183 |

---

*31*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_ec810ad2-6fcc-48bb-ba62-88544e3cbabd_TOC)

Senior Debt Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Professional Services (continued) | Professional Services (continued) | Professional Services (continued) | Professional Services (continued) |
| Highspring Holdings LLC, Term Loan, 9.152%, (3 mo. USD Term SOFR + 5.00%), 1/21/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5342 | &nbsp;&nbsp;$4544707 |
| iSolved, Inc., Term Loan, 6.715%, (1 mo. USD Term SOFR + 2.75%), 10/15/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8180 | &nbsp;&nbsp;&nbsp;&nbsp; 8200893 |
| Mermaid Bidco, Inc., Term Loan, 7.571%, (3 mo. USD Term SOFR + 3.25%), 7/3/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22354 | &nbsp;&nbsp;&nbsp;&nbsp; 22437478 |
| Neptune Bidco U.S., Inc., Term Loan, 9.027%, (3 mo. USD Term SOFR + 5.00%), 4/11/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7953 | &nbsp;&nbsp;&nbsp;&nbsp; 7701737 |
| PHM Group Holding OYJ, Term Loan, 5.517%, (3 mo. EURIBOR + 3.50%), 4/22/32 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6600 | &nbsp;&nbsp;&nbsp;&nbsp; 7632861 |
| Techem Verwaltungsgesellschaft 675 GmbH, Term Loan, 5.269%, (3 mo. EURIBOR + 3.25%), 7/15/32 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8575 | &nbsp;&nbsp;&nbsp;&nbsp; 9959241 |
| Trans Union LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 5.715%, (1 mo. USD Term SOFR + 1.75%), 6/24/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8514 | &nbsp;&nbsp;&nbsp;&nbsp; 8520425 |
| &nbsp;&nbsp;&nbsp;Term Loan, 5.715%, (1 mo. USD Term SOFR + 1.75%), 6/24/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19146 | &nbsp;&nbsp;&nbsp;&nbsp; 19152793 |
| Turbo EMEA Holdings BV, Term Loan, 9/23/32<sup>(10)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2750 | &nbsp;&nbsp;&nbsp;&nbsp; 3180089 |
|  |  |  | &nbsp;&nbsp;**$267082781** |
| Real Estate Management & Development — 0.7% | Real Estate Management & Development — 0.7% | Real Estate Management & Development — 0.7% | Real Estate Management & Development — 0.7% |
| Cushman & Wakefield U.S. Borrower LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.465%, (1 mo. USD Term SOFR + 2.50%), 1/31/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8955 | &nbsp;&nbsp;$9005488 |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.715%, (1 mo. USD Term SOFR + 2.75%), 1/31/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6788 | &nbsp;&nbsp;&nbsp;&nbsp; 6816281 |
| Greystar Real Estate Partners LLC, Term Loan, 6.477%, (1 mo. USD Term SOFR + 2.50%), 8/21/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10444 | &nbsp;&nbsp;&nbsp;&nbsp; 10496264 |
| Metropolis Technologies, Inc., Term Loan, 11/3/32<sup>(10)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14150 | &nbsp;&nbsp;&nbsp;&nbsp; 14043875 |
|  |  |  | &nbsp;&nbsp;**$40361908** |
| Road & Rail — 1.1% | Road & Rail — 1.1% | Road & Rail — 1.1% | Road & Rail — 1.1% |
| Avis Budget Car Rental LLC, Term Loan, 6.465%, (1 mo. USD Term SOFR + 2.50%), 7/16/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31955 | &nbsp;&nbsp;$31621780 |
| Hertz Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.579%, (1 mo. USD Term SOFR + 3.50%), 6/30/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5925 | &nbsp;&nbsp;&nbsp;&nbsp; 4930719 |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.579%, (1 mo. USD Term SOFR + 3.50%), 6/30/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1166 | &nbsp;&nbsp;&nbsp;&nbsp; 970497 |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.736%, (1 mo. USD Term SOFR + 3.75%), 6/30/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7184 | &nbsp;&nbsp;&nbsp;&nbsp; 5944735 |
| Kenan Advantage Group, Inc., Term Loan, 7.215%, (1 mo. USD Term SOFR + 3.25%), 1/25/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16526 | &nbsp;&nbsp;&nbsp;&nbsp; 16286218 |
|  |  |  | &nbsp;&nbsp;**$59753949** |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Semiconductors & Semiconductor Equipment — 0.5% | Semiconductors & Semiconductor Equipment — 0.5% | Semiconductors & Semiconductor Equipment — 0.5% | Semiconductors & Semiconductor Equipment — 0.5% |
| Bright Bidco BV, Term Loan, 0.00%, 10/31/27<sup>(9)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4374 | &nbsp;&nbsp;$1714379 |
| MaxLinear, Inc., Term Loan, 6.342%, (1 mo. USD Term SOFR + 2.25%), 6/23/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3250 | &nbsp;&nbsp;&nbsp;&nbsp; 3022500 |
| MKS Instruments, Inc., Term Loan, 5.977%, (1 mo. USD Term SOFR + 2.00%), 8/17/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20664 | &nbsp;&nbsp;&nbsp;&nbsp; 20736094 |
|  |  |  | &nbsp;&nbsp;**$25472973** |
| Software — 14.1% | Software — 14.1% | Software — 14.1% | Software — 14.1% |
| Applied Systems, Inc., Term Loan, 6.252%, (3 mo. USD Term SOFR + 2.25%), 2/24/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34497 | &nbsp;&nbsp;$34602378 |
| Astra Acquisition Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;DIP Loan, 4/1/26<sup>(10)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1129 | &nbsp;&nbsp;&nbsp;&nbsp; 1128526 |
| &nbsp;&nbsp;&nbsp;Term Loan, 0.00%, 2/25/28<sup>(9)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10114 | &nbsp;&nbsp;&nbsp;&nbsp; 1972243 |
| &nbsp;&nbsp;&nbsp;Term Loan, 0.00%, 10/25/28<sup>(9)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14888 | &nbsp;&nbsp;&nbsp;&nbsp; 174408 |
| &nbsp;&nbsp;&nbsp;Term Loan, 0.00%, 10/25/29<sup>(9)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17036 | &nbsp;&nbsp;&nbsp;&nbsp; 468479 |
| &nbsp;&nbsp;&nbsp;Term Loan, 4/1/26<sup>(10)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471 | &nbsp;&nbsp;&nbsp;&nbsp; 470856 |
| Avalara, Inc., Term Loan, 6.735%, (3 mo. USD Term SOFR + 2.75%), 3/26/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12419 | &nbsp;&nbsp;&nbsp;&nbsp; 12459298 |
| Boost Newco Borrower LLC, Term Loan, 6.002%, (3 mo. USD Term SOFR + 2.00%), 1/31/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31612 | &nbsp;&nbsp;&nbsp;&nbsp; 31730066 |
| Boxer Parent Co., Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.199%, (3 mo. USD Term SOFR + 3.00%), 7/30/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23052 | &nbsp;&nbsp;&nbsp;&nbsp; 22927614 |
| &nbsp;&nbsp;&nbsp;Term Loan - Second Lien, 9.949%, (3 mo. USD Term SOFR + 5.75%), 7/30/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9707 | &nbsp;&nbsp;&nbsp;&nbsp; 9386691 |
| Calabrio, Inc., Term Loan, 10/14/32<sup>(10)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13400 | &nbsp;&nbsp;&nbsp;&nbsp; 12746750 |
| Cegid Group SAS: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 4.816%, (3 mo. EURIBOR + 2.75%), 7/10/28 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4475 | &nbsp;&nbsp;&nbsp;&nbsp; 5184441 |
| &nbsp;&nbsp;&nbsp;Term Loan, 4.816%, (3 mo. EURIBOR + 2.75%), 7/10/28 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5150 | &nbsp;&nbsp;&nbsp;&nbsp; 5966778 |
| Cloud Software Group, Inc., Term Loan, 7.252%, (3 mo. USD Term SOFR + 3.25%), 8/13/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35276 | &nbsp;&nbsp;&nbsp;&nbsp; 35317755 |
| Cloudera, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.815%, (1 mo. USD Term SOFR + 3.75%), 10/8/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27563 | &nbsp;&nbsp;&nbsp;&nbsp; 26539278 |
| &nbsp;&nbsp;&nbsp;Term Loan - Second Lien, 10.065%, (1 mo. USD Term SOFR + 6.00%), 10/8/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4450 | &nbsp;&nbsp;&nbsp;&nbsp; 3975519 |
| Clover Holdings 2 LLC, Term Loan, 7.829%, (1 mo. USD Term SOFR + 3.75%), 12/9/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14975 | &nbsp;&nbsp;&nbsp;&nbsp; 14993468 |
| Clover Holdings SPV III LLC, Term Loan, 15.00%, 12/9/27<sup>(11)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3159 | &nbsp;&nbsp;&nbsp;&nbsp; 3265347 |
| Constant Contact, Inc., Term Loan, 8.166%, (3 mo. USD Term SOFR + 4.00%), 2/10/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11856 | &nbsp;&nbsp;&nbsp;&nbsp; 11116031 |
| Dayforce, Inc., Term Loan, 10/7/32<sup>(10)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14975 | &nbsp;&nbsp;&nbsp;&nbsp; 14942879 |
| Delta TopCo, Inc., Term Loan, 6.876%, (1 mo. USD Term SOFR + 2.75%), 11/30/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18678 | &nbsp;&nbsp;&nbsp;&nbsp; 18493727 |

---

*32*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_ec810ad2-6fcc-48bb-ba62-88544e3cbabd_TOC)

Senior Debt Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Software (continued) | Software (continued) | Software (continued) | Software (continued) |
| Dragon Buyer, Inc., Term Loan, 6.752%, (3 mo. USD Term SOFR + 2.75%), 9/30/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4239 | &nbsp;&nbsp;$4257339 |
| Drake Software LLC, Term Loan, 8.215%, (1 mo. USD Term SOFR + 4.25%), 6/26/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7369 | &nbsp;&nbsp;&nbsp;&nbsp; 7332207 |
| ECI Macola Max Holding LLC, Term Loan, 6.752%, (3 mo. USD Term SOFR + 2.75%), 5/9/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28301 | &nbsp;&nbsp;&nbsp;&nbsp; 28403863 |
| Epicor Software Corp., Term Loan, 6.465%, (1 mo. USD Term SOFR + 2.50%), 5/30/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36082 | &nbsp;&nbsp;&nbsp;&nbsp; 36202667 |
| Fiserv Investment Solutions, Inc., Term Loan, 8.204%, (3 mo. USD Term SOFR + 4.00%), 2/18/27 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11786 | &nbsp;&nbsp;&nbsp;&nbsp; 11655437 |
| Gen Digital, Inc., Term Loan, 5.715%, (1 mo. USD Term SOFR + 1.75%), 9/12/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28412 | &nbsp;&nbsp;&nbsp;&nbsp; 28431140 |
| Genesys Cloud Services Holdings II LLC, Term Loan, 6.465%, (1 mo. USD Term SOFR + 2.50%), 1/30/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6938 | &nbsp;&nbsp;&nbsp;&nbsp; 6872567 |
| IGT Holding IV AB: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 4.90%, (3 mo. EURIBOR + 2.90%), 3/31/28 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1205 | &nbsp;&nbsp;&nbsp;&nbsp; 1393853 |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.951%, (3 mo. USD Term SOFR + 3.00%), 9/1/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1632 | &nbsp;&nbsp;&nbsp;&nbsp; 1639673 |
| Marcel LUX IV SARL: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 5.561%, (3 mo. EURIBOR + 3.50%), 11/12/30 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9150 | &nbsp;&nbsp;&nbsp;&nbsp; 10636817 |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.13%, (1 mo. USD Term SOFR + 3.00%), 11/12/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31868 | &nbsp;&nbsp;&nbsp;&nbsp; 31987459 |
| McAfee LLC, Term Loan, 6.965%, (1 mo. USD Term SOFR + 3.00%), 3/1/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34504 | &nbsp;&nbsp;&nbsp;&nbsp; 32850778 |
| Mosel Bidco SE, Term Loan, 5.75%, (3 mo. EURIBOR + 3.75%), 9/16/30 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5900 | &nbsp;&nbsp;&nbsp;&nbsp; 6844397 |
| N-Able International Holdings II LLC, Term Loan, 7.21%, (3 mo. USD Term SOFR + 2.75%), 7/19/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1598 | &nbsp;&nbsp;&nbsp;&nbsp; 1604230 |
| OceanKey (U.S.) II Corp., Term Loan, 7.565%, (1 mo. USD Term SOFR + 3.50%), 12/15/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5294 | &nbsp;&nbsp;&nbsp;&nbsp; 5277788 |
| OID-OL Intermediate I LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 8.24%, (3 mo. USD Term SOFR + 4.25%), 2/1/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14456 | &nbsp;&nbsp;&nbsp;&nbsp; 12323838 |
| &nbsp;&nbsp;&nbsp;Term Loan, 9.84%, (3 mo. USD Term SOFR + 6.00%), 2/1/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5321 | &nbsp;&nbsp;&nbsp;&nbsp; 5504693 |
| Open Text Corp., Term Loan, 5.715%, (1 mo. USD Term SOFR + 1.75%), 1/31/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14809 | &nbsp;&nbsp;&nbsp;&nbsp; 14817495 |
| Polaris Newco LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.066%, (3 mo. EURIBOR + 4.00%), 6/2/28 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8976 | &nbsp;&nbsp;&nbsp;&nbsp; 9563136 |
| &nbsp;&nbsp;&nbsp;Term Loan, 8.102%, (3 mo. USD Term SOFR + 4.00%), 6/2/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7188 | &nbsp;&nbsp;&nbsp;&nbsp; 6890784 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Software (continued) | Software (continued) | Software (continued) | Software (continued) |
| Project Alpha Intermediate Holding, Inc., Term Loan, 7.252%, (3 mo. USD Term SOFR + 3.25%), 10/26/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37681 | &nbsp;&nbsp;$37735127 |
| Project Boost Purchaser LLC, Term Loan, 6.608%, (3 mo. USD Term SOFR + 2.75%), 7/16/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32549 | &nbsp;&nbsp;&nbsp;&nbsp; 32519429 |
| Proofpoint, Inc., Term Loan, 6.965%, (1 mo. USD Term SOFR + 3.00%), 8/31/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11133 | &nbsp;&nbsp;&nbsp;&nbsp; 11200914 |
| RealPage, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.263%, (3 mo. USD Term SOFR + 3.00%), 4/24/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20753 | &nbsp;&nbsp;&nbsp;&nbsp; 20735912 |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.752%, (3 mo. USD Term SOFR + 3.75%), 4/24/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5423 | &nbsp;&nbsp;&nbsp;&nbsp; 5449213 |
| Rocket Software, Inc., Term Loan, 7.715%, (1 mo. USD Term SOFR + 3.75%), 11/28/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9676 | &nbsp;&nbsp;&nbsp;&nbsp; 9650690 |
| Sabre GLBL, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.579%, (1 mo. USD Term SOFR + 3.50%), 12/17/27 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;723 | &nbsp;&nbsp;&nbsp;&nbsp; 690011 |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.579%, (1 mo. USD Term SOFR + 3.50%), 12/17/27 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2210 | &nbsp;&nbsp;&nbsp;&nbsp; 2107738 |
| &nbsp;&nbsp;&nbsp;Term Loan, 8.315%, (1 mo. USD Term SOFR + 4.25%), 6/30/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633 | &nbsp;&nbsp;&nbsp;&nbsp; 590690 |
| &nbsp;&nbsp;&nbsp;Term Loan, 9.065%, (1 mo. USD Term SOFR + 5.00%), 6/30/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;948 | &nbsp;&nbsp;&nbsp;&nbsp; 881510 |
| &nbsp;&nbsp;&nbsp;Term Loan, 10.065%, (1 mo. USD Term SOFR + 6.00%), 11/15/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12874 | &nbsp;&nbsp;&nbsp;&nbsp; 11988949 |
| &nbsp;&nbsp;&nbsp;Term Loan, 10.065%, (1 mo. USD Term SOFR + 6.00%), 11/15/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3079 | &nbsp;&nbsp;&nbsp;&nbsp; 2863738 |
| SkillSoft Corp., Term Loan, 9.342%, (1 mo. USD Term SOFR + 5.25%), 7/14/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14594 | &nbsp;&nbsp;&nbsp;&nbsp; 12787156 |
| SolarWinds Holdings, Inc., Term Loan, 8.026%, (3 mo. USD Term SOFR + 4.00%), 4/16/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27400 | &nbsp;&nbsp;&nbsp;&nbsp; 27297387 |
| UKG, Inc., Term Loan, 6.338%, (3 mo. USD Term SOFR + 2.50%), 2/10/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41846 | &nbsp;&nbsp;&nbsp;&nbsp; 41888279 |
| Veritas U.S., Inc., Term Loan, 16.502%, (3 mo. USD Term SOFR + 12.50%), 12.002% cash, 4.50% PIK, 12/9/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8627 | &nbsp;&nbsp;&nbsp;&nbsp; 8743148 |
| Vision Solutions, Inc., Term Loan, 8.102%, (3 mo. USD Term SOFR + 4.00%), 4/24/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17952 | &nbsp;&nbsp;&nbsp;&nbsp; 17357730 |
|  |  |  | &nbsp;&nbsp;**$776840314** |
| Specialty Retail — 2.3% | Specialty Retail — 2.3% | Specialty Retail — 2.3% | Specialty Retail — 2.3% |
| Applegreen Ireland, Term Loan, 7.066%, (3 mo. EURIBOR + 5.00%), 1/30/32 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;$1165975 |
| Apro LLC, Term Loan, 7.677%, (3 mo. USD Term SOFR + 3.75%), 7/9/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7648 | &nbsp;&nbsp;&nbsp;&nbsp; 7658916 |
| Boels Topholding BV, Term Loan, 4.676%, (1 mo. EURIBOR + 2.75%), 5/23/31 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136 | &nbsp;&nbsp;&nbsp;&nbsp; 158037 |
| EG America LLC, Term Loan, 7.699%, (3 mo. USD Term SOFR + 3.50%), 2/7/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3918 | &nbsp;&nbsp;&nbsp;&nbsp; 3944993 |

---

*33*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_ec810ad2-6fcc-48bb-ba62-88544e3cbabd_TOC)

Senior Debt Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Specialty Retail (continued) | Specialty Retail (continued) | Specialty Retail (continued) | Specialty Retail (continued) |
| Great Outdoors Group LLC, Term Loan, 7.215%, (1 mo. USD Term SOFR + 3.25%), 1/23/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19521 | &nbsp;&nbsp;$19545522 |
| Harbor Freight Tools USA, Inc., Term Loan, 6.215%, (1 mo. USD Term SOFR + 2.25%), 6/11/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21731 | &nbsp;&nbsp;&nbsp;&nbsp; 21477256 |
| Homeserve USA Holding Corp., Term Loan, 6.031%, (1 mo. USD Term SOFR + 2.00%), 10/21/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18739 | &nbsp;&nbsp;&nbsp;&nbsp; 18774263 |
| Les Schwab Tire Centers, Term Loan, 6.465% - 6.699%, (1 mo. USD Term SOFR + 2.50%, 3 mo. USD Term SOFR + 2.50%), 4/23/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15822 | &nbsp;&nbsp;&nbsp;&nbsp; 15772102 |
| LIDS Holdings, Inc., Term Loan, 9.631%, (1 mo. USD Term SOFR + 5.50%), 12/14/26 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;937 | &nbsp;&nbsp;&nbsp;&nbsp; 932452 |
| Mavis Tire Express Services Corp., Term Loan, 7.199%, (3 mo. USD Term SOFR + 3.00%), 5/4/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9758 | &nbsp;&nbsp;&nbsp;&nbsp; 9789103 |
| Speedster Bidco GmbH: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 5.623%, (6 mo. EURIBOR + 3.50%), 12/10/31 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11075 | &nbsp;&nbsp;&nbsp;&nbsp; 12890638 |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.24%, (3 mo. USD Term SOFR + 3.25%), 12/10/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15572 | &nbsp;&nbsp;&nbsp;&nbsp; 15632189 |
|  |  |  | &nbsp;&nbsp;**$127741446** |
| Technology Hardware, Storage & Peripherals — 0.0%<sup>†</sup> | Technology Hardware, Storage & Peripherals — 0.0%<sup>†</sup> | Technology Hardware, Storage & Peripherals — 0.0%<sup>†</sup> | Technology Hardware, Storage & Peripherals — 0.0%<sup>†</sup> |
| Poseidon Bidco SASU, Term Loan, 7.00%, (3 mo. EURIBOR + 5.00%), 3/13/30 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4935 | &nbsp;&nbsp;$2076240 |
|  |  |  | &nbsp;&nbsp;**$2076240** |
| Trading Companies & Distributors — 2.8% | Trading Companies & Distributors — 2.8% | Trading Companies & Distributors — 2.8% | Trading Companies & Distributors — 2.8% |
| CD&R Hydra Buyer, Inc., Term Loan, 8.065%, (1 mo. USD Term SOFR + 4.00%), 3/25/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15890 | &nbsp;&nbsp;$15884037 |
| Core & Main LP: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 5.991%, (1 mo. USD Term SOFR + 2.00%), 7/27/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8052 | &nbsp;&nbsp;&nbsp;&nbsp; 8067207 |
| &nbsp;&nbsp;&nbsp;Term Loan, 5.991%, (1 mo. USD Term SOFR + 2.00%), 2/9/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12783 | &nbsp;&nbsp;&nbsp;&nbsp; 12799478 |
| DXP Enterprises, Inc., Term Loan, 7.715%, (1 mo. USD Term SOFR + 3.75%), 10/11/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8968 | &nbsp;&nbsp;&nbsp;&nbsp; 9042618 |
| Herc Holdings, Inc., Term Loan, 6.106%, (1 mo. USD Term SOFR + 2.00%), 6/2/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4775 | &nbsp;&nbsp;&nbsp;&nbsp; 4804342 |
| Kodiak Building Partners, Inc., Term Loan, 7.752%, (3 mo. USD Term SOFR + 3.75%), 12/4/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10131 | &nbsp;&nbsp;&nbsp;&nbsp; 10082291 |
| Paint Intermediate III LLC, Term Loan, 7.242%, (3 mo. USD Term SOFR + 3.00%), 10/9/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6567 | &nbsp;&nbsp;&nbsp;&nbsp; 6576030 |
| Patagonia Bidco Ltd., Term Loan, 9.467%, (3 mo. GBP SONIA + 5.25%), 11/1/28 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12425 | &nbsp;&nbsp;&nbsp;&nbsp; 14540849 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Trading Companies & Distributors (continued) | Trading Companies & Distributors (continued) | Trading Companies & Distributors (continued) | Trading Companies & Distributors (continued) |
| Quimper AB: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 5.859%, (6 mo. EURIBOR + 3.75%), 3/29/30 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4775 | &nbsp;&nbsp;$5526442 |
| &nbsp;&nbsp;&nbsp;Term Loan, 5.859%, (6 mo. EURIBOR + 3.75%), 3/29/30 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4825 | &nbsp;&nbsp;&nbsp;&nbsp; 5584311 |
| QXO, Inc., Term Loan, 6.965%, (1 mo. USD Term SOFR + 3.00%), 4/30/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp; 9026370 |
| Spin Holdco, Inc., Term Loan, 8.393%, (3 mo. USD Term SOFR + 4.00%), 3/4/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21532 | &nbsp;&nbsp;&nbsp;&nbsp; 18075093 |
| White Cap Buyer LLC, Term Loan, 7.215%, (1 mo. USD Term SOFR + 3.25%), 10/19/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17218 | &nbsp;&nbsp;&nbsp;&nbsp; 17279818 |
| Windsor Holdings III LLC, Term Loan, 6.727%, (1 mo. USD Term SOFR + 2.75%), 8/1/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15221 | &nbsp;&nbsp;&nbsp;&nbsp; 15233426 |
|  |  |  | &nbsp;&nbsp;**$152522312** |
| Transportation Infrastructure — 0.9% | Transportation Infrastructure — 0.9% | Transportation Infrastructure — 0.9% | Transportation Infrastructure — 0.9% |
| Brown Group Holding LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.465%, (1 mo. USD Term SOFR + 2.50%), 7/1/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17234 | &nbsp;&nbsp;$17302119 |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.59% - 6.949%, (1 mo. USD Term SOFR + 2.75%, 3 mo. USD Term SOFR + 2.75%), 7/1/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14999 | &nbsp;&nbsp;&nbsp;&nbsp; 15078706 |
| KKR Apple Bidco LLC, Term Loan, 6.465%, (1 mo. USD Term SOFR + 2.50%), 9/23/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15616 | &nbsp;&nbsp;&nbsp;&nbsp; 15673872 |
|  |  |  | &nbsp;&nbsp;**$48054697** |
| Total Senior Floating-Rate Loans<br> (identified cost $6,461,527,782) |  |  | &nbsp;&nbsp;**$6289650785** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Warrants — 0.0%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Health Care — 0.0% | Health Care — 0.0% | Health Care — 0.0% |
| Cano Health, Inc., Exp. 6/28/29<sup>(3)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10441 | &nbsp;&nbsp;$0 |
| Total Warrants<br> (identified cost $0) |  | &nbsp;&nbsp;**$0** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

*34*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_ec810ad2-6fcc-48bb-ba62-88544e3cbabd_TOC)

Senior Debt Portfolio

October 31, 2025

Portfolio of Investments — continued

------

Short-Term Investments — 1.5%

Affiliated Fund — 1.4%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 4.00%<sup>(12)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;79554679 | &nbsp;&nbsp;$79554679 |
| Total Affiliated Fund<br> (identified cost $79,554,679) |  | &nbsp;&nbsp;**$79554679** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

U.S. Treasury Obligations — 0.1%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| U.S. Treasury Bills, 0.00%, 4/2/26<sup>(13)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5100 | &nbsp;&nbsp;$5021099 |
| Total U.S. Treasury Obligations<br> (identified cost $5,021,099) |  | &nbsp;&nbsp;**$5021099** |
| Total Short-Term Investments<br> (identified cost $84,575,778) |  | &nbsp;&nbsp;**$84575778** |
| Total Investments — 128.6%<br> (identified cost $7,305,210,249) |  | &nbsp;&nbsp;**$7096561810** |
| Less Unfunded Loan Commitments — (0.2)% |  | &nbsp;&nbsp;**$(11805250)** |
| Net Investments — 128.4%<br> (identified cost $7,293,404,999) |  | &nbsp;&nbsp;**$7084756560** |
| Other Assets, Less Liabilities — (28.4)% |  | &nbsp;&nbsp;**$(1566490630)** |
| Net Assets — 100.0% |  | &nbsp;&nbsp;**$5518265930** |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | The percentage shown for each investment category in the Portfolio of Investments is based on net assets. |
| <sup>†</sup> | Amount is less than 0.05% or (0.05)%, as applicable. |
| \* | In U.S. dollars unless otherwise indicated. |
| <sup>(1)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At October 31, 2025, the aggregate value of these securities is $567,748,357 or 10.3% of the Portfolio's net assets. |

---

<sup>(2)</sup> Variable rate security. The stated interest rate represents the rate in effect at October 31, 2025.

<sup>(3)</sup> Security is valued using significant unobservable inputs and is categorized as Level 3 in the fair value hierarchy.

<sup>(4)</sup> Non-income producing security.

<sup>(5)</sup> Security was acquired in connection with a restructuring of a Senior Loan and may be subject to restrictions on resale.

<sup>(6)</sup> Affiliated company (see Note 7).

<sup>(7)</sup> Senior floating-rate loans (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 typically have an expected average life of approximately two to four years. Senior Loans typically have rates of interest which are redetermined periodically by reference to a base lending rate, plus a spread. These base lending rates are primarily the Secured Overnight Financing Rate ("SOFR") and secondarily, the prime rate offered by one or more major United States banks (the "Prime Rate"). Base lending rates may be subject to a floor, or minimum rate. Rates for SOFR are generally 1 or 3-month tenors and may also be subject to a credit spread adjustment. Senior Loans are generally subject to contractual restrictions that must be satisfied before they can be bought or sold.

<sup>(8)</sup> Unfunded or partially unfunded loan commitments. The stated interest rate reflects the reference rate and spread for the funded portion, if any. At October 31, 2025, the total value of unfunded loan commitments is $11,909,349. See Note 1F for description.

<sup>(9)</sup> Issuer is in default with respect to interest and/or principal payments or has declared bankruptcy and is non-income producing. For a variable rate security, interest rate has been adjusted to reflect non-accrual status.

<sup>(10)</sup> This Senior Loan will settle after October 31, 2025, at which time the interest rate will be determined.

<sup>(11)</sup> Fixed-rate loan.

<sup>(12)</sup> May be deemed to be an affiliated investment company (see Note 7). The rate shown is the annualized seven-day yield as of October 31, 2025.

<sup>(13)</sup> Security (or a portion thereof) has been pledged to cover collateral requirements on open derivative contracts.

*35*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_ec810ad2-6fcc-48bb-ba62-88544e3cbabd_TOC)

Senior Debt Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts (OTC)** | **Forward Foreign Currency Exchange Contracts (OTC)** | **Forward Foreign Currency Exchange Contracts (OTC)** | **Forward Foreign Currency Exchange Contracts (OTC)** | **Forward Foreign Currency Exchange Contracts (OTC)** | **Forward Foreign Currency Exchange Contracts (OTC)** | **Forward Foreign Currency Exchange Contracts (OTC)** | **Forward Foreign Currency Exchange Contracts (OTC)** |
| **Currency Purchased** | **Currency Purchased** | &nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Settlement<br> Date** | &nbsp;&nbsp;**Unrealized<br> Appreciation** | &nbsp;&nbsp;**Unrealized<br> (Depreciation)** |
| USD | &nbsp;&nbsp;218285394 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;185407318 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;11/4/25 | &nbsp;&nbsp;$4575638 | &nbsp;&nbsp;$— |
| USD | &nbsp;&nbsp; 33848732 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 28832784 | &nbsp;&nbsp;Australia and New Zealand Banking Group Limited | &nbsp;&nbsp;11/28/25 | &nbsp;&nbsp;&nbsp;&nbsp; 569639 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 33871951 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 28832784 | &nbsp;&nbsp;HSBC Bank USA, N.A. | &nbsp;&nbsp;11/28/25 | &nbsp;&nbsp;&nbsp;&nbsp; 592858 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 27399236 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 23334021 | &nbsp;&nbsp;HSBC Bank USA, N.A. | &nbsp;&nbsp;11/28/25 | &nbsp;&nbsp;&nbsp;&nbsp; 466873 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 40416354 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 34427205 | &nbsp;&nbsp;State Street Bank and Trust Company | &nbsp;&nbsp;11/28/25 | &nbsp;&nbsp;&nbsp;&nbsp; 680124 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 32082837 | &nbsp;&nbsp;GBP | &nbsp;&nbsp; 23745760 | &nbsp;&nbsp;HSBC Bank USA, N.A. | &nbsp;&nbsp;11/28/25 | &nbsp;&nbsp;&nbsp;&nbsp; 886389 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp;214331879 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;185407318 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;12/2/25 | &nbsp;&nbsp;&nbsp;&nbsp; 284558 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 41370315 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 35036370 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;12/31/25 | &nbsp;&nbsp;&nbsp;&nbsp; 854573 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 41086642 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 34848928 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;12/31/25 | &nbsp;&nbsp;&nbsp;&nbsp; 787656 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 34466409 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 29196976 | &nbsp;&nbsp;State Street Bank and Trust Company | &nbsp;&nbsp;12/31/25 | &nbsp;&nbsp;&nbsp;&nbsp; 703288 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 26738232 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 23075000 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;1/30/26 | &nbsp;&nbsp;&nbsp;&nbsp; 12898 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;**$10414494** | &nbsp;&nbsp;**$—** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Credit Default Swaps - Sell Protection (Centrally Cleared)** | **Credit Default Swaps - Sell Protection (Centrally Cleared)** | **Credit Default Swaps - Sell Protection (Centrally Cleared)** | **Credit Default Swaps - Sell Protection (Centrally Cleared)** | **Credit Default Swaps - Sell Protection (Centrally Cleared)** | **Credit Default Swaps - Sell Protection (Centrally Cleared)** | **Credit Default Swaps - Sell Protection (Centrally Cleared)** |
| **Reference Entity** | &nbsp;&nbsp;**Notional<br> Amount\*<br> (000's omitted)** | &nbsp;&nbsp;**Current<br> Market Annual<br> Fixed Rate\*\*\*** | &nbsp;&nbsp;**Termination<br> Date** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**Unamortized<br> Upfront<br> Receipts<br> (Payments)** | &nbsp;&nbsp;**Unrealized<br> Appreciation<br> (Depreciation)** |
| Markit CDX North America High Yield Index (CDX.NA.HY.45.V1) | &nbsp;&nbsp;$131500 &nbsp;&nbsp;5.00%<br> (pays quarterly)<sup>(1)</sup> | &nbsp;&nbsp;3.28% | &nbsp;&nbsp;12/20/30 | &nbsp;&nbsp;$10282605 | &nbsp;&nbsp;$(9762182) | &nbsp;&nbsp;$520423 |
| **Total** | &nbsp;&nbsp;**$131500** |  |  | &nbsp;&nbsp;**$10282605** | &nbsp;&nbsp;**$(9762182)** | &nbsp;&nbsp;**$520423** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit Default Swaps - Sell Protection (OTC)** | **Credit Default Swaps - Sell Protection (OTC)** | **Credit Default Swaps - Sell Protection (OTC)** | **Credit Default Swaps - Sell Protection (OTC)** | **Credit Default Swaps - Sell Protection (OTC)** | **Credit Default Swaps - Sell Protection (OTC)** | **Credit Default Swaps - Sell Protection (OTC)** | **Credit Default Swaps - Sell Protection (OTC)** |
| **Reference Entity** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Notional<br> Amount\*<br> (000's omitted)** | &nbsp;&nbsp;**Current<br> Market<br> Annual<br> Fixed Rate\*\*\*** | &nbsp;&nbsp;**Termination<br> Date** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**Unamortized<br> Upfront<br> Receipts<br> (Payments)** | &nbsp;&nbsp;**Unrealized<br> Appreciation<br> (Depreciation)** |
| U.S. Land Banking | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;$5000 &nbsp;&nbsp;5.50%<br> (pays monthly)<sup>(1)</sup> | &nbsp;&nbsp;5.46% | &nbsp;&nbsp;10/10/29 | &nbsp;&nbsp;$23256 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$23256 |
| **Total** |  | &nbsp;&nbsp;**$5000** |  |  | &nbsp;&nbsp;**$23256** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$23256** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

*36*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_ec810ad2-6fcc-48bb-ba62-88544e3cbabd_TOC)

Senior Debt Portfolio

October 31, 2025

Portfolio of Investments — continued

------

\* 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 October 31, 2025, such maximum potential amount for all open credit default swaps in which the Portfolio is the seller was $136,500,000.

\*\* The contract annual fixed rate represents the fixed rate of interest received by the Portfolio (as a seller of protection) or paid by the Portfolio (as a buyer of protection) 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.

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

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| DIP | – Debtor In Possession |
| EURIBOR | – Euro Interbank Offered Rate |
| OTC | – Over-the-counter |
| PIK | – Payment In Kind |
| SOFR | – Secured Overnight Financing Rate |
| SONIA | – Sterling Overnight Interbank Average |

---

---

| | |
|:---|:---|
| **Currency Abbreviations:** | **Currency Abbreviations:** |
| EUR | – Euro |
| GBP | – British Pound Sterling |
| USD | – United States Dollar |

---

*37*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_ec810ad2-6fcc-48bb-ba62-88544e3cbabd_TOC)

Senior Debt Portfolio

October 31, 2025

Statement of Assets and Liabilities

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**October 31, 2025** |
| Assets |  |
| Unaffiliated investments, at value (identified cost $7,175,021,080) | &nbsp;&nbsp;$6966986306 |
| Affiliated investments, at value (identified cost $118,383,919) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117770254 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29664307 |
| Deposits for derivatives collateral: |  |
| &nbsp;&nbsp;&nbsp;Centrally cleared swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9689795 |
| &nbsp;&nbsp;&nbsp;OTC derivatives | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4790000 |
| Foreign currency, at value (identified cost $43,854,086) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43569772 |
| Interest and dividends receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36381898 |
| Dividends receivable from affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512908 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187128134 |
| Receivable for open forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10414494 |
| Receivable for open swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23256 |
| Receivable from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21430 |
| Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319956 |
| Prepaid upfront and agency fees on notes payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1819018 |
| **Total assets** | &nbsp;&nbsp;**$7409091528** |
| Liabilities |  |
| Notes payable | &nbsp;&nbsp;$1525000000 |
| Cash collateral due to brokers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4790000 |
| Payable for investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352589078 |
| Payable for variation margin on open centrally cleared swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136884 |
| Payable to affiliates: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment adviser fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2494943 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9042 |
| &nbsp;&nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319956 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5485695 |
| **Total liabilities** | &nbsp;&nbsp;**$1890825598** |
| Commitments and contingencies (see Note 10) |  |
| **Net Assets applicable to investors' interest in Portfolio** | &nbsp;&nbsp;**$5518265930** |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_ec810ad2-6fcc-48bb-ba62-88544e3cbabd_TOC)

Senior Debt Portfolio

October 31, 2025

Statement of Operations

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended** |
|  | &nbsp;&nbsp;&nbsp;**October 31, 2025** |
| Investment Income |  |
| Dividend income from affiliated investments | &nbsp;&nbsp;$6330411 |
| Interest income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573423056 |
| Other income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6642047 |
| **Total investment income** | &nbsp;&nbsp;**$586395514** |
| Expenses |  |
| Investment adviser fee | &nbsp;&nbsp;$30322363 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109686 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1246913 |
| Legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351533 |
| Interest expense and fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77064986 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245145 |
| **Total expenses** | &nbsp;&nbsp;**$109340626** |
| Deduct: |  |
| &nbsp;&nbsp;&nbsp;Waiver and/or reimbursement of expenses by affiliates | &nbsp;&nbsp;$286924 |
| **Total expense reductions** | &nbsp;&nbsp;**$286924** |
| **Net expenses** | &nbsp;&nbsp;**$109053702** |
| **Net investment income** | &nbsp;&nbsp;**$477341812** |
| Realized and Unrealized Gain (Loss) |  |
| Net realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;Investment transactions | &nbsp;&nbsp;$(125535708) |
| &nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1107926 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2157669 |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9153038) |
| **Net realized loss** | &nbsp;&nbsp;**$(131423151)** |
| Change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;$(19081992) |
| &nbsp;&nbsp;&nbsp;Investments - affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(613665) |
| &nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543679 |
| &nbsp;&nbsp;&nbsp;Foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1457022) |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7479813) |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$(28088813)** |
| **Net realized and unrealized loss** | &nbsp;&nbsp;**$(159511964)** |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$317829848** |

---

*39*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_ec810ad2-6fcc-48bb-ba62-88544e3cbabd_TOC)

Senior Debt Portfolio

October 31, 2025

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
|  | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$477341812 | &nbsp;&nbsp;$553162253 |
| &nbsp;&nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(131423151) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(223665463) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28088813) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323331862 |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$317829848** | &nbsp;&nbsp;**$652828652** |
| Capital transactions: |  |  |
| &nbsp;&nbsp;&nbsp;Contributions | &nbsp;&nbsp;$839017134 | &nbsp;&nbsp;$398168678 |
| &nbsp;&nbsp;&nbsp;Withdrawals | &nbsp;&nbsp;&nbsp;&nbsp;(1494277000) | &nbsp;&nbsp;&nbsp;&nbsp;(1070766769) |
| **Net decrease in net assets from capital transactions** | &nbsp;&nbsp;**$(655259866)** | &nbsp;&nbsp;**$(672598091)** |
| **Net decrease in net assets** | &nbsp;&nbsp;**$(337430018)** | &nbsp;&nbsp;**$(19769439)** |
| Net Assets |  |  |
| At beginning of year | &nbsp;&nbsp;$5855695948 | &nbsp;&nbsp;$5875465387 |
| **At end of year** | &nbsp;&nbsp;**$5518265930** | &nbsp;&nbsp;**$5855695948** |

---

*40*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_ec810ad2-6fcc-48bb-ba62-88544e3cbabd_TOC)

Senior Debt Portfolio

October 31, 2025

Statement of Cash Flows

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended** |
|  | &nbsp;&nbsp;&nbsp;**October 31, 2025** |
| Cash Flows From Operating Activities |  |
| Net increase in net assets from operations | &nbsp;&nbsp;$317829848 |
| Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities: |  |
| &nbsp;&nbsp;&nbsp;Investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;(3018888056) |
| &nbsp;&nbsp;&nbsp;Investments sold and principal repayments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3016639685 |
| &nbsp;&nbsp;&nbsp;Decrease in short-term investments, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5617027 |
| &nbsp;&nbsp;&nbsp;Net amortization/accretion of premium (discount) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21239092) |
| &nbsp;&nbsp;&nbsp;Amortization of prepaid upfront and agency fees on notes payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3637966 |
| &nbsp;&nbsp;&nbsp;Decrease in interest and dividends receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3932159 |
| &nbsp;&nbsp;&nbsp;Decrease in dividends receivable from affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53628 |
| &nbsp;&nbsp;&nbsp;Increase in receivable for open swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23256) |
| &nbsp;&nbsp;&nbsp;Increase in Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13190) |
| &nbsp;&nbsp;&nbsp;Increase in receivable from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21430) |
| &nbsp;&nbsp;&nbsp;Decrease in cash collateral due to brokers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5510000) |
| &nbsp;&nbsp;&nbsp;Increase in variation margin on open centrally cleared swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136884 |
| &nbsp;&nbsp;&nbsp;Decrease in payable to affiliates for investment adviser fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(86197) |
| &nbsp;&nbsp;&nbsp;Increase in payable to affiliates for Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13190 |
| &nbsp;&nbsp;&nbsp;Decrease in accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(962675) |
| &nbsp;&nbsp;&nbsp;Increase in unfunded loan commitments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4528976 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) depreciation from investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19695657 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) depreciation from forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7479813 |
| &nbsp;&nbsp;&nbsp;Net realized loss from investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125535708 |
| **Net cash provided by operating activities** | &nbsp;&nbsp;**$458356645** |
| Cash Flows From Financing Activities |  |
| Proceeds from capital contributions | &nbsp;&nbsp;$839017134 |
| Payments for capital withdrawals | &nbsp;&nbsp;&nbsp;&nbsp;(1494277000) |
| Proceeds from notes payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1075000000 |
| Repayments of notes payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(950000000) |
| Payment of prepaid upfront and agency fees on notes payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3600000) |
| **Net cash used in financing activities** | &nbsp;&nbsp;**$(533859866)** |
| **Net decrease in cash and restricted cash\*** | &nbsp;&nbsp;**$(75503221)** |
| **Cash and restricted cash at beginning of year (including foreign currency)** | &nbsp;&nbsp;**$163217095** |
| **Cash and restricted cash at end of year (including foreign currency)** | &nbsp;&nbsp;**$87713874** |
| Supplemental disclosure of cash flow information: |  |
| Cash paid for interest and fees on borrowings | &nbsp;&nbsp;$77250592 |

---

\* Includes net change in unrealized (appreciation) depreciation on foreign currency of $722,470.

The following table provides a reconciliation of cash and restricted cash reported within the Statement of Assets and Liabilities that sum to the total of such amounts shown on the Statement of Cash Flows.

---

| | |
|:---|:---|
| | &nbsp;&nbsp;&nbsp;**October 31, 2025** |
| Cash | &nbsp;&nbsp;$29664307 |
| Deposits for derivatives collateral: |  |
| &nbsp;&nbsp;&nbsp;Centrally cleared swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9689795 |
| &nbsp;&nbsp;&nbsp;OTC derivatives | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4790000 |
| Foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;43569772 |
| **Total cash and restricted cash as shown on the Statement of Cash Flows** | &nbsp;&nbsp;**$87713874** |

---

*41*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_ec810ad2-6fcc-48bb-ba62-88544e3cbabd_TOC)

Senior Debt Portfolio

October 31, 2025

Financial Highlights

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
|  | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Ratios (as a percentage of average daily net assets):<sup>(1)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses excluding interest and fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53% |
| &nbsp;&nbsp;&nbsp;Interest and fee expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32% |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.85%<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.23%<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.37%<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99%<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.19% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28% |
| **Total Return** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.91%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.64%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.42%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4.22)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.75%** |
| **Net assets, end of year (000's omitted)** | &nbsp;&nbsp;**$5518266** | &nbsp;&nbsp;**$5855696** | &nbsp;&nbsp;**$5875465** | &nbsp;&nbsp;**$7369505** | &nbsp;&nbsp;**$8423553** |

---

<sup>(1)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Portfolio.

<sup>(2)</sup> Includes a reduction by the investment adviser of a portion of the Portfolio's adviser fee due to the Portfolio's investment in the Liquidity Fund and in other affiliated funds (equal to less than 0.005% of average daily net assets for the years ended October 31, 2025, 2024, 2023 and 2022).

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_ec810ad2-6fcc-48bb-ba62-88544e3cbabd_TOC)

Senior Debt Portfolio

October 31, 2025

Notes to Financial Statements

------

1 Significant Accounting Policies

Senior Debt Portfolio (the Portfolio) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Portfolio's investment objective is to provide a high level of current income. The Declaration of Trust permits the Trustees to issue interests in the Portfolio. At October 31, 2025, Eaton Vance Floating-Rate Advantage Fund, Eaton Vance Strategic Income Fund and Eaton Vance Short Duration Inflation-Protected Income Fund held an interest of 88.6%, 9.4% and 2.0%, respectively, in the Portfolio.

The following is a summary of significant accounting policies of the Portfolio. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Portfolio is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.

A Investment Valuation—The following methodologies are used to determine the market value or fair value of investments.

**Senior Floating-Rate Loans. Interests in senior floating-rate loans (Senior Loans) are valued generally at the average mean of bid and ask quotations obtained from a third party pricing service. Senior Loans, for which a valuation is not available or deemed unreliable, are fair valued by the investment adviser utilizing one or more of the valuation techniques described below to assess the likelihood that the borrower will make a full repayment of the loan underlying such Senior Loan. If the investment adviser believes that there is a reasonable likelihood of full repayment, the investment adviser will determine fair value using a matrix pricing approach that considers the yield on the Senior Loan relative to yields on other Senior Loans issued by companies of comparable credit quality. If the investment adviser believes there is not a reasonable likelihood of full repayment, the investment adviser will determine fair value using analyses that include, but are not limited to: (i) a comparison of the value of the borrower's outstanding equity and debt to that of comparable public companies; (ii) a discounted cash flow analysis; or (iii) when the investment adviser believes it is likely that a borrower will be liquidated or sold, an analysis of the terms of such liquidation or sale. In certain cases, the investment adviser will use a combination of analytical methods to determine fair value, such as when only a portion of a borrower's assets are likely to be sold. In conducting its assessment and analyses for purposes of determining fair value of a Senior Loan, the investment adviser will use its discretion and judgment in considering and appraising relevant factors. Junior Loans (i.e., subordinated loans and second lien loans) are valued in the same manner as Senior Loans.**

**Debt Obligations. Debt obligations are generally valued on the basis of valuations provided by third party pricing services, as derived from such services' pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and ask prices, broker/dealer quotations, prices or yields of securities with similar characteristics, interest rates, anticipated prepayments, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Short-term debt obligations purchased with a remaining maturity of sixty days or less for which a valuation from a third party pricing service is not readily available may be valued at amortized cost, which approximates fair value.**

**Equity Securities. Equity securities listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and ask prices on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ National Market System are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and ask prices or, in the case of preferred equity securities that are not listed or traded in the over-the-counter market, by a third party pricing service that uses various techniques that consider factors including, but not limited to, prices or yields of securities with similar characteristics, benchmark yields, broker/dealer quotes, quotes of underlying common stock, issuer spreads, as well as industry and economic events.**

**Derivatives. Forward foreign currency exchange contracts are generally valued at the mean of the average bid and average ask prices that are reported by currency dealers to a third party pricing service at the valuation time. Such third party pricing service valuations are supplied for specific settlement periods and the Portfolio's forward foreign currency exchange contracts are valued at an interpolated rate between the closest preceding and subsequent settlement period reported by the third party pricing service. Swaps are normally valued using valuations provided by a third party pricing service. Such pricing service valuations are based on the present value of fixed and projected floating rate cash flows over the term of the swap contract, and in the case of credit default swaps, based on credit spread quotations obtained from broker/dealers and expected default recovery rates determined by the pricing service using proprietary models. Future cash flows on swaps are discounted to their present value using swap rates provided by electronic data services or by broker/dealers.**

**Foreign Securities and Currencies. Foreign securities 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.**

**Other. Investments in management investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value as of the close of each business day. Exchange-traded funds are valued at the official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded.**

**Fair Valuation. In connection with Rule 2a-5 of the 1940 Act, the Trustees have designated the Portfolio's investment adviser as its valuation designee. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued by the investment adviser, as valuation designee, at fair value using methods that most fairly reflect the security's "fair value", which is the amount that the Portfolio might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are**

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Senior Debt Portfolio

October 31, 2025

Notes to Financial Statements — continued

------

likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security's disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company's or entity's financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

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

C Income—Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount. Fees in connection with investments in senior floating-rate loans may include amendment fees, consent fees and prepayment fees, which are recorded to income as earned and included in Other income on the Statement of Operations. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. Withholding taxes on foreign dividends have been provided for in accordance with the Portfolio's understanding of the applicable countries' tax rules and rates. Distributions from investment companies are recorded as dividend income, capital gains or return of capital based on the nature of the distribution.

D Federal Taxes—The Portfolio has elected to be treated as a partnership for federal tax purposes. No provision is made by the Portfolio for federal or state taxes on any taxable income of the Portfolio because each investor in the Portfolio is ultimately responsible for the payment of any taxes on its share of taxable income. Since at least one of the Portfolio's investors is a regulated investment company that invests all or substantially all of its assets in the Portfolio, the Portfolio normally must satisfy the applicable source of income and diversification requirements (under the Internal Revenue Code) in order for its investors to satisfy them. The Portfolio will allocate, at least annually among its investors, each investor's distributive share of the Portfolio's net investment income, net realized capital gains and losses and any other items of income, gain, loss, deduction or credit.

As of October 31, 2025, the Portfolio had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Portfolio files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

E Foreign Currency Translation—Investment valuations, other assets, and liabilities initially expressed in foreign currencies are translated each business day into U.S. dollars based upon current exchange rates. Purchases and sales of foreign investment securities and income and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates in effect on the respective dates of such transactions. Recognized gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.

F Unfunded Loan Commitments—The Portfolio may enter into certain loan agreements all or a portion of which may be unfunded. The Portfolio is obligated to fund these commitments at the borrower's discretion. These commitments are disclosed in the accompanying Portfolio of Investments. At October 31, 2025, the Portfolio had sufficient cash and/or securities to cover these commitments.

G Use of Estimates—The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

H Indemnifications—Under the Portfolio's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Portfolio. Under Massachusetts law, if certain conditions prevail, interestholders in the Portfolio could be deemed to have personal liability for the obligations of the Portfolio. However, the Portfolio's Declaration of Trust contains an express disclaimer of liability on the part of Portfolio interestholders. Additionally, in the normal course of business, the Portfolio enters into agreements with service providers that may contain indemnification clauses. The Portfolio's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet occurred.

I Forward Foreign Currency Exchange Contracts—The Portfolio may enter into forward foreign currency exchange contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date. The forward foreign currency exchange contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded as unrealized until such time as the contracts have been closed. Risks may arise upon entering these contracts from the potential inability of counterparties to meet the terms of their contracts and from movements in the value of a foreign currency relative to the U.S. dollar.

J Credit Default Swaps— When the Portfolio is the buyer of a credit default swap contract, the Portfolio is entitled to receive the par (or other agreed-upon) value of a referenced debt obligation (or basket of debt obligations) from the counterparty (or central clearing party (CCP) in the case of a centrally cleared swap) to the contract if a credit event by a third party, such as a U.S. or foreign corporate issuer or sovereign issuer, on the debt obligation occurs. In return, the Portfolio pays the counterparty a periodic stream of payments over the term of the contract provided that no credit event has occurred. If no credit event occurs, the Portfolio would have spent the stream of payments and received no proceeds from the contract. When the Portfolio

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October 31, 2025

Notes to Financial Statements — continued

------

is the seller of a credit default swap contract, it receives the stream of payments, but is obligated to pay to the buyer of the protection an amount up to the notional amount of the swap and in certain instances take delivery of securities of the reference entity upon the occurrence of a credit event, as defined under the terms of that particular swap agreement. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring, obligation acceleration and repudiation/moratorium. If the Portfolio is a seller of protection and a credit event occurs, the maximum potential amount of future payments that the Portfolio could be required to make would be an amount equal to the notional amount of the agreement. This potential amount would be partially offset by any recovery value of the respective referenced obligation, or net amount received from the settlement of a buy protection credit default swap agreement entered into by the Portfolio for the same referenced obligation. As the seller, the Portfolio may create economic leverage to its portfolio because, in addition to its total net assets, the Portfolio is subject to investment exposure on the notional amount of the swap. The interest fee paid or received on the swap contract, which is based on a specified interest rate on a fixed notional amount, is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as realized gain upon receipt or realized loss upon payment. The Portfolio also records an increase or decrease to unrealized appreciation (depreciation) in an amount equal to the daily valuation. For centrally cleared swaps, the daily change in valuation is recorded as a receivable or payable for variation margin and settled in cash with the CCP daily. All upfront payments and receipts, if any, are amortized over the life of the swap contract as realized gains or losses. Those upfront payments or receipts for non-centrally cleared swaps are recorded as other assets or other liabilities, respectively, net of amortization. For financial reporting purposes, unamortized upfront payments or receipts, if any, are netted with unrealized appreciation or depreciation on swap contracts to determine the market value of swaps as presented in Notes 5 and 8. These transactions involve certain risks, including the risk that the seller may be unable to fulfill the transaction. In the case of centrally cleared swaps, counterparty risk is minimal due to protections provided by the CCP.

K Segment Reporting—During this reporting period, the Portfolio adopted FASB Accounting Standards Update No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures* (ASU 2023-07), which requires incremental disclosures related to a public entity's reportable segments. The Portfolio operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. In connection with the adoption of ASU 2023-07, the Portfolio's President acts as the Portfolio's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Portfolio's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Portfolio's financial statements.

2 Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory services rendered to the Portfolio. The fee is computed at an annual rate as a percentage of average daily gross assets as follows and is payable monthly:

---

| | |
|:---|:---|
| **Average Daily Gross Assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Annual Fee Rate** |
| Up to and including $1 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.5000% |
| In excess of $1 billion up to and including $2 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.4500% |
| In excess of $2 billion up to and including $7 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.4000% |
| In excess of $7 billion up to and including $10 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.3875% |
| In excess of $10 billion up to and including $15 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.3750% |
| In excess of $15 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.3625% |

---

Gross assets are calculated by deducting all liabilities of the Portfolio except the principal amount of any indebtedness for money borrowed. For the year ended October 31, 2025, the Portfolio's investment adviser fee amounted to $30,322,363 or 0.51% of the Portfolio's average daily net assets. The Portfolio may invest in a money market fund, the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio (the "Liquidity Fund"), an open-end management investment company managed by Morgan Stanley Investment Management Inc., a wholly-owned subsidiary of Morgan Stanley, and in other affiliated funds. The investment adviser fee paid by the Portfolio is reduced by an amount equal to its pro rata share of the advisory and administration fees/advisory fees paid by the Portfolio due to its investment in the Liquidity Fund and in other affiliated funds. For the year ended October 31, 2025, the investment adviser fee paid was reduced by $286,924 relating to the Portfolio's investment in the Liquidity Fund and in other affiliated funds.

During the year ended October 31, 2025, BMR reimbursed the Portfolio $13,475 for a net realized loss due to a trading error. The amount of the

reimbursement had an impact on total return of less than 0.01%.

Trustees and officers of the Portfolio who are members of BMR's organization receive remuneration for their services to the Portfolio out of the investment adviser fee. Trustees of the Portfolio who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. Certain officers and Trustees of the Portfolio are officers of the above organization.

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October 31, 2025

Notes to Financial Statements — continued

------

3 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations and including maturities, paydowns and principal repayments on Senior Loans, aggregated $3,018,802,900 and $3,015,326,317, respectively, for the year ended October 31, 2025.

4 Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Portfolio at October 31, 2025, as determined on a federal income tax basis, were as follows:

---

| | |
|:---|:---|
| **Aggregate cost** | &nbsp;&nbsp;**$7302673662** |
| Gross unrealized appreciation | &nbsp;&nbsp;$64194229 |
| Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(282111331) |
| **Net unrealized depreciation** | &nbsp;&nbsp;**$(217917102)** |

---

5 Financial Instruments

The Portfolio may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include forward foreign currency exchange contracts and swap contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Portfolio has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at October 31, 2025 is included in the Portfolio of Investments. At October 31, 2025, 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:

Credit Risk: The Portfolio enters into credit default swap contracts to manage certain investment risks and/or to enhance total return, to seek to hedge against interest rate fluctuations or as a substitute for the purchase or sale of securities.

Foreign Exchange Risk: 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 Portfolio enters into over-the-counter (OTC) derivatives that may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in the Portfolio's net assets below a certain level over a certain period of time, which would trigger a payment by the Portfolio for those derivatives in a liability position. At October 31, 2025, the Portfolio had no open derivatives with credit-related contingent features in a net liability position.

The OTC derivatives in which the Portfolio invests are subject to the risk that the counterparty to the contract fails to perform its obligations under the contract. To mitigate this risk, the Portfolio has entered into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with substantially all its derivative counterparties. An ISDA Master Agreement is a bilateral agreement between the Portfolio and a counterparty that governs certain OTC derivatives and typically contains, among other things, set-off provisions in the event of a default and/or termination event as defined under the relevant ISDA Master Agreement. Under an ISDA Master Agreement, the Portfolio may,under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy or insolvency. Certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event the Portfolio's net assets decline by a stated percentage or the Portfolio fails to meet the terms of its ISDA Master Agreements, which would cause the counterparty to accelerate payment by the Portfolio of any net liability owed to it.

The collateral requirements for derivatives traded under an ISDA Master Agreement are governed by a Credit Support Annex to the ISDA Master Agreement. Collateral requirements are determined at the close of business each day and are typically based on changes in market values for each transaction under an ISDA Master Agreement and netted into one amount for such agreement. Generally, the amount of collateral due from or to a counterparty is subject to a minimum transfer threshold amount before a transfer is required, which may vary by counterparty. Collateral pledged for the benefit of the Portfolio and/or counterparty is held in segregated accounts by the Portfolio's custodian and cannot be sold, re-pledged, assigned or otherwise used while pledged. The portion of such collateral representing cash, if any, is reflected as deposits for derivatives collateral and, in the case of cash pledged by a counterparty for

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October 31, 2025

Notes to Financial Statements — continued

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the benefit of the Portfolio, a corresponding liability on the Statement of Assets and Liabilities. Securities pledged by the Portfolio as collateral, if any, are identified as such in the Portfolio of Investments. The carrying amount of the liability for cash collateral due to brokers at October 31, 2025 approximated its fair value. If measured at fair value, such liability would have been considered as Level 2 in the fair value hierarchy (see Note 8) at October 31, 2025.

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at October 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;**Fair Value** |
| **Statement of Assets and Liabilities Caption** | &nbsp;&nbsp;**Credit** | &nbsp;&nbsp;**Foreign<br> Exchange** | &nbsp;&nbsp;**Total** |
| Not applicable | &nbsp;&nbsp;&nbsp;&nbsp;$10282605<sup>(1)</sup> | &nbsp;&nbsp;$— | &nbsp;&nbsp;$10282605 |
| Receivable for open forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;10414494 | &nbsp;&nbsp;&nbsp;&nbsp;10414494 |
| Receivable for open swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23256 |
| **Total Asset Derivatives** | &nbsp;&nbsp;**$10305861** | &nbsp;&nbsp;**$10414494** | &nbsp;&nbsp;**$20720355** |
| **Derivatives not subject to master netting or similar agreements** | &nbsp;&nbsp;**$10282605** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$10282605** |
| **Total Asset Derivatives subject to master netting or similar agreements** | &nbsp;&nbsp;**$23256** | &nbsp;&nbsp;**$10414494** | &nbsp;&nbsp;**$10437750** |

---

<sup>(1)</sup> Only the current day's variation margin on open centrally cleared swap contracts is reported within the Statement of Assets and Liabilities as Receivable or Payable for variation margin on open centrally cleared swap contracts, as applicable.

The Portfolio's derivative assets and liabilities at fair value by risk, which are reported gross in the Statement of Assets and Liabilities, are presented in the table above. The following table presents the Portfolio's derivative assets by counterparty, net of amounts available for offset under a master netting agreement and net of the related collateral received by the Portfolio for such assets as of October 31, 2025.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | &nbsp;&nbsp;&nbsp;**Derivative<br> Assets Subject to<br> Master Netting<br> Agreement** | &nbsp;&nbsp;&nbsp;**Derivatives<br> Available<br> for Offset** | &nbsp;&nbsp;&nbsp;**Non-cash<br> Collateral<br> Received<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;**Cash<br> Collateral<br> Received<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;**Net Amount<br> of Derivative<br> Assets<sup>(b)</sup>** |
| Australia and New Zealand Banking Group Limited | &nbsp;&nbsp;&nbsp;$569639 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$(130000) | &nbsp;&nbsp;&nbsp;$439639 |
| Deutsche Bank AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1655127 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(740000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915127 |
| Goldman Sachs International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23256 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23256 |
| HSBC Bank USA, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1946120 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(1731004) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215116 |
| Standard Chartered Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4860196 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(1448064) | &nbsp;&nbsp;&nbsp;&nbsp;(2400000) | &nbsp;&nbsp;&nbsp;&nbsp;1012132 |
| State Street Bank and Trust Company | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1383412 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(1383412) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp;**$10437750** | &nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;**$(3179068)** | &nbsp;&nbsp;&nbsp;**$(4653412)** | &nbsp;&nbsp;&nbsp;**$2605270** |

---

<sup>(a)</sup> In some instances, the total collateral received and/or pledged may be more than the amount shown due to overcollateralization.

<sup>(b)</sup> Net amount represents the net amount due from the counterparty in the event of default.

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October 31, 2025

Notes to Financial Statements — continued

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The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations by risk exposure for the year ended October 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Statement of Operations Caption** | &nbsp;&nbsp;**Credit** | &nbsp;&nbsp;**Foreign<br> Exchange** | &nbsp;&nbsp;**Total** |
| Net realized gain (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;$1107926 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1107926 |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(9153038) | &nbsp;&nbsp;&nbsp;&nbsp;(9153038) |
| **Total** | &nbsp;&nbsp;**$1107926** | &nbsp;&nbsp;**$(9153038)** | &nbsp;&nbsp;**$(8045112)** |
| Change in unrealized appreciation (depreciation): |  |  |  |
| &nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;$543679 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$543679 |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(7479813) | &nbsp;&nbsp;&nbsp;&nbsp;(7479813) |
| **Total** | &nbsp;&nbsp;**$543679** | &nbsp;&nbsp;**$(7479813)** | &nbsp;&nbsp;**$(6936134)** |

---

The average notional amounts of derivative contracts outstanding during the year ended October 31, 2025, which are indicative of the volume of these derivative types, were approximately as follows:

---

| | |
|:---|:---|
| **Forward<br> Foreign Currency<br> Exchange Contracts<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Swap<br> Contracts** |
| $960412000 | &nbsp;&nbsp;&nbsp;&nbsp;$27923000 |

---

<sup>(1)</sup> The average notional amount for forward foreign currency exchange contracts is based on the absolute value of notional amounts of currency purchased and currency sold.

6 Revolving Credit and Security Agreement

The Portfolio has entered into a Revolving Credit and Security Agreement, as amended (the "Loan Facility"), with Toronto Dominion Bank as direct lender and agent and certain other banks as direct lenders that allows it to borrow up to $2 billion and to invest the borrowings in accordance with its investment practices. Borrowings under the Loan Facility are secured by the assets of the Portfolio. The Loan Facility is in effect through April 30, 2026. Interest is generally charged at a rate equal to the 1-Month Term Secured Overnight Financing Rate (SOFR) plus 0.11448% credit spread adjustment. On May 1, 2025, the Portfolio paid upfront fees equal to 0.15% of the total commitment amount under the Loan Facility and agency fees of $600,000, which are being amortized to interest expense through April 30, 2026. The Portfolio also pays (1) a drawn fee equal to 0.95% per annual on outstanding borrowings, and (2) a liquidity fee equal to 0.25% per annum of the undrawn amount under the Loan Facility. The Portfolio also incurred upfront and agency fees that were being amortized through May 1, 2025, of which $1,856,984 is included in interest expense for the year ended October 31, 2025.

Drawn and liquidity fees for the year ended October 31, 2025 totaled $14,059,748 and are included in interest expense and fees on the Statement of Operations. Unamortized upfront and agency fees at October 31, 2025 are approximately $1,819,000 and are included in prepaid upfront and agency fees on notes payable on the Statement of Assets and Liabilities. At October 31, 2025, the Portfolio had borrowings outstanding under the Loan Facility of $1.525 billion at an annual interest rate of 4.15%. Based on the short-term nature of borrowings under the Loan Facility and the variable interest rate, the carrying amount of the borrowings at October 31, 2025 approximated its fair value. If measured at fair value, borrowings under the Loan Facility would have been considered as Level 2 in the fair value hierarchy (see Note 8) at October 31, 2025. For the year ended October 31, 2025, the average borrowings under the Loan Facility and the average annual interest rate (excluding fees) were $1,298,013,699 and 4.52%, respectively.

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October 31, 2025

Notes to Financial Statements — continued

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7 Affiliated Investments

At October 31, 2025, the value of the Portfolio's investment in funds that may be deemed to be affiliated was $117,770,254, which represents 2.1% of the Portfolio's net assets. Transactions in such investments by the Portfolio for the year ended October 31, 2025 were as follows:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Value,<br> beginning<br> of period** | **Purchases** | **Sales<br> proceeds** | **Net realized<br> gain (loss)** | **Change in<br> unrealized<br> appreciation<br> (depreciation)** | **Value, end<br> of period** | **Dividend<br> income** | **Shares,<br> end of period** |
| **Exchange-Traded Funds** | **Exchange-Traded Funds** | **Exchange-Traded Funds** | **Exchange-Traded Funds** | **Exchange-Traded Funds** | **Exchange-Traded Funds** | **Exchange-Traded Funds** | **Exchange-Traded Funds** | **Exchange-Traded Funds** |
| Eaton Vance Floating-Rate ETF | $— | $38829240 | $— | $— | $(613665) | $38215575 | $1703440 | &nbsp;&nbsp;&nbsp;&nbsp;772500 |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| Liquidity Fund | &nbsp;&nbsp;&nbsp;90192805 | &nbsp;&nbsp;&nbsp;2894466874 | &nbsp;&nbsp;&nbsp;(2905105000) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 79554679 | &nbsp;&nbsp;&nbsp;4626971 | 79554679 |
| **Total** |  |  |  | **$—** | **$(613665)** | **$117770254** | **$6330411** |  |

---

8 Fair Value Measurements

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 October 31, 2025, the hierarchy of inputs used in valuing the Portfolio's investments and open derivative instruments, which are carried at fair value, were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Asset-Backed Securities | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$151869713 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$151869713 |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 663314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55499482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21204126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77366922 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 437772747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 437772747 |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; 38215575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38215575 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4484690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12625600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17110290 |
| Senior Floating-Rate Loans (Less Unfunded Loan Commitments) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6274903422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2942113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6277845535 |
| Warrants | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0 |
| Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated Fund | &nbsp;&nbsp;&nbsp;&nbsp; 79554679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79554679 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5021099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5021099 |
| **Total Investments** | &nbsp;&nbsp;**$118433568** | &nbsp;&nbsp;&nbsp;&nbsp;**$6929551153** | &nbsp;&nbsp;&nbsp;&nbsp;**$36771839** | &nbsp;&nbsp;&nbsp;&nbsp;**$7084756560** |
| Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$10414494 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$10414494 |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10305861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10305861 |
| **Total** | &nbsp;&nbsp;**$118433568** | &nbsp;&nbsp;&nbsp;&nbsp;**$6950271508** | &nbsp;&nbsp;&nbsp;&nbsp;**$36771839** | &nbsp;&nbsp;&nbsp;&nbsp;**$7105476915** |

---

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

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Senior Debt Portfolio

October 31, 2025

Notes to Financial Statements — continued

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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 year ended October 31, 2025 is not presented.

9 Risks and Uncertainties

#### Risks Associated with Foreign Investments
Foreign investments can be adversely affected by political, economic and market developments abroad, including the imposition of economic and other sanctions by the United States or another country, and by acts of terrorism and war. There may be less publicly available information about foreign issuers because they may not be subject to reporting practices, requirements or regulations comparable to those to which United States companies are subject. Foreign markets may be smaller, less liquid and more volatile than the major markets in the United States. Trading in foreign markets typically involves higher expense than trading in the United States. The Portfolio may have difficulties enforcing its legal or contractual rights in a foreign country. Securities that trade or are denominated in currencies other than the U.S. dollar may be adversely affected by fluctuations in currency exchange rates.

#### Credit Risk
The Portfolio invests primarily in below investment grade floating-rate loans, which are considered speculative because of the credit risk of their issuers. Changes in economic conditions or other circumstances are more likely to reduce the capacity of issuers of these securities to make principal and interest payments. Such companies are more likely to default on their payments of interest and principal owed than issuers of investment grade bonds. An economic downturn generally leads to a higher non-payment rate, and a loan or other debt obligation may lose significant value before a default occurs. Lower rated investments also may be subject to greater price volatility than higher rated investments. Moreover, the specific collateral used to secure a loan may decline in value or become illiquid, which would adversely affect the loan's value.

10 Commitments and Contingencies

In connection with the Serta Chapter 11 bankruptcy proceeding, on December 31, 2024, the U.S. Fifth Circuit Court of Appeals reversed a bankruptcy court's ruling that held permissible an "uptier" agreement (the "2020 Agreement") entered into by Serta with certain participating lenders, including the Portfolio. The 2020 Agreement had the effect of subordinating the existing debt of certain non-participating lenders to that of the participating lenders. The non-participating lenders brought claims for breach of contract, arguing that the participating lenders had breached an earlier agreement by entering into the 2020 Agreement. The appellate court found that the bankruptcy court had erred in determining that the 2020 Agreement was permitted by the terms of the earlier agreement and remanded the breach of contract claims for further consideration by the bankruptcy court. The appellate court further held that indemnification of the participating lenders in the 2020 Agreement was impermissible under the U.S. Bankruptcy Code.

A request by the Portfolio and the other participating lenders for a rehearing of this matter before the Fifth Circuit en banc was denied. The matter has been remanded to the bankruptcy court to determine whether the participating lenders are liable for the breach of contract claims. A trial is scheduled to begin in February 2026. At this time, the Portfolio cannot reliably predict the outcome of these proceedings or the effect, if any, on the Portfolio's net asset value.

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Senior Debt Portfolio

October 31, 2025

Report of Independent Registered Public Accounting Firm

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To the Trustees and Investors of Senior Debt Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Senior Debt Portfolio (the "Portfolio"), including the portfolio of investments, as of October 31, 2025, the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Portfolio as of October 31, 2025, and the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Portfolio's management. Our responsibility is to express an opinion on the Portfolio's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolio in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB and in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Portfolio is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Portfolio's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities and senior loans owned as of October 31, 2025, by correspondence with the custodian, brokers and agent banks; when replies were not received from brokers and agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 22, 2025

We have served as the auditor of one or more Eaton Vance investment companies since 1959.

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Eaton Vance

Floating-Rate Advantage Fund

October 31, 2025

Board of Trustees' Contract Approval

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Overview of the Contract Review Process

The Investment Company Act of 1940, as amended (the "1940 Act"), provides, in substance, that the investment advisory agreement between a fund and its investment adviser will continue in effect from year-to-year only if its continuation is approved on an annual basis by a vote of the fund's board of trustees, including a majority of the trustees who are not "interested persons" of the fund ("independent trustees"), cast in person at a meeting called for the purpose of considering such approval.

At a meeting held on June 12, 2025, the Boards of Trustees/Directors (collectively, the "Board") that oversee the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the "Eaton Vance Funds"), including a majority of the independent trustees (the "Independent Trustees"), voted to approve the continuation of existing investment advisory agreements and sub-advisory agreements<sup>1</sup> for each of the Eaton Vance Funds for an additional one-year period. The Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee comprised of all of the Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of meetings held between April and June 2025, as well as certain additional information provided in response to specific requests from the Independent Trustees as members of the Contract Review Committee. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee's annual evaluation of the investment advisory agreements and sub-advisory agreements.

In connection with its evaluation of the investment advisory agreements and sub-advisory agreements, the Board (directly or through one or more of its committees) considered various information relating to the Eaton Vance Funds. This included information applicable to all or groups of the Eaton Vance Funds, which is referenced immediately below, and information applicable to the particular Eaton Vance Fund covered by this report (each Eaton Vance Fund is referred to below as a "fund"). (For funds that invest through one or more underlying portfolios, references to "each fund" in this section may include information that was considered at the portfolio-level.)

*Information about Fees, Performance and Expenses*

• A report from an independent data provider comparing advisory and other fees paid by each fund to such fees paid by comparable funds, as identified by the independent data provider ("comparable funds");

• A report from an independent data provider comparing each fund's total expense ratio (and its components) to those of comparable funds;

• A report from an independent data provider comparing the investment performance of each fund to the investment performance of comparable funds and, as applicable, benchmark indices, over various time periods;

• In certain instances, data regarding investment performance relative to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board (a committee exclusively comprised of Independent Trustees);

• Comparative information concerning the fees charged and services provided by the adviser and sub-adviser to each fund in managing other accounts (which may include other funds, collective investment trusts and institutional accounts) with the same or substantially similar investment objective as the fund and with a significant overlap in holdings based on criteria set by the Board, if any;

• Profitability analyses on a fund-by-fund basis for the adviser and its affiliates and for each sub-adviser not affiliated with the adviser;

*Information about Portfolio Management and Trading*

• Descriptions of the investment management services provided to each fund, as well as each of the funds' investment strategies and policies;

• The procedures and processes used by the adviser to determine the value of fund assets, including, when necessary, the determination of "fair value" by the adviser in its role as each fund's valuation designee and actions taken to monitor and test the effectiveness of such procedures and processes;

• Information about the policies and practices of each fund's adviser and sub-adviser with respect to trading, including their processes for seeking best execution of portfolio transactions;

• Information about the allocation of brokerage transactions and the benefits, if any, received by the adviser and sub-adviser to each fund as a result of brokerage allocation, including, as applicable, information concerning the acquisition of research through client commission arrangements and policies with respect to "soft dollars";

• Data relating to the portfolio turnover rate of each fund and related information regarding active management in the context of particular strategies;

*Information about each Adviser and Sub-Adviser*

• Reports regarding the financial results and condition of the adviser and certain of its affiliates and of each sub-adviser not affiliated with the adviser;

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;Not all Eaton Vance Funds have entered into a sub-advisory agreement with a sub-adviser. Accordingly, references to "sub-adviser" or "sub-advisory agreement" in this "Overview" section may not be applicable to the particular Eaton Vance Fund covered by this report. Eaton Vance Management and Boston Management and Research are referred to collectively as the "adviser."

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Eaton Vance

Floating-Rate Advantage Fund

October 31, 2025

Board of Trustees' Contract Approval — continued

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• Information regarding the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and, for portfolio managers and certain other investment professionals, information relating to their responsibilities with respect to managing other funds and investment accounts, as applicable;

• Information regarding the adviser's and its parent company's (Morgan Stanley's) efforts to retain and attract talented investment professionals, including in the context of a competitive marketplace for talent;

• Information regarding the adviser's compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals' investments in the fund(s) they manage;

• The personal trading codes of ethics of the adviser and its affiliates and the sub-adviser of each fund, together with information relating to compliance with, and the administration of, such codes;

• Policies and procedures relating to proxy voting, including regular reporting with respect to fund proxy voting activities;

• Information regarding the handling of corporate actions and class actions, as well as information regarding litigation and other regulatory matters;

• Information concerning the resources devoted to compliance efforts undertaken by the adviser and its affiliates and the sub-adviser of each fund, including descriptions of their various compliance programs and their record of compliance and remediation;

• Information concerning the business continuity and disaster recovery plans of the adviser and its affiliates and the sub-adviser of each fund;

• A description of the adviser's oversight of sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters, if any;

*Other Relevant Information*

• Information regarding ongoing initiatives to further integrate and harmonize, where applicable, the investment management and other departments of the adviser and its affiliates with the overall investment management infrastructure of Morgan Stanley, in light of Morgan Stanley's acquisition of Eaton Vance Corp. on March 1, 2021;

• Information concerning the nature, cost, and character of the administrative and other non-investment advisory services provided by the adviser and its affiliates;

• Information concerning oversight of the relationship with the custodian, subcustodians, fund accountants, and other third-party service providers by the adviser and/or administrator to each of the funds;

• Information concerning efforts to maintain policies and procedures with respect to various regulations applicable to the funds, including, without limitation, Rule 22e-4 (the Liquidity Risk Management Rule), Rule 12d1-4 (the Fund-of-Funds Rule), Rule 18f-4 (the Derivatives Rule), and Rule 2a-5 (the Fair Valuation Rule);

• For the Eaton Vance Fund structured as an interval fund, information regarding the interval fund's periodic repurchase offers under Rule 23c-3 and related policies and procedures;

• For each Eaton Vance Fund structured as an exchange-listed closed-end fund, information concerning the benefits of the closed-end fund structure, as well as, where relevant, the closed-end fund's market prices (including as compared to the closed-end fund's net asset value (NAV)), trading volume data, continued use of auction preferred shares (where applicable), distribution rates, and other relevant matters;

• The risks that the adviser and/or its affiliates incur in connection with the management and operation of the funds, including, among others, litigation, regulatory, entrepreneurial, data privacy and cybersecurity, and other business risks (and the associated costs of such risks, if any); and

• The terms of each investment advisory agreement and sub-advisory agreement.

During the various meetings of the Board and its committees over the course of the year leading up to the June 12, 2025 meeting, the Board and its committees received information from portfolio managers and other investment professionals of the adviser and sub-advisers of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds' investment objectives. The Board and its committees also received information regarding risk management techniques employed in connection with the management of the funds. The Board and its committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance, and other issues with respect to the funds, and received and participated in reports and presentations provided by the adviser, sub-advisers, and certain other service providers, with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees met in executive sessions and held regular video or telephone conferences to discuss, among other topics, matters relating to the continuation of investment advisory agreements and sub-advisory agreements.

Each of the Contract Review Committee and the Board was advised throughout the contract review process by Kirkland & Ellis LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee and the members of the Board, with the advice of such counsel, exercised their own business judgment in determining the material factors to be considered in evaluating each investment advisory agreement and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory agreement and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee and Board may have placed varying emphasis on particular factors in reaching conclusions with respect to each investment advisory agreement and sub-advisory agreement. In evaluating each investment advisory agreement and sub-advisory agreement, including the fee structures and other terms contained in such agreements, the members of the Contract Review Committee and Board were also informed by multiple years of analysis and discussion with the adviser and sub-adviser to each of the Eaton Vance Funds.

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Eaton Vance

Floating-Rate Advantage Fund

October 31, 2025

Board of Trustees' Contract Approval — continued

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Results of the Contract Review Process

Based on its consideration of the foregoing, and such other information it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory agreement between Eaton Vance Floating-Rate Advantage Fund (the "Fund") and Eaton Vance Management ("EVM"), as well as the investment advisory agreement between Senior Debt Portfolio (the "Portfolio"), the portfolio in which the Fund invests, and Boston Management and Research ("BMR") (EVM, with respect to the Fund, and BMR, with respect to the Portfolio, are each referred to herein as the "Adviser"), including their respective fee structures, are in the interests of shareholders and, therefore, recommended to the Board approval of each agreement. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreements for the Fund and the Portfolio (together, the "investment advisory agreements").

*Nature, Extent and Quality of Services*

In considering whether to approve the investment advisory agreements for the Fund and the Portfolio, the Board evaluated the nature, extent and quality of services provided to the Fund and to the Portfolio by the applicable Adviser.

The Board considered each Adviser's management capabilities and investment processes in light of the types of investments held by the Fund and the Portfolio, including the education and experience of the investment professionals who provide services to the Portfolio. In particular, the Board considered the abilities and experience of each Adviser's investment professionals in analyzing special considerations relevant to investing in senior floating rate loans. The Board considered each Adviser's large group of bank loan investment professionals and other personnel who provide services to the Fund and to the Portfolio, including portfolio managers and analysts. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of each Adviser and other factors, including the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Fund and the Portfolio, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Fund and the Portfolio, including the provision of administrative services. The Board also considered the business-related and other risks to which each Adviser or its affiliates may be subject in managing the Fund and the Portfolio.

The Board noted that, under the terms of the investment advisory agreement of the Fund, EVM may invest assets of the Fund directly in securities, for which it would receive a fee, or in the Portfolio, for which it receives no separate fee but for which BMR receives an advisory fee from the Portfolio.

The Board considered the compliance programs of each Adviser and relevant affiliates thereof. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, compliance with policies and procedures, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered relevant examinations of each Adviser and its affiliates by regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

The Board considered other administrative services provided or overseen by EVM and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by each Adviser, taken as a whole, are appropriate and consistent with the terms of the applicable investment advisory agreement.

*Fund Performance*

The Board compared the Fund's investment performance to that of comparable funds identified by an independent data provider (the peer group), as well as an appropriate benchmark index. The Board's review included comparative performance data with respect to the Fund for the one-, three-, five- and ten-year periods ended December 31, 2024. In this regard, the Board noted that the performance of the Fund was higher than the median performance of the Fund's peer group for the three-year period. The Board also noted that the performance of the Fund was lower than its primary performance benchmark index for the three-year period. The Board concluded that the performance of the Fund was satisfactory.

*Management Fees and Expenses*

The Board considered contractual fee rates payable by the Portfolio and by the Fund for advisory and administrative services (referred to collectively as "management fees"). As part of its review, the Board considered the Fund's management fees and total expense ratio for the one-year period ended December 31, 2024, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered certain factors identified by management in response to inquiries from the Contract Review Committee regarding the Fund's total expense ratio relative to comparable funds.

After considering the foregoing information, and in light of the nature, extent and quality of the services provided by each Adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.

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Eaton Vance

Floating-Rate Advantage Fund

October 31, 2025

Board of Trustees' Contract Approval — continued

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*Profitability and "Fall-Out" Benefits*

The Board considered the level of profits realized by each Adviser and relevant affiliates thereof in providing investment advisory and administrative services to the Fund, to the Portfolio and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by each Adviser and its affiliates to third parties in respect of distribution or other services.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by each Adviser and its affiliates are not excessive.

The Board also considered direct or indirect fall-out benefits received by each Adviser and its affiliates in connection with their respective relationships with the Fund and the Portfolio, including the benefits of research services that may be available to each Adviser as a result of securities transactions effected for the Fund and the Portfolio and other investment advisory clients.

*Economies of Scale*

In reviewing management fees and profitability, the Board also considered the extent to which the applicable Adviser and its affiliates, on the one hand, and the Fund and the Portfolio, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund and the Portfolio increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. To assist in the evaluation of the sharing of any economies of scale, the Board received data for recent years showing asset levels, Adviser profitability and total expense ratios. Based upon the foregoing, the Board concluded that the Fund currently shares in the benefits from economies of scale, if any, when they are realized by the Adviser. The Board also concluded that the structure of the advisory fees, which include breakpoints at several asset levels will allow the Fund and the Portfolio to continue to benefit from any economies of scale in the future.

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EAFAX-NCSR&nbsp;&nbsp;&nbsp;&nbsp;10.31.25

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## Eaton Vance

## Multi-Asset Credit Fund

## Annual Financial Statements and Additional Information
October 31, 2025

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![](g35982imgceb4079811.gif)

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**This report must be preceded or accompanied by a current summary prospectus or prospectus. Before investing, investors should consider carefully the investment objective, risks, and charges and expenses of a mutual fund. This and other important information is contained in the prospectus and/or statement of additional information, which can be obtained by calling 1-800-262-1122 or from a financial intermediary. Prospective investors should read the prospectus carefully before investing.**

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#### Annual Financial Statements and Additional Information October 31, 2025
Eaton Vance

Multi-Asset Credit Fund

---

| | |
|:---|:---|
| **[**Table of Contents**](#xx_c78c2a10-7452-4b04-aca9-a898c4a56c95_1)** |  |
| [Items 6 and 7 of Form N-CSR:](#xx_1cd53ea6-eda8-400c-930c-d2993e5d802d_1) | [Items 6 and 7 of Form N-CSR:](#xx_1cd53ea6-eda8-400c-930c-d2993e5d802d_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Portfolio of Investments](#xx_1cd53ea6-eda8-400c-930c-d2993e5d802d_1) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#xx_3c7f9b0c-fc91-457e-aa56-e3eab7b08b39_1) | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#xx_3c7f9b0c-fc91-457e-aa56-e3eab7b08b39_3) | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx_3c7f9b0c-fc91-457e-aa56-e3eab7b08b39_4) | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx_1feb0831-578c-4c3e-8bd1-d70ef50f0d3a_1) | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx_22415816-7c09-467f-9ecf-6854ac08236c_1) | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#xx_04ffaa71-ae82-4fcf-81e7-567546e8a9a5_1) | 42 |
| [Federal Tax Information](#xx_65049d72-1ff9-4114-a43d-98f46a1f1ddb_1) | 43 |
| [Item 11 of Form N-CSR:](#xx_3b8ffa08-0578-483a-94a6-caa0a92082f7_1) | [Item 11 of Form N-CSR:](#xx_3b8ffa08-0578-483a-94a6-caa0a92082f7_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Board of Trustees' Contract Approval](#xx_3b8ffa08-0578-483a-94a6-caa0a92082f7_1) | 44 |

---

Items 8 and 9 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7.

------

[**Table of Contents**](#JOB_EV_AR_29b44725-dc33-467f-96df-827aa5e70fb4_TOC)

Eaton Vance

Multi-Asset Credit Fund

October 31, 2025

Portfolio of Investments

------

Asset-Backed Securities — 9.6%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| AASET, Series 2025-1A, Class A, 5.943%, 2/16/50<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;$290900 |
| ACHM Mortgage Trust, Series 2024-HE1, Class C, 6.55%, 5/25/39<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319 | &nbsp;&nbsp;&nbsp;&nbsp; 320168 |
| Applebee's Funding LLC/IHOP Funding LLC, Series 2025-1A, Class A2, 6.72%, 6/7/55<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1231 | &nbsp;&nbsp;&nbsp;&nbsp; 1235085 |
| ARES LII CLO Ltd., Series 2019-52A, Class DRR, 6.357%, (3 mo. SOFR + 2.50%), 4/22/31<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1747181 |
| Babson CLO Ltd., Series 2022-4A, Class D1R, 7.134%, (3 mo. SOFR + 3.25%), 10/20/37<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1008068 |
| Ballyrock CLO 16 Ltd., Series 2021-16A, Class DR, 9.034%, (3 mo. SOFR + 5.15%), 4/20/38<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 940789 |
| Barings CLO Ltd., Series 2025-1A, Class E, 8.484%, (3 mo. SOFR + 4.60%), 4/20/38<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 986382 |
| Benefit Street Partners CLO XVIII Ltd., Series 2019-18A, Class ER2, 8.605%, (3 mo. SOFR + 4.70%), 10/15/38<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 502480 |
| Blueberry Park CLO Ltd., Series 2024-1A, Class D2, 8.134%, (3 mo. SOFR + 4.25%), 10/20/37<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1003397 |
| BlueMountain CLO XXVI Ltd., Series 2019-26A, Class ER, 11.276%, (3 mo. SOFR + 7.392%), 10/20/34<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 495858 |
| Bridge Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-SFR1, Class E1, 4.30%, 8/17/40<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465 | &nbsp;&nbsp;&nbsp;&nbsp; 446422 |
| &nbsp;&nbsp;&nbsp;Series 2025-SFR1, Class E, 4.35%, 9/17/42<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438 | &nbsp;&nbsp;&nbsp;&nbsp; 407793 |
| Brookhaven Park CLO Ltd., Series 2024-1A, Class D, 7.484%, (3 mo. SOFR + 3.60%), 4/19/37<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1007011 |
| Cajun Global LLC: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-1A, Class A2, 6.554%, 2/20/55<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;964 | &nbsp;&nbsp;&nbsp;&nbsp; 989417 |
| &nbsp;&nbsp;&nbsp;Series 2025-2A, Class A2, 5.912%, 11/20/55<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890 | &nbsp;&nbsp;&nbsp;&nbsp; 889017 |
| &nbsp;&nbsp;&nbsp;Series 2025-2A, Class M, 8.72%, 11/20/55<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 |
| Carlyle Global Market Strategies CLO Ltd., Series 2015-5A, Class DR, 10.846%, (3 mo. SOFR + 6.962%), 1/20/32<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 251445 |
| Coinstar Funding LLC, Series 2017-1A, Class A2, 5.216%, 4/25/47<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59 | &nbsp;&nbsp;&nbsp;&nbsp; 54562 |
| Crown City CLO III, Series 2021-1A, Class C, 7.446%, (3 mo. SOFR + 3.562%), 7/20/34<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 986115 |
| Elmwood CLO 32 Ltd., Series 2024-8A, Class D1, 6.734%, (3 mo. SOFR + 2.85%), 10/18/37<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1509919 |
| Elmwood CLO VIII Ltd., Series 2021-1A, Class DR, 7.684%, (3 mo. SOFR + 3.80%), 4/20/37<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1005885 |
| Empower CLO Ltd., Series 2024-1A, Class D1, 7.608%, (3 mo. SOFR + 3.75%), 4/25/37<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1006677 |
| Galaxy 33 CLO Ltd., Series 2024-33A, Class D1, 7.434%, (3 mo. SOFR + 3.55%), 4/20/37<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp; 802686 |
| Gracie Point International Funding LLC, Series 2025-1A, Class C, 7.065%, (30-day SOFR Average + 2.75%), 8/15/28<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp; 330961 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Hageman Capital Issuer Trust, Series 2025-1, Class A, 6.40%, 8/9/56<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;$1096479 |
| Harvest U.S. CLO Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-2A, Class D1, 7.155%, (3 mo. SOFR + 3.25%), 10/15/37<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1506321 |
| &nbsp;&nbsp;&nbsp;Series 2024-3A, Class D1, 7.184%, (3 mo. SOFR + 3.30%), 1/18/38<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1006190 |
| Home Partners of America Trust, Series 2021-2, Class F, 3.799%, 12/17/26<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1247 | &nbsp;&nbsp;&nbsp;&nbsp; 1216937 |
| HTAP Issuer Trust, Series 2024-2, Class A, 6.50%, 4/25/42<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;743 | &nbsp;&nbsp;&nbsp;&nbsp; 745384 |
| Kinetic Advantage Master Owner Trust, Series 2025-1A, Class A, 6.434%, (30-day SOFR Average + 2.20%), 10/15/29<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880 | &nbsp;&nbsp;&nbsp;&nbsp; 880935 |
| LoanDepot GMSR Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-GT1, Class A, 6.882%, (1 mo. SOFR + 2.85%), 5/16/30<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1354 | &nbsp;&nbsp;&nbsp;&nbsp; 1357380 |
| &nbsp;&nbsp;&nbsp;Series 2025-GT1, Class B, 7.582%, (1 mo. SOFR + 3.55%), 5/16/30<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp; 270726 |
| Madison Park Funding LV Ltd., Series 2022-55A, Class D1R, 7.034%, (3 mo. SOFR + 3.15%), 7/18/37<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1510047 |
| Madison Park Funding XXXVI Ltd., Series 2019-36A, Class ERR, 9.505%, (3 mo. SOFR + 5.60%), 4/15/35<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 969186 |
| Magnetite XXII Ltd., Series 2019-22A, Class DRR, 6.805%, (3 mo. SOFR + 2.90%), 7/15/36<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1252549 |
| NRZ Excess Spread-Collateralized Notes, Series 2024-FNT1, Class A, 7.398%, 11/25/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;794 | &nbsp;&nbsp;&nbsp;&nbsp; 809043 |
| OCP CLO Ltd., Series 2024-32A, Class D1, 7.61%, (3 mo. SOFR + 3.75%), 4/23/37<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1007749 |
| Octagon Investment Partners 49 Ltd., Series 2020-5A, Class D1R, 7.955%, (3 mo. SOFR + 4.05%), 4/15/37<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp; 1203698 |
| PNMAC GMSR Issuer Trust, Series 2025-GT1, Class A, 6.441%, (1 mo. SOFR + 2.45%), 8/26/30<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1315 | &nbsp;&nbsp;&nbsp;&nbsp; 1322679 |
| PRMI Securitization Trust, Series 2025-PHL1, Class A3, 6.685%, (30-day SOFR Average + 2.33%), 6/25/55<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp; 1206627 |
| RR 35 Ltd., Series 2024-35A, Class D, 9.255%, (3 mo. SOFR + 5.35%), 1/15/40<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2521165 |
| Saluda Grade Alternative Mortgage Trust, Series 2025-NPL2, Class A1, 7.774% to 4/25/28, 5/25/30<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;889 | &nbsp;&nbsp;&nbsp;&nbsp; 887869 |
| Santander Bank Auto Credit-Linked Notes, Series 2024-B, Class F, 8.881%, 1/18/33<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;866 | &nbsp;&nbsp;&nbsp;&nbsp; 869644 |
| Sixth Street CLO XV Ltd., Series 2020-15A, Class D1R, 7.015%, (3 mo. SOFR + 3.15%), 10/24/37<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1010242 |
| STAR Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-SFR1, Class F, 6.548%, (1 mo. SOFR + 2.514%), 4/17/38<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;778 | &nbsp;&nbsp;&nbsp;&nbsp; 777576 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_29b44725-dc33-467f-96df-827aa5e70fb4_TOC)

Eaton Vance

Multi-Asset Credit Fund

October 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| STAR Trust: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-SFR5, Class D, 6.483%, (1 mo. SOFR + 2.45%), 2/17/42<sup>(1)(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459 | &nbsp;&nbsp;$459625 |
| &nbsp;&nbsp;&nbsp;Series 2025-SFR5, Class E, 6.983%, (1 mo. SOFR + 2.95%), 2/17/42<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 229985 |
| &nbsp;&nbsp;&nbsp;Series 2025-SFR6, Class C, 6.033%, (1 mo. SOFR + 2.00%), 8/17/42<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404 | &nbsp;&nbsp;&nbsp;&nbsp; 405086 |
| &nbsp;&nbsp;&nbsp;Series 2025-SFR6, Class D, 6.433%, (1 mo. SOFR + 2.40%), 8/17/42<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674 | &nbsp;&nbsp;&nbsp;&nbsp; 677554 |
| Tricon Residential Trust, Series 2025-SFR1, Class E, 6.532%, (1 mo. SOFR + 2.50%), 3/17/42<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422 | &nbsp;&nbsp;&nbsp;&nbsp; 422367 |
| Truist Bank Auto Credit-Linked Notes, Series 2025-1, Class C, 6.807%, 9/26/33<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;921 | &nbsp;&nbsp;&nbsp;&nbsp; 918074 |
| Vantage Data Centers Germany Borrower Lux SARL, Series 2025-1A, Class B, 4.929%, 6/28/50<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635 | &nbsp;&nbsp;&nbsp;&nbsp; 739267 |
| VB-S1 Issuer LLC, Series 2024-1A, Class F, 8.871%, 5/15/54<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 519113 |
| Wingspire Equipment Finance LLC, Series 2025-1A, Class E, 7.45%, 9/20/33<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 996895 |
| Total Asset-Backed Securities<br> (identified cost $47,821,173) |  | &nbsp;&nbsp;**$48014610** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Collateralized Mortgage Obligations — 8.7%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| A&D Mortgage Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-NQM5, Class M1, 8.108%, 11/25/68<sup>(1)(5)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370 | &nbsp;&nbsp;$378464 |
| &nbsp;&nbsp;&nbsp;Series 2024-NQM4, Class M1, 5.929%, 8/25/69<sup>(1)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509 | &nbsp;&nbsp;&nbsp;&nbsp; 508973 |
| &nbsp;&nbsp;&nbsp;Series 2024-NQM6, Class B1A, 7.282%, 1/25/70<sup>(1)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459 | &nbsp;&nbsp;&nbsp;&nbsp; 469621 |
| Asset Based Lending LLC: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-RTL1, Class A1, 6.075% to 3/25/27, 9/25/29<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 503812 |
| &nbsp;&nbsp;&nbsp;Series 2025-RTL1, Class A2, 8.024% to 8/25/25, 6/25/30<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 506339 |
| Cascade Funding Mortgage Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-HB16, Class M3, 3.00%, 3/25/35<sup>(1)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;669 | &nbsp;&nbsp;&nbsp;&nbsp; 635426 |
| &nbsp;&nbsp;&nbsp;Series 2025-HB16, Class M4, 3.00%, 3/25/35<sup>(1)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 933871 |
| Center Street Lending Resi-Investor ABS Mortgage Trust, Series 2024-RTL1, Class A1, 6.892% to 5/25/27, 10/25/29<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 507769 |
| CFMT LLC: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-HB13, Class M2, 3.00%, 5/25/34<sup>(1)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470 | &nbsp;&nbsp;&nbsp;&nbsp; 452362 |
| &nbsp;&nbsp;&nbsp;Series 2024-HB15, Class M2, 4.00%, 8/25/34<sup>(1)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625 | &nbsp;&nbsp;&nbsp;&nbsp; 611788 |
| &nbsp;&nbsp;&nbsp;Series 2024-HB15, Class M3, 4.00%, 8/25/34<sup>(1)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;689 | &nbsp;&nbsp;&nbsp;&nbsp; 665039 |
| CFST Mortgage Trust, Series 2025-RTL1, Class A1, 5.882%, 10/25/30<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp; 1197324 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Champs Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-1, Class A, 8.784%, 7/25/59<sup>(1)(5)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877 | &nbsp;&nbsp;$909706 |
| &nbsp;&nbsp;&nbsp;Series 2024-2, Class A, 8.587%, 11/25/59<sup>(1)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;933 | &nbsp;&nbsp;&nbsp;&nbsp; 975592 |
| &nbsp;&nbsp;&nbsp;Series 2024-3, Class A, 8.463%, 1/25/60<sup>(1)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1143 | &nbsp;&nbsp;&nbsp;&nbsp; 1192339 |
| &nbsp;&nbsp;&nbsp;Series 2025-1, Class A, 7.848%, 4/25/60<sup>(1)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1294 | &nbsp;&nbsp;&nbsp;&nbsp; 1355005 |
| &nbsp;&nbsp;&nbsp;Series 2025-2, Class A, 8.04%, 10/25/60<sup>(1)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1577 | &nbsp;&nbsp;&nbsp;&nbsp; 1634048 |
| Cross Mortgage Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-H2, Class B1A, 6.626%, 3/25/70<sup>(1)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1346 | &nbsp;&nbsp;&nbsp;&nbsp; 1360019 |
| &nbsp;&nbsp;&nbsp;Series 2025-H5, Class B1A, 6.975%, 7/25/70<sup>(1)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1235 | &nbsp;&nbsp;&nbsp;&nbsp; 1254217 |
| EFMT: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-RM2, Class A1A, 5.00%, 7/25/54<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;884 | &nbsp;&nbsp;&nbsp;&nbsp; 868213 |
| &nbsp;&nbsp;&nbsp;Series 2025-NQM2, Class M1A, 6.268%, 6/25/70<sup>(1)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;823 | &nbsp;&nbsp;&nbsp;&nbsp; 835620 |
| &nbsp;&nbsp;&nbsp;Series 2025-NQM3, Class B2, 7.216%, 8/25/70<sup>(1)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 990225 |
| &nbsp;&nbsp;&nbsp;Series 2025-NQM3, Class M1A, 6.052%, 8/25/70<sup>(1)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;808 | &nbsp;&nbsp;&nbsp;&nbsp; 820394 |
| &nbsp;&nbsp;&nbsp;Series 2025-NQM3, Class M1B, 6.451%, 8/25/70<sup>(1)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1619 | &nbsp;&nbsp;&nbsp;&nbsp; 1643651 |
| FARM Mortgage Trust, Series 2022-1, Class B, 2.957%, 1/25/52<sup>(1)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp;&nbsp; 650480 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-DNA3, Class B2, 10.433%, (30-day SOFR Average + 6.25%), 10/25/33<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;855 | &nbsp;&nbsp;&nbsp;&nbsp; 1063116 |
| &nbsp;&nbsp;&nbsp;Series 2021-DNA6, Class B2, 11.683%, (30-day SOFR Average + 7.50%), 10/25/41<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1280 | &nbsp;&nbsp;&nbsp;&nbsp; 1351304 |
| HTAP Issuer Trust, Series 2025-1, Class A, 6.50%, 11/25/42<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1253 | &nbsp;&nbsp;&nbsp;&nbsp; 1260358 |
| JP Morgan Mortgage Trust, Series 2025-NQM2, Class M1B, 6.902%, 9/25/65<sup>(1)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634 | &nbsp;&nbsp;&nbsp;&nbsp; 643662 |
| JPM Lending Facility, 10.984%, (SOFR + 7.00%), 7/15/29<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1238 | &nbsp;&nbsp;&nbsp;&nbsp; 1248635 |
| MFA Trust, Series 2025-NQM3, Class M1, 6.131%, 8/25/70<sup>(1)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;879 | &nbsp;&nbsp;&nbsp;&nbsp; 885506 |
| MFRA Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-NQM3, Class M1, 6.671%, 12/25/69<sup>(1)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459 | &nbsp;&nbsp;&nbsp;&nbsp; 470756 |
| &nbsp;&nbsp;&nbsp;Series 2025-NQM1, Class B1, 7.034%, 3/25/70<sup>(1)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1009885 |
| NRZ Excess Spread-Collateralized Notes, Series 2025-FHT1, Class A, 6.545%, 3/25/32<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;791 | &nbsp;&nbsp;&nbsp;&nbsp; 805348 |
| Onity Loan Investment Trust, Series 2024-HB2, Class M4, 5.00%, 8/25/37<sup>(1)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 480034 |
| PRET Trust, Series 2025-RPL5, Class M1, 4.15% to 10/25/27, 1/25/70<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564 | &nbsp;&nbsp;&nbsp;&nbsp; 512826 |
| PRPM Fundido DAC: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-2A, Class C, 4.043%, (3 mo. EURIBOR + 2.00%), 1/29/75<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445 | &nbsp;&nbsp;&nbsp;&nbsp; 502533 |
| &nbsp;&nbsp;&nbsp;Series 2025-2A, Class D, 4.543%, (3 mo. EURIBOR + 2.50%), 1/29/75<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 548188 |

---

*2*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_29b44725-dc33-467f-96df-827aa5e70fb4_TOC)

Eaton Vance

Multi-Asset Credit Fund

October 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| PRPM LLC: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-NQM1, Class B1, 7.435%, 12/25/68<sup>(1)(5)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;$1013761 |
| &nbsp;&nbsp;&nbsp;Series 2024-NQM4, Class M1A, 6.518%, 12/26/69<sup>(1)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459 | &nbsp;&nbsp;&nbsp;&nbsp; 470760 |
| &nbsp;&nbsp;&nbsp;Series 2024-RCF4, Class M1, 4.00% to 7/25/26, 7/25/54<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467 | &nbsp;&nbsp;&nbsp;&nbsp; 440453 |
| &nbsp;&nbsp;&nbsp;Series 2024-RCF5, Class M1, 4.00% to 8/25/26, 8/25/54<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp; 357407 |
| &nbsp;&nbsp;&nbsp;Series 2025-RPL2, Class M1, 3.75% to 4/25/26, 4/25/55<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461 | &nbsp;&nbsp;&nbsp;&nbsp; 437705 |
| PRPM Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-NQM3, Class M1, 6.188%, 5/25/70<sup>(1)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539 | &nbsp;&nbsp;&nbsp;&nbsp; 547464 |
| &nbsp;&nbsp;&nbsp;Series 2025-NQM2, Class M1B, 7.077%, 4/25/70<sup>(1)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1104 | &nbsp;&nbsp;&nbsp;&nbsp; 1125681 |
| RMF Proprietary Issuance Trust, Series 2022-2, Class M3, 3.75%, 6/25/62<sup>(1)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 894770 |
| Saluda Grade Alternative Mortgage Trust, Series 2024-RTL4, Class A1, 7.50%, 2/25/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 755498 |
| Santander Mortgage Asset Receivable Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-NQM1, Class M1B, 6.966%, 1/25/65<sup>(1)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;897 | &nbsp;&nbsp;&nbsp;&nbsp; 915420 |
| &nbsp;&nbsp;&nbsp;Series 2025-NQM5, Class M1, 6.042%, 8/25/65<sup>(1)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1740 | &nbsp;&nbsp;&nbsp;&nbsp; 1753782 |
| SUA LLC, Series 2025-1, Class B, 6.995%, 5/25/40<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1246 | &nbsp;&nbsp;&nbsp;&nbsp; 1256790 |
| Unison Trust, Series 2021-1, Class A, 6.50%, 4/25/50<sup>(1)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1042 | &nbsp;&nbsp;&nbsp;&nbsp; 1003603 |
| Total Collateralized Mortgage Obligations<br> (identified cost $42,778,615) |  | &nbsp;&nbsp;**$43615542** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Commercial Mortgage-Backed Securities — 3.7%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| BAHA Trust, Series 2024-MAR, Class C, 7.516%, 12/10/41<sup>(1)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;$783558 |
| BAMLL Trust, Series 2024-BHP, Class B, 6.932%, (1 mo. SOFR + 2.90%), 8/15/39<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;855 | &nbsp;&nbsp;&nbsp;&nbsp; 861027 |
| BBCMS Mortgage Trust, Series 2017-C1, Class D, 3.546%, 2/15/50<sup>(1)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 705039 |
| BFLD Commercial Mortgage Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-660F, Class C, 6.115%, (1 mo. SOFR + 2.15%), 11/15/42<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355 | &nbsp;&nbsp;&nbsp;&nbsp; 356574 |
| &nbsp;&nbsp;&nbsp;Series 2025-660F, Class D, 6.715%, (1 mo. SOFR + 2.75%), 11/15/42<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445 | &nbsp;&nbsp;&nbsp;&nbsp; 447082 |
| BFLD Mortgage Trust, Series 2024-VICT, Class A, 5.922%, (1 mo. SOFR + 1.89%), 7/15/41<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 401974 |
| BX Trust, Series 2025-GW, Class E, 7.682%, (1 mo. SOFR + 3.65%), 7/15/42<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870 | &nbsp;&nbsp;&nbsp;&nbsp; 877310 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Caister Finance DAC, Series 1A, Class C, 6.824%, (SONIA + 2.84%), 8/17/35<sup>(1)(2)</sup> | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;$920848 |
| CSMC Trust, Series 2022-CNTR, Class A, 7.977%, (1 mo. SOFR + 3.944%), 1/9/25<sup>(1)(2)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 663546 |
| Durst Commercial Mortgage Trust, Series 2025-151, Class D, 6.791%, 8/10/42<sup>(1)(5)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;923 | &nbsp;&nbsp;&nbsp;&nbsp; 951857 |
| Extended Stay America Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-ESH, Class D, 6.75%, (1 mo. SOFR + 2.60%), 10/15/42<sup>(1)(2)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp; 378546 |
| &nbsp;&nbsp;&nbsp;Series 2025-ESH, Class E, 7.50%, (1 mo. SOFR + 3.35%), 10/15/42<sup>(1)(2)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 353977 |
| &nbsp;&nbsp;&nbsp;Series 2025-ESH, Class F, 8.25%, (1 mo. SOFR + 4.10%), 10/15/42<sup>(1)(2)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 303973 |
| Fontainebleau Miami Beach Mortgage Trust, Series 2024-FBLU, Class F, 8.282%, (1 mo. SOFR + 4.25%), 12/15/39<sup>(1)(2)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 504237 |
| HLTN Commercial Mortgage Trust, Series 2024-DPLO, Class D, 7.371%, (1 mo. SOFR + 3.339%), 6/15/41<sup>(1)(2)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp; 1105868 |
| ICNQ Mortgage Trust, Series 2024-MF, Class E, 6.348%, 12/10/34<sup>(1)(5)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000061 |
| INTOWN Mortgage Trust, Series 2025-STAY, Class D, 6.882%, (1 mo. SOFR + 2.85%), 3/15/42<sup>(1)(2)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1780 | &nbsp;&nbsp;&nbsp;&nbsp; 1788976 |
| JP Morgan Chase Commercial Mortgage Securities Trust, Series 2014-DSTY, Class B, 3.771%, 6/10/27<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 6297 |
| JPMBB Commercial Mortgage Securities Trust, Series 2014-C23, Class D, 4.037%, 9/15/47<sup>(1)(5)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 681975 |
| NYC Commercial Mortgage Trust, Series 2025-3BP, Class D, 6.473%, (1 mo. SOFR + 2.441%), 2/15/42<sup>(1)(2)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895 | &nbsp;&nbsp;&nbsp;&nbsp; 896056 |
| ORL Trust, Series 2024-GLKS, Class E, 7.222%, (1 mo. SOFR + 3.19%), 12/15/39<sup>(1)(2)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344 | &nbsp;&nbsp;&nbsp;&nbsp; 345935 |
| Taurus U.K. DAC, Series 2025-UK3A, Class E, 7.771%, (SONIA + 3.80%), 7/20/35<sup>(1)(2)</sup> | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 655507 |
| VCC Trust, Series 2025-MC1, Class A1, 8.163%, 5/25/55<sup>(1)(4)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910 | &nbsp;&nbsp;&nbsp;&nbsp; 904691 |
| Vita Scientia DAC, Series 2022-1A, Class D, 4.507%, (3 mo. EURIBOR + 2.49%), 2/27/33<sup>(1)(2)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp; 515002 |
| Wells Fargo Commercial Mortgage Trust, Series 2016-C35, Class D, 3.142%, 7/15/48<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp; 1610380 |
| Willowbrook Mall, Series 2025-WBRK, Class D, 6.075%, 3/5/35<sup>(1)(5)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459 | &nbsp;&nbsp;&nbsp;&nbsp; 450063 |
| Total Commercial Mortgage-Backed Securities<br> (identified cost $18,765,279) |  |  | &nbsp;&nbsp;**$18470359** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

*3*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_29b44725-dc33-467f-96df-827aa5e70fb4_TOC)

Eaton Vance

Multi-Asset Credit Fund

October 31, 2025

Portfolio of Investments — continued

------

Common Stocks — 0.5%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Electronic Equipment, Instruments & Components — 0.4% | Electronic Equipment, Instruments & Components — 0.4% | Electronic Equipment, Instruments & Components — 0.4% |
| Luxco Co. Ltd.<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2251 | &nbsp;&nbsp;$37765 |
| Range Red Acquisitions LLC, Class A1<sup>(6)(7)(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;974 | &nbsp;&nbsp;&nbsp;&nbsp; 1937412 |
|  |  | &nbsp;&nbsp;**$1975177** |
| Energy — 0.1% | Energy — 0.1% | Energy — 0.1% |
| Enviva LLC<sup>(6)(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17982 | &nbsp;&nbsp;$296703 |
|  |  | &nbsp;&nbsp;**$296703** |
| Oil and Gas — 0.0%<sup>†</sup> | Oil and Gas — 0.0%<sup>†</sup> | Oil and Gas — 0.0%<sup>†</sup> |
| Frontera Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15961 | &nbsp;&nbsp;$63614 |
|  |  | &nbsp;&nbsp;**$63614** |
| Pharmaceuticals — 0.0%<sup>†</sup> | Pharmaceuticals — 0.0%<sup>†</sup> | Pharmaceuticals — 0.0%<sup>†</sup> |
| Mallinckrodt International Finance SA<sup>(6)(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1976 | &nbsp;&nbsp;$203528 |
| Mallinckrodt PLC<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109 | &nbsp;&nbsp;&nbsp;&nbsp; 11227 |
|  |  | &nbsp;&nbsp;**$214755** |
| Total Common Stocks<br> (identified cost $2,417,433) |  | &nbsp;&nbsp;**$2550249** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Convertible Bonds — 0.3%

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Internet Software & Services — 0.3% | Internet Software & Services — 0.3% | Internet Software & Services — 0.3% | Internet Software & Services — 0.3% |
| Delivery Hero SE: |  |  |  |
| &nbsp;&nbsp;&nbsp;Series B, 2.125%, 3/10/29<sup>(10)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;$1053238 |
| &nbsp;&nbsp;&nbsp;3.25%, 2/21/30<sup>(10)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 447887 |
| Total Convertible Bonds<br> (identified cost $1,377,402) |  |  | &nbsp;&nbsp;**$1501125** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Corporate Bonds — 44.6%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Aerospace and Defense — 0.6% | Aerospace and Defense — 0.6% | Aerospace and Defense — 0.6% |
| Bombardier, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;7.00%, 6/1/32<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;$289064 |
| &nbsp;&nbsp;&nbsp;7.25%, 7/1/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536 | &nbsp;&nbsp;&nbsp;&nbsp; 569591 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Aerospace and Defense (continued) | Aerospace and Defense (continued) | Aerospace and Defense (continued) | Aerospace and Defense (continued) |
| Czechoslovak Group AS, 5.25%, 1/10/31<sup>(1)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780 | &nbsp;&nbsp;$936701 |
| TransDigm, Inc., 4.625%, 1/15/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1023 | &nbsp;&nbsp;&nbsp;&nbsp; 1006988 |
|  |  |  | &nbsp;&nbsp;**$2802344** |
| Air Transport — 0.2% | Air Transport — 0.2% | Air Transport — 0.2% | Air Transport — 0.2% |
| Gatwick Airport Finance PLC, 4.375%, 4/7/26<sup>(10)</sup> | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;$784433 |
|  |  |  | &nbsp;&nbsp;**$784433** |
| Airlines — 0.2% | Airlines — 0.2% | Airlines — 0.2% | Airlines — 0.2% |
| VistaJet Malta Finance PLC/Vista Management Holding, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, 2/1/30<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;901 | &nbsp;&nbsp;$870980 |
| &nbsp;&nbsp;&nbsp;9.50%, 6/1/28<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267 | &nbsp;&nbsp;&nbsp;&nbsp; 277857 |
|  |  |  | &nbsp;&nbsp;**$1148837** |
| Apparel & Luxury Goods — 1.2% | Apparel & Luxury Goods — 1.2% | Apparel & Luxury Goods — 1.2% | Apparel & Luxury Goods — 1.2% |
| Beach Acquisition Bidco LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 7/15/32<sup>(1)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1740 | &nbsp;&nbsp;$2066267 |
| &nbsp;&nbsp;&nbsp;10.00%, (10.00% cash or 10.75% PIK), 7/15/33<sup>(1)(11)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2345 | &nbsp;&nbsp;&nbsp;&nbsp; 2523609 |
| Champ Acquisition Corp., 8.375%, 12/1/31<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;757 | &nbsp;&nbsp;&nbsp;&nbsp; 808152 |
| PrestigeBidCo GmbH, 5.776%, (3 mo. EURIBOR + 3.75%), 7/1/29<sup>(2)(10)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565 | &nbsp;&nbsp;&nbsp;&nbsp; 656214 |
|  |  |  | &nbsp;&nbsp;**$6054242** |
| Auto Parts & Equipment — 0.3% | Auto Parts & Equipment — 0.3% | Auto Parts & Equipment — 0.3% | Auto Parts & Equipment — 0.3% |
| Clarios Global LP/Clarios U.S. Finance Co.: |  |  |  |
| &nbsp;&nbsp;&nbsp;4.75%, 6/15/31<sup>(10)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680 | &nbsp;&nbsp;$801318 |
| &nbsp;&nbsp;&nbsp;6.75%, 9/15/32<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465 | &nbsp;&nbsp;&nbsp;&nbsp; 476138 |
|  |  |  | &nbsp;&nbsp;**$1277456** |
| Automotive — 1.1% | Automotive — 1.1% | Automotive — 1.1% | Automotive — 1.1% |
| Asbury Automotive Group, Inc., 5.00%, 2/15/32<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;683 | &nbsp;&nbsp;$658257 |
| Dana Financing Luxembourg SARL, 8.50%, 7/15/31<sup>(10)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 371282 |
| Forvia SE, 8.00%, 6/15/30<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550 | &nbsp;&nbsp;&nbsp;&nbsp; 584918 |
| IHO Verwaltungs GmbH: |  |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, (6.375% cash or 7.125% PIK), 5/15/29<sup>(1)(11)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 249285 |
| &nbsp;&nbsp;&nbsp;6.75%, (6.75% cash or 7.50% PIK), 11/15/29<sup>(10)(11)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382 | &nbsp;&nbsp;&nbsp;&nbsp; 468391 |
| &nbsp;&nbsp;&nbsp;7.75%, (7.75% cash or 8.50% PIK), 11/15/30<sup>(1)(11)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 207346 |
| &nbsp;&nbsp;&nbsp;8.75%, (8.75% cash or 9.50% PIK), 5/15/28<sup>(10)(11)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 248584 |
| JB Poindexter & Co., Inc., 8.75%, 12/15/31<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525 | &nbsp;&nbsp;&nbsp;&nbsp; 550049 |

---

*4*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_29b44725-dc33-467f-96df-827aa5e70fb4_TOC)

Eaton Vance

Multi-Asset Credit Fund

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Automotive (continued) | Automotive (continued) | Automotive (continued) | Automotive (continued) |
| New Flyer Holdings, Inc., 9.25%, 7/1/30<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475 | &nbsp;&nbsp;$506152 |
| Real Hero Merger Sub 2, Inc., 6.25%, 2/1/29<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1190 | &nbsp;&nbsp;&nbsp;&nbsp; 712804 |
| Sonic Automotive, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, 11/15/29<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587 | &nbsp;&nbsp;&nbsp;&nbsp; 571313 |
| &nbsp;&nbsp;&nbsp;4.875%, 11/15/31<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239 | &nbsp;&nbsp;&nbsp;&nbsp; 227591 |
|  |  |  | &nbsp;&nbsp;**$5355972** |
| Building and Development — 2.3% | Building and Development — 2.3% | Building and Development — 2.3% | Building and Development — 2.3% |
| AmeriTex HoldCo Intermediate LLC, 7.625%, 8/15/33<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1309 | &nbsp;&nbsp;$1370309 |
| CP Atlas Buyer, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;9.75%, 7/15/30<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760 | &nbsp;&nbsp;&nbsp;&nbsp; 793487 |
| &nbsp;&nbsp;&nbsp;12.75%, (7.00% cash and 5.75% PIK), 1/15/31<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141 | &nbsp;&nbsp;&nbsp;&nbsp; 138208 |
| EMRLD Borrower LP/Emerald Co-Issuer, Inc., 6.625%, 12/15/30<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1623 | &nbsp;&nbsp;&nbsp;&nbsp; 1670523 |
| K Hovnanian Enterprises, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;8.00%, 4/1/31<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp; 715699 |
| &nbsp;&nbsp;&nbsp;8.375%, 10/1/33<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710 | &nbsp;&nbsp;&nbsp;&nbsp; 727558 |
| LBM Acquisition LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;6.25%, 1/15/29<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261 | &nbsp;&nbsp;&nbsp;&nbsp; 238340 |
| &nbsp;&nbsp;&nbsp;9.50%, 6/15/31<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682 | &nbsp;&nbsp;&nbsp;&nbsp; 714395 |
| LGI Homes, Inc., 7.00%, 11/15/32<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 720608 |
| Masterbrand, Inc., 7.00%, 7/15/32<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1040 | &nbsp;&nbsp;&nbsp;&nbsp; 1080549 |
| Miller Homes Group Finco PLC, 6.286%, (3 mo. EURIBOR + 4.25%), 10/15/30<sup>(2)(10)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520 | &nbsp;&nbsp;&nbsp;&nbsp; 606607 |
| Patrick Industries, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;4.75%, 5/1/29<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;741 | &nbsp;&nbsp;&nbsp;&nbsp; 729855 |
| &nbsp;&nbsp;&nbsp;6.375%, 11/1/32<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519 | &nbsp;&nbsp;&nbsp;&nbsp; 529703 |
| Smyrna Ready Mix Concrete LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, 11/1/28<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1002 | &nbsp;&nbsp;&nbsp;&nbsp; 999460 |
| &nbsp;&nbsp;&nbsp;8.875%, 11/15/31<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 263446 |
|  |  |  | &nbsp;&nbsp;**$11298747** |
| Building Materials — 0.5% | Building Materials — 0.5% | Building Materials — 0.5% | Building Materials — 0.5% |
| Builders FirstSource, Inc., 4.25%, 2/1/32<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1230 | &nbsp;&nbsp;$1164650 |
| Quikrete Holdings, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, 3/1/32<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609 | &nbsp;&nbsp;&nbsp;&nbsp; 632125 |
| &nbsp;&nbsp;&nbsp;6.75%, 3/1/33<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;728 | &nbsp;&nbsp;&nbsp;&nbsp; 758174 |
|  |  |  | &nbsp;&nbsp;**$2554949** |
| Business Equipment and Services — 0.2% | Business Equipment and Services — 0.2% | Business Equipment and Services — 0.2% | Business Equipment and Services — 0.2% |
| Allied Universal Holdco LLC, 7.875%, 2/15/31<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245 | &nbsp;&nbsp;$255351 |
| Allied Universal Holdco LLC/Allied Universal Finance Corp., 6.00%, 6/1/29<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;923 | &nbsp;&nbsp;&nbsp;&nbsp; 903134 |
|  |  |  | &nbsp;&nbsp;**$1158485** |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Cable and Satellite Television — 1.1% | Cable and Satellite Television — 1.1% | Cable and Satellite Television — 1.1% | Cable and Satellite Television — 1.1% |
| Altice Financing SA, 5.00%, 1/15/28<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860 | &nbsp;&nbsp;$641831 |
| CCO Holdings LLC/CCO Holdings Capital Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, 2/1/31<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585 | &nbsp;&nbsp;&nbsp;&nbsp; 530062 |
| &nbsp;&nbsp;&nbsp;4.25%, 1/15/34<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1278 | &nbsp;&nbsp;&nbsp;&nbsp; 1074566 |
| &nbsp;&nbsp;&nbsp;4.50%, 8/15/30<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726 | &nbsp;&nbsp;&nbsp;&nbsp; 681093 |
| &nbsp;&nbsp;&nbsp;4.75%, 3/1/30<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;988 | &nbsp;&nbsp;&nbsp;&nbsp; 940097 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/28<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 396235 |
| &nbsp;&nbsp;&nbsp;6.375%, 9/1/29<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601 | &nbsp;&nbsp;&nbsp;&nbsp; 606118 |
| DISH Network Corp., 11.75%, 11/15/27<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397 | &nbsp;&nbsp;&nbsp;&nbsp; 418203 |
|  |  |  | &nbsp;&nbsp;**$5288205** |
| Capital Markets — 0.2% | Capital Markets — 0.2% | Capital Markets — 0.2% | Capital Markets — 0.2% |
| Focus Financial Partners LLC, 6.75%, 9/15/31<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835 | &nbsp;&nbsp;$861436 |
|  |  |  | &nbsp;&nbsp;**$861436** |
| Chemicals — 0.9% | Chemicals — 0.9% | Chemicals — 0.9% | Chemicals — 0.9% |
| Calderys Financing II LLC, 11.75%, (11.75% cash or 12.50% PIK), 6/1/28<sup>(1)(11)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745 | &nbsp;&nbsp;$773796 |
| Calderys Financing LLC, 11.25%, 6/1/28<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1070 | &nbsp;&nbsp;&nbsp;&nbsp; 1131819 |
| Olympus Water U.S. Holding Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;6.125%, 2/15/33<sup>(1)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1655 | &nbsp;&nbsp;&nbsp;&nbsp; 1894109 |
| &nbsp;&nbsp;&nbsp;7.25%, 2/15/33<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 597738 |
|  |  |  | &nbsp;&nbsp;**$4397462** |
| Chemicals and Plastics — 1.4% | Chemicals and Plastics — 1.4% | Chemicals and Plastics — 1.4% | Chemicals and Plastics — 1.4% |
| ASK Chemicals Deutschland Holding GmbH, 10.00%, 11/15/29<sup>(10)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560 | &nbsp;&nbsp;$609235 |
| Avient Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;6.25%, 11/1/31<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp; 332091 |
| &nbsp;&nbsp;&nbsp;7.125%, 8/1/30<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760 | &nbsp;&nbsp;&nbsp;&nbsp; 782825 |
| Celanese U.S. Holdings LLC, 7.20%, 11/15/33 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2130 | &nbsp;&nbsp;&nbsp;&nbsp; 2185868 |
| Cerdia Finanz GmbH, 9.375%, 10/3/31<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1286 | &nbsp;&nbsp;&nbsp;&nbsp; 1346202 |
| INEOS Finance PLC, 6.375%, 4/15/29<sup>(10)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 432413 |
| Italmatch Chemicals SpA: |  |  |  |
| &nbsp;&nbsp;&nbsp;7.50%, (3 mo. EURIBOR + 5.50%), 2/6/28<sup>(2)(10)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 231792 |
| &nbsp;&nbsp;&nbsp;10.00%, 2/6/28<sup>(10)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;902 | &nbsp;&nbsp;&nbsp;&nbsp; 1091653 |
|  |  |  | &nbsp;&nbsp;**$7012079** |
| Commercial Services — 2.6% | Commercial Services — 2.6% | Commercial Services — 2.6% | Commercial Services — 2.6% |
| Aegis Lux 1a SARL, 5.625%, 10/29/31<sup>(1)(11)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;$582844 |
| Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL, 4.875%, 6/1/28<sup>(10)</sup> | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580 | &nbsp;&nbsp;&nbsp;&nbsp; 744674 |
| AMN Healthcare, Inc., 4.00%, 4/15/29<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562 | &nbsp;&nbsp;&nbsp;&nbsp; 533030 |
| Block, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, 8/15/30<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390 | &nbsp;&nbsp;&nbsp;&nbsp; 396136 |

---

*5*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_29b44725-dc33-467f-96df-827aa5e70fb4_TOC)

Eaton Vance

Multi-Asset Credit Fund

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Commercial Services (continued) | Commercial Services (continued) | Commercial Services (continued) | Commercial Services (continued) |
| Block, Inc.: (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, 8/15/33<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;$286499 |
| Boost Newco Borrower LLC/GTCR W Dutch Finance Sub BV, 8.50%, 1/15/31<sup>(10)</sup> | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530 | &nbsp;&nbsp;&nbsp;&nbsp; 742714 |
| Champions Financing, Inc., 8.75%, 2/15/29<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306 | &nbsp;&nbsp;&nbsp;&nbsp; 296940 |
| Cimpress PLC, 7.375%, 9/15/32<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530 | &nbsp;&nbsp;&nbsp;&nbsp; 539322 |
| Currenta Group Holdings SARL, 6.036%, (3 mo. EURIBOR + 4.00%), 5/15/32<sup>(1)(2)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1020 | &nbsp;&nbsp;&nbsp;&nbsp; 1184140 |
| Herc Holdings, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;7.00%, 6/15/30<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 418936 |
| &nbsp;&nbsp;&nbsp;7.25%, 6/15/33<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340 | &nbsp;&nbsp;&nbsp;&nbsp; 358723 |
| IPD 3 BV, 5.50%, 6/15/31<sup>(1)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890 | &nbsp;&nbsp;&nbsp;&nbsp; 1047683 |
| Mavis Tire Express Services Topco Corp., 6.50%, 5/15/29<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1323 | &nbsp;&nbsp;&nbsp;&nbsp; 1309900 |
| NESCO Holdings II, Inc., 5.50%, 4/15/29<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;891 | &nbsp;&nbsp;&nbsp;&nbsp; 871770 |
| Pachelbel Bidco SpA, 7.125%, 5/17/31<sup>(1)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715 | &nbsp;&nbsp;&nbsp;&nbsp; 886337 |
| Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 6.75%, 8/15/32<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537 | &nbsp;&nbsp;&nbsp;&nbsp; 555099 |
| VT Topco, Inc., 8.50%, 8/15/30<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;928 | &nbsp;&nbsp;&nbsp;&nbsp; 966039 |
| Wand NewCo 3, Inc., 7.625%, 1/30/32<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1201 | &nbsp;&nbsp;&nbsp;&nbsp; 1256395 |
|  |  |  | &nbsp;&nbsp;**$12977181** |
| Computers — 1.4% | Computers — 1.4% | Computers — 1.4% | Computers — 1.4% |
| Almaviva-The Italian Innovation Co. SpA, 5.00%, 10/30/30<sup>(10)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880 | &nbsp;&nbsp;$1029637 |
| Amentum Holdings, Inc., 7.25%, 8/1/32<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1217 | &nbsp;&nbsp;&nbsp;&nbsp; 1267640 |
| Atos SE: |  |  |  |
| &nbsp;&nbsp;&nbsp;5.00% to 12/18/25, 12/18/30<sup>(4)(10)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460 | &nbsp;&nbsp;&nbsp;&nbsp; 519596 |
| &nbsp;&nbsp;&nbsp;9.00% to 12/18/25, 12/18/29<sup>(4)(10)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1043 | &nbsp;&nbsp;&nbsp;&nbsp; 1375821 |
| CACI International, Inc., 6.375%, 6/15/33<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp; 390364 |
| Diebold Nixdorf, Inc., 7.75%, 3/31/30<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1025 | &nbsp;&nbsp;&nbsp;&nbsp; 1087989 |
| Insight Enterprises, Inc., 6.625%, 5/15/32<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671 | &nbsp;&nbsp;&nbsp;&nbsp; 687521 |
| McAfee Corp., 7.375%, 2/15/30<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 366712 |
| Science Applications International Corp., 5.875%, 11/1/33<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp; 329353 |
|  |  |  | &nbsp;&nbsp;**$7054633** |
| Containers and Glass Products — 0.2% | Containers and Glass Products — 0.2% | Containers and Glass Products — 0.2% | Containers and Glass Products — 0.2% |
| Ardagh Group SA, 9.50%, 12/1/30<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430 | &nbsp;&nbsp;$459025 |
| Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 3.00%, 9/1/29<sup>(10)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725 | &nbsp;&nbsp;&nbsp;&nbsp; 781235 |
|  |  |  | &nbsp;&nbsp;**$1240260** |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Cosmetics & Personal Care — 0.1% | Cosmetics & Personal Care — 0.1% | Cosmetics & Personal Care — 0.1% | Cosmetics & Personal Care — 0.1% |
| Opal Bidco SAS, 5.50%, 3/31/32<sup>(1)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490 | &nbsp;&nbsp;$586652 |
|  |  |  | &nbsp;&nbsp;**$586652** |
| Distribution & Wholesale — 0.3% | Distribution & Wholesale — 0.3% | Distribution & Wholesale — 0.3% | Distribution & Wholesale — 0.3% |
| Windsor Holdings III LLC, 8.50%, 6/15/30<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1052 | &nbsp;&nbsp;$1111885 |
| Wolseley Group Finco PLC, 9.75%, 1/31/31<sup>(10)</sup> | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380 | &nbsp;&nbsp;&nbsp;&nbsp; 491396 |
|  |  |  | &nbsp;&nbsp;**$1603281** |
| Diversified Financial Services — 1.1% | Diversified Financial Services — 1.1% | Diversified Financial Services — 1.1% | Diversified Financial Services — 1.1% |
| Azorra Finance Ltd., 7.25%, 1/15/31<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465 | &nbsp;&nbsp;$487535 |
| CI Financial Corp., 4.10%, 6/15/51 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525 | &nbsp;&nbsp;&nbsp;&nbsp; 378347 |
| Hightower Holding LLC, 9.125%, 1/31/30<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815 | &nbsp;&nbsp;&nbsp;&nbsp; 877634 |
| Phoenix Aviation Capital Ltd., 9.25%, 7/15/30<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566 | &nbsp;&nbsp;&nbsp;&nbsp; 596755 |
| Rocket Cos., Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;6.125%, 8/1/30<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435 | &nbsp;&nbsp;&nbsp;&nbsp; 448986 |
| &nbsp;&nbsp;&nbsp;6.375%, 8/1/33<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;&nbsp; 677937 |
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;3.625%, 3/1/29<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1022 | &nbsp;&nbsp;&nbsp;&nbsp; 982629 |
| &nbsp;&nbsp;&nbsp;4.00%, 10/15/33<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 59911 |
| Sherwood Financing PLC, 7.625%, 12/15/29<sup>(10)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620 | &nbsp;&nbsp;&nbsp;&nbsp; 705074 |
| UWM Holdings LLC, 6.25%, 3/15/31<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511 | &nbsp;&nbsp;&nbsp;&nbsp; 510400 |
|  |  |  | &nbsp;&nbsp;**$5725208** |
| Diversified Telecommunication Services — 0.7% | Diversified Telecommunication Services — 0.7% | Diversified Telecommunication Services — 0.7% | Diversified Telecommunication Services — 0.7% |
| Level 3 Financing, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, 10/15/30<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116 | &nbsp;&nbsp;$104509 |
| &nbsp;&nbsp;&nbsp;4.50%, 4/1/30<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389 | &nbsp;&nbsp;&nbsp;&nbsp; 361603 |
| &nbsp;&nbsp;&nbsp;7.00%, 3/31/34<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194 | &nbsp;&nbsp;&nbsp;&nbsp; 199313 |
| Virgin Media Secured Finance PLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, 8/15/30<sup>(10)</sup> | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1425 | &nbsp;&nbsp;&nbsp;&nbsp; 1698144 |
| &nbsp;&nbsp;&nbsp;4.25%, 1/15/30<sup>(10)</sup> | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;896 | &nbsp;&nbsp;&nbsp;&nbsp; 1084599 |
| &nbsp;&nbsp;&nbsp;4.50%, 8/15/30<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 186044 |
|  |  |  | &nbsp;&nbsp;**$3634212** |
| Drugs — 0.5% | Drugs — 0.5% | Drugs — 0.5% | Drugs — 0.5% |
| Endo Finance Holdings, Inc., 8.50%, 4/15/31<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264 | &nbsp;&nbsp;$280150 |
| Perrigo Finance Unlimited Co.: |  |  |  |
| &nbsp;&nbsp;&nbsp;4.90%, 12/15/44 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406 | &nbsp;&nbsp;&nbsp;&nbsp; 335858 |
| &nbsp;&nbsp;&nbsp;5.375%, 9/30/32 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1475 | &nbsp;&nbsp;&nbsp;&nbsp; 1768756 |
|  |  |  | &nbsp;&nbsp;**$2384764** |
| Ecological Services and Equipment — 0.3% | Ecological Services and Equipment — 0.3% | Ecological Services and Equipment — 0.3% | Ecological Services and Equipment — 0.3% |
| Luna 2 5SARL, 5.50%, 7/1/32<sup>(10)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;$761041 |

---

*6*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_29b44725-dc33-467f-96df-827aa5e70fb4_TOC)

Eaton Vance

Multi-Asset Credit Fund

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Ecological Services and Equipment (continued) | Ecological Services and Equipment (continued) | Ecological Services and Equipment (continued) | Ecological Services and Equipment (continued) |
| Reworld Holding Corp., 4.875%, 12/1/29<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;839 | &nbsp;&nbsp;$790568 |
|  |  |  | &nbsp;&nbsp;**$1551609** |
| Electric — 0.5% | Electric — 0.5% | Electric — 0.5% | Electric — 0.5% |
| Clearway Energy Operating LLC, 3.75%, 2/15/31<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369 | &nbsp;&nbsp;$341941 |
| VoltaGrid LLC, 7.375%, 11/1/30<sup>(1)(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570 | &nbsp;&nbsp;&nbsp;&nbsp; 580076 |
| XPLR Infrastructure Operating Partners LP: |  |  |  |
| &nbsp;&nbsp;&nbsp;7.25%, 1/15/29<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585 | &nbsp;&nbsp;&nbsp;&nbsp; 602136 |
| &nbsp;&nbsp;&nbsp;8.375%, 1/15/31<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411 | &nbsp;&nbsp;&nbsp;&nbsp; 430295 |
| &nbsp;&nbsp;&nbsp;8.625%, 3/15/33<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303 | &nbsp;&nbsp;&nbsp;&nbsp; 318140 |
|  |  |  | &nbsp;&nbsp;**$2272588** |
| Electric Utilities — 1.0% | Electric Utilities — 1.0% | Electric Utilities — 1.0% | Electric Utilities — 1.0% |
| Alpha Generation LLC, 6.75%, 10/15/32<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1243 | &nbsp;&nbsp;$1278453 |
| California Buyer Ltd./Atlantica Sustainable Infrastructure PLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, 2/15/32<sup>(1)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895 | &nbsp;&nbsp;&nbsp;&nbsp; 1058408 |
| &nbsp;&nbsp;&nbsp;6.375%, 2/15/32<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465 | &nbsp;&nbsp;&nbsp;&nbsp; 470114 |
| TransAlta Corp., 7.75%, 11/15/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606 | &nbsp;&nbsp;&nbsp;&nbsp; 631419 |
| WESCO Distribution, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, 3/15/29<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;608 | &nbsp;&nbsp;&nbsp;&nbsp; 628927 |
| &nbsp;&nbsp;&nbsp;6.375%, 3/15/33<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390 | &nbsp;&nbsp;&nbsp;&nbsp; 407803 |
| &nbsp;&nbsp;&nbsp;6.625%, 3/15/32<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610 | &nbsp;&nbsp;&nbsp;&nbsp; 638334 |
|  |  |  | &nbsp;&nbsp;**$5113458** |
| Electronics/Electrical — 0.1% | Electronics/Electrical — 0.1% | Electronics/Electrical — 0.1% | Electronics/Electrical — 0.1% |
| Sensata Technologies, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, 2/15/30<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439 | &nbsp;&nbsp;$423787 |
| &nbsp;&nbsp;&nbsp;6.625%, 7/15/32<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 208469 |
|  |  |  | &nbsp;&nbsp;**$632256** |
| Energy — 0.8% | Energy — 0.8% | Energy — 0.8% | Energy — 0.8% |
| Sunoco LP: |  |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, 3/15/34<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365 | &nbsp;&nbsp;$365176 |
| &nbsp;&nbsp;&nbsp;7.25%, 5/1/32<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445 | &nbsp;&nbsp;&nbsp;&nbsp; 469532 |
| &nbsp;&nbsp;&nbsp;7.875% to 9/18/30<sup>(1)(12)(13)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2335 | &nbsp;&nbsp;&nbsp;&nbsp; 2372979 |
| Sunoco LP/Sunoco Finance Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, 5/15/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583 | &nbsp;&nbsp;&nbsp;&nbsp; 572126 |
| &nbsp;&nbsp;&nbsp;4.50%, 4/30/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372 | &nbsp;&nbsp;&nbsp;&nbsp; 360637 |
|  |  |  | &nbsp;&nbsp;**$4140450** |
| Engineering & Construction — 0.6% | Engineering & Construction — 0.6% | Engineering & Construction — 0.6% | Engineering & Construction — 0.6% |
| Arcosa, Inc., 6.875%, 8/15/32<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552 | &nbsp;&nbsp;$580139 |
| Artera Services LLC, 8.50%, 2/15/31<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665 | &nbsp;&nbsp;&nbsp;&nbsp; 576056 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Engineering & Construction (continued) | Engineering & Construction (continued) | Engineering & Construction (continued) | Engineering & Construction (continued) |
| OHL Operaciones SA, 9.75%, (5.10% cash and 4.65% PIK), 12/31/29<sup>(10)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390 | &nbsp;&nbsp;$426513 |
| TopBuild Corp., 4.125%, 2/15/32<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;976 | &nbsp;&nbsp;&nbsp;&nbsp; 919902 |
| VM Consolidated, Inc., 5.50%, 4/15/29<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694 | &nbsp;&nbsp;&nbsp;&nbsp; 688290 |
|  |  |  | &nbsp;&nbsp;**$3190900** |
| Entertainment — 3.5% | Entertainment — 3.5% | Entertainment — 3.5% | Entertainment — 3.5% |
| Allwyn Entertainment Financing U.K. PLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, 2/15/31<sup>(1)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1620 | &nbsp;&nbsp;$1855381 |
| &nbsp;&nbsp;&nbsp;7.25%, 4/30/30<sup>(10)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;942 | &nbsp;&nbsp;&nbsp;&nbsp; 1146481 |
| Cirsa Finance International SARL: |  |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, 10/15/31<sup>(1)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775 | &nbsp;&nbsp;&nbsp;&nbsp; 913322 |
| &nbsp;&nbsp;&nbsp;6.50%, 3/15/29<sup>(10)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549 | &nbsp;&nbsp;&nbsp;&nbsp; 660176 |
| CPUK Finance Ltd., 7.875%, 8/28/29<sup>(10)</sup> | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825 | &nbsp;&nbsp;&nbsp;&nbsp; 1131184 |
| Flutter Treasury DAC: |  |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 4/29/29<sup>(10)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp; 954010 |
| &nbsp;&nbsp;&nbsp;5.875%, 6/4/31<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633 | &nbsp;&nbsp;&nbsp;&nbsp; 641308 |
| Intralot Capital Luxembourg SA, 6.75%, 10/15/31<sup>(10)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2125 | &nbsp;&nbsp;&nbsp;&nbsp; 2476297 |
| Lottomatica Group SpA, 4.875%, 1/31/31<sup>(10)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1185 | &nbsp;&nbsp;&nbsp;&nbsp; 1410968 |
| Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings LLC, 8.25%, 4/15/30<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2325 | &nbsp;&nbsp;&nbsp;&nbsp; 2415113 |
| Motion Finco SARL, 8.375%, 2/15/32<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506 | &nbsp;&nbsp;&nbsp;&nbsp; 426140 |
| Playtika Holding Corp., 4.25%, 3/15/29<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596 | &nbsp;&nbsp;&nbsp;&nbsp; 538841 |
| Rivers Enterprise Lender LLC/Rivers Enterprise Lender Corp., 6.25%, 10/15/30<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380 | &nbsp;&nbsp;&nbsp;&nbsp; 383335 |
| Speedway Motorsports LLC/Speedway Funding II, Inc., 4.875%, 11/1/27<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519 | &nbsp;&nbsp;&nbsp;&nbsp; 515042 |
| Voyager Parent LLC, 9.25%, 7/1/32<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1495 | &nbsp;&nbsp;&nbsp;&nbsp; 1568417 |
| Warnermedia Holdings, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;5.05%, 3/15/42 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716 | &nbsp;&nbsp;&nbsp;&nbsp; 575528 |
| &nbsp;&nbsp;&nbsp;5.141%, 3/15/52 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 129625 |
|  |  |  | &nbsp;&nbsp;**$17741168** |
| Financial Intermediaries — 0.5% | Financial Intermediaries — 0.5% | Financial Intermediaries — 0.5% | Financial Intermediaries — 0.5% |
| Ally Financial, Inc., Series B, 4.70% to 5/15/26<sup>(12)(13)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1178 | &nbsp;&nbsp;$1155377 |
| Compass Group Diversified Holdings LLC, 5.25%, 4/15/29<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597 | &nbsp;&nbsp;&nbsp;&nbsp; 541524 |
| Ford Motor Credit Co. LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;5.113%, 5/3/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp; 333691 |
| &nbsp;&nbsp;&nbsp;5.303%, 9/6/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp; 360958 |
|  |  |  | &nbsp;&nbsp;**$2391550** |
| Food Products — 0.5% | Food Products — 0.5% | Food Products — 0.5% | Food Products — 0.5% |
| Froneri Lux FinCo SARL, 4.75%, 8/1/32<sup>(10)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775 | &nbsp;&nbsp;$912627 |

---

*7*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_29b44725-dc33-467f-96df-827aa5e70fb4_TOC)

Eaton Vance

Multi-Asset Credit Fund

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Food Products (continued) | Food Products (continued) | Food Products (continued) | Food Products (continued) |
| Ingles Markets, Inc., 4.00%, 6/15/31<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762 | &nbsp;&nbsp;$714880 |
| La Doria SpA, 5.449%, 12/30/30<sup>(2)(10)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp; 810044 |
|  |  |  | &nbsp;&nbsp;**$2437551** |
| Food Service — 0.3% | Food Service — 0.3% | Food Service — 0.3% | Food Service — 0.3% |
| 1011778 BC ULC/New Red Finance, Inc., 4.00%, 10/15/30<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293 | &nbsp;&nbsp;$277447 |
| Chobani Holdco II LLC, 9.50% PIK to 4/1/26, 10/1/29<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1135 | &nbsp;&nbsp;&nbsp;&nbsp; 1205265 |
|  |  |  | &nbsp;&nbsp;**$1482712** |
| Health Care — 1.4% | Health Care — 1.4% | Health Care — 1.4% | Health Care — 1.4% |
| Bausch & Lomb Netherlands BV & Bausch & Lomb, Inc., 5.872%, (3 mo. EURIBOR + 3.875%), 1/15/31<sup>(2)(10)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540 | &nbsp;&nbsp;$631310 |
| CHS/Community Health Systems, Inc., 4.75%, 2/15/31<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475 | &nbsp;&nbsp;&nbsp;&nbsp; 424506 |
| Fortrea Holdings, Inc., 7.50%, 7/1/30<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409 | &nbsp;&nbsp;&nbsp;&nbsp; 393167 |
| Global Medical Response, Inc., 7.375%, 10/1/32<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504 | &nbsp;&nbsp;&nbsp;&nbsp; 527733 |
| Heartland Dental LLC/Heartland Dental Finance Corp., 10.50%, 4/30/28<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258 | &nbsp;&nbsp;&nbsp;&nbsp; 272449 |
| IQVIA, Inc., 6.25%, 6/1/32<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;697 | &nbsp;&nbsp;&nbsp;&nbsp; 727331 |
| LifePoint Health, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, 1/15/29<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;792 | &nbsp;&nbsp;&nbsp;&nbsp; 768626 |
| &nbsp;&nbsp;&nbsp;10.00%, 6/1/32<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 149084 |
| Molina Healthcare, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, 11/15/30<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 55401 |
| &nbsp;&nbsp;&nbsp;3.875%, 5/15/32<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345 | &nbsp;&nbsp;&nbsp;&nbsp; 311379 |
| Surgery Center Holdings, Inc., 7.25%, 4/15/32<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405 | &nbsp;&nbsp;&nbsp;&nbsp; 417216 |
| Team Health Holdings, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;8.375%, 6/30/28<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373 | &nbsp;&nbsp;&nbsp;&nbsp; 377250 |
| &nbsp;&nbsp;&nbsp;13.50%, (9.00% cash and 4.50% PIK), 6/30/28<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888 | &nbsp;&nbsp;&nbsp;&nbsp; 958747 |
| U.S. Acute Care Solutions LLC, 9.75%, 5/15/29<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860 | &nbsp;&nbsp;&nbsp;&nbsp; 876822 |
|  |  |  | &nbsp;&nbsp;**$6891021** |
| Health Care Technology — 0.3% | Health Care Technology — 0.3% | Health Care Technology — 0.3% | Health Care Technology — 0.3% |
| athenahealth Group, Inc., 6.50%, 2/15/30<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1275 | &nbsp;&nbsp;$1249345 |
|  |  |  | &nbsp;&nbsp;**$1249345** |
| Healthcare Services — 0.1% | Healthcare Services — 0.1% | Healthcare Services — 0.1% | Healthcare Services — 0.1% |
| Molina Healthcare, Inc., 6.25%, 1/15/33<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242 | &nbsp;&nbsp;$243840 |
|  |  |  | &nbsp;&nbsp;**$243840** |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Home Furnishings — 0.2% | Home Furnishings — 0.2% | Home Furnishings — 0.2% | Home Furnishings — 0.2% |
| Somnigroup International, Inc., 3.875%, 10/15/31<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1322 | &nbsp;&nbsp;$1223332 |
|  |  |  | &nbsp;&nbsp;**$1223332** |
| Homebuilders/Real Estate — 0.2% | Homebuilders/Real Estate — 0.2% | Homebuilders/Real Estate — 0.2% | Homebuilders/Real Estate — 0.2% |
| New Home Co., Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;8.50%, 11/1/30<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385 | &nbsp;&nbsp;$398886 |
| &nbsp;&nbsp;&nbsp;9.25%, 10/1/29<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672 | &nbsp;&nbsp;&nbsp;&nbsp; 705611 |
|  |  |  | &nbsp;&nbsp;**$1104497** |
| Insurance — 1.2% | Insurance — 1.2% | Insurance — 1.2% | Insurance — 1.2% |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer: |  |  |  |
| &nbsp;&nbsp;&nbsp;6.50%, 10/1/31<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153 | &nbsp;&nbsp;$157091 |
| &nbsp;&nbsp;&nbsp;7.00%, 1/15/31<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455 | &nbsp;&nbsp;&nbsp;&nbsp; 471698 |
| Amynta Agency Borrower, Inc. & Amynta Warranty Borrower, Inc., 7.50%, 7/15/33<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515 | &nbsp;&nbsp;&nbsp;&nbsp; 531053 |
| Fidus Re Ltd., 6.325%, (1 mo. U.S. T-Bill Rate + 2.50%), 1/8/42<sup>(1)(2)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2295 | &nbsp;&nbsp;&nbsp;&nbsp; 2295896 |
| Galaxy Bidco Ltd., 8.125%, 12/19/29<sup>(10)</sup> | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740 | &nbsp;&nbsp;&nbsp;&nbsp; 1016200 |
| Panther Escrow Issuer LLC, 7.125%, 6/1/31<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;699 | &nbsp;&nbsp;&nbsp;&nbsp; 722977 |
| Ryan Specialty LLC, 5.875%, 8/1/32<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725 | &nbsp;&nbsp;&nbsp;&nbsp; 737746 |
|  |  |  | &nbsp;&nbsp;**$5932661** |
| Internet Software & Services — 0.7% | Internet Software & Services — 0.7% | Internet Software & Services — 0.7% | Internet Software & Services — 0.7% |
| Arches Buyer, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, 6/1/28<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270 | &nbsp;&nbsp;$264034 |
| &nbsp;&nbsp;&nbsp;6.125%, 12/1/28<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;853 | &nbsp;&nbsp;&nbsp;&nbsp; 832704 |
| Cars.com, Inc., 6.375%, 11/1/28<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;819 | &nbsp;&nbsp;&nbsp;&nbsp; 816376 |
| Match Group Holdings II LLC, 3.625%, 10/1/31<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648 | &nbsp;&nbsp;&nbsp;&nbsp; 587983 |
| Snap, Inc., 6.875%, 3/1/33<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716 | &nbsp;&nbsp;&nbsp;&nbsp; 732951 |
| United Group BV, 6.75%, 2/15/31<sup>(10)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 236230 |
|  |  |  | &nbsp;&nbsp;**$3470278** |
| Leisure Goods/Activities/Movies — 0.2% | Leisure Goods/Activities/Movies — 0.2% | Leisure Goods/Activities/Movies — 0.2% | Leisure Goods/Activities/Movies — 0.2% |
| LHMC Finco 2 SARL, 8.625%, (8.625% cash or 9.375% PIK), 5/15/30<sup>(1)(11)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;$842978 |
|  |  |  | &nbsp;&nbsp;**$842978** |
| Leisure Time — 0.2% | Leisure Time — 0.2% | Leisure Time — 0.2% | Leisure Time — 0.2% |
| NCL Corp. Ltd.: |  |  |  |
| &nbsp;&nbsp;&nbsp;6.25%, 3/1/30<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282 | &nbsp;&nbsp;$286968 |
| &nbsp;&nbsp;&nbsp;6.75%, 2/1/32<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555 | &nbsp;&nbsp;&nbsp;&nbsp; 570643 |
|  |  |  | &nbsp;&nbsp;**$857611** |

---

*8*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_29b44725-dc33-467f-96df-827aa5e70fb4_TOC)

Eaton Vance

Multi-Asset Credit Fund

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Lodging and Casinos — 0.2% | Lodging and Casinos — 0.2% | Lodging and Casinos — 0.2% | Lodging and Casinos — 0.2% |
| Genting New York LLC/GENNY Capital, Inc., 7.25%, 10/1/29<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;924 | &nbsp;&nbsp;$957241 |
|  |  |  | &nbsp;&nbsp;**$957241** |
| Machinery — 0.4% | Machinery — 0.4% | Machinery — 0.4% | Machinery — 0.4% |
| Dynamo Newco II GmbH, 6.25%, 10/15/31<sup>(1)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950 | &nbsp;&nbsp;$1104932 |
| IMA Industria Macchine Automatiche SpA, 5.776%, (3 mo. EURIBOR + 3.75%), 4/15/29<sup>(2)(10)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915 | &nbsp;&nbsp;&nbsp;&nbsp; 1064852 |
|  |  |  | &nbsp;&nbsp;**$2169784** |
| Media — 0.9% | Media — 0.9% | Media — 0.9% | Media — 0.9% |
| CSC Holdings LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;3.375%, 2/15/31<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574 | &nbsp;&nbsp;$348002 |
| &nbsp;&nbsp;&nbsp;4.125%, 12/1/30<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373 | &nbsp;&nbsp;&nbsp;&nbsp; 229882 |
| &nbsp;&nbsp;&nbsp;5.50%, 4/15/27<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345 | &nbsp;&nbsp;&nbsp;&nbsp; 320453 |
| &nbsp;&nbsp;&nbsp;11.75%, 1/31/29<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395 | &nbsp;&nbsp;&nbsp;&nbsp; 312281 |
| Outfront Media Capital LLC/Outfront Media Capital Corp., 4.625%, 3/15/30<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946 | &nbsp;&nbsp;&nbsp;&nbsp; 914638 |
| Sinclair Television Group, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, 12/31/32<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 58700 |
| &nbsp;&nbsp;&nbsp;8.125%, 2/15/33<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;669 | &nbsp;&nbsp;&nbsp;&nbsp; 682564 |
| Summer BidCo BV, 10.00%, (10.00% cash or 10.75% PIK), 2/15/29<sup>(10)(11)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572 | &nbsp;&nbsp;&nbsp;&nbsp; 677990 |
| Univision Communications, Inc., 9.375%, 8/1/32<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551 | &nbsp;&nbsp;&nbsp;&nbsp; 582205 |
| Versant Media Group, Inc., 7.25%, 1/30/31<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 305986 |
|  |  |  | &nbsp;&nbsp;**$4432701** |
| Metals/Mining — 0.9% | Metals/Mining — 0.9% | Metals/Mining — 0.9% | Metals/Mining — 0.9% |
| Arsenal AIC Parent LLC, 11.50%, 10/1/31<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1168 | &nbsp;&nbsp;$1299595 |
| Compass Minerals International, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;6.75%, 12/1/27<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 155903 |
| &nbsp;&nbsp;&nbsp;8.00%, 7/1/30<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567 | &nbsp;&nbsp;&nbsp;&nbsp; 590515 |
| First Quantum Minerals Ltd.: |  |  |  |
| &nbsp;&nbsp;&nbsp;7.25%, 2/15/34<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 259824 |
| &nbsp;&nbsp;&nbsp;8.00%, 3/1/33<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp; 303249 |
| &nbsp;&nbsp;&nbsp;9.375%, 3/1/29<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;873 | &nbsp;&nbsp;&nbsp;&nbsp; 924831 |
| Hudbay Minerals, Inc., 4.50%, 4/1/26<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503 | &nbsp;&nbsp;&nbsp;&nbsp; 502050 |
| WE Soda Investments Holding PLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;9.375%, 2/14/31<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 298961 |
| &nbsp;&nbsp;&nbsp;9.50%, 10/6/28<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 301318 |
|  |  |  | &nbsp;&nbsp;**$4636246** |
| Nonferrous Metals/Minerals — 0.1% | Nonferrous Metals/Minerals — 0.1% | Nonferrous Metals/Minerals — 0.1% | Nonferrous Metals/Minerals — 0.1% |
| Eldorado Gold Corp., 6.25%, 9/1/29<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690 | &nbsp;&nbsp;$691933 |
|  |  |  | &nbsp;&nbsp;**$691933** |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Oil and Gas — 1.1% | Oil and Gas — 1.1% | Oil and Gas — 1.1% | Oil and Gas — 1.1% |
| Aethon United BR LP/Aethon United Finance Corp., 7.50%, 10/1/29<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656 | &nbsp;&nbsp;$681143 |
| Civitas Resources, Inc., 8.625%, 11/1/30<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1023 | &nbsp;&nbsp;&nbsp;&nbsp; 1058481 |
| Parkland Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, 10/1/29<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480 | &nbsp;&nbsp;&nbsp;&nbsp; 464918 |
| &nbsp;&nbsp;&nbsp;4.625%, 5/1/30<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292 | &nbsp;&nbsp;&nbsp;&nbsp; 283511 |
| Permian Resources Operating LLC, 6.25%, 2/1/33<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp; 381923 |
| SM Energy Co., 7.00%, 8/1/32<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580 | &nbsp;&nbsp;&nbsp;&nbsp; 567971 |
| Transocean International Ltd.: |  |  |  |
| &nbsp;&nbsp;&nbsp;7.875%, 10/15/32<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 77311 |
| &nbsp;&nbsp;&nbsp;8.25%, 5/15/29<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579 | &nbsp;&nbsp;&nbsp;&nbsp; 582879 |
| &nbsp;&nbsp;&nbsp;8.75%, 2/15/30<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163 | &nbsp;&nbsp;&nbsp;&nbsp; 170903 |
| Vital Energy, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;7.875%, 4/15/32<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 236827 |
| &nbsp;&nbsp;&nbsp;9.75%, 10/15/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 221521 |
| WBI Operating LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;6.25%, 10/15/30<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475 | &nbsp;&nbsp;&nbsp;&nbsp; 474879 |
| &nbsp;&nbsp;&nbsp;6.50%, 10/15/33<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545 | &nbsp;&nbsp;&nbsp;&nbsp; 545346 |
|  |  |  | &nbsp;&nbsp;**$5747613** |
| Packaging & Containers — 1.0% | Packaging & Containers — 1.0% | Packaging & Containers — 1.0% | Packaging & Containers — 1.0% |
| Clydesdale Acquisition Holdings, Inc., 8.75%, 4/15/30<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1626 | &nbsp;&nbsp;$1630724 |
| Fiber Midco SpA, 10.75% PIK, 6/15/29<sup>(1)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950 | &nbsp;&nbsp;&nbsp;&nbsp; 979094 |
| Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo U.S. LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;8.25%, 5/15/30<sup>(1)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1480 | &nbsp;&nbsp;&nbsp;&nbsp; 1573696 |
| &nbsp;&nbsp;&nbsp;9.50%, 5/15/30<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705 | &nbsp;&nbsp;&nbsp;&nbsp; 661691 |
|  |  |  | &nbsp;&nbsp;**$4845205** |
| Pharmaceuticals — 1.3% | Pharmaceuticals — 1.3% | Pharmaceuticals — 1.3% | Pharmaceuticals — 1.3% |
| 1261229 BC Ltd., 10.00%, 4/15/32<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001 | &nbsp;&nbsp;$1047321 |
| Amneal Pharmaceuticals LLC, 6.875%, 8/1/32<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282 | &nbsp;&nbsp;&nbsp;&nbsp; 296013 |
| Bayer AG, 5.375% to 6/25/30, 3/25/82<sup>(10)(13)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 476815 |
| Grifols SA, 7.50%, 5/1/30<sup>(10)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1054 | &nbsp;&nbsp;&nbsp;&nbsp; 1280521 |
| Nidda Healthcare Holding GmbH, 5.276% (3 mo. EURIBOR + 3.25%), 10/15/32<sup>(1)(2)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315 | &nbsp;&nbsp;&nbsp;&nbsp; 365865 |
| P&L Development LLC/PLD Finance Corp., 12.00%, (12.00% cash or 9.00% cash and 3.50% PIK), 5/15/29<sup>(1)(11)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380 | &nbsp;&nbsp;&nbsp;&nbsp; 391019 |
| Rossini SARL, 6.75%, 12/31/29<sup>(10)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555 | &nbsp;&nbsp;&nbsp;&nbsp; 676096 |
| Teva Pharmaceutical Finance Netherlands II BV, 4.375%, 5/9/30 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286 | &nbsp;&nbsp;&nbsp;&nbsp; 341076 |
| Teva Pharmaceutical Finance Netherlands III BV: |  |  |  |
| &nbsp;&nbsp;&nbsp;4.10%, 10/1/46 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1506 | &nbsp;&nbsp;&nbsp;&nbsp; 1132807 |

---

*9*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_29b44725-dc33-467f-96df-827aa5e70fb4_TOC)

Eaton Vance

Multi-Asset Credit Fund

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Pharmaceuticals (continued) | Pharmaceuticals (continued) | Pharmaceuticals (continued) | Pharmaceuticals (continued) |
| Teva Pharmaceutical Finance Netherlands III BV: (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, 12/1/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp;$391704 |
|  |  |  | &nbsp;&nbsp;**$6399237** |
| Pipelines — 1.0% | Pipelines — 1.0% | Pipelines — 1.0% | Pipelines — 1.0% |
| Global Partners LP/GLP Finance Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;7.125%, 7/1/33<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612 | &nbsp;&nbsp;$621331 |
| &nbsp;&nbsp;&nbsp;8.25%, 1/15/32<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649 | &nbsp;&nbsp;&nbsp;&nbsp; 679037 |
| Kinetik Holdings LP, 5.875%, 6/15/30<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;679 | &nbsp;&nbsp;&nbsp;&nbsp; 684591 |
| NGL Energy Operating LLC/NGL Energy Finance Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;8.125%, 2/15/29<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540 | &nbsp;&nbsp;&nbsp;&nbsp; 553151 |
| &nbsp;&nbsp;&nbsp;8.375%, 2/15/32<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152 | &nbsp;&nbsp;&nbsp;&nbsp; 155555 |
| Plains All American Pipeline LP, Series B, 8.583%, (3 mo. SOFR + 4.372%)<sup>(2)(12)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;926 | &nbsp;&nbsp;&nbsp;&nbsp; 928533 |
| Venture Global LNG, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;8.125%, 6/1/28<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609 | &nbsp;&nbsp;&nbsp;&nbsp; 627727 |
| &nbsp;&nbsp;&nbsp;9.00% to 9/30/29<sup>(1)(12)(13)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;885 | &nbsp;&nbsp;&nbsp;&nbsp; 828029 |
|  |  |  | &nbsp;&nbsp;**$5077954** |
| Publishing — 0.2% | Publishing — 0.2% | Publishing — 0.2% | Publishing — 0.2% |
| McGraw-Hill Education, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, 8/1/28<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326 | &nbsp;&nbsp;$325580 |
| &nbsp;&nbsp;&nbsp;7.375%, 9/1/31<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp; 297890 |
| &nbsp;&nbsp;&nbsp;8.00%, 8/1/29<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606 | &nbsp;&nbsp;&nbsp;&nbsp; 611326 |
|  |  |  | &nbsp;&nbsp;**$1234796** |
| Radio and Television — 0.0%<sup>†</sup> | Radio and Television — 0.0%<sup>†</sup> | Radio and Television — 0.0%<sup>†</sup> | Radio and Television — 0.0%<sup>†</sup> |
| Clear Channel Outdoor Holdings, Inc., 7.125%, 2/15/31<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;$98058 |
|  |  |  | &nbsp;&nbsp;**$98058** |
| Real Estate Investment Trusts (REITs) — 1.4% | Real Estate Investment Trusts (REITs) — 1.4% | Real Estate Investment Trusts (REITs) — 1.4% | Real Estate Investment Trusts (REITs) — 1.4% |
| Adler Financing SARL, 8.25% PIK, 12/31/28 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645 | &nbsp;&nbsp;$804981 |
| Alexandrite Lake Lux Holdings SARL: |  |  |  |
| &nbsp;&nbsp;&nbsp;6.75%, 7/30/30<sup>(1)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490 | &nbsp;&nbsp;&nbsp;&nbsp; 579329 |
| &nbsp;&nbsp;&nbsp;6.75%, 7/30/30<sup>(10)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 189169 |
| Alexandrite Monnet U.K. Holdco PLC, 10.50%, 5/15/29<sup>(10)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp; 1507141 |
| Cushman & Wakefield U.S. Borrower LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;6.75%, 5/15/28<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644 | &nbsp;&nbsp;&nbsp;&nbsp; 649579 |
| &nbsp;&nbsp;&nbsp;8.875%, 9/1/31<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594 | &nbsp;&nbsp;&nbsp;&nbsp; 636813 |
| Essendi SA, 6.375%, 10/15/29<sup>(10)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050 | &nbsp;&nbsp;&nbsp;&nbsp; 1279371 |
| Greystar Real Estate Partners LLC, 7.75%, 9/1/30<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1285 | &nbsp;&nbsp;&nbsp;&nbsp; 1359860 |
|  |  |  | &nbsp;&nbsp;**$7006243** |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Retail — 1.8% | Retail — 1.8% | Retail — 1.8% | Retail — 1.8% |
| B&M European Value Retail SA, 8.125%, 11/15/30<sup>(10)</sup> | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;$548478 |
| Boots Group Finco LP: |  |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, 8/31/32<sup>(10)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp; 383166 |
| &nbsp;&nbsp;&nbsp;7.375%, 8/31/32<sup>(10)</sup> | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470 | &nbsp;&nbsp;&nbsp;&nbsp; 636067 |
| CD&R Firefly Bidco PLC, 8.625%, 4/30/29<sup>(10)</sup> | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860 | &nbsp;&nbsp;&nbsp;&nbsp; 1185137 |
| Cougar JV Subsidiary LLC, 8.00%, 5/15/32<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;969 | &nbsp;&nbsp;&nbsp;&nbsp; 1034014 |
| eG Global Finance PLC, 11.00%, 11/30/28<sup>(10)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 755158 |
| Ferrellgas LP/Ferrellgas Finance Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, 4/1/29<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;793 | &nbsp;&nbsp;&nbsp;&nbsp; 754364 |
| &nbsp;&nbsp;&nbsp;9.25%, 1/15/31<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 212081 |
| Global Auto Holdings Ltd./AAG FH U.K. Ltd.: |  |  |  |
| &nbsp;&nbsp;&nbsp;8.375%, 1/15/29<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259 | &nbsp;&nbsp;&nbsp;&nbsp; 249548 |
| &nbsp;&nbsp;&nbsp;8.75%, 1/15/32<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278 | &nbsp;&nbsp;&nbsp;&nbsp; 264102 |
| Park River Holdings, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;8.00%, 3/15/31<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453 | &nbsp;&nbsp;&nbsp;&nbsp; 466719 |
| &nbsp;&nbsp;&nbsp;8.75%, 12/31/30<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134 | &nbsp;&nbsp;&nbsp;&nbsp; 133960 |
| PetSmart LLC/PetSmart Finance Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;7.50%, 9/15/32<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 499975 |
| &nbsp;&nbsp;&nbsp;10.00%, 9/15/33<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 503365 |
| Waga Bondco Ltd., 8.50%, 6/15/30<sup>(10)</sup> | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760 | &nbsp;&nbsp;&nbsp;&nbsp; 911793 |
| White Cap Supply Holdings LLC, 7.375%, 11/15/30<sup>(1)(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486 | &nbsp;&nbsp;&nbsp;&nbsp; 491933 |
|  |  |  | &nbsp;&nbsp;**$9029860** |
| Retailers (Except Food and Drug) — 0.3% | Retailers (Except Food and Drug) — 0.3% | Retailers (Except Food and Drug) — 0.3% | Retailers (Except Food and Drug) — 0.3% |
| Bath & Body Works, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, 11/1/35 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410 | &nbsp;&nbsp;$429413 |
| &nbsp;&nbsp;&nbsp;6.95%, 3/1/33 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282 | &nbsp;&nbsp;&nbsp;&nbsp; 292497 |
| Superior Plus LP/Superior General Partner, Inc., 4.50%, 3/15/29<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;737 | &nbsp;&nbsp;&nbsp;&nbsp; 715226 |
|  |  |  | &nbsp;&nbsp;**$1437136** |
| Software — 0.5% | Software — 0.5% | Software — 0.5% | Software — 0.5% |
| Clarivate Science Holdings Corp., 4.875%, 7/1/29<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592 | &nbsp;&nbsp;$552780 |
| Cloud Software Group, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;6.50%, 3/31/29<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344 | &nbsp;&nbsp;&nbsp;&nbsp; 346811 |
| &nbsp;&nbsp;&nbsp;9.00%, 9/30/29<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609 | &nbsp;&nbsp;&nbsp;&nbsp; 630434 |
| TeamSystem SpA, 5.526%, (3 mo. EURIBOR + 3.50%), 7/31/31<sup>(1)(2)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1029 | &nbsp;&nbsp;&nbsp;&nbsp; 1193582 |
|  |  |  | &nbsp;&nbsp;**$2723607** |
| Steel — 0.5% | Steel — 0.5% | Steel — 0.5% | Steel — 0.5% |
| Allegheny Ludlum LLC, 6.95%, 12/15/25 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401 | &nbsp;&nbsp;$403865 |
| Cleveland-Cliffs, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;7.375%, 5/1/33<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565 | &nbsp;&nbsp;&nbsp;&nbsp; 585151 |

---

*10*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_29b44725-dc33-467f-96df-827aa5e70fb4_TOC)

Eaton Vance

Multi-Asset Credit Fund

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Steel (continued) | Steel (continued) | Steel (continued) | Steel (continued) |
| Cleveland-Cliffs, Inc.: (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;7.50%, 9/15/31<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435 | &nbsp;&nbsp;$455718 |
| &nbsp;&nbsp;&nbsp;7.625%, 1/15/34<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 249704 |
| TMS International Corp., 6.25%, 4/15/29<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;878 | &nbsp;&nbsp;&nbsp;&nbsp; 862829 |
|  |  |  | &nbsp;&nbsp;**$2557267** |
| Telecommunications — 1.5% | Telecommunications — 1.5% | Telecommunications — 1.5% | Telecommunications — 1.5% |
| C&W Senior Finance Ltd., 9.00%, 1/15/33<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305 | &nbsp;&nbsp;$311233 |
| EchoStar Corp., 10.75%, 11/30/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;904 | &nbsp;&nbsp;&nbsp;&nbsp; 995531 |
| Fibercop SpA: |  |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, 6/30/32<sup>(10)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 259175 |
| &nbsp;&nbsp;&nbsp;7.20%, 7/18/36<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817 | &nbsp;&nbsp;&nbsp;&nbsp; 829655 |
| Iliad Holding SAS, 6.875%, 4/15/31<sup>(10)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 297289 |
| Odido Group Holding BV, 5.50%, 1/15/30<sup>(10)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 696547 |
| Sable International Finance Ltd., 7.125%, 10/15/32<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262 | &nbsp;&nbsp;&nbsp;&nbsp; 262414 |
| Stagwell Global LLC, 5.625%, 8/15/29<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311 | &nbsp;&nbsp;&nbsp;&nbsp; 296620 |
| Vmed O2 U.K. Financing I PLC, 4.00%, 1/31/29<sup>(10)</sup> | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840 | &nbsp;&nbsp;&nbsp;&nbsp; 1052109 |
| Windstream Services LLC, 7.50%, 10/15/33<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1193 | &nbsp;&nbsp;&nbsp;&nbsp; 1192791 |
| WULF Compute LLC, 7.75%, 10/15/30<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp; 348251 |
| Zegona Finance PLC, 8.625%, 7/15/29<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1048 | &nbsp;&nbsp;&nbsp;&nbsp; 1116622 |
|  |  |  | &nbsp;&nbsp;**$7658237** |
| Transportation — 0.7% | Transportation — 0.7% | Transportation — 0.7% | Transportation — 0.7% |
| Edge Finco PLC, 8.125%, 8/15/31<sup>(10)</sup> | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1394 | &nbsp;&nbsp;$1941866 |
| Seaspan Corp., 5.50%, 8/1/29<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;923 | &nbsp;&nbsp;&nbsp;&nbsp; 889691 |
| Watco Cos. LLC/Watco Finance Corp., 7.125%, 8/1/32<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740 | &nbsp;&nbsp;&nbsp;&nbsp; 767339 |
|  |  |  | &nbsp;&nbsp;**$3598896** |
| Utilities — 1.1% | Utilities — 1.1% | Utilities — 1.1% | Utilities — 1.1% |
| Leeward Renewable Energy Operations LLC, 4.25%, 7/1/29<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411 | &nbsp;&nbsp;$393113 |
| NRG Energy, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, 2/15/32<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118 | &nbsp;&nbsp;&nbsp;&nbsp; 109586 |
| &nbsp;&nbsp;&nbsp;5.75%, 1/15/34<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409 | &nbsp;&nbsp;&nbsp;&nbsp; 412154 |
| &nbsp;&nbsp;&nbsp;6.00%, 2/1/33<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505 | &nbsp;&nbsp;&nbsp;&nbsp; 515520 |
| &nbsp;&nbsp;&nbsp;6.00%, 1/15/36<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765 | &nbsp;&nbsp;&nbsp;&nbsp; 778661 |
| &nbsp;&nbsp;&nbsp;6.25%, 11/1/34<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp; 345158 |
| &nbsp;&nbsp;&nbsp;10.25% to 3/15/28<sup>(1)(12)(13)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635 | &nbsp;&nbsp;&nbsp;&nbsp; 698759 |
| TerraForm Power Operating LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;4.75%, 1/15/30<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460 | &nbsp;&nbsp;&nbsp;&nbsp; 441568 |
| &nbsp;&nbsp;&nbsp;5.00%, 1/31/28<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp; 448619 |
| Vistra Operations Co. LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, 5/1/29<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193 | &nbsp;&nbsp;&nbsp;&nbsp; 189623 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Utilities (continued) | Utilities (continued) | Utilities (continued) |
| Vistra Operations Co. LLC: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, 4/15/32<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1103 | &nbsp;&nbsp;$1159370 |
|  |  | &nbsp;&nbsp;**$5492131** |
| Total Corporate Bonds<br> (identified cost $217,354,918) |  | &nbsp;&nbsp;**$223764788** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Preferred Stocks — 0.0%<sup>†</sup>

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Pharmaceuticals — 0.0% | Pharmaceuticals — 0.0% | Pharmaceuticals — 0.0% |
| Mallinckrodt PLC<sup>(6)(8)</sup> | 90034464 | &nbsp;&nbsp;$0 |
|  |  | &nbsp;&nbsp;**$0** |
| Technology — 0.0%<sup>†</sup> | Technology — 0.0%<sup>†</sup> | Technology — 0.0%<sup>†</sup> |
| Cohesity Global, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;Series G<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2137 | &nbsp;&nbsp;$51822 |
| &nbsp;&nbsp;&nbsp;Series G1<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1477 | &nbsp;&nbsp;&nbsp;&nbsp; 35633 |
|  |  | &nbsp;&nbsp;**$87455** |
| Total Preferred Stocks<br> (identified cost $74,087) |  | &nbsp;&nbsp;**$87455** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Senior Floating-Rate Loans — 30.3%<sup>(14)</sup>

---

| | | |
|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Aerospace and Defense — 0.4% | Aerospace and Defense — 0.4% | Aerospace and Defense — 0.4% |
| TransDigm, Inc., Term Loan, 6.502%, (3 mo. USD Term SOFR + 2.50%), 2/28/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1863 | &nbsp;&nbsp;$1867546 |
|  |  | &nbsp;&nbsp;**$1867546** |
| Airlines — 0.2% | Airlines — 0.2% | Airlines — 0.2% |
| American Airlines, Inc., Term Loan, 6.134%, (3 mo. USD Term SOFR + 2.25%), 4/20/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970 | &nbsp;&nbsp;$972332 |
|  |  | &nbsp;&nbsp;**$972332** |
| Apparel & Luxury Goods — 0.4% | Apparel & Luxury Goods — 0.4% | Apparel & Luxury Goods — 0.4% |
| Beach Acquisition Bidco LLC, Term Loan, 7.308%, (3 mo. USD Term SOFR + 3.25%), 9/12/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;$503333 |
| Champ Acquisition Corp., Term Loan, 8.166%, (6 mo. USD Term SOFR + 4.00%), 11/25/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294 | &nbsp;&nbsp;&nbsp;&nbsp; 297013 |

---

*11*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_29b44725-dc33-467f-96df-827aa5e70fb4_TOC)

Eaton Vance

Multi-Asset Credit Fund

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Apparel & Luxury Goods (continued) | Apparel & Luxury Goods (continued) | Apparel & Luxury Goods (continued) | Apparel & Luxury Goods (continued) |
| Gloves Buyer, Inc., Term Loan, 7.965%, (1 mo. USD Term SOFR + 4.00%), 5/21/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;$691687 |
| Hanesbrands, Inc., Term Loan, 6.715%, (1 mo. USD Term SOFR + 2.75%), 3/7/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740 | &nbsp;&nbsp;&nbsp;&nbsp; 743786 |
|  |  |  | &nbsp;&nbsp;**$2235819** |
| Auto Components — 1.1% | Auto Components — 1.1% | Auto Components — 1.1% | Auto Components — 1.1% |
| Adient U.S. LLC, Term Loan, 6.215%, (1 mo. USD Term SOFR + 2.25%), 1/31/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985 | &nbsp;&nbsp;$987521 |
| Autokiniton U.S. Holdings, Inc., Term Loan, 8.079%, (1 mo. USD Term SOFR + 4.00%), 4/6/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569 | &nbsp;&nbsp;&nbsp;&nbsp; 548163 |
| Clarios Global LP: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 4.893%, (1 mo. EURIBOR + 3.00%), 7/16/31 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1505 | &nbsp;&nbsp;&nbsp;&nbsp; 1743178 |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.465%, (1 mo. USD Term SOFR + 2.50%), 5/6/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1155 | &nbsp;&nbsp;&nbsp;&nbsp; 1156655 |
| Crash Champions LLC, Term Loan, 2/23/29<sup>(15)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276 | &nbsp;&nbsp;&nbsp;&nbsp; 256038 |
| DexKo Global, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.829%, (1 mo. USD Term SOFR + 3.75%), 10/4/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158 | &nbsp;&nbsp;&nbsp;&nbsp; 155435 |
| &nbsp;&nbsp;&nbsp;Term Loan, 8.215%, (1 mo. USD Term SOFR + 4.25%), 10/4/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147 | &nbsp;&nbsp;&nbsp;&nbsp; 145975 |
| First Brands Group LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;DIP Loan, 6/29/26<sup>(15)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26594 |
| &nbsp;&nbsp;&nbsp;Term Loan, 0.00%, 3/30/27<sup>(16)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 99900 |
| LTI Holdings, Inc., Term Loan, 7.715%, (1 mo. USD Term SOFR + 3.75%), 7/29/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396 | &nbsp;&nbsp;&nbsp;&nbsp; 398847 |
| RealTruck Group, Inc., Term Loan, 7.829%, (1 mo. USD Term SOFR + 3.75%), 1/31/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 87895 |
|  |  |  | &nbsp;&nbsp;**$5606201** |
| Automobiles — 0.2% | Automobiles — 0.2% | Automobiles — 0.2% | Automobiles — 0.2% |
| Bombardier Recreational Products, Inc., Term Loan, 6.715%, (1 mo. USD Term SOFR + 2.75%), 1/22/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517 | &nbsp;&nbsp;$517281 |
| MajorDrive Holdings IV LLC, Term Loan, 8.263%, (3 mo. USD Term SOFR + 4.00%), 6/1/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478 | &nbsp;&nbsp;&nbsp;&nbsp; 465082 |
|  |  |  | &nbsp;&nbsp;**$982363** |
| Biotechnology — 0.1% | Biotechnology — 0.1% | Biotechnology — 0.1% | Biotechnology — 0.1% |
| Alltech, Inc., Term Loan, 8.329%, (1 mo. USD Term SOFR + 4.25%), 8/13/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;719 | &nbsp;&nbsp;$722360 |
|  |  |  | &nbsp;&nbsp;**$722360** |

---

---

| | | |
|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Broadline Retail — 0.1% | Broadline Retail — 0.1% | Broadline Retail — 0.1% |
| Peer Holding III BV, Term Loan, 6.502%, (3 mo. USD Term SOFR + 2.50%), 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695 | &nbsp;&nbsp;$698484 |
|  |  | &nbsp;&nbsp;**$698484** |
| Building Products — 1.2% | Building Products — 1.2% | Building Products — 1.2% |
| Associated Materials, Inc., Term Loan, 9.965%, (1 mo. USD Term SOFR + 6.00%), 3/8/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1320 | &nbsp;&nbsp;$1253591 |
| Cornerstone Building Brands, Inc., Term Loan, 8.532%, (1 mo. USD Term SOFR + 4.50%), 5/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487 | &nbsp;&nbsp;&nbsp;&nbsp; 429810 |
| CP Atlas Buyer, Inc., Term Loan, 9.215%, (1 mo. USD Term SOFR + 5.25%), 7/8/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369 | &nbsp;&nbsp;&nbsp;&nbsp; 365218 |
| CP Iris HoldCo I, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 10/27/32<sup>(15)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30068 |
| &nbsp;&nbsp;&nbsp;Term Loan, 10/27/32<sup>(15)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp; 243556 |
| LBM Acquisition LLC: |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.881%, (1 mo. USD Term SOFR + 3.75%), 6/6/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;699 | &nbsp;&nbsp;&nbsp;&nbsp; 677089 |
| &nbsp;&nbsp;&nbsp;Term Loan, 9.031%, (1 mo. USD Term SOFR + 5.00%), 6/6/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 124464 |
| MI Windows & Doors LLC, Term Loan, 6.715%, (1 mo. USD Term SOFR + 2.75%), 3/28/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491 | &nbsp;&nbsp;&nbsp;&nbsp; 492025 |
| Oscar AcquisitionCo LLC, Term Loan, 8.252%, (3 mo. USD Term SOFR + 4.25%), 4/29/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391 | &nbsp;&nbsp;&nbsp;&nbsp; 353376 |
| Specialty Building Products Holdings LLC, Term Loan, 7.815%, (1 mo. USD Term SOFR + 3.75%), 10/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1944 | &nbsp;&nbsp;&nbsp;&nbsp; 1868953 |
|  |  | &nbsp;&nbsp;**$5838150** |
| Capital Markets — 1.2% | Capital Markets — 1.2% | Capital Markets — 1.2% |
| Advisor Group, Inc., Term Loan, 6.965%, (1 mo. USD Term SOFR + 3.00%), 7/30/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;$451220 |
| AllSpring Buyer LLC, Term Loan, 6.813%, (3 mo. USD Term SOFR + 2.75%), 11/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399 | &nbsp;&nbsp;&nbsp;&nbsp; 400344 |
| Citco Funding LLC, Term Loan, 6.806%, (3 mo. USD Term SOFR + 2.75%), 4/27/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;703 | &nbsp;&nbsp;&nbsp;&nbsp; 707733 |
| Focus Financial Partners LLC, Term Loan, 6.715%, (1 mo. USD Term SOFR + 2.75%), 9/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;958 | &nbsp;&nbsp;&nbsp;&nbsp; 961723 |
| Fortress Intermediate 3, Inc., Term Loan, 7.106%, (1 mo. USD Term SOFR + 3.00%), 6/27/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1543 | &nbsp;&nbsp;&nbsp;&nbsp; 1549125 |
| Kestra Advisor Services Holdings A, Inc., Term Loan, 6.965%, (1 mo. USD Term SOFR + 3.00%), 3/22/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396 | &nbsp;&nbsp;&nbsp;&nbsp; 397458 |
| Mariner Wealth Advisors LLC, Term Loan, 6.502%, (3 mo. USD Term SOFR + 2.50%), 12/31/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;856 | &nbsp;&nbsp;&nbsp;&nbsp; 862124 |

---

*12*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_29b44725-dc33-467f-96df-827aa5e70fb4_TOC)

Eaton Vance

Multi-Asset Credit Fund

October 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Capital Markets (continued) | Capital Markets (continued) | Capital Markets (continued) |
| Orion U.S. Finco, Inc., Term Loan, 10/8/32<sup>(15)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;$402408 |
| Victory Capital Holdings, Inc., Term Loan, 6.102%, (3 mo. USD Term SOFR + 2.00%), 9/23/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 301875 |
|  |  | &nbsp;&nbsp;**$6034010** |
| Chemicals — 0.7% | Chemicals — 0.7% | Chemicals — 0.7% |
| Aruba Investments Holdings LLC, Term Loan, 8.065%, (1 mo. USD Term SOFR + 4.00%), 11/24/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586 | &nbsp;&nbsp;$551817 |
| Axalta Coating Systems U.S. Holdings, Inc., Term Loan, 5.752%, (3 mo. USD Term SOFR + 1.75%), 12/20/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;774 | &nbsp;&nbsp;&nbsp;&nbsp; 776857 |
| Discovery Purchaser Corp., Term Loan, 7.607%, (3 mo. USD Term SOFR + 3.75%), 10/4/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421 | &nbsp;&nbsp;&nbsp;&nbsp; 418313 |
| INEOS U.S. Finance LLC, Term Loan, 7.215%, (1 mo. USD Term SOFR + 3.25%), 2/18/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;729 | &nbsp;&nbsp;&nbsp;&nbsp; 627871 |
| Lonza Group AG, Term Loan, 8.027%, (3 mo. USD Term SOFR + 3.93%), 7/3/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339 | &nbsp;&nbsp;&nbsp;&nbsp; 302139 |
| SCUR-Alpha 1503 GmbH, Term Loan, 9.34%, (3 mo. USD Term SOFR + 5.50%), 3/29/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297 | &nbsp;&nbsp;&nbsp;&nbsp; 259567 |
| Tronox Finance LLC, Term Loan, 6.252%, (3 mo. USD Term SOFR + 2.25%), 4/4/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544 | &nbsp;&nbsp;&nbsp;&nbsp; 425173 |
|  |  | &nbsp;&nbsp;**$3361737** |
| Commercial Services & Supplies — 1.1% | Commercial Services & Supplies — 1.1% | Commercial Services & Supplies — 1.1% |
| Albion Financing 3 SARL, Term Loan, 7.215%, (3 mo. USD Term SOFR + 3.00%), 5/21/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585 | &nbsp;&nbsp;$589515 |
| EnergySolutions LLC, Term Loan, 7.215%, (1 mo. USD Term SOFR + 3.25%), 9/20/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;652 | &nbsp;&nbsp;&nbsp;&nbsp; 656819 |
| Foundever Worldwide Corp., Term Loan, 7.829%, (1 mo. USD Term SOFR + 3.75%), 8/28/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351 | &nbsp;&nbsp;&nbsp;&nbsp; 165962 |
| Garda World Security Corp., Term Loan, 7.048%, (1 mo. USD Term SOFR + 3.00%), 2/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1032 | &nbsp;&nbsp;&nbsp;&nbsp; 1033585 |
| GFL Environmental, Inc., Term Loan, 3/3/32<sup>(15)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 601050 |
| Heritage-Crystal Clean, Inc., Term Loan, 7.752%, (1 mo. USD Term SOFR + 3.75%), 10/17/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395 | &nbsp;&nbsp;&nbsp;&nbsp; 397278 |
| LSF12 Crown U.S. Commercial Bidco LLC, Term Loan, 7.663%, (1 mo. USD Term SOFR + 3.50%), 12/2/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399 | &nbsp;&nbsp;&nbsp;&nbsp; 401867 |
| Reworld Holding Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.252%, (1 mo. USD Term SOFR + 2.25%), 11/30/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468 | &nbsp;&nbsp;&nbsp;&nbsp; 469415 |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.252%, (1 mo. USD Term SOFR + 2.25%), 11/30/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | &nbsp;&nbsp;&nbsp;&nbsp; 25909 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Commercial Services & Supplies (continued) | Commercial Services & Supplies (continued) | Commercial Services & Supplies (continued) | Commercial Services & Supplies (continued) |
| Signal Parent, Inc., Term Loan, 7.44%, (3 mo. USD Term SOFR + 3.50%), 4/3/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713 | &nbsp;&nbsp;$502625 |
| Tidal Waste & Recycling Holdings LLC, Term Loan, 7.002%, (3 mo. USD Term SOFR + 3.00%), 10/24/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498 | &nbsp;&nbsp;&nbsp;&nbsp; 500298 |
|  |  |  | &nbsp;&nbsp;**$5344323** |
| Construction Materials — 0.2% | Construction Materials — 0.2% | Construction Materials — 0.2% | Construction Materials — 0.2% |
| Quikrete Holdings, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.215%, (1 mo. USD Term SOFR + 2.25%), 3/19/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764 | &nbsp;&nbsp;$765303 |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.215%, (1 mo. USD Term SOFR + 2.25%), 2/10/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299 | &nbsp;&nbsp;&nbsp;&nbsp; 299950 |
|  |  |  | &nbsp;&nbsp;**$1065253** |
| Consumer Finance — 0.1% | Consumer Finance — 0.1% | Consumer Finance — 0.1% | Consumer Finance — 0.1% |
| CPI Holdco B LLC, Term Loan, 5.965%, (1 mo. USD Term SOFR + 2.00%), 5/19/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421 | &nbsp;&nbsp;$421013 |
|  |  |  | &nbsp;&nbsp;**$421013** |
| Consumer Staples Distribution & Retail — 0.1% | Consumer Staples Distribution & Retail — 0.1% | Consumer Staples Distribution & Retail — 0.1% | Consumer Staples Distribution & Retail — 0.1% |
| Boots Group Bidco Ltd., Term Loan, 7.705%, (3 mo. USD Term SOFR + 3.50%), 8/30/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;$502813 |
|  |  |  | &nbsp;&nbsp;**$502813** |
| Containers & Packaging — 0.6% | Containers & Packaging — 0.6% | Containers & Packaging — 0.6% | Containers & Packaging — 0.6% |
| Altium Packaging LLC, Term Loan, 6.465%, (1 mo. USD Term SOFR + 2.50%), 6/11/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;741 | &nbsp;&nbsp;$713314 |
| Clydesdale Acquisition Holdings, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.14%, (1 mo. USD Term SOFR + 3.18%), 4/13/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612 | &nbsp;&nbsp;&nbsp;&nbsp; 611853 |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.215%, (1 mo. USD Term SOFR + 3.25%), 4/1/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785 | &nbsp;&nbsp;&nbsp;&nbsp; 783872 |
| &nbsp;&nbsp;&nbsp;Term Loan, 4/1/32<sup>(17)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp; 13319 |
| Owens-Illinois, Inc., Term Loan, 6.838%, (3 mo. USD Term SOFR + 3.00%), 9/30/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp; 324864 |
| Trivium Packaging BV, Term Loan, 6.566%, (3 mo. EURIBOR + 4.50%), 5/28/30 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 404017 |
|  |  |  | &nbsp;&nbsp;**$2851239** |
| Diversified Consumer Services — 0.5% | Diversified Consumer Services — 0.5% | Diversified Consumer Services — 0.5% | Diversified Consumer Services — 0.5% |
| Belron Finance 2019 LLC, Term Loan, 6.492%, (3 mo. USD Term SOFR + 2.25%), 10/16/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990 | &nbsp;&nbsp;$996107 |

---

*13*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_29b44725-dc33-467f-96df-827aa5e70fb4_TOC)

Eaton Vance

Multi-Asset Credit Fund

October 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Diversified Consumer Services (continued) | Diversified Consumer Services (continued) | Diversified Consumer Services (continued) |
| Fugue Finance BV, Term Loan, 6.949%, (3 mo. USD Term SOFR + 2.75%), 1/9/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;741 | &nbsp;&nbsp;$743466 |
| KUEHG Corp., Term Loan, 6.752%, (3 mo. USD Term SOFR + 2.75%), 6/12/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599 | &nbsp;&nbsp;&nbsp;&nbsp; 597939 |
|  |  | &nbsp;&nbsp;**$2337512** |
| Diversified Telecommunication Services — 0.3% | Diversified Telecommunication Services — 0.3% | Diversified Telecommunication Services — 0.3% |
| Altice France SA, Term Loan, 9.36%, (3 mo. USD Term SOFR + 5.38%), 5/14/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383 | &nbsp;&nbsp;$379260 |
| Level 3 Financing, Inc., Term Loan, 7.215%, (1 mo. USD Term SOFR + 3.25%), 3/29/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 |
| Lumen Technologies, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.429%, (1 mo. USD Term SOFR + 2.35%), 4/16/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303 | &nbsp;&nbsp;&nbsp;&nbsp; 302313 |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.429%, (1 mo. USD Term SOFR + 2.35%), 4/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383 | &nbsp;&nbsp;&nbsp;&nbsp; 381642 |
|  |  | &nbsp;&nbsp;**$1563215** |
| Electric Utilities — 0.2% | Electric Utilities — 0.2% | Electric Utilities — 0.2% |
| Kohler Energy Co. LLC, Term Loan, 7.752%, (3 mo. USD Term SOFR + 3.75%), 5/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365 | &nbsp;&nbsp;$367117 |
| MRP Buyer LLC: |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.252%, (3 mo. USD Term SOFR + 3.25%), 6/4/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599 | &nbsp;&nbsp;&nbsp;&nbsp; 589683 |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.252%, (3 mo. USD Term SOFR + 3.25%), 6/4/32<sup>(17)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76 | &nbsp;&nbsp;&nbsp;&nbsp; 75050 |
|  |  | &nbsp;&nbsp;**$1031850** |
| Electrical Equipment — 0.3% | Electrical Equipment — 0.3% | Electrical Equipment — 0.3% |
| Dynamo Newco II GmbH, Term Loan, 7.363%, (1 mo. USD Term SOFR + 3.25%), 9/30/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495 | &nbsp;&nbsp;$497785 |
| WEC U.S. Holdings Ltd., Term Loan, 6.384%, (1 mo. USD Term SOFR + 2.25%), 1/27/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;741 | &nbsp;&nbsp;&nbsp;&nbsp; 743593 |
|  |  | &nbsp;&nbsp;**$1241378** |
| Electronic Equipment, Instruments & Components — 0.6% | Electronic Equipment, Instruments & Components — 0.6% | Electronic Equipment, Instruments & Components — 0.6% |
| Chamberlain Group, Inc., Term Loan, 6.965%, (1 mo. USD Term SOFR + 3.00%), 9/8/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732 | &nbsp;&nbsp;$735173 |
| Creation Technologies, Inc., Term Loan, 9.696%, (3 mo. USD Term SOFR + 5.50%), 10/5/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386 | &nbsp;&nbsp;&nbsp;&nbsp; 385907 |
| Range Red Operating, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 12.401%, (3 mo. USD Term SOFR + 8.00%), 10/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355 | &nbsp;&nbsp;&nbsp;&nbsp; 356183 |
| &nbsp;&nbsp;&nbsp;Term Loan - Second Lien, 12.401%, (3 mo. USD Term SOFR + 8.00%), 10/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1487 | &nbsp;&nbsp;&nbsp;&nbsp; 1494137 |
| Verifone Systems, Inc., Term Loan, 9.352%, (3 mo. USD Term SOFR + 5.25%), 8/18/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202 | &nbsp;&nbsp;&nbsp;&nbsp; 194348 |
|  |  | &nbsp;&nbsp;**$3165748** |

---

---

| | | |
|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Energy Equipment & Services — 0.2% | Energy Equipment & Services — 0.2% | Energy Equipment & Services — 0.2% |
| New Generation Gas Gathering LLC, Term Loan, 9.59%, (3 mo. USD Term SOFR + 5.75%), 9/30/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955 | &nbsp;&nbsp;$952491 |
|  |  | &nbsp;&nbsp;**$952491** |
| Engineering & Construction — 0.3% | Engineering & Construction — 0.3% | Engineering & Construction — 0.3% |
| Artera Services LLC, Term Loan, 8.502%, (3 mo. USD Term SOFR + 4.50%), 2/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297 | &nbsp;&nbsp;$254192 |
| Azuria Water Solutions, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.965%, (1 mo. USD Term SOFR + 3.00%), 5/17/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp; 428255 |
| &nbsp;&nbsp;&nbsp;Term Loan, 5/17/28<sup>(17)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp; 19612 |
| Green Infrastructure Partners, Inc., Term Loan, 6.753%, (3 mo. USD Term SOFR + 2.75%), 9/24/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 275774 |
| Northstar Group Services, Inc., Term Loan, 8.59%, (3 mo. USD Term SOFR + 4.75%), 5/31/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593 | &nbsp;&nbsp;&nbsp;&nbsp; 599179 |
|  |  | &nbsp;&nbsp;**$1577012** |
| Entertainment — 0.9% | Entertainment — 0.9% | Entertainment — 0.9% |
| Creative Artists Agency LLC, Term Loan, 6.465%, (1 mo. USD Term SOFR + 2.50%), 10/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;$601542 |
| EOC Borrower LLC, Term Loan, 6.965%, (1 mo. USD Term SOFR + 3.00%), 3/24/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1496 | &nbsp;&nbsp;&nbsp;&nbsp; 1505916 |
| Playtika Holding Corp., Term Loan, 6.829%, (1 mo. USD Term SOFR + 2.75%), 3/13/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;833 | &nbsp;&nbsp;&nbsp;&nbsp; 816522 |
| TKO Worldwide Holdings LLC, Term Loan, 6.038%, (3 mo. USD Term SOFR + 2.00%), 11/21/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999 | &nbsp;&nbsp;&nbsp;&nbsp; 1001860 |
| Varsity Brands, Inc., Term Loan, 7.026%, (3 mo. USD Term SOFR + 3.00%), 8/26/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;698 | &nbsp;&nbsp;&nbsp;&nbsp; 700694 |
|  |  | &nbsp;&nbsp;**$4626534** |
| Financial Services — 0.1% | Financial Services — 0.1% | Financial Services — 0.1% |
| Synechron, Inc., Term Loan, 7.715%, (1 mo. USD Term SOFR + 3.75%), 10/3/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597 | &nbsp;&nbsp;$583567 |
|  |  | &nbsp;&nbsp;**$583567** |
| Food Products — 0.4% | Food Products — 0.4% | Food Products — 0.4% |
| Del Monte Foods, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;DIP Loan, 13.648%, (1 mo. USD Term SOFR + 9.50%), 4/2/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235 | &nbsp;&nbsp;$226937 |
| &nbsp;&nbsp;&nbsp;Term Loan, 0.00%, 8/2/28<sup>(16)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 34846 |
| &nbsp;&nbsp;&nbsp;Term Loan, 0.00%, 8/2/28<sup>(16)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 | &nbsp;&nbsp;&nbsp;&nbsp; 30972 |
| &nbsp;&nbsp;&nbsp;Term Loan, 13.632% - 13.648%, (1 mo. USD Term SOFR + 9.50%, 1 mo. USD Term SOFR + 9.60%), 4/2/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328 | &nbsp;&nbsp;&nbsp;&nbsp; 269801 |
| &nbsp;&nbsp;&nbsp;Term Loan - Second Lien, 0.00%, 8/2/28<sup>(16)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491 | &nbsp;&nbsp;&nbsp;&nbsp; 21489 |

---

*14*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_29b44725-dc33-467f-96df-827aa5e70fb4_TOC)

Eaton Vance

Multi-Asset Credit Fund

October 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Food Products (continued) | Food Products (continued) | Food Products (continued) |
| Froneri Lux Finco SARL, Term Loan, 6.435%, (3 mo. USD Term SOFR + 2.50%), 8/2/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;$275187 |
| Nomad Foods U.S. LLC, Term Loan, 6.579%, (1 mo. USD Term SOFR + 2.50%), 11/12/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1183 | &nbsp;&nbsp;&nbsp;&nbsp; 1184009 |
|  |  | &nbsp;&nbsp;**$2043241** |
| Gas Utilities — 0.2% | Gas Utilities — 0.2% | Gas Utilities — 0.2% |
| CQP Holdco LP, Term Loan, 6.002%, (3 mo. USD Term SOFR + 2.00%), 12/31/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;$501505 |
| Stonepeak Bayou Holdings LP, Term Loan, 6.735%, (3 mo. USD Term SOFR + 2.75%), 10/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 362000 |
|  |  | &nbsp;&nbsp;**$863505** |
| Health Care Equipment & Supplies — 0.2% | Health Care Equipment & Supplies — 0.2% | Health Care Equipment & Supplies — 0.2% |
| Bausch & Lomb Corp., Term Loan, 8.215%, (1 mo. USD Term SOFR + 4.25%), 1/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499 | &nbsp;&nbsp;$502742 |
| Medline Borrower LP, Term Loan, 5.965%, (1 mo. USD Term SOFR + 2.00%), 10/23/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;617 | &nbsp;&nbsp;&nbsp;&nbsp; 618233 |
|  |  | &nbsp;&nbsp;**$1120975** |
| Health Care Providers & Services — 1.7% | Health Care Providers & Services — 1.7% | Health Care Providers & Services — 1.7% |
| CCRR Parent, Inc., Term Loan, 8.71%, (3 mo. USD Term SOFR + 4.25%), 3/6/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;977 | &nbsp;&nbsp;$324847 |
| Electron BidCo, Inc., Term Loan, 11/1/28<sup>(15)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 502640 |
| Ensemble RCM LLC, Term Loan, 6.84%, (3 mo. USD Term SOFR + 3.00%), 8/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494 | &nbsp;&nbsp;&nbsp;&nbsp; 496267 |
| Global Medical Response, Inc., Term Loan, 7.384%, (3 mo. USD Term SOFR + 3.50%), 10/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 301617 |
| Hanger, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 10/23/31<sup>(15)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp; 311202 |
| &nbsp;&nbsp;&nbsp;Term Loan, 10/23/31<sup>(15)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40154 |
| Heartland Dental LLC, Term Loan, 8/25/32<sup>(15)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 351202 |
| LifePoint Health, Inc., Term Loan, 7.655% - 7.782%, (1 mo. USD Term SOFR + 3.75%, 3 mo. USD Term SOFR + 3.75%), 5/19/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383 | &nbsp;&nbsp;&nbsp;&nbsp; 383771 |
| MDVIP, Inc., Term Loan, 6.752%, (1 mo. USD Term SOFR + 2.75%), 10/14/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 150280 |
| MED ParentCo LP, Term Loan, 7.215%, (1 mo. USD Term SOFR + 3.25%), 4/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498 | &nbsp;&nbsp;&nbsp;&nbsp; 500682 |
| National Mentor Holdings, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.815% - 7.852%, (1 mo. USD Term SOFR + 3.75%, 3 mo. USD Term SOFR + 3.75%), 3/2/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386 | &nbsp;&nbsp;&nbsp;&nbsp; 375633 |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.852%, (3 mo. USD Term SOFR + 3.75%), 3/2/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp; 10969 |
| Pacific Dental Services LLC, Term Loan, 6.537%, (1 mo. USD Term SOFR + 2.50%), 3/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592 | &nbsp;&nbsp;&nbsp;&nbsp; 593633 |

---

---

| | | |
|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Health Care Providers & Services (continued) | Health Care Providers & Services (continued) | Health Care Providers & Services (continued) |
| Radnet Management, Inc., Term Loan, 6.448%, (3 mo. USD Term SOFR + 2.25%), 4/18/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;988 | &nbsp;&nbsp;$990156 |
| Raven Acquisition Holdings LLC: |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.965%, (1 mo. USD Term SOFR + 3.00%), 11/19/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488 | &nbsp;&nbsp;&nbsp;&nbsp; 488247 |
| &nbsp;&nbsp;&nbsp;Term Loan, 11/19/31<sup>(17)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35050 |
| Reverb Buyer, Inc., Term Loan, 7.44%, (3 mo. USD Term SOFR + 3.50%), 11/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;966 | &nbsp;&nbsp;&nbsp;&nbsp; 724408 |
| Select Medical Corp., Term Loan, 5.965%, (1 mo. USD Term SOFR + 2.00%), 12/3/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323 | &nbsp;&nbsp;&nbsp;&nbsp; 323772 |
| Surgery Center Holdings, Inc., Term Loan, 6.465%, (1 mo. USD Term SOFR + 2.50%), 12/19/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985 | &nbsp;&nbsp;&nbsp;&nbsp; 988745 |
| U.S. Anesthesia Partners, Inc., Term Loan, 8.249%, (1 mo. USD Term SOFR + 4.00%), 10/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496 | &nbsp;&nbsp;&nbsp;&nbsp; 497235 |
|  |  | &nbsp;&nbsp;**$8390510** |
| Health Care Technology — 0.6% | Health Care Technology — 0.6% | Health Care Technology — 0.6% |
| athenahealth Group, Inc., Term Loan, 6.715%, (1 mo. USD Term SOFR + 2.75%), 2/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865 | &nbsp;&nbsp;$862285 |
| Cotiviti Corp., Term Loan, 6.884%, (1 mo. USD Term SOFR + 2.75%), 5/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;743 | &nbsp;&nbsp;&nbsp;&nbsp; 717133 |
| PointClickCare Technologies, Inc., Term Loan, 6.752%, (3 mo. USD Term SOFR + 2.75%), 11/3/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 602250 |
| Project Ruby Ultimate Parent Corp., Term Loan, 6.829%, (1 mo. USD Term SOFR + 2.75%), 3/10/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 401500 |
| Waystar Technologies, Inc., Term Loan, 5.965%, (1 mo. USD Term SOFR + 2.00%), 10/22/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346 | &nbsp;&nbsp;&nbsp;&nbsp; 346210 |
|  |  | &nbsp;&nbsp;**$2929378** |
| Hotels, Restaurants & Leisure — 2.0% | Hotels, Restaurants & Leisure — 2.0% | Hotels, Restaurants & Leisure — 2.0% |
| Caesars Entertainment, Inc., Term Loan, 6.215%, (1 mo. USD Term SOFR + 2.25%), 2/6/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788 | &nbsp;&nbsp;$782583 |
| Fertitta Entertainment LLC, Term Loan, 7.215%, (1 mo. USD Term SOFR + 3.25%), 1/27/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;837 | &nbsp;&nbsp;&nbsp;&nbsp; 836910 |
| Flutter Financing BV: |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 5.752%, (3 mo. USD Term SOFR + 1.75%), 11/30/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925 | &nbsp;&nbsp;&nbsp;&nbsp; 922207 |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.002%, (3 mo. USD Term SOFR + 2.00%), 6/4/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399 | &nbsp;&nbsp;&nbsp;&nbsp; 397669 |
| GVC Holdings (Gibraltar) Ltd., Term Loan, 6.37%, (3 mo. USD Term SOFR + 2.25%), 10/31/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497 | &nbsp;&nbsp;&nbsp;&nbsp; 498306 |
| Herschend Entertainment Co. LLC, Term Loan, 7.215%, (1 mo. USD Term SOFR + 3.25%), 5/27/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299 | &nbsp;&nbsp;&nbsp;&nbsp; 301093 |
| Horizon U.S. Finco LP, Term Loan, 8.198%, (6 mo. USD Term SOFR + 4.50%), 10/31/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298 | &nbsp;&nbsp;&nbsp;&nbsp; 283494 |

---

*15*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_29b44725-dc33-467f-96df-827aa5e70fb4_TOC)

Eaton Vance

Multi-Asset Credit Fund

October 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Hotels, Restaurants & Leisure (continued) | Hotels, Restaurants & Leisure (continued) | Hotels, Restaurants & Leisure (continued) |
| IRB Holding Corp., Term Loan, 6.465%, (1 mo. USD Term SOFR + 2.50%), 12/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1938 | &nbsp;&nbsp;$1942807 |
| Ontario Gaming GTA LP, Term Loan, 8.24%, (3 mo. USD Term SOFR + 4.25%), 8/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394 | &nbsp;&nbsp;&nbsp;&nbsp; 370511 |
| Peninsula Pacific Entertainment LLC: |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 8.735%, (3 mo. USD Term SOFR + 4.75%), 10/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511 | &nbsp;&nbsp;&nbsp;&nbsp; 511829 |
| &nbsp;&nbsp;&nbsp;Term Loan, 10/1/32<sup>(17)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 119960 |
| Scientific Games Holdings LP, Term Loan, 6.934%, (3 mo. USD Term SOFR + 3.00%), 4/4/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395 | &nbsp;&nbsp;&nbsp;&nbsp; 391093 |
| SeaWorld Parks & Entertainment, Inc., Term Loan, 5.965%, (1 mo. USD Term SOFR + 2.00%), 12/4/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975 | &nbsp;&nbsp;&nbsp;&nbsp; 974182 |
| Spectacle Gary Holdings LLC, Term Loan, 8.402%, (3 mo. USD Term SOFR + 4.25%), 12/11/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;692 | &nbsp;&nbsp;&nbsp;&nbsp; 676263 |
| Turquoise Topco Ltd., Term Loan, 7/31/32<sup>(15)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp; 445124 |
| Voyager Parent LLC, Term Loan, 8.752%, (3 mo. USD Term SOFR + 4.75%), 7/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 600789 |
|  |  | &nbsp;&nbsp;**$10054820** |
| Household Durables — 0.1% | Household Durables — 0.1% | Household Durables — 0.1% |
| Madison Safety & Flow LLC, Term Loan, 6.468%, (1 mo. USD Term SOFR + 2.50%), 9/26/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310 | &nbsp;&nbsp;$311806 |
| PHRG Intermediate LLC, Term Loan, 8.002%, (3 mo. USD Term SOFR + 4.00%), 2/20/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324 | &nbsp;&nbsp;&nbsp;&nbsp; 317097 |
|  |  | &nbsp;&nbsp;**$628903** |
| Household Products — 0.1% | Household Products — 0.1% | Household Products — 0.1% |
| Kronos Acquisition Holdings, Inc., Term Loan, 8.002%, (3 mo. USD Term SOFR + 4.00%), 7/8/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694 | &nbsp;&nbsp;$507645 |
|  |  | &nbsp;&nbsp;**$507645** |
| Independent Power and Renewable Electricity Producers — 0.1% | Independent Power and Renewable Electricity Producers — 0.1% | Independent Power and Renewable Electricity Producers — 0.1% |
| Talen Energy Supply LLC, Term Loan, 6.733%, (3 mo. USD Term SOFR + 2.50%), 12/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;$601689 |
|  |  | &nbsp;&nbsp;**$601689** |
| Insurance — 1.1% | Insurance — 1.1% | Insurance — 1.1% |
| Alera Group, Inc., Term Loan, 7.215%, (1 mo. USD Term SOFR + 3.25%), 5/31/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;$402482 |
| Alliant Holdings Intermediate LLC, Term Loan, 6.465%, (1 mo. USD Term SOFR + 2.50%), 9/19/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403 | &nbsp;&nbsp;&nbsp;&nbsp; 402888 |
| AmWINS Group, Inc., Term Loan, 6.252%, (3 mo. USD Term SOFR + 2.25%), 1/30/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955 | &nbsp;&nbsp;&nbsp;&nbsp; 956931 |
| Broadstreet Partners, Inc., Term Loan, 6.715%, (1 mo. USD Term SOFR + 2.75%), 6/13/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599 | &nbsp;&nbsp;&nbsp;&nbsp; 600730 |

---

---

| | | |
|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Insurance (continued) | Insurance (continued) | Insurance (continued) |
| IMA Financial Group, Inc., Term Loan, 11/1/28<sup>(15)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;$351437 |
| Ryan Specialty Group LLC, Term Loan, 5.965%, (1 mo. USD Term SOFR + 2.00%), 9/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695 | &nbsp;&nbsp;&nbsp;&nbsp; 696706 |
| Trucordia Insurance Holdings LLC, Term Loan, 7.215%, (1 mo. USD Term SOFR + 3.25%), 6/17/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 276375 |
| Truist Insurance Holdings LLC: |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.752%, (3 mo. USD Term SOFR + 2.75%), 5/6/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345 | &nbsp;&nbsp;&nbsp;&nbsp; 344977 |
| &nbsp;&nbsp;&nbsp;Term Loan - Second Lien, 8.752%, (3 mo. USD Term SOFR + 4.75%), 5/6/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439 | &nbsp;&nbsp;&nbsp;&nbsp; 446890 |
| USI, Inc., Term Loan, 6.252%, (3 mo. USD Term SOFR + 2.25%), 11/21/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1159 | &nbsp;&nbsp;&nbsp;&nbsp; 1161465 |
|  |  | &nbsp;&nbsp;**$5640881** |
| Interactive Media & Services — 0.3% | Interactive Media & Services — 0.3% | Interactive Media & Services — 0.3% |
| Aragorn Parent Corp., Term Loan, 7.465%, (1 mo. USD Term SOFR + 3.50%), 12/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;818 | &nbsp;&nbsp;$824384 |
| X Corp., Term Loan, 10.34%, (3 mo. USD Term SOFR + 6.50%), 10/26/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649 | &nbsp;&nbsp;&nbsp;&nbsp; 633259 |
|  |  | &nbsp;&nbsp;**$1457643** |
| IT Services — 1.2% | IT Services — 1.2% | IT Services — 1.2% |
| Asurion LLC: |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 8.215%, (1 mo. USD Term SOFR + 4.25%), 9/19/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990 | &nbsp;&nbsp;$988144 |
| &nbsp;&nbsp;&nbsp;Term Loan - Second Lien, 9.329%, (1 mo. USD Term SOFR + 5.25%), 1/31/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 491172 |
| Blackhawk Network Holdings, Inc., Term Loan, 3/12/29<sup>(15)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 351832 |
| Endure Digital, Inc., Term Loan, 7.716%, (1 mo. USD Term SOFR + 3.50%), 2/10/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970 | &nbsp;&nbsp;&nbsp;&nbsp; 756304 |
| Gainwell Acquisition Corp., Term Loan, 8.102%, (3 mo. USD Term SOFR + 4.00%), 10/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406 | &nbsp;&nbsp;&nbsp;&nbsp; 403435 |
| Go Daddy Operating Co. LLC, Term Loan, 5.715%, (1 mo. USD Term SOFR + 1.75%), 5/30/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158 | &nbsp;&nbsp;&nbsp;&nbsp; 157786 |
| Informatica LLC, Term Loan, 6.215%, (1 mo. USD Term SOFR + 2.25%), 10/27/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;774 | &nbsp;&nbsp;&nbsp;&nbsp; 777299 |
| NAB Holdings LLC, Term Loan, 6.502%, (3 mo. USD Term SOFR + 2.50%), 11/23/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;978 | &nbsp;&nbsp;&nbsp;&nbsp; 957658 |
| Rackspace Finance LLC: |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 10.412%, (1 mo. USD Term SOFR + 6.25%), 5/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69 | &nbsp;&nbsp;&nbsp;&nbsp; 70742 |
| &nbsp;&nbsp;&nbsp;Term Loan - Second Lien, 6.912%, (1 mo. USD Term SOFR + 2.75%), 5/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348 | &nbsp;&nbsp;&nbsp;&nbsp; 158255 |
| Sedgwick Claims Management Services, Inc., Term Loan, 6.465%, (1 mo. USD Term SOFR + 2.50%), 7/31/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799 | &nbsp;&nbsp;&nbsp;&nbsp; 799473 |
|  |  | &nbsp;&nbsp;**$5912100** |

---

*16*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_29b44725-dc33-467f-96df-827aa5e70fb4_TOC)

Eaton Vance

Multi-Asset Credit Fund

October 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Leisure Products — 0.5% | Leisure Products — 0.5% | Leisure Products — 0.5% |
| GSM Holdings, Inc., Term Loan, 9.002%, (3 mo. USD Term SOFR + 5.00%), 9/30/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297 | &nbsp;&nbsp;$295019 |
| Hayward Industries, Inc., Term Loan, 6.579%, (1 mo. USD Term SOFR + 2.50%), 5/30/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990 | &nbsp;&nbsp;&nbsp;&nbsp; 993855 |
| Peloton Interactive, Inc., Term Loan, 9.465%, (1 mo. USD Term SOFR + 5.50%), 5/30/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;894 | &nbsp;&nbsp;&nbsp;&nbsp; 906347 |
| Recess Holdings, Inc., Term Loan, 7.615%, (3 mo. USD Term SOFR + 3.75%), 2/20/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493 | &nbsp;&nbsp;&nbsp;&nbsp; 495262 |
|  |  | &nbsp;&nbsp;**$2690483** |
| Life Sciences Tools & Services — 0.1% | Life Sciences Tools & Services — 0.1% | Life Sciences Tools & Services — 0.1% |
| Parexel International Corp., Term Loan, 6.465%, (1 mo. USD Term SOFR + 2.50%), 11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499 | &nbsp;&nbsp;$500679 |
|  |  | &nbsp;&nbsp;**$500679** |
| Machinery — 2.1% | Machinery — 2.1% | Machinery — 2.1% |
| AI Aqua Merger Sub, Inc., Term Loan, 7.129%, (1 mo. USD Term SOFR + 3.00%), 7/31/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1031 | &nbsp;&nbsp;$1034533 |
| Apex Tool Group LLC: |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 9.236%, (1 mo. USD Term SOFR + 5.25%), 4/8/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226 | &nbsp;&nbsp;&nbsp;&nbsp; 201389 |
| &nbsp;&nbsp;&nbsp;Term Loan, 10.086%, (1 mo. USD Term SOFR + 6.00%), 4/8/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508 | &nbsp;&nbsp;&nbsp;&nbsp; 325272 |
| &nbsp;&nbsp;&nbsp;Term Loan, 4/8/30<sup>(15)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp; 9188 |
| &nbsp;&nbsp;&nbsp;Term Loan, 4/8/30<sup>(15)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146 | &nbsp;&nbsp;&nbsp;&nbsp; 133053 |
| Astro Acquisition LLC, Term Loan, 7.122%, (6 mo. USD Term SOFR + 3.25%), 8/30/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 201375 |
| Barnes Group, Inc., Term Loan, 6.715%, (1 mo. USD Term SOFR + 2.75%), 1/27/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597 | &nbsp;&nbsp;&nbsp;&nbsp; 597499 |
| Clark Equipment Co., Term Loan, 6.002%, (3 mo. USD Term SOFR + 2.00%), 4/20/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523 | &nbsp;&nbsp;&nbsp;&nbsp; 524495 |
| Cleanova U.S. Holdings LLC, Term Loan, 8.808%, (3 mo. USD Term SOFR + 4.75%), 6/14/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 175438 |
| Conair Holdings LLC, Term Loan, 7.829%, (1 mo. USD Term SOFR + 3.75%), 5/17/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;778 | &nbsp;&nbsp;&nbsp;&nbsp; 467077 |
| CPM Holdings, Inc., Term Loan, 8.634%, (1 mo. USD Term SOFR + 4.50%), 9/28/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491 | &nbsp;&nbsp;&nbsp;&nbsp; 490329 |
| Crown Equipment Corp., Term Loan, 6.048%, (1 mo. USD Term SOFR + 2.00%), 10/10/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744 | &nbsp;&nbsp;&nbsp;&nbsp; 749031 |
| EMRLD Borrower LP, Term Loan, 6.449%, (3 mo. USD Term SOFR + 2.25%), 5/31/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp; 1004 |
| Engineered Machinery Holdings, Inc., Term Loan, 7.763%, (3 mo. USD Term SOFR + 3.50%), 5/19/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;813 | &nbsp;&nbsp;&nbsp;&nbsp; 818371 |
| Filtration Group Corp., Term Loan, 6.715%, (1 mo. USD Term SOFR + 2.75%), 10/21/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535 | &nbsp;&nbsp;&nbsp;&nbsp; 537587 |
| Gates Global LLC, Term Loan, 5.715%, (1 mo. USD Term SOFR + 1.75%), 6/4/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644 | &nbsp;&nbsp;&nbsp;&nbsp; 643931 |

---

---

| | | |
|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Machinery (continued) | Machinery (continued) | Machinery (continued) |
| Madison IAQ LLC, Term Loan, 6.702%, (6 mo. USD Term SOFR + 2.50%), 6/21/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663 | &nbsp;&nbsp;$664952 |
| Roper Industrial Products Investment Co. LLC, Term Loan, 6.752%, (3 mo. USD Term SOFR + 2.75%), 11/22/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;686 | &nbsp;&nbsp;&nbsp;&nbsp; 688790 |
| SPX Flow, Inc., Term Loan, 6.715%, (1 mo. USD Term SOFR + 2.75%), 4/5/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760 | &nbsp;&nbsp;&nbsp;&nbsp; 765612 |
| TK Elevator Midco GmbH, Term Loan, 7.197%, (6 mo. USD Term SOFR + 3.00%), 4/30/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1391 | &nbsp;&nbsp;&nbsp;&nbsp; 1401207 |
|  |  | &nbsp;&nbsp;**$10430133** |
| Media — 0.2% | Media — 0.2% | Media — 0.2% |
| CMG Media Corp., Term Loan, 7.602%, (3 mo. USD Term SOFR + 3.50%), 6/18/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132 | &nbsp;&nbsp;$122068 |
| E.W. Scripps Co.: |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.497%, (1 mo. USD Term SOFR + 3.35%), 11/30/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651 | &nbsp;&nbsp;&nbsp;&nbsp; 632361 |
| &nbsp;&nbsp;&nbsp;Term Loan, 9.897%, (1 mo. USD Term SOFR + 5.75%), 6/30/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166 | &nbsp;&nbsp;&nbsp;&nbsp; 168257 |
|  |  | &nbsp;&nbsp;**$922686** |
| Metals/Mining — 0.2% | Metals/Mining — 0.2% | Metals/Mining — 0.2% |
| Arsenal AIC Parent LLC, Term Loan, 6.715%, (1 mo. USD Term SOFR + 2.75%), 8/19/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329 | &nbsp;&nbsp;$330367 |
| PMHC II, Inc., Term Loan, 8.327%, (3 mo. USD Term SOFR + 4.25%), 4/23/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482 | &nbsp;&nbsp;&nbsp;&nbsp; 376097 |
| WireCo WorldGroup, Inc., Term Loan, 7.607%, (3 mo. USD Term SOFR + 3.75%), 11/13/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248 | &nbsp;&nbsp;&nbsp;&nbsp; 245729 |
|  |  | &nbsp;&nbsp;**$952193** |
| Oil, Gas & Consumable Fuels — 0.5% | Oil, Gas & Consumable Fuels — 0.5% | Oil, Gas & Consumable Fuels — 0.5% |
| Freeport LNG Investments LLLP, Term Loan, 7.12%, (3 mo. USD Term SOFR + 3.25%), 12/21/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472 | &nbsp;&nbsp;$473883 |
| GIP Pilot Acquisition Partners LP, Term Loan, 5.935%, (3 mo. USD Term SOFR + 2.00%), 10/4/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;917 | &nbsp;&nbsp;&nbsp;&nbsp; 918295 |
| Oryx Midstream Services Permian Basin LLC, Term Loan, 6.227%, (1 mo. USD Term SOFR + 2.25%), 10/5/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731 | &nbsp;&nbsp;&nbsp;&nbsp; 733932 |
| UGI Energy Services LLC, Term Loan, 6.465%, (1 mo. USD Term SOFR + 2.50%), 2/22/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336 | &nbsp;&nbsp;&nbsp;&nbsp; 338273 |
| Whitewater Matterhorn Holdings LLC, Term Loan, 6.313%, (3 mo. USD Term SOFR + 2.25%), 6/16/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 150340 |
|  |  | &nbsp;&nbsp;**$2614723** |

---

*17*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_29b44725-dc33-467f-96df-827aa5e70fb4_TOC)

Eaton Vance

Multi-Asset Credit Fund

October 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Passenger Airlines — 0.1% | Passenger Airlines — 0.1% | Passenger Airlines — 0.1% |
| WestJet Loyalty LP, Term Loan, 7.252%, (3 mo. USD Term SOFR + 3.25%), 2/14/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591 | &nbsp;&nbsp;$593772 |
|  |  | &nbsp;&nbsp;**$593772** |
| Pharmaceuticals — 0.4% | Pharmaceuticals — 0.4% | Pharmaceuticals — 0.4% |
| Bausch Health Cos., Inc., Term Loan, 10.215%, (1 mo. USD Term SOFR + 6.25%), 10/8/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1401 | &nbsp;&nbsp;$1395363 |
| Endo Luxembourg Finance Co. I SARL, Term Loan, 7.965%, (1 mo. USD Term SOFR + 4.00%), 4/23/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609 | &nbsp;&nbsp;&nbsp;&nbsp; 606422 |
|  |  | &nbsp;&nbsp;**$2001785** |
| Professional Services — 1.0% | Professional Services — 1.0% | Professional Services — 1.0% |
| AAL Delaware Holdco, Inc., Term Loan, 6.715%, (1 mo. USD Term SOFR + 2.75%), 7/30/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524 | &nbsp;&nbsp;$525977 |
| Camelot U.S. Acquisition LLC, Term Loan, 6.715%, (1 mo. USD Term SOFR + 2.75%), 1/31/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430 | &nbsp;&nbsp;&nbsp;&nbsp; 422765 |
| CoreLogic, Inc., Term Loan, 7.579%, (1 mo. USD Term SOFR + 3.50%), 6/2/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399 | &nbsp;&nbsp;&nbsp;&nbsp; 399559 |
| Employbridge Holding Co.: |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 9.502%, (3 mo. USD Term SOFR + 5.50%), 1/19/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469 | &nbsp;&nbsp;&nbsp;&nbsp; 305661 |
| &nbsp;&nbsp;&nbsp;Term Loan - Second Lien, 9.013%, (3 mo. USD Term SOFR + 4.75%), 1/19/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;739 | &nbsp;&nbsp;&nbsp;&nbsp; 126268 |
| First Advantage Holdings LLC, Term Loan, 6.715%, (1 mo. USD Term SOFR + 2.75%), 10/31/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491 | &nbsp;&nbsp;&nbsp;&nbsp; 478454 |
| Grant Thornton Advisors LLC, Term Loan, 6.465%, (1 mo. USD Term SOFR + 2.50%), 6/2/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495 | &nbsp;&nbsp;&nbsp;&nbsp; 494169 |
| Mermaid Bidco, Inc., Term Loan, 7.571%, (3 mo. USD Term SOFR + 3.25%), 7/3/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448 | &nbsp;&nbsp;&nbsp;&nbsp; 449412 |
| Neptune Bidco U.S., Inc., Term Loan, 9.027%, (3 mo. USD Term SOFR + 5.00%), 4/11/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482 | &nbsp;&nbsp;&nbsp;&nbsp; 466302 |
| Tempo Acquisition LLC, Term Loan, 5.715%, (1 mo. USD Term SOFR + 1.75%), 8/31/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691 | &nbsp;&nbsp;&nbsp;&nbsp; 674084 |
| Trans Union LLC, Term Loan, 5.715%, (1 mo. USD Term SOFR + 1.75%), 6/24/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599 | &nbsp;&nbsp;&nbsp;&nbsp; 599072 |
|  |  | &nbsp;&nbsp;**$4941723** |
| Real Estate Management & Development — 0.3% | Real Estate Management & Development — 0.3% | Real Estate Management & Development — 0.3% |
| Cushman & Wakefield U.S. Borrower LLC, Term Loan, 6.465%, (1 mo. USD Term SOFR + 2.50%), 1/31/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433 | &nbsp;&nbsp;$435509 |
| Greystar Real Estate Partners LLC, Term Loan, 6.477%, (1 mo. USD Term SOFR + 2.50%), 8/21/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1078 | &nbsp;&nbsp;&nbsp;&nbsp; 1083535 |
|  |  | &nbsp;&nbsp;**$1519044** |

---

---

| | | |
|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Road & Rail — 0.2% | Road & Rail — 0.2% | Road & Rail — 0.2% |
| First Student Bidco, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.711%, (3 mo. USD Term SOFR + 2.50%), 8/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357 | &nbsp;&nbsp;$358041 |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.711%, (3 mo. USD Term SOFR + 2.50%), 8/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109 | &nbsp;&nbsp;&nbsp;&nbsp; 109757 |
| Hertz Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.579%, (1 mo. USD Term SOFR + 3.50%), 6/30/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358 | &nbsp;&nbsp;&nbsp;&nbsp; 297742 |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.579%, (1 mo. USD Term SOFR + 3.50%), 6/30/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 58603 |
| Kenan Advantage Group, Inc., Term Loan, 7.215%, (1 mo. USD Term SOFR + 3.25%), 1/25/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396 | &nbsp;&nbsp;&nbsp;&nbsp; 390248 |
|  |  | &nbsp;&nbsp;**$1214391** |
| Semiconductors & Semiconductor Equipment — 0.1% | Semiconductors & Semiconductor Equipment — 0.1% | Semiconductors & Semiconductor Equipment — 0.1% |
| MKS Instruments, Inc., Term Loan, 5.977%, (1 mo. USD Term SOFR + 2.00%), 8/17/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471 | &nbsp;&nbsp;$472464 |
|  |  | &nbsp;&nbsp;**$472464** |
| Software — 3.0% | Software — 3.0% | Software — 3.0% |
| Applied Systems, Inc., Term Loan, 6.252%, (3 mo. USD Term SOFR + 2.25%), 2/24/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1156 | &nbsp;&nbsp;$1159668 |
| Astra Acquisition Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;DIP Loan, 4/1/26<sup>(15)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | &nbsp;&nbsp;&nbsp;&nbsp; 25560 |
| &nbsp;&nbsp;&nbsp;Term Loan, 0.00%, 2/25/28<sup>(16)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438 | &nbsp;&nbsp;&nbsp;&nbsp; 85418 |
| &nbsp;&nbsp;&nbsp;Term Loan, 0.00%, 10/25/28<sup>(16)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615 | &nbsp;&nbsp;&nbsp;&nbsp; 7209 |
| &nbsp;&nbsp;&nbsp;Term Loan, 4/1/26<sup>(15)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp; 10665 |
| Boost Newco Borrower LLC, Term Loan, 6.002%, (3 mo. USD Term SOFR + 2.00%), 1/31/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;844 | &nbsp;&nbsp;&nbsp;&nbsp; 846799 |
| Boxer Parent Co., Inc., Term Loan, 7.199%, (3 mo. USD Term SOFR + 3.00%), 7/30/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533 | &nbsp;&nbsp;&nbsp;&nbsp; 529811 |
| Cloud Software Group, Inc., Term Loan, 7.252%, (3 mo. USD Term SOFR + 3.25%), 8/13/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp; 800940 |
| Cloudera, Inc., Term Loan, 7.815%, (1 mo. USD Term SOFR + 3.75%), 10/8/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790 | &nbsp;&nbsp;&nbsp;&nbsp; 760679 |
| Clover Holdings 2 LLC, Term Loan, 7.829%, (1 mo. USD Term SOFR + 3.75%), 12/9/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597 | &nbsp;&nbsp;&nbsp;&nbsp; 597746 |
| Clover Holdings SPV III LLC, Term Loan, 15.00%, 12/9/27<sup>(18)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59 | &nbsp;&nbsp;&nbsp;&nbsp; 60696 |
| Cornerstone OnDemand, Inc., Term Loan, 7.829%, (1 mo. USD Term SOFR + 3.75%), 10/16/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346 | &nbsp;&nbsp;&nbsp;&nbsp; 333420 |
| Dayforce, Inc., Term Loan, 10/7/32<sup>(15)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 349249 |
| Drake Software LLC, Term Loan, 8.215%, (1 mo. USD Term SOFR + 4.25%), 6/26/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309 | &nbsp;&nbsp;&nbsp;&nbsp; 307244 |
| Epicor Software Corp., Term Loan, 6.465%, (1 mo. USD Term SOFR + 2.50%), 5/30/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1278 | &nbsp;&nbsp;&nbsp;&nbsp; 1282643 |
| Marcel LUX IV SARL, Term Loan, 7.13%, (1 mo. USD Term SOFR + 3.00%), 11/12/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;719 | &nbsp;&nbsp;&nbsp;&nbsp; 721216 |

---

*18*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_29b44725-dc33-467f-96df-827aa5e70fb4_TOC)

Eaton Vance

Multi-Asset Credit Fund

October 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Software (continued) | Software (continued) | Software (continued) |
| McAfee LLC, Term Loan, 6.965%, (1 mo. USD Term SOFR + 3.00%), 3/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;973 | &nbsp;&nbsp;$926082 |
| OID-OL Intermediate I LLC: |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 8.24%, (3 mo. USD Term SOFR + 4.25%), 2/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 213219 |
| &nbsp;&nbsp;&nbsp;Term Loan, 9.84%, (3 mo. USD Term SOFR + 6.00%), 2/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 113820 |
| Open Text Corp., Term Loan, 5.715%, (1 mo. USD Term SOFR + 1.75%), 1/31/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531 | &nbsp;&nbsp;&nbsp;&nbsp; 531503 |
| Polaris Newco LLC, Term Loan, 8.102%, (3 mo. USD Term SOFR + 4.00%), 6/2/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708 | &nbsp;&nbsp;&nbsp;&nbsp; 678635 |
| Project Alpha Intermediate Holding, Inc., Term Loan, 7.252%, (3 mo. USD Term SOFR + 3.25%), 10/26/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299 | &nbsp;&nbsp;&nbsp;&nbsp; 299671 |
| Project Boost Purchaser LLC, Term Loan, 6.608%, (3 mo. USD Term SOFR + 2.75%), 7/16/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499 | &nbsp;&nbsp;&nbsp;&nbsp; 498296 |
| RealPage, Inc., Term Loan, 7.263%, (3 mo. USD Term SOFR + 3.00%), 4/24/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452 | &nbsp;&nbsp;&nbsp;&nbsp; 451392 |
| Sabre GLBL, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 8.315%, (1 mo. USD Term SOFR + 4.25%), 6/30/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 46244 |
| &nbsp;&nbsp;&nbsp;Term Loan, 10.065%, (1 mo. USD Term SOFR + 6.00%), 11/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277 | &nbsp;&nbsp;&nbsp;&nbsp; 257833 |
| SkillSoft Corp., Term Loan, 9.342%, (1 mo. USD Term SOFR + 5.25%), 7/14/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385 | &nbsp;&nbsp;&nbsp;&nbsp; 337707 |
| SolarWinds Holdings, Inc., Term Loan, 8.026%, (3 mo. USD Term SOFR + 4.00%), 4/16/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675 | &nbsp;&nbsp;&nbsp;&nbsp; 672472 |
| UKG, Inc., Term Loan, 6.338%, (3 mo. USD Term SOFR + 2.50%), 2/10/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1634 | &nbsp;&nbsp;&nbsp;&nbsp; 1636118 |
| Veritas U.S., Inc., Term Loan, 16.502%, (3 mo. USD Term SOFR + 12.50%), 12.002% Cash, 4.50% PIK, 12/9/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168 | &nbsp;&nbsp;&nbsp;&nbsp; 170479 |
| Vision Solutions, Inc., Term Loan, 8.102%, (3 mo. USD Term SOFR + 4.00%), 4/24/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599 | &nbsp;&nbsp;&nbsp;&nbsp; 579054 |
|  |  | &nbsp;&nbsp;**$15291488** |
| Specialty Retail — 1.3% | Specialty Retail — 1.3% | Specialty Retail — 1.3% |
| EG America LLC, Term Loan, 7.699%, (3 mo. USD Term SOFR + 3.50%), 2/7/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499 | &nbsp;&nbsp;$502231 |
| Evergreen Acqco 1 LP, Term Loan, 7.026%, (3 mo. USD Term SOFR + 3.00%), 9/17/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664 | &nbsp;&nbsp;&nbsp;&nbsp; 665411 |
| Great Outdoors Group LLC, Term Loan, 7.215%, (1 mo. USD Term SOFR + 3.25%), 1/23/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;698 | &nbsp;&nbsp;&nbsp;&nbsp; 698907 |
| Harbor Freight Tools USA, Inc., Term Loan, 6.215%, (1 mo. USD Term SOFR + 2.25%), 6/11/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541 | &nbsp;&nbsp;&nbsp;&nbsp; 534561 |
| Les Schwab Tire Centers, Term Loan, 6.465% - 6.699%, (1 mo. USD Term SOFR + 2.50%, 3 mo. USD Term SOFR + 2.50%), 4/23/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564 | &nbsp;&nbsp;&nbsp;&nbsp; 562369 |

---

---

| | | |
|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Specialty Retail (continued) | Specialty Retail (continued) | Specialty Retail (continued) |
| Mavis Tire Express Services Corp., Term Loan, 7.199%, (3 mo. USD Term SOFR + 3.00%), 5/4/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393 | &nbsp;&nbsp;$394255 |
| Petco Health & Wellness Co., Inc., Term Loan, 7.513%, (3 mo. USD Term SOFR + 3.25%), 3/3/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674 | &nbsp;&nbsp;&nbsp;&nbsp; 665529 |
| PetSmart, Inc., Term Loan, 8.031%, (1 mo. USD Term SOFR + 4.00%), 8/18/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1981 | &nbsp;&nbsp;&nbsp;&nbsp; 1956646 |
| Speedster Bidco GmbH, Term Loan, 7.24%, (3 mo. USD Term SOFR + 3.25%), 12/10/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597 | &nbsp;&nbsp;&nbsp;&nbsp; 599317 |
|  |  | &nbsp;&nbsp;**$6579226** |
| Trading Companies & Distributors — 0.9% | Trading Companies & Distributors — 0.9% | Trading Companies & Distributors — 0.9% |
| CD&R Hydra Buyer, Inc., Term Loan, 8.065%, (1 mo. USD Term SOFR + 4.00%), 3/25/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493 | &nbsp;&nbsp;$492315 |
| Core & Main LP, Term Loan, 5.991%, (1 mo. USD Term SOFR + 2.00%), 7/27/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434 | &nbsp;&nbsp;&nbsp;&nbsp; 434641 |
| Kodiak Building Partners, Inc., Term Loan, 7.752%, (3 mo. USD Term SOFR + 3.75%), 12/4/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308 | &nbsp;&nbsp;&nbsp;&nbsp; 306754 |
| Park River Holdings, Inc., Term Loan, 3/15/31<sup>(15)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1195 | &nbsp;&nbsp;&nbsp;&nbsp; 1200975 |
| Spin Holdco, Inc., Term Loan, 8.393%, (3 mo. USD Term SOFR + 4.00%), 3/4/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626 | &nbsp;&nbsp;&nbsp;&nbsp; 525100 |
| White Cap Buyer LLC, Term Loan, 7.215%, (1 mo. USD Term SOFR + 3.25%), 10/19/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705 | &nbsp;&nbsp;&nbsp;&nbsp; 707132 |
| Windsor Holdings III LLC, Term Loan, 6.727%, (1 mo. USD Term SOFR + 2.75%), 8/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 600501 |
|  |  | &nbsp;&nbsp;**$4267418** |
| Transportation Infrastructure — 0.3% | Transportation Infrastructure — 0.3% | Transportation Infrastructure — 0.3% |
| Brown Group Holding LLC, Term Loan, 6.59% - 6.715%, (1 mo. USD Term SOFR + 2.75%, 3 mo. USD Term SOFR + 2.75%), 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865 | &nbsp;&nbsp;$869587 |
| KKR Apple Bidco LLC, Term Loan, 6.465%, (1 mo. USD Term SOFR + 2.50%), 9/23/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;739 | &nbsp;&nbsp;&nbsp;&nbsp; 741516 |
|  |  | &nbsp;&nbsp;**$1611103** |
| Total Senior Floating-Rate Loans<br> (identified cost $156,693,140) |  | &nbsp;&nbsp;**$152337551** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Miscellaneous — 0.0%<sup>†</sup>

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Energy — 0.0% | Energy — 0.0% | Energy — 0.0% |
| Enviva LLC, Escrow Certificates<sup>(6)(7)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;565000 | &nbsp;&nbsp;$0 |
|  |  | &nbsp;&nbsp;**$0** |

---

*19*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_29b44725-dc33-467f-96df-827aa5e70fb4_TOC)

Eaton Vance

Multi-Asset Credit Fund

October 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Entertainment — 0.0% | Entertainment — 0.0% | Entertainment — 0.0% |
| National CineMedia, Inc., Escrow Certificates<sup>(6)(7)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;333000 | &nbsp;&nbsp;$0 |
|  |  | &nbsp;&nbsp;**$0** |
| Pharmaceuticals — 0.0% | Pharmaceuticals — 0.0% | Pharmaceuticals — 0.0% |
| Endo Design LLC, Escrow Certificates<sup>(6)(7)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;$0 |
| Endo Luxembourg Finance SARL, Escrow Certificates<sup>(6)(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;459000 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
|  |  | &nbsp;&nbsp;**$0** |
| Surface Transport — 0.0%<sup>†</sup> | Surface Transport — 0.0%<sup>†</sup> | Surface Transport — 0.0%<sup>†</sup> |
| Hertz Corp., Escrow Certificates<sup>(6)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;$16800 |
|  |  | &nbsp;&nbsp;**$16800** |
| Total Miscellaneous<br> (identified cost $0) |  | &nbsp;&nbsp;**$16800** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Short-Term Investments — 2.9%

Affiliated Fund — 2.5%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 4.00%<sup>(19)</sup> | 12545504 | &nbsp;&nbsp;$12545504 |
| Total Affiliated Fund<br> (identified cost $12,545,504) |  | &nbsp;&nbsp;**$12545504** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

U.S. Treasury Obligations — 0.4%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| U.S. Treasury Bills: |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 11/12/25<sup>(20)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;$749281 |
| &nbsp;&nbsp;&nbsp;0.00%, 4/2/26<sup>(20)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1530 | &nbsp;&nbsp;&nbsp;&nbsp; 1506348 |
| Total U.S. Treasury Obligations<br> (identified cost $2,255,366) |  | &nbsp;&nbsp;**$2255629** |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Total Short-Term Investments<br> (identified cost $14,800,870) |  | &nbsp;&nbsp;**$14801133** |
| Total Investments — 100.6%<br> (identified cost $502,082,917) |  | &nbsp;&nbsp;**$505159612** |
| Less Unfunded Loan Commitments — (0.0)%<sup>†</sup> |  | &nbsp;&nbsp;**$(217890)** |
| Net Investments — 100.6%<br> (identified cost $501,865,027) |  | &nbsp;&nbsp;**$504941722** |
| Other Assets, Less Liabilities — (0.6)% |  | &nbsp;&nbsp;**$(3042888)** |
| Net Assets — 100.0% |  | &nbsp;&nbsp;**$501898834** |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | The percentage shown for each investment category in the Portfolio of Investments is based on net assets. |
| <sup>†</sup> | Amount is less than 0.05% or (0.05)%, as applicable. |
| \* | In U.S. dollars unless otherwise indicated. |
| <sup>(1)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At October 31, 2025, the aggregate value of these securities is $272,553,900 or 54.3% of the Fund's net assets. |
| <sup>(2)</sup> | Variable rate security. The stated interest rate represents the rate in effect at October 31, 2025. |
| <sup>(3)</sup> | When-issued security. |
| <sup>(4)</sup> | Step coupon security. Interest rate represents the rate in effect at October 31, 2025. |
| <sup>(5)</sup> | Weighted average fixed-rate coupon that changes/updates monthly. Rate shown is the rate at October 31, 2025. |
| <sup>(6)</sup> | Non-income producing security. |
| <sup>(7)</sup> | Security is valued using significant unobservable inputs and is categorized as Level 3 in the fair value hierarchy. |
| <sup>(8)</sup> | Security was acquired in connection with a restructuring of a Senior Loan and may be subject to restrictions on resale. |
| <sup>(9)</sup> | Restricted security. |
| <sup>(10)</sup> | Security exempt from registration under Regulation S of the Securities Act of 1933, as amended, 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, as amended. At October 31, 2025, the aggregate value of these securities is $45,367,758 or 9.0% of the Fund's net assets. |
| <sup>(11)</sup> | Represents a payment-in-kind security which may pay interest in additional principal at the issuer's discretion. |
| <sup>(12)</sup> | Perpetual security with no stated maturity date but may be subject to calls by the issuer. |
| <sup>(13)</sup> | Security converts to variable rate after the indicated fixed-rate coupon period. |

---

*20*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_29b44725-dc33-467f-96df-827aa5e70fb4_TOC)

Eaton Vance

Multi-Asset Credit Fund

October 31, 2025

Portfolio of Investments — continued

------

<sup>(14)</sup> Senior floating-rate loans (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 typically have an expected average life of approximately two to four years. Senior Loans typically have rates of interest which are redetermined periodically by reference to a base lending rate, plus a spread. These base lending rates are primarily the Secured Overnight Financing Rate ("SOFR") and secondarily, the prime rate offered by one or more major United States banks (the "Prime Rate"). Base lending rates may be subject to a floor, or minimum rate. Rates for SOFR are generally 1 or 3-month tenors and may also be subject to a credit spread adjustment. Senior Loans are generally subject to contractual restrictions that must be satisfied before they can be bought or sold.

<sup>(15)</sup> This Senior Loan will settle after October 31, 2025, at which time the interest rate will be determined.

<sup>(16)</sup> Issuer is in default with respect to interest and/or principal payments or has declared bankruptcy and is non-income producing. For a variable rate security, interest rate has been adjusted to reflect non-accrual status.

<sup>(17)</sup> Unfunded or partially unfunded loan commitments. The stated interest rate reflects the reference rate and spread for the funded portion, if any. At October 31, 2025, the total value of unfunded loan commitments is $217,747. See Note 1G for description.

<sup>(18)</sup> Fixed-rate loan.

<sup>(19)</sup> May be deemed to be an affiliated investment company (see Note 11). The rate shown is the annualized seven-day yield as of October 31, 2025.

<sup>(20)</sup> Security (or a portion thereof) has been pledged to cover collateral requirements on open derivative contracts.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts (OTC)** | **Forward Foreign Currency Exchange Contracts (OTC)** | **Forward Foreign Currency Exchange Contracts (OTC)** | **Forward Foreign Currency Exchange Contracts (OTC)** | **Forward Foreign Currency Exchange Contracts (OTC)** | **Forward Foreign Currency Exchange Contracts (OTC)** | **Forward Foreign Currency Exchange Contracts (OTC)** | **Forward Foreign Currency Exchange Contracts (OTC)** |
| **Currency Purchased** | **Currency Purchased** | &nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Settlement<br> Date** | &nbsp;&nbsp;**Unrealized<br> Appreciation** | &nbsp;&nbsp;**Unrealized<br> (Depreciation)** |
| USD | &nbsp;&nbsp; 221595 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 187668 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;12/31/25 | &nbsp;&nbsp;$4578 | &nbsp;&nbsp;$— |
| USD | &nbsp;&nbsp; 220076 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 186665 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;12/31/25 | &nbsp;&nbsp;&nbsp;&nbsp; 4219 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 184615 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 156390 | &nbsp;&nbsp;State Street Bank and Trust Company | &nbsp;&nbsp;12/31/25 | &nbsp;&nbsp;&nbsp;&nbsp; 3767 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp;56969156 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;48897667 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;1/30/26 | &nbsp;&nbsp;&nbsp;&nbsp;336154 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 2317389 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 1987934 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;1/30/26 | &nbsp;&nbsp;&nbsp;&nbsp; 14974 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 1579876 | &nbsp;&nbsp;GBP | &nbsp;&nbsp; 1197938 | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;1/30/26 | &nbsp;&nbsp;&nbsp;&nbsp; 6126 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp;14409871 | &nbsp;&nbsp;GBP | &nbsp;&nbsp;10892317 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;1/30/26 | &nbsp;&nbsp;&nbsp;&nbsp;100466 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;**$470284** | &nbsp;&nbsp;**$—** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** |
| **Description** | &nbsp;&nbsp;&nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Position** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> Appreciation<br> (Depreciation)** |
| **Interest Rate Futures** |  |  |  |  |  |
| U.S. 10-Year Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;(141) | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;&nbsp;12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;$(15886734) | &nbsp;&nbsp;&nbsp;&nbsp;$(92710) |
| U.S. Long Treasury Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53) | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;&nbsp;12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6217563) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(183497) |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**$(276207)** |

---

*21*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_29b44725-dc33-467f-96df-827aa5e70fb4_TOC)

Eaton Vance

Multi-Asset Credit Fund

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit Default Swaps - Sell Protection (OTC)** | **Credit Default Swaps - Sell Protection (OTC)** | **Credit Default Swaps - Sell Protection (OTC)** | **Credit Default Swaps - Sell Protection (OTC)** | **Credit Default Swaps - Sell Protection (OTC)** | **Credit Default Swaps - Sell Protection (OTC)** | **Credit Default Swaps - Sell Protection (OTC)** | **Credit Default Swaps - Sell Protection (OTC)** | **Credit Default Swaps - Sell Protection (OTC)** |
| **Reference Entity** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Notional<br> Amount\*<br> (000's omitted)** | &nbsp;&nbsp;**Contract Annual<br> Fixed Rate\*\*** | &nbsp;&nbsp;**Current<br> Market<br> Annual<br> Fixed Rate\*\*\*** | &nbsp;&nbsp;**Termination<br> Date** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**Unamortized<br> Upfront<br> Receipts<br> (Payments)** | &nbsp;&nbsp;**Unrealized<br> Appreciation<br> (Depreciation)** |
| U.S. Land Banking | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;$1500 | &nbsp;&nbsp;5.50%<br> (pays monthly) | &nbsp;&nbsp;5.46% | &nbsp;&nbsp;10/10/29 | &nbsp;&nbsp;$6977 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$6977 |
| U.S. Single Family Rental | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;&nbsp;&nbsp;1011 | &nbsp;&nbsp;7.85%<br> (pays monthly) | &nbsp;&nbsp;7.68 | &nbsp;&nbsp; 3/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;16809 | &nbsp;&nbsp;&nbsp;&nbsp;1193 | &nbsp;&nbsp;&nbsp;&nbsp;18002 |
| **Total** |  | &nbsp;&nbsp;**$2511** |  |  |  | &nbsp;&nbsp;**$23786** | &nbsp;&nbsp;**$1193** | &nbsp;&nbsp;**$24979** |

---

\* If the Fund is the seller of credit protection, the notional amount is the maximum potential amount of future payments the Fund could be required to make if a credit event, as defined in the credit default swap agreement, were to occur. At October 31, 2025, such maximum potential amount for all open credit default swaps in which the Fund is the seller was $2,511,000.

\*\* The contract annual fixed rate represents the fixed rate of interest received by the Fund (as a seller of protection) or paid by the Fund (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.

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| DIP | – Debtor In Possession |
| EURIBOR | – Euro Interbank Offered Rate |
| OTC | – Over-the-counter |
| PIK | – Payment In Kind |
| SOFR | – Secured Overnight Financing Rate |
| SONIA | – Sterling Overnight Interbank Average |
| STACR | – Structured Agency Credit Risk |

---

---

| | |
|:---|:---|
| **Currency Abbreviations:** | **Currency Abbreviations:** |
| EUR | – Euro |
| GBP | – British Pound Sterling |
| USD | – United States Dollar |

---

*22*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_29b44725-dc33-467f-96df-827aa5e70fb4_TOC)

Eaton Vance

Multi-Asset Credit Fund

October 31, 2025

Statement of Assets and Liabilities

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**October 31, 2025** |
| Assets |  |
| Unaffiliated investments, at value (identified cost $489,319,523) | &nbsp;&nbsp;$492396218 |
| Affiliated investments, at value (identified cost $12,545,504) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12545504 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266508 |
| Deposits for derivatives collateral: |  |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475812 |
| &nbsp;&nbsp;&nbsp;OTC derivatives - forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340000 |
| Foreign currency, at value (identified cost $406,502) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402193 |
| Interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5103442 |
| Dividends receivable from affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66458 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2489753 |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;964801 |
| Receivable for variation margin on open futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19304 |
| Receivable for open forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470284 |
| Receivable for open swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24979 |
| Tax reclaims receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33517 |
| Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63899 |
| **Total assets** | &nbsp;&nbsp;**$515662672** |
| Liabilities |  |
| Cash collateral due to brokers | &nbsp;&nbsp;$340000 |
| Payable for investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9009866 |
| Payable for when-issued securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3407530 |
| Payable for Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383819 |
| Upfront receipts on open OTC swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1193 |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81815 |
| Payable to affiliates: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment adviser and administration fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234578 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9369 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agency fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2518 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2765 |
| &nbsp;&nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63899 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226486 |
| **Total liabilities** | &nbsp;&nbsp;**$13763838** |
| **Net Assets** | &nbsp;&nbsp;**$501898834** |
| Sources of Net Assets |  |
| Paid-in capital | &nbsp;&nbsp;$743513610 |
| Accumulated loss | &nbsp;&nbsp;&nbsp;&nbsp;(241614776) |
| **Net Assets** | &nbsp;&nbsp;**$501898834** |
| Class A Shares |  |
| **Net Assets** | &nbsp;&nbsp;$34294813 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3479187 |
| **Net Asset Value and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$9.86 |
| **Maximum Offering Price Per Share<br> (100 ÷ 96.75 of net asset value per share)** | &nbsp;&nbsp;$10.19 |
| Class C Shares |  |
| **Net Assets** | &nbsp;&nbsp;$2252732 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228341 |
| **Net Asset Value and Offering Price Per Share\*<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$9.87 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_29b44725-dc33-467f-96df-827aa5e70fb4_TOC)

Eaton Vance

Multi-Asset Credit Fund

October 31, 2025

Statement of Assets and Liabilities — continued

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**October 31, 2025** |
| Class I Shares |  |
| **Net Assets** | &nbsp;&nbsp;$139190813 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14084083 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$9.88 |
| Class R6 Shares |  |
| **Net Assets** | &nbsp;&nbsp;$326160476 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33015129 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$9.88 |

---

---

| | |
|:---|:---|
| On sales of $100,000 or more, the offering price of Class A shares is reduced. | On sales of $100,000 or more, the offering price of Class A shares is reduced. |
| \* | Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge. |

---

*24*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_29b44725-dc33-467f-96df-827aa5e70fb4_TOC)

Eaton Vance

Multi-Asset Credit Fund

October 31, 2025

Statement of Operations

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended** |
|  | &nbsp;&nbsp;&nbsp;**October 31, 2025** |
| Investment Income |  |
| Dividend income (net of foreign taxes withheld of $9,051) | &nbsp;&nbsp;$94881 |
| Dividend income from affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510431 |
| Interest income | &nbsp;&nbsp;&nbsp;&nbsp;36354880 |
| Other income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246881 |
| **Total investment income** | &nbsp;&nbsp;**$37207073** |
| Expenses |  |
| Investment adviser and administration fee | &nbsp;&nbsp;$2754049 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89125 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27085 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32635 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288616 |
| Transfer and dividend disbursing agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103948 |
| Legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157798 |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7382 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54470 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57101 |
| **Total expenses** | &nbsp;&nbsp;**$3572209** |
| Deduct: |  |
| &nbsp;&nbsp;&nbsp;Waiver and/or reimbursement of expenses by affiliates | &nbsp;&nbsp;$17095 |
| **Total expense reductions** | &nbsp;&nbsp;**$17095** |
| **Net expenses** | &nbsp;&nbsp;**$3555114** |
| **Net investment income** | &nbsp;&nbsp;**$33651959** |
| Realized and Unrealized Gain (Loss) |  |
| Net realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;Investment transactions | &nbsp;&nbsp;$49574 |
| &nbsp;&nbsp;&nbsp;Written swaptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20189 |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(85206) |
| &nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56271 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(187717) |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2669780) |
| **Net realized loss** | &nbsp;&nbsp;**$(2816669)** |
| Change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;$769706 |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(363676) |
| &nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23006 |
| &nbsp;&nbsp;&nbsp;Foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29216 |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709723 |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$1167975** |
| **Net realized and unrealized loss** | &nbsp;&nbsp;**$(1648694)** |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$32003265** |

---

*25*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_29b44725-dc33-467f-96df-827aa5e70fb4_TOC)

Eaton Vance

Multi-Asset Credit Fund

October 31, 2025

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
|  | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$33651959 | &nbsp;&nbsp;$36726536 |
| &nbsp;&nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2816669) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5548059) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1167975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27700627 |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$32003265** | &nbsp;&nbsp;**$58879104** |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(2387940) | &nbsp;&nbsp;$(2979520) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(161058) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(222503) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11267613) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14516489) |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20965802) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21117665) |
| **Total distributions to shareholders** | &nbsp;&nbsp;**$(34782413)** | &nbsp;&nbsp;**$(38836177)** |
| Transactions in shares of beneficial interest: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(3714403) | &nbsp;&nbsp;$(4232004) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(648732) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1109606) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49990140) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1814765 |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31121507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38342336 |
| **Net increase (decrease) in net assets from Fund share transactions** | &nbsp;&nbsp;**$(23231768)** | &nbsp;&nbsp;**$34815491** |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;**$(26010916)** | &nbsp;&nbsp;**$54858418** |
| Net Assets |  |  |
| At beginning of year | &nbsp;&nbsp;$527909750 | &nbsp;&nbsp;$473051332 |
| **At end of year** | &nbsp;&nbsp;**$501898834** | &nbsp;&nbsp;**$527909750** |

---

*26*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_29b44725-dc33-467f-96df-827aa5e70fb4_TOC)

Eaton Vance

Multi-Asset Credit Fund

October 31, 2025

Financial Highlights

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$9.90 | &nbsp;&nbsp;$9.50 | &nbsp;&nbsp;$9.40 | &nbsp;&nbsp;$10.68 | &nbsp;&nbsp;$10.21 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.64 | &nbsp;&nbsp;$0.69 | &nbsp;&nbsp;$0.64 | &nbsp;&nbsp;$0.47 | &nbsp;&nbsp;$0.39 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.62** | &nbsp;&nbsp;**$1.13** | &nbsp;&nbsp;**$0.75** | &nbsp;&nbsp;**$(0.82)** | &nbsp;&nbsp;**$0.88** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.66) | &nbsp;&nbsp;$(0.73) | &nbsp;&nbsp;$(0.65) | &nbsp;&nbsp;$(0.46) | &nbsp;&nbsp;$(0.41) |
| **Total distributions** | &nbsp;&nbsp;**$(0.66)** | &nbsp;&nbsp;**$(0.73)** | &nbsp;&nbsp;**$(0.65)** | &nbsp;&nbsp;**$(0.46)** | &nbsp;&nbsp;**$(0.41)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$9.86** | &nbsp;&nbsp;**$9.90** | &nbsp;&nbsp;**$9.50** | &nbsp;&nbsp;**$9.40** | &nbsp;&nbsp;**$10.68** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.47%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.23%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.13%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(7.80)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.73%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$34295 | &nbsp;&nbsp;$38182 | &nbsp;&nbsp;$40738 | &nbsp;&nbsp;$44921 | &nbsp;&nbsp;$61518 |
| Ratios (as a percentage of average daily net assets):<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

<sup>(3)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and administrator and sub-adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(4)</sup> Includes a reduction by the investment adviser of a portion of its adviser and administration fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.005%, 0.01%, 0.01% and less than 0.005% of average daily net assets for the years ended October 31, 2025, 2024, 2023 and 2022, respectively).

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_29b44725-dc33-467f-96df-827aa5e70fb4_TOC)

Eaton Vance

Multi-Asset Credit Fund

October 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$9.91 | &nbsp;&nbsp;$9.51 | &nbsp;&nbsp;$9.41 | &nbsp;&nbsp;$10.69 | &nbsp;&nbsp;$10.22 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.56 | &nbsp;&nbsp;$0.62 | &nbsp;&nbsp;$0.56 | &nbsp;&nbsp;$0.35 | &nbsp;&nbsp;$0.31 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;(1.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.55** | &nbsp;&nbsp;**$1.06** | &nbsp;&nbsp;**$0.68** | &nbsp;&nbsp;**$(0.89)** | &nbsp;&nbsp;**$0.80** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.59) | &nbsp;&nbsp;$(0.66) | &nbsp;&nbsp;$(0.58) | &nbsp;&nbsp;$(0.39) | &nbsp;&nbsp;$(0.33) |
| **Total distributions** | &nbsp;&nbsp;**$(0.59)** | &nbsp;&nbsp;**$(0.66)** | &nbsp;&nbsp;**$(0.58)** | &nbsp;&nbsp;**$(0.39)** | &nbsp;&nbsp;**$(0.33)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$9.87** | &nbsp;&nbsp;**$9.91** | &nbsp;&nbsp;**$9.51** | &nbsp;&nbsp;**$9.41** | &nbsp;&nbsp;**$10.69** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.68%** | &nbsp;&nbsp;&nbsp;&nbsp;**11.39%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.32%** | &nbsp;&nbsp;&nbsp;&nbsp;**(8.48)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.92%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$2253 | &nbsp;&nbsp;$2913 | &nbsp;&nbsp;$3870 | &nbsp;&nbsp;$8267 | &nbsp;&nbsp;$23956 |
| Ratios (as a percentage of average daily net assets):<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

<sup>(3)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and administrator and sub-adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(4)</sup> Includes a reduction by the investment adviser of a portion of its adviser and administration fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.005%, 0.01%, 0.01% and less than 0.005% of average daily net assets for the years ended October 31, 2025, 2024, 2023 and 2022, respectively).

*28*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_29b44725-dc33-467f-96df-827aa5e70fb4_TOC)

Eaton Vance

Multi-Asset Credit Fund

October 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$9.93 | &nbsp;&nbsp;$9.53 | &nbsp;&nbsp;$9.43 | &nbsp;&nbsp;$10.71 | &nbsp;&nbsp;$10.24 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.66 | &nbsp;&nbsp;$0.72 | &nbsp;&nbsp;$0.66 | &nbsp;&nbsp;$0.46 | &nbsp;&nbsp;$0.42 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.64** | &nbsp;&nbsp;**$1.16** | &nbsp;&nbsp;**$0.78** | &nbsp;&nbsp;**$(0.79)** | &nbsp;&nbsp;**$0.91** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.69) | &nbsp;&nbsp;$(0.76) | &nbsp;&nbsp;$(0.68) | &nbsp;&nbsp;$(0.49) | &nbsp;&nbsp;$(0.44) |
| **Total distributions** | &nbsp;&nbsp;**$(0.69)** | &nbsp;&nbsp;**$(0.76)** | &nbsp;&nbsp;**$(0.68)** | &nbsp;&nbsp;**$(0.49)** | &nbsp;&nbsp;**$(0.44)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$9.88** | &nbsp;&nbsp;**$9.93** | &nbsp;&nbsp;**$9.53** | &nbsp;&nbsp;**$9.43** | &nbsp;&nbsp;**$10.71** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.63%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.49%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.40%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(7.53)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.99%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$139191 | &nbsp;&nbsp;$190058 | &nbsp;&nbsp;$180663 | &nbsp;&nbsp;$205778 | &nbsp;&nbsp;$345990 |
| Ratios (as a percentage of average daily net assets):<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.93% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

<sup>(3)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and administrator and sub-adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(4)</sup> Includes a reduction by the investment adviser of a portion of its adviser and administration fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.005%, 0.01%, 0.01% and less than 0.005% of average daily net assets for the years ended October 31, 2025, 2024, 2023 and 2022, respectively).

*29*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_29b44725-dc33-467f-96df-827aa5e70fb4_TOC)

Eaton Vance

Multi-Asset Credit Fund

October 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;&nbsp;**Class R6** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$9.93 | &nbsp;&nbsp;$9.52 | &nbsp;&nbsp;$9.42 | &nbsp;&nbsp;$10.71 | &nbsp;&nbsp;$10.23 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.67 | &nbsp;&nbsp;$0.72 | &nbsp;&nbsp;$0.67 | &nbsp;&nbsp;$0.48 | &nbsp;&nbsp;$0.42 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.64** | &nbsp;&nbsp;**$1.17** | &nbsp;&nbsp;**$0.78** | &nbsp;&nbsp;**$(0.80)** | &nbsp;&nbsp;**$0.93** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.69) | &nbsp;&nbsp;$(0.76) | &nbsp;&nbsp;$(0.68) | &nbsp;&nbsp;$(0.49) | &nbsp;&nbsp;$(0.45) |
| **Total distributions** | &nbsp;&nbsp;**$(0.69)** | &nbsp;&nbsp;**$(0.76)** | &nbsp;&nbsp;**$(0.68)** | &nbsp;&nbsp;**$(0.49)** | &nbsp;&nbsp;**$(0.45)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$9.88** | &nbsp;&nbsp;**$9.93** | &nbsp;&nbsp;**$9.52** | &nbsp;&nbsp;**$9.42** | &nbsp;&nbsp;**$10.71** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.67%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.66%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.44%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(7.58)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.13%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$326160 | &nbsp;&nbsp;$296757 | &nbsp;&nbsp;$247781 | &nbsp;&nbsp;$143633 | &nbsp;&nbsp;$42319 |
| Ratios (as a percentage of average daily net assets):<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.90% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

<sup>(3)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and administrator and sub-adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(4)</sup> Includes a reduction by the investment adviser of a portion of its adviser and administration fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.005%, 0.01%, 0.01% and less than 0.005% of average daily net assets for the years ended October 31, 2025, 2024, 2023 and 2022, respectively).

*30*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_29b44725-dc33-467f-96df-827aa5e70fb4_TOC)

Eaton Vance

Multi-Asset Credit Fund

October 31, 2025

Notes to Financial Statements

------

1 Significant Accounting Policies

Eaton Vance Multi-Asset Credit Fund (the Fund) is a diversified series of Eaton Vance Mutual Funds Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund's investment objective is to seek total return. The Fund offers four classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 6). Effective November 5, 2020, Class C shares automatically convert to Class A shares eight years after their purchase as described in the Fund's prospectus. Class I and Class R6 shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Net investment income, other than class-specific expenses, is allocated daily to each class of shares based upon the ratio of the value of each class's paid shares to the total value of all paid shares. Sub-accounting, recordkeeping and similar administrative fees payable to financial intermediaries, which are a component of transfer and dividend disbursing agent fees on the Statement of Operations, are not allocated to Class R6 shares. Each class of shares differs in its distribution plan and certain other class-specific expenses.

The following is a summary of significant accounting policies of the Fund. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.

A Investment Valuation—The following methodologies are used to determine the market value or fair value of investments.

**Debt Obligations. Debt obligations are generally valued on the basis of valuations provided by third party pricing services, as derived from such services' pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and ask prices, broker/dealer quotations, prices or yields of securities with similar characteristics, interest rates, anticipated prepayments, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Short-term debt obligations purchased with a remaining maturity of sixty days or less for which a valuation from a third party pricing service is not readily available may be valued at amortized cost, which approximates fair value.**

**Senior Floating-Rate Loans. Interests in senior floating-rate loans (Senior Loans) are valued generally at the average mean of bid and ask quotations obtained from a third party pricing service. Senior Loans, for which a valuation is not available or deemed unreliable, are fair valued by the investment adviser utilizing one or more of the valuation techniques described below to assess the likelihood that the borrower will make a full repayment of the loan underlying such Senior Loan. If the investment adviser believes that there is a reasonable likelihood of full repayment, the investment adviser will determine fair value using a matrix pricing approach that considers the yield on the Senior Loan relative to yields on other Senior Loans issued by companies of comparable credit quality. If the investment adviser believes there is not a reasonable likelihood of full repayment, the investment adviser will determine fair value using analyses that include, but are not limited to: (i) a comparison of the value of the borrower's outstanding equity and debt to that of comparable public companies; (ii) a discounted cash flow analysis; or (iii) when the investment adviser believes it is likely that a borrower will be liquidated or sold, an analysis of the terms of such liquidation or sale. In certain cases, the investment adviser will use a combination of analytical methods to determine fair value, such as when only a portion of a borrower's assets are likely to be sold. In conducting its assessment and analyses for purposes of determining fair value of a Senior Loan, the investment adviser will use its discretion and judgment in considering and appraising relevant factors. Junior Loans (i.e., subordinated loans and second lien loans) are valued in the same manner as Senior Loans.**

**Equity Securities. Equity securities listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and ask prices on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ National Market System are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and ask prices or, in the case of preferred equity securities that are not listed or traded in the over-the-counter market, by a third party pricing service that uses various techniques that consider factors including, but not limited to, prices or yields of securities with similar characteristics, benchmark yields, broker/dealer quotes, quotes of underlying common stock, issuer spreads, as well as industry and economic events.**

**Derivatives. Futures contracts are valued at the closing settlement price established by the board of trade or exchange on which they are traded. Forward foreign currency exchange contracts are generally valued at the mean of the average bid and average ask prices that are reported by currency dealers to a third party pricing service at the valuation time. Such third party pricing service valuations are supplied for specific settlement periods and the Fund's forward foreign currency exchange contracts are valued at an interpolated rate between the closest preceding and subsequent settlement period reported by the third party pricing service. Swaps are normally valued using valuations provided by a third party pricing service. Such pricing service valuations are based on the present value of fixed and projected floating rate cash flows over the term of the swap contract, and in the case of credit default swaps, based on credit spread quotations obtained from broker/dealers and expected default recovery rates determined by the pricing service using proprietary models. Future cash flows on swaps are discounted to their present value using swap rates provided by electronic data services or by broker/dealers.**

**Foreign Securities and Currencies. Foreign securities 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.**

------

[**Table of Contents**](#JOB_EV_AR_29b44725-dc33-467f-96df-827aa5e70fb4_TOC)

Eaton Vance

Multi-Asset Credit Fund

October 31, 2025

Notes to Financial Statements — continued

------

**Other. Investments in management investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value as of the close of each business day.**

**Fair Valuation. In connection with Rule 2a-5 of the 1940 Act, the Trustees have designated the Fund's investment adviser as its valuation designee. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued by the investment adviser, as valuation designee, at fair value using methods that most fairly reflect the security's "fair value", which is the amount that the Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security's disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company's or entity's financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.**

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

C Income—Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount. Fees in connection with investments in senior floating-rate loans may include amendment fees, consent fees and prepayment fees, which are recorded to income as earned

and included in Other income on the Statement of Operations. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. Withholding taxes on foreign dividends have been provided for in accordance with the Fund's understanding of the applicable countries' tax rules and rates. Distributions from investment companies are recorded as dividend income, capital gains or return of capital based on the nature of the distribution.

D Federal Taxes—The Fund's policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary.

As of October 31, 2025, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

E Expenses—The majority of expenses of the Trust are directly identifiable to an individual fund. Expenses which are not readily identifiable to a specific fund are allocated taking into consideration, among other things, the nature and type of expense and the relative size of the funds.

F Foreign Currency Translation—Investment valuations, other assets, and liabilities initially expressed in foreign currencies are translated each business day into U.S. dollars based upon current exchange rates. Purchases and sales of foreign investment securities and income and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates in effect on the respective dates of such transactions. Recognized gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.

G Unfunded Loan Commitments—The Fund may enter into certain loan agreements all or a portion of which may be unfunded. The Fund is obligated to fund these commitments at the borrower's discretion. These commitments, if any, are disclosed in the accompanying Portfolio of Investments. At October 31, 2025, the Fund had sufficient cash and/or securities to cover these commitments.

H Use of Estimates—The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

I Indemnifications—Under the Trust's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Trust) could be deemed to have personal liability for the obligations of the Trust. However, the Trust's Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and the By-laws provide that the Trust shall assume, upon request by the shareholder, the defense on behalf of any Fund shareholders. Moreover, the By-laws also provide for indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

J Forward Foreign Currency Exchange Contracts—The Fund may enter into forward foreign currency exchange contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date. The forward foreign currency exchange contracts are adjusted by the daily exchange rate of the

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[**Table of Contents**](#JOB_EV_AR_29b44725-dc33-467f-96df-827aa5e70fb4_TOC)

Eaton Vance

Multi-Asset Credit Fund

October 31, 2025

Notes to Financial Statements — continued

------

underlying currency and any gains or losses are recorded as unrealized until such time as the contracts have been closed. Risks may arise upon entering these contracts from the potential inability of counterparties to meet the terms of their contracts and from movements in the value of a foreign currency relative to the U.S. dollar.

K Futures Contracts—Upon entering into a 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, and are recorded as unrealized gains or losses by the Fund. Gains (losses) are realized upon the expiration or closing of the futures contracts. Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of the 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.

L Credit Default Swaps—When the Fund is the buyer of a credit default swap contract, the Fund is entitled to receive the par (or other agreed-upon) value of a referenced debt obligation (or basket of debt obligations) from the counterparty (or central clearing party (CCP) in the case of a centrally cleared swap) to the contract if a credit event by a third party, such as a U.S. or foreign corporate issuer or sovereign issuer, on the debt obligation occurs. In return, the Fund pays the counterparty a periodic stream of payments over the term of the contract provided that no credit event has occurred. If no credit event occurs, the Fund would have spent the stream of payments and received no proceeds from the contract. When the Fund is the seller of a credit default swap contract, it receives the stream of payments, but is obligated to pay to the buyer of the protection an amount up to the notional amount of the swap and in certain instances take delivery of securities of the reference entity upon the occurrence of a credit event, as defined under the terms of that particular swap agreement. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring, obligation acceleration and repudiation/moratorium. If the Fund is a seller of protection and a credit event occurs, the maximum potential amount of future payments that the Fund could be required to make would be an amount equal to the notional amount of the agreement. This potential amount would be partially offset by any recovery value of the respective referenced obligation, or net amount received from the settlement of a buy protection credit default swap agreement entered into by the Fund for the same referenced obligation. As the seller, the Fund may create economic leverage to its portfolio because, in addition to its total net assets, the Fund is subject to investment exposure on the notional amount of the swap. The interest fee paid or received on the swap contract, which is based on a specified interest rate on a fixed notional amount, is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as realized gain upon receipt or realized loss upon payment. The Fund also records an increase or decrease to unrealized appreciation (depreciation) in an amount equal to the daily valuation. For centrally cleared swaps, the daily change in valuation is recorded as a receivable or payable for variation margin and settled in cash with the CCP daily. All upfront payments and receipts, if any, are amortized over the life of the swap contract as realized gains or losses. Those upfront payments or receipts for non-centrally cleared swaps are recorded as other assets or other liabilities, respectively, net of amortization. For financial reporting purposes, unamortized upfront payments or receipts, if any, are netted with unrealized appreciation or depreciation on swap contracts to determine the market value of swaps as presented in Notes 9 and 12. These transactions involve certain risks, including the risk that the seller may be unable to fulfill the transaction. In the case of centrally cleared swaps, counterparty risk is minimal due to protections provided by the CCP.

M Swaptions—A purchased swaption contract grants the Fund, in return for payment of the purchase price, the right, but not the obligation, to enter into a new swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, at some designated future time on specified terms. When the Fund purchases a swaption, the premium paid to the writer is recorded as an investment and subsequently marked-to-market to reflect the current value of the swaption. A written swaption gives the Fund the obligation, if exercised by the purchaser, to enter into a swap contract according to the terms of the underlying agreement. When the Fund writes a swaption, the premium received by the Fund is recorded as a liability and subsequently marked-to-market to reflect the current value of the swaption. When a swaption is exercised, the cost of the swap is adjusted by the amount of the premium paid or received. When a swaption expires or an unexercised swaption is closed, a gain or loss is recognized in the amount of the premium paid or received, plus the cost to close. The Fund's risk for purchased swaptions is limited to the premium paid. The writer of a swaption bears the risk of unfavorable changes in the preset terms of the underlying swap contract. Purchased swaptions traded over-the-counter involve risk that the issuer or counterparty will fail to perform its contractual obligations.

N When-Issued Securities and Delayed Delivery Transactions—The Fund may purchase securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. At the time the transaction is negotiated, the price of the security that will be delivered is fixed. The Fund maintains cash and/or security positions for these commitments such that sufficient liquid assets will be available to make payments upon settlement. Securities purchased on a delayed delivery or when-issued basis are marked-to-market daily and begin earning interest on settlement date. Such security purchases are subject to the risk that when delivered they will be worth less than the agreed upon payment price. Losses may also arise if the counterparty does not perform under the contract.

O Segment Reporting—During this reporting period, the Fund adopted FASB Accounting Standards Update No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures* (ASU 2023-07), which requires incremental disclosures related to a public entity's reportable segments. The Fund operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. In connection with the adoption of ASU 2023-07, the Fund's President acts as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's financial statements.

------

[**Table of Contents**](#JOB_EV_AR_29b44725-dc33-467f-96df-827aa5e70fb4_TOC)

Eaton Vance

Multi-Asset Credit Fund

October 31, 2025

Notes to Financial Statements — continued

------

2 Distributions to Shareholders and Income Tax Information

The Fund declares dividends daily to shareholders of record at the time of declaration. Distributions are generally paid monthly. Distributions of realized capital gains (if any) are made annually. Distributions to shareholders are recorded on the ex-dividend date. Distributions are declared separately for each class of shares. Shareholders may reinvest income and capital gain distributions in additional shares of the same class of the Fund at the net asset value as of the ex-dividend date or, at the election of the shareholder, receive distributions in cash. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

The tax character of distributions declared for the years ended October 31, 2025 and October 31, 2024 was as follows:

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$34782413 | &nbsp;&nbsp;&nbsp;&nbsp;$38836177 |

---

During the year ended October 31, 2025, accumulated loss was increased by $138,919 and paid-in capital was increased by $138,919 due to the Fund's use of equalization accounting. Tax equalization accounting allows the Fund to treat as a distribution that portion of redemption proceeds representing a redeeming shareholder's portion of undistributed taxable income and net capital gains. These reclassifications had no effect on the net assets or net asset value per share of the Fund.

As of October 31, 2025, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$1730618 |
| Deferred capital losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(243512780) |
| Net unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 249201 |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (81815) |
| **Accumulated loss** | &nbsp;&nbsp;&nbsp;&nbsp;**$(241614776)** |

---

At October 31, 2025, the Fund, for federal income tax purposes, had deferred capital losses of $243,512,780 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund's next taxable year, can be carried forward for an unlimited period, and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at October 31, 2025, $3,905,431 are short-term and $239,607,349 are long-term.

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Fund at October 31, 2025, as determined on a federal income tax basis, were as follows:

---

| | |
|:---|:---|
| **Aggregate cost** | &nbsp;&nbsp;**$504697042** |
| Gross unrealized appreciation | &nbsp;&nbsp;$8540385 |
| Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8283828) |
| **Net unrealized appreciation** | &nbsp;&nbsp;**$256557** |

---

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[**Table of Contents**](#JOB_EV_AR_29b44725-dc33-467f-96df-827aa5e70fb4_TOC)

Eaton Vance

Multi-Asset Credit Fund

October 31, 2025

Notes to Financial Statements — continued

------

3 Investment Adviser and Administration Fee and Other Transactions with Affiliates

The investment adviser and administration fee is earned by Eaton Vance Management (EVM), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory and administrative services rendered to the Fund. The investment adviser and administration fee is computed at an annual rate as a percentage of the Fund's average daily net assets that are not invested in other investment companies for which EVM or its affiliates serve as investment adviser and receive an advisory fee as follows and is payable monthly:

---

| | |
|:---|:---|
| **Average Daily Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Annual Fee Rate** |
| Up to $1 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.550% |
| $1 billion but less than $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.530% |
| $2.5 billion but less than $5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.510% |
| $5 billion and over | &nbsp;&nbsp;&nbsp;&nbsp;0.500% |

---

For the year ended October 31, 2025, the investment adviser and administration fee amounted to $2,754,049 or 0.55% of the Fund's average daily net assets. Pursuant to an investment sub-advisory agreement, EVM has delegated a portion of the investment management of the Fund to Eaton Vance Advisers International Ltd. (EVAIL), an affiliate of EVM. EVM pays EVAIL a portion of its investment adviser and administration fee for sub-advisory services provided to the Fund.

The Fund may invest in a money market fund, the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio (the "Liquidity Fund"), an open-end management investment company managed by Morgan Stanley Investment Management Inc., a wholly-owned subsidiary of Morgan Stanley. The investment adviser and administration fee paid by the Fund is reduced by an amount equal to its pro rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the year ended October 31, 2025, the investment adviser and administration fee paid was reduced by $17,095 relating to the Fund's investment in the Liquidity Fund.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended October 31, 2025, EVM earned $8,681 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations. The Fund was informed that Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund's principal underwriter, received $295 as its portion of the sales charge on sales of Class A shares for the year ended October 31, 2025. EVD also received distribution and service fees from Class A and Class C shares (see Note 5).

Trustees and officers of the Fund who are members of EVM's organization receive remuneration for their services to the Fund out of the investment adviser and administration fee. Trustees of the Fund who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. Certain officers and Trustees of the Fund are officers of EVM.

4 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations and including maturities, paydowns and principal repayments on Senior Loans, aggregated $282,440,243 and $311,675,636, respectively, for the year ended October 31, 2025.

5 Distribution Plans

The Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the year ended October 31, 2025 amounted to $89,125 for Class A shares.

The Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the year ended October 31, 2025, the Fund paid or accrued to EVD $20,314 for Class C shares.

Pursuant to the Class C Plan, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the year ended October 31, 2025 amounted to $6,771 for Class C shares.

Distribution and service fees are subject to the limitations contained in the Financial Industry Regulatory Authority Rule 2341(d).

------

[**Table of Contents**](#JOB_EV_AR_29b44725-dc33-467f-96df-827aa5e70fb4_TOC)

Eaton Vance

Multi-Asset Credit Fund

October 31, 2025

Notes to Financial Statements — continued

------

6 Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within 12 months of purchase. Class A shares may be subject to a 0.75% CDSC if redeemed within 12 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the year ended October 31, 2025, the Fund was informed that EVD received no CDSCs paid by Class A and Class C shareholders.

7 Shares of Beneficial Interest

The Fund's Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value). Such shares may be issued in a number of different series (such as the Fund) and classes. Transactions in Fund shares, including direct exchanges pursuant to share class conversions, were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2024** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 249293 | &nbsp;&nbsp;&nbsp;&nbsp;$2455431 | &nbsp;&nbsp;&nbsp;&nbsp; 258904 | &nbsp;&nbsp;&nbsp;&nbsp;$2549494 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 208001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2051375 | &nbsp;&nbsp;&nbsp;&nbsp; 261406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2572387 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (833394) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8221209) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (951993) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9353885) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(376100)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(3714403)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(431683)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(4232004)** |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 55890 | &nbsp;&nbsp;&nbsp;&nbsp;$552351 | &nbsp;&nbsp;&nbsp;&nbsp; 37877 | &nbsp;&nbsp;&nbsp;&nbsp;$373128 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 16019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 158122 | &nbsp;&nbsp;&nbsp;&nbsp; 22186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 218418 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (137429) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1359205) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (173131) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1701152) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(65520)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(648732)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(113068)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1109606)** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;2582342 | &nbsp;&nbsp;&nbsp;&nbsp;$25564664 | &nbsp;&nbsp;&nbsp;&nbsp;2624135 | &nbsp;&nbsp;&nbsp;&nbsp;$25855168 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp;1104271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10920399 | &nbsp;&nbsp;&nbsp;&nbsp;1428292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14094276 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(8743176) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(86475203) | &nbsp;&nbsp;&nbsp;&nbsp;(3874153) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38134679) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp;**(5056563)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(49990140)** | &nbsp;&nbsp;&nbsp;&nbsp; **178274** | &nbsp;&nbsp;&nbsp;&nbsp;**$1814765** |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;5205635 | &nbsp;&nbsp;&nbsp;&nbsp;$51462103 | &nbsp;&nbsp;&nbsp;&nbsp;3841075 | &nbsp;&nbsp;&nbsp;&nbsp;$37984472 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp;2071027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20469261 | &nbsp;&nbsp;&nbsp;&nbsp;2088257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20608610 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(4158406) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40809857) | &nbsp;&nbsp;&nbsp;&nbsp;(2049974) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20250746) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp;**3118256** | &nbsp;&nbsp;&nbsp;&nbsp;**$31121507** | &nbsp;&nbsp;&nbsp;&nbsp;**3879358** | &nbsp;&nbsp;&nbsp;&nbsp;**$38342336** |

---

At October 31, 2025, donor advised and pooled income funds (established and maintained by a public charity) managed by EVM owned in the aggregate 14.4% of the value of the outstanding shares of the Fund.

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[**Table of Contents**](#JOB_EV_AR_29b44725-dc33-467f-96df-827aa5e70fb4_TOC)

Eaton Vance

Multi-Asset Credit Fund

October 31, 2025

Notes to Financial Statements — continued

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8 Restricted Securities

At October 31, 2025, the Fund owned the following security (representing 0.1% of net assets) which was restricted as to public resale and not registered under the Securities Act of 1933 (excluding Rule 144A securities). The value of restricted securities is determined based on valuations provided by brokers when available, or if not available, they are valued by the investment adviser as the Trustees' valuation designee.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | &nbsp;&nbsp;&nbsp;&nbsp;**Date(s) of<br> Acquisition** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Cost** | &nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| **Common Stocks** |  |  |  |  |
| Enviva LLC | &nbsp;&nbsp;&nbsp;&nbsp;12/6/24 | &nbsp;&nbsp;&nbsp;&nbsp;17982 | &nbsp;&nbsp;&nbsp;&nbsp;$126953 | &nbsp;&nbsp;&nbsp;&nbsp;$296703 |
| **Total Restricted Securities** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**$126953** | &nbsp;&nbsp;&nbsp;&nbsp;**$296703** |

---

9 Financial Instruments

The Fund may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include swaptions, forward foreign currency exchange contracts, futures contracts and swap contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Fund has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at October 31, 2025 is included in the Portfolio of Investments. At October 31, 2025, 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:

Credit Risk: The Fund entered into credit default swap contracts and swaptions to manage certain investment risks and/or to enhance total return or as a substitute for the purchase or sale of securities.

Foreign Exchange Risk: Because the Fund holds foreign currency denominated investments, the value of these investments and related receivables and payables may change due to future changes in foreign currency exchange rates. To hedge against this risk, the Fund entered into forward foreign currency exchange contracts.

Interest Rate Risk: The Fund entered into U.S. Treasury futures contracts to change the effective duration of its portfolio.

The Fund enters into over-the-counter (OTC) derivatives that may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in the Fund's net assets below a certain level over a certain period of time, which would trigger a payment by the Fund for those derivatives in a liability position. At October 31, 2025, the Fund had no open derivatives with credit-related contingent features in a net liability position.

The OTC derivatives in which the Fund invests (except for written swaptions as the Fund, not the counterparty, is obligated to perform) are subject to the risk that the counterparty to the contract fails to perform its obligations under the contract. To mitigate this risk, the Fund has entered into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with substantially all its derivative counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, set-off provisions in the event of a default and/or termination event as defined under the relevant ISDA Master Agreement. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy or insolvency. Certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event the Fund's net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA Master Agreements, which would cause the counterparty to accelerate payment by the Fund of any net liability owed to it.

The collateral requirements for derivatives traded under an ISDA Master Agreement are governed by a Credit Support Annex to the ISDA Master Agreement. Collateral requirements are determined at the close of business each day and are typically based on changes in market values for each transaction under an ISDA Master Agreement and netted into one amount for such agreement. Generally, the amount of collateral due from or to a counterparty is subject to a minimum transfer threshold amount before a transfer is required, which may vary by counterparty. Collateral pledged for the benefit of the Fund and/or

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[**Table of Contents**](#JOB_EV_AR_29b44725-dc33-467f-96df-827aa5e70fb4_TOC)

Eaton Vance

Multi-Asset Credit Fund

October 31, 2025

Notes to Financial Statements — continued

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counterparty is held in segregated accounts by the Fund's custodian and cannot be sold, re-pledged, assigned or otherwise used while pledged. The portion of such collateral representing cash, if any, is reflected as deposits for derivatives collateral and, in the case of cash pledged by a counterparty for the benefit of the Fund, a corresponding liability on the Statement of Assets and Liabilities. Securities pledged by the Fund as collateral, if any, are identified as such in the Portfolio of Investments.

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at October 31, 2025 was as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;**Fair Value** |
| **Statement of Assets and Liabilities Caption** | &nbsp;&nbsp;**Credit** | &nbsp;&nbsp;**Foreign<br> Exchange** | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Total** |
| Receivable for open forward foreign currency exchange contracts | &nbsp;&nbsp;$— | &nbsp;&nbsp;$470284 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$470284 |
| Receivable for open swap contracts; Upfront receipts on open OTC swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;23786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23786 |
| **Total Asset Derivatives subject to master netting or similar agreements** | &nbsp;&nbsp;**$23786** | &nbsp;&nbsp;**$470284** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$494070** |
| Accumulated loss<sup>(1)</sup> | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(276207) | &nbsp;&nbsp;$(276207) |
| **Total Liability Derivatives not subject to master netting or similar agreements** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$(276207)** | &nbsp;&nbsp;**$(276207)** |

---

<sup>(1)</sup> Only the current day's variation margin on open futures contracts is reported within the Statement of Assets and Liabilities as Receivable or Payable for variation margin on open futures contracts, as applicable.

The Fund's derivative assets at fair value by risk, which are reported gross in the Statement of Assets and Liabilities, are presented in the table above. The following table presents the Fund's derivative assets by counterparty, net of amounts available for offset under a master netting agreement and net of the related collateral received by the Fund for such assets as of October 31, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | &nbsp;&nbsp;&nbsp;**Derivative<br> Assets Subject to<br> Master Netting<br> Agreement** | &nbsp;&nbsp;&nbsp;**Derivatives<br> Available<br> for Offset** | &nbsp;&nbsp;&nbsp;**Non-cash<br> Collateral<br> Received<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;**Cash<br> Collateral<br> Received<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;**Net Amount<br> of Derivative<br> Assets<sup>(b)</sup>** |
| Citibank, N.A. | &nbsp;&nbsp;&nbsp;$6126 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$(6126) | &nbsp;&nbsp;&nbsp;$— |
| Deutsche Bank AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8797 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8797 |
| Goldman Sachs International | &nbsp;&nbsp;&nbsp;&nbsp;475380 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;475380 |
| State Street Bank and Trust Company | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3767 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3767 |
|  | &nbsp;&nbsp;&nbsp;**$494070** | &nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;**$(6126)** | &nbsp;&nbsp;&nbsp;**$487944** |

---

<sup>(a)</sup> In some instances, the total collateral received and/or pledged may be more than the amount shown due to overcollateralization.

<sup>(b)</sup> Net amount represents the net amount due from the counterparty in the event of default.

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[**Table of Contents**](#JOB_EV_AR_29b44725-dc33-467f-96df-827aa5e70fb4_TOC)

Eaton Vance

Multi-Asset Credit Fund

October 31, 2025

Notes to Financial Statements — continued

------

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations by risk exposure for the year ended October 31, 2025 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Statement of Operations Caption** | &nbsp;&nbsp;**Credit** | &nbsp;&nbsp;**Foreign<br> Exchange** | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Total** |
| Net realized gain (loss): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment transactions<sup>(1)</sup> | &nbsp;&nbsp;$(167189) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(167189) |
| &nbsp;&nbsp;&nbsp;Written swaptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20189 |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(85206) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(85206) |
| &nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56271 |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(2669780) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(2669780) |
| **Total** | &nbsp;&nbsp;**$(90729)** | &nbsp;&nbsp;**$(2669780)** | &nbsp;&nbsp;**$(85206)** | &nbsp;&nbsp;**$(2845715)** |
| Change in unrealized appreciation (depreciation): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(363676) | &nbsp;&nbsp;$(363676) |
| &nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23006 |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709723 |
| **Total** | &nbsp;&nbsp;**$23006** | &nbsp;&nbsp;**$709723** | &nbsp;&nbsp;**$(363676)** | &nbsp;&nbsp;**$369053** |

---

<sup>(1)</sup> Relates to purchased swaptions.

The average notional cost of futures contracts and average notional amounts of other derivative contracts outstanding during the year ended October 31, 2025, which are indicative of the volume of these derivative types, were approximately as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures<br> Contracts — Short** | &nbsp;&nbsp;&nbsp;&nbsp;**Forward<br> Foreign Currency<br> Exchange Contracts<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Purchased<br> Swaptions** | &nbsp;&nbsp;&nbsp;&nbsp;**Written<br> Swaptions** | &nbsp;&nbsp;&nbsp;&nbsp;**Swap<br> Contracts** |
| $12489000 | &nbsp;&nbsp;&nbsp;&nbsp;$87741000 | &nbsp;&nbsp;&nbsp;&nbsp;$3235000 | &nbsp;&nbsp;&nbsp;&nbsp;$3235000 | &nbsp;&nbsp;&nbsp;&nbsp;$874000 |

---

<sup>(1)</sup> The average notional amount for forward foreign currency exchange contracts is based on the absolute value of notional amounts of currency purchased and currency sold.

10 Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates in a $650 million unsecured revolving line of credit agreement with a group of banks, which is in effect through October 20, 2026. Borrowings are made by the Fund solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Fund based on its borrowings generally at an amount above either the Secured Overnight Financing Rate (SOFR) or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. In connection with the renewal of the agreement in October 2025, an arrangement fee of $150,000 was incurred that was allocated to the participating portfolios and funds. Because the line of credit is not available exclusively to the Fund, it may be unable to borrow some or all of its requested amounts at any particular time. The Fund had no borrowings pursuant to its line of credit during the year ended October 31, 2025.

------

[**Table of Contents**](#JOB_EV_AR_29b44725-dc33-467f-96df-827aa5e70fb4_TOC)

Eaton Vance

Multi-Asset Credit Fund

October 31, 2025

Notes to Financial Statements — continued

------

11 Affiliated Investments

At October 31, 2025, the value of the Fund's investment in funds that may be deemed to be affiliated was $12,545,504, which represents 2.5% of the Fund's net assets. Transactions in such investments by the Fund for the year ended October 31, 2025 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Value,<br> beginning<br> of period** | **Purchases** | **Sales<br> proceeds** | **Net realized<br> gain (loss)** | **Change in<br> unrealized<br> appreciation<br> (depreciation)** | **Value, end<br> of period** | **Dividend<br> income** | **Shares,<br> end of period** |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| Liquidity Fund | $13381467 | $281877807 | $(282713770) | $— | $— | $12545504 | $510431 | 12545504 |

---

12 Fair Value Measurements

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 October 31, 2025, the hierarchy of inputs used in valuing the Fund's investments and open derivative instruments, which are carried at fair value, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Asset-Backed Securities | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$48014610 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$48014610 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43615542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43615542 |
| Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18470359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18470359 |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 63614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 549223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1937412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2550249 |
| Convertible Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1501125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1501125 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223764788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223764788 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87455 |
| Senior Floating-Rate Loans (Less Unfunded Loan Commitments) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152119661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152119661 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16800 |
| Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated Fund | &nbsp;&nbsp;&nbsp;&nbsp;12545504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12545504 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2255629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2255629 |
| **Total Investments** | &nbsp;&nbsp;**$12609118** | &nbsp;&nbsp;&nbsp;&nbsp;**$490395192** | &nbsp;&nbsp;&nbsp;&nbsp;**$1937412** | &nbsp;&nbsp;&nbsp;&nbsp;**$504941722** |
| Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$470284 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$470284 |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23786 |
| **Total** | &nbsp;&nbsp;**$12609118** | &nbsp;&nbsp;&nbsp;&nbsp;**$490889262** | &nbsp;&nbsp;&nbsp;&nbsp;**$1937412** | &nbsp;&nbsp;&nbsp;&nbsp;**$505435792** |

---

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[**Table of Contents**](#JOB_EV_AR_29b44725-dc33-467f-96df-827aa5e70fb4_TOC)

Eaton Vance

Multi-Asset Credit Fund

October 31, 2025

Notes to Financial Statements — continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liability Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Futures Contracts | &nbsp;&nbsp;$(276207) | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(276207) |
| **Total** | &nbsp;&nbsp;**$(276207)** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$(276207)** |

---

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

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 year ended October 31, 2025 is not presented.

13 Risks and Uncertainties

#### Credit Risk
Investments in debt obligations rated below investment grade and comparable unrated securities, including loans, have greater credit risk than investment grade securities. Changes in economic conditions or other circumstances are more likely to reduce the capacity of issuers of these securities to make principal and interest payments. Such companies are more likely to default on their payments of interest and principal owed than issuers of investment grade bonds. An economic downturn generally leads to a higher non-payment rate, and a loan or other debt obligation may lose significant value before a default occurs.

------

[**Table of Contents**](#JOB_EV_AR_29b44725-dc33-467f-96df-827aa5e70fb4_TOC)

Eaton Vance

Multi-Asset Credit Fund

October 31, 2025

Report of Independent Registered Public Accounting Firm

------

To the Trustees of Eaton Vance Mutual Funds Trust and Shareholders of Eaton Vance Multi-Asset Credit Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Eaton Vance Multi-Asset Credit Fund (the "Fund"), one of the funds constituting Eaton Vance Mutual Funds Trust, including the portfolio of investments, as of October 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities and senior loans owned as of October 31, 2025, by correspondence with the custodian, brokers and agent banks; when replies were not received from brokers and agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 19, 2025

We have served as the auditor of one or more Eaton Vance investment companies since 1959.

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[**Table of Contents**](#JOB_EV_AR_29b44725-dc33-467f-96df-827aa5e70fb4_TOC)

Eaton Vance

Multi-Asset Credit Fund

October 31, 2025

Federal Tax Information (Unaudited)

------

The Form 1099-DIV you receive in February 2026 will show the tax status of all distributions paid to your account in calendar year 2025. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of qualified dividend income for individuals and 163(j) interest dividends.

**Qualified Dividend Income. For the fiscal year ended October 31, 2025, the Fund designates approximately $59,816, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate of 15%.**

**163(j) Interest Dividends. For the fiscal year ended October 31, 2025, the Fund designates 63.21% of distributions from net investment income as a 163(j) interest dividend.**

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[**Table of Contents**](#JOB_EV_AR_29b44725-dc33-467f-96df-827aa5e70fb4_TOC)

Eaton Vance

Multi-Asset Credit Fund

October 31, 2025

Board of Trustees' Contract Approval

------

Overview of the Contract Review Process

The Investment Company Act of 1940, as amended (the "1940 Act"), provides, in substance, that the investment advisory agreement between a fund and its investment adviser will continue in effect from year-to-year only if its continuation is approved on an annual basis by a vote of the fund's board of trustees, including a majority of the trustees who are not "interested persons" of the fund ("independent trustees"), cast in person at a meeting called for the purpose of considering such approval.

At a meeting held on June 12, 2025, the Boards of Trustees/Directors (collectively, the "Board") that oversee the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the "Eaton Vance Funds"), including a majority of the independent trustees (the "Independent Trustees"), voted to approve the continuation of existing investment advisory agreements and sub-advisory agreements<sup>1</sup> for each of the Eaton Vance Funds for an additional one-year period. The Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee comprised of all of the Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of meetings held between April and June 2025, as well as certain additional information provided in response to specific requests from the Independent Trustees as members of the Contract Review Committee. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee's annual evaluation of the investment advisory agreements and sub-advisory agreements.

In connection with its evaluation of the investment advisory agreements and sub-advisory agreements, the Board (directly or through one or more of its committees) considered various information relating to the Eaton Vance Funds. This included information applicable to all or groups of the Eaton Vance Funds, which is referenced immediately below, and information applicable to the particular Eaton Vance Fund covered by this report (each Eaton Vance Fund is referred to below as a "fund"). (For funds that invest through one or more underlying portfolios, references to "each fund" in this section may include information that was considered at the portfolio-level.)

*Information about Fees, Performance and Expenses*

• A report from an independent data provider comparing advisory and other fees paid by each fund to such fees paid by comparable funds, as identified by the independent data provider ("comparable funds");

• A report from an independent data provider comparing each fund's total expense ratio (and its components) to those of comparable funds;

• A report from an independent data provider comparing the investment performance of each fund to the investment performance of comparable funds and, as applicable, benchmark indices, over various time periods;

• In certain instances, data regarding investment performance relative to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board (a committee exclusively comprised of Independent Trustees);

• Comparative information concerning the fees charged and services provided by the adviser and sub-adviser to each fund in managing other accounts (which may include other funds, collective investment trusts and institutional accounts) with the same or substantially similar investment objective as the fund and with a significant overlap in holdings based on criteria set by the Board, if any;

• Profitability analyses on a fund-by-fund basis for the adviser and its affiliates and for each sub-adviser not affiliated with the adviser;

*Information about Portfolio Management and Trading*

• Descriptions of the investment management services provided to each fund, as well as each of the funds' investment strategies and policies;

• The procedures and processes used by the adviser to determine the value of fund assets, including, when necessary, the determination of "fair value" by the adviser in its role as each fund's valuation designee and actions taken to monitor and test the effectiveness of such procedures and processes;

• Information about the policies and practices of each fund's adviser and sub-adviser with respect to trading, including their processes for seeking best execution of portfolio transactions;

• Information about the allocation of brokerage transactions and the benefits, if any, received by the adviser and sub-adviser to each fund as a result of brokerage allocation, including, as applicable, information concerning the acquisition of research through client commission arrangements and policies with respect to "soft dollars";

• Data relating to the portfolio turnover rate of each fund and related information regarding active management in the context of particular strategies;

*Information about each Adviser and Sub-Adviser*

• Reports regarding the financial results and condition of the adviser and certain of its affiliates and of each sub-adviser not affiliated with the adviser;

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;Not all Eaton Vance Funds have entered into a sub-advisory agreement with a sub-adviser. Accordingly, references to "sub-adviser" or "sub-advisory agreement" in this "Overview" section may not be applicable to the particular Eaton Vance Fund covered by this report. Eaton Vance Management and Boston Management and Research are referred to collectively as the "adviser."

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[**Table of Contents**](#JOB_EV_AR_29b44725-dc33-467f-96df-827aa5e70fb4_TOC)

Eaton Vance

Multi-Asset Credit Fund

October 31, 2025

Board of Trustees' Contract Approval — continued

------

• Information regarding the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and, for portfolio managers and certain other investment professionals, information relating to their responsibilities with respect to managing other funds and investment accounts, as applicable;

• Information regarding the adviser's and its parent company's (Morgan Stanley's) efforts to retain and attract talented investment professionals, including in the context of a competitive marketplace for talent;

• Information regarding the adviser's compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals' investments in the fund(s) they manage;

• The personal trading codes of ethics of the adviser and its affiliates and the sub-adviser of each fund, together with information relating to compliance with, and the administration of, such codes;

• Policies and procedures relating to proxy voting, including regular reporting with respect to fund proxy voting activities;

• Information regarding the handling of corporate actions and class actions, as well as information regarding litigation and other regulatory matters;

• Information concerning the resources devoted to compliance efforts undertaken by the adviser and its affiliates and the sub-adviser of each fund, including descriptions of their various compliance programs and their record of compliance and remediation;

• Information concerning the business continuity and disaster recovery plans of the adviser and its affiliates and the sub-adviser of each fund;

• A description of the adviser's oversight of sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters, if any;

*Other Relevant Information*

• Information regarding ongoing initiatives to further integrate and harmonize, where applicable, the investment management and other departments of the adviser and its affiliates with the overall investment management infrastructure of Morgan Stanley, in light of Morgan Stanley's acquisition of Eaton Vance Corp. on March 1, 2021;

• Information concerning the nature, cost, and character of the administrative and other non-investment advisory services provided by the adviser and its affiliates;

• Information concerning oversight of the relationship with the custodian, subcustodians, fund accountants, and other third-party service providers by the adviser and/or administrator to each of the funds;

• Information concerning efforts to maintain policies and procedures with respect to various regulations applicable to the funds, including, without limitation, Rule 22e-4 (the Liquidity Risk Management Rule), Rule 12d1-4 (the Fund-of-Funds Rule), Rule 18f-4 (the Derivatives Rule), and Rule 2a-5 (the Fair Valuation Rule);

• For the Eaton Vance Fund structured as an interval fund, information regarding the interval fund's periodic repurchase offers under Rule 23c-3 and related policies and procedures;

• For each Eaton Vance Fund structured as an exchange-listed closed-end fund, information concerning the benefits of the closed-end fund structure, as well as, where relevant, the closed-end fund's market prices (including as compared to the closed-end fund's net asset value (NAV)), trading volume data, continued use of auction preferred shares (where applicable), distribution rates, and other relevant matters;

• The risks that the adviser and/or its affiliates incur in connection with the management and operation of the funds, including, among others, litigation, regulatory, entrepreneurial, data privacy and cybersecurity, and other business risks (and the associated costs of such risks, if any); and

• The terms of each investment advisory agreement and sub-advisory agreement.

During the various meetings of the Board and its committees over the course of the year leading up to the June 12, 2025 meeting, the Board and its committees received information from portfolio managers and other investment professionals of the adviser and sub-advisers of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds' investment objectives. The Board and its committees also received information regarding risk management techniques employed in connection with the management of the funds. The Board and its committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance, and other issues with respect to the funds, and received and participated in reports and presentations provided by the adviser, sub-advisers, and certain other service providers, with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees met in executive sessions and held regular video or telephone conferences to discuss, among other topics, matters relating to the continuation of investment advisory agreements and sub-advisory agreements.

Each of the Contract Review Committee and the Board was advised throughout the contract review process by Kirkland & Ellis LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee and the members of the Board, with the advice of such counsel, exercised their own business judgment in determining the material factors to be considered in evaluating each investment advisory agreement and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory agreement and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee and Board may have placed varying emphasis on particular factors in reaching conclusions with respect to each investment advisory agreement and sub-advisory agreement. In evaluating each investment advisory agreement and sub-advisory agreement, including the fee structures and other terms contained in such agreements, the members of the Contract Review Committee and Board were also informed by multiple years of analysis and discussion with the adviser and sub-adviser to each of the Eaton Vance Funds.

------

[**Table of Contents**](#JOB_EV_AR_29b44725-dc33-467f-96df-827aa5e70fb4_TOC)

Eaton Vance

Multi-Asset Credit Fund

October 31, 2025

Board of Trustees' Contract Approval — continued

------

Results of the Contract Review Process

Based on its consideration of the foregoing, and such other information it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory and administrative agreement between Eaton Vance Multi-Asset Credit Fund (the "Fund") and Eaton Vance Management (the "Adviser"), and the sub-advisory agreement between the Adviser and Eaton Vance Advisers International Ltd. (the "Sub-adviser"), an affiliate of the Adviser, with respect to the Fund, including their respective fee structures, are in the interests of shareholders and, therefore, recommended to the Board approval of each agreement. Based on the recommendation of the Contracts Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory and administrative agreement and the sub-advisory agreement for the Fund.

*Nature, Extent and Quality of Services*

In considering whether to approve the investment advisory and administrative agreement and the sub-advisory agreement for the Fund, the Board evaluated the nature, extent and quality of services provided to the Fund by the Adviser and the Sub-adviser.

The Board considered the Adviser's and the Sub-adviser's management capabilities and investment processes in light of the types of investments held by the Fund, including the education and experience of the investment professionals who provide services to the Fund. Regarding the Adviser, the Board considered the Adviser's responsibilities with respect to oversight of the Sub-adviser and coordinating activities in implementing the investment strategies of the Fund. With respect to the Sub-adviser, the Board considered the resources available to the Sub-adviser in fulfilling its duties under the sub-advisory agreement. The Board also considered the abilities and experience of the Adviser's and the Sub-adviser's investment professionals in analyzing factors relevant to investing in credit-related investments, including fixed income, variable-rate, and floating-rate debt investments as well as derivatives that provide exposure to such investments. The Board considered the international investment capabilities of the Sub-adviser, which is based in London, and the benefits to the Fund of having portfolio management services involving investments in international equities provided by investment professionals located abroad. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of the Adviser and other factors, including the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Fund, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Fund, including the provision of administrative services. The Board also considered the business-related and other risks to which the Adviser or its affiliates may be subject in managing the Fund.

The Board considered the compliance programs of the Adviser and relevant affiliates thereof, including the Sub-adviser. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, compliance with policies and procedures, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered relevant examinations of the Adviser and its affiliates by regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

The Board considered other administrative services provided or overseen by the Adviser and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by the Adviser and the Sub-adviser, taken as a whole, are appropriate and consistent with the terms of the investment advisory and administrative agreement and the sub-advisory agreement.

*Fund Performance*

The Board compared the Fund's investment performance to that of comparable funds identified by an independent data provider (the peer group), as well as appropriate benchmark indices and a custom peer group of similarly managed funds. The Board's review included comparative performance data with respect to the Fund for the one-, three-, five- and ten-year periods ended December 31, 2024. In this regard, the Board noted that the performance of the Fund was higher than the median performance of the Fund's peer group and custom peer group for the three-year period. The Board also noted that the performance of the Fund was lower than its primary performance and custom benchmark indexes for the three-year period. The Board concluded that the performance of the Fund was satisfactory.

*Management Fees and Expenses*

The Board considered contractual fee rates payable by the Fund for advisory and administrative services (referred to collectively as "management fees"). As part of its review, the Board considered the Fund's management fees and total expense ratio for the one-year period ended December 31, 2024, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered certain factors identified by management in response to requests from the Contract Review Committee regarding the Fund's total expense ratio relative to comparable funds. The Board also received and considered information about the services offered and the fee rates charged by the Adviser and/or Sub-adviser to other types of accounts with the same or substantially similar investment objective as the Fund and with a significant overlap in holdings

------

[**Table of Contents**](#JOB_EV_AR_29b44725-dc33-467f-96df-827aa5e70fb4_TOC)

Eaton Vance

Multi-Asset Credit Fund

October 31, 2025

Board of Trustees' Contract Approval — continued

------

based on criteria set by the Board. For any such type of account, the Board received information about the differences in the nature and scope of services the Adviser and/or Sub-adviser provide to the Fund as compared to other type of account and the material differences in compliance, reporting and other legal burdens and risks to the Adviser and/or Sub-adviser as between the Fund and other type of account. The Board also considered that the management fees paid by the Fund are for services that are in addition to, and are not duplicative of, services provided under the advisory contract(s) of the exchange traded funds in which the Fund may invest.

After considering the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser and the Sub-adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.

*Profitability and "Fall-Out" Benefits*

The Board considered the level of profits realized by the Adviser and relevant affiliates thereof, including the Sub-adviser, in providing investment advisory and administrative services to the Fund and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by the Adviser and its affiliates to third parties in respect of distribution or other services.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates are not excessive.

The Board also considered direct or indirect fall-out benefits received by the Adviser and its affiliates, including the Sub-adviser, in connection with their respective relationships with the Fund, including the benefits of research services that may be available to the Adviser or the Sub-adviser as a result of securities transactions effected for the Fund and other investment advisory clients.

*Economies of Scale*

In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. To assist in the evaluation of the sharing of any economies of scale, the Board received data for recent years showing asset levels, Adviser profitability and total expense ratios. Based upon the foregoing, the Board concluded that the Fund currently shares in the benefits from economies of scale, if any, when they are realized by the Adviser. The Board also concluded that the structure of the advisory fee, which includes breakpoints at several asset levels, will allow the Fund to continue to benefit from any economies of scale in the future.

------

[**Table of Contents**](#JOB_EV_AR_29b44725-dc33-467f-96df-827aa5e70fb4_TOC)

This Page Intentionally Left Blank

------

[**Table of Contents**](#JOB_EV_AR_29b44725-dc33-467f-96df-827aa5e70fb4_TOC)

EAAMX-NCSR&nbsp;&nbsp;&nbsp;&nbsp;10.31.25

------

## Eaton Vance

## Short Duration High Income Fund

## Annual Financial Statements and Additional Information
October 31, 2025

------

![](g35982img199d538211.gif)

------

**This report must be preceded or accompanied by a current summary prospectus or prospectus. Before investing, investors should consider carefully the investment objective, risks, and charges and expenses of a mutual fund. This and other important information is contained in the prospectus and/or statement of additional information, which can be obtained by calling 1-800-262-1122 or from a financial intermediary. Prospective investors should read the prospectus carefully before investing.**

------

#### Annual Financial Statements and Additional Information October 31, 2025
Eaton Vance

Short Duration High Income Fund

---

| | |
|:---|:---|
| **[**Table of Contents**](#xx_607be87b-5f00-4506-9fcb-2371e16264a2_1)** |  |
| [Items 6 and 7 of Form N-CSR:](#xx_7d0d2ce2-bb12-4a4f-b90d-acaa0a42c725_1) | [Items 6 and 7 of Form N-CSR:](#xx_7d0d2ce2-bb12-4a4f-b90d-acaa0a42c725_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Portfolio of Investments](#xx_7d0d2ce2-bb12-4a4f-b90d-acaa0a42c725_1) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#xx_127bcb16-d760-468b-9762-c05ad812d930_1) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#xx_127bcb16-d760-468b-9762-c05ad812d930_2) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx_127bcb16-d760-468b-9762-c05ad812d930_3) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx_1892096c-f97d-4cf1-b27a-4ce55d92d2b3_1) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx_621c2237-42ca-4f30-82b4-17c3f7ba12a8_1) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#xx_d1246ed4-77b5-4692-96fd-adddde3d6847_1) | 21 |
| [Federal Tax Information](#xx_814b3a8b-6c58-4b02-a098-991de2785e82_1) | 22 |
| [Item 11 of Form N-CSR:](#xx_07138db2-fda1-4b95-8eb8-ac0c67d12a40_1) | [Item 11 of Form N-CSR:](#xx_07138db2-fda1-4b95-8eb8-ac0c67d12a40_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Board of Trustees' Contract Approval](#xx_07138db2-fda1-4b95-8eb8-ac0c67d12a40_1) | 23 |

---

Items 8 and 9 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7.

------

[**Table of Contents**](#JOB_EV_AR_876fa6cc-f8ed-4988-b27f-881a473a8da9_TOC)

Eaton Vance

Short Duration High Income Fund

October 31, 2025

Portfolio of Investments

------

Common Stocks — 0.2%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Healthcare — 0.0%<sup>†</sup> | Healthcare — 0.0%<sup>†</sup> | Healthcare — 0.0%<sup>†</sup> |
| Mallinckrodt PLC<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | &nbsp;&nbsp;$3296 |
|  |  | &nbsp;&nbsp;**$3296** |
| Paper — 0.2% | Paper — 0.2% | Paper — 0.2% |
| Enviva LLC<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8688 | &nbsp;&nbsp;$143352 |
|  |  | &nbsp;&nbsp;**$143352** |
| Total Common Stocks<br> (identified cost $55,025) |  | &nbsp;&nbsp;**$146648** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Convertible Bonds — 1.0%

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Homebuilders & Real Estate — 0.5% | Homebuilders & Real Estate — 0.5% | Homebuilders & Real Estate — 0.5% | Homebuilders & Real Estate — 0.5% |
| Pebblebrook Hotel Trust, 1.75%, 12/15/26 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425 | &nbsp;&nbsp;$408814 |
|  |  |  | &nbsp;&nbsp;**$408814** |
| Super Retail — 0.5% | Super Retail — 0.5% | Super Retail — 0.5% | Super Retail — 0.5% |
| Delivery Hero SE, 1.50%, 1/15/28<sup>(3)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;$433398 |
|  |  |  | &nbsp;&nbsp;**$433398** |
| Total Convertible Bonds<br> (identified cost $796,925) |  |  | &nbsp;&nbsp;**$842212** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Corporate Bonds — 83.6%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Aerospace — 3.6% | Aerospace — 3.6% | Aerospace — 3.6% |
| AAR Escrow Issuer LLC, 6.75%, 3/15/29<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510 | &nbsp;&nbsp;$526934 |
| Bombardier, Inc., 7.875%, 4/15/27<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73 | &nbsp;&nbsp;&nbsp;&nbsp; 73290 |
| Moog, Inc., 4.25%, 12/15/27<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 743996 |
| Science Applications International Corp., 4.875%, 4/1/28<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 496490 |
| TransDigm, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, 1/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1085 | &nbsp;&nbsp;&nbsp;&nbsp; 1068018 |
| &nbsp;&nbsp;&nbsp;6.375%, 3/1/29<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 102843 |
|  |  | &nbsp;&nbsp;**$3011571** |
| Air Transportation — 1.5% | Air Transportation — 1.5% | Air Transportation — 1.5% |
| Air Canada, 3.875%, 8/15/26<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;$148942 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Air Transportation (continued) | Air Transportation (continued) | Air Transportation (continued) |
| Air Canada Pass-Through Trust, 10.50%, 7/15/26<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;$258893 |
| VistaJet Malta Finance PLC/Vista Management Holding, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;7.875%, 5/1/27<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 304630 |
| &nbsp;&nbsp;&nbsp;9.50%, 6/1/28<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516 | &nbsp;&nbsp;&nbsp;&nbsp; 536983 |
|  |  | &nbsp;&nbsp;**$1249448** |
| Automotive & Auto Parts — 1.4% | Automotive & Auto Parts — 1.4% | Automotive & Auto Parts — 1.4% |
| Belron U.K. Finance PLC, 5.75%, 10/15/29<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;824 | &nbsp;&nbsp;$835440 |
| Champions Financing, Inc., 8.75%, 2/15/29<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98 | &nbsp;&nbsp;&nbsp;&nbsp; 95098 |
| Real Hero Merger Sub 2, Inc., 6.25%, 2/1/29<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338 | &nbsp;&nbsp;&nbsp;&nbsp; 202460 |
|  |  | &nbsp;&nbsp;**$1132998** |
| Broadcasting — 1.6% | Broadcasting — 1.6% | Broadcasting — 1.6% |
| Playtika Holding Corp., 4.25%, 3/15/29<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181 | &nbsp;&nbsp;$163641 |
| Sirius XM Radio LLC, 5.00%, 8/1/27<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 748788 |
| Starz Capital Holdings 1, Inc., 6.00%, 4/15/30<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420 | &nbsp;&nbsp;&nbsp;&nbsp; 396375 |
|  |  | &nbsp;&nbsp;**$1308804** |
| Building Materials — 2.2% | Building Materials — 2.2% | Building Materials — 2.2% |
| Advanced Drainage Systems, Inc., 5.00%, 9/30/27<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;$299483 |
| CP Atlas Buyer, Inc., 9.75%, 7/15/30<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410 | &nbsp;&nbsp;&nbsp;&nbsp; 428066 |
| James Hardie International Finance DAC, 5.00%, 1/15/28<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 398308 |
| Park River Holdings, Inc., 8.75%, 12/31/30<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 | &nbsp;&nbsp;&nbsp;&nbsp; 40988 |
| Smyrna Ready Mix Concrete LLC, 6.00%, 11/1/28<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412 | &nbsp;&nbsp;&nbsp;&nbsp; 410955 |
| White Cap Supply Holdings LLC, 7.375%, 11/15/30<sup>(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213 | &nbsp;&nbsp;&nbsp;&nbsp; 215600 |
|  |  | &nbsp;&nbsp;**$1793400** |
| Cable & Satellite TV — 4.8% | Cable & Satellite TV — 4.8% | Cable & Satellite TV — 4.8% |
| CCO Holdings LLC/CCO Holdings Capital Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/28<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980 | &nbsp;&nbsp;$970777 |
| &nbsp;&nbsp;&nbsp;5.125%, 5/1/27<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665 | &nbsp;&nbsp;&nbsp;&nbsp; 661582 |
| &nbsp;&nbsp;&nbsp;5.50%, 5/1/26<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577 | &nbsp;&nbsp;&nbsp;&nbsp; 576668 |
| Directv Financing LLC/Directv Financing Co-Obligor, Inc., 5.875%, 8/15/27<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597 | &nbsp;&nbsp;&nbsp;&nbsp; 597401 |
| DISH Network Corp., 11.75%, 11/15/27<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1053408 |
| Versant Media Group, Inc., 7.25%, 1/30/31<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 132594 |
|  |  | &nbsp;&nbsp;**$3992430** |
| Capital Goods — 1.8% | Capital Goods — 1.8% | Capital Goods — 1.8% |
| Calderys Financing II LLC, 11.75%, (11.75% cash or 12.50% PIK), 6/1/28<sup>(4)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480 | &nbsp;&nbsp;$498553 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_876fa6cc-f8ed-4988-b27f-881a473a8da9_TOC)

Eaton Vance

Short Duration High Income Fund

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount\* (000's omitted)** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Capital Goods (continued) | Capital Goods (continued) | Capital Goods (continued) | Capital Goods (continued) |
| EnerSys, 4.375%, 12/15/27<sup>(4)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;$592890 |
| ESAB Corp., 6.25%, 4/15/29<sup>(4)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369 | &nbsp;&nbsp;&nbsp;&nbsp; 378083 |
|  |  |  | &nbsp;&nbsp;**$1469526** |
| Chemicals — 2.6% | Chemicals — 2.6% | Chemicals — 2.6% | Chemicals — 2.6% |
| Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV, 4.75%, 6/15/27<sup>(4)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;$399302 |
| Celanese U.S. Holdings LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;6.665%, 7/15/27 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509 | &nbsp;&nbsp;&nbsp;&nbsp; 522828 |
| &nbsp;&nbsp;&nbsp;6.85%, 11/15/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 259116 |
| Compass Minerals International, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;6.75%, 12/1/27<sup>(4)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 55321 |
| &nbsp;&nbsp;&nbsp;8.00%, 7/1/30<sup>(4)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193 | &nbsp;&nbsp;&nbsp;&nbsp; 201004 |
| SNF Group SACA, 3.125%, 3/15/27<sup>(4)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 488414 |
| WR Grace Holdings LLC, 4.875%, 6/15/27<sup>(4)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198 | &nbsp;&nbsp;&nbsp;&nbsp; 196459 |
|  |  |  | &nbsp;&nbsp;**$2122444** |
| Consumer Products — 1.4% | Consumer Products — 1.4% | Consumer Products — 1.4% | Consumer Products — 1.4% |
| Energizer Holdings, Inc., 4.75%, 6/15/28<sup>(4)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;$393960 |
| Spectrum Brands, Inc., 3.875%, 3/15/31<sup>(4)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940 | &nbsp;&nbsp;&nbsp;&nbsp; 764925 |
|  |  |  | &nbsp;&nbsp;**$1158885** |
| Containers — 2.2% | Containers — 2.2% | Containers — 2.2% | Containers — 2.2% |
| Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 9/1/29<sup>(3)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;$107757 |
| &nbsp;&nbsp;&nbsp;4.00%, 9/1/29<sup>(4)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278 | &nbsp;&nbsp;&nbsp;&nbsp; 259407 |
| Canpack SA/Canpack U.S. LLC, 3.125%, 11/1/25<sup>(4)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 |
| Clydesdale Acquisition Holdings, Inc., 8.75%, 4/15/30<sup>(4)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 200581 |
| Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 9/30/26 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339 | &nbsp;&nbsp;&nbsp;&nbsp; 337051 |
| Sealed Air Corp., 4.00%, 12/1/27<sup>(4)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298 | &nbsp;&nbsp;&nbsp;&nbsp; 293873 |
| Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo U.S. LLC, 9.50%, 5/15/30<sup>(4)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 234642 |
|  |  |  | &nbsp;&nbsp;**$1833311** |
| Diversified Financial Services — 4.2% | Diversified Financial Services — 4.2% | Diversified Financial Services — 4.2% | Diversified Financial Services — 4.2% |
| Azorra Finance Ltd., 7.25%, 1/15/31<sup>(4)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174 | &nbsp;&nbsp;$182433 |
| Block, Inc., 5.625%, 8/15/30<sup>(4)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 182832 |
| Diebold Nixdorf, Inc., 7.75%, 3/31/30<sup>(4)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 530727 |
| Hightower Holding LLC, 6.75%, 4/15/29<sup>(4)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1033 | &nbsp;&nbsp;&nbsp;&nbsp; 1039770 |
| Icahn Enterprises LP/Icahn Enterprises Finance Corp., 6.25%, 5/15/26 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133 | &nbsp;&nbsp;&nbsp;&nbsp; 133198 |
| Phoenix Aviation Capital Ltd., 9.25%, 7/15/30<sup>(4)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351 | &nbsp;&nbsp;&nbsp;&nbsp; 370072 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Diversified Financial Services (continued) | Diversified Financial Services (continued) | Diversified Financial Services (continued) |
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 2.875%, 10/15/26<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542 | &nbsp;&nbsp;$532402 |
| Terraform Global Operating LP, 6.125%, 3/1/26<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp; 278403 |
| UWM Holdings LLC, 6.25%, 3/15/31<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206 | &nbsp;&nbsp;&nbsp;&nbsp; 205758 |
|  |  | &nbsp;&nbsp;**$3455595** |
| Diversified Media — 1.8% | Diversified Media — 1.8% | Diversified Media — 1.8% |
| Arches Buyer, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, 6/1/28<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;$195580 |
| &nbsp;&nbsp;&nbsp;6.125%, 12/1/28<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 195241 |
| Cars.com, Inc., 6.375%, 11/1/28<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390 | &nbsp;&nbsp;&nbsp;&nbsp; 388751 |
| Clear Channel Outdoor Holdings, Inc., 7.875%, 4/1/30<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp; 472159 |
| Stagwell Global LLC, 5.625%, 8/15/29<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211 | &nbsp;&nbsp;&nbsp;&nbsp; 201244 |
|  |  | &nbsp;&nbsp;**$1452975** |
| Energy — 5.6% | Energy — 5.6% | Energy — 5.6% |
| Aethon United BR LP/Aethon United Finance Corp., 7.50%, 10/1/29<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425 | &nbsp;&nbsp;$441290 |
| EQT Corp., 7.50%, 6/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 508592 |
| Genesis Energy LP/Genesis Energy Finance Corp., 7.75%, 2/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 503439 |
| Global Partners LP/GLP Finance Corp., 6.875%, 1/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 405156 |
| Hess Midstream Operations LP, 5.875%, 3/1/28<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;781 | &nbsp;&nbsp;&nbsp;&nbsp; 797584 |
| NGL Energy Operating LLC/NGL Energy Finance Corp., 8.125%, 2/15/29<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237 | &nbsp;&nbsp;&nbsp;&nbsp; 242772 |
| Sunoco LP, 7.00%, 5/1/29<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 521593 |
| Venture Global LNG, Inc., 8.125%, 6/1/28<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp; 824600 |
| VoltaGrid LLC, 7.375%, 11/1/30<sup>(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp; 259508 |
| WBI Operating LLC, 6.25%, 10/15/30<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 144963 |
|  |  | &nbsp;&nbsp;**$4649497** |
| Entertainment & Film — 1.0% | Entertainment & Film — 1.0% | Entertainment & Film — 1.0% |
| Cinemark USA, Inc., 5.25%, 7/15/28<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444 | &nbsp;&nbsp;$442256 |
| Live Nation Entertainment, Inc., 3.75%, 1/15/28<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 391297 |
|  |  | &nbsp;&nbsp;**$833553** |
| Environmental — 0.9% | Environmental — 0.9% | Environmental — 0.9% |
| GFL Environmental, Inc., 4.00%, 8/1/28<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;761 | &nbsp;&nbsp;$745002 |
|  |  | &nbsp;&nbsp;**$745002** |
| Food & Drug Retail — 2.2% | Food & Drug Retail — 2.2% | Food & Drug Retail — 2.2% |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC: |  |  |
| &nbsp;&nbsp;&nbsp;3.25%, 3/15/26<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;$499616 |
| &nbsp;&nbsp;&nbsp;4.625%, 1/15/27<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 499484 |

---

*2*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_876fa6cc-f8ed-4988-b27f-881a473a8da9_TOC)

Eaton Vance

Short Duration High Income Fund

October 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Food & Drug Retail (continued) | Food & Drug Retail (continued) | Food & Drug Retail (continued) |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, 2/15/28<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;$400924 |
| Murphy Oil USA, Inc., 5.625%, 5/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 400381 |
|  |  | &nbsp;&nbsp;**$1800405** |
| Food, Beverage & Tobacco — 2.7% | Food, Beverage & Tobacco — 2.7% | Food, Beverage & Tobacco — 2.7% |
| Chobani Holdco II LLC, 9.50% PIK to 4/1/26, 10/1/29<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;699 | &nbsp;&nbsp;$741701 |
| Darling Ingredients, Inc., 5.25%, 4/15/27<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 599722 |
| Performance Food Group, Inc., 5.50%, 10/15/27<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 400466 |
| Primo Water Holdings, Inc./Triton Water Holdings, Inc., 6.25%, 4/1/29<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224 | &nbsp;&nbsp;&nbsp;&nbsp; 224586 |
| U.S. Foods, Inc., 6.875%, 9/15/28<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 237493 |
|  |  | &nbsp;&nbsp;**$2203968** |
| Gaming — 4.0% | Gaming — 4.0% | Gaming — 4.0% |
| Allwyn Entertainment Financing U.K. PLC, 7.875%, 4/30/29<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;$207605 |
| Brightstar Lottery PLC: |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 1/15/29<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 199624 |
| &nbsp;&nbsp;&nbsp;6.25%, 1/15/27<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 227369 |
| Caesars Entertainment, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, 10/15/29<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 164755 |
| &nbsp;&nbsp;&nbsp;7.00%, 2/15/30<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 247090 |
| Churchill Downs, Inc., 5.50%, 4/1/27<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp; 700186 |
| Great Canadian Gaming Corp./Raptor LLC, 8.75%, 11/15/29<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp; 318047 |
| MGM Resorts International, 4.625%, 9/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352 | &nbsp;&nbsp;&nbsp;&nbsp; 351707 |
| Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings LLC, 8.25%, 4/15/30<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 207752 |
| Rivers Enterprise Lender LLC/Rivers Enterprise Lender Corp., 6.25%, 10/15/30<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 171492 |
| Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25%, 5/15/27<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 501239 |
|  |  | &nbsp;&nbsp;**$3296866** |
| Healthcare — 4.2% | Healthcare — 4.2% | Healthcare — 4.2% |
| Heartland Dental LLC/Heartland Dental Finance Corp., 10.50%, 4/30/28<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357 | &nbsp;&nbsp;$376994 |
| IQVIA, Inc., 5.00%, 10/15/26<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 499584 |
| Medline Borrower LP, 5.25%, 10/1/29<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419 | &nbsp;&nbsp;&nbsp;&nbsp; 417680 |
| Team Health Holdings, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;8.375%, 6/30/28<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 141595 |
| &nbsp;&nbsp;&nbsp;13.50%, (9.00% cash and 4.50% PIK), 6/30/28<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp; 286053 |
| Tenet Healthcare Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, 6/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345 | &nbsp;&nbsp;&nbsp;&nbsp; 343842 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Healthcare (continued) | Healthcare (continued) | Healthcare (continued) |
| Tenet Healthcare Corp.: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;6.25%, 2/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630 | &nbsp;&nbsp;$631467 |
| Teva Pharmaceutical Finance Netherlands III BV, 3.15%, 10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393 | &nbsp;&nbsp;&nbsp;&nbsp; 387203 |
| U.S. Acute Care Solutions LLC, 9.75%, 5/15/29<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354 | &nbsp;&nbsp;&nbsp;&nbsp; 360924 |
|  |  | &nbsp;&nbsp;**$3445342** |
| Homebuilders & Real Estate — 7.6% | Homebuilders & Real Estate — 7.6% | Homebuilders & Real Estate — 7.6% |
| Ashton Woods USA LLC/Ashton Woods Finance Co., 4.625%, 4/1/30<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;$377594 |
| Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC, 5.00%, 6/15/29<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 337136 |
| Cushman & Wakefield U.S. Borrower LLC, 6.75%, 5/15/28<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454 | &nbsp;&nbsp;&nbsp;&nbsp; 457933 |
| Global Net Lease, Inc./Global Net Lease Operating Partnership LP, 3.75%, 12/15/27<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 485117 |
| Great Lakes Dredge & Dock Corp., 5.25%, 6/1/29<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430 | &nbsp;&nbsp;&nbsp;&nbsp; 416598 |
| HAT Holdings I LLC/HAT Holdings II LLC, 3.375%, 6/15/26<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74 | &nbsp;&nbsp;&nbsp;&nbsp; 73290 |
| Iron Mountain, Inc., 5.25%, 3/15/28<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329 | &nbsp;&nbsp;&nbsp;&nbsp; 329057 |
| K Hovnanian Enterprises, Inc., 8.00%, 4/1/31<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 408971 |
| LGI Homes, Inc., 4.00%, 7/15/29<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 449486 |
| Mattamy Group Corp., 5.25%, 12/15/27<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 598097 |
| New Home Co., Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;8.50%, 11/1/30<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161 | &nbsp;&nbsp;&nbsp;&nbsp; 166807 |
| &nbsp;&nbsp;&nbsp;9.25%, 10/1/29<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283 | &nbsp;&nbsp;&nbsp;&nbsp; 297155 |
| Outfront Media Capital LLC/Outfront Media Capital Corp., 5.00%, 8/15/27<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 747518 |
| RLJ Lodging Trust LP, 3.75%, 7/1/26<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675 | &nbsp;&nbsp;&nbsp;&nbsp; 670274 |
| Taylor Morrison Communities, Inc., 5.75%, 1/15/28<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 507660 |
|  |  | &nbsp;&nbsp;**$6322693** |
| Insurance — 1.7% | Insurance — 1.7% | Insurance — 1.7% |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 6.75%, 10/15/27<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1019 | &nbsp;&nbsp;$1023563 |
| AmWINS Group, Inc., 4.875%, 6/30/29<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 386675 |
|  |  | &nbsp;&nbsp;**$1410238** |
| Leisure — 2.5% | Leisure — 2.5% | Leisure — 2.5% |
| Motion Bondco DAC, 6.625%, 11/15/27<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;$387409 |
| Royal Caribbean Cruises Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, 7/15/27<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601 | &nbsp;&nbsp;&nbsp;&nbsp; 605957 |
| &nbsp;&nbsp;&nbsp;5.50%, 8/31/26<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466 | &nbsp;&nbsp;&nbsp;&nbsp; 467403 |
| Speedway Motorsports LLC/Speedway Funding II, Inc., 4.875%, 11/1/27<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;&nbsp; 645043 |
|  |  | &nbsp;&nbsp;**$2105812** |

---

*3*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_876fa6cc-f8ed-4988-b27f-881a473a8da9_TOC)

Eaton Vance

Short Duration High Income Fund

October 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Metals & Mining — 1.3% | Metals & Mining — 1.3% | Metals & Mining — 1.3% |
| Arsenal AIC Parent LLC, 11.50%, 10/1/31<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357 | &nbsp;&nbsp;$397222 |
| Constellium SE, 3.75%, 4/15/29<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp; 257992 |
| Hudbay Minerals, Inc., 4.50%, 4/1/26<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 399244 |
|  |  | &nbsp;&nbsp;**$1054458** |
| Publishing & Printing — 0.6% | Publishing & Printing — 0.6% | Publishing & Printing — 0.6% |
| McGraw-Hill Education, Inc., 5.75%, 8/1/28<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504 | &nbsp;&nbsp;$503351 |
|  |  | &nbsp;&nbsp;**$503351** |
| Restaurant — 0.8% | Restaurant — 0.8% | Restaurant — 0.8% |
| 1011778 BC ULC/New Red Finance, Inc., 3.875%, 1/15/28<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654 | &nbsp;&nbsp;$642881 |
|  |  | &nbsp;&nbsp;**$642881** |
| Services — 3.7% | Services — 3.7% | Services — 3.7% |
| Adtalem Global Education, Inc., 5.50%, 3/1/28<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550 | &nbsp;&nbsp;$551012 |
| Allied Universal Holdco LLC/Allied Universal Finance Corp., 6.00%, 6/1/29<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315 | &nbsp;&nbsp;&nbsp;&nbsp; 308220 |
| Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL: |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, 6/1/28<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 196025 |
| &nbsp;&nbsp;&nbsp;4.625%, 6/1/28<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 489714 |
| Korn Ferry, 4.625%, 12/15/27<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664 | &nbsp;&nbsp;&nbsp;&nbsp; 659233 |
| RB Global Holdings, Inc., 6.75%, 3/15/28<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 255576 |
| Specialty Building Products Holdings LLC/SBP Finance Corp., 7.75%, 10/15/29<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502 | &nbsp;&nbsp;&nbsp;&nbsp; 505597 |
| WESCO Distribution, Inc., 6.375%, 3/15/29<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131 | &nbsp;&nbsp;&nbsp;&nbsp; 135509 |
|  |  | &nbsp;&nbsp;**$3100886** |
| Steel — 1.4% | Steel — 1.4% | Steel — 1.4% |
| Allegheny Ludlum LLC, 6.95%, 12/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515 | &nbsp;&nbsp;$518679 |
| Big River Steel LLC/BRS Finance Corp., 6.625%, 1/31/29<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 350837 |
| TMS International Corp., 6.25%, 4/15/29<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258 | &nbsp;&nbsp;&nbsp;&nbsp; 253542 |
|  |  | &nbsp;&nbsp;**$1123058** |
| Super Retail — 3.3% | Super Retail — 3.3% | Super Retail — 3.3% |
| Asbury Automotive Group, Inc., 4.50%, 3/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;$357308 |
| Bath & Body Works, Inc., 5.25%, 2/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 201523 |
| Cougar JV Subsidiary LLC, 8.00%, 5/15/32<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 533547 |
| Global Auto Holdings Ltd./AAG FH U.K. Ltd., 8.375%, 1/15/29<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 192701 |
| Group 1 Automotive, Inc., 4.00%, 8/15/28<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 388365 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Super Retail (continued) | Super Retail (continued) | Super Retail (continued) |
| Ken Garff Automotive LLC, 4.875%, 9/15/28<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;$442925 |
| Lithia Motors, Inc., 3.875%, 6/1/29<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 573478 |
|  |  | &nbsp;&nbsp;**$2689847** |
| Technology — 3.3% | Technology — 3.3% | Technology — 3.3% |
| Cloud Software Group, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;6.50%, 3/31/29<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;$504087 |
| &nbsp;&nbsp;&nbsp;9.00%, 9/30/29<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 258799 |
| Dye & Durham Ltd., 8.625%, 4/15/29<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 331765 |
| Entegris, Inc., 4.375%, 4/15/28<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 345537 |
| Fair Isaac Corp., 5.25%, 5/15/26<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp; 330733 |
| Gen Digital, Inc., 6.75%, 9/30/27<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 508164 |
| Open Text Corp., 3.875%, 2/15/28<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298 | &nbsp;&nbsp;&nbsp;&nbsp; 290597 |
| WULF Compute LLC, 7.75%, 10/15/30<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148 | &nbsp;&nbsp;&nbsp;&nbsp; 153854 |
|  |  | &nbsp;&nbsp;**$2723536** |
| Telecommunications — 1.5% | Telecommunications — 1.5% | Telecommunications — 1.5% |
| EchoStar Corp., 10.75%, 11/30/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461 | &nbsp;&nbsp;$507596 |
| Virgin Media Secured Finance PLC, 4.50%, 8/15/30<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460 | &nbsp;&nbsp;&nbsp;&nbsp; 427902 |
| Zegona Finance PLC, 8.625%, 7/15/29<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319 | &nbsp;&nbsp;&nbsp;&nbsp; 339888 |
|  |  | &nbsp;&nbsp;**$1275386** |
| Transport Excluding Air & Rail — 0.3% | Transport Excluding Air & Rail — 0.3% | Transport Excluding Air & Rail — 0.3% |
| Seaspan Corp., 5.50%, 8/1/29<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;$289173 |
|  |  | &nbsp;&nbsp;**$289173** |
| Utility — 5.9% | Utility — 5.9% | Utility — 5.9% |
| Atlantica Sustainable Infrastructure Ltd., 4.125%, 6/15/28<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;$387561 |
| Calpine Corp., 5.125%, 3/15/28<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 250129 |
| Clearway Energy Operating LLC, 4.75%, 3/15/28<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 497513 |
| Leeward Renewable Energy Operations LLC, 4.25%, 7/1/29<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217 | &nbsp;&nbsp;&nbsp;&nbsp; 207556 |
| NRG Energy, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, 1/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp; 803339 |
| &nbsp;&nbsp;&nbsp;10.25% to 3/15/28<sup>(4)(7)(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437 | &nbsp;&nbsp;&nbsp;&nbsp; 480878 |
| Pattern Energy Operations LP/Pattern Energy Operations, Inc., 4.50%, 8/15/28<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 341477 |
| Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.875%, 3/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 400142 |
| TerraForm Power Operating LLC, 5.00%, 1/31/28<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 498466 |
| Vistra Operations Co. LLC: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/31/27<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257 | &nbsp;&nbsp;&nbsp;&nbsp; 257300 |
| &nbsp;&nbsp;&nbsp;5.625%, 2/15/27<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346 | &nbsp;&nbsp;&nbsp;&nbsp; 346329 |

---

*4*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_876fa6cc-f8ed-4988-b27f-881a473a8da9_TOC)

Eaton Vance

Short Duration High Income Fund

October 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount\* (000's omitted)** | &nbsp;&nbsp;**Value** |
| Utility (continued) | Utility (continued) | Utility (continued) |
| XPLR Infrastructure Operating Partners LP: |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, 9/15/27<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;$245051 |
| &nbsp;&nbsp;&nbsp;8.375%, 1/15/31<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 125634 |
|  |  | &nbsp;&nbsp;**$4841375** |
| Total Corporate Bonds<br> (identified cost $68,267,522) |  | &nbsp;&nbsp;**$69038714** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Senior Floating-Rate Loans — 10.4%<sup>(9)</sup>

---

| | | |
|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Automotive & Auto Parts — 0.3% | Automotive & Auto Parts — 0.3% | Automotive & Auto Parts — 0.3% |
| Clarios Global LP, Term Loan, 6.465%, (1 mo. USD Term SOFR + 2.50%), 5/6/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199 | &nbsp;&nbsp;$198811 |
| Crash Champions LLC, Term Loan, 2/23/29<sup>(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 | &nbsp;&nbsp;&nbsp;&nbsp; 82563 |
|  |  | &nbsp;&nbsp;**$281374** |
| Building Materials — 0.4% | Building Materials — 0.4% | Building Materials — 0.4% |
| Park River Holdings, Inc., Term Loan, 3/15/31<sup>(10)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;$351750 |
|  |  | &nbsp;&nbsp;**$351750** |
| Cable & Satellite TV — 0.2% | Cable & Satellite TV — 0.2% | Cable & Satellite TV — 0.2% |
| E.W. Scripps Co.: |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.497%, (1 mo. USD Term SOFR + 3.35%), 11/30/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98 | &nbsp;&nbsp;$95638 |
| &nbsp;&nbsp;&nbsp;Term Loan, 9.897%, (1 mo. USD Term SOFR + 5.75%), 6/30/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74 | &nbsp;&nbsp;&nbsp;&nbsp; 74991 |
|  |  | &nbsp;&nbsp;**$170629** |
| Capital Goods — 0.9% | Capital Goods — 0.9% | Capital Goods — 0.9% |
| EMRLD Borrower LP, Term Loan, 6.449%, (3 mo. USD Term SOFR + 2.25%), 5/31/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715 | &nbsp;&nbsp;$714366 |
|  |  | &nbsp;&nbsp;**$714366** |
| Food, Beverage & Tobacco — 0.4% | Food, Beverage & Tobacco — 0.4% | Food, Beverage & Tobacco — 0.4% |
| Primo Brands Corp., Term Loan, 6.252%, (3 mo. USD Term SOFR + 2.25%), 3/31/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347 | &nbsp;&nbsp;$348671 |
|  |  | &nbsp;&nbsp;**$348671** |
| Gaming — 0.5% | Gaming — 0.5% | Gaming — 0.5% |
| Peninsula Pacific Entertainment LLC: |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 8.735%, (3 mo. USD Term SOFR + 4.75%), 10/1/32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166 | &nbsp;&nbsp;$166283 |

---

---

| | | |
|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Gaming (continued) | Gaming (continued) | Gaming (continued) |
| Peninsula Pacific Entertainment LLC: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 10/1/32<sup>(11)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 | &nbsp;&nbsp;$38973 |
| Spectacle Gary Holdings LLC, Term Loan, 8.402%, (3 mo. USD Term SOFR + 4.25%), 12/11/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237 | &nbsp;&nbsp;&nbsp;&nbsp; 231505 |
|  |  | &nbsp;&nbsp;**$436761** |
| Healthcare — 2.6% | Healthcare — 2.6% | Healthcare — 2.6% |
| athenahealth Group, Inc., Term Loan, 6.715%, (1 mo. USD Term SOFR + 2.75%), 2/15/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;892 | &nbsp;&nbsp;$889061 |
| Bausch & Lomb Corp., Term Loan, 8.215%, (1 mo. USD Term SOFR + 4.25%), 1/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334 | &nbsp;&nbsp;&nbsp;&nbsp; 336669 |
| Bausch Health Cos., Inc., Term Loan, 10.215%, (1 mo. USD Term SOFR + 6.25%), 10/8/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469 | &nbsp;&nbsp;&nbsp;&nbsp; 466776 |
| Endo Luxembourg Finance Co. I SARL, Term Loan, 7.965%, (1 mo. USD Term SOFR + 4.00%), 4/23/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197 | &nbsp;&nbsp;&nbsp;&nbsp; 196269 |
| LifePoint Health, Inc., Term Loan, 7.655% - 7.782%, (1 mo. USD Term SOFR + 3.75, 3 mo. USD Term SOFR + 3.75%), 5/19/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123 | &nbsp;&nbsp;&nbsp;&nbsp; 122927 |
| Team Health Holdings, Inc., Term Loan, 8.34%, (3 mo. USD Term SOFR + 4.50%), 6/30/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 125068 |
|  |  | &nbsp;&nbsp;**$2136770** |
| Insurance — 0.6% | Insurance — 0.6% | Insurance — 0.6% |
| Truist Insurance Holdings LLC, Term Loan - Second Lien, 8.752%, (3 mo. USD Term SOFR + 4.75%), 5/6/32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463 | &nbsp;&nbsp;$470974 |
|  |  | &nbsp;&nbsp;**$470974** |
| Leisure — 0.4% | Leisure — 0.4% | Leisure — 0.4% |
| Peloton Interactive, Inc., Term Loan, 9.465%, (1 mo. USD Term SOFR + 5.50%), 5/30/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348 | &nbsp;&nbsp;$352524 |
|  |  | &nbsp;&nbsp;**$352524** |
| Restaurant — 0.5% | Restaurant — 0.5% | Restaurant — 0.5% |
| IRB Holding Corp., Term Loan, 6.465%, (1 mo. USD Term SOFR + 2.50%), 12/15/27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397 | &nbsp;&nbsp;$398000 |
|  |  | &nbsp;&nbsp;**$398000** |
| Services — 1.0% | Services — 1.0% | Services — 1.0% |
| LBM Acquisition LLC, Term Loan, 6/6/31<sup>(10)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621 | &nbsp;&nbsp;$601749 |
| Specialty Building Products Holdings LLC, Term Loan, 10/15/28<sup>(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 182702 |
|  |  | &nbsp;&nbsp;**$784451** |
| Super Retail — 2.6% | Super Retail — 2.6% | Super Retail — 2.6% |
| Evergreen Acqco 1 LP, Term Loan, 7.026%, (3 mo. USD Term SOFR + 3.00%), 9/17/32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306 | &nbsp;&nbsp;$306650 |

---

*5*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_876fa6cc-f8ed-4988-b27f-881a473a8da9_TOC)

Eaton Vance

Short Duration High Income Fund

October 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Super Retail (continued) | Super Retail (continued) | Super Retail (continued) |
| Hanesbrands, Inc., Term Loan, 6.715%, (1 mo. USD Term SOFR + 2.75%), 3/7/32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218 | &nbsp;&nbsp;$219068 |
| Mavis Tire Express Services Corp., Term Loan, 7.199%, (3 mo. USD Term SOFR + 3.00%), 5/4/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;852 | &nbsp;&nbsp;&nbsp;&nbsp; 855161 |
| Petco Health & Wellness Co., Inc., Term Loan, 7.513%, (3 mo. USD Term SOFR + 3.25%), 3/3/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251 | &nbsp;&nbsp;&nbsp;&nbsp; 248095 |
| PetSmart, Inc., Term Loan, 8.031%, (1 mo. USD Term SOFR + 4.00%), 8/18/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549 | &nbsp;&nbsp;&nbsp;&nbsp; 541854 |
|  |  | &nbsp;&nbsp;**$2170828** |
| Total Senior Floating-Rate Loans<br> (identified cost $8,572,121) |  | &nbsp;&nbsp;**$8617098** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Miscellaneous — 0.0%

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Healthcare — 0.0% | Healthcare — 0.0% | Healthcare — 0.0% |
| Endo Design LLC, Escrow Certificates<sup>(1)(12)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;$0 |
|  |  | &nbsp;&nbsp;**$0** |
| Paper — 0.0% | Paper — 0.0% | Paper — 0.0% |
| Enviva LLC, Escrow Certificates<sup>(1)(12)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;273000 | &nbsp;&nbsp;$0 |
|  |  | &nbsp;&nbsp;**$0** |
| Total Miscellaneous<br> (identified cost $0) |  | &nbsp;&nbsp;**$0** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Short-Term Investments — 4.7%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 4.00%<sup>(13)</sup> | 3890537 | &nbsp;&nbsp;$3890537 |
| Total Short-Term Investments<br> (identified cost $3,890,537) |  | &nbsp;&nbsp;**$3890537** |
| Total Investments — 99.9%<br> (identified cost $81,582,130) |  | &nbsp;&nbsp;**$82535209** |
| Less Unfunded Loan Commitments — (0.0)%<sup>†</sup> |  | &nbsp;&nbsp;**$(38924)** |
| Net Investments — 99.9%<br> (identified cost $81,543,206) |  | &nbsp;&nbsp;**$82496285** |
| Other Assets, Less Liabilities — 0.1% |  | &nbsp;&nbsp;**$90585** |
| Net Assets — 100.0% |  | &nbsp;&nbsp;**$82586870** |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | The percentage shown for each investment category in the Portfolio of Investments is based on net assets. |
| <sup>†</sup> | Amount is less than 0.05% or (0.05)%, as applicable. |
| \* | In U.S. dollars unless otherwise indicated. |
| <sup>(1)</sup> | Non-income producing security. |
| <sup>(2)</sup> | Restricted security (see Note 7). |
| <sup>(3)</sup> | Security exempt from registration under Regulation S of the Securities Act of 1933, as amended, 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, as amended. At October 31, 2025, the aggregate value of these securities is $541,155 or 0.7% of the Fund's net assets. |
| <sup>(4)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At October 31, 2025, the aggregate value of these securities is $60,290,372 or 73.0% of the Fund's net assets. |
| <sup>(5)</sup> | When-issued security. |
| <sup>(6)</sup> | Represents a payment-in-kind security which may pay interest in additional principal at the issuer's discretion. |
| <sup>(7)</sup> | Perpetual security with no stated maturity date but may be subject to calls by the issuer. |
| <sup>(8)</sup> | Security converts to variable rate after the indicated fixed-rate coupon period. |

---

*6*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_876fa6cc-f8ed-4988-b27f-881a473a8da9_TOC)

Eaton Vance

Short Duration High Income Fund

October 31, 2025

Portfolio of Investments — continued

------

<sup>(9)</sup> Senior floating-rate loans (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 typically have an expected average life of approximately two to four years. Senior Loans typically have rates of interest which are redetermined periodically by reference to a base lending rate, plus a spread. These base lending rates are primarily the Secured Overnight Financing Rate ("SOFR") and secondarily, the prime rate offered by one or more major United States banks (the "Prime Rate"). Base lending rates may be subject to a floor, or minimum rate. Rates for SOFR are generally 1 or 3-month tenors and may also be subject to a credit spread adjustment. Senior Loans are generally subject to contractual restrictions that must be satisfied before they can be bought or sold.

<sup>(10)</sup> This Senior Loan will settle after October 31, 2025, at which time the interest rate will be determined.

<sup>(11)</sup> Unfunded or partially unfunded loan commitments. The stated interest rate reflects the reference rate and spread for the funded portion, if any. At October 31, 2025, the total value of unfunded loan commitments is $38,973. See Note 1G for description.

<sup>(12)</sup> Security is valued using significant unobservable inputs and is categorized as Level 3 in the fair value hierarchy.

<sup>(13)</sup> May be deemed to be an affiliated investment company (see Note 10). The rate shown is the annualized seven-day yield as of October 31, 2025.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts (OTC)** | **Forward Foreign Currency Exchange Contracts (OTC)** | **Forward Foreign Currency Exchange Contracts (OTC)** | **Forward Foreign Currency Exchange Contracts (OTC)** | **Forward Foreign Currency Exchange Contracts (OTC)** | **Forward Foreign Currency Exchange Contracts (OTC)** | **Forward Foreign Currency Exchange Contracts (OTC)** | **Forward Foreign Currency Exchange Contracts (OTC)** |
| **Currency Purchased** | **Currency Purchased** | &nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Settlement<br> Date** | &nbsp;&nbsp;**Unrealized<br> Appreciation** | &nbsp;&nbsp;**Unrealized<br> (Depreciation)** |
| USD | &nbsp;&nbsp;544559 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;467405 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;1/30/26 | &nbsp;&nbsp;$3213 | &nbsp;&nbsp;$— |
|  |  |  |  |  |  | &nbsp;&nbsp;**$3213** | &nbsp;&nbsp;**$—** |

---

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| OTC | – Over-the-counter |
| PIK | – Payment In Kind |
| SOFR | – Secured Overnight Financing Rate |

---

---

| | |
|:---|:---|
| **Currency Abbreviations:** | **Currency Abbreviations:** |
| EUR | – Euro |
| USD | – United States Dollar |

---

*7*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_876fa6cc-f8ed-4988-b27f-881a473a8da9_TOC)

Eaton Vance

Short Duration High Income Fund

October 31, 2025

Statement of Assets and Liabilities

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**October 31, 2025** |
| Assets |  |
| Unaffiliated investments, at value (identified cost $77,652,669) | &nbsp;&nbsp;$78605748 |
| Affiliated investments, at value (identified cost $3,890,537) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3890537 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5314 |
| Foreign currency, at value (identified cost $818) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817 |
| Interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1123927 |
| Dividends receivable from affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12007 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649139 |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318368 |
| Receivable for open forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3213 |
| Tax reclaims receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1452 |
| Receivable from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34242 |
| Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21774 |
| **Total assets** | &nbsp;&nbsp;**$84666538** |
| Liabilities |  |
| Payable for investments purchased | &nbsp;&nbsp;$1227143 |
| Payable for when-issued securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469120 |
| Payable for Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187599 |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3859 |
| Payable to affiliates: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment adviser and administration fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37808 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1787 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agency fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506 |
| &nbsp;&nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21774 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129434 |
| **Total liabilities** | &nbsp;&nbsp;**$2079668** |
| **Net Assets** | &nbsp;&nbsp;**$82586870** |
| Sources of Net Assets |  |
| Paid-in capital | &nbsp;&nbsp;$86512007 |
| Accumulated loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3925137) |
| **Net Assets** | &nbsp;&nbsp;**$82586870** |
| Class A Shares |  |
| **Net Assets** | &nbsp;&nbsp;$8401526 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935856 |
| **Net Asset Value and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$8.98 |
| **Maximum Offering Price Per Share<br> (100 ÷ 96.75 of net asset value per share)** | &nbsp;&nbsp;$9.28 |
| Class I Shares |  |
| **Net Assets** | &nbsp;&nbsp;$74185344 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8254760 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$8.99 |

---

On sales of $100,000 or more, the offering price of Class A shares is reduced.

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_876fa6cc-f8ed-4988-b27f-881a473a8da9_TOC)

Eaton Vance

Short Duration High Income Fund

October 31, 2025

Statement of Operations

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended** |
|  | &nbsp;&nbsp;&nbsp;**October 31, 2025** |
| Investment Income |  |
| Dividend income | &nbsp;&nbsp;$114133 |
| Dividend income from affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99284 |
| Interest income | &nbsp;&nbsp;&nbsp;&nbsp;5464677 |
| Other income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16560 |
| **Total investment income** | &nbsp;&nbsp;**$5694654** |
| Expenses |  |
| Investment adviser and administration fee | &nbsp;&nbsp;$459229 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20882 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5907 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44863 |
| Transfer and dividend disbursing agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50769 |
| Legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75844 |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7309 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40667 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36986 |
| **Total expenses** | &nbsp;&nbsp;**$742456** |
| Deduct: |  |
| &nbsp;&nbsp;&nbsp;Waiver and/or reimbursement of expenses by affiliates | &nbsp;&nbsp;$180992 |
| **Total expense reductions** | &nbsp;&nbsp;**$180992** |
| **Net expenses** | &nbsp;&nbsp;**$561464** |
| **Net investment income** | &nbsp;&nbsp;**$5133190** |
| Realized and Unrealized Gain (Loss) |  |
| Net realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;Investment transactions | &nbsp;&nbsp;$(3075) |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1619) |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36003) |
| **Net realized loss** | &nbsp;&nbsp;**$(40697)** |
| Change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;$199020 |
| &nbsp;&nbsp;&nbsp;Foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6104 |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$205123** |
| **Net realized and unrealized gain** | &nbsp;&nbsp;**$164426** |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$5297616** |

---

*9*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_876fa6cc-f8ed-4988-b27f-881a473a8da9_TOC)

Eaton Vance

Short Duration High Income Fund

October 31, 2025

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
|  | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$5133190 | &nbsp;&nbsp;$5529517 |
| &nbsp;&nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40697) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(200667) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2496096 |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$5297616** | &nbsp;&nbsp;**$7824946** |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(501603) | &nbsp;&nbsp;$(613378) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4705207) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4986875) |
| **Total distributions to shareholders** | &nbsp;&nbsp;**$(5206810)** | &nbsp;&nbsp;**$(5600253)** |
| Transactions in shares of beneficial interest: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$474531 | &nbsp;&nbsp;$(4028809) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3629010) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9854347 |
| **Net increase (decrease) in net assets from Fund share transactions** | &nbsp;&nbsp;**$(3154479)** | &nbsp;&nbsp;**$5825538** |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;**$(3063673)** | &nbsp;&nbsp;**$8050231** |
| Net Assets |  |  |
| At beginning of year | &nbsp;&nbsp;$85650543 | &nbsp;&nbsp;$77600312 |
| **At end of year** | &nbsp;&nbsp;**$82586870** | &nbsp;&nbsp;**$85650543** |

---

*10*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_876fa6cc-f8ed-4988-b27f-881a473a8da9_TOC)

Eaton Vance

Short Duration High Income Fund

October 31, 2025

Financial Highlights

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$8.96 | &nbsp;&nbsp;$8.72 | &nbsp;&nbsp;$8.75 | &nbsp;&nbsp;$9.50 | &nbsp;&nbsp;$9.12 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.53 | &nbsp;&nbsp;$0.56 | &nbsp;&nbsp;$0.51 | &nbsp;&nbsp;$0.35 | &nbsp;&nbsp;$0.36 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(0.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.56** | &nbsp;&nbsp;**$0.81** | &nbsp;&nbsp;**$0.51** | &nbsp;&nbsp;**$(0.38)** | &nbsp;&nbsp;**$0.76** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.54) | &nbsp;&nbsp;$(0.57) | &nbsp;&nbsp;$(0.54) | &nbsp;&nbsp;$(0.37) | &nbsp;&nbsp;$(0.38) |
| **Total distributions** | &nbsp;&nbsp;**$(0.54)** | &nbsp;&nbsp;**$(0.57)** | &nbsp;&nbsp;**$(0.54)** | &nbsp;&nbsp;**$(0.37)** | &nbsp;&nbsp;**$(0.38)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$8.98** | &nbsp;&nbsp;**$8.96** | &nbsp;&nbsp;**$8.72** | &nbsp;&nbsp;**$8.75** | &nbsp;&nbsp;**$9.50** |
| **Total Return<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.41%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.53%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.96%** | &nbsp;&nbsp;&nbsp;&nbsp;**(4.00)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.39%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$8402 | &nbsp;&nbsp;$7913 | &nbsp;&nbsp;$11664 | &nbsp;&nbsp;$6683 | &nbsp;&nbsp;$7059 |
| Ratios (as a percentage of average daily net assets):<sup>(4)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.76% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> Amount is less than $(0.005).

<sup>(3)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

<sup>(4)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(5)</sup> Includes a reduction by the investment adviser and administrator of a portion of its investment adviser and administration fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.005%, less than 0.01%, less than 0.01% and less than 0.005% of average daily net assets for the years ended October 31, 2025, 2024, 2023 and 2022, respectively).

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_876fa6cc-f8ed-4988-b27f-881a473a8da9_TOC)

Eaton Vance

Short Duration High Income Fund

October 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$8.97 | &nbsp;&nbsp;$8.73 | &nbsp;&nbsp;$8.76 | &nbsp;&nbsp;$9.51 | &nbsp;&nbsp;$9.13 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.55 | &nbsp;&nbsp;$0.59 | &nbsp;&nbsp;$0.53 | &nbsp;&nbsp;$0.38 | &nbsp;&nbsp;$0.38 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.58** | &nbsp;&nbsp;**$0.83** | &nbsp;&nbsp;**$0.53** | &nbsp;&nbsp;**$(0.35)** | &nbsp;&nbsp;**$0.78** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.56) | &nbsp;&nbsp;$(0.59) | &nbsp;&nbsp;$(0.56) | &nbsp;&nbsp;$(0.40) | &nbsp;&nbsp;$(0.40) |
| **Total distributions** | &nbsp;&nbsp;**$(0.56)** | &nbsp;&nbsp;**$(0.59)** | &nbsp;&nbsp;**$(0.56)** | &nbsp;&nbsp;**$(0.40)** | &nbsp;&nbsp;**$(0.40)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$8.99** | &nbsp;&nbsp;**$8.97** | &nbsp;&nbsp;**$8.73** | &nbsp;&nbsp;**$8.76** | &nbsp;&nbsp;**$9.51** |
| **Total Return<sup>(4)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.67%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.80%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.23%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3.75)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.65%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$74185 | &nbsp;&nbsp;$77737 | &nbsp;&nbsp;$65936 | &nbsp;&nbsp;$69325 | &nbsp;&nbsp;$61879 |
| Ratios (as a percentage of average daily net assets):<sup>(5)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> Amount is less than $0.005.

<sup>(3)</sup> The per share amount is not in accord with the net realized and unrealized gain (loss) for the period because of the timing of Fund share transactions and the amount of the per share realized and unrealized gains and losses at such time.

<sup>(4)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

<sup>(5)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(6)</sup> Includes a reduction by the investment adviser and administrator of a portion of its investment adviser and administration fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.005%, less than 0.01%, less than 0.01% and less than 0.005% of average daily net assets for the years ended October 31, 2025, 2024, 2023 and 2022, respectively).

*12*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_876fa6cc-f8ed-4988-b27f-881a473a8da9_TOC)

Eaton Vance

Short Duration High Income Fund

October 31, 2025

Notes to Financial Statements

------

1 Significant Accounting Policies

Eaton Vance Short Duration High Income Fund (the Fund) is a diversified series of Eaton Vance Mutual Funds Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund's investment objective is total return. The Fund offers two classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class A shares may be subject to a 0.75% contingent deferred sales charge (CDSC) if redeemed within 12 months of purchase (depending on the circumstances of purchase). Class I shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Net investment income, other than class-specific expenses, is allocated daily to each class of shares based upon the ratio of the value of each class's paid shares to the total value of all paid shares. Each class of shares differs in its distribution plan and certain other class-specific expenses.

The following is a summary of significant accounting policies of the Fund. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.

A Investment Valuation—The following methodologies are used to determine the market value or fair value of investments.

**Debt Obligations. Debt obligations are generally valued on the basis of valuations provided by third party pricing services, as derived from such services' pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and ask prices, broker/dealer quotations, prices or yields of securities with similar characteristics, interest rates, anticipated prepayments, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Short-term debt obligations purchased with a remaining maturity of sixty days or less for which a valuation from a third party pricing service is not readily available may be valued at amortized cost, which approximates fair value.**

**Senior Floating-Rate Loans. Interests in senior floating-rate loans (Senior Loans) are valued generally at the average mean of bid and ask quotations obtained from a third party pricing service. Senior Loans, for which a valuation is not available or deemed unreliable, are fair valued by the investment adviser utilizing one or more of the valuation techniques described below to assess the likelihood that the borrower will make a full repayment of the loan underlying such Senior Loan. If the investment adviser believes that there is a reasonable likelihood of full repayment, the investment adviser will determine fair value using a matrix pricing approach that considers the yield on the Senior Loan relative to yields on other Senior Loans issued by companies of comparable credit quality. If the investment adviser believes there is not a reasonable likelihood of full repayment, the investment adviser will determine fair value using analyses that include, but are not limited to: (i) a comparison of the value of the borrower's outstanding equity and debt to that of comparable public companies; (ii) a discounted cash flow analysis; or (iii) when the investment adviser believes it is likely that a borrower will be liquidated or sold, an analysis of the terms of such liquidation or sale. In certain cases, the investment adviser will use a combination of analytical methods to determine fair value, such as when only a portion of a borrower's assets are likely to be sold. In conducting its assessment and analyses for purposes of determining fair value of a Senior Loan, the investment adviser will use its discretion and judgment in considering and appraising relevant factors. Junior Loans (i.e., subordinated loans and second lien loans) are valued in the same manner as Senior Loans.**

**Equity Securities. Equity securities listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and ask prices on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ National Market System are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and ask prices or, in the case of preferred equity securities that are not listed or traded in the over-the-counter market, by a third party pricing service that uses various techniques that consider factors including, but not limited to, prices or yields of securities with similar characteristics, benchmark yields, broker/dealer quotes, quotes of underlying common stock, issuer spreads, as well as industry and economic events.**

**Derivatives. Forward foreign currency exchange contracts are generally valued at the mean of the average bid and average ask prices that are reported by currency dealers to a third party pricing service at the valuation time. Such third party pricing service valuations are supplied for specific settlement periods and the Fund's forward foreign currency exchange contracts are valued at an interpolated rate between the closest preceding and subsequent settlement period reported by the third party pricing service.**

**Foreign Securities and Currencies. Foreign securities 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.**

**Other. Investments in management investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value as of the close of each business day.**

**Fair Valuation. In connection with Rule 2a-5 of the 1940 Act, the Trustees have designated the Fund's investment adviser as its valuation designee. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued by the investment adviser, as valuation designee, at fair value using methods that most fairly reflect the security's "fair value", which is the amount that the Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are**

------

[**Table of Contents**](#JOB_EV_AR_876fa6cc-f8ed-4988-b27f-881a473a8da9_TOC)

Eaton Vance

Short Duration High Income Fund

October 31, 2025

Notes to Financial Statements — continued

------

likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security's disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company's or entity's financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

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

C Income—Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount. Fees in connection with investments in senior floating-rate loans may include amendment fees, consent fees and prepayment fees, which are recorded to income as earned and included in Other income on the Statement of Operations. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. Distributions from investment companies are recorded as dividend income, capital gains or return of capital based on the nature of the distribution.

D Federal Taxes—The Fund's policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary.

As of October 31, 2025, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

E Expenses—The majority of expenses of the Trust are directly identifiable to an individual fund. Expenses which are not readily identifiable to a specific fund are allocated taking into consideration, among other things, the nature and type of expense and the relative size of the funds.

F Foreign Currency Translation—Investment valuations, other assets, and liabilities initially expressed in foreign currencies are translated each business day into U.S. dollars based upon current exchange rates. Purchases and sales of foreign investment securities and income and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates in effect on the respective dates of such transactions. Recognized gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.

G Unfunded Loan Commitments—The Fund may enter into certain loan agreements all or a portion of which may be unfunded. The Fund is obligated to fund these commitments at the borrower's discretion. These commitments, if any, are disclosed in the accompanying Portfolio of Investments. At October 31, 2025, the Fund had sufficient cash and/or securities to cover these commitments.

H Use of Estimates—The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

I Indemnifications—Under the Trust's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Trust) could be deemed to have personal liability for the obligations of the Trust. However, the Trust's Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and the By-laws provide that the Trust shall assume, upon request by the shareholder, the defense on behalf of any Fund shareholders. Moreover, the By-laws also provide for indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

J Forward Foreign Currency Exchange Contracts—The Fund may enter into forward foreign currency exchange contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date. The forward foreign currency exchange contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded as unrealized until such time as the contracts have been closed. Risks may arise upon entering these contracts from the potential inability of counterparties to meet the terms of their contracts and from movements in the value of a foreign currency relative to the U.S. dollar.

K When-Issued Securities and Delayed Delivery Transactions—The Fund may purchase securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. At the time the transaction is negotiated, the price of the security that will be delivered is fixed. The Fund maintains cash and/or security positions for these commitments such that sufficient liquid assets will be available to make payments upon settlement. Securities purchased on a delayed delivery or when-issued basis are marked-to-market daily and begin earning interest

------

[**Table of Contents**](#JOB_EV_AR_876fa6cc-f8ed-4988-b27f-881a473a8da9_TOC)

Eaton Vance

Short Duration High Income Fund

October 31, 2025

Notes to Financial Statements — continued

------

on settlement date. Such security purchases are subject to the risk that when delivered they will be worth less than the agreed upon payment price. Losses may also arise if the counterparty does not perform under the contract.

L Segment Reporting—During this reporting period, the Fund adopted FASB Accounting Standards Update No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures* (ASU 2023-07), which requires incremental disclosures related to a public entity's reportable segments. The Fund operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. In connection with the adoption of ASU 2023-07, the Fund's President acts as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's financial statements.

2 Distributions to Shareholders and Income Tax Information

The Fund declares dividends daily to shareholders of record at the time of declaration. Distributions are generally paid monthly. Distributions of realized capital gains are made at least annually. Distributions are declared separately for each class of shares. Shareholders may reinvest income and capital gain distributions in additional shares of the same class of the Fund at the net asset value as of the reinvestment date or, at the election of the shareholder, receive distributions in cash. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

The tax character of distributions declared for the years ended October 31, 2025 and October 31, 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$5206810 | &nbsp;&nbsp;&nbsp;&nbsp;$5600253 |

---

During the year ended October 31, 2025, accumulated loss was decreased by $37,676 and paid-in capital was decreased by $37,676 due to taxable overdistributions. These reclassifications had no effect on the net assets or net asset value per share of the Fund.

As of October 31, 2025, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

---

| | |
|:---|:---|
| Deferred capital losses | &nbsp;&nbsp;&nbsp;&nbsp;$(4783479) |
| Net unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 862201 |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3859) |
| **Accumulated loss** | &nbsp;&nbsp;&nbsp;&nbsp;**$(3925137)** |

---

At October 31, 2025, the Fund, for federal income tax purposes, had deferred capital losses of $4,783,479 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund's next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at October 31, 2025, $2,253,614 are short-term and $2,529,865 are long-term.

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Fund at October 31, 2025, as determined on a federal income tax basis, were as follows:

---

| | |
|:---|:---|
| **Aggregate cost** | &nbsp;&nbsp;**$81634086** |
| Gross unrealized appreciation | &nbsp;&nbsp;$1139039 |
| Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(276840) |
| **Net unrealized appreciation** | &nbsp;&nbsp;**$862199** |

---

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[**Table of Contents**](#JOB_EV_AR_876fa6cc-f8ed-4988-b27f-881a473a8da9_TOC)

Eaton Vance

Short Duration High Income Fund

October 31, 2025

Notes to Financial Statements — continued

------

3 Investment Adviser and Administration Fee and Other Transactions with Affiliates

The investment adviser and administration fee is earned by Eaton Vance Management (EVM), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory and administrative services rendered to the Fund. The investment adviser and administration fee is computed at an annual rate as a percentage of the Fund's average daily net assets as follows and is payable monthly:

---

| | |
|:---|:---|
| **Average Daily Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Annual Fee Rate** |
| Up to $1 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.550% |
| $1 billion but less than $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.525% |
| $2.5 billion but less than $5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.505% |
| $5 billion and over | &nbsp;&nbsp;&nbsp;&nbsp;0.490% |

---

For the year ended October 31, 2025, the Fund's investment adviser and administration fee amounted to $459,229 or 0.55% of the Fund's average daily net assets. The Fund may invest in a money market fund, the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio (the "Liquidity Fund"), an open-end management investment company managed by Morgan Stanley Investment Management Inc., a wholly-owned subsidiary of Morgan Stanley. The investment adviser and administration fee paid by the Fund is reduced by an amount equal to its pro rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the year ended October 31, 2025, the investment adviser and administration fee paid was reduced by $3,440 relating to the Fund's investment in the Liquidity Fund.

EVM has agreed to reimburse the Fund's expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only and excluding such expenses as brokerage commissions, acquired fund fees and expenses of unaffiliated funds, borrowing costs, taxes or litigation expenses) exceed 0.90% and 0.65% of the Fund's average daily net assets for Class A and Class I, respectively. This agreement may be changed or terminated after March 1, 2027. Pursuant to this agreement, EVM waived and/or reimbursed $177,552 of the Fund's operating expenses for the year ended October 31, 2025.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended October 31, 2025, EVM earned $2,262 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations. The Fund was informed that Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund's principal underwriter, received $3,280 as its portion of the sales charge on sales of Class A shares and no CDSCs paid by Class A shareholders for the year ended October 31, 2025. EVD also received distribution and service fees from Class A shares (see Note 4).

Trustees and officers of the Fund who are members of EVM's organization receive remuneration for their services to the Fund out of the investment adviser and administration fee. Trustees of the Fund who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. Certain officers and Trustees of the Fund are officers of EVM.

4 Distribution Plan

The Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the year ended October 31, 2025 amounted to $20,882 for Class A shares.

Distribution and service fees are subject to the limitations contained in the Financial Industry Regulatory Authority Rule 2341(d).

5 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations and including maturities, paydowns and principal repayments on Senior Loans, aggregated $59,142,649 and $63,380,589, respectively, for the year ended October 31, 2025.

------

[**Table of Contents**](#JOB_EV_AR_876fa6cc-f8ed-4988-b27f-881a473a8da9_TOC)

Eaton Vance

Short Duration High Income Fund

October 31, 2025

Notes to Financial Statements — continued

------

6 Shares of Beneficial Interest

The Fund's Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value). Such shares may be issued in a number of different series (such as the Fund) and classes. Transactions in Fund shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2024** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 309475 | &nbsp;&nbsp;&nbsp;&nbsp;$2770599 | &nbsp;&nbsp;&nbsp;&nbsp; 364861 | &nbsp;&nbsp;&nbsp;&nbsp;$3244905 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 55561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 497494 | &nbsp;&nbsp;&nbsp;&nbsp; 67948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 605675 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (312023) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2793562) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (887866) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7879389) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp; **53013** | &nbsp;&nbsp;&nbsp;&nbsp;**$474531** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(455057)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(4028809)** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;2640884 | &nbsp;&nbsp;&nbsp;&nbsp;$23670794 | &nbsp;&nbsp;&nbsp;&nbsp;4228797 | &nbsp;&nbsp;&nbsp;&nbsp;$37685703 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 519573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4656087 | &nbsp;&nbsp;&nbsp;&nbsp; 550755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4918107 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(3569003) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31955891) | &nbsp;&nbsp;&nbsp;&nbsp;(3670056) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32749463) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(408546)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(3629010)** | &nbsp;&nbsp;&nbsp;&nbsp;**1109496** | &nbsp;&nbsp;&nbsp;&nbsp;**$9854347** |

---

7 Restricted Securities

At October 31, 2025, the Fund owned the following security (representing 0.2% of net assets) which was restricted as to public resale and not registered under the Securities Act of 1933 (excluding Rule 144A securities). The value of restricted securities is determined based on valuations provided by brokers when available, or if not available, they are valued by the investment adviser as the Trustees' valuation designee.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | &nbsp;&nbsp;&nbsp;&nbsp;**Date(s) of<br> Acquisition** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Cost** | &nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| **Common Stocks** |  |  |  |  |
| Enviva LLC | &nbsp;&nbsp;&nbsp;&nbsp;12/6/24 | &nbsp;&nbsp;&nbsp;&nbsp;8688 | &nbsp;&nbsp;&nbsp;&nbsp;$52173 | &nbsp;&nbsp;&nbsp;&nbsp;$143352 |
| **Total Restricted Securities** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**$52173** | &nbsp;&nbsp;&nbsp;&nbsp;**$143352** |

---

8 Financial Instruments

The Fund may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include forward foreign currency exchange contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Fund has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at October 31, 2025 is included in the Portfolio of Investments. At October 31, 2025, the Fund had sufficient cash and/or securities to cover commitments under these contracts.

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

------

[**Table of Contents**](#JOB_EV_AR_876fa6cc-f8ed-4988-b27f-881a473a8da9_TOC)

Eaton Vance

Short Duration High Income Fund

October 31, 2025

Notes to Financial Statements — continued

------

The Fund enters into forward foreign currency exchange contracts that may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in the Fund's net assets below a certain level over a certain period of time, which would trigger a payment by the Fund for those derivatives in a liability position. At October 31, 2025, the Fund had no open derivatives with credit-related contingent features in a net liability position.

The over-the-counter (OTC) derivatives in which the Fund invests are subject to the risk that the counterparty to the contract fails to perform its obligations under the contract. To mitigate this risk, the Fund has entered into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with substantially all its derivative counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, set-off provisions in the event of a default and/or termination event as defined under the relevant ISDA Master Agreement. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy or insolvency. Certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event the Fund's net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA Master Agreements, which would cause the counterparty to accelerate payment by the Fund of any net liability owed to it.

The collateral requirements for derivatives traded under an ISDA Master Agreement are governed by a Credit Support Annex to the ISDA Master Agreement. Collateral requirements are determined at the close of business each day and are typically based on changes in market values for each transaction under an ISDA Master Agreement and netted into one amount for such agreement. Generally, the amount of collateral due from or to a counterparty is subject to a minimum transfer threshold amount before a transfer is required, which may vary by counterparty. Collateral pledged for the benefit of the Fund and/or counterparty is held in segregated accounts by the Fund's custodian and cannot be sold, re-pledged, assigned or otherwise used while pledged. The portion of such collateral representing cash, if any, is reflected as deposits for derivatives collateral and, in the case of cash pledged by a counterparty for the benefit of the Fund, a corresponding liability on the Statement of Assets and Liabilities. Securities pledged by the Fund as collateral, if any, are identified as such in the Portfolio of Investments.

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 October 31, 2025 was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;&nbsp;&nbsp;**Fair Value** |
| **Derivative** | &nbsp;&nbsp;&nbsp;&nbsp;**Asset Derivative<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Liability Derivative** |
| Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;$3213 | &nbsp;&nbsp;&nbsp;&nbsp;$— |
| **Total Derivatives subject to master netting or similar agreements** | &nbsp;&nbsp;&nbsp;&nbsp;**$3213** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** |

---

<sup>(1)</sup> Statement of Assets and Liabilities location: Receivable for open forward foreign currency exchange contracts.

The Fund's derivative assets at fair value by type, which are reported gross in the Statement of Assets and Liabilities, are presented in the table above. The following table presents the Fund's derivative assets by counterparty, net of amounts available for offset under a master netting agreement and net of the related collateral received by the Fund for such assets as of October 31, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | &nbsp;&nbsp;&nbsp;**Derivative<br> Assets Subject to<br> Master Netting<br> Agreement** | &nbsp;&nbsp;&nbsp;**Derivatives<br> Available<br> for Offset** | &nbsp;&nbsp;&nbsp;**Non-cash<br> Collateral<br> Received<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;**Cash<br> Collateral<br> Received<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;**Net Amount<br> of Derivative<br> Assets<sup>(b)</sup>** |
| Goldman Sachs International | &nbsp;&nbsp;&nbsp;$3213 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$3213 |

---

<sup>(a)</sup> In some instances, the total collateral received and/or pledged may be more than the amount shown due to overcollateralization.

<sup>(b)</sup> Net amount represents the net amount due from the counterparty in the event of default.

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[**Table of Contents**](#JOB_EV_AR_876fa6cc-f8ed-4988-b27f-881a473a8da9_TOC)

Eaton Vance

Short Duration High Income Fund

October 31, 2025

Notes to Financial Statements — continued

------

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is foreign exchange risk for the year ended October 31, 2025 was as follows:

---

| | | |
|:---|:---|:---|
| **Derivative** | &nbsp;&nbsp;&nbsp;&nbsp;**Realized Gain (Loss)<br> on Derivatives Recognized<br> in Income<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Change in Unrealized<br> Appreciation (Depreciation) on<br> Derivatives Recognized in Income<sup>(2)</sup>** |
| Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;$(36003) | &nbsp;&nbsp;&nbsp;&nbsp;$6104 |

---

<sup>(1)</sup> Statement of Operations location: Net realized gain (loss): Forward foreign currency exchange contracts. <br> <sup>(2)</sup> Statement of Operations location: Change in unrealized appreciation (depreciation): Forward foreign currency exchange contracts.

The average notional amount of forward foreign currency exchange contracts (based on the absolute value of notional amounts of currency purchased and currency sold) outstanding during the year ended October 31, 2025, which is indicative of the volume of this derivative type, was approximately $548,000.

9 Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates in a $650 million unsecured revolving line of credit agreement with a group of banks, which is in effect through October 20, 2026. Borrowings are made by the Fund solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Fund based on its borrowings generally at an amount above either the Secured Overnight Financing Rate (SOFR) or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. In connection with the renewal of the agreement in October 2025, an arrangement fee of $150,000 was incurred that was allocated to the participating portfolios and funds. Because the line of credit is not available exclusively to the Fund, it may be unable to borrow some or all of its requested amounts at any particular time. The Fund did not have any significant borrowings or allocated fees during the year ended October 31, 2025.

10 Affiliated Investments

At October 31, 2025, the value of the Fund's investment in funds that may be deemed to be affiliated was $3,890,537, which represents 4.7% of the Fund's net assets. Transactions in such investments by the Fund for the year ended October 31, 2025 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Value,<br> beginning<br> of period** | **Purchases** | **Sales<br> proceeds** | **Net realized<br> gain (loss)** | **Change in<br> unrealized<br> appreciation<br> (depreciation)** | **Value, end<br> of period** | **Dividend<br> income** | **Shares,<br> end of period** |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| Liquidity Fund | $1266298 | $50815165 | $(48190926) | $— | $— | $3890537 | $99284 | 3890537 |

---

11 Fair Value Measurements

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.

------

[**Table of Contents**](#JOB_EV_AR_876fa6cc-f8ed-4988-b27f-881a473a8da9_TOC)

Eaton Vance

Short Duration High Income Fund

October 31, 2025

Notes to Financial Statements — continued

------

At October 31, 2025, the hierarchy of inputs used in valuing the Fund's investments and open derivative instruments, which are carried at fair value, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Common Stocks | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$146648 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$146648 |
| Convertible Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 842212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 842212 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69038714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69038714 |
| Senior Floating-Rate Loans (Less Unfunded Loan Commitments) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8578174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8578174 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;3890537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3890537 |
| **Total Investments** | &nbsp;&nbsp;**$3890537** | &nbsp;&nbsp;&nbsp;&nbsp;**$78605748** | &nbsp;&nbsp;&nbsp;&nbsp;**$0** | &nbsp;&nbsp;&nbsp;&nbsp;**$82496285** |
| Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$3213 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$3213 |
| **Total** | &nbsp;&nbsp;**$3890537** | &nbsp;&nbsp;&nbsp;&nbsp;**$78608961** | &nbsp;&nbsp;&nbsp;&nbsp;**$0** | &nbsp;&nbsp;&nbsp;&nbsp;**$82499498** |

---

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

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 year ended October 31, 2025 is not presented.

12 Risks and Uncertainties

#### Credit Risk
The Fund primarily invests in lower rated and comparable quality unrated high yield securities. These investments have different risks than investments in debt securities rated investment grade. Risk of loss upon default by the borrower is significantly greater with respect to such debt than with other debt securities because these securities are generally unsecured and are more sensitive to adverse economic conditions, such as recession or increasing interest rates, than are investment grade issuers.

------

[**Table of Contents**](#JOB_EV_AR_876fa6cc-f8ed-4988-b27f-881a473a8da9_TOC)

Eaton Vance

Short Duration High Income Fund

October 31, 2025

Report of Independent Registered Public Accounting Firm

------

To the Trustees of Eaton Vance Mutual Funds Trust and Shareholders of Eaton Vance Short Duration High Income Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Eaton Vance Short Duration High Income Fund (the "Fund"), one of the funds constituting Eaton Vance Mutual Funds Trust, including the portfolio of investments, as of October 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities and senior loans owned as of October 31, 2025, by correspondence with the custodian, brokers and agent banks; when replies were not received from brokers and agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 19, 2025

We have served as the auditor of one or more Eaton Vance investment companies since 1959.

------

[**Table of Contents**](#JOB_EV_AR_876fa6cc-f8ed-4988-b27f-881a473a8da9_TOC)

Eaton Vance

Short Duration High Income Fund

October 31, 2025

Federal Tax Information (Unaudited)

------

The Form 1099-DIV you receive in February 2026 will show the tax status of all distributions paid to your account in calendar year 2025. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of qualified dividend income for individuals and 163(j) interest dividends.

**Qualified Dividend Income. For the fiscal year ended October 31, 2025, the Fund designates approximately $40,991, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate of 15%.**

**163(j) Interest Dividends. For the fiscal year ended October 31, 2025, the Fund designates 82.99% of distributions from net investment income as a 163(j) interest dividend.**

------

[**Table of Contents**](#JOB_EV_AR_876fa6cc-f8ed-4988-b27f-881a473a8da9_TOC)

Eaton Vance

Short Duration High Income Fund

October 31, 2025

Board of Trustees' Contract Approval

------

Overview of the Contract Review Process

The Investment Company Act of 1940, as amended (the "1940 Act"), provides, in substance, that the investment advisory agreement between a fund and its investment adviser will continue in effect from year-to-year only if its continuation is approved on an annual basis by a vote of the fund's board of trustees, including a majority of the trustees who are not "interested persons" of the fund ("independent trustees"), cast in person at a meeting called for the purpose of considering such approval.

At a meeting held on June 12, 2025, the Boards of Trustees/Directors (collectively, the "Board") that oversee the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the "Eaton Vance Funds"), including a majority of the independent trustees (the "Independent Trustees"), voted to approve the continuation of existing investment advisory agreements and sub-advisory agreements<sup>1</sup> for each of the Eaton Vance Funds for an additional one-year period. The Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee comprised of all of the Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of meetings held between April and June 2025, as well as certain additional information provided in response to specific requests from the Independent Trustees as members of the Contract Review Committee. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee's annual evaluation of the investment advisory agreements and sub-advisory agreements.

In connection with its evaluation of the investment advisory agreements and sub-advisory agreements, the Board (directly or through one or more of its committees) considered various information relating to the Eaton Vance Funds. This included information applicable to all or groups of the Eaton Vance Funds, which is referenced immediately below, and information applicable to the particular Eaton Vance Fund covered by this report (each Eaton Vance Fund is referred to below as a "fund"). (For funds that invest through one or more underlying portfolios, references to "each fund" in this section may include information that was considered at the portfolio-level.)

*Information about Fees, Performance and Expenses*

• A report from an independent data provider comparing advisory and other fees paid by each fund to such fees paid by comparable funds, as identified by the independent data provider ("comparable funds");

• A report from an independent data provider comparing each fund's total expense ratio (and its components) to those of comparable funds;

• A report from an independent data provider comparing the investment performance of each fund to the investment performance of comparable funds and, as applicable, benchmark indices, over various time periods;

• In certain instances, data regarding investment performance relative to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board (a committee exclusively comprised of Independent Trustees);

• Comparative information concerning the fees charged and services provided by the adviser and sub-adviser to each fund in managing other accounts (which may include other funds, collective investment trusts and institutional accounts) with the same or substantially similar investment objective as the fund and with a significant overlap in holdings based on criteria set by the Board, if any;

• Profitability analyses on a fund-by-fund basis for the adviser and its affiliates and for each sub-adviser not affiliated with the adviser;

*Information about Portfolio Management and Trading*

• Descriptions of the investment management services provided to each fund, as well as each of the funds' investment strategies and policies;

• The procedures and processes used by the adviser to determine the value of fund assets, including, when necessary, the determination of "fair value" by the adviser in its role as each fund's valuation designee and actions taken to monitor and test the effectiveness of such procedures and processes;

• Information about the policies and practices of each fund's adviser and sub-adviser with respect to trading, including their processes for seeking best execution of portfolio transactions;

• Information about the allocation of brokerage transactions and the benefits, if any, received by the adviser and sub-adviser to each fund as a result of brokerage allocation, including, as applicable, information concerning the acquisition of research through client commission arrangements and policies with respect to "soft dollars";

• Data relating to the portfolio turnover rate of each fund and related information regarding active management in the context of particular strategies;

*Information about each Adviser and Sub-Adviser*

• Reports regarding the financial results and condition of the adviser and certain of its affiliates and of each sub-adviser not affiliated with the adviser;

• Information regarding the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and, for portfolio managers and certain other investment professionals, information relating to their responsibilities with respect to managing other funds and investment accounts, as applicable;

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;Not all Eaton Vance Funds have entered into a sub-advisory agreement with a sub-adviser. Accordingly, references to "sub-adviser" or "sub-advisory agreement" in this "Overview" section may not be applicable to the particular Eaton Vance Fund covered by this report. Eaton Vance Management and Boston Management and Research are referred to collectively as the "adviser."

------

[**Table of Contents**](#JOB_EV_AR_876fa6cc-f8ed-4988-b27f-881a473a8da9_TOC)

Eaton Vance

Short Duration High Income Fund

October 31, 2025

Board of Trustees' Contract Approval — continued

------

• Information regarding the adviser's and its parent company's (Morgan Stanley's) efforts to retain and attract talented investment professionals, including in the context of a competitive marketplace for talent;

• Information regarding the adviser's compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals' investments in the fund(s) they manage;

• The personal trading codes of ethics of the adviser and its affiliates and the sub-adviser of each fund, together with information relating to compliance with, and the administration of, such codes;

• Policies and procedures relating to proxy voting, including regular reporting with respect to fund proxy voting activities;

• Information regarding the handling of corporate actions and class actions, as well as information regarding litigation and other regulatory matters;

• Information concerning the resources devoted to compliance efforts undertaken by the adviser and its affiliates and the sub-adviser of each fund, including descriptions of their various compliance programs and their record of compliance and remediation;

• Information concerning the business continuity and disaster recovery plans of the adviser and its affiliates and the sub-adviser of each fund;

• A description of the adviser's oversight of sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters, if any;

*Other Relevant Information*

• Information regarding ongoing initiatives to further integrate and harmonize, where applicable, the investment management and other departments of the adviser and its affiliates with the overall investment management infrastructure of Morgan Stanley, in light of Morgan Stanley's acquisition of Eaton Vance Corp. on March 1, 2021;

• Information concerning the nature, cost, and character of the administrative and other non-investment advisory services provided by the adviser and its affiliates;

• Information concerning oversight of the relationship with the custodian, subcustodians, fund accountants, and other third-party service providers by the adviser and/or administrator to each of the funds;

• Information concerning efforts to maintain policies and procedures with respect to various regulations applicable to the funds, including, without limitation, Rule 22e-4 (the Liquidity Risk Management Rule), Rule 12d1-4 (the Fund-of-Funds Rule), Rule 18f-4 (the Derivatives Rule), and Rule 2a-5 (the Fair Valuation Rule);

• For the Eaton Vance Fund structured as an interval fund, information regarding the interval fund's periodic repurchase offers under Rule 23c-3 and related policies and procedures;

• For each Eaton Vance Fund structured as an exchange-listed closed-end fund, information concerning the benefits of the closed-end fund structure, as well as, where relevant, the closed-end fund's market prices (including as compared to the closed-end fund's net asset value (NAV)), trading volume data, continued use of auction preferred shares (where applicable), distribution rates, and other relevant matters;

• The risks that the adviser and/or its affiliates incur in connection with the management and operation of the funds, including, among others, litigation, regulatory, entrepreneurial, data privacy and cybersecurity, and other business risks (and the associated costs of such risks, if any); and

• The terms of each investment advisory agreement and sub-advisory agreement.

During the various meetings of the Board and its committees over the course of the year leading up to the June 12, 2025 meeting, the Board and its committees received information from portfolio managers and other investment professionals of the adviser and sub-advisers of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds' investment objectives. The Board and its committees also received information regarding risk management techniques employed in connection with the management of the funds. The Board and its committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance, and other issues with respect to the funds, and received and participated in reports and presentations provided by the adviser, sub-advisers, and certain other service providers, with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees met in executive sessions and held regular video or telephone conferences to discuss, among other topics, matters relating to the continuation of investment advisory agreements and sub-advisory agreements.

Each of the Contract Review Committee and the Board was advised throughout the contract review process by Kirkland & Ellis LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee and the members of the Board, with the advice of such counsel, exercised their own business judgment in determining the material factors to be considered in evaluating each investment advisory agreement and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory agreement and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee and Board may have placed varying emphasis on particular factors in reaching conclusions with respect to each investment advisory agreement and sub-advisory agreement. In evaluating each investment advisory agreement and sub-advisory agreement, including the fee structures and other terms contained in such agreements, the members of the Contract Review Committee and Board were also informed by multiple years of analysis and discussion with the adviser and sub-adviser to each of the Eaton Vance Funds.

------

[**Table of Contents**](#JOB_EV_AR_876fa6cc-f8ed-4988-b27f-881a473a8da9_TOC)

Eaton Vance

Short Duration High Income Fund

October 31, 2025

Board of Trustees' Contract Approval — continued

------

Results of the Contract Review Process

Based on its consideration of the foregoing, and such other information it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory and administrative agreement between Eaton Vance Short Duration High Income Fund (the "Fund") and Eaton Vance Management (the "Adviser"), including its fee structure, is in the interests of shareholders and, therefore, recommended to the Board approval of the agreement. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory and administrative agreement for the Fund.

*Nature, Extent and Quality of Services*

In considering whether to approve the investment advisory and administrative agreement for the Fund, the Board evaluated the nature, extent and quality of services provided to the Fund by the Adviser.

The Board considered the Adviser's management capabilities and investment processes in light of the types of investments held by the Fund, including the education and experience of the investment professionals who provide services to the Fund. The Board considered the abilities and experience of each Adviser's investment professionals in making investments in fixed-income securities, including those with below-investment grade ratings and durations of three years or less. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of the Adviser and other factors, including the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Fund, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Fund, including the provision of administrative services. The Board also considered the business-related and other risks to which the Adviser or its affiliates may be subject in managing the Fund.

The Board considered the compliance programs of the Adviser and relevant affiliates thereof. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, compliance with policies and procedures, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered relevant examinations of the Adviser and its affiliates by regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

The Board considered other administrative services provided or overseen by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by the Adviser, taken as a whole, are appropriate and consistent with the terms of the investment advisory and administrative agreement.

*Fund Performance*

The Board compared the Fund's investment performance to that of comparable funds identified by an independent data provider (the peer group), as well as an appropriate benchmark index and a custom peer group of similarly managed funds. The Board's review included comparative performance data with respect to the Fund for the one-, three-, five- and ten-year periods ended December 31, 2024. In this regard, the Board noted that the performance of the Fund was higher than the median performance of the Fund's peer group and consistent with the median performance of the Fund's custom peer group for the three-year period. The Board also noted that the performance of the Fund was lower than its primary performance benchmark index for the three-year period. The Board concluded that the performance of the Fund was satisfactory.

*Management Fees and Expenses*

The Board considered contractual fee rates payable by the Fund for advisory and administrative services (referred to collectively as "management fees"). As part of its review, the Board considered the Fund's management fees and total expense ratio for the one-year period ended December 31, 2024, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered factors that had an impact on the Fund's total expense ratio relative to comparable funds.

After considering the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.

*Profitability and "Fall-Out" Benefits*

The Board considered the level of profits realized by the Adviser and relevant affiliates thereof in providing investment advisory and administrative services to the Fund and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by the Adviser and its affiliates to third parties in respect of distribution or other services.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates are not excessive.

------

[**Table of Contents**](#JOB_EV_AR_876fa6cc-f8ed-4988-b27f-881a473a8da9_TOC)

Eaton Vance

Short Duration High Income Fund

October 31, 2025

Board of Trustees' Contract Approval — continued

------

The Board also considered direct or indirect fall-out benefits received by the Adviser and its affiliates in connection with their respective relationships with the Fund, including the benefits of research services that may be available to the Adviser as a result of securities transactions effected for the Fund and other investment advisory clients.

*Economies of Scale*

In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. To assist in the evaluation of the sharing of any economies of scale, the Board received data for recent years showing asset levels, Adviser profitability and total expense ratios. Based upon the foregoing, the Board concluded that the Fund currently shares in the benefits from economies of scale, if any, when they are realized by the Adviser. The Board also concluded that the structure of the advisory fee, which includes breakpoints at several asset levels, will allow the Fund to continue to benefit from any economies of scale in the future.

------

[**Table of Contents**](#JOB_EV_AR_876fa6cc-f8ed-4988-b27f-881a473a8da9_TOC)

ESHAX-NCSR&nbsp;&nbsp;&nbsp;&nbsp;10.31.25

------

## Eaton Vance

## Emerging and Frontier Countries Equity Fund

## Annual Financial Statements and Additional Information
October 31, 2025

------

![](g35982img269b703d11.gif)

------

**This report must be preceded or accompanied by a current summary prospectus or prospectus. Before investing, investors should consider carefully the investment objective, risks, and charges and expenses of a mutual fund. This and other important information is contained in the prospectus and/or statement of additional information, which can be obtained by calling 1-800-262-1122 or from a financial intermediary. Prospective investors should read the prospectus carefully before investing.**

------

#### Annual Financial Statements and Additional Information October 31, 2025
Eaton Vance

Emerging and Frontier Countries Equity Fund

---

| | |
|:---|:---|
| **[**Table of Contents**](#xx_2dc6e210-027b-4e84-b600-53fd7ea4a117_1)** |  |
| [Item 7 of Form N-CSR:](#xx_88381b99-1ba6-4e70-9f69-f50934c54053_1) | [Item 7 of Form N-CSR:](#xx_88381b99-1ba6-4e70-9f69-f50934c54053_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#xx_88381b99-1ba6-4e70-9f69-f50934c54053_1) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#xx_88381b99-1ba6-4e70-9f69-f50934c54053_2) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx_88381b99-1ba6-4e70-9f69-f50934c54053_3) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx_db9ac649-8669-424f-9bc0-47f5248f4c3e_1) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx_828cc803-29c4-4b2f-9aa1-df17e3c28d1d_1) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#xx_7f066dfd-cc9c-4e4c-adfb-126ad10f3adc_1) | 10 |
| [Federal Tax Information](#xx_74d9b75a-9bed-4d9e-88cd-a3175544e188_1) | 11 |
| [Global Macro Capital Opportunities Portfolio](#xx_9c843aff-87af-4438-a0da-47b2bb330fbc_1) | [Global Macro Capital Opportunities Portfolio](#xx_9c843aff-87af-4438-a0da-47b2bb330fbc_1) |
| [Items 6 and 7 of Form N-CSR:](#xx_9c843aff-87af-4438-a0da-47b2bb330fbc_1) | [Items 6 and 7 of Form N-CSR:](#xx_9c843aff-87af-4438-a0da-47b2bb330fbc_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Portfolio of Investments](#xx_9c843aff-87af-4438-a0da-47b2bb330fbc_1) | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Statements](#xx_14030e58-3078-4734-a0ab-16b7d537425b_1) | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#xx_be39e5de-c0d6-4dd1-bee9-52f88bc3ea2c_1) | 35 |
| Item 11 of Form N-CSR: | Item 11 of Form N-CSR: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Board of Trustees' Contract Approval](#xx_b0c6ddae-0e5b-4917-a76b-534758cf5cda_1) | 36 |

---

Items 8 and 9 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7.

------

[**Table of Contents**](#JOB_EV_AR_52ebf622-3dc1-4593-8a49-bce9e6458a26_TOC)

Eaton Vance

Emerging and Frontier Countries Equity Fund

October 31, 2025

Statement of Assets and Liabilities

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**October 31, 2025** |
| Assets |  |
| Investment in Global Macro Capital Opportunities Portfolio, at value (identified cost $2,067,627,608) | &nbsp;&nbsp;$2611867804 |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3176912 |
| Receivable from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1007140 |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62446 |
| **Total assets** | &nbsp;&nbsp;**$2616114302** |
| Liabilities |  |
| Payable for Fund shares redeemed | &nbsp;&nbsp;$1478990 |
| Payable to affiliates: |  |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12095 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agency fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3110 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 |
| Payable for transfer and dividend disbursing agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417718 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143660 |
| **Total liabilities** | &nbsp;&nbsp;**$2055616** |
| **Net Assets** | &nbsp;&nbsp;**$2614058686** |
| Sources of Net Assets |  |
| Paid-in capital | &nbsp;&nbsp;$2026891259 |
| Distributable earnings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587167427 |
| **Net Assets** | &nbsp;&nbsp;**$2614058686** |
| Class A Shares |  |
| **Net Assets** | &nbsp;&nbsp;$59437476 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3276266 |
| **Net Asset Value and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$18.14 |
| **Maximum Offering Price Per Share<br> (100 ÷ 94.75 of net asset value per share)** | &nbsp;&nbsp;$19.15 |
| Class I Shares |  |
| **Net Assets** | &nbsp;&nbsp;$2554621210 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139386343 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$18.33 |

---

On sales of $50,000 or more, the offering price of Class A shares is reduced.

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_52ebf622-3dc1-4593-8a49-bce9e6458a26_TOC)

Eaton Vance

Emerging and Frontier Countries Equity Fund

October 31, 2025

Statement of Operations

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended** |
|  | &nbsp;&nbsp;&nbsp;**October 31, 2025** |
| Investment Income |  |
| Dividend income allocated from Portfolio (net of foreign taxes withheld of $4,386,734) | &nbsp;&nbsp;$53050745 |
| Interest income allocated from Portfolio (net of foreign taxes withheld of $297) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4758035 |
| Securities lending income allocated from Portfolio, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23891 |
| Expenses allocated from Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18839563) |
| Waiver and/or reimbursement of expenses by affiliates allocated from Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154858 |
| **Total investment income from Portfolio** | &nbsp;&nbsp;**$39147966** |
| Expenses |  |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$86878 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65439 |
| Transfer and dividend disbursing agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1786339 |
| Legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115404 |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138873 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109253 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55340 |
| **Total expenses** | &nbsp;&nbsp;**$2358026** |
| Deduct: |  |
| &nbsp;&nbsp;&nbsp;Waiver and/or reimbursement of expenses by affiliates | &nbsp;&nbsp;$1226557 |
| **Total expense reductions** | &nbsp;&nbsp;**$1226557** |
| **Net expenses** | &nbsp;&nbsp;**$1131469** |
| **Net investment income** | &nbsp;&nbsp;**$38016497** |
| Realized and Unrealized Gain (Loss) from Portfolio |  |
| Net realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;Investment transactions (net of foreign capital gains taxes of $1,209,553) | &nbsp;&nbsp;$32782740 |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6650979) |
| &nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15407703 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(896596) |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8664624) |
| **Net realized gain** | &nbsp;&nbsp;**$31978244** |
| Change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Investments (including net increase in accrued foreign capital gains taxes of $1,522,257) | &nbsp;&nbsp;$422394563 |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1543559 |
| &nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8482880 |
| &nbsp;&nbsp;&nbsp;Foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261896 |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3191259) |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$429491639** |
| **Net realized and unrealized gain** | &nbsp;&nbsp;**$461469883** |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$499486380** |

---

*2*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_52ebf622-3dc1-4593-8a49-bce9e6458a26_TOC)

Eaton Vance

Emerging and Frontier Countries Equity Fund

October 31, 2025

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
|  | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$38016497 | &nbsp;&nbsp;$23064491 |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31978244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8825043 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429491639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86046589 |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$499486380** | &nbsp;&nbsp;**$117936123** |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(420061) | &nbsp;&nbsp;$(144267) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23149604) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10304320) |
| **Total distributions to shareholders** | &nbsp;&nbsp;**$(23569665)** | &nbsp;&nbsp;**$(10448587)** |
| Transactions in shares of beneficial interest: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$33416648 | &nbsp;&nbsp;$8649357 |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;957258199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651491056 |
| **Net increase in net assets from Fund share transactions** | &nbsp;&nbsp;**$990674847** | &nbsp;&nbsp;**$660140413** |
| **Net increase in net assets** | &nbsp;&nbsp;**$1466591562** | &nbsp;&nbsp;**$767627949** |
| Net Assets |  |  |
| At beginning of year | &nbsp;&nbsp;$1147467124 | &nbsp;&nbsp;$379839175 |
| **At end of year** | &nbsp;&nbsp;**$2614058686** | &nbsp;&nbsp;**$1147467124** |

---

*3*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_52ebf622-3dc1-4593-8a49-bce9e6458a26_TOC)

Eaton Vance

Emerging and Frontier Countries Equity Fund

October 31, 2025

Financial Highlights

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$14.04 | &nbsp;&nbsp;$11.53 | &nbsp;&nbsp;$10.51 | &nbsp;&nbsp;$12.99 | &nbsp;&nbsp;$9.61 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.30 | &nbsp;&nbsp;$0.35 | &nbsp;&nbsp;$0.26 | &nbsp;&nbsp;$0.22 | &nbsp;&nbsp;$0.07 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.31 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$4.37** | &nbsp;&nbsp;**$2.74** | &nbsp;&nbsp;**$1.61** | &nbsp;&nbsp;**$(2.17)** | &nbsp;&nbsp;**$3.38** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.27) | &nbsp;&nbsp;$(0.23) | &nbsp;&nbsp;$(0.59) | &nbsp;&nbsp;$(0.09) | &nbsp;&nbsp;$— |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total distributions** | &nbsp;&nbsp;**$(0.27)** | &nbsp;&nbsp;**$(0.23)** | &nbsp;&nbsp;**$(0.59)** | &nbsp;&nbsp;**$(0.31)** | &nbsp;&nbsp;**$—** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$18.14** | &nbsp;&nbsp;**$14.04** | &nbsp;&nbsp;**$11.53** | &nbsp;&nbsp;**$10.51** | &nbsp;&nbsp;**$12.99** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**31.72%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.89%** | &nbsp;&nbsp;&nbsp;&nbsp;**15.84%** | &nbsp;&nbsp;&nbsp;&nbsp;**(17.13)%** | &nbsp;&nbsp;&nbsp;&nbsp;**35.17%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$59437 | &nbsp;&nbsp;$16546 | &nbsp;&nbsp;$6276 | &nbsp;&nbsp;$2340 | &nbsp;&nbsp;$1387 |
| Ratios (as a percentage of average daily net assets):<sup>(3)(4)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.56%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60% |
| Portfolio Turnover of the Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

<sup>(3)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(4)</sup> Includes the Fund's share of the Portfolio's allocated expenses.

<sup>(5)</sup> Includes a reduction by the investment adviser of a portion of the Portfolio's adviser fee due to the Portfolio's investment in the Liquidity Fund (equal to less than 0.01% of average daily net assets for the year ended October 31, 2025 and less than 0.005% of average daily net assets for the years ended October 31, 2024, 2023 and 2022).

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_52ebf622-3dc1-4593-8a49-bce9e6458a26_TOC)

Eaton Vance

Emerging and Frontier Countries Equity Fund

October 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$14.16 | &nbsp;&nbsp;$11.62 | &nbsp;&nbsp;$10.58 | &nbsp;&nbsp;$13.08 | &nbsp;&nbsp;$9.66 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.36 | &nbsp;&nbsp;$0.39 | &nbsp;&nbsp;$0.27 | &nbsp;&nbsp;$0.25 | &nbsp;&nbsp;$0.11 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.32 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$4.46** | &nbsp;&nbsp;**$2.79** | &nbsp;&nbsp;**$1.64** | &nbsp;&nbsp;**$(2.15)** | &nbsp;&nbsp;**$3.43** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.29) | &nbsp;&nbsp;$(0.25) | &nbsp;&nbsp;$(0.60) | &nbsp;&nbsp;$(0.13) | &nbsp;&nbsp;$(0.01) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total distributions** | &nbsp;&nbsp;**$(0.29)** | &nbsp;&nbsp;**$(0.25)** | &nbsp;&nbsp;**$(0.60)** | &nbsp;&nbsp;**$(0.35)** | &nbsp;&nbsp;**$(0.01)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$18.33** | &nbsp;&nbsp;**$14.16** | &nbsp;&nbsp;**$11.62** | &nbsp;&nbsp;**$10.58** | &nbsp;&nbsp;**$13.08** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**32.00%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.24%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.11%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(16.91)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**35.54%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$2554621 | &nbsp;&nbsp;$1130921 | &nbsp;&nbsp;$373563 | &nbsp;&nbsp;$181423 | &nbsp;&nbsp;$189060 |
| Ratios (as a percentage of average daily net assets):<sup>(3)(4)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89% |
| Portfolio Turnover of the Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

<sup>(3)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(4)</sup> Includes the Fund's share of the Portfolio's allocated expenses.

<sup>(5)</sup> Includes a reduction by the investment adviser of a portion of the Portfolio's adviser fee due to the Portfolio's investment in the Liquidity Fund (equal to less than 0.01% of average daily net assets for the year ended October 31, 2025 and less than 0.005% of average daily net assets for the years ended October 31, 2024, 2023 and 2022).

*5*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_52ebf622-3dc1-4593-8a49-bce9e6458a26_TOC)

Eaton Vance

Emerging and Frontier Countries Equity Fund

October 31, 2025

Notes to Financial Statements

------

1 Significant Accounting Policies

Eaton Vance Emerging and Frontier Countries Equity Fund (the Fund) is a diversified series of Eaton Vance Mutual Funds Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund offers two classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class I shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses and net investment income and losses, other than class-specific expenses, are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Each class of shares differs in its distribution plan and certain other class-specific expenses. The Fund invests its assets in interests in Global Macro Capital Opportunities Portfolio (the Portfolio), a Massachusetts business trust, having the same investment objective and policies as the Fund. The value of the Fund's investment in the Portfolio reflects the Fund's proportionate interest in the net assets of the Portfolio (approximately 100% at October 31, 2025). The performance of the Fund is directly affected by the performance of the Portfolio. The financial statements of the Portfolio, including the portfolio of investments, are included elsewhere in this report and should be read in conjunction with the Fund's financial statements.

The following is a summary of significant accounting policies of the Fund. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.

A Investment Valuation—Valuation of securities by the Portfolio is discussed in Note 1A of the Portfolio's Notes to Financial Statements, which are included elsewhere in this report.

B Income—The Fund's net investment income or loss consists of the Fund's pro rata share of the net investment income or loss of the Portfolio, less all actual and accrued expenses of the Fund.

C Federal and Other Taxes—The Fund's policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary.

In addition to the requirements of the Internal Revenue Code, the Fund may also be required to recognize its pro rata share of the capital gains taxes incurred by the Portfolio. In doing so, the daily net asset value would reflect the Fund's pro rata share of the estimated reserve for such taxes incurred by the Portfolio.

As of October 31, 2025, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

D Expenses—The majority of expenses of the Trust are directly identifiable to an individual fund. Expenses which are not readily identifiable to a specific fund are allocated taking into consideration, among other things, the nature and type of expense and the relative size of the funds.

E Use of Estimates—The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

F Indemnifications—Under the Trust's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Trust) could be deemed to have personal liability for the obligations of the Trust. However, the Trust's Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and the By-laws provide that the Trust shall assume, upon request by the shareholder, the defense on behalf of any Fund shareholders. Moreover, the By-laws also provide for indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

G Other—Investment transactions are accounted for on a trade date basis.

H Segment Reporting—During this reporting period, the Fund adopted FASB Accounting Standards Update No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures* (ASU 2023-07), which requires incremental disclosures related to a public entity's reportable segments. The Fund operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. In connection with the adoption of ASU 2023-07, the Fund's President acts as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's financial statements.

------

[**Table of Contents**](#JOB_EV_AR_52ebf622-3dc1-4593-8a49-bce9e6458a26_TOC)

Eaton Vance

Emerging and Frontier Countries Equity Fund

October 31, 2025

Notes to Financial Statements — continued

------

2 Distributions to Shareholders and Income Tax Information

It is the present policy of the Fund to make at least one distribution annually (normally in December) of all or substantially all of its net investment income and to distribute annually all or substantially all of its net realized capital gains. Distributions to shareholders are recorded on the ex-dividend date. Distributions are declared separately for each class of shares. Shareholders may reinvest income and capital gain distributions in additional shares of the same class of the Fund at the net asset value as of the ex-dividend date or, at the election of the shareholder, receive distributions in cash. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

The tax character of distributions declared for the years ended October 31, 2025 and October 31, 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$23569665 | &nbsp;&nbsp;&nbsp;&nbsp;$10448587 |

---

During the year ended October 31, 2025, distributable earnings was decreased by $9,891,928 and paid-in capital was increased by $9,891,928 due to the Fund's use of equalization accounting. Tax equalization accounting allows the Fund to treat as a distribution that portion of redemption proceeds representing a redeeming shareholder's portion of undistributed taxable income and net capital gains. These reclassifications had no effect on the net assets or net asset value per share of the Fund.

As of October 31, 2025, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$64055851 |
| Undistributed long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30641436 |
| Net unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492470140 |
| **Distributable earnings** | &nbsp;&nbsp;&nbsp;&nbsp;**$587167427** |

---

3 Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Eaton Vance Management (EVM), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory services rendered to the Fund. The investment adviser fee is computed at an annual rate as a percentage of the Fund's average daily net assets that are not invested in other investment companies for which EVM or its affiliates serve as investment adviser and receive an advisory fee as follows and is payable monthly:

---

| | |
|:---|:---|
| **Average Daily Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Annual Fee Rate** |
| Up to $500 million | &nbsp;&nbsp;&nbsp;&nbsp;1.000% |
| $500 million but less than $1 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.950% |
| $1 billion but less than $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.925% |
| $2.5 billion but less than $5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.900% |
| $5 billion and over | &nbsp;&nbsp;&nbsp;&nbsp;0.880% |

---

For the year ended October 31, 2025, the Fund incurred no investment adviser fee on such assets. Pursuant to an investment sub-advisory agreement,

EVM has delegated a portion of the investment management of the Fund to Eaton Vance Advisers International Ltd. (EVAIL), an affiliate of EVM and an indirect, wholly-owned subsidiary of Morgan Stanley. EVM pays EVAIL a portion of its investment adviser fee for sub-advisory services provided to the Fund. To the extent the Fund's assets are invested in the Portfolio, the Fund is allocated its share of the Portfolio's investment adviser fee. The Portfolio has engaged Boston Management and Research (BMR) to render investment advisory services. See Note 2 of the Portfolio's Notes to Financial Statements which are included elsewhere in this report. EVM also serves as the administrator of the Fund, but receives no compensation.

------

[**Table of Contents**](#JOB_EV_AR_52ebf622-3dc1-4593-8a49-bce9e6458a26_TOC)

Eaton Vance

Emerging and Frontier Countries Equity Fund

October 31, 2025

Notes to Financial Statements — continued

------

EVM has agreed to reimburse the Fund's expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only and excluding such expenses as brokerage commissions, acquired fund fees of unaffiliated funds, borrowing costs, taxes or litigation expenses) exceed 1.40% and 1.15% of the Fund's average daily net assets for Class A and Class I, respectively. This agreement may be changed or terminated after March 1, 2027. Pursuant to this agreement, EVM waived and/or reimbursed $1,226,557 of operating expenses for the year ended October 31, 2025.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended October 31, 2025, EVM earned $9,034 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations. The Fund was informed that Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund's principal underwriter, received $6,660 as its portion of the sales charge on sales of Class A shares for the year ended October 31, 2025. EVD also received distribution and service fees from Class A shares (see Note 4).

Trustees and officers of the Fund who are members of EVM's or BMR's organizations receive remuneration for their services to the Fund out of the investment adviser fee. Certain officers and Trustees of the Fund and the Portfolio are officers of the above organizations.

4 Distribution Plan

The Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the year ended October 31, 2025 amounted to $86,878 for Class A shares.

Distribution and service fees are subject to the limitations contained in the Financial Industry Regulatory Authority Rule 2341(d).

5 Contingent Deferred Sales Charges

Class A shares may be subject to a 1% contingent deferred sales charge (CDSC) if redeemed within 12 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the year ended October 31, 2025, the Fund was informed that EVD received no CDSCs paid by Class A shareholders.

6 Investment Transactions

For the year ended October 31, 2025, increases and decreases in the Fund's investment in the Portfolio aggregated $1,036,069,277 and $70,058,137, respectively.

7 Shares of Beneficial Interest

The Fund's Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value). Such shares may be issued in a number of different series (such as the Fund) and classes. Transactions in Fund shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2024** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 2571982 | &nbsp;&nbsp;&nbsp;&nbsp;$40825539 | &nbsp;&nbsp;&nbsp;&nbsp; 911627 | &nbsp;&nbsp;&nbsp;&nbsp;$12509028 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 27966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 395717 | &nbsp;&nbsp;&nbsp;&nbsp; 9048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116723 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (502493) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7804608) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (286118) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3976394) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp; **2097455** | &nbsp;&nbsp;&nbsp;&nbsp;**$33416648** | &nbsp;&nbsp;&nbsp;&nbsp; **634557** | &nbsp;&nbsp;&nbsp;&nbsp;**$8649357** |

---

------

[**Table of Contents**](#JOB_EV_AR_52ebf622-3dc1-4593-8a49-bce9e6458a26_TOC)

Eaton Vance

Emerging and Frontier Countries Equity Fund

October 31, 2025

Notes to Financial Statements — continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31, 2024** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;88840990 | &nbsp;&nbsp;&nbsp;&nbsp;$1415964878 | &nbsp;&nbsp;&nbsp;&nbsp;61988628 | &nbsp;&nbsp;&nbsp;&nbsp;$851751201 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 1623284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23148031 | &nbsp;&nbsp;&nbsp;&nbsp; 792954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10300468 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(30932358) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (481854710) | &nbsp;&nbsp;&nbsp;&nbsp;(15070607) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(210560613) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp;**59531916** | &nbsp;&nbsp;&nbsp;&nbsp;**$957258199** | &nbsp;&nbsp;&nbsp;&nbsp;**47710975** | &nbsp;&nbsp;&nbsp;&nbsp;**$651491056** |

---

------

[**Table of Contents**](#JOB_EV_AR_52ebf622-3dc1-4593-8a49-bce9e6458a26_TOC)

Eaton Vance

Emerging and Frontier Countries Equity Fund

October 31, 2025

Report of Independent Registered Public Accounting Firm

------

To the Trustees of Eaton Vance Mutual Funds Trust and Shareholders of Eaton Vance Emerging and Frontier Countries Equity Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Eaton Vance Emerging and Frontier Countries Equity Fund (the "Fund"), one of the funds constituting Eaton Vance Mutual Funds Trust, as of October 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 19, 2025

We have served as the auditor of one or more Eaton Vance investment companies since 1959.

------

[**Table of Contents**](#JOB_EV_AR_52ebf622-3dc1-4593-8a49-bce9e6458a26_TOC)

Eaton Vance

Emerging and Frontier Countries Equity Fund

October 31, 2025

Federal Tax Information (Unaudited)

------

The Form 1099-DIV you receive in February 2026 will show the tax status of all distributions paid to your account in calendar year 2025. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of qualified dividend income for individuals, the foreign tax credit, capital gains dividends and 163(j) interest dividends.

**Qualified Dividend Income. For the fiscal year ended October 31, 2025, the Fund designates approximately $30,673,288, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate of 15%.**

#### Foreign Tax Credit. For the fiscal year ended October 31, 2025, the Fund paid foreign taxes of $5,205,482 and recognized foreign source income of $35,322,870.
**Capital Gains Dividends. The Fund hereby designates as a capital gain dividend with respect to the taxable year ended October 31, 2025, $33,702,261 or, if subsequently determined to be different, the net capital gain of such year.**

**163(j) Interest Dividends. For the fiscal year ended October 31, 2025, the Fund designates 8.06% of distributions from net investment income as a 163(j) interest dividend.**

------

[**Table of Contents**](#JOB_EV_AR_52ebf622-3dc1-4593-8a49-bce9e6458a26_TOC)

Global Macro Capital Opportunities Portfolio

October 31, 2025

Portfolio of Investments

------

Common Stocks — 92.5%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Argentina — 4.4% | Argentina — 4.4% | Argentina — 4.4% |
| Banco BBVA Argentina SA ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405613 | &nbsp;&nbsp;$6721007 |
| Banco Macro SA ADR<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220609 | &nbsp;&nbsp;&nbsp;&nbsp; 19956290 |
| Central Puerto SA ADR<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229421 | &nbsp;&nbsp;&nbsp;&nbsp; 3569791 |
| Corp. America Airports SA<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73279 | &nbsp;&nbsp;&nbsp;&nbsp; 1623863 |
| Cresud SA ADR<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77440 | &nbsp;&nbsp;&nbsp;&nbsp; 957933 |
| Empresa Distribuidora Y Comercializadora Norte ADR<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46228 | &nbsp;&nbsp;&nbsp;&nbsp; 1539855 |
| Grupo Financiero Galicia SA ADR<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561880 | &nbsp;&nbsp;&nbsp;&nbsp; 33223964 |
| Grupo Supervielle SA ADR<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274546 | &nbsp;&nbsp;&nbsp;&nbsp; 3409861 |
| IRSA Inversiones y Representaciones SA ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58503 | &nbsp;&nbsp;&nbsp;&nbsp; 906796 |
| Loma Negra Cia Industrial Argentina SA ADR<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120549 | &nbsp;&nbsp;&nbsp;&nbsp; 1322423 |
| Pampa Energia SA ADR<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93364 | &nbsp;&nbsp;&nbsp;&nbsp; 8010631 |
| Telecom Argentina SA ADR<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204979 | &nbsp;&nbsp;&nbsp;&nbsp; 2306014 |
| Transportadora de Gas del Sur SA, Class B ADR<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159480 | &nbsp;&nbsp;&nbsp;&nbsp; 4964612 |
| Vista Energy SAB de CV ADR<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180625 | &nbsp;&nbsp;&nbsp;&nbsp; 8751281 |
| YPF SA ADR<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462813 | &nbsp;&nbsp;&nbsp;&nbsp; 16860278 |
|  |  | &nbsp;&nbsp;**$114124599** |
| Belgium — 0.3% | Belgium — 0.3% | Belgium — 0.3% |
| Cenergy Holdings SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501707 | &nbsp;&nbsp;$8313074 |
|  |  | &nbsp;&nbsp;**$8313074** |
| Brazil — 0.1% | Brazil — 0.1% | Brazil — 0.1% |
| Adecoagro SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64396 | &nbsp;&nbsp;$519032 |
| Arcos Dorados Holdings, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289298 | &nbsp;&nbsp;&nbsp;&nbsp; 2074266 |
|  |  | &nbsp;&nbsp;**$2593298** |
| Bulgaria — 0.0%<sup>†</sup> | Bulgaria — 0.0%<sup>†</sup> | Bulgaria — 0.0%<sup>†</sup> |
| Eurohold Bulgaria AD<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;944905 | &nbsp;&nbsp;$988059 |
|  |  | &nbsp;&nbsp;**$988059** |
| Canada — 0.2% | Canada — 0.2% | Canada — 0.2% |
| Amaroq Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3303400 | &nbsp;&nbsp;$3675729 |
| Lithium Argentina AG<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236665 | &nbsp;&nbsp;&nbsp;&nbsp; 996360 |
|  |  | &nbsp;&nbsp;**$4672089** |
| Chile — 5.9% | Chile — 5.9% | Chile — 5.9% |
| Banco de Chile | 148413700 | &nbsp;&nbsp;$25678854 |
| Banco de Credito e Inversiones SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291469 | &nbsp;&nbsp;&nbsp;&nbsp; 14958561 |
| Banco Santander Chile | 219600100 | &nbsp;&nbsp;&nbsp;&nbsp; 15866791 |
| Cencosud SA | &nbsp;&nbsp;&nbsp;&nbsp;4176800 | &nbsp;&nbsp;&nbsp;&nbsp; 12937272 |
| Empresas CMPC SA | &nbsp;&nbsp;&nbsp;&nbsp;3778200 | &nbsp;&nbsp;&nbsp;&nbsp; 5456352 |
| Empresas COPEC SA | &nbsp;&nbsp;&nbsp;&nbsp;1288000 | &nbsp;&nbsp;&nbsp;&nbsp; 9200935 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Chile (continued) | Chile (continued) | Chile (continued) |
| Enel Americas SA | 37256118 | &nbsp;&nbsp;$3522242 |
| Enel Chile SA | 93691114 | &nbsp;&nbsp;&nbsp;&nbsp; 7151236 |
| Falabella SA | &nbsp;&nbsp;&nbsp;&nbsp;2127800 | &nbsp;&nbsp;&nbsp;&nbsp; 13398698 |
| Latam Airlines Group SA | 823778422 | &nbsp;&nbsp;&nbsp;&nbsp; 18721771 |
| Plaza SA | &nbsp;&nbsp;&nbsp;&nbsp;1338000 | &nbsp;&nbsp;&nbsp;&nbsp; 3765104 |
| Sociedad Quimica y Minera de Chile SA, Series B, PFC Shares<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469579 | &nbsp;&nbsp;&nbsp;&nbsp; 22846924 |
|  |  | &nbsp;&nbsp;**$153504740** |
| China — 1.3% | China — 1.3% | China — 1.3% |
| Alibaba Group Holding Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785600 | &nbsp;&nbsp;$16716575 |
| Ganfeng Lithium Group Co. Ltd., Class H<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp; 18490 |
| Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212600 | &nbsp;&nbsp;&nbsp;&nbsp; 17269009 |
|  |  | &nbsp;&nbsp;**$34004074** |
| Cyprus — 3.1% | Cyprus — 3.1% | Cyprus — 3.1% |
| Bank of Cyprus Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;7448732 | &nbsp;&nbsp;$68549471 |
| Theon International PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337000 | &nbsp;&nbsp;&nbsp;&nbsp; 11880428 |
|  |  | &nbsp;&nbsp;**$80429899** |
| Georgia — 1.5% | Georgia — 1.5% | Georgia — 1.5% |
| Georgia Capital PLC<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;816886 | &nbsp;&nbsp;$27798985 |
| Lion Finance Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52183 | &nbsp;&nbsp;&nbsp;&nbsp; 5493501 |
| TBC Bank Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108473 | &nbsp;&nbsp;&nbsp;&nbsp; 6214648 |
|  |  | &nbsp;&nbsp;**$39507134** |
| Greece — 10.5% | Greece — 10.5% | Greece — 10.5% |
| Aegean Airlines SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118953 | &nbsp;&nbsp;$1805586 |
| Alpha Bank SA | &nbsp;&nbsp;&nbsp;&nbsp;8023754 | &nbsp;&nbsp;&nbsp;&nbsp; 31454792 |
| Athens International Airport SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97384 | &nbsp;&nbsp;&nbsp;&nbsp; 1124172 |
| Athens Water Supply & Sewage Co. SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106068 | &nbsp;&nbsp;&nbsp;&nbsp; 848873 |
| Autohellas Tourist & Trading SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49238 | &nbsp;&nbsp;&nbsp;&nbsp; 627867 |
| Avax SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281000 | &nbsp;&nbsp;&nbsp;&nbsp; 776278 |
| Ellaktor SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333572 | &nbsp;&nbsp;&nbsp;&nbsp; 598562 |
| Eurobank Ergasias Services and Holdings SA, Class A | &nbsp;&nbsp;&nbsp;&nbsp;9679687 | &nbsp;&nbsp;&nbsp;&nbsp; 36411141 |
| GEK TERNA SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253325 | &nbsp;&nbsp;&nbsp;&nbsp; 6761217 |
| Hellenic Exchanges - Athens Stock Exchange SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87000 | &nbsp;&nbsp;&nbsp;&nbsp; 625654 |
| Hellenic Telecommunications Organization SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621243 | &nbsp;&nbsp;&nbsp;&nbsp; 11666196 |
| Helleniq Energy Holdings SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288405 | &nbsp;&nbsp;&nbsp;&nbsp; 2536680 |
| Holding Co. ADMIE IPTO SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711857 | &nbsp;&nbsp;&nbsp;&nbsp; 2447786 |
| Ideal Holdings SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394993 | &nbsp;&nbsp;&nbsp;&nbsp; 2674225 |
| JUMBO SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403637 | &nbsp;&nbsp;&nbsp;&nbsp; 12808484 |
| LAMDA Development SA<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232506 | &nbsp;&nbsp;&nbsp;&nbsp; 1983148 |
| Metlen Energy & Metals PLC<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361731 | &nbsp;&nbsp;&nbsp;&nbsp; 18409562 |
| Motor Oil (Hellas) Corinth Refineries SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207214 | &nbsp;&nbsp;&nbsp;&nbsp; 6209694 |
| National Bank of Greece SA | &nbsp;&nbsp;&nbsp;&nbsp;3056224 | &nbsp;&nbsp;&nbsp;&nbsp; 44921958 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_52ebf622-3dc1-4593-8a49-bce9e6458a26_TOC)

Global Macro Capital Opportunities Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Greece (continued) | Greece (continued) | Greece (continued) |
| Noval Property Real Estate Investment Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413837 | &nbsp;&nbsp;$1263583 |
| OPAP SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658096 | &nbsp;&nbsp;&nbsp;&nbsp; 13605621 |
| Optima bank SA | &nbsp;&nbsp;&nbsp;&nbsp;1389042 | &nbsp;&nbsp;&nbsp;&nbsp; 12863614 |
| Piraeus Financial Holdings SA | &nbsp;&nbsp;&nbsp;&nbsp;4251258 | &nbsp;&nbsp;&nbsp;&nbsp; 33203220 |
| Public Power Corp. SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;768290 | &nbsp;&nbsp;&nbsp;&nbsp; 13343011 |
| Qualco Group SA<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1030636 | &nbsp;&nbsp;&nbsp;&nbsp; 6392585 |
| Sarantis SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126905 | &nbsp;&nbsp;&nbsp;&nbsp; 1844837 |
| Titan SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161695 | &nbsp;&nbsp;&nbsp;&nbsp; 7239930 |
| Trade Estates Real Estate Investment SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456600 | &nbsp;&nbsp;&nbsp;&nbsp; 929114 |
|  |  | &nbsp;&nbsp;**$275377390** |
| Iceland — 1.6% | Iceland — 1.6% | Iceland — 1.6% |
| Arion Banki Hf.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6550000 | &nbsp;&nbsp;$9171518 |
| Eimskipafelag Islands Hf. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707000 | &nbsp;&nbsp;&nbsp;&nbsp; 1734922 |
| Festi Hf. | &nbsp;&nbsp;&nbsp;&nbsp;1903000 | &nbsp;&nbsp;&nbsp;&nbsp; 4784678 |
| Hagar Hf. | &nbsp;&nbsp;&nbsp;&nbsp;5787000 | &nbsp;&nbsp;&nbsp;&nbsp; 5107150 |
| Hampidjan Hf. | &nbsp;&nbsp;&nbsp;&nbsp;2363000 | &nbsp;&nbsp;&nbsp;&nbsp; 2200747 |
| Heimar Hf. | 10285000 | &nbsp;&nbsp;&nbsp;&nbsp; 3093888 |
| Islandsbanki Hf. | &nbsp;&nbsp;&nbsp;&nbsp;7273000 | &nbsp;&nbsp;&nbsp;&nbsp; 7028700 |
| Kvika banki Hf. | 26333000 | &nbsp;&nbsp;&nbsp;&nbsp; 3664211 |
| Olgerdin Egill Skallagrims Hf.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8309000 | &nbsp;&nbsp;&nbsp;&nbsp; 1091116 |
| Reitir fasteignafelag Hf. | &nbsp;&nbsp;&nbsp;&nbsp;3269000 | &nbsp;&nbsp;&nbsp;&nbsp; 3251517 |
| Sjova-Almennar Tryggingar Hf. | &nbsp;&nbsp;&nbsp;&nbsp;5203000 | &nbsp;&nbsp;&nbsp;&nbsp; 1846328 |
|  |  | &nbsp;&nbsp;**$42974775** |
| India — 7.8% | India — 7.8% | India — 7.8% |
| Adani Energy Solutions Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44159 | &nbsp;&nbsp;$490090 |
| Adani Green Energy Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14178 | &nbsp;&nbsp;&nbsp;&nbsp; 181871 |
| Affle 3i Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99927 | &nbsp;&nbsp;&nbsp;&nbsp; 2169530 |
| Ambuja Cements Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340300 | &nbsp;&nbsp;&nbsp;&nbsp; 2163964 |
| Apollo Hospitals Enterprise Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34719 | &nbsp;&nbsp;&nbsp;&nbsp; 3004641 |
| Asian Paints Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88711 | &nbsp;&nbsp;&nbsp;&nbsp; 2510719 |
| Avenue Supermarts Ltd.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10455 | &nbsp;&nbsp;&nbsp;&nbsp; 488848 |
| Axis Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191077 | &nbsp;&nbsp;&nbsp;&nbsp; 2651672 |
| Bajaj Finance Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221260 | &nbsp;&nbsp;&nbsp;&nbsp; 2598611 |
| Bharti Airtel Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285405 | &nbsp;&nbsp;&nbsp;&nbsp; 6608890 |
| Brightcom Group Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2938392 | &nbsp;&nbsp;&nbsp;&nbsp; 449386 |
| Cipla Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24973 | &nbsp;&nbsp;&nbsp;&nbsp; 422289 |
| Dabur India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262200 | &nbsp;&nbsp;&nbsp;&nbsp; 1439443 |
| Divi's Laboratories Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6252 | &nbsp;&nbsp;&nbsp;&nbsp; 474644 |
| DLF Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171000 | &nbsp;&nbsp;&nbsp;&nbsp; 1455687 |
| Dr. Reddy's Laboratories Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45130 | &nbsp;&nbsp;&nbsp;&nbsp; 607236 |
| Easy Trip Planners Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1465292 | &nbsp;&nbsp;&nbsp;&nbsp; 130849 |
| Eicher Motors Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16790 | &nbsp;&nbsp;&nbsp;&nbsp; 1324100 |
| Eternal Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4041510 | &nbsp;&nbsp;&nbsp;&nbsp; 14423822 |
| Fortis Healthcare Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118900 | &nbsp;&nbsp;&nbsp;&nbsp; 1369414 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| India (continued) | India (continued) | India (continued) |
| FSN E-Commerce Ventures Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1617207 | &nbsp;&nbsp;$4513000 |
| GAIL (India) Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88026 | &nbsp;&nbsp;&nbsp;&nbsp; 181097 |
| Godrej Consumer Products Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54300 | &nbsp;&nbsp;&nbsp;&nbsp; 683879 |
| Godrej Properties Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23800 | &nbsp;&nbsp;&nbsp;&nbsp; 612804 |
| Grasim Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14023 | &nbsp;&nbsp;&nbsp;&nbsp; 456425 |
| Happiest Minds Technologies Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138050 | &nbsp;&nbsp;&nbsp;&nbsp; 801021 |
| Havells India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9907 | &nbsp;&nbsp;&nbsp;&nbsp; 166704 |
| HCL Technologies Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77742 | &nbsp;&nbsp;&nbsp;&nbsp; 1348912 |
| HDFC Asset Management Co. Ltd.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22400 | &nbsp;&nbsp;&nbsp;&nbsp; 1356822 |
| HDFC Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1091638 | &nbsp;&nbsp;&nbsp;&nbsp; 12137750 |
| HDFC Life Insurance Co. Ltd.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382900 | &nbsp;&nbsp;&nbsp;&nbsp; 3153891 |
| Hero MotoCorp Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23400 | &nbsp;&nbsp;&nbsp;&nbsp; 1460635 |
| Hindalco Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214409 | &nbsp;&nbsp;&nbsp;&nbsp; 2044992 |
| Hindustan Unilever Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114830 | &nbsp;&nbsp;&nbsp;&nbsp; 3189087 |
| ICICI Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504874 | &nbsp;&nbsp;&nbsp;&nbsp; 7650172 |
| ICICI Prudential Life Insurance Co. Ltd.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219900 | &nbsp;&nbsp;&nbsp;&nbsp; 1463441 |
| IDFC First Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2276000 | &nbsp;&nbsp;&nbsp;&nbsp; 2095667 |
| IndiaMart InterMesh Ltd.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57341 | &nbsp;&nbsp;&nbsp;&nbsp; 1589529 |
| Indian Railway Catering & Tourism Corp. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319136 | &nbsp;&nbsp;&nbsp;&nbsp; 2582534 |
| Info Edge India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31905 | &nbsp;&nbsp;&nbsp;&nbsp; 495027 |
| Infosys Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634901 | &nbsp;&nbsp;&nbsp;&nbsp; 10578777 |
| Inox Wind Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19962 | &nbsp;&nbsp;&nbsp;&nbsp; 34866 |
| Intellect Design Arena Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150656 | &nbsp;&nbsp;&nbsp;&nbsp; 1922330 |
| ITC Hotels Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4344 | &nbsp;&nbsp;&nbsp;&nbsp; 10604 |
| ITC Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573245 | &nbsp;&nbsp;&nbsp;&nbsp; 2713471 |
| Jindal Steel Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142691 | &nbsp;&nbsp;&nbsp;&nbsp; 1713133 |
| Jio Financial Services Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44476 | &nbsp;&nbsp;&nbsp;&nbsp; 153719 |
| JSW Energy Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100600 | &nbsp;&nbsp;&nbsp;&nbsp; 597372 |
| JSW Steel Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147783 | &nbsp;&nbsp;&nbsp;&nbsp; 2006731 |
| Jubilant Foodworks Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369318 | &nbsp;&nbsp;&nbsp;&nbsp; 2485761 |
| Kotak Mahindra Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84204 | &nbsp;&nbsp;&nbsp;&nbsp; 1994691 |
| KPIT Technologies Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119000 | &nbsp;&nbsp;&nbsp;&nbsp; 1562893 |
| Larsen & Toubro Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76893 | &nbsp;&nbsp;&nbsp;&nbsp; 3488976 |
| Lodha Developers Ltd.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158400 | &nbsp;&nbsp;&nbsp;&nbsp; 2139707 |
| LTIMindtree Ltd.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3328 | &nbsp;&nbsp;&nbsp;&nbsp; 212882 |
| Mahindra & Mahindra Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110746 | &nbsp;&nbsp;&nbsp;&nbsp; 4348781 |
| Mankind Pharma Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34600 | &nbsp;&nbsp;&nbsp;&nbsp; 928757 |
| Marico Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182100 | &nbsp;&nbsp;&nbsp;&nbsp; 1476138 |
| Maruti Suzuki India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21857 | &nbsp;&nbsp;&nbsp;&nbsp; 3980500 |
| Max Healthcare Institute Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111900 | &nbsp;&nbsp;&nbsp;&nbsp; 1446574 |
| Mphasis Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3178 | &nbsp;&nbsp;&nbsp;&nbsp; 98782 |
| Muthoot Finance Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39700 | &nbsp;&nbsp;&nbsp;&nbsp; 1422457 |
| Nazara Technologies Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247148 | &nbsp;&nbsp;&nbsp;&nbsp; 742785 |
| Nestle India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55406 | &nbsp;&nbsp;&nbsp;&nbsp; 794107 |
| Nippon Life India Asset Management Ltd.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143900 | &nbsp;&nbsp;&nbsp;&nbsp; 1416979 |
| NTPC Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365456 | &nbsp;&nbsp;&nbsp;&nbsp; 1386172 |

---

*13*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_52ebf622-3dc1-4593-8a49-bce9e6458a26_TOC)

Global Macro Capital Opportunities Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| India (continued) | India (continued) | India (continued) |
| Oberoi Realty Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80800 | &nbsp;&nbsp;$1617696 |
| Oil & Natural Gas Corp. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352901 | &nbsp;&nbsp;&nbsp;&nbsp; 1015560 |
| One 97 Communications Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101200 | &nbsp;&nbsp;&nbsp;&nbsp; 1483877 |
| Persistent Systems Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96300 | &nbsp;&nbsp;&nbsp;&nbsp; 6408584 |
| Petronet LNG Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28740 | &nbsp;&nbsp;&nbsp;&nbsp; 91004 |
| PI Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22263 | &nbsp;&nbsp;&nbsp;&nbsp; 897007 |
| Power Grid Corp. of India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390517 | &nbsp;&nbsp;&nbsp;&nbsp; 1267026 |
| Reliance Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591110 | &nbsp;&nbsp;&nbsp;&nbsp; 9890950 |
| Route Mobile Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49350 | &nbsp;&nbsp;&nbsp;&nbsp; 395921 |
| SBI Life Insurance Co. Ltd.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70300 | &nbsp;&nbsp;&nbsp;&nbsp; 1546746 |
| Shriram Finance Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125500 | &nbsp;&nbsp;&nbsp;&nbsp; 1058341 |
| Spandana Sphoorty Financial Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15205 | &nbsp;&nbsp;&nbsp;&nbsp; 21505 |
| SRF Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5781 | &nbsp;&nbsp;&nbsp;&nbsp; 190813 |
| State Bank of India | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295592 | &nbsp;&nbsp;&nbsp;&nbsp; 3120700 |
| Sun Pharmaceutical Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72699 | &nbsp;&nbsp;&nbsp;&nbsp; 1385849 |
| Tanla Platforms Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101227 | &nbsp;&nbsp;&nbsp;&nbsp; 695621 |
| Tata Consultancy Services Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191359 | &nbsp;&nbsp;&nbsp;&nbsp; 6585947 |
| Tata Consumer Products Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205547 | &nbsp;&nbsp;&nbsp;&nbsp; 2696482 |
| Tata Elxsi Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1296 | &nbsp;&nbsp;&nbsp;&nbsp; 79602 |
| Tata Motors Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101464 | &nbsp;&nbsp;&nbsp;&nbsp; 298033 |
| Tata Motors Passenger Vehicles Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101464 | &nbsp;&nbsp;&nbsp;&nbsp; 468310 |
| Tata Steel Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1171033 | &nbsp;&nbsp;&nbsp;&nbsp; 2410004 |
| Tech Mahindra Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42067 | &nbsp;&nbsp;&nbsp;&nbsp; 674282 |
| Titan Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33836 | &nbsp;&nbsp;&nbsp;&nbsp; 1427806 |
| Trent Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14564 | &nbsp;&nbsp;&nbsp;&nbsp; 769303 |
| Tube Investments of India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4113 | &nbsp;&nbsp;&nbsp;&nbsp; 139915 |
| TVS Motor Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74600 | &nbsp;&nbsp;&nbsp;&nbsp; 2946308 |
| UltraTech Cement Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20809 | &nbsp;&nbsp;&nbsp;&nbsp; 2798195 |
| UPL Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20280 | &nbsp;&nbsp;&nbsp;&nbsp; 164475 |
| Varun Beverages Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351047 | &nbsp;&nbsp;&nbsp;&nbsp; 1855069 |
| Wipro Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2410642 | &nbsp;&nbsp;&nbsp;&nbsp; 6528468 |
|  |  | &nbsp;&nbsp;**$203536439** |
| Kuwait — 3.1% | Kuwait — 3.1% | Kuwait — 3.1% |
| Boubyan Bank KSCP | &nbsp;&nbsp;&nbsp;&nbsp;1851250 | &nbsp;&nbsp;$4319777 |
| Gulf Bank KSCP | &nbsp;&nbsp;&nbsp;&nbsp;2379524 | &nbsp;&nbsp;&nbsp;&nbsp; 2718646 |
| Kuwait Finance House KSCP | 13068480 | &nbsp;&nbsp;&nbsp;&nbsp; 34215134 |
| Mabanee Co. KPSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;819520 | &nbsp;&nbsp;&nbsp;&nbsp; 2691403 |
| Mobile Telecommunications Co. KSCP | &nbsp;&nbsp;&nbsp;&nbsp;2324600 | &nbsp;&nbsp;&nbsp;&nbsp; 4017401 |
| National Bank of Kuwait SAKP | &nbsp;&nbsp;&nbsp;&nbsp;9989636 | &nbsp;&nbsp;&nbsp;&nbsp; 34211971 |
|  |  | &nbsp;&nbsp;**$82174332** |
| Luxembourg — 0.3% | Luxembourg — 0.3% | Luxembourg — 0.3% |
| Alvotech SA<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;871300 | &nbsp;&nbsp;$6583817 |
| Reinet Investments SCA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59600 | &nbsp;&nbsp;&nbsp;&nbsp; 1908776 |
|  |  | &nbsp;&nbsp;**$8492593** |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Malaysia — 0.0%<sup>†</sup> | Malaysia — 0.0%<sup>†</sup> | Malaysia — 0.0%<sup>†</sup> |
| Gamuda Bhd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30405 | &nbsp;&nbsp;$36517 |
| Kuala Lumpur Kepong Bhd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888 | &nbsp;&nbsp;&nbsp;&nbsp; 4343 |
| QL Resources Bhd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 743 |
|  |  | &nbsp;&nbsp;**$41603** |
| Myanmar — 0.1% | Myanmar — 0.1% | Myanmar — 0.1% |
| Yoma Strategic Holdings Ltd.<sup>(1)</sup> | 30000000 | &nbsp;&nbsp;$1890212 |
|  |  | &nbsp;&nbsp;**$1890212** |
| Nigeria — 1.8% | Nigeria — 1.8% | Nigeria — 1.8% |
| Access Holdings PLC | 180636000 | &nbsp;&nbsp;$3076532 |
| Dangote Cement PLC | &nbsp;&nbsp;&nbsp;&nbsp;6821000 | &nbsp;&nbsp;&nbsp;&nbsp; 2863889 |
| Fidelity Bank PLC | 201131544 | &nbsp;&nbsp;&nbsp;&nbsp; 2673531 |
| First HoldCo PLC | 126904487 | &nbsp;&nbsp;&nbsp;&nbsp; 2798241 |
| Guaranty Trust Holding Co. PLC | 112413000 | &nbsp;&nbsp;&nbsp;&nbsp; 7014694 |
| Guaranty Trust Holding Co. PLC | 40000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2695160 |
| MTN Nigeria Communications PLC<sup>(1)</sup> | 10899410 | &nbsp;&nbsp;&nbsp;&nbsp; 3773529 |
| Nestle Nigeria PLC<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370301 | &nbsp;&nbsp;&nbsp;&nbsp; 465587 |
| Nigerian Breweries PLC<sup>(1)</sup> | 38842000 | &nbsp;&nbsp;&nbsp;&nbsp; 1943600 |
| Oando PLC<sup>(1)</sup> | 37158943 | &nbsp;&nbsp;&nbsp;&nbsp; 1253215 |
| Presco PLC | &nbsp;&nbsp;&nbsp;&nbsp;1545000 | &nbsp;&nbsp;&nbsp;&nbsp; 1587706 |
| SEPLAT Energy PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835000 | &nbsp;&nbsp;&nbsp;&nbsp; 3493324 |
| Stanbic IBTC Holdings PLC | 18733000 | &nbsp;&nbsp;&nbsp;&nbsp; 1474264 |
| Transnational Corp. of Nigeria PLC | 10663709 | &nbsp;&nbsp;&nbsp;&nbsp; 373096 |
| United Bank for Africa PLC | 132464318 | &nbsp;&nbsp;&nbsp;&nbsp; 3708684 |
| Zenith Bank PLC | 146664000 | &nbsp;&nbsp;&nbsp;&nbsp; 6452684 |
|  |  | &nbsp;&nbsp;**$45647736** |
| Oman — 1.0% | Oman — 1.0% | Oman — 1.0% |
| Asyad Shipping Co. | &nbsp;&nbsp;&nbsp;&nbsp;3677800 | &nbsp;&nbsp;$1664079 |
| Bank Muscat SAOG | &nbsp;&nbsp;&nbsp;&nbsp;6093600 | &nbsp;&nbsp;&nbsp;&nbsp; 5351638 |
| Bank Nizwa SAOG | &nbsp;&nbsp;&nbsp;&nbsp;3684900 | &nbsp;&nbsp;&nbsp;&nbsp; 987100 |
| National Bank of Oman SAOG | &nbsp;&nbsp;&nbsp;&nbsp;1116300 | &nbsp;&nbsp;&nbsp;&nbsp; 1057709 |
| Oman Telecommunications Co. SAOG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;998800 | &nbsp;&nbsp;&nbsp;&nbsp; 2693282 |
| Ominvest SAOG | &nbsp;&nbsp;&nbsp;&nbsp;1152500 | &nbsp;&nbsp;&nbsp;&nbsp; 936080 |
| OQ Base Industries SAOG | &nbsp;&nbsp;&nbsp;&nbsp;5027100 | &nbsp;&nbsp;&nbsp;&nbsp; 2273155 |
| OQ Exploration & Production SAOG | &nbsp;&nbsp;&nbsp;&nbsp;5151000 | &nbsp;&nbsp;&nbsp;&nbsp; 4730960 |
| OQ Gas Networks SAOC | &nbsp;&nbsp;&nbsp;&nbsp;6403400 | &nbsp;&nbsp;&nbsp;&nbsp; 3064352 |
| Sohar International Bank SAOG | &nbsp;&nbsp;&nbsp;&nbsp;9616900 | &nbsp;&nbsp;&nbsp;&nbsp; 4003658 |
|  |  | &nbsp;&nbsp;**$26762013** |
| Pakistan — 1.7% | Pakistan — 1.7% | Pakistan — 1.7% |
| Bank Al Habib Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2213300 | &nbsp;&nbsp;$1519820 |
| Bank Alfalah Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1687000 | &nbsp;&nbsp;&nbsp;&nbsp; 669787 |
| Engro Fertilizers Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1892500 | &nbsp;&nbsp;&nbsp;&nbsp; 1400806 |
| Engro Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2058642 | &nbsp;&nbsp;&nbsp;&nbsp; 1604807 |

---

*14*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_52ebf622-3dc1-4593-8a49-bce9e6458a26_TOC)

Global Macro Capital Opportunities Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Pakistan (continued) | Pakistan (continued) | Pakistan (continued) |
| Fauji Fertilizer Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1778200 | &nbsp;&nbsp;$3100894 |
| Habib Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1895600 | &nbsp;&nbsp;&nbsp;&nbsp; 2046103 |
| Hub Power Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;3273300 | &nbsp;&nbsp;&nbsp;&nbsp; 2530793 |
| Interloop Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1375600 | &nbsp;&nbsp;&nbsp;&nbsp; 405857 |
| Lucky Cement Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1438000 | &nbsp;&nbsp;&nbsp;&nbsp; 2357207 |
| Mari Energies Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593000 | &nbsp;&nbsp;&nbsp;&nbsp; 1479238 |
| MCB Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;911200 | &nbsp;&nbsp;&nbsp;&nbsp; 1178414 |
| Millat Tractors Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397311 | &nbsp;&nbsp;&nbsp;&nbsp; 710776 |
| Oil & Gas Development Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1895300 | &nbsp;&nbsp;&nbsp;&nbsp; 1739635 |
| Pakistan Oilfields Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344100 | &nbsp;&nbsp;&nbsp;&nbsp; 729459 |
| Pakistan Petroleum Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1883000 | &nbsp;&nbsp;&nbsp;&nbsp; 1257123 |
| Pakistan State Oil Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;786200 | &nbsp;&nbsp;&nbsp;&nbsp; 1257053 |
| SUI Northern Gas Pipeline | &nbsp;&nbsp;&nbsp;&nbsp;1067100 | &nbsp;&nbsp;&nbsp;&nbsp; 495304 |
| Systems Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1830500 | &nbsp;&nbsp;&nbsp;&nbsp; 1004254 |
| TRG Pakistan<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1518600 | &nbsp;&nbsp;&nbsp;&nbsp; 396632 |
| VEON Ltd. ADR<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367388 | &nbsp;&nbsp;&nbsp;&nbsp; 17689732 |
|  |  | &nbsp;&nbsp;**$43573694** |
| Philippines — 2.3% | Philippines — 2.3% | Philippines — 2.3% |
| Ayala Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368880 | &nbsp;&nbsp;$2931436 |
| Ayala Land, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5410000 | &nbsp;&nbsp;&nbsp;&nbsp; 1827470 |
| Bank of the Philippine Islands | &nbsp;&nbsp;&nbsp;&nbsp;3390710 | &nbsp;&nbsp;&nbsp;&nbsp; 6072146 |
| BDO Unibank, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3684500 | &nbsp;&nbsp;&nbsp;&nbsp; 8356231 |
| Converge Information & Communications Technology Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3062600 | &nbsp;&nbsp;&nbsp;&nbsp; 663065 |
| GT Capital Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177870 | &nbsp;&nbsp;&nbsp;&nbsp; 1649852 |
| International Container Terminal Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1797260 | &nbsp;&nbsp;&nbsp;&nbsp; 16210178 |
| JG Summit Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4628100 | &nbsp;&nbsp;&nbsp;&nbsp; 1882310 |
| Jollibee Foods Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;921020 | &nbsp;&nbsp;&nbsp;&nbsp; 3388600 |
| Metropolitan Bank & Trust Co. | &nbsp;&nbsp;&nbsp;&nbsp;2717440 | &nbsp;&nbsp;&nbsp;&nbsp; 3185241 |
| PLDT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144530 | &nbsp;&nbsp;&nbsp;&nbsp; 2746848 |
| SM Investments Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211790 | &nbsp;&nbsp;&nbsp;&nbsp; 2620754 |
| SM Prime Holdings, Inc. | 19967400 | &nbsp;&nbsp;&nbsp;&nbsp; 7600234 |
|  |  | &nbsp;&nbsp;**$59134365** |
| Romania — 0.1% | Romania — 0.1% | Romania — 0.1% |
| NEPI Rockcastle NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267180 | &nbsp;&nbsp;$2166760 |
|  |  | &nbsp;&nbsp;**$2166760** |
| Slovenia — 2.0% | Slovenia — 2.0% | Slovenia — 2.0% |
| Nova Ljubljanska Banka DD<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72121 | &nbsp;&nbsp;$14597775 |
| Nova Ljubljanska Banka DD GDR<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;949166 | &nbsp;&nbsp;&nbsp;&nbsp; 38081876 |
|  |  | &nbsp;&nbsp;**$52679651** |
| South Africa — 4.1% | South Africa — 4.1% | South Africa — 4.1% |
| Absa Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362500 | &nbsp;&nbsp;$4050532 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| South Africa (continued) | South Africa (continued) | South Africa (continued) |
| Aspen Pharmacare Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122100 | &nbsp;&nbsp;$691582 |
| Bid Corp. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144200 | &nbsp;&nbsp;&nbsp;&nbsp; 3569553 |
| Bidvest Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141800 | &nbsp;&nbsp;&nbsp;&nbsp; 1844583 |
| Capitec Bank Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37949 | &nbsp;&nbsp;&nbsp;&nbsp; 8396119 |
| Clicks Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103200 | &nbsp;&nbsp;&nbsp;&nbsp; 2175970 |
| Discovery Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230900 | &nbsp;&nbsp;&nbsp;&nbsp; 2900975 |
| E Media Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68360 | &nbsp;&nbsp;&nbsp;&nbsp; 7725 |
| FirstRand Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2155000 | &nbsp;&nbsp;&nbsp;&nbsp; 10227406 |
| Gold Fields Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403400 | &nbsp;&nbsp;&nbsp;&nbsp; 15553522 |
| Harmony Gold Mining Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269200 | &nbsp;&nbsp;&nbsp;&nbsp; 4479102 |
| Impala Platinum Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386200 | &nbsp;&nbsp;&nbsp;&nbsp; 4138900 |
| Kumba Iron Ore Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20700 | &nbsp;&nbsp;&nbsp;&nbsp; 412262 |
| MTN Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;756300 | &nbsp;&nbsp;&nbsp;&nbsp; 7555824 |
| Nedbank Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193300 | &nbsp;&nbsp;&nbsp;&nbsp; 2635217 |
| Old Mutual Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1832600 | &nbsp;&nbsp;&nbsp;&nbsp; 1433009 |
| OUTsurance Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368500 | &nbsp;&nbsp;&nbsp;&nbsp; 1550755 |
| Pepkor Holdings Ltd.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1536386 | &nbsp;&nbsp;&nbsp;&nbsp; 2342557 |
| Remgro Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212900 | &nbsp;&nbsp;&nbsp;&nbsp; 2111611 |
| Sanlam Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775200 | &nbsp;&nbsp;&nbsp;&nbsp; 4067932 |
| Sasol Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231300 | &nbsp;&nbsp;&nbsp;&nbsp; 1447146 |
| Shoprite Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213500 | &nbsp;&nbsp;&nbsp;&nbsp; 3571141 |
| Sibanye Stillwater Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1231000 | &nbsp;&nbsp;&nbsp;&nbsp; 3266704 |
| Standard Bank Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563800 | &nbsp;&nbsp;&nbsp;&nbsp; 8290588 |
| Valterra Platinum Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116100 | &nbsp;&nbsp;&nbsp;&nbsp; 7180693 |
| Vodacom Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283000 | &nbsp;&nbsp;&nbsp;&nbsp; 2290957 |
| Woolworths Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307000 | &nbsp;&nbsp;&nbsp;&nbsp; 926944 |
|  |  | &nbsp;&nbsp;**$107119309** |
| South Korea — 14.3% | South Korea — 14.3% | South Korea — 14.3% |
| Celltrion, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32358 | &nbsp;&nbsp;$3982805 |
| CJ CheilJedang Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8500 | &nbsp;&nbsp;&nbsp;&nbsp; 1366985 |
| Coway Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41000 | &nbsp;&nbsp;&nbsp;&nbsp; 2563721 |
| Doosan Enerbility Co. Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127109 | &nbsp;&nbsp;&nbsp;&nbsp; 7866907 |
| GS Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53600 | &nbsp;&nbsp;&nbsp;&nbsp; 1801577 |
| Hana Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88200 | &nbsp;&nbsp;&nbsp;&nbsp; 5283936 |
| Hanwha Aerospace Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16300 | &nbsp;&nbsp;&nbsp;&nbsp; 11180571 |
| HD Hyundai Heavy Industries Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp; 6316803 |
| HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19100 | &nbsp;&nbsp;&nbsp;&nbsp; 6348468 |
| Hyundai Mobis Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52000 | &nbsp;&nbsp;&nbsp;&nbsp; 11499148 |
| Hyundai Rotem Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35500 | &nbsp;&nbsp;&nbsp;&nbsp; 5735431 |
| Industrial Bank of Korea | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236400 | &nbsp;&nbsp;&nbsp;&nbsp; 3203684 |
| Kakao Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150200 | &nbsp;&nbsp;&nbsp;&nbsp; 6845321 |
| Kangwon Land, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127100 | &nbsp;&nbsp;&nbsp;&nbsp; 1504754 |
| KB Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183300 | &nbsp;&nbsp;&nbsp;&nbsp; 14963436 |
| KT&G Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67500 | &nbsp;&nbsp;&nbsp;&nbsp; 6352547 |
| LG Uplus Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255100 | &nbsp;&nbsp;&nbsp;&nbsp; 2726916 |

---

*15*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_52ebf622-3dc1-4593-8a49-bce9e6458a26_TOC)

Global Macro Capital Opportunities Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| South Korea (continued) | South Korea (continued) | South Korea (continued) |
| Meritz Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56700 | &nbsp;&nbsp;$4393911 |
| NAVER Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89169 | &nbsp;&nbsp;&nbsp;&nbsp; 16711712 |
| Samsung C&T Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93800 | &nbsp;&nbsp;&nbsp;&nbsp; 14843966 |
| Samsung Electro-Mechanics Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21300 | &nbsp;&nbsp;&nbsp;&nbsp; 3651258 |
| Samsung Electronics Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1767483 | &nbsp;&nbsp;&nbsp;&nbsp; 133049372 |
| Samsung Fire & Marine Insurance Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14200 | &nbsp;&nbsp;&nbsp;&nbsp; 4394961 |
| Samsung Life Insurance Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59800 | &nbsp;&nbsp;&nbsp;&nbsp; 6462540 |
| Shinhan Financial Group Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157400 | &nbsp;&nbsp;&nbsp;&nbsp; 8084462 |
| SK Hynix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191100 | &nbsp;&nbsp;&nbsp;&nbsp; 74355754 |
| SK Telecom Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115400 | &nbsp;&nbsp;&nbsp;&nbsp; 4225010 |
| Woori Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219600 | &nbsp;&nbsp;&nbsp;&nbsp; 3909252 |
|  |  | &nbsp;&nbsp;**$373625208** |
| Spain — 0.0%<sup>†</sup> | Spain — 0.0%<sup>†</sup> | Spain — 0.0%<sup>†</sup> |
| Ecogas Inversiones SA GDR<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181105 | &nbsp;&nbsp;$21982 |
|  |  | &nbsp;&nbsp;**$21982** |
| Taiwan — 6.7% | Taiwan — 6.7% | Taiwan — 6.7% |
| Accton Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;$1564951 |
| Advantech Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42000 | &nbsp;&nbsp;&nbsp;&nbsp; 426610 |
| Alchip Technologies Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp; 788612 |
| ASE Technology Holding Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302000 | &nbsp;&nbsp;&nbsp;&nbsp; 2416230 |
| Asia Vital Components Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29000 | &nbsp;&nbsp;&nbsp;&nbsp; 1327639 |
| Asustek Computer, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64000 | &nbsp;&nbsp;&nbsp;&nbsp; 1445856 |
| Cathay Financial Holding Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;839000 | &nbsp;&nbsp;&nbsp;&nbsp; 1741170 |
| Chailease Holding Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138491 | &nbsp;&nbsp;&nbsp;&nbsp; 462916 |
| China Steel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1116000 | &nbsp;&nbsp;&nbsp;&nbsp; 673399 |
| Chunghwa Telecom Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345000 | &nbsp;&nbsp;&nbsp;&nbsp; 1470029 |
| Compal Electronics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;&nbsp; 288509 |
| CTBC Financial Holding Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1508000 | &nbsp;&nbsp;&nbsp;&nbsp; 2047988 |
| Delta Electronics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177000 | &nbsp;&nbsp;&nbsp;&nbsp; 5693004 |
| E Ink Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78000 | &nbsp;&nbsp;&nbsp;&nbsp; 535853 |
| E.Sun Financial Holding Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1319699 | &nbsp;&nbsp;&nbsp;&nbsp; 1274757 |
| Elite Material Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27000 | &nbsp;&nbsp;&nbsp;&nbsp; 1186264 |
| eMemory Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp; 386387 |
| Evergreen Marine Corp. Taiwan Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp; 627312 |
| Far EasTone Telecommunications Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162000 | &nbsp;&nbsp;&nbsp;&nbsp; 486510 |
| First Financial Holding Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1039760 | &nbsp;&nbsp;&nbsp;&nbsp; 964440 |
| Formosa Chemicals & Fibre Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276000 | &nbsp;&nbsp;&nbsp;&nbsp; 261163 |
| Formosa Plastics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381000 | &nbsp;&nbsp;&nbsp;&nbsp; 470819 |
| Fubon Financial Holding Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753990 | &nbsp;&nbsp;&nbsp;&nbsp; 2231483 |
| Gigabyte Technology Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48000 | &nbsp;&nbsp;&nbsp;&nbsp; 435136 |
| Hon Hai Precision Industry Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1117000 | &nbsp;&nbsp;&nbsp;&nbsp; 9290515 |
| Hotai Motor Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28000 | &nbsp;&nbsp;&nbsp;&nbsp; 513336 |
| Hua Nan Financial Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810565 | &nbsp;&nbsp;&nbsp;&nbsp; 769045 |
| International Games System Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23000 | &nbsp;&nbsp;&nbsp;&nbsp; 537444 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Taiwan (continued) | Taiwan (continued) | Taiwan (continued) |
| KGI Financial Holding Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1472580 | &nbsp;&nbsp;$759618 |
| Largan Precision Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp; 645968 |
| Lite-On Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191000 | &nbsp;&nbsp;&nbsp;&nbsp; 1108084 |
| MediaTek, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138000 | &nbsp;&nbsp;&nbsp;&nbsp; 5852500 |
| Mega Financial Holding Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1067750 | &nbsp;&nbsp;&nbsp;&nbsp; 1403765 |
| Nan Ya Plastics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478000 | &nbsp;&nbsp;&nbsp;&nbsp; 643198 |
| Novatek Microelectronics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53000 | &nbsp;&nbsp;&nbsp;&nbsp; 675280 |
| Pegatron Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp; 433042 |
| PharmaEssentia Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25523 | &nbsp;&nbsp;&nbsp;&nbsp; 412349 |
| President Chain Store Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52000 | &nbsp;&nbsp;&nbsp;&nbsp; 402687 |
| Quanta Computer, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243000 | &nbsp;&nbsp;&nbsp;&nbsp; 2356670 |
| Realtek Semiconductor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44000 | &nbsp;&nbsp;&nbsp;&nbsp; 734741 |
| Shanghai Commercial & Savings Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357000 | &nbsp;&nbsp;&nbsp;&nbsp; 459568 |
| SinoPac Financial Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1014767 | &nbsp;&nbsp;&nbsp;&nbsp; 844685 |
| Taiwan Cooperative Financial Holding Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;992394 | &nbsp;&nbsp;&nbsp;&nbsp; 766968 |
| Taiwan Mobile Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159000 | &nbsp;&nbsp;&nbsp;&nbsp; 565858 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2212000 | &nbsp;&nbsp;&nbsp;&nbsp; 106971582 |
| TCC Group Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611000 | &nbsp;&nbsp;&nbsp;&nbsp; 438377 |
| TS Financial Holding Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1973608 | &nbsp;&nbsp;&nbsp;&nbsp; 1198978 |
| TS Financial Holding Co. Ltd., PFC Shares<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237825 | &nbsp;&nbsp;&nbsp;&nbsp; 71336 |
| Unimicron Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118000 | &nbsp;&nbsp;&nbsp;&nbsp; 621924 |
| Uni-President Enterprises Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434000 | &nbsp;&nbsp;&nbsp;&nbsp; 1108835 |
| United Microelectronics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1032000 | &nbsp;&nbsp;&nbsp;&nbsp; 1558554 |
| Wistron Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249000 | &nbsp;&nbsp;&nbsp;&nbsp; 1206734 |
| Wiwynn Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 1410196 |
| Yageo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151952 | &nbsp;&nbsp;&nbsp;&nbsp; 1223041 |
| Yuanta Financial Holding Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;973473 | &nbsp;&nbsp;&nbsp;&nbsp; 1089944 |
|  |  | &nbsp;&nbsp;**$175281859** |
| Togo — 0.0%<sup>†</sup> | Togo — 0.0%<sup>†</sup> | Togo — 0.0%<sup>†</sup> |
| Ecobank Transnational, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115300 | &nbsp;&nbsp;$3133 |
|  |  | &nbsp;&nbsp;**$3133** |
| United Arab Emirates — 4.4% | United Arab Emirates — 4.4% | United Arab Emirates — 4.4% |
| Abu Dhabi Commercial Bank PJSC | &nbsp;&nbsp;&nbsp;&nbsp;2152331 | &nbsp;&nbsp;$8444237 |
| Abu Dhabi Islamic Bank PJSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990227 | &nbsp;&nbsp;&nbsp;&nbsp; 5689970 |
| Abu Dhabi National Oil Co. for Distribution PJSC | &nbsp;&nbsp;&nbsp;&nbsp;1932676 | &nbsp;&nbsp;&nbsp;&nbsp; 1888845 |
| ADNOC Logistics & Services | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3124140 |
| Agthia Group PJSC | &nbsp;&nbsp;&nbsp;&nbsp;2220832 | &nbsp;&nbsp;&nbsp;&nbsp; 2338945 |
| Air Arabia PJSC | &nbsp;&nbsp;&nbsp;&nbsp;4642425 | &nbsp;&nbsp;&nbsp;&nbsp; 4926022 |
| Al Ansari Financial Services PJSC | &nbsp;&nbsp;&nbsp;&nbsp;1805311 | &nbsp;&nbsp;&nbsp;&nbsp; 479868 |
| Al Waha Capital PJSC | &nbsp;&nbsp;&nbsp;&nbsp;6168401 | &nbsp;&nbsp;&nbsp;&nbsp; 2854774 |
| Aldar Properties PJSC | &nbsp;&nbsp;&nbsp;&nbsp;4332652 | &nbsp;&nbsp;&nbsp;&nbsp; 10615500 |
| Amanat Holdings PJSC | 10123250 | &nbsp;&nbsp;&nbsp;&nbsp; 3168414 |
| Americana Restaurants International PLC | &nbsp;&nbsp;&nbsp;&nbsp;1335869 | &nbsp;&nbsp;&nbsp;&nbsp; 760365 |
| Deyaar Development PJSC | 16085701 | &nbsp;&nbsp;&nbsp;&nbsp; 4517332 |

---

*16*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_52ebf622-3dc1-4593-8a49-bce9e6458a26_TOC)

Global Macro Capital Opportunities Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| United Arab Emirates (continued) | United Arab Emirates (continued) | United Arab Emirates (continued) |
| Dubai Electricity & Water Authority PJSC | &nbsp;&nbsp;&nbsp;&nbsp;1988024 | &nbsp;&nbsp;$1504073 |
| Dubai Islamic Bank PJSC | &nbsp;&nbsp;&nbsp;&nbsp;1955614 | &nbsp;&nbsp;&nbsp;&nbsp; 5058813 |
| Emaar Properties PJSC | &nbsp;&nbsp;&nbsp;&nbsp;5225625 | &nbsp;&nbsp;&nbsp;&nbsp; 20221306 |
| Emirates NBD Bank PJSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960687 | &nbsp;&nbsp;&nbsp;&nbsp; 7351062 |
| Emirates Telecommunications Group Co. PJSC | &nbsp;&nbsp;&nbsp;&nbsp;2102157 | &nbsp;&nbsp;&nbsp;&nbsp; 11098930 |
| First Abu Dhabi Bank PJSC | &nbsp;&nbsp;&nbsp;&nbsp;2746705 | &nbsp;&nbsp;&nbsp;&nbsp; 13038626 |
| Modon Holding PSC<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227300 | &nbsp;&nbsp;&nbsp;&nbsp; 225832 |
| Multiply Group PJSC<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2223266 | &nbsp;&nbsp;&nbsp;&nbsp; 1806462 |
| National Central Cooling Co. PJSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;689840 | &nbsp;&nbsp;&nbsp;&nbsp; 567045 |
| Ras Al Khaimah Ceramics PJSC | &nbsp;&nbsp;&nbsp;&nbsp;3875806 | &nbsp;&nbsp;&nbsp;&nbsp; 2712141 |
| Taaleem Holdings PJSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29300 | &nbsp;&nbsp;&nbsp;&nbsp; 34592 |
| Talabat Holding PLC | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1301496 |
|  |  | &nbsp;&nbsp;**$113728790** |
| United Kingdom — 0.6% | United Kingdom — 0.6% | United Kingdom — 0.6% |
| Anglogold Ashanti PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222900 | &nbsp;&nbsp;$15282870 |
|  |  | &nbsp;&nbsp;**$15282870** |
| Vietnam — 13.3% | Vietnam — 13.3% | Vietnam — 13.3% |
| Airports Corp. of Vietnam JSC<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2660285 | &nbsp;&nbsp;$5600600 |
| An Cuong Wood Working JSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19500 | &nbsp;&nbsp;&nbsp;&nbsp; 26969 |
| Asia Commercial Bank JSC | &nbsp;&nbsp;&nbsp;&nbsp;3066532 | &nbsp;&nbsp;&nbsp;&nbsp; 2976132 |
| Ba Ria - Vung Tau House Development JSC<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610400 | &nbsp;&nbsp;&nbsp;&nbsp; 779535 |
| Bank for Foreign Trade of Vietnam JSC | &nbsp;&nbsp;&nbsp;&nbsp;5490096 | &nbsp;&nbsp;&nbsp;&nbsp; 12430140 |
| Bank for Investment & Development of Vietnam JSC | &nbsp;&nbsp;&nbsp;&nbsp;7640253 | &nbsp;&nbsp;&nbsp;&nbsp; 10872509 |
| Baominh Insurance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1965398 | &nbsp;&nbsp;&nbsp;&nbsp; 1467036 |
| Binh Duong Water Environment Corp. JSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;977800 | &nbsp;&nbsp;&nbsp;&nbsp; 1820578 |
| Binh Minh Plastics JSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418100 | &nbsp;&nbsp;&nbsp;&nbsp; 2696134 |
| Binh Son Refining & Petrochemical JSC<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2948667 | &nbsp;&nbsp;&nbsp;&nbsp; 1867456 |
| Century Land JSC<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520000 | &nbsp;&nbsp;&nbsp;&nbsp; 197354 |
| Century Synthetic Fiber Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20546 | &nbsp;&nbsp;&nbsp;&nbsp; 13509 |
| Coteccons Construction JSC | &nbsp;&nbsp;&nbsp;&nbsp;1032400 | &nbsp;&nbsp;&nbsp;&nbsp; 4058440 |
| Dat Xanh Real Estate Services JSC<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592200 | &nbsp;&nbsp;&nbsp;&nbsp; 235829 |
| Digiworld Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1876240 | &nbsp;&nbsp;&nbsp;&nbsp; 2836817 |
| Dong Hai JSC of Bentre | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250320 | &nbsp;&nbsp;&nbsp;&nbsp; 328629 |
| Duc Giang Chemicals JSC | &nbsp;&nbsp;&nbsp;&nbsp;1624800 | &nbsp;&nbsp;&nbsp;&nbsp; 5924544 |
| FPT Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4014338 | &nbsp;&nbsp;&nbsp;&nbsp; 15839234 |
| FPT Digital Retail JSC<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3081625 | &nbsp;&nbsp;&nbsp;&nbsp; 17360660 |
| Gelex Group JSC | &nbsp;&nbsp;&nbsp;&nbsp;2765750 | &nbsp;&nbsp;&nbsp;&nbsp; 4625334 |
| Gemadept Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3433300 | &nbsp;&nbsp;&nbsp;&nbsp; 8886675 |
| Ho Chi Minh City Development Joint Stock Commercial Bank<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1623500 | &nbsp;&nbsp;&nbsp;&nbsp; 1974695 |
| Hoa Phat Group JSC<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7071323 | &nbsp;&nbsp;&nbsp;&nbsp; 7182464 |
| IDICO Corp. JSC | &nbsp;&nbsp;&nbsp;&nbsp;1184845 | &nbsp;&nbsp;&nbsp;&nbsp; 1712168 |
| Khang Dien House Trading & Investment JSC<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7815165 | &nbsp;&nbsp;&nbsp;&nbsp; 10642202 |
| Kinh Bac City Development Holding Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5670900 | &nbsp;&nbsp;&nbsp;&nbsp; 7541580 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Vietnam (continued) | Vietnam (continued) | Vietnam (continued) |
| Masan Group Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3177500 | &nbsp;&nbsp;$9612311 |
| Military Commercial Joint Stock Bank | &nbsp;&nbsp;&nbsp;&nbsp;5055996 | &nbsp;&nbsp;&nbsp;&nbsp; 4535772 |
| Mobile World Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6665800 | &nbsp;&nbsp;&nbsp;&nbsp; 20899597 |
| Nam Long Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5665900 | &nbsp;&nbsp;&nbsp;&nbsp; 8549270 |
| Novaland Investment Group Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7524 | &nbsp;&nbsp;&nbsp;&nbsp; 3909 |
| PC1 Group JSC<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2196435 | &nbsp;&nbsp;&nbsp;&nbsp; 1983691 |
| PetroVietNam Ca Mau Fertilizer JSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400200 | &nbsp;&nbsp;&nbsp;&nbsp; 531532 |
| PetroVietnam Drilling & Well Services JSC | &nbsp;&nbsp;&nbsp;&nbsp;1788000 | &nbsp;&nbsp;&nbsp;&nbsp; 1473425 |
| Petrovietnam Fertilizer & Chemicals JSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;742423 | &nbsp;&nbsp;&nbsp;&nbsp; 676328 |
| PetroVietnam Gas JSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;806284 | &nbsp;&nbsp;&nbsp;&nbsp; 1890183 |
| PetroVietnam Technical Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3278762 | &nbsp;&nbsp;&nbsp;&nbsp; 4087078 |
| Petrovietnam Transportation Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2790876 | &nbsp;&nbsp;&nbsp;&nbsp; 1863656 |
| Pha Lai Thermal Power JSC | &nbsp;&nbsp;&nbsp;&nbsp;3092560 | &nbsp;&nbsp;&nbsp;&nbsp; 1209601 |
| Phat Dat Real Estate Development Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4367954 | &nbsp;&nbsp;&nbsp;&nbsp; 3736421 |
| Phu Nhuan Jewelry JSC | &nbsp;&nbsp;&nbsp;&nbsp;2756566 | &nbsp;&nbsp;&nbsp;&nbsp; 9916052 |
| Phu Tai Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;668700 | &nbsp;&nbsp;&nbsp;&nbsp; 1329058 |
| Phuoc Hoa Rubber JSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;878500 | &nbsp;&nbsp;&nbsp;&nbsp; 1866317 |
| Quang Ngai Sugar JSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316000 | &nbsp;&nbsp;&nbsp;&nbsp; 541577 |
| Quang Ninh Thermal Power JSC | &nbsp;&nbsp;&nbsp;&nbsp;2650550 | &nbsp;&nbsp;&nbsp;&nbsp; 1299339 |
| Refrigeration Electrical Engineering Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1022324 | &nbsp;&nbsp;&nbsp;&nbsp; 2562278 |
| Sai Gon VRG Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3029520 | &nbsp;&nbsp;&nbsp;&nbsp; 6474342 |
| Saigon Beer Alcohol Beverage Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4882300 | &nbsp;&nbsp;&nbsp;&nbsp; 8506168 |
| Saigon Thuong Tin Commercial JSB<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2460000 | &nbsp;&nbsp;&nbsp;&nbsp; 5184103 |
| Sao Ta Foods JSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402800 | &nbsp;&nbsp;&nbsp;&nbsp; 557223 |
| Sonadezi Chau Duc Shareholding Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;932800 | &nbsp;&nbsp;&nbsp;&nbsp; 1104106 |
| SSI Securities Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6577830 | &nbsp;&nbsp;&nbsp;&nbsp; 8561635 |
| Taseco Air Services JSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321674 | &nbsp;&nbsp;&nbsp;&nbsp; 915680 |
| Techcom Securities JSC<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5639228 | &nbsp;&nbsp;&nbsp;&nbsp; 9696943 |
| Thien Long Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309540 | &nbsp;&nbsp;&nbsp;&nbsp; 629006 |
| Thu Dau Mot Water JSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp; 3897 |
| Tien Phong Commercial Joint Stock Bank | &nbsp;&nbsp;&nbsp;&nbsp;2780925 | &nbsp;&nbsp;&nbsp;&nbsp; 1759636 |
| Vietjet Aviation JSC<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144200 | &nbsp;&nbsp;&nbsp;&nbsp; 1024258 |
| Vietnam Dairy Products JSC | &nbsp;&nbsp;&nbsp;&nbsp;2591800 | &nbsp;&nbsp;&nbsp;&nbsp; 5673913 |
| Vietnam Engine & Agricultural Machinery Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241100 | &nbsp;&nbsp;&nbsp;&nbsp; 377477 |
| Vietnam Joint Stock Commercial Bank for Industry & Trade | &nbsp;&nbsp;&nbsp;&nbsp;7593700 | &nbsp;&nbsp;&nbsp;&nbsp; 14137971 |
| Vietnam National Petroleum Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;945900 | &nbsp;&nbsp;&nbsp;&nbsp; 1243636 |
| Vietnam Prosperity JSC Bank | 18429700 | &nbsp;&nbsp;&nbsp;&nbsp; 20061603 |
| Vietnam Technological & Commercial Joint Stock Bank | &nbsp;&nbsp;&nbsp;&nbsp;3114800 | &nbsp;&nbsp;&nbsp;&nbsp; 4151525 |
| Viettel Construction Joint Stock Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412600 | &nbsp;&nbsp;&nbsp;&nbsp; 1443003 |
| Vincom Retail JSC<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2112600 | &nbsp;&nbsp;&nbsp;&nbsp; 2671284 |
| Vingroup JSC<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1759300 | &nbsp;&nbsp;&nbsp;&nbsp; 12792303 |
| Vinh Hoan Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3939000 | &nbsp;&nbsp;&nbsp;&nbsp; 8822071 |

---

*17*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_52ebf622-3dc1-4593-8a49-bce9e6458a26_TOC)

Global Macro Capital Opportunities Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Vietnam (continued) | Vietnam (continued) | Vietnam (continued) |
| Vinhomes JSC<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6063500 | &nbsp;&nbsp;$22867736 |
| VNDirect Securities Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990875 | &nbsp;&nbsp;&nbsp;&nbsp; 752983 |
|  |  | &nbsp;&nbsp;**$347877120** |
| Total Common Stocks<br> (identified cost $1,865,217,520) |  | &nbsp;&nbsp;**$2415528800** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Loan Participation Notes — 0.1%

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Uzbekistan — 0.1% | Uzbekistan — 0.1% | Uzbekistan — 0.1% | Uzbekistan — 0.1% |
| Europe Asia Investment Finance BV (borrower - Joint Stock Commercial Bank "Asaka"), 18.70%, 7/21/26<sup>(3)(4)(5)</sup> | UZS | 40521780 | &nbsp;&nbsp;$3382174 |
| Total Loan Participation Notes<br> (identified cost $3,432,858) |  |  | &nbsp;&nbsp;**$3382174** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Preferred Stocks — 0.0%<sup>†</sup>

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| India — 0.0%<sup>†</sup> | India — 0.0%<sup>†</sup> | India — 0.0%<sup>†</sup> |
| TVS Motor Co. Ltd., 6.00%<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153600 | &nbsp;&nbsp;$17303 |
| Total Preferred Stocks<br> (identified cost $0) |  | &nbsp;&nbsp;**$17303** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Rights — 0.0%<sup>†</sup>

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Vietnam — 0.0%<sup>†</sup> | Vietnam — 0.0%<sup>†</sup> | Vietnam — 0.0%<sup>†</sup> |
| Nam Long Investment Corp., Exp. 11/20/25<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5665900 | &nbsp;&nbsp;$823291 |
| Total Rights<br> (identified cost $0) |  | &nbsp;&nbsp;**$823291** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Sovereign Government Bonds — 0.3%

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Uzbekistan — 0.3% | Uzbekistan — 0.3% | Uzbekistan — 0.3% | Uzbekistan — 0.3% |
| National Bank of Uzbekistan, 19.875%, 7/5/27<sup>(3)</sup> | UZS | 80750000 | &nbsp;&nbsp;$6948609 |
| Total Sovereign Government Bonds<br> (identified cost $6,418,781) |  |  | &nbsp;&nbsp;**$6948609** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Short-Term Investments — 4.1%

Affiliated Fund — 3.5%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 4.00%<sup>(6)</sup> | 90198552 | &nbsp;&nbsp;$90198552 |
| Total Affiliated Fund<br> (identified cost $90,198,552) |  | &nbsp;&nbsp;**$90198552** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

U.S. Treasury Obligations — 0.6%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| U.S. Treasury Bills: |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 12/4/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15500 | &nbsp;&nbsp;$15448353 |
| &nbsp;&nbsp;&nbsp;0.00%, 12/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 497586 |
| &nbsp;&nbsp;&nbsp;0.00%, 1/8/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506 | &nbsp;&nbsp;&nbsp;&nbsp; 502496 |
| Total U.S. Treasury Obligations<br> (identified cost $16,444,321) |  | &nbsp;&nbsp;**$16448435** |
| Total Short-Term Investments<br> (identified cost $106,642,873) |  | &nbsp;&nbsp;**$106646987** |

---

---

| | |
|:---|:---|
| Total Purchased Options — 0.4%<br> (identified cost $18,593,242) | &nbsp;&nbsp;**$10475445** |
| Total Investments — 97.4%<br> (identified cost $2,000,305,274) | &nbsp;&nbsp;**$2543822609** |
| Other Assets, Less Liabilities — 2.6% | &nbsp;&nbsp;**$68047488** |
| Net Assets — 100.0% | &nbsp;&nbsp;**$2611870097** |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | The percentage shown for each investment category in the Portfolio of Investments is based on net assets. |
| <sup>†</sup> | Amount is less than 0.05% or (0.05)%, as applicable. |
| <sup>(1)</sup> | Non-income producing security. |

---

*18*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_52ebf622-3dc1-4593-8a49-bce9e6458a26_TOC)

Global Macro Capital Opportunities Portfolio

October 31, 2025

Portfolio of Investments — continued

------

<sup>(2)</sup> Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At October 31, 2025, the aggregate value of these securities is $62,388,903 or 2.4% of the Portfolio's net assets.

<sup>(3)</sup> Security exempt from registration under Regulation S of the Securities Act of 1933, as amended, 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, as amended. At October 31, 2025, the aggregate value of these securities is $48,412,659 or 1.9% of the Portfolio's net assets.

<sup>(4)</sup> Security is valued using significant unobservable inputs and is categorized as Level 3 in the fair value hierarchy.

<sup>(5)</sup> Limited recourse note whose payments by the issuer are limited to amounts received by the issuer from the borrower pursuant to a loan agreement with the borrower.

<sup>(6)</sup> May be deemed to be an affiliated investment company (see Note 8). The rate shown is the annualized seven-day yield as of October 31, 2025.

---

| | | |
|:---|:---|:---|
| Sector Classification of Portfolio | Sector Classification of Portfolio | Sector Classification of Portfolio |
| **Sector** | &nbsp;&nbsp;&nbsp;**Percentage<br> of Net Assets** | &nbsp;&nbsp;&nbsp;**Value** |
| Financials | &nbsp;&nbsp;&nbsp;35.1% | &nbsp;&nbsp;&nbsp;&nbsp;$911170582 |
| Information Technology | &nbsp;&nbsp;&nbsp;16.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428281403 |
| Industrials | &nbsp;&nbsp;&nbsp;&nbsp;8.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211488524 |
| Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;7.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189228892 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;5.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149864317 |
| Materials | &nbsp;&nbsp;&nbsp;&nbsp;5.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143298362 |
| Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;4.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127812930 |
| Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;3.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96395769 |
| Energy | &nbsp;&nbsp;&nbsp;&nbsp;3.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84647888 |
| Utilities | &nbsp;&nbsp;&nbsp;&nbsp;2.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56252944 |
| Health Care | &nbsp;&nbsp;&nbsp;&nbsp;0.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21309957 |
| Government | &nbsp;&nbsp;&nbsp;&nbsp;0.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6948609 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;4.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106646987 |
| **Total** | &nbsp;&nbsp;&nbsp;**97.0%** | &nbsp;&nbsp;&nbsp;**$2533347164** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchased Currency Options (OTC) — 0.1%** | **Purchased Currency Options (OTC) — 0.1%** | **Purchased Currency Options (OTC) — 0.1%** | **Purchased Currency Options (OTC) — 0.1%** | **Purchased Currency Options (OTC) — 0.1%** | **Purchased Currency Options (OTC) — 0.1%** | **Purchased Currency Options (OTC) — 0.1%** | **Purchased Currency Options (OTC) — 0.1%** |
| **Description** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Notional Amount** | &nbsp;&nbsp;**Notional Amount** | &nbsp;&nbsp;**Exercise<br> Price** | &nbsp;&nbsp;**Exercise<br> Price** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Value** |
| Put USD vs. Call CNH | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp;240000000 | &nbsp;&nbsp;CNH | &nbsp;&nbsp; 7.00 | &nbsp;&nbsp;&nbsp;&nbsp;4/2/26 | &nbsp;&nbsp;$1305120 |
| Put USD vs. Call INR | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp; 22600000 | &nbsp;&nbsp;INR | &nbsp;&nbsp;85.50 | &nbsp;&nbsp;1/25/29 | &nbsp;&nbsp; 74874 |
| Put USD vs. Call INR | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp; 12100000 | &nbsp;&nbsp;INR | &nbsp;&nbsp;85.50 | &nbsp;&nbsp;1/25/29 | &nbsp;&nbsp; 40087 |
| Put USD vs. Call INR | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp; 11600000 | &nbsp;&nbsp;INR | &nbsp;&nbsp;85.50 | &nbsp;&nbsp;1/30/29 | &nbsp;&nbsp; 38628 |
| **Total** |  |  |  |  |  |  | &nbsp;&nbsp;**$1458709** |

---

*19*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_52ebf622-3dc1-4593-8a49-bce9e6458a26_TOC)

Global Macro Capital Opportunities Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Purchased Call Options (Exchange-Traded) — 0.3%** | **Purchased Call Options (Exchange-Traded) — 0.3%** | **Purchased Call Options (Exchange-Traded) — 0.3%** | **Purchased Call Options (Exchange-Traded) — 0.3%** | **Purchased Call Options (Exchange-Traded) — 0.3%** | **Purchased Call Options (Exchange-Traded) — 0.3%** |
| **Description** | &nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Exercise<br> Price** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Value** |
| Hang Seng China Enterprises Index Futures 03/2026 | &nbsp;&nbsp;8100 | &nbsp;&nbsp;HKD 3,713,274,900 | &nbsp;&nbsp;HKD 10,400.00 | &nbsp;&nbsp;3/20/26 | &nbsp;&nbsp;$9016736 |
| **Total** |  |  |  |  | &nbsp;&nbsp;**$9016736** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts (Centrally Cleared)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared)** |
| **Currency Purchased** | **Currency Purchased** | &nbsp;&nbsp;&nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;&nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;&nbsp;&nbsp;**Settlement<br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> Appreciation<br> (Depreciation)** |
| CLP | &nbsp;&nbsp;&nbsp;&nbsp;57608000000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 60072285 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1056828 |
| CLP | &nbsp;&nbsp;&nbsp;&nbsp;56220245985 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 58996442 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 660096 |
| CLP | &nbsp;&nbsp;&nbsp;&nbsp;13920118517 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 14512217 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 258726 |
| CLP | &nbsp;&nbsp;&nbsp;&nbsp; 2859000000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 2981635 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52113 |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 1296988 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 1529196 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (30575) |
| INR | &nbsp;&nbsp;&nbsp;&nbsp; 3515000000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 39723798 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (221441) |
| INR | &nbsp;&nbsp;&nbsp;&nbsp; 4688000000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 52973487 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (288693) |
| INR | &nbsp;&nbsp;&nbsp;&nbsp; 6447000000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 72845838 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (393008) |
| KRW | &nbsp;&nbsp;&nbsp;&nbsp;57192000000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 41313849 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1220849) |
| KRW | &nbsp;&nbsp;&nbsp;&nbsp;61181500000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 44191598 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1301861) |
| TWD | &nbsp;&nbsp;&nbsp;&nbsp; 1000500000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 33019802 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (482902) |
| TWD | &nbsp;&nbsp;&nbsp;&nbsp; 1515500000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 50008249 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (723221) |
| TWD | &nbsp;&nbsp;&nbsp;&nbsp; 2118000000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 70545915 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1667201) |
| TWD | &nbsp;&nbsp;&nbsp;&nbsp; 2216528532 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp; 73982928 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1900004) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 708475 | &nbsp;&nbsp;&nbsp;&nbsp;CLP | &nbsp;&nbsp;&nbsp;&nbsp; 680575185 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13698) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 3164451 | &nbsp;&nbsp;&nbsp;&nbsp;CLP | &nbsp;&nbsp;&nbsp;&nbsp; 3028000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (48626) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 9869381 | &nbsp;&nbsp;&nbsp;&nbsp;CLP | &nbsp;&nbsp;&nbsp;&nbsp; 9422989317 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (129559) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 123498579 | &nbsp;&nbsp;&nbsp;&nbsp;CLP | &nbsp;&nbsp;&nbsp;&nbsp;117475800000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1157571) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 200455581 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp; 170016477 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4007972 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 4890739 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp; 4148082 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97787 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 4219714 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp; 3578952 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84370 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 7218405 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp; 6219221 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32331 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 10872769 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 332000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75917 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 10818943 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 330800000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61116 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 10854994 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 332000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58142 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 10813460 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 331000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49128 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 9380618 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 287000000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47194 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 6491227 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 199034000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18514 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 5769973 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 176942000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15706 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 5352022 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 164093000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15613 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 5048712 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 154844000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13086 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 4703204 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 144249000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12134 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 4327466 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 132758000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10091 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 3252174 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 99832000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5574 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 6491212 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 199436000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5426 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 6491214 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 199475000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4159 |

---

*20*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_52ebf622-3dc1-4593-8a49-bce9e6458a26_TOC)

Global Macro Capital Opportunities Portfolio

October 31, 2025

Portfolio of Investments — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** | **Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)** |
| **Currency Purchased** | **Currency Purchased** | &nbsp;&nbsp;&nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;&nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;&nbsp;&nbsp;**Settlement<br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> Appreciation<br> (Depreciation)** |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 5769959 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 177357000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2196 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 3519192 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 108187000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 882 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 1829508 | &nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp; 56257000 | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6) |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$(2934114)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** |
| **Description** | &nbsp;&nbsp;&nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Position** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> Appreciation<br> (Depreciation)** |
| **Equity Futures** |  |  |  |  |  |
| FTSE Taiwan Index | &nbsp;&nbsp;&nbsp;&nbsp;193 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;11/27/25 | &nbsp;&nbsp;&nbsp;&nbsp;$17782183 | &nbsp;&nbsp;&nbsp;&nbsp;$107115 |
| Hang Seng China Enterprises Index | &nbsp;&nbsp;&nbsp;&nbsp;948 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;11/27/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56049432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1674581) |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**$(1567466)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Total Return Swaps (OTC)** | **Total Return Swaps (OTC)** | **Total Return Swaps (OTC)** | **Total Return Swaps (OTC)** | **Total Return Swaps (OTC)** | **Total Return Swaps (OTC)** | **Total Return Swaps (OTC)** |
| **Counterparty** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional Amount<br> (000's omitted)** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional Amount<br> (000's omitted)** | &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio Receives** | &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio Pays** | &nbsp;&nbsp;&nbsp;&nbsp;**Termination<br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> Appreciation<br> (Depreciation)** |
| JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;34638 | &nbsp;&nbsp;&nbsp;&nbsp;Positive Return on Shenzhen Stock Exchange Composite Index plus (8.25% minus USD SOFR Compounded Index) (pays upon termination) | &nbsp;&nbsp;&nbsp;&nbsp;Negative Return on Shenzhen Stock Exchange Composite Index (pays upon termination) | &nbsp;&nbsp;&nbsp;&nbsp;11/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;$3107805 |
| UBS AG | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;58240 | &nbsp;&nbsp;&nbsp;&nbsp;Positive Return on Shenzhen Stock Exchange Composite Index plus (9.50% minus USD SOFR Compounded Index) (pays upon termination) | &nbsp;&nbsp;&nbsp;&nbsp;Negative Return on Shenzhen Stock Exchange Composite Index (pays upon termination) | &nbsp;&nbsp;&nbsp;&nbsp;11/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5375075 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**$8482880** |

---

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ADR | – American Depositary Receipt |
| FTSE | – Financial Times Stock Exchange |
| GDR | – Global Depositary Receipt |
| OTC | – Over-the-counter |
| PFC Shares | – Preference Shares |
| SOFR | – Secured Overnight Financing Rate |

---

---

| | |
|:---|:---|
| **Currency Abbreviations:** | **Currency Abbreviations:** |
| CLP | – Chilean Peso |
| EUR | – Euro |
| HKD | – Hong Kong Dollar |
| INR | – Indian Rupee |
| KRW | – South Korean Won |
| TWD | – New Taiwan Dollar |
| USD | – United States Dollar |
| UZS | – Uzbekistani Som |

---

*21*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_52ebf622-3dc1-4593-8a49-bce9e6458a26_TOC)

Global Macro Capital Opportunities Portfolio

October 31, 2025

Statement of Assets and Liabilities

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**October 31, 2025** |
| Assets |  |
| Unaffiliated investments, at value (identified cost $1,910,106,722) | &nbsp;&nbsp;$2453624057 |
| Affiliated investments, at value (identified cost $90,198,552) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90198552 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377562 |
| Deposits for derivatives collateral: |  |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8727663 |
| &nbsp;&nbsp;&nbsp;Centrally cleared derivatives | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18954366 |
| Foreign currency, at value (identified cost $12,797,670) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12740729 |
| Interest and dividends receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2299535 |
| Dividends receivable from affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632831 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24100886 |
| Securities lending income receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1671 |
| Receivable for variation margin on open centrally cleared derivatives | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396343 |
| Receivable for open swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8482880 |
| Tax reclaims receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20226 |
| Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19789 |
| **Total assets** | &nbsp;&nbsp;**$2620577090** |
| Liabilities |  |
| Payable for variation margin on open futures contracts | &nbsp;&nbsp;$963195 |
| Payable to affiliates: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment adviser fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2005525 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9223 |
| &nbsp;&nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19789 |
| Payable for custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;598698 |
| Accrued foreign capital gains taxes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5003263 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107300 |
| **Total liabilities** | &nbsp;&nbsp;**$8706993** |
| **Net Assets applicable to investors' interest in Portfolio** | &nbsp;&nbsp;**$2611870097** |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_52ebf622-3dc1-4593-8a49-bce9e6458a26_TOC)

Global Macro Capital Opportunities Portfolio

October 31, 2025

Statement of Operations

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended** |
|  | &nbsp;&nbsp;&nbsp;**October 31, 2025** |
| Investment Income |  |
| Dividend income (net of foreign taxes withheld of $4,386,739) | &nbsp;&nbsp;$48534953 |
| Dividend income from affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4515854 |
| Interest income (net of foreign taxes withheld of $297) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4758041 |
| Securities lending income, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23891 |
| **Total investment income** | &nbsp;&nbsp;**$57832739** |
| Expenses |  |
| Investment adviser fee | &nbsp;&nbsp;$16328971 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96615 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2110154 |
| Legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151925 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151919 |
| **Total expenses** | &nbsp;&nbsp;**$18839584** |
| Deduct: |  |
| &nbsp;&nbsp;&nbsp;Waiver and/or reimbursement of expenses by affiliates | &nbsp;&nbsp;$154859 |
| **Total expense reductions** | &nbsp;&nbsp;**$154859** |
| **Net expenses** | &nbsp;&nbsp;**$18684725** |
| **Net investment income** | &nbsp;&nbsp;**$39148014** |
| Realized and Unrealized Gain (Loss) |  |
| Net realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;Investment transactions (net of foreign capital gains taxes of $1,209,554) | &nbsp;&nbsp;$32782777 |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6650982) |
| &nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15407719 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(896597) |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8664634) |
| **Net realized gain** | &nbsp;&nbsp;**$31978283** |
| Change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Investments (including net increase in accrued foreign capital gains taxes of $1,522,259) | &nbsp;&nbsp;$422395036 |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1543561 |
| &nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8482880 |
| &nbsp;&nbsp;&nbsp;Foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261897 |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3191261) |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$429492113** |
| **Net realized and unrealized gain** | &nbsp;&nbsp;**$461470396** |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$500618410** |

---

*23*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_52ebf622-3dc1-4593-8a49-bce9e6458a26_TOC)

Global Macro Capital Opportunities Portfolio

October 31, 2025

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
|  | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$39148014 | &nbsp;&nbsp;$23374540 |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31978283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8825058 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429492113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86046868 |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$500618410** | &nbsp;&nbsp;**$118246466** |
| Capital transactions: |  |  |
| &nbsp;&nbsp;&nbsp;Contributions | &nbsp;&nbsp;$1036069274 | &nbsp;&nbsp;$688948624 |
| &nbsp;&nbsp;&nbsp;Withdrawals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(70058137) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38364598) |
| **Net increase in net assets from capital transactions** | &nbsp;&nbsp;**$966011137** | &nbsp;&nbsp;**$650584026** |
| **Net increase in net assets** | &nbsp;&nbsp;**$1466629547** | &nbsp;&nbsp;**$768830492** |
| Net Assets |  |  |
| At beginning of year | &nbsp;&nbsp;$1145240550 | &nbsp;&nbsp;$376410058 |
| **At end of year** | &nbsp;&nbsp;**$2611870097** | &nbsp;&nbsp;**$1145240550** |

---

*24*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_52ebf622-3dc1-4593-8a49-bce9e6458a26_TOC)

Global Macro Capital Opportunities Portfolio

October 31, 2025

Financial Highlights

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
|  | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Ratios (as a percentage of average daily net assets):<sup>(1)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09%<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12%<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15%<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26%<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70% |
| **Total Return** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**32.07%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.31%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.11%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(16.87)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**35.70%** |
| **Net assets, end of year (000's omitted)** | &nbsp;&nbsp;**$2611870** | &nbsp;&nbsp;**$1145241** | &nbsp;&nbsp;**$376410** | &nbsp;&nbsp;**$183633** | &nbsp;&nbsp;**$190503** |

---

<sup>(1)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Portfolio.

<sup>(2)</sup> Includes a reduction by the investment adviser of a portion of its adviser fee due to the Portfolio's investment in the Liquidity Fund (equal to less than 0.01% of average daily net assets for the year ended October 31, 2025 and less than 0.005% of average daily net assets for the years ended October 31, 2024, 2023 and 2022).

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_52ebf622-3dc1-4593-8a49-bce9e6458a26_TOC)

Global Macro Capital Opportunities Portfolio

October 31, 2025

Notes to Financial Statements

------

1 Significant Accounting Policies

Global Macro Capital Opportunities Portfolio (the Portfolio) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified, open-end management investment company. The Portfolio's investment objective is total return. The Declaration of Trust permits the Trustees to issue interests in the Portfolio. At October 31, 2025, Eaton Vance Emerging and Frontier Countries Equity Fund held an interest of approximately 100% in the Portfolio.

The following is a summary of significant accounting policies of the Portfolio. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Portfolio is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.

A Investment Valuation—The following methodologies are used to determine the market value or fair value of investments.

**Equity Securities. Equity securities listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and ask prices on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ National Market System are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and ask prices or, in the case of preferred equity securities that are not listed or traded in the over-the-counter market, by a third party pricing service that uses various techniques that consider factors including, but not limited to, prices or yields of securities with similar characteristics, benchmark yields, broker/dealer quotes, quotes of underlying common stock, issuer spreads, as well as industry and economic events.**

**Debt Obligations. Debt obligations are generally valued on the basis of valuations provided by third party pricing services, as derived from such services' pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and ask prices, broker/dealer quotations, prices or yields of securities with similar characteristics, interest rates, anticipated prepayments, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Short-term debt obligations purchased with a remaining maturity of sixty days or less for which a valuation from a third party pricing service is not readily available may be valued at amortized cost, which approximates fair value.**

**Derivatives.U.S. exchange-traded options are valued at the mean between the bid and ask prices at valuation time as reported by the Options Price Reporting Authority. Non-U.S. exchange-traded options and over-the-counter options (including options on securities, indices and foreign currencies) are valued by a third party pricing service using techniques that consider factors including the value of the underlying instrument, the volatility of the underlying instrument and the period of time until option expiration. 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 futures contracts as described below. Forward foreign currency exchange contracts are generally valued at the mean of the average bid and average ask prices that are reported by currency dealers to a third party pricing service at the valuation time. Such third party pricing service valuations are supplied for specific settlement periods and the Portfolio's forward foreign currency exchange contracts are valued at an interpolated rate between the closest preceding and subsequent settlement period reported by the third party pricing service. Total return swaps are valued using valuations provided by a third party pricing service based on the value of the underlying index or instrument and reference interest rate. Future cash flows on swaps are discounted to their present value using swap rates provided by electronic data services or by broker/dealers.**

**Foreign Securities, Futures Contracts and Currencies. Foreign securities, 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 futures contracts generally is determined as of the close of trading on the principal exchange on which such securities and contracts trade. Foreign ownership of shares of certain Indian companies may be subject to limitations. When foreign ownership of such an Indian company's shares approaches the limitation, foreign investors may be willing to pay a premium to the local share price to acquire shares from other foreign investors. Such shares are valued at the closing price for foreign investors as provided by the exchange on which they trade. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities and certain foreign 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 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 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 futures contracts.**

**Other. Investments in management investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value as of the close of each business day.**

**Fair Valuation. In connection with Rule 2a-5 of the 1940 Act, the Trustees have designated the Portfolio's investment adviser as its valuation designee. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued by the investment adviser, as valuation designee, at fair value using methods that most fairly reflect the security's "fair value", which is the amount that the Portfolio might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual**

------

[**Table of Contents**](#JOB_EV_AR_52ebf622-3dc1-4593-8a49-bce9e6458a26_TOC)

Global Macro Capital Opportunities Portfolio

October 31, 2025

Notes to Financial Statements — continued

------

restrictions on the security's disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company's or entity's financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

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

C Income—Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. However, if the ex-dividend date has passed, certain dividends from foreign securities are recorded as the Portfolio is informed of the ex-dividend date. Withholding taxes on foreign dividends, interest and capital gains have been provided for in accordance with the Portfolio's understanding of the applicable countries' tax rules and rates. Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount.

D Federal and Other Taxes—The Portfolio has elected to be treated as a partnership for federal tax purposes. No provision is made by the Portfolio for federal or state taxes on any taxable income of the Portfolio because each investor in the Portfolio is ultimately responsible for the payment of any taxes on its share of taxable income. Since at least one of the Portfolio's investors is a regulated investment company that invests all or substantially all of its assets in the Portfolio, the Portfolio normally must satisfy the applicable source of income and diversification requirements (under the Internal Revenue Code) in order for its investors to satisfy them. The Portfolio will allocate, at least annually among its investors, each investor's distributive share of the Portfolio's net investment income, net realized capital gains and losses and any other items of income, gain, loss, deduction or credit.

In addition to the requirements of the Internal Revenue Code, the Portfolio may also be subject to local taxes on the recognition of capital gains in certain countries. In determining the daily net asset value, the Portfolio estimates the accrual for such taxes, if any, based on the unrealized appreciation on certain portfolio securities and the related tax rates. Taxes attributable to unrealized appreciation are included in the change in unrealized appreciation (depreciation) on investments. Capital gains taxes on securities sold are included in net realized gain (loss) on investments.

As of October 31, 2025, the Portfolio had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Portfolio files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

E Foreign Currency Translation—Investment valuations, other assets, and liabilities initially expressed in foreign currencies are translated each business day into U.S. dollars based upon current exchange rates. Purchases and sales of foreign investment securities and income and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates in effect on the respective dates of such transactions. Recognized gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.

F Use of Estimates—The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

G Indemnifications—Under the Portfolio's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Portfolio. Under Massachusetts law, if certain conditions prevail, interestholders in the Portfolio could be deemed to have personal liability for the obligations of the Portfolio. However, the Portfolio's Declaration of Trust contains an express disclaimer of liability on the part of Portfolio interestholders. Additionally, in the normal course of business, the Portfolio enters into agreements with service providers that may contain indemnification clauses. The Portfolio's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet occurred.

H Futures Contracts—Upon entering into a futures contract, the Portfolio 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 Portfolio each business day, depending on the daily fluctuations in the value of the underlying security or index, and are recorded as unrealized gains or losses by the Portfolio. Gains (losses) are realized upon the expiration or closing of the futures contracts. Should market conditions change unexpectedly, the Portfolio may not achieve the anticipated benefits of the 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.

I Forward Foreign Currency Exchange Contracts—The Portfolio may enter into forward foreign currency exchange contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date. The forward foreign currency exchange contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded as unrealized until such time as the contracts have been closed. While forward foreign currency exchange contracts are privately negotiated agreements between the Portfolio and a counterparty, certain contracts may be "centrally cleared", whereby all payments made or received by the Portfolio pursuant to the contract are with a central clearing party (CCP) rather than the original counterparty. The CCP guarantees the performance of the original parties to the contract. Upon entering into centrally cleared contracts, the Portfolio is required to deposit with

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Global Macro Capital Opportunities Portfolio

October 31, 2025

Notes to Financial Statements — continued

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the CCP, either in cash or securities, an amount of initial margin determined by the CCP, which is subject to adjustment. For centrally cleared contracts, the daily change in valuation is recorded as a receivable or payable for variation margin and settled in cash with the CCP daily. Risks may arise upon entering these contracts from the potential inability of counterparties to meet the terms of their contracts and from movements in the value of a foreign currency relative to the U.S. dollar. In the case of centrally cleared contracts, counterparty risk is minimal due to protections provided by the CCP.

J Purchased Options—Upon the purchase of a call or put option, the premium paid by the Portfolio is included in the Statement of Assets and Liabilities as an investment. The amount of the investment is subsequently marked-to-market to reflect the current market value of the option purchased, in accordance with the Portfolio's policies on investment valuations discussed above. Premiums paid for purchasing options that expire are treated as realized losses. Premiums paid for purchasing options that are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain or loss. The risk associated with purchasing options is limited to the premium originally paid. Purchased options traded over-the-counter involve risk that the issuer or counterparty will fail to perform its contractual obligations.

K Total Return Swaps—In a total return swap, the buyer receives a periodic return equal to the total return of a specified security, securities or index for a specified period of time. In return, the buyer pays the counterparty a fixed or variable stream of payments, typically based upon short-term interest rates, possibly plus or minus an agreed upon spread. During the term of the outstanding swap agreement, changes in the underlying value of the swap are recorded as unrealized gains and losses. Periodic payments received or made are recorded as realized gains or losses. The Portfolio is exposed to credit loss in the event of nonperformance by the swap counterparty. Risk may also arise from the unanticipated movements in value of exchange rates, interest rates, securities, or the index.

L Segment Reporting—During this reporting period, the Portfolio adopted FASB Accounting Standards Update No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures* (ASU 2023-07), which requires incremental disclosures related to a public entity's reportable segments. The Portfolio operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. In connection with the adoption of ASU 2023-07, the Portfolio's President acts as the Portfolio's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Portfolio's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Portfolio's financial statements.

2 Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory services rendered to the Portfolio. The investment adviser fee is computed at an annual rate as a percentage of the Portfolio's average daily net assets as follows and is payable monthly:

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| | |
|:---|:---|
| **Average Daily Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Annual Fee Rate** |
| Up to $500 million | &nbsp;&nbsp;&nbsp;&nbsp;1.000% |
| $500 million but less than $1 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.950% |
| $1 billion but less than $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.925% |
| $2.5 billion but less than $5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.900% |
| $5 billion and over | &nbsp;&nbsp;&nbsp;&nbsp;0.880% |

---

For the year ended October 31, 2025, the Portfolio's investment adviser fee amounted to $16,328,971 or 0.95% of the Portfolio's average daily net assets. Pursuant to an investment sub-advisory agreement, BMR has delegated a portion of the investment management of the Portfolio to Eaton Vance Advisers International Ltd. (EVAIL), an affiliate of BMR and an indirect, wholly-owned subsidiary of Morgan Stanley. BMR pays EVAIL a portion of its investment adviser fee for sub-advisory services provided to the Portfolio.

The Portfolio may invest in a money market fund, the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio (the "Liquidity Fund"), an open-end management investment company managed by Morgan Stanley Investment Management Inc., a wholly-owned subsidiary of Morgan Stanley. The investment adviser fee paid by the Portfolio is reduced by an amount equal to its pro rata share of the advisory and administration fees paid by the Portfolio due to its investment in the Liquidity Fund. For the year ended October 31, 2025, the investment adviser fee paid was reduced by $154,859 relating to the Portfolio's investment in the Liquidity Fund.

Trustees and officers of the Portfolio who are members of BMR's organization receive remuneration for their services to the Portfolio out of the investment adviser fee. Trustees of the Portfolio who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. Certain officers and Trustees of the Portfolio are officers of the above organization.

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Global Macro Capital Opportunities Portfolio

October 31, 2025

Notes to Financial Statements — continued

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3 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $1,738,663,008 and $825,829,811, respectively, for the year ended October 31, 2025.

4 Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Portfolio at October 31, 2025, as determined on a federal income tax basis, were as follows:

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| | |
|:---|:---|
| **Aggregate cost** | &nbsp;&nbsp;**$2043877829** |
| Gross unrealized appreciation | &nbsp;&nbsp;$531936857 |
| Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36460393) |
| **Net unrealized appreciation** | &nbsp;&nbsp;**$495476464** |

---

5 Financial Instruments

The Portfolio may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include forward foreign currency exchange contracts, futures contracts and swap contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Portfolio has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at October 31, 2025 is included in the Portfolio of Investments. At October 31, 2025, 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:

Equity Price Risk: The Portfolio entered into equity index futures contracts, equity index options and total return swaps to enhance total return, to manage certain investment risks and/or as a substitute for the purchase of securities.

Foreign Exchange Risk: The Portfolio engaged in forward foreign currency exchange contracts and currency options 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 Portfolio enters into over-the-counter (OTC) derivatives that may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in the Portfolio's net assets below a certain level over a certain period of time, which would trigger a payment by the Portfolio for those derivatives in a liability position. At October 31, 2025, the Fund had no open derivatives with credit-related contingent features in a net liability position.

The OTC derivatives in which the Portfolio invests (except for written options as the Portfolio, not the counterparty, is obligated to perform) are subject to the risk that the counterparty to the contract fails to perform its obligations under the contract. To mitigate this risk, the Portfolio has entered into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with substantially all its derivative counterparties. An ISDA Master Agreement is a bilateral agreement between the Portfolio and a counterparty that governs certain OTC derivatives and typically contains, among other things, set-off provisions in the event of a default and/or termination event as defined under the relevant ISDA Master Agreement. Under an ISDA Master Agreement, the Portfolio may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy or insolvency. Certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event the Portfolio's net assets decline by a stated percentage or the Portfolio fails to meet the terms of its ISDA Master Agreements, which would cause the counterparty to accelerate payment by the Portfolio of any net liability owed to it.

The collateral requirements for derivatives traded under an ISDA Master Agreement are governed by a Credit Support Annex to the ISDA Master Agreement. Collateral requirements are determined at the close of business each day and are typically based on changes in market values for each transaction under an ISDA Master Agreement and netted into one amount for such agreement. Generally, the amount of collateral due from or to a counterparty is subject to a minimum transfer threshold amount before a transfer is required, which may vary by counterparty. Collateral pledged for the benefit of the Portfolio and/or counterparty is held in segregated accounts by the Portfolio's custodian and cannot be sold, re-pledged, assigned or otherwise used while pledged. The portion of such collateral representing cash, if any, is reflected as deposits for derivatives collateral and, in the case of cash pledged by a counterparty for

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Global Macro Capital Opportunities Portfolio

October 31, 2025

Notes to Financial Statements — continued

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the benefit of the Portfolio, a corresponding liability on the Statement of Assets and Liabilities. Securities pledged by the Portfolio as collateral, if any, are identified as such in the Portfolio of Investments. The carrying amount of the liability for cash collateral due to brokers at October 31, 2025 approximated its fair value. If measured at fair value, such liability would have been considered as Level 2 in the fair value hierarchy (see Note 9) at October 31, 2025.

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at October 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;**Fair Value** |
| **Statement of Assets and Liabilities Caption** | &nbsp;&nbsp;**Equity<br> Price** | &nbsp;&nbsp;**Foreign<br> Exchange** | &nbsp;&nbsp;**Total** |
| Unaffiliated investments, at value | &nbsp;&nbsp;$9016736 | &nbsp;&nbsp;$1458709 | &nbsp;&nbsp;$10475445 |
| Not applicable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107115<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6645101<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6752216 |
| Receivable for open swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8482880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8482880 |
| **Total Asset Derivatives** | &nbsp;&nbsp;**$17606731** | &nbsp;&nbsp;**$8103810** | &nbsp;&nbsp;**$25710541** |
| **Derivatives not subject to master netting or similar agreements** | &nbsp;&nbsp;**$9123851** | &nbsp;&nbsp;**$6645101** | &nbsp;&nbsp;**$15768952** |
| **Total Asset Derivatives subject to master netting or similar agreements** | &nbsp;&nbsp;**$8482880** | &nbsp;&nbsp;**$1458709** | &nbsp;&nbsp;**$9941589** |
| Not applicable | &nbsp;&nbsp;$(1674581)<sup>(1)</sup> | &nbsp;&nbsp;$(9579215)<sup>(1)</sup> | &nbsp;&nbsp;$(11253796) |
| **Total Liability Derivatives not subject to master netting or similar agreements** | &nbsp;&nbsp;**$(1674581)** | &nbsp;&nbsp;**$(9579215)** | &nbsp;&nbsp;**$(11253796)** |

---

<sup>(1)</sup> Only the current day's variation margin on open futures contracts and centrally cleared derivatives is reported within the Statement of Assets and Liabilities as Receivable or Payable for variation margin on open futures contracts and centrally cleared derivatives, as applicable.

The Portfolio's derivative assets and liabilities at fair value by risk, which are reported gross in the Statement of Assets and Liabilities, are presented in the table above. The following tables present the Portfolio's derivative assets and liabilities by counterparty, net of amounts available for offset under a master netting agreement and net of the related collateral received by the Portfolio for such assets and pledged by the Portfolio for such liabilities as of October 31, 2025.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | &nbsp;&nbsp;&nbsp;**Derivative<br> Assets Subject to<br> Master Netting<br> Agreement** | &nbsp;&nbsp;&nbsp;**Derivatives<br> Available<br> for Offset** | &nbsp;&nbsp;&nbsp;**Non-cash<br> Collateral<br> Received<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;**Cash<br> Collateral<br> Received<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;**Net Amount<br> of Derivative<br> Assets<sup>(b)</sup>** |
| JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp;$4566514 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$(4566514) | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| UBS AG | &nbsp;&nbsp;&nbsp;&nbsp;5375075 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(5375075) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp;**$9941589** | &nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;**$(9941589)** | &nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;**$—** |

---

<sup>(a)</sup> In some instances, the total collateral received and/or pledged may be more than the amount shown due to overcollateralization.

<sup>(b)</sup> Net amount represents the net amount due from the counterparty in the event of default.

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Global Macro Capital Opportunities Portfolio

October 31, 2025

Notes to Financial Statements — continued

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The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations by risk exposure for the year ended October 31, 2025 was as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Statement of Operations Caption** | &nbsp;&nbsp;**Equity<br> Price** | &nbsp;&nbsp;**Foreign<br> Exchange** | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Total** |
| Net realized gain (loss): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment transactions | &nbsp;&nbsp;&nbsp;&nbsp;$10388422<sup>(1)</sup> | &nbsp;&nbsp;$(262860)<sup>(1)</sup> | &nbsp;&nbsp;$— | &nbsp;&nbsp;$10125562 |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6650982) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6650982) |
| &nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;12853005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;2554714 | &nbsp;&nbsp;&nbsp;&nbsp;15407719 |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(8664634) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8664634) |
| **Total** | &nbsp;&nbsp;**$16590445** | &nbsp;&nbsp;**$(8927494)** | &nbsp;&nbsp;**$2554714** | &nbsp;&nbsp;**$10217665** |
| Change in unrealized appreciation (depreciation): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;$(4326049)<sup>(1)</sup> | &nbsp;&nbsp;$(575684)<sup>(1)</sup> | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(4901733) |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1543561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1543561 |
| &nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8482880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8482880 |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(3191261) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3191261) |
| **Total** | &nbsp;&nbsp;**$5700392** | &nbsp;&nbsp;**$(3766945)** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$1933447** |

---

<sup>(1)</sup> Relates to purchased options.

The average notional cost of futures contracts and average notional amounts of other derivative contracts outstanding during the year ended October 31, 2025, which are indicative of the volume of these derivative types, were approximately as follows:

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| | | |
|:---|:---|:---|
| **Futures<br> Contracts — Long** | &nbsp;&nbsp;&nbsp;&nbsp;**Forward<br> Foreign Currency<br> Exchange Contracts<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Swap<br> Contracts** |
| $115773000 | &nbsp;&nbsp;&nbsp;&nbsp;$981627000 | &nbsp;&nbsp;&nbsp;&nbsp;$53436000 |

---

<sup>(1)</sup> The average notional amount for forward foreign currency exchange contracts is based on the absolute value of notional amounts of currency purchased and currency sold.

The average number of purchased equity index options contracts outstanding during the year ended October 31, 2025, which is indicative of the volume of this derivative type, was 4,788 contracts. The average principal amount of purchased currency options contracts outstanding during the year ended October 31, 2025, which is indicative of the volume of this derivative type, was approximately $85,198,000.

6 Line of Credit

The Portfolio participates with other portfolios and funds managed by BMR and its affiliates in a $650 million unsecured revolving line of credit agreement with a group of banks, which is in effect through October 20, 2026. Borrowings are made by the Portfolio solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Portfolio based on its borrowings generally at an amount above either the Secured Overnight Financing Rate (SOFR) or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. In connection with the renewal of the agreement in October 2025, an arrangement fee of $150,000 was incurred that was allocated to the participating portfolios and funds. Because the line of credit is not available exclusively to the Portfolio, it may be unable to borrow some or all of its requested amounts at any particular time. The Portfolio did not have any significant borrowings or allocated fees during the year ended October 31, 2025.

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Global Macro Capital Opportunities Portfolio

October 31, 2025

Notes to Financial Statements — continued

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7 Securities Lending Agreement

The Portfolio has established a securities lending agreement with State Street Bank and Trust Company (SSBT) as securities lending agent in which the Portfolio lends portfolio securities to qualified borrowers in exchange for collateral consisting of either cash or securities issued or guaranteed by the U.S. government or its agencies or instrumentalities in an amount at least equal to the market value of the securities on loan. The market value of securities loaned is determined daily and any additional required collateral is delivered to the Portfolio on the next business day. Cash collateral is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, a money market fund registered under the 1940 Act. The Portfolio earns interest on the amount invested but it must pay (and at times receive from) the broker a loan rebate fee computed as a varying percentage of the collateral received. For security loans secured by non-cash collateral, the Portfolio earns a negotiated lending fee from the borrower. A portion of the income earned by the Portfolio from its investment of cash collateral, net of rebate fees, and lending fees received is allocated to SSBT for its services as lending agent and the portion allocated to the Portfolio is presented as securities lending income, net on the Statement of Operations. Non-cash collateral is held by the lending agent on behalf of the Portfolio and cannot be sold or re-pledged by the Portfolio; accordingly, such collateral is not reflected in the Statement of Assets and Liabilities.

The Portfolio is subject to possible delay in the recovery of loaned securities. Pursuant to the securities lending agreement, SSBT has provided indemnification to the Portfolio in the event of default by a borrower with respect to a loan. The Portfolio bears the risk of loss with respect to the investment of cash collateral.

The Portfolio did not have any securities on loan at October 31, 2025.

8 Affiliated Investments

At October 31, 2025, the value of the Portfolio's investment in funds that may be deemed to be affiliated was $90,198,552, which represents 3.5% of the Portfolio's net assets. Transactions in such investments by the Portfolio for the year ended October 31, 2025 were as follows:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Value,<br> beginning<br> of period** | **Purchases** | **Sales<br> proceeds** | **Net realized<br> gain (loss)** | **Change in<br> unrealized<br> appreciation<br> (depreciation)** | **Value, end<br> of period** | **Dividend<br> income** | **Shares,<br> end of period** |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| Liquidity Fund | $50579542 | $1327323482 | $(1287704472) | $— | $— | $90198552 | $4515854 | 90198552 |

---

9 Fair Value Measurements

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 October 31, 2025, the hierarchy of inputs used in valuing the Portfolio's investments and open derivative instruments, which are carried at fair value, were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Africa | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$152770178 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$152770178 |
| &nbsp;&nbsp;&nbsp;Asia | &nbsp;&nbsp;&nbsp;&nbsp; 35227173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1203737401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1238964574 |
| &nbsp;&nbsp;&nbsp;Developed Europe | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75085294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75085294 |
| &nbsp;&nbsp;&nbsp;Emerging Europe | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 443908963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 443908963 |

---

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Global Macro Capital Opportunities Portfolio

October 31, 2025

Notes to Financial Statements — continued

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---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Description (continued)** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;&nbsp;Latin America | &nbsp;&nbsp;$116717897 | &nbsp;&nbsp;&nbsp;&nbsp;$153504740 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$270222637 |
| &nbsp;&nbsp;&nbsp;Middle East | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 222665135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 222665135 |
| &nbsp;&nbsp;&nbsp;North America | &nbsp;&nbsp;&nbsp;&nbsp; 996360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10915659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11912019 |
| **Total Common Stocks** | &nbsp;&nbsp;**$152941430** | &nbsp;&nbsp;&nbsp;&nbsp;**$2,262,587,370\*\*** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$2415528800** |
| Loan Participation Notes | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$3382174 | &nbsp;&nbsp;&nbsp;&nbsp;$3382174 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17303 |
| Rights | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 823291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 823291 |
| Sovereign Government Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6948609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6948609 |
| Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated Fund | &nbsp;&nbsp;&nbsp;&nbsp; 90198552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90198552 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16448435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16448435 |
| Purchased Currency Options | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1458709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1458709 |
| Purchased Call Options | &nbsp;&nbsp;&nbsp;&nbsp; 9016736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9016736 |
| **Total Investments** | &nbsp;&nbsp;**$252156718** | &nbsp;&nbsp;&nbsp;&nbsp;**$2288283717** | &nbsp;&nbsp;&nbsp;&nbsp;**$3382174** | &nbsp;&nbsp;&nbsp;&nbsp;**$2543822609** |
| Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$6645101 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$6645101 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107115 |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8482880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8482880 |
| **Total** | &nbsp;&nbsp;**$252156718** | &nbsp;&nbsp;&nbsp;&nbsp;**$2303518813** | &nbsp;&nbsp;&nbsp;&nbsp;**$3382174** | &nbsp;&nbsp;&nbsp;&nbsp;**$2559057705** |
| **Liability Description** |  |  |  |  |
| Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(9579215) | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(9579215) |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1674581) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1674581) |
| **Total** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$(11253796)** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$(11253796)** |

---

\* 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.

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 year ended October 31, 2025 is not presented.

10 Risks and Uncertainties

#### Risks Associated with Foreign Investments
Foreign investments can be adversely affected by political, economic and market developments abroad, including the imposition of economic and other sanctions by the United States or another country, and by acts of terrorism and war. There may be less publicly available information about foreign issuers because they may not be subject to reporting practices, requirements or regulations comparable to those to which United States companies are subject. Foreign markets may be smaller, less liquid and more volatile than the major markets in the United States. Trading in foreign markets typically involves higher expense than trading in the United States. The Portfolio may have difficulties enforcing its legal or contractual rights in a foreign country. Securities that trade or are denominated in currencies other than the U.S. dollar may be adversely affected by fluctuations in currency exchange rates.

Emerging market securities often involve greater risks than developed market securities. Investment markets within emerging market countries are typically smaller, less liquid, less developed and more volatile than those in more developed markets like the United States, and may be focused in certain economic sectors. The information available about an emerging market issuer may be less reliable than for comparable issuers in more developed capital markets. Governmental actions can have a significant effect on the economic conditions in emerging market countries. It may be more difficult to make a claim or obtain a judgment in the courts of these countries than it is in the United States. The possibility of fraud, negligence, undue influence being exerted by an issuer or refusal to recognize ownership exists in some emerging markets. Disruptions due to work stoppages and trading improprieties in foreign securities markets have caused such markets to close. Emerging market securities are also subject to speculative trading, which contributes to their volatility.

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Global Macro Capital Opportunities Portfolio

October 31, 2025

Notes to Financial Statements — continued

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Frontier markets are among the smallest and least mature investment markets. Frontier market countries may have greater political or economic instability and may also be subject to trade barriers, adjustments in currency values and developing or changing securities laws and other regulations. Investments in frontier market countries generally are less liquid and subject to greater price volatility than investments in developed markets or emerging markets.

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Global Macro Capital Opportunities Portfolio

October 31, 2025

Report of Independent Registered Public Accounting Firm

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To the Trustees and Investors of Global Macro Capital Opportunities Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Global Macro Capital Opportunities Portfolio (the "Portfolio"), including the portfolio of investments, as of October 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Portfolio as of October 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Portfolio's management. Our responsibility is to express an opinion on the Portfolio's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolio in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB and in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Portfolio is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Portfolio's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 19, 2025

We have served as the auditor of one or more Eaton Vance investment companies since 1959.

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Eaton Vance

Emerging and Frontier Countries Equity Fund

October 31, 2025

Board of Trustees' Contract Approval

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Overview of the Contract Review Process

The Investment Company Act of 1940, as amended (the "1940 Act"), provides, in substance, that the investment advisory agreement between a fund and its investment adviser will continue in effect from year-to-year only if its continuation is approved on an annual basis by a vote of the fund's board of trustees, including a majority of the trustees who are not "interested persons" of the fund ("independent trustees"), cast in person at a meeting called for the purpose of considering such approval.

At a meeting held on June 12, 2025, the Boards of Trustees/Directors (collectively, the "Board") that oversee the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the "Eaton Vance Funds"), including a majority of the independent trustees (the "Independent Trustees"), voted to approve the continuation of existing investment advisory agreements and sub-advisory agreements<sup>1</sup> for each of the Eaton Vance Funds for an additional one-year period. The Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee comprised of all of the Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of meetings held between April and June 2025, as well as certain additional information provided in response to specific requests from the Independent Trustees as members of the Contract Review Committee. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee's annual evaluation of the investment advisory agreements and sub-advisory agreements.

In connection with its evaluation of the investment advisory agreements and sub-advisory agreements, the Board (directly or through one or more of its committees) considered various information relating to the Eaton Vance Funds. This included information applicable to all or groups of the Eaton Vance Funds, which is referenced immediately below, and information applicable to the particular Eaton Vance Fund covered by this report (each Eaton Vance Fund is referred to below as a "fund"). (For funds that invest through one or more underlying portfolios, references to "each fund" in this section may include information that was considered at the portfolio-level.)

*Information about Fees, Performance and Expenses*

• A report from an independent data provider comparing advisory and other fees paid by each fund to such fees paid by comparable funds, as identified by the independent data provider ("comparable funds");

• A report from an independent data provider comparing each fund's total expense ratio (and its components) to those of comparable funds;

• A report from an independent data provider comparing the investment performance of each fund to the investment performance of comparable funds and, as applicable, benchmark indices, over various time periods;

• In certain instances, data regarding investment performance relative to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board (a committee exclusively comprised of Independent Trustees);

• Comparative information concerning the fees charged and services provided by the adviser and sub-adviser to each fund in managing other accounts (which may include other funds, collective investment trusts and institutional accounts) with the same or substantially similar investment objective as the fund and with a significant overlap in holdings based on criteria set by the Board, if any;

• Profitability analyses on a fund-by-fund basis for the adviser and its affiliates and for each sub-adviser not affiliated with the adviser;

*Information about Portfolio Management and Trading*

• Descriptions of the investment management services provided to each fund, as well as each of the funds' investment strategies and policies;

• The procedures and processes used by the adviser to determine the value of fund assets, including, when necessary, the determination of "fair value" by the adviser in its role as each fund's valuation designee and actions taken to monitor and test the effectiveness of such procedures and processes;

• Information about the policies and practices of each fund's adviser and sub-adviser with respect to trading, including their processes for seeking best execution of portfolio transactions;

• Information about the allocation of brokerage transactions and the benefits, if any, received by the adviser and sub-adviser to each fund as a result of brokerage allocation, including, as applicable, information concerning the acquisition of research through client commission arrangements and policies with respect to "soft dollars";

• Data relating to the portfolio turnover rate of each fund and related information regarding active management in the context of particular strategies;

*Information about each Adviser and Sub-Adviser*

• Reports regarding the financial results and condition of the adviser and certain of its affiliates and of each sub-adviser not affiliated with the adviser;

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;Not all Eaton Vance Funds have entered into a sub-advisory agreement with a sub-adviser. Accordingly, references to "sub-adviser" or "sub-advisory agreement" in this "Overview" section may not be applicable to the particular Eaton Vance Fund covered by this report. Eaton Vance Management and Boston Management and Research are referred to collectively as the "adviser."

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Eaton Vance

Emerging and Frontier Countries Equity Fund

October 31, 2025

Board of Trustees' Contract Approval — continued

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• Information regarding the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and, for portfolio managers and certain other investment professionals, information relating to their responsibilities with respect to managing other funds and investment accounts, as applicable;

• Information regarding the adviser's and its parent company's (Morgan Stanley's) efforts to retain and attract talented investment professionals, including in the context of a competitive marketplace for talent;

• Information regarding the adviser's compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals' investments in the fund(s) they manage;

• The personal trading codes of ethics of the adviser and its affiliates and the sub-adviser of each fund, together with information relating to compliance with, and the administration of, such codes;

• Policies and procedures relating to proxy voting, including regular reporting with respect to fund proxy voting activities;

• Information regarding the handling of corporate actions and class actions, as well as information regarding litigation and other regulatory matters;

• Information concerning the resources devoted to compliance efforts undertaken by the adviser and its affiliates and the sub-adviser of each fund, including descriptions of their various compliance programs and their record of compliance and remediation;

• Information concerning the business continuity and disaster recovery plans of the adviser and its affiliates and the sub-adviser of each fund;

• A description of the adviser's oversight of sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters, if any;

*Other Relevant Information*

• Information regarding ongoing initiatives to further integrate and harmonize, where applicable, the investment management and other departments of the adviser and its affiliates with the overall investment management infrastructure of Morgan Stanley, in light of Morgan Stanley's acquisition of Eaton Vance Corp. on March 1, 2021;

• Information concerning the nature, cost, and character of the administrative and other non-investment advisory services provided by the adviser and its affiliates;

• Information concerning oversight of the relationship with the custodian, subcustodians, fund accountants, and other third-party service providers by the adviser and/or administrator to each of the funds;

• Information concerning efforts to maintain policies and procedures with respect to various regulations applicable to the funds, including, without limitation, Rule 22e-4 (the Liquidity Risk Management Rule), Rule 12d1-4 (the Fund-of-Funds Rule), Rule 18f-4 (the Derivatives Rule), and Rule 2a-5 (the Fair Valuation Rule);

• For the Eaton Vance Fund structured as an interval fund, information regarding the interval fund's periodic repurchase offers under Rule 23c-3 and related policies and procedures;

• For each Eaton Vance Fund structured as an exchange-listed closed-end fund, information concerning the benefits of the closed-end fund structure, as well as, where relevant, the closed-end fund's market prices (including as compared to the closed-end fund's net asset value (NAV)), trading volume data, continued use of auction preferred shares (where applicable), distribution rates, and other relevant matters;

• The risks that the adviser and/or its affiliates incur in connection with the management and operation of the funds, including, among others, litigation, regulatory, entrepreneurial, data privacy and cybersecurity, and other business risks (and the associated costs of such risks, if any); and

• The terms of each investment advisory agreement and sub-advisory agreement.

During the various meetings of the Board and its committees over the course of the year leading up to the June 12, 2025 meeting, the Board and its committees received information from portfolio managers and other investment professionals of the adviser and sub-advisers of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds' investment objectives. The Board and its committees also received information regarding risk management techniques employed in connection with the management of the funds. The Board and its committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance, and other issues with respect to the funds, and received and participated in reports and presentations provided by the adviser, sub-advisers, and certain other service providers, with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees met in executive sessions and held regular video or telephone conferences to discuss, among other topics, matters relating to the continuation of investment advisory agreements and sub-advisory agreements.

Each of the Contract Review Committee and the Board was advised throughout the contract review process by Kirkland & Ellis LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee and the members of the Board, with the advice of such counsel, exercised their own business judgment in determining the material factors to be considered in evaluating each investment advisory agreement and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory agreement and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee and Board may have placed varying emphasis on particular factors in reaching conclusions with respect to each investment advisory agreement and sub-advisory agreement. In evaluating each investment advisory agreement and sub-advisory agreement, including the fee structures and other terms contained in such agreements, the members of the Contract Review Committee and Board were also informed by multiple years of analysis and discussion with the adviser and sub-adviser to each of the Eaton Vance Funds.

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Eaton Vance

Emerging and Frontier Countries Equity Fund

October 31, 2025

Board of Trustees' Contract Approval — continued

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Results of the Contract Review Process

Based on its consideration of the foregoing, and such other information it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory agreement between Eaton Vance Emerging and Frontier Countries Equity Fund (the "Fund") and Eaton Vance Management ("EVM"), as well as the investment advisory agreement between Global Macro Capital Opportunities Portfolio (the "Portfolio"), the portfolio in which the Fund invests, and Boston Management and Research ("BMR") (EVM, with respect to the Fund, and BMR, with respect to the Portfolio, are each referred to herein as the "Adviser"), and the sub-advisory agreement between EVM and Eaton Vance Advisers International Ltd. (the "Sub-adviser"), an affiliate of the Advisers, with respect to the Fund, and the sub-advisory agreement between BMR and the Sub-adviser, with respect to the Portfolio, including their respective fee structures, are in the interests of shareholders and, therefore, recommended to the Board approval of each agreement. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreement for the Fund and the investment advisory agreement for the Portfolio (together, the "investment advisory agreements") and the sub-advisory agreements for the Fund and the Portfolio (together, the "sub-advisory agreements").

*Nature, Extent and Quality of Services*

In considering whether to approve the investment advisory agreements and sub-advisory agreements for the Fund and the Portfolio, the Board evaluated the nature, extent and quality of services provided to the Fund and the Portfolio by the applicable Adviser and the Sub-adviser, respectively.

The Board considered each Adviser's and the Sub-adviser's management capabilities and investment processes in light of the types of investments held by the Fund and the Portfolio, including the education and experience of the investment professionals who provide services to the Fund and the Portfolio. In this regard, the Board considered each Adviser's responsibilities with respect to oversight of the Sub-adviser. In particular, the Board considered the abilities and experience of each Adviser's and the Sub-adviser's investment professionals in investing in equity securities traded in developed, emerging, frontier, and off-index markets. The Board considered the international investment capabilities of the Sub-adviser, which is based in London, and the benefits to the Fund and the Portfolio of having portfolio management services involving investments in international equities provided by investment professionals located abroad. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of each Adviser and other factors, including the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Fund and the Portfolio, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Fund and the Portfolio, including the provision of administrative services. The Board also considered the business-related and other risks to which each Adviser or its affiliates may be subject in managing the Fund and the Portfolio.

The Board noted that, under the terms of the investment advisory agreement of the Fund, EVM may invest assets of the Fund directly in securities, for which it would receive a fee, or in the Portfolio, for which it receives no separate fee but for which BMR receives an advisory fee from the Portfolio.

The Board considered the compliance programs of each Adviser and relevant affiliates thereof, including the Sub-adviser. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, compliance with policies and procedures, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered relevant examinations of each Adviser and its affiliates by regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

The Board considered other administrative services provided or overseen by EVM and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by each Adviser and the Sub-adviser, taken as a whole, are appropriate and consistent with the terms of the applicable investment advisory agreement.

*Fund Performance*

The Board compared the Fund's investment performance to that of comparable funds identified by an independent data provider (the peer group), as well as appropriate benchmark indices. The Board's review included comparative performance data with respect to the Fund for the one-, three-, five- and ten-year periods ended December 31, 2024. In this regard, the Board noted that the performance of the Fund was higher than the median performance of the Fund's peer group for the three-year period. The Board also noted that the performance of the Fund was higher than its primary performance, secondary and custom benchmark indexes for the three-year period. The Board concluded that the performance of the Fund was satisfactory.

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Eaton Vance

Emerging and Frontier Countries Equity Fund

October 31, 2025

Board of Trustees' Contract Approval — continued

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*Management Fees and Expenses*

The Board considered contractual fee rates payable by the Fund and by the Portfolio for advisory and administrative services (referred to collectively as "management fees"). As part of its review, the Board considered the Fund's management fees and total expense ratio for the one-year period ended December 31, 2024, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered certain factors identified by management in response to requests from the Contract Review Committee regarding the Fund's total expense ratio relative to comparable funds.

After considering the foregoing information, and in light of the nature, extent and quality of the services provided by each Adviser and the Sub-adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.

*Profitability and "Fall-Out" Benefits*

The Board considered the level of profits realized by each Adviser and relevant affiliates thereof, including the Sub-adviser, in providing investment advisory and administrative services to the Fund, to the Portfolio and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by each Adviser and its affiliates to third parties in respect of distribution or other services.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by each Adviser and its affiliates, including the Sub-adviser, are not excessive.

The Board also considered direct or indirect fall-out benefits received by each Adviser and its affiliates, including the Sub-adviser, in connection with their respective relationships with the Fund and the Portfolio, including the benefits of research services that may be available to each Adviser or the Sub-adviser as a result of securities transactions effected for the Fund and the Portfolio and other investment advisory clients.

*Economies of Scale*

In reviewing management fees and profitability, the Board also considered the extent to which the applicable Adviser and its affiliates, on the one hand, and the Fund and the Portfolio, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund and the Portfolio increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. To assist in the evaluation of the sharing of any economies of scale, the Board received data for recent years showing asset levels, Adviser profitability and total expense ratios. Based upon the foregoing, the Board concluded that the Fund currently shares in the benefits from economies of scale, if any, when they are realized by the Adviser. The Board also concluded that the structure of the advisory fees, which include breakpoints at several asset levels, will allow the Fund and the Portfolio to continue to benefit from any economies of scale in the future.

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EACOX-NCSR&nbsp;&nbsp;&nbsp;&nbsp;10.31.25

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#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies
Not applicable.

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#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract
The information is included in Item 7 of this Form N-CSR.

#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies
Not applicable.

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.

#### Item 15. Submission of Matters to a Vote of Security Holders
There have been no material changes to the procedures by which shareholders may recommend nominee to the Fund's Board of Trustees since the Fund last provided disclosure in response to this item.

#### Item 16. 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 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 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 control over financial reporting during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

#### Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable.

#### Item 18. Recovery of Erroneously Awarded Compensation
Not applicable.

------

#### Item 19. Exhibits

---

| | |
|:---|:---|
| (a)(1) | Registrant's Code of Ethics – Not applicable (please see Item 2). |
| (a)(2)(i) | [Principal Financial Officer's Section 302 certification.](d35982dex99cert.htm) |
| (a)(2)(ii) | [Principal Executive Officer's Section 302 certification.](d35982dex99cert.htm#b) |
| (b) | [Combined Section 906 certification.](d35982dex99906cert.htm) |

---

------

#### 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 | Eaton Vance Mutual Funds Trust |
| By: | /s/ Kenneth A. Topping |
|  | Kenneth A. Topping |
|  | Principal Executive Officer |
| Date: | December 23, 2025 |

---

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/ James F. Kirchner |
|  | James F. Kirchner |
|  | Principal Financial Officer |
| Date: | December 23, 2025 |
| By: | /s/ Kenneth A. Topping |
|  | Kenneth A. Topping |
|  | Principal Executive Officer |
| Date: | December 23, 2025 |

---

## Ex-99.Cert

**Eaton Vance Mutual Funds Trust** 

**FORM N-CSR** 

**Exhibit 19(a)(2)(i)** 

**<u>CERTIFICATION</u>**

I, James F. Kirchner, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Eaton Vance Mutual Funds
Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: December 23, 2025 | /s/ James F. Kirchner |
|  | James F. Kirchner |
|  | Principal Financial Officer |

---

------

**Eaton Vance Mutual Funds Trust** 

**FORM N-CSR** 

**Exhibit 19(a)(2)(ii)** 

**<u>CERTIFICATION</u>**

I, Kenneth A. Topping, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Eaton Vance Mutual Funds
Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: December 23, 2025 | /s/ Kenneth A. Topping |
|  | Kenneth A. Topping |
|  | Principal Financial Officer |

---

## Exhibit 99.906

**Form N-CSR Item 19(b) Exhibit** 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

The undersigned hereby certify in their capacity as Principal Financial Officer and Principal Executive Officer, respectively, of Eaton Vance Mutual Funds Trust (the "**Trust**") that:

(a) the Report of the **Trust** on Form N-CSR for the period ended
October 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(b) the information contained in the Report fairly presents, in all material respects, the financial condition and
the results of operations of the **Trust** for such period.

**A signed original of this written statement required by section 906 has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.** 

---

| | |
|:---|:---|
| Eaton Vance Mutual Funds Trust | Eaton Vance Mutual Funds Trust |
| Date: | December 23, 2025 |
| /s/ James F. Kirchner | /s/ James F. Kirchner |
| James F. Kirchner | James F. Kirchner |
| Principal Financial Officer | Principal Financial Officer |
| Date: | December 23, 2025 |
| /s/ Kenneth A. Topping | /s/ Kenneth A. Topping |
| Kenneth A. Topping | Kenneth A. Topping |
| Principal Executive Officer | Principal Executive Officer |

---